China accounts for over half of Cambodia's total investment

| News Highlights |
Economy and Industry
China accounts for over half of Cambodia's total investment In 2025, China emerged as Cambodia's largest source of foreign investment, contributing $5.42 billion, or 54.25% of the total approved investment capital of $10 billion. The Cambodia Investment Committee registered 630 projects expected to create around 438,000 jobs, reflecting a 52% increase in project numbers and a 45% increase in capital compared to 2024. The industrial sector attracted the most investment, followed by infrastructure. Notable provincial activity included Kampong Speu and Svay Rieng. Cambodian officials emphasized that investment policies welcome all nationalities, benefiting from various trade agreements that enhance Cambodia's market access, especially with China. Trade between Cambodia and China surpassed $17.6 billion in early 2025, although Cambodia's exports to China declined, resulting in a growing trade deficit. (Source: Khmer Times)
CSX rebounds in Q4 After Q3 slowdown, building momentum Into 2026 The Cambodian Securities Exchange (CSX) experienced a tumultuous third quarter of 2025, marked by declining investor sentiment and a 1.26% drop in the CSX Index. Investor confidence was undermined by price declines, particularly in stocks like ABC, and renewed border tensions with Thailand. However, in the fourth quarter, the market rebounded significantly, with the CSX Index rising by approximately 5.3%, driven by strong earnings reports from major companies and increasing retail investor participation. The trading activity surged in December, demonstrating resilience despite geopolitical concerns. Analysts expect this positive momentum to continue into the first half of 2026, supported by dividend payments and favorable global economic conditions, including anticipated U.S. Federal Reserve rate cuts. The CSX is positioned as a relative outperformer in the regional market, entering 2026 on a firmer footing than in previous cycles. (Source: Khmer Times)
Cambodia leads ASEAN in World Bank Financial Services Survey The implementation of Bakong, Cambodia's blockchain payment system, has modernized the country's financial landscape and enhanced financial inclusion. Cambodia ranked first in ASEAN for financial services in the World Bank's Business Ready (B-READY) 2025 Survey, scoring 84.45 out of 100. The survey evaluated access to finance through regulations and credit infrastructure, highlighting Cambodia's robust regulatory framework and efficient credit data management. Digital innovation through Bakong has improved electronic payment efficiency. The National Bank of Cambodia's effective oversight of over 59 commercial banks further bolsters confidence in the financial sector. The B-READY framework provides an analysis that reflects both regulatory intent and actual business practices, contributing to Cambodia's reputation as a leader in financial services reform and digital transformation. (Source: Khmer Times)
Corporate News
Prince Bank placed into liquidation by the National Bank of Cambodia The National Bank of Cambodia (NBC) has announced the liquidation of Prince Bank Plc, which will cease all banking operations, including the acceptance of deposits and provision of loans. The decision is in line with Cambodian law, and Morison Kak MKA Audit-Accounting Co., Ltd. has been appointed as the official liquidator to manage the bank's assets and operations. Deposit withdrawals will continue for customers who prepare the necessary documentation, prioritized according to the Law on Banking and Financial Institutions. Borrowers must fulfill their contractual obligations despite the bank's closure. The NBC will collaborate with relevant ministries to monitor the liquidation process, ensuring the interests of depositors and customers are protected, although no information has been released regarding the liquidation timeline or total assets involved. (Source: Khmer Times)
Stock Market
CSX index up 0.14% in mixed trading session On 8 January 2026, the CSX Index rose 0.14% to close at 426.9 points. On the Main Board, PPSP (+0.48%), CGSM (+0.40%), and PEPC (+0.35%) recorded gains, while PWSA (-0.94%) and PPAP (-0.14%) declined. GTI, PAS, ABC, and MJQE remained unchanged. On the Growth Board, DBDE and JSL increased by 0.46% and 1.20%, respectively. Total trading volume reached 109,778 shares, with a turnover of KHR 617 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 426.93 | 0.14 | 109,778 | 11,794 |
Stock Performance
| Stock | Close (KHR) | 1D chg (%) | MTD chg (%) | YTD chg (%) | 1M high (KHR) | 1M low (KHR) | MTD vol (shr) | Mkt cap (KHR'bn) |
| PWSA | 6,300 | -0.94 | -0.63 | -0.63 | 6,420 | 6,300 | 37,066 | 548 |
| GTI | 8,180 | 0.00 | 2.00 | 2.00 | 8,180 | 7,020 | 31,667 | 327 |
| PPAP | 14,260 | -0.14 | -0.28 | -0.28 | 14,500 | 14,080 | 8,567 | 295 |
| PPSP | 2,110 | 0.48 | 1.93 | 1.93 | 2,140 | 2,030 | 56,207 | 152 |
| PAS | 13,000 | 0.00 | 0.31 | 0.31 | 13,060 | 12,760 | 3,056 | 1,115 |
| ABC | 7,460 | 0.00 | 1.91 | 1.91 | 7,460 | 7,120 | 156,585 | 3,231 |
| PEPC | 2,850 | 0.35 | 1.06 | 1.06 | 2,880 | 2,780 | 899 | 214 |
| MJQE | 2,070 | 0.00 | 1.97 | 1.97 | 2,070 | 1,990 | 39,928 | 671 |
| CGSM | 2,500 | 0.40 | 0.40 | 0.40 | 2,520 | 2,470 | 26,700 | 4,898 |
| DBDE | 2,190 | 0.46 | 0.92 | 0.92 | 2,190 | 2,140 | 7,189 | 40 |
| JSL | 2,520 | 1.20 | 2.44 | 2.44 | 2,590 | 2,400 | 66,576 | 65 |
| 1D = 1 Day; 1M= 1 Month; MTD = Month-To-Date; YTD = Year-To-Date; Chg = Change; Vol = Volume; shr = share; Mkt cap = Market capitalization | ||||||||
Valuation Ratios
| EPS | BPS* | P/E | P/B | P/S | EV/EBITDA | ||
| ttm,mrq | (ttm,KHR) | KHR | (ttm,x) | (mrq,x) | (ttm,x) | (ttm,x) | |
| PPWSA | 2Q25 | 827 | 11,622 | 7.62 | 0.54 | 1.72 | 14.94 |
| GTI | 2Q25 | 29 | 7,023 | 280.71 | 1.16 | 1.00 | 44.27 |
| PPAP | 1Q25 | 2,951 | 22,115 | 4.83 | 0.64 | 1.65 | 4.14 |
| PPSP | 2Q25 | 735 | 4,376 | 2.87 | 0.48 | 0.97 | 2.14 |
| PAS | 1Q25 | 1,212 | 8,224 | 10.73 | 1.58 | 2.34 | 8.07 |
| ABC | 2Q25 | 1,460 | 14,410 | 5.11 | 0.52 | 0.89 | NA |
| PEPC* | 3Q25 | -1,445 | -1,303 | NA | NA | 3.41 | NA |
| MJQE | 2Q25 | 45 | 340 | 45.82 | 6.08 | 4.05 | 13.22 |
| CGSM | 2Q25 | 25 | 618 | 101.76 | 4.04 | 7.14 | 19.77 |
| JSL | 2Q25 | -82 | 492 | NA | 5.12 | 18.65 | 32.47 |
| DBDE | 2Q25 | 147 | 1,933 | 14.94 | 1.13 | 0.33 | 7.58 |
| NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *FY ending in June, **excluding non-voting shares | |||||||
| Corporate Bonds |
Trading Summary
| Bond Symbol | Trading Vol (Units) | Trading Val (KHR'mn) | Latest Yield | Credit Rating | Bond Feature | Coupon Rate (%) | Days to Maturity |
| ABC32A | 0 | 0.0 | - - | khAA | Subordinated Bond | 8.50% | 2,206 |
| ABC32B | 0 | 0.0 | - - | KhAA | Subordinated Bond | 8.50% | 2,248 |
| ABC32C | 0 | 0.0 | - - | khAA | Subordinated Bond | 7.50% p.a. | 2,439 |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 2,868 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,072 |
| CIAF30A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 5.60% | 1,519 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 697 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,259 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,467 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 714 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) and Year 6 to Year 10: SOFR+3,75% or 5% per annum (take which one is higher) | 2,541 |
| SNTD40A | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 1.80% | 5,193 |
| SNTD40B | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day Average SOFR + 1.60% (4.00% - 6.00%) | 5,193 |
| Government Bonds |
Historical Issuance Summary
| 1 Y | 2 Y | 3 Y | 5 Y | 10 Y | |
| Total issuance ('K units) | 238.1 | 312.0 | 384.8 | 18.0 | 0.0 |
| Outstanding (KHR'bn) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Issuance ('K units, Latest) | 34.0 | 0.0 | 157.5 | 8.0 | 0.0 |
| Coupon rate (Latest) | 2.70% | 3.20% | 3.40% | 4.34% | 4.60% |
| Successful yield (Latest) | 3.25% | - | 3.90% | 5.00% | - |
| Latest bidding | 23-Apr-25 | 21-May-25 | 22-Oct-25 | 45,861 | 45,889 |
| *Total issuance is the accumulated issuance since September 2022; **Outstanding is aggregate principal value of government that remain outstanding; ***Successful yield: mid yields are shown if multiple price auction method was adopted. | |||||
| Stock Charts |
Main Board
Growth Board