Cambodia plans over $500M in government securities issuances in 2026

/ January 19, 2026


News Highlights

Economy and Industry

Cambodia plans over $500M in government securities issuances in 2026 The Ministry of Economy and Finance (MEF) of Cambodia plans to issue government securities worth 2.1 trillion riels ($524 million) in 2026 via a competitive bidding process on the National Bank of Cambodia Platform. This initiative aims to mobilize domestic financing, enhance the local capital market, and strengthen public financial management. The issuance reflects the government's confidence in the domestic financial system, aligns with its medium-term public debt management strategy, and is part of broader efforts to reduce reliance on external borrowing. Analysts emphasize focusing on infrastructure and human capital projects to maintain fiscal discipline and promote economic growth. The Public Debt Management Strategy 2024-2028 allows for annual issuance between 500 billion and 1 trillion riels, capped at 4 trillion riels over five years. Cambodia's public debt remains manageable, yet external risks like global volatility could affect fiscal stability, necessitating a strategic approach to borrowing. (Source: Khmer Times)

Phnom Penh to boost investment climate through registration reforms Chanthol emphasized the economic significance of Phnom Penh and urged ongoing reforms to attract private investment by ensuring peace, security, and social safety. During the closing ceremony of an annual conference, he highlighted the Royal Government's commitment to improving the investment climate through simplified registration procedures and the implementation of the Investment Project Management System (cdcIPM). This initiative aims to reduce administrative bottlenecks and enhance transparency for investors. Chanthol also outlined strategic directions for 2026, focusing on political stability, territorial administration, public service delivery, and local development. He instilled confidence in achieving the set targets under Prime Minister Hun Manet's leadership, promoting sustainable economic growth for the capital and its citizens. (Source: Khmer Times)

World Bank flags Cambodia's 0.8% productivity growth as insufficient for vision 2050, with 41% of informal firms operating at survival level The World Bank warns that Cambodia's 0.8% productivity growth is far below the over 2% needed to achieve Vision 2050, posing a risk to long-term growth. Its report highlights low firm productivity, heavy reliance on low-value informal activities, and slow upgrading, noting that the informal economy includes 41% survivalist, 44% potentially viable, and 15% high-performing firms. The Bank urges targeted reforms to support firms with growth potential while avoiding blanket measures that could harm vulnerable businesses, with MISTI set to integrate the findings into national competitiveness strategies. (Source: Cambodia Investment Review)

Corporate News

PPAP reports 21% increase in 2025 earnings In 2025, Phnom Penh Autonomous Port (PPAP) reported a net profit of $50.29 million, reflecting a 21% increase from $41.58 million in 2024. This growth correlates with a 24.95% rise in container throughput, totaling 600,023 TEUs, and a 15.59% increase in cargo and gas-fuel handled, reaching 5.6 million tonnes. CEO Hei Bavy attributed this success to improved service quality, expanded storage capacity, modernization, and transparency in operations. Key infrastructure developments, notably Container Terminal LM17, emphasize efficiency and safety in cargo management. The port's strategic role in Cambodia's logistical framework aims to enhance water transport connectivity and reduce costs. In parallel, Cambodia's 2025 exports amounted to approximately $31.28 billion, with imports at $33.96 billion, indicating a robust economic recovery supported by government initiatives in logistics modernization. Phan Rim of the Ministry of Public Works and Transport emphasized that the upward trends in revenue and throughput reflect a thriving trade environment vital to the Cambodian economy. (Source: Khmer Times)

Stock Market

CSX index ends flat amid mixed stock performance The CSX Index closed marginally lower at 421.9 (-0.04%) with a trading volume of 133,513 shares, reflecting a largely flat and cautious market. On the Main Board, price movements were mixed as PPSP, MJQE, and PEPC posted modest gains, GTI edged lower, while several stocks including PWSA, PAS, ABC, and CGSM ended unchanged; trading activity was concentrated in ABC and PPSP. On the Growth Board, sentiment was slightly positive, led by a gain in JSL, while DBDE closed flat. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
421.9 -0.04 133,513 11,659

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 6,340 0.00 0.00 0.00 6,380 6,300 66,492 551
GTI 8,120 -0.25 1.25 1.25 8,200 7,060 40,298 325
PPAP 14,140 0.00 -1.12 -1.12 14,500 14,140 17,104 292
PPSP 2,100 0.48 1.45 1.45 2,130 2,030 190,203 151
PAS 13,060 0.00 0.77 0.77 13,080 12,760 9,750 1,120
ABC 7,120 0.00 -2.73 -2.73 7,460 7,120 751,759 3,084
PEPC 2,800 0.36 -0.71 -0.71 2,890 2,780 6,389 210
MJQE 2,050 0.49 0.99 0.99 2,070 1,990 103,191 664
CGSM 2,510 0.00 0.80 0.80 2,510 2,470 74,081 4,918
DBDE 2,200 0.00 1.38 1.38 2,220 2,150 16,188 41
JSL 2,490 0.40 1.22 1.22 2,520 2,420 92,476 64
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 7.66 0.55 1.73 14.97
GTI 2Q25 29 7,023 278.66 1.16 0.99 44.02
PPAP 1Q25 2,951 22,115 4.79 0.64 1.64 4.11
PPSP 2Q25 735 4,376 2.86 0.48 0.96 2.13
PAS 1Q25 1,212 8,224 10.78 1.59 2.35 8.09
ABC 2Q25 1,460 14,410 4.88 0.49 0.85 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.35 NA
MJQE 2Q25 45 340 45.38 6.03 4.01 13.10
CGSM 2Q25 25 618 102.17 4.06 7.17 19.84
JSL 2Q25 -82 492 NA 5.06 18.43 32.25
DBDE 2Q25 147 1,933 15.01 1.14 0.34 7.60
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% 2,195
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,237
ABC32C 0 0.0 - - khAA Subordinated Bond 7.50% p.a. 2,428
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,857
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,061
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,508
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 686
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,248
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,456
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 703
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) 2,530
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,182
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,182
Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 5 Y 10 Y
15 Y
Total issuance ('K units) 238.1 312.0 406.8 38.0 6.0
64.0
Outstanding (KHR'bn) 58.0 180.0 406.8 38.0 0.0
0.0
Issuance ('K units, Latest) 34.0 0.0 22.0 20.0 6.0
64.0
Coupon rate (Latest) 2.70% 3.20% 3.50% 4.30% 4.30%
4.60%
Successful yield (Latest) 3.25%   3.90% 4.50% 4.75%
5.35%
Latest bidding 23-Apr-25 21-May-25 10-Dec-25 46,001 46,001
46,001
*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.


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