Cambodia plans over $500M in government securities issuances in 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. | |||||
| Stock Charts |
Main Board
Growth Board