Cambodia secures $260M+ in grants and loans during H1 2025
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Economy and Industry
Cambodia secures $260M+ in grants and loans during H1 2025 Cambodia has signed grant and concessional loan agreements worth $266.22 million to support the implementation of 10 key development projects and programmes in the first half of 2025. The loans, totaling $196.48 million, represent 7.12% of the national Finance Act for 2025. The government's strategic focus on concessional borrowing helps maintain manageable debt service levels, preserve investor confidence, and uphold macroeconomic stability. The loans are aimed at supporting infrastructure, social services, and economic growth, while grants focus on supporting social services and climate adaptation measures. Cambodia's total public debt stands at $12.18 billion, with 99% sourced from external debt and 1% from domestic debt. (Source: Khmer Times)
Cambodia poised for major trade gains if India reenters RCEP Experts suggest that Cambodia can benefit from India rejoining the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement in GDP. The group aims to reduce tariffs, streamline customs procedures, and facilitate trade and investment within the region. India's opposition to RCEP was built on concerns over market access, widening trade deficits, and risks to farmers, domestic manufacturing, and small businesses. If India rejoins RCEP, it will speed up the establishment of the Free Trade Agreement between the two countries, making it easier for Cambodian exporters to find distributors for their products in the country. Additionally, joining RCEP could create a new Foreign Direct Investment channel, as India will overtake many Western nations to become one of the largest sources of origin for FDIs in the near future. (Source: Khmer Times)
SERC and RGS host investor forum to boost long-term securities investment The Securities and Exchange Regulator of Cambodia (SERC) has organized a second investor forum for civil servants of ministries and government institutions. The forum, held under the high presidency of Sou Socheat, was attended by Seang Thirith, Deputy Director General of the SERC, and Tieng Sivansak, Chief Operating Officer of RGS. The event, held at the Non-Banking Financial Services Authority Building, attracted around 100 participants, including senior officials and staff from various ministries and state institutions. Speakers from the Cambodia Securities Exchange and RGS highlighted the potential of Cambodia's capital market for wealth creation and financial security, emphasizing the importance of cultivating smart investment habits among civil servants. (Source: Khmer Times)
Corporate News
Wing Bank earns two titles for digital leadership at 2025 Global Banking & Finance Awards Wing Bank, Cambodia's leading digital bank, has won two prestigious awards at the Global Banking & Finance Awards 2025. The bank was named Most Innovative Leader in Digital Lending and Excellence in Innovation - Savings Account Services. The awards highlight Wing Bank's commitment to simplifying, smartening and making financial services accessible to everyone. The Digital Loan service, which offers loans of up to $50,000 with interest rates starting from 1% per month and repayment terms of up to three years, has redefined access to credit in Cambodia. The bank also introduced Digital Loan Adventure, an interactive program to help customers move from non-eligible to eligible status. Wing Bank's commitment to accessibility, speed, and transparency has redefined digital banking in Cambodia, earning recognition both domestically and internationally. (Source: The Phnom Penh Post)
Stock Market
CSX index inches up 0.10% on mixed trading On 29 August 2025, the CSX Index edged up 0.10% to close at 405.8 points. On the Main Board, GTI (+0.56%), PWSA (+0.32%), and ABC (+0.30%) posted gains, while PEPC (-0.38%) and PPAP (-0.15%) recorded losses. PPSP, PAS, MJQE, and CGSM closed unchanged. On the Growth Board, DBDE rose 0.49%, while JSL remained unchanged. Total trading volume reached 134,103 shares, with a turnover of KHR 800 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 405.81 | 0.10 | 134,103 | 10,884 |
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 | 6,240 | 0.32 | 0.97 | -1.89 | 6,260 | 6,160 | 86,669 | 543 |
| GTI | 7,160 | 0.56 | 8.48 | 40.94 | 7,180 | 6,760 | 192,011 | 286 |
| PPAP | 13,640 | -0.15 | 0.89 | -1.45 | 13,700 | 13,500 | 5,690 | 282 |
| PPSP | 2,050 | 0.00 | -3.30 | -5.53 | 2,100 | 2,050 | 468,575 | 147 |
| PAS | 12,000 | 0.00 | -0.83 | 3.81 | 12,160 | 11,920 | 11,065 | 1,029 |
| ABC | 6,780 | 0.30 | -1.74 | -10.08 | 6,860 | 6,760 | 403,157 | 2,937 |
| PEPC | 2,600 | -0.38 | -3.70 | 8.79 | 2,700 | 2,510 | 5,680 | 195 |
| MJQE | 1,990 | 0.00 | 0.00 | -4.33 | 2,000 | 1,980 | 149,148 | 645 |
| CGSM | 2,460 | 0.00 | 0.82 | 1.23 | 2,460 | 2,430 | 101,567 | 4,820 |
| DBDE | 2,040 | 0.49 | 1.49 | -0.97 | 2,050 | 1,990 | 29,633 | 38 |
| JSL | 2,780 | 0.00 | 0.00 | -18.71 | 2,790 | 2,760 | 8,509 | 71 |
| 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 | 7.54 | 0.54 | 1.70 | 14.90 |
| GTI | 2Q25 | 29 | 7,023 | 245.71 | 1.02 | 0.87 | 40.17 |
| PPAP | 1Q25 | 2,951 | 22,115 | 4.62 | 0.62 | 1.58 | 3.98 |
| PPSP | 2Q25 | 735 | 4,376 | 2.79 | 0.47 | 0.94 | 2.07 |
| PAS | 1Q25 | 1,212 | 8,224 | 9.90 | 1.46 | 2.16 | 7.62 |
| ABC | 2Q25 | 1,460 | 14,410 | 4.64 | 0.47 | 0.81 | NA |
| PEPC* | 3Q25 | -1,445 | -1,303 | NA | NA | 3.11 | NA |
| MJQE | 2Q25 | 45 | 340 | 44.05 | 5.85 | 3.89 | 12.76 |
| CGSM | 2Q25 | 25 | 618 | 100.13 | 3.98 | 7.02 | 19.49 |
| JSL | 2Q25 | -82 | 492 | NA | 5.65 | 20.57 | 34.36 |
| DBDE | 2Q25 | 147 | 1,933 | 13.92 | 1.06 | 0.31 | 7.22 |
| 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% | 2,338 |
| ABC32B | 0 | 0.0 | - - | KhAA | Subordinated Bond | 8.50% | 2,380 |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 3,000 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,204 |
| CIAF30A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 5.60% | 1,651 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 829 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,391 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,599 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 846 |
| 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) | 2,673 |
| SNTD40A | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 1.80% | 5,325 |
| SNTD40B | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day Average SOFR + 1.60% (4.00% - 6.00%) | 5,325 |
| SNTD40C | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 3.00% | 5,325 |
| Government Bonds |
Historical Issuance Summary
| 1 Y | 2 Y | 3 Y | 5 Y | 10 Y | |
| Total issuance ('K units) | 238.1 | 312.0 | 187.3 | 18.0 | 0.0 |
| Outstanding (KHR'bn) | 58.0 | 208.0 | 187.3 | 18.0 | 0.0 |
| Issuance ('K units, Latest) | 34.0 | 0.0 | 12.0 | 8.0 | 0.0 |
| Coupon rate (Latest) | 2.70% | 3.20% | 3.50% | 4.34% | 4.60% |
| Successful yield (Latest) | 3.25% | - | 3.50% | 5.00% | - |
| Latest bidding | 23-Apr-25 | 21-May-25 | 25-Jun-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. | |||||
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