Beijing reaffirms Funan Techo Canal completion by 2028

/ September 17, 2025


News Highlights

Economy and Industry

Beijing reaffirms Funan Techo Canal completion by 2028 China has pledged to advance collaboration to ensure the $1.7 billion Funan Techo Canal is completed by 2028. This commitment follows Deputy Prime Minister Sun Chanthol's request to Chinese Vice Minister Zhou Haibing for increased Chinese investment in Cambodia's prioritized infrastructure projects, part of Cambodia's $36.6 billion infrastructure master plan. The 174 projects within this plan span various transport modes. The Funan Techo Canal, connecting the Mekong River to the sea, is progressing with land demarcation and mapping, aiming for excavation and construction to begin in late 2025. Chinese and Cambodian technical teams have completed their joint review of the canal project's feasibility study and technical layout, leading to the signing of the project agreement. China remains Cambodia's largest investor. (Source: Kiripost)

Cambodia on course for record rice export volumes this year Cambodia anticipates exporting over 700,000 tonnes of milled rice this year, a new record reflecting substantial growth in its agricultural sector, as reported by the Cambodia Rice Federation (CRF). In the first eight months, Cambodia exported 472,803 tonnes of milled rice, an increase of 14.7% compared to the same period last year, generating $1,462 million from both paddy and milled rice exports. This positive outlook is attributed to sustained international demand and government support. The CRF stresses the need for enhanced promotion of Cambodian rice globally, despite its multiple World's Best Rice Award wins. Key export markets include EU countries, China, and ASEAN nations. (Source: Khmer Times)

Cambodia, China to further promote tourism cooperation Cambodia and China have agreed on a comprehensive action plan to significantly boost Chinese tourism and air connectivity. The commitment, made during the 2nd Tripartite Mechanism Meeting, focuses on increasing direct flights from various Chinese provinces to Cambodia's main airports, including the new Techo International Airport. Both nations will work to ensure a safe and secure environment for Chinese visitors and improve Cambodia's tourism services and human resources. Cambodia's Minister of Tourism requested Chinese provinces and the private sector to attract airlines and invest in Cambodia, highlighting incentives for foreign investors. The plan also includes implementing existing memorandums of understanding and increasing Famtrip and film tourism initiatives. This effort follows a 48.2% surge in Chinese tourist arrivals in the first seven months of 2025, with nearly 690,000 visitors recorded. (Source: Khmer Times)

Corporate News

Japanese company aims for 20 million tonnes of CO2 cuts in Cambodia over 10 years Japanese startup Green Carbon plans a significant expansion across 8-10 Cambodian provinces, aiming to cover over 500,000 hectares and reduce approximately 20 million tonnes of CO2 emissions over 10 years, generating carbon credits. The company, which develops nature-based credits through initiatives like AWD rice cultivation, biochar, and reforestation, is currently implementing its first large-scale AWD project in Battambang. Green Carbon collaborates with research institutions and is coordinating with Cambodian and Japanese authorities for project registration under the Joint Crediting Mechanism (JCM), a framework supporting Cambodia's decarbonisation and Japan's climate targets. (Source: Khmer Times)

Stock Market

CSX index edges up 0.10% on MJQE, ABC gains On 17 September 2025, the CSX Index rose 0.10% to close at 404.0 points. On the Main Board, MJQE (+0.51%) and ABC (+0.29%) posted gains, while GTI (-0.28%) recorded losses. PWSA, PPAP, PPSP, PAS, PEPC, and CGSM all closed unchanged. On the Growth Board, DBDE gained 0.50%, while JSL slipped 0.36%. Total trading volume reached 71,794 shares, with a turnover of KHR 446 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
403.96 0.10 71,794 10,835

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 6,200 0.00 -0.64 -2.52 6,260 6,200 47,651 539
GTI 7,060 -0.28 -1.40 38.98 7,180 7,000 21,085 282
PPAP 13,600 0.00 -0.29 -1.73 13,700 13,500 3,125 281
PPSP 2,060 0.00 0.49 -5.07 2,070 2,050 158,898 148
PAS 12,060 0.00 0.50 4.33 12,140 11,920 6,684 1,034
ABC 6,800 0.29 0.29 -9.81 6,800 6,740 301,594 2,946
PEPC 2,640 0.00 1.54 10.46 2,670 2,510 3,191 198
MJQE 1,990 0.51 0.00 -4.33 2,000 1,980 67,190 645
CGSM 2,430 0.00 -1.22 0.00 2,460 2,420 79,093 4,761
DBDE 2,030 0.50 -0.49 -1.46 2,050 2,010 5,774 37
JSL 2,770 -0.36 -0.36 -19.01 2,900 2,760 2,329 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 7.49 0.53 1.69 14.88
GTI 2Q25 29 7,023 242.28 1.01 0.86 39.77
PPAP 1Q25 2,951 22,115 4.61 0.61 1.58 3.97
PPSP 2Q25 735 4,376 2.80 0.47 0.94 2.08
PAS 1Q25 1,212 8,224 9.95 1.47 2.17 7.65
ABC 2Q25 1,460 14,410 4.66 0.47 0.81 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.16 NA
MJQE 2Q25 45 340 44.05 5.85 3.89 12.76
CGSM 2Q25 25 618 98.91 3.93 6.94 19.28
JSL 2Q25 -82 492 NA 5.63 20.50 34.29
DBDE 2Q25 147 1,933 13.85 1.05 0.31 7.19
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% 2,319
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,361
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,981
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,185
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,632
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 810
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,372
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,580
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 827
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) 2,654
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,306
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,306
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,306
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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