Cambodia sees trade with ASEAN soar to $11B

/ September 18, 2025


News Highlights

Economy and Industry

Cambodia sees trade with ASEAN soar to $11B Cambodia's trade with ASEAN member states reached $10.96 billion in the first eight months of 2025, a 4.5% YoY increase. Exports rose 16% to $3.98 billion, while imports declined 1.16% to $6.98 billion. ASEAN trade accounted for 25.62% of Cambodia's total trade during the period. The Kingdom's key ASEAN partners include Vietnam, Thailand, Singapore, Indonesia, and Malaysia. The growth in exports is largely driven by the effective implementation of ASEAN, RCEP, and bilateral free trade agreements (FTAs), which enhance market access and attract investment. Cambodia's main exports to ASEAN comprise garments, footwear, travel goods, electronics, and agricultural products. To further support businesses, the Ministry of Commerce is developing an FTA portal to help firms fully leverage the benefits of these agreements. (Source: Khmer Times)

Russia vows to increase direct flights to Cambodia Sholban Kara-Ool, Deputy Chairman of the State Duma, pledged to promote direct flights between Cambodia and Russia to enhance people-to-people exchanges during a meeting with National Assembly President Khuon Sudary. The leaders also discussed strengthening parliamentary relations and commemorated upcoming anniversaries of diplomatic ties. Sudary thanked Russia for its post-1979 assistance and proposed joint events for their 69th and 70th anniversaries of relations. She also requested Russian support for investment, trade, tourism, and scholarships for Cambodian students. Kara-Ool acknowledged the strong ties and pledged to work towards direct flights. Both agreed to maintain high-level visits and exchanges to deepen cooperation and mutual understanding. Russian tourist arrivals in Cambodia increased by 25.6 percent in the first seven months of 2025. (Source: Khmer Times)

China's direct investment surpasses $3.4B Cambodia has seen a significant increase in Chinese direct investment in Special Economic Zones (SEZs), reaching $3.4 billion in 2024, according to Deputy Prime Minister Sun Chanthol. The growth was discussed during a meeting with Chinese Foreign Minister Wang Yi, who also attended the meeting. The meeting aimed to strengthen cooperation and implement planned projects under the Cambodia-China Free Trade Agreement (FTA) framework. Chanthol praised the Diamond Cooperation between China and Cambodia, which strengthens their friendship and fosters mutual benefits. Cambodia has approved 57 SEZs, with 11 featuring Chinese investment. In the first eight months of 2025, bilateral trade reached $12.7 billion, a 26% increase from the same period in 2024. SEZs are equipped with supporting infrastructure, making them convenient for investors, including importing raw materials and exporting products to international markets. (Source: The Phnom Penh Post)

Corporate News

ABA Bank and T.O Group collaborate to scale up digital payment offerings in Cambodia ABA Bank and T.O Group have signed a Memorandum of Understanding (MoU) to expand access to secure, convenient, and cashless payments for businesses and customers in Cambodia. T.O Group will use ABA PayWay's QR API to integrate dynamic QR payments into its POS and billing systems, enabling merchants to generate QR codes and accept payments with real-time confirmation. This will make transactions faster, safer, and easier for customers. The partnership reflects ABA Bank's commitment to supporting Cambodia's digital transformation and financial inclusion, laying the foundation for a fully connected, cashless Cambodia. (Source: B2B Cambodia)

Stock Market

CSX slips slightly as ABC declines, JSL edges lower On 18 September 2025, the CSX Index was down 0.08% to close at 403.6 points. On the Main Board, no stocks posted gains, while ABC (-0.29%) recorded losses. PWSA, GTI, PPAP, PAS, PEPC, MJQE, and CGSM all closed unchanged. On the Growth Board, DBDE remained unchanged, while JSL slipped 0.36%. Total trading volume reached 20,621 shares, with a turnover of KHR 96 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
403.64 -0.08 20,621 10,826

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 49,921 539
GTI 7,060 0.00 -1.40 38.98 7,180 7,000 21,092 282
PPAP 13,600 0.00 -0.29 -1.73 13,700 13,500 3,210 281
PPSP 2,060 0.00 0.49 -5.07 2,070 2,050 163,246 148
PAS 12,060 0.00 0.50 4.33 12,140 11,920 6,751 1,034
ABC 6,780 -0.29 0.00 -10.08 6,800 6,740 310,557 2,937
PEPC 2,640 0.00 1.54 10.46 2,670 2,510 3,201 198
MJQE 1,990 0.00 0.00 -4.33 2,000 1,980 70,143 645
CGSM 2,430 0.00 -1.22 0.00 2,460 2,420 81,011 4,761
DBDE 2,030 0.00 -0.49 -1.46 2,050 2,020 9,417 37
JSL 2,760 -0.36 -0.72 -19.30 2,900 2,760 2,403 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 4.64 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 5.61 20.42 34.22
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% 2,318
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,360
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,980
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,184
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,631
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 809
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,371
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,579
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 826
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) 2,653
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,305
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,305
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,305
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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