Cambodia plans to issue government bonds worth $528 million in 2026

/ January 5, 2026


News Highlights

Economy and Industry

Cambodia plans to issue government bonds worth $528 million in 2026 The Cambodian government has approved the issuance of government bonds worth 2.1 trillion riels (about $528 million) in 2026 to finance investment projects and support the national budget, under the Law on Finance for Management 2026. The Ministry of Economy and Finance said the move aligns with its strategy to sustain economic growth while maintaining fiscal stability. Economists noted that the bond issuance could help deepen Cambodia's domestic capital market and provide new investment opportunities for banks and private investors. Proceeds are expected to be directed toward priority sectors such as infrastructure, healthcare, education, and workforce development. Officials stressed that public debt remains at a sustainable, low-risk level, supported by prudent fiscal management. (Source: Khmer Times)

Cambodia readies for increased Indian tourism in 2026 Cambodia is preparing to welcome a growing number of Indian tourists, supported by shared cultural and historical ties and strengthened bilateral tourism cooperation. Tourism Minister Huot Hak highlighted the success of joint promotion efforts with India, which led to a notable increase in Indian arrivals in 2025 and the launch of the Cambodia-India Tourism Year. Further growth is expected in 2026, driven by new direct flights between India and Cambodia, strong safety conditions, and expanding tourism infrastructure. Industry leaders remain optimistic, citing active promotion by both public and private sectors, plans to engage Indian influencers, and opportunities in religious tourism, destination weddings, business travel, and education exchanges. These coordinated efforts are expected to support sustained growth in Indian tourist arrivals. (Source: Khmer Times)

Cambodia earned $1.5 billion from raw cashew nut exports in 2025  Cambodia generated approximately $1.5 billion in revenue from raw cashew nut exports in 2025, representing a 30 percent increase compared with the previous year, according to a report released by the Cashew Nut Association of Cambodia (CAC). Export volumes reached about 1 million tonnes, up 27% YoY. The CAC noted that the vast majority of raw cashew nuts were shipped to neighbouring Vietnam. CAC President Uon Silot said 2025 was a strong year for cashew farmers, supported by higher export volumes and improved prices. Prices ranged between $1,250 and $1,350 per tonne during the March-April harvest season, peaking at around $2,000 per tonne in October. Cashew remains one of Cambodia's key cash crops, with plantations covering roughly 700,000 hectares across 10 provinces. (Source: Khmer Times)

Corporate News

12 recruitment agencies licensed to place candidates in Singapore positions The Cambodian Ministry of Labour and Vocational Training (MLVT) has authorised 12 recruitment agencies to train, deploy, and manage Cambodians seeking employment in Singapore. Job seekers are advised to confirm that agencies are licensed, as any unlisted recruiters are considered illegal. The official list is available on the MLVT website, with applications handled via the MLVT Services mobile app or public service kiosks, and tracked at tracking.ocwc.co. The ministry urged the public to report illegal recruitment through hotlines 1286 or 1297, and requires prior authorisation for media or organisations advertising overseas jobs. These measures aim to protect Cambodian migrant workers, ensure transparent recruitment, and promote safe, legal employment opportunities, with growing interest in Singapore due to higher wages and labour safety. (Source: Khmer Times)

Stock Market

CSX Index up 0.05% on mixed board performance On 5 January 2026, the CSX Index rose by 0.05% to close at 425.3 points. On the Main Board, ABC (+0.82%) and MJQE (+0.82%) recorded gains, while PEPC (-1.39%), CGSM (-0.40%), GTI (-0.24%), and PPAP (-0.14%) declined. PPSP and PAS remained unchanged. On the Growth Board, DBDE was unchanged, while JSL declined by 0.80%. Total trading volume reached 86,246 shares, with a turnover of KHR 498 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
425.3 0.05 86,246 11,750

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 6,360 0.00 0.32 0.32 6,440 6,320 15,887 553
GTI 8,160 -0.24 1.75 1.75 8,180 7,020 14,774 326
PPAP 14,260 -0.14 -0.28 -0.28 14,500 14,080 5,310 295
PPSP 2,080 0.00 0.48 0.48 2,140 2,030 19,900 150
PAS 12,980 0.00 0.15 0.15 13,060 12,760 987 1,113
ABC 7,420 0.82 1.37 1.37 7,460 7,120 66,891 3,214
PEPC 2,840 -1.39 0.71 0.71 2,880 2,690 534 213
MJQE 2,050 0.49 0.99 0.99 2,050 1,990 20,252 664
CGSM 2,490 -0.40 0.00 0.00 2,520 2,470 12,322 4,879
DBDE 2,180 0.00 0.46 0.46 2,180 2,140 2,561 40
JSL 2,480 -0.80 0.81 0.81 2,620 2,400 63,980 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 7.69 0.55 1.74 14.98
GTI 2Q25 29 7,023 280.03 1.16 0.99 44.18
PPAP 1Q25 2,951 22,115 4.83 0.64 1.65 4.14
PPSP 2Q25 735 4,376 2.83 0.48 0.95 2.11
PAS 1Q25 1,212 8,224 10.71 1.58 2.34 8.06
ABC 2Q25 1,460 14,410 5.08 0.51 0.89 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.40 NA
MJQE 2Q25 45 340 45.38 6.03 4.01 13.10
CGSM 2Q25 25 618 101.35 4.03 7.11 19.70
JSL 2Q25 -82 492 NA 5.04 18.35 32.17
DBDE 2Q25 147 1,933 14.87 1.13 0.33 7.56
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% 2,209
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,251
ABC32C 0 0.0 - - khAA Subordinated Bond 7.50% p.a. 2,442
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,871
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,075
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,522
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 700
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,262
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,470
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 717
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) 2,544
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,196
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,196
Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 5 Y 10 Y
Total issuance ('K units) 238.1 312.0 384.8 18.0 0.0
Outstanding (KHR'bn) 0.0 0.0 0.0 0.0 0.0
Issuance ('K units, Latest) 34.0 0.0 157.5 8.0 0.0
Coupon rate (Latest) 2.70% 3.20% 3.40% 4.34% 4.60%
Successful yield (Latest) 3.25% - 3.90% 5.00% -
Latest bidding 23-Apr-25 21-May-25 22-Oct-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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