Cambodia's retail credit outstanding rises to $16.39 billion in Q4 2025
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Economy and Industry
Cambodia's retail credit outstanding rises to $16.39 billion in Q4 2025 The Quarterly Retail Credit Index from Credit Bureau Cambodia (CBC) indicates a resurgence in Cambodia's retail credit market, with outstanding loan balances reaching $16.39 billion in Q4 2025, marking a 1.36% QoQ increase. This growth is driven by rising consumer confidence and demand for credit, particularly in personal finance, which dominates account volume. Retail loan accounts increased by 7.88% QoQ, while personal finance applications surged by 76%. However, credit quality showed mixed trends, with overdue loan ratios of 10.30% for personal finance, 4.65% for credit cards, and 6.38% for mortgages. CBC emphasizes the importance of monitoring borrowers with multiple loans, who represent nearly 30% of late repayment cases. The report reflects a broad-based participation in the credit market and highlights CBC's role in fostering financial stability through the provision of credit information. (Source: Khmer Times)
Cambodia's loan restructuring falls 29%, improving outlook for banks A significant 29% decline in loan restructuring in Cambodia's banking sector from September to December 2025 indicates improving borrower conditions and stronger repayment performance, despite ongoing economic pressures. An analysis by Mekong Strategic Capital highlighted a sharper 42% reduction in restructuring from September to November, reflecting tighter lending standards and a normalization following pandemic-era support measures. By late 2025, loans in arrears stood at $10.8 billion, or 17.6% of total loans, while non-performing loans (NPLs) increased to 8.9%. Although the drop in restructurings reveals fewer borrowers struggling with loan terms, the rise in NPLs signals risks, particularly in vulnerable sectors like tourism and real estate. Enhanced regulatory oversight and increased deposits are expected to help maintain banking stability amidst potential economic headwinds. (Source: Khmer Times)
PAS masterplan implementation gains momentum Scheduled for completion in 2028, Cambodia's Sihanoukville Autonomous Port (PAS) is being transformed into a regional logistics hub with support from the Japanese government. A seminar hosted by the Ministry of Public Works and Transport gathered stakeholders to refine a master plan for the port's development, aiming to align it with Cambodia's socio-economic needs. Japan, through the Japan International Cooperation Agency (JICA), is providing expert support, while the first phase of the new deep-water container terminal, funded by a $203 million loan from Japan, is 57% complete. The terminal will facilitate direct shipping to Europe and the Americas, enhancing Cambodia's role in global supply chains. (Source: Khmer Times)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 421.99 | -0.13 | 81,866 | 11,657 |
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 | 6,400 | 0.00 | -0.31 | 0.95 | 6,440 | 6,300 | 8,273 | 557 |
| GTI | 8,360 | 0.24 | -0.48 | 4.24 | 8,400 | 8,100 | 8,168 | 334 |
| PPAP | 14,160 | 0.14 | 0.00 | -0.98 | 14,280 | 14,140 | 1,057 | 293 |
| PPSP | 2,070 | -0.48 | -0.48 | 0.00 | 2,120 | 2,070 | 14,571 | 149 |
| PAS | 13,000 | -0.31 | -0.31 | 0.31 | 13,100 | 12,980 | 20,545 | 1,115 |
| ABC | 7,160 | 0.56 | 0.28 | -2.19 | 7,460 | 7,120 | 132,441 | 3,101 |
| PEPC | 2,800 | 0.00 | 0.36 | -0.71 | 2,890 | 2,740 | 788 | 210 |
| MJQE | 2,040 | 0.00 | 0.00 | 0.49 | 2,070 | 2,030 | 15,105 | 661 |
| CGSM | 2,500 | 0.00 | 0.00 | 0.40 | 2,510 | 2,490 | 18,337 | 4,898 |
| DBDE | 2,150 | 0.00 | -0.46 | -0.92 | 2,220 | 2,150 | 4,509 | 40 |
| JSL | 2,440 | 0.00 | -0.81 | -0.81 | 2,520 | 2,440 | 5,569 | 63 |
| 1D= 1 Day; 1M= 1Month; MTD= Month-To-Date; YTD= Year-To-Date; Chg= Change; Vol= Volume; shr= share; | ||||||||
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 | 7.74 | 0.55 | 1.75 | 15.01 |
| GTI | 2Q25 | 29 | 7,023 | 286.89 | 1.19 | 1.02 | 44.99 |
| PPAP | 1Q25 | 2,951 | 22,115 | 4.80 | 0.64 | 1.64 | 4.12 |
| PPSP | 2Q25 | 735 | 4,376 | 2.82 | 0.47 | 0.95 | 2.09 |
| PAS | 1Q25 | 1,212 | 8,224 | 10.73 | 1.58 | 2.34 | 8.07 |
| ABC | 2Q25 | 1,460 | 14,410 | 4.90 | 0.50 | 0.86 | NA |
| PEPC* | 3Q25 | -1,445 | -1,303 | NA | NA | 3.35 | NA |
| MJQE | 2Q25 | 45 | 340 | 45.16 | 6.00 | 3.99 | 13.05 |
| CGSM | 2Q25 | 25 | 618 | 101.76 | 4.04 | 7.14 | 19.77 |
| JSL | 2Q25 | -82 | 492 | NA | 4.96 | 18.06 | 31.88 |
| DBDE | 2Q25 | 147 | 1,933 | 14.67 | 1.11 | 0.33 | 7.48 |
| NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *FY ending in June, **excl. non-voting shares | |||||||
| Corporate Bonds |
Trading Summary
| Bond Symbol | Trading Vol (Units) | Trading Val (KHR'mn) | Latest Yield | Credit Rating | Bond Feature | Coupon Rate (%) | |
| ABC32A | 0 | 0.0 | - - | khAA | Subordinated Bond | 8.50% | |
| ABC32B | 0 | 0.0 | - - | KhAA | Subordinated Bond | 8.50% | |
| ABC32C | 0 | 0.0 | - - | khAA | Subordinated Bond | 7.50% p.a. | |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | |
| CIAF30A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 5.60% | |
| DPAC33A | 0 | 0.0 | - - | khAAA | Guaranteed Bond | 5.25% per annum | |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green | 7% per annum | |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | |
| 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) | |
| SNTD40A | 0 | 0.0 | - - | N/A | Green Infrastructure | 180-Day SOFR Average + 1.80% | |
| SNTD40B | 0 | 0.0 | - - | N/A | Green Infrastructure | 180-Day Average SOFR + 1.60% (4.00% - 6.00%) | |
| SNTD40C | 0 | 0.0 | - - | N/A | Green Infrastructure | 180-Day SOFR Average + 3.00% | |
| TCT26A | 0 | 0.0 | - - | N/A | Plain Bond | 4.50% Annually | |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked Bond | Term SOFR + 2.5% |
| Government Bonds |
Historical Issuance Summary
| 1 Y | 2 Y | 3 Y | 5 Y | 10 Y | |
| 15 Y | |||||
| Total issuance ('K units) | 308.3 | 312.0 | 561.0 | 38.0 | 6.0 |
| 116.0 | |||||
| Outstanding (KHR'bn) | 98.0 | 180.0 | 456.8 | 38.0 | 0.0 |
| 0.0 | |||||
| Issuance ('K units, Latest) | 6.2 | 0.0 | 104.2 | 20.0 | 6.0 |
| 52.0 | |||||
| Coupon rate (Latest) | 2.70% | 3.20% | 3.50% | 4.30% | 4.30% |
| 4.60% | |||||
| Successful yield (Latest) | 2.80% | 3.75% | 4.50% | 4.75% | |
| 5.45% | |||||
| Latest bidding | 28-Jan-26 | 21-May-25 | 28-Jan-26 | 46,001 | 46,001 |
| 46,050 | |||||
| *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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