MEF highlights ongoing resilience in Cambodia's financial system
| News Highlights |
Economy and Industry
MEF highlights ongoing resilience in Cambodia's financial system Management of Cambodia's state budget revenues is expected to improve with new strategies for fiscal and non-fiscal revenues, enhancing the sustainability of public finances. The Ministry of Economy and Finance reported that the public financial system remains resilient, with the 2025 report showing increased revenues and disciplined spending within a +/-5% margin of the budget. Deputy Prime Minister Aun Pornmoniroth emphasized the need for sustainable socio-economic development and adherence to the Performance Information Budget System set for 2026. Improvements noted include enhanced financial accountability, asset management, public debt oversight, and budget transparency. The report concludes that Cambodia's public financial system continues to support stability and economic growth amidst global challenges. (Source: Khmer Times)
Small business loan balances surpass $37 billion in Q4 2025 As of the end of 2025, Cambodia's small business loan balance reached $37.12 billion, illustrating the resilience of the SME sector amid challenging financial conditions. The latest Small Business Credit Index from Credit Bureau Cambodia (CBC) reported a 2.6% Q-o-Q growth in loan balances, primarily driven by working capital loans, which comprise over 65% of the total. Although credit applications grew by 4.5%, their total value rose modestly, indicating a selective borrowing approach by businesses. The report highlights rising credit risk, with a 90+ days past due ratio of 7.1%, particularly in construction and working capital loans. Despite these risks, the performance of small business lending remained stable, with 1.77 million active loan accounts. The CBC noted the index serves as an indicator of market trends, reflecting current economic conditions as Cambodia heads into 2026. (Source: Khmer Times)
Cambodian firm launches $10M tablet plant to advance Industry 4.0 and affordable technology Minister Vanndy has expressed approval for a $10 million investment plan aimed at establishing Cambodia's first tablet assembly plant by 2027. The initiative, proposed by KH HAITECH, seeks to support Industry 4.0 adoption and enhance access to affordable digital technology for students and informal workers. The tablets will be marketed under a Cambodian brand, with technology supplied by a Chinese firm. The project aims to produce around 10,000 units initially, with potential for future investment and production expansion. The move aligns with Cambodia's ambition for industrial modernization and technological self-reliance, potentially reducing reliance on imported devices while furthering digital transformation in the nation. (Source: Khmer Times)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 423.07 | 0.18 | 100,078 | 11,684 |
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 | 6,420 | 0.31 | 0.00 | 1.26 | 6,440 | 6,340 | 14,628 | 558 |
| GTI | 8,360 | 0.00 | -0.48 | 4.24 | 8,400 | 8,100 | 21,429 | 334 |
| PPAP | 14,140 | 0.00 | -0.14 | -1.12 | 14,260 | 14,140 | 2,005 | 292 |
| PPSP | 2,070 | 0.00 | -0.48 | 0.00 | 2,120 | 2,070 | 29,055 | 149 |
| PAS | 13,000 | 0.00 | -0.31 | 0.31 | 13,100 | 12,980 | 22,519 | 1,115 |
| ABC | 7,220 | 0.56 | 1.12 | -1.37 | 7,460 | 7,120 | 215,930 | 3,127 |
| PEPC | 2,780 | -0.71 | -0.36 | -1.42 | 2,890 | 2,740 | 1,512 | 208 |
| MJQE | 2,050 | 0.49 | 0.49 | 0.99 | 2,070 | 2,030 | 32,248 | 664 |
| CGSM | 2,500 | 0.00 | 0.00 | 0.40 | 2,510 | 2,490 | 27,680 | 4,898 |
| DBDE | 2,160 | 0.47 | 0.00 | -0.46 | 2,220 | 2,150 | 6,288 | 40 |
| JSL | 2,380 | -0.42 | -3.25 | -3.25 | 2,520 | 2,380 | 22,273 | 61 |
| 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 | 7.76 | 0.55 | 1.75 | 15.02 |
| GTI | 2Q25 | 29 | 7,023 | 286.89 | 1.19 | 1.02 | 44.99 |
| PPAP | 1Q25 | 2,951 | 22,115 | 4.79 | 0.64 | 1.64 | 4.11 |
| 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 | 4.95 | 0.50 | 0.86 | NA |
| PEPC* | 3Q25 | -1,445 | -1,303 | NA | NA | 3.33 | NA |
| MJQE | 2Q25 | 45 | 340 | 45.38 | 6.03 | 4.01 | 13.10 |
| CGSM | 2Q25 | 25 | 618 | 101.76 | 4.04 | 7.14 | 19.77 |
| JSL | 2Q25 | -82 | 492 | NA | 4.83 | 17.61 | 31.45 |
| DBDE | 2Q25 | 147 | 1,933 | 14.74 | 1.12 | 0.33 | 7.51 |
| 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 Bo | 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 Infrastruct | 180-Day SOFR Average + 1.80% | |
| SNTD40B | 0 | 0.0 | - - | N/A | Green Infrastruct | 180-Day Average SOFR + 1.60% (4.00% - 6.00%) | |
| SNTD40C | 0 | 0.0 | - - | N/A | Green Infrastruct | 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% |
| 3.50% | |||||
| 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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