Cambodia’s stock market may be young, but it has already made an impact on the region’s financial landscape. Since the launch of the Cambodia Securities Exchange (CSX) in 2011, several pioneering companies have stepped forward to lead the way in transparency, performance, and governance. For both domestic and foreign investors, these listed firms offer a window into Cambodia’s broader economic ambitions and growing middle class. As the market matures, understanding the top-performing companies and their fundamentals becomes essential for making informed investment decisions.
Acleda Bank: The Backbone of Cambodia’s Banking Sector
Acleda Bank Plc is arguably the most prominent name on the Cambodia Securities Exchange. As the largest commercial bank in the country by total assets, branch network, and profitability, Acleda’s listing in 2020 was a watershed moment for the CSX. It brought not only increased liquidity to the market but also credibility and investor attention.
Acleda’s financial performance has been consistently robust. In recent years, it has reported assets exceeding USD 7 billion and annual net profits over USD 120 million. The bank’s strong balance sheet is complemented by a stable loan-to-deposit ratio of around 80%, reflecting prudent lending practices. With over 3 million customers nationwide, Acleda plays a critical role in both urban and rural financial inclusion, offering services that span retail banking, SME lending, and mobile finance solutions.
Its market valuation reflects its dominance and reliability. As of mid-2025, Acleda’s market capitalization stands at approximately USD 1.1 billion, with a price-to-earnings (P/E) ratio hovering around 8.5x. The bank maintains a steady dividend payout ratio of around 35–40%, translating to a dividend yield of nearly 4%. For long-term investors seeking a low-risk, income-generating asset, Acleda Bank is a cornerstone pick in Cambodia’s equity market.
Phnom Penh Water Supply Authority: Reliable Returns from a Public Utility
Phnom Penh Water Supply Authority (PPWSA) made history in 2012 as the first company to be listed on the CSX. As a government-owned utility, it provides essential water services to Phnom Penh and its expanding metropolitan region. This makes it one of the most dependable and least volatile stocks in the Cambodian market.
PPWSA has maintained a strong track record of operational efficiency and financial stability. In 2024, it reported revenues of around USD 82 million and a net profit of USD 18 million. With a healthy net profit margin exceeding 20%, the company continues to benefit from increasing water demand and population growth. Ongoing investments in water treatment plants and reduction in water loss have helped it stay profitable while improving service coverage.
From an investor’s perspective, PPWSA is attractive for its defensive characteristics and steady dividend policy. The company is valued at around USD 230 million, with a P/E ratio of 12.4x. Its dividend yield ranges between 3% and 4%, making it suitable for income-focused investors. Although growth is modest, the reliability and social importance of its services give PPWSA a unique place in any diversified portfolio targeting frontier markets.
Pestech Cambodia: Energizing the Infrastructure Boom
Pestech Cambodia Plc (PEPC), a subsidiary of Malaysia’s Pestech International, represents a different class of investment—one centered around infrastructure development. Listed in 2020, PEPC has positioned itself at the heart of Cambodia’s energy transformation by developing and operating power transmission infrastructure across the country.
The company’s niche operations include building and maintaining transmission lines and substations for the national grid. In 2024, PEPC reported revenues of approximately USD 36 million and net profits of over USD 6 million. With a pipeline of projects exceeding USD 100 million, it has become a critical player in ensuring energy stability and rural electrification across Cambodia.
Pestech is smaller in market size, valued at around USD 75 million. However, its strategic relevance and growth potential make it a compelling opportunity. The company reinvests a significant portion of its earnings into expansion, and thus has not offered consistent dividends yet. Its P/E ratio of roughly 9x suggests that the stock remains undervalued relative to its earnings growth potential. Investors looking for long-term capital appreciation and infrastructure exposure will find PEPC to be a worthy consideration.
Sihanoukville Autonomous Port: Cambodia’s Global Trade Gateway
Sihanoukville Autonomous Port (PAS) serves as Cambodia’s principal deep-sea port and is a linchpin in the country’s growing trade and logistics ecosystem. With Cambodia’s exports and imports rising steadily, PAS has become an essential asset for national development. Since its listing in 2017, PAS has garnered strong investor interest, especially from institutions focusing on infrastructure and transportation.
In 2024, PAS handled more than 7 million tonnes of cargo and saw container throughput increase by over 8% year-on-year. The port’s continued modernization—including the installation of new cranes and expanded terminal capacity—has enhanced its efficiency and revenue-generating capacity. The company posted revenues of USD 65 million and net profits of USD 15.5 million last year, reflecting its rising importance in regional logistics.
PAS has a market capitalization of approximately USD 280 million and a P/E ratio of 10.5x. While the company offers a moderate dividend yield in the range of 2.5–3%, its value lies in long-term growth linked to Cambodia’s trade ambitions and industrial zone expansions near the port. As ASEAN integration deepens and cross-border logistics become more vital, PAS is well-positioned for upward momentum.
Dividend Policies: Balanced and Conservative
One of the defining traits of Cambodia’s listed companies is their conservative yet consistent dividend approach. This is in line with the broader culture of fiscal prudence and reinvestment observed across many Cambodian enterprises. Instead of high one-time payouts, CSX-listed firms typically favor a balance between shareholder returns and reinvestment for future growth.
Acleda Bank leads in this area, paying out close to 40% of net profits as dividends while still preserving sufficient capital for lending growth. PPWSA maintains a steady dividend linked to net income and adheres to regulatory frameworks designed to ensure financial sustainability. Sihanoukville Autonomous Port offers a modest but stable dividend and continues to invest in infrastructure upgrades to maintain competitiveness. Pestech Cambodia has yet to issue consistent dividends due to its ongoing capital expenditure cycle, but this is common for infrastructure-focused companies in their early growth stages.
For investors who value dividend income, these policies provide a dependable stream, particularly in sectors such as banking and utilities. As the CSX matures and more companies join the exchange, dividend diversity is expected to grow.
Market Cap and P/E Ratios: Relative Value in a Frontier Market
Despite the relatively small size of the CSX, its top stocks offer meaningful insights into valuation dynamics in frontier markets. While P/E ratios and market capitalization vary by sector, Cambodia’s listed companies generally trade at more modest multiples compared to those in Vietnam, Thailand, or Malaysia. This can be attributed to factors such as lower liquidity, limited analyst coverage, and investor conservatism—but also presents opportunities for value investors.
Acleda Bank, with a market cap of over USD 1 billion and a P/E of 8.5x, is attractively priced given its asset base and market leadership. PPWSA, with a valuation of USD 230 million and a higher P/E of 12.4x, reflects its status as a stable utility with less growth but strong cash flow. PAS and Pestech fall somewhere in between, with their P/E ratios indicating a mix of current earnings and expected future performance.
For investors willing to navigate the relatively illiquid Cambodian market, these companies offer genuine value and potential for capital appreciation, especially as the broader economy and capital market infrastructure continue to evolve.
Sectoral Insights: A Snapshot of Cambodia’s Investment Horizon
The CSX’s current structure is heavily tilted toward three main sectors: banking, infrastructure, and utilities. This concentration, while narrow, provides clarity on which sectors are driving the Cambodian economy—and where future opportunities may lie.
Banking, led by Acleda Bank, continues to be a cornerstone of Cambodia’s economic resilience. The sector benefits from increasing financial inclusion, digital banking innovations, and a growing SME sector. There are expectations that more banks and microfinance institutions may list in the coming years, deepening sectoral participation on the exchange.
Utilities, anchored by PPWSA, remain critical to national development goals. As Phnom Penh expands and secondary cities like Siem Reap and Battambang develop, demand for reliable public services such as water and electricity will rise, opening the door for more utility IPOs.
Infrastructure, particularly in energy and transport, is gaining prominence. Pestech and PAS highlight Cambodia’s commitment to modernizing its backbone infrastructure. With support from international donors, regional partners, and private investors, these sectors are poised for sustained growth.
Foreign Investment and the Path Forward
Cambodia has gradually improved its framework for foreign participation in the CSX. Regulatory clarity on repatriation of profits, taxation, and trading access has made it easier for foreign investors to engage with the market. While liquidity remains a concern, the groundwork has been laid for broader institutional participation.
An exciting development is the CSX Growth Board, which provides easier listing criteria for small and medium-sized enterprises (SMEs). This initiative is expected to diversify the types of companies available for investment and introduce new sectors such as agri-business, tech, consumer goods, and even real estate investment trusts (REITs).
As Cambodia targets annual GDP growth rates of 6–7% and expands its infrastructure base, its capital markets are expected to follow suit. A more diversified, deeper market will not only attract more investors but also offer Cambodian businesses a credible alternative to debt financing.
Conclusion: Looking Ahead with Optimism
Cambodia’s top-performing listed companies are not just success stories in their own right—they are also symbols of a maturing economy and a growing capital market. Acleda Bank, PPWSA, Pestech, and PAS reflect the progress of key sectors such as finance, utilities, and infrastructure, and offer a mix of stable income and long-term growth.
For investors willing to embrace a frontier market with structural tailwinds, Cambodia’s stock market presents unique advantages. Low valuations, consistent dividends, improving governance, and national development alignment create a compelling case for portfolio inclusion.
As more companies enter the CSX and investor confidence continues to build, Cambodia’s listed companies may become some of the region’s hidden gems—ready to reward those who see their potential early.
