Cambodia Investment Review
Cellcard’s share price has climbed to KHR 3,630 on the Cambodia Securities Exchange (CSX), marking an increase of approximately 44% from KHR 2,520 at the end of 2025 as growing investor participation supports Cambodia’s expanding capital market.
CamGSM Plc, the operator of Cellcard, trades under the ticker CGSM. Its latest share price was also approximately 60% above the company’s KHR 2,270 initial public offering price in June 2023.
The performance comes during one of the CSX’s strongest periods in recent years, with higher trading activity, thousands of new investor accounts and increasing public awareness of Cambodia’s securities market.
Broader CSX Index Records Strong Growth
The CSX Index closed at 585.28 points on September 18, compared with 421.71 points on December 19, 2025—an increase of approximately 39%.
Momentum accelerated in August, when the index gained 18% to close at 541.02 points. This brought its increase over the first eight months of 2026 to approximately 28%, while the index reached a four-year high of 560.09 points on August 26.
Read More: Cambodian Stocks Rally 18% in August 2026 as Trading Activity Surges to Four-Year High
The upward trend continued into September, with the benchmark reaching 590.30 points on September 17.
Trading activity has also strengthened. Average daily trading value reached KHR 3.175 billion, or approximately US$800,000, in August—around four times the average recorded during the first seven months of the year.
The number of active investors reached 7,901 during the month, while 2,006 new trading accounts were opened.
The CSX attributed the stronger performance to attractive share prices, historical dividend yields, positive second-quarter corporate results and increased participation from institutional investors.
Cellcard Attracts Interest From Public Investors
Cellcard’s strong brand recognition may be helping the company attract attention from Cambodians who are becoming increasingly familiar and confident with stock-market investment.
Investor expectations may also be supported by the company’s continued investment in nationwide network coverage, fibre infrastructure, service quality and advanced technologies.
Cellcard announced in May that it had expanded its 5G network to more than 500 sites and planned to more than double that footprint by the end of July.
The company serves more than four million subscribers and says it has invested close to US$5.5 billion in Cambodia’s telecommunications infrastructure over three decades.
Growing demand for mobile data, digital services and modern communications infrastructure could continue supporting interest in Cambodia’s telecommunications sector.
Manu Rajan Appointed Cellcard CEO
The share-price increase has also coincided with a leadership transition at the telecommunications company.
CamGSM appointed Mr. Manu Rajan as its new Chief Executive Officer, replacing Mr. Yap Kok Leong after approximately one year in the position.
Read More: CAMGSM PLC (Cellcard) Appoints Manu Rajan as New CEO
Rajan’s appointment took effect on August 18, 2026, following a resolution adopted by the company’s Board of Directors on August 14, according to a statement filed with the Cambodia Securities Exchange.
The leadership change comes as Cellcard continues investing in its nationwide network, digital services and 5G expansion, positioning the company for its next phase of growth.
Limited Free Float Raises Index Question
Despite the positive market momentum, Cellcard’s share-price movement should be viewed within the context of the CSX’s relatively limited liquidity.
Cellcard’s IPO sold 9,271,206 shares to public investors, equivalent to approximately 0.47% of its roughly 1.96 billion issued shares. When buying demand rises and relatively few shares are available for sale, the price can move significantly over a short period.
Speaking to Cambodia Investment Review, Stephen Higgins of Mekong Strategic Capital said the current price may not fully reflect the company’s underlying fundamentals.
“We don’t see the current share price reflecting the fundamentals of the stock,” Higgins said.
He also questioned why Cellcard represents approximately 45% of the CSX’s market capitalisation despite its limited public free float, arguing that the exchange should consider adopting a free-float-adjusted index.
Such an index would weight companies using the shares readily available for public trading rather than their total issued shares.
While Cellcard’s performance reflects Cambodia’s increasingly active capital market, investors should continue reviewing official disclosures, financial performance, company fundamentals and liquidity risks before making investment decisions.
