Cambodia

No practical retail foreign broker route into the Cambodia Securities Exchange (CSX). The offshore-listed Cambodia-exposed universe is nonetheless substantial — NagaCorp (HKEX), Samart Aviation Solutions (SET), Emerald Resources (ASX), Hong Lai Huat (SGX), Angkor Resources (TSXV/OTCQB), Unity Metals (ASX), Samart Corp (SET), Mega First (Bursa Malaysia). Content based on company disclosures, exchange listing materials, and 2025 financial reporting.

Short answer

No practical direct retail foreign broker route into Cambodia’s equity market exists. The Cambodia Securities Exchange (CSX) has no foreign-individual retail infrastructure — no major international broker (IBKR, Boom Securities, Phillip, Tiger, moomoo) lists CSX in its market coverage, and foreign exchange controls add further friction. CSX-listed names — ACLEDA Bank, PPAP (Phnom Penh Autonomous Port), Phnom Penh SEZ — are simply not accessible to foreign retail in any straightforward way. The practical route is entirely offshore: seven foreign-listed companies with material Cambodia operations span six exchanges and cover gaming, infrastructure services, gold mining, property, and exploration.

Best practical route

For concentrated Cambodia exposure, prioritise in order:

1. NagaCorp Ltd. (HKEX: 3918) — pure-play Cambodia integrated resort; NagaWorld in Phnom Penh with regulatory exclusivity extending well into the 2030s. Most liquid, most direct. Any HKEX-covering broker works (IBKR HK permission, Tiger, moomoo, Saxo, Boom Securities).
2. Samart Aviation Solutions PCL (SET: SAV) — exclusive Cambodia air navigation services (CATS); 2025 service income THB 1.93bn, total revenue THB 2.07bn. Cleanest “service revenue from Cambodia” shape available. SET requires Boom Securities or Phillip/POEMS — IBKR does not cover Thailand.
3. Emerald Resources NL (ASX: EMR) — operating Okvau Gold Mine in Cambodia; Cambodia is the foundation of operations. Accessible through IBKR (Australia permission) or any standard Australian broker.

For a diversified Cambodia thesis, add: Hong Lai Huat (SGX: CTO) for property/marble exposure (FY2025 revenue entirely Cambodia-sourced; non-current assets ~S$68.0m Cambodia vs S$4.2m Singapore — but small and illiquid); Angkor Resources (TSXV: ANK / OTCQB: ANKOF) for Cambodia oil/gas exploration (Block VIII licence) and minerals; Unity Metals (ASX: UM1) for early-stage Cambodia gold exploration (Ngot Gold Project).

Broker options

With IBKR (HK + Australia + Singapore + Canada + Malaysia permissions confirmed), 5 of the 7 primary names are accessible directly. The SET gap requires Boom Securities or Phillip as a second broker.

What you can actually buy

Operating/defensive exposure:

• NagaCorp Ltd. (HKEX: 3918) — Cambodia integrated resort gaming/hospitality
• Samart Aviation Solutions PCL (SET: SAV) — Cambodia exclusive air navigation services
• Emerald Resources NL (ASX: EMR) — Cambodia gold production (Okvau Mine)

Property/asset exposure (small, illiquid):

• Hong Lai Huat Group (SGX: CTO) — Cambodia property and marble mining; agriculture division divested

Speculative exploration:

• Angkor Resources Corp. (TSXV: ANK / OTCQB: ANKOF) — Cambodia oil/gas (Block VIII) and minerals
• Unity Metals Ltd. (ASX: UM1) — Cambodia gold exploration (Ngot Project)

Diversified parent (partial Cambodia):

• Samart Corp (SET: SAMART) — broader Thai ICT/utility/transport; Cambodia exposure via SAV subsidiary only. Prefer SAV for a Cambodia thesis.

Indirect cross-border infrastructure:

• Mega First Corporation (Bursa Malaysia: 3069) — Don Sahong hydroelectric (Laos); electricity exported to Cambodia under cross-border PPAs. Primary thesis is Laos — see Laos country page.

Not currently accessible:

• Donaco International — taken private, delisted ASX August 2025
• Cambodia Airways — Nasdaq IPO candidate; not yet listed

Verdict

Cambodia is the clearest example in this directory of an offshore-listed universe that fully substitutes for an inaccessible local exchange. Seven companies across six exchanges give a foreign retail investor more Cambodia diversification than CSX itself offers in practice. The cross-exchange spread (HKEX, SET, ASX, SGX, TSXV, Bursa Malaysia) means a comprehensive position requires a multi-broker setup — but IBKR alone covers five of seven. NagaCorp (3918) is the single name to know: pure-play, liquid, HKEX-accessible. Samart SAV is the most unusual structural shape — a Thai-listed company whose revenue is overwhelmingly Cambodian airspace and airport services.

Sources & dates

Public sources checked:

• NagaCorp Ltd. — HKEX corporate disclosures, 2025 interim report (NagaWorld operations, exclusivity period)
• Samart Aviation Solutions PCL (SAV) — SET corporate disclosures, 2025 MD&A (CATS revenue, THB 1.93bn service income, THB 2.07bn total revenue)
• Cambodia Air Traffic Services (CATS) company materials
• Emerald Resources NL — ASX corporate disclosures, Okvau Gold Mine operating updates
• Hong Lai Huat Group — SGX corporate disclosures, FY2025 results (Cambodia revenue, S$68.0m Cambodia non-current assets, agriculture division disposal)
• Angkor Resources Corp. — TSXV corporate filings, Block VIII oil/gas licence updates
• Unity Metals Ltd. — ASX admission notice, Ngot Gold Project documentation
• Mega First Corporation — Bursa Malaysia corporate disclosures (Don Sahong, Laos-Cambodia cross-border power purchase agreements)
• Donaco International — ASX scheme implementation notice (delisting August 2025)
• Cambodia Securities Exchange (CSX) listed company directory