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Fundamental View
AS OF 24 Feb 2026Krung Thai Bank is the 3rd largest bank by assets in Thailand, with a 55.07% state ownership through the Financial Institutions Development Fund. We see strong government support underpinning KTB’s underlying credit profile.
The state influence opens the bank up to potentially government-directed lending; it has secured an increasingly meaningful portion of banking business from government agencies and State Owned Enterprises, which underscored its one-notch upgrade by Fitch in Dec-21.
KTB was faced with asset quality challenges in the past and had the highest NPL ratio and restructured loans among the major Thai banks. It has since de-risked its loan book, and asset quality has proven to be more resilient than its peers with lower COVID-19 restructured loans.
Business Description
AS OF 24 Feb 2026- KTB is the 3rd largest bank by assets in Thailand. The Thai Financial Institutions Development Fund owns 55.07% of the bank, and has a free float of 44.93%.
- Being the largest state-owned bank, it secures a meaningful portion of banking business from government agencies and State Owned Enterprises (SOEs) and per the bank, is the preferred bank for the government and SOE employees.
- Though state owned, the bank runs on a commercial basis and is not considered as a policy bank.
- KTB's loan profile comprised 46% retail, 23% private corporates, 10% SME, and 21% Government & SOEs at December 2025.
Risk & Catalysts
AS OF 24 Feb 2026Thai economic growth is expected to slowdown this year from US tariffs. Ripple effects are in the form of lower bank NIMs as more BOT rate cuts come through to support growth, and credit costs remaining relatively elevated. Moody’s and Fitch have downgraded their rating outlook on the Thailand sovereign (and consequently the Thai banks including KTB at Moody’s, which it currently rates in line with the sovereign) to negative in April and September 2025 respectively on increased risks to Thailand’s economic and fiscal strength.
We see still middling loan growth across the Thai banks due to a focus on quality amid the current backdrop. Trading/investment income is also set to moderate from a high base given a smaller rates tailwind this year. However, we take comfort in KTB’s conservative focus on the government agencies/SOEs segment.
Key Metric
AS OF 24 Feb 2026| THB mn | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| PPP ROA | 1.83% | 1.98% | 2.40% | 2.50% | 2.50% |
| ROA | 0.63% | 0.94% | 1.01% | 1.24% | 1.26% |
| ROE | 6.1% | 9.2% | 9.4% | 11.0% | 10.7% |
| Equity/Assets | 10.5% | 10.9% | 11.4% | 12.3% | 12.4% |
| CET1 Ratio | 15.6% | 15.6% | 16.5% | 17.9% | 18.4% |
| Calculated NPL ratio | 3.50% | 3.26% | 3.08% | 2.99% | 2.90% |
| Provisions/Loans | 1.31% | 0.93% | 1.43% | 1.18% | 1.14% |
| Gross LDR | 99% | 98% | 104% | 100% | 97% |
| Liquidity Coverage Ratio | 196% | 201% | 202% | 207% | n/m |
CreditSight View Comment
AS OF 22 Jan 2026KTB is the 3rd largest bank in Thailand by assets and the largest state-owned bank. It is 55% indirectly owned by the Thai government and thus secures meaningful business from government agencies and SOEs (~20% of total loans), which has undergirded its stable asset quality during and post-COVID; it was faced with asset quality challenges in the past, but fundamentals have improved as it de-risked its loan book. We see greater NIM pressure on KTB than most peers from the turn in base rates. We also see a meaningful impact to the Thai economy from US tariffs, with ripple effects in the form of lower bank NIMs and continued high credit costs. The CET1 ratio though is solid at ~18% and the loan mix is safer than peers. We have it on M/P as the $ AT1 has <1 year to call date.
Recommendation Reviewed: January 22, 2026
Recommendation Changed: April 22, 2025
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Search topics about wealth insights and investments.Siam Commercial Bank
- Sector: Financial Services
- Sub Sector: Banks
- Country: Thailand
- Region: Thailand
- Bond: SCBTB 3.9 24
- Indicative Yield-to-Maturity (YTM): 5.573% (Indicative as of March 2)
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Fundamental View
AS OF 24 Feb 2026Siam Commercial Bank (SCBTB) has been a sound and profitable bank. It has a focus on the retail segment and targets to increase margins by growing its non-traditional banking businesses. It announced a major business overhaul in September 2021 to establish a new parent company called SCB X to segregate the group’s core banking services (Gen 1) from its new fintech and digital businesses and to enable greater flexibility and independence.
Recent credit costs have been elevated due to the riskier exposure that these entail. However, profitability remains healthy and the capital buffer is strong at both the Holdco (SCB X) and Bank (SCB) level.
Business Description
AS OF 24 Feb 2026- Siam Commercial Bank was founded as the "Book Club" in 1904. In 1907, it started operating as a commercial bank and was renamed as "The Siam Commercial Bank". It completed its IPO on the Stock Exchange of Thailand in 1976.
- The bank is 23.58% owned by the King of Thailand, and a further 23.32% is owned by the Vayupak Fund 1, which is controlled by the government.
- SCB is the fourth largest Thai bank by assets and is known for its robust retail franchise.
- Its loan profile was 36% corporate, 16% SME, and 48% retail as of December 2025.
Risk & Catalysts
AS OF 24 Feb 2026Thai economic growth is expected to slowdown this year from US tariffs. Ripple effects are in the form of lower bank NIMs as more BOT rate cuts come through to support growth, and credit costs remaining relatively elevated. Moody’s and Fitch have downgraded their rating outlook on the Thailand sovereign (and consequently the Thai banks including SCBX at Moody’s, which it currently rates in line with the sovereign) to negative in April and September 2025 respectively on increased risks to Thailand’s economic and fiscal strength.
We see still middling loan growth across the Thai banks due to a focus on quality amid the current backdrop. Trading/investment income is also set to moderate from a high base given a smaller rates tailwind this year.
The group’s business overhaul and strategic focus on retail comes with higher credit costs, particularly from the riskier target segments at the Gen 2/3 businesses. However, SCB X’s higher NIM and low-40%s cost-income ratio provide comfortable room for that to be absorbed. We also take comfort in the ringfencing of the bank unit (SCB) from the Group’s riskier business units, and management’s minimum CET1 ratio of 16% at SCB.
Key Metric
AS OF 24 Feb 2026| THB mn | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| PPP ROA | 2.63% | 2.50% | 2.88% | 2.87% | 2.86% |
| ROA | 1.1% | 1.1% | 1.3% | 1.3% | 1.3% |
| ROE | 8.4% | 8.3% | 9.3% | 9.1% | 9.7% |
| Equity/Assets | 13.4% | 13.5% | 14.1% | 14.2% | 13.7% |
| CET1 Ratio | 17.6% | 17.7% | 17.6% | 17.7% | 17.7% |
| Reported NPL ratio | 3.79% | 3.34% | 3.44% | 3.37% | 3.29% |
| Provisions/Loans | 1.84% | 1.45% | 1.82% | 1.76% | 1.74% |
| Gross LDR | 93% | 93% | 99% | 97% | 92% |
| Liquidity Coverage Ratio | 202% | 216% | 217% | 212% | n/m |
CreditSight View Comment
AS OF 27 Mar 2026SCB is the 4th largest bank in Thailand and has a leading retail franchise. Asset quality during COVID was poor. It created a new HoldCo structure (SCBX) in 2022 to shift digital units and unsecured retail loans outside the bank, and pledged a >16% CET1 ratio at SCB. The BOT has also ringfenced SCB which further reduces the risk for the SCBTB bonds. The NIM has been strong vs. peers as expected. We expect there to still be a sizable restructured book at SCB, and higher retail exposure amid elevated household debt has resulted in high credit costs, but these have been comfortably absorbed. We expect credit costs to stay elevated as US tariff spillovers and the Middle East energy shock weigh on Thailand’s outlook. We have an Underperform rec.
Recommendation Reviewed: March 27, 2026
Recommendation Changed: April 22, 2025
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Search topics about wealth insights and investments.State Bank of India
- Sector: Financial Services
- Sub Sector: Banks
- Country: India
- Bond: SBIIN 5.125 29
- Indicative Yield-to-Maturity (YTM): 4.22%
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Fundamental View
AS OF 24 Feb 2026State Bank of India (SBI) is the largest state-owned bank in India and is in some respects the country’s flagship bank. Given the bank’s ~55% government ownership and systemic importance, government support for SBI is very strong.
The bank’s capital buffers are relatively low, but we take comfort in the strong government support.
Business Description
AS OF 24 Feb 2026- State Bank of India is the largest commercial bank in India. Its predecessor banks date back to the 19th century. In the early 20th century, they merged to form the Imperial Bank of India, which became the State Bank of India after India gained independence in 1947.
- The Government of India remains the largest shareholder with a 55.03% stake. Per the SBI Act, the government's shareholding cannot fall below 55%.
- SBI's merged with its 5 associate banks and Bharatiya Mahila Bank in 2018. The merger catapulted SBI into one of the world's 50 largest banks.
- The bank has 85% of its loans in the domestic market, and has steadily increased its international business too over the past few years with offices across all international business centres. The domestic book is split 42% retail, 33% corporates, 15% SMEs and 10% to the agri segment as of December 2025.
- It has diversified its operations with well regarded subsidiaries in the areas of fund management, credit cards, insurance, and capital markets.
Risk & Catalysts
AS OF 24 Feb 2026SBI does not have a strong buffer vs. the regulatory minimum of 8%, but its size, systemic importance and majority government shareholding confer particularly strong government support. But consequentially, any deterioration in the sovereign ratings will also affect the bank’s credit.
RBI repo rate cuts will initially impact the NIM before the lagged effect of deposit repricing catches up over FY26-27, but management remained confident in a 3.0% through-the-cycle NIM. Loan growth has recently re-accelerated and should remain strong in coming quarters, supported by GST rate cuts lifting consumption, and improving corporate borrowing momentum amid India’s trade deals with the US and EU and robust public-sector infrastructure capex.
We are cautious about pockets of stress in Indian retail, particularly unsecured retail and microfinance. Asset quality however is trending well as SBI’s personal unsecured loans book is ~95% to salaried employees of top tier corporates and the government.
Key Metric
AS OF 24 Feb 2026| INR mn | FY22 | FY23 | FY24 | FY25 | 9M26 |
|---|---|---|---|---|---|
| NIM | 3.12% | 3.37% | 3.28% | 3.09% | 2.95% |
| ROAA | 0.67% | 0.96% | 1.04% | 1.10% | 1.16% |
| ROAE | 11.9% | 16.5% | 17.3% | 17.3% | 16.4% |
| Equity to Assets | 5.6% | 5.9% | 6.1% | 6.6% | 7.5% |
| CET1 Ratio | 10.3% | 10.6% | 10.6% | 11.1% | 11.2% |
| Gross NPA Ratio | 3.97% | 2.78% | 2.24% | 1.82% | 1.57% |
| Provisions/Loans | 0.91% | 0.54% | 0.14% | 0.38% | 0.44% |
| PPP ROA | 1.58% | 1.59% | 1.60% | 1.72% | 1.75% |
CreditSights View
AS OF 10 Feb 2026SBI is India’s largest bank and a well-run franchise. Government support (55% shareholding, can’t drop below 51%) underpins SBI’s relative positioning, while fundamentally, it has good operating metrics and business plans, a comfortable LDR, sufficient CET1 ratio (recently boosted by an equity raise in Jul-25), and the best management among the public sector banks. India’s macro backdrop remains relatively robust and SBI’s lower risk personal unsecured loans clientele is supporting asset quality well. Lower rates should keep asset quality well-supported. Rate cuts will feed through to the NIM in FY26, but treasury gains have provided some offset, and deposit repricing has started to catch up. Loan growth has picked up strongly. We like the name, but have it on M/P as it trades fair.
Recommendation Reviewed: February 10, 2026
Recommendation Changed: April 25, 2025
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Fundamental View
AS OF 24 Feb 2026In an industry beset by manufacturing issues and operational hiccups, HWM continues to perform admirably while also paying down debt.
Despite very low leverage, Howmet continues to pay down debt; the USD 2026 Term Loan was paid down during the quarter. Given the strong outlook, we continue to expect upgrades into the low ‘A’ category this year, as Fitch has already done post-earnings.
We retain an Outperform view on HWM credit, which we expect will continue to move higher in ratings. We expect the credit will Outperform in a widening market environment due to its relatively short duration, defensive nature and strong cash flows.
Business Description
AS OF 24 Feb 2026- Howmet Aerospace Inc. is the surviving entity of the legacy Alcoa Inc. following two major spin-off transactions in 2016 when Alcoa was spun off and in 2020 when Arconic was spun out. Howmet is now focused on high value add, high margin aluminum, titanium and nickel superalloy casting and forging.
- Products are sold into the Commercial Aerospace , Defense Aerospace, Commercial Transportation, and other end markets. Howmet also has four reportable segments: Engine Products Fastening Systems, Engineered Structures, and Forged Wheels. The Engine Products segment produces investment casting – including airfoils and seamless rolled rings – as well as rotating and structural parts. The Fastening Products segment produces aerospace and industrial fasteners as well as those sold into the commercial transportation, automotive, renewables, construction, and industrial equipment. Engineered Structures produces titanium ingots and mill products for aerospace and defense applications as well as produces aluminum forgings, nickel forgings, and aluminum machined components. Forged Wheels provides forged aluminum wheels and related products for heavy-duty trucks and commercial transportation.
- Howmet operates 62 facilities in 11 different countries (primarily the US and the UK) and receives the majority of its revenue from the US and Europe.
Risk & Catalysts
AS OF 24 Feb 2026Aerospace industry is still going strong even as there are signs of a potential slowdown. Domestic travel boom significantly benefited narrowbody business while international travel supporting the next stage for widebody recovery.
However, there are signs that passenger demand may start to falter- at least domestically in the US- and we’ll be tracking how much of the booming OE demand will be realized over the next few years.
Increased energy demand driven by the AI boom will be driving higher volumes and demand for HWM’s portfolio of IGT products.
Forged wheels segment faces persistent headwinds from the still-weak trucking industry. However, HWM has an edge in the segment thanks to its lightweight products.
Tariffs impacts appear to be minimal thanks to the ability to pass the costs to customers.
Key Metric
AS OF 24 Feb 2026| $ mn | Y23 | Y24 | Y25 | LTM 4Q25 |
|---|---|---|---|---|
| Revenue | 6,640 | 7,430 | 8,252 | 8,252 |
| EBITDA | 1,508 | 1,925 | 2,413 | 2,413 |
| EBITDA Margin | 23.0% | 27.4% | 30.0% | 30.0% |
| EBITDA-CAPEX-INT % of Revenues | 64.4% | 76.5% | 87.6% | 87.6% |
| Total Debt | 3,706 | 3,315 | 3,050 | 3,050 |
| Net Debt | 3,096 | 2,751 | 2,308 | 2,308 |
| Net Leverage | 2.1x | 1.4x | 1.0x | 1.0x |
CreditSight View Comment
AS OF 17 Feb 2026We expect HWM’s (Baa1/BBB+/A-; S/S/S) February issuance will total $1.2bn across the three tenors. The deal comes on the heels of last week’s upgrade of the credit to A- at Fitch. Based on agency commentary today, an upgrade to A- appears to continue to be on track at S&P in 2026, while a Moody’s upgrade to A3 may come next year. Fitch’s ratings triggers leave the door open to a further upgrade to mid-A if HWM maintains leverage at the low end of its stated policy. Howmet’s credit re-rating continues due to the strong results and cash flow it has generated, robust aerospace & defense outlook and company positioning (now including a strong gas turbine market), and debt paydown with low leverage. We retain an Outperform view on the credit for these reasons.
Recommendation Reviewed: February 17, 2026
Recommendation Changed: March 02, 2022
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Fundamental View
AS OF 23 Feb 2026KORGAS is Korea’s sole integrated gas utility and a quasi‑sovereign credit, with an effective monopoly across natural gas E&P, procurement, storage, transmission, and wholesale distribution.
Its credit profile is underpinned by a dominant position in the gas and hydrogen value chain and strong government support, which partly mitigates the impact of delayed and incomplete cost pass‑through during periods of price volatility, such as in FY22.
We expect earnings to stabilize and modestly improve in FY26-FY27, driven mainly by margin normalization, lower financing costs from debt reduction and easing receivables, while volume growth remains constrained by structural competition from nuclear and renewables.
Business Description
AS OF 23 Feb 2026- KORGAS is 54.6% owned directly/indirectly by the Korean government (Central Government 26.2%, KEPCO 20.5%, Local Government 7.9%). It is Korea's only fully integrated gas utility, holding an effective monopoly over E&P, procurement, storage, transmission, and wholesale distribution of natural gas. KORGAS plays a key role in Korea’s energy transition, with plans to increase LNG generation capacity by 56% by 2036 from 2022. KORGAS was also designated as Korea’s sole hydrogen distribution agency in 2020.
- The Korean natural gas sector is split into wholesale and retail segments. KORGAS is the exclusive wholesaler, while city gas companies manage retail supply via regional networks. In 9M25, 46% of KORGAS's gas sales were to domestic LNG-fired power generation companies (gencos, including KEPCO subsidiaries and IPPs), with the remaining 54% sold to city gas and heating companies.
- KORGAS operates under a highly regulated framework, with government oversight of tariffs, investment plans, and capacity expansion. In addition to its domestic LNG infrastructure, the company owns overseas E&P assets to enhance supply security and earnings diversification. In line with government policy, KORGAS continues to invest selectively in hydrogen infrastructure and low‑carbon initiatives, leveraging its gas network and operational expertise to support Korea’s clean‑energy transition.
Risk & Catalysts
AS OF 23 Feb 2026Risks: (1) delayed or insufficient tariff adjustments; (2) higher-than-expected debt-funded capex; (3) regulatory and policy risks; (4) overseas E&P volatility; (5) foreign-exchange risk; (6) liquidity and refinancing risk; (7) asset impairment risks; (8) structural demand risk.
Catalysts: (1) stronger-than-expected government support; (2) more timely and adequate tariff adjustments; (3) stabilizing fuel prices; (4) sustained debt reduction and receivables recovery; (5) resilient regulated city-gas earnings; (6) selective growth in hydrogen and low-carbon energy initiatives.
Key Metric
AS OF 23 Feb 2026| KRW bn | FY21 | FY22 | FY23 | FY24 | LTM 3Q25 |
|---|---|---|---|---|---|
| Debt to Book Cap | 75.8% | 81.3% | 80.7% | 79.0% | 76.7% |
| Net Debt to Book Cap | 74.2% | 79.8% | 79.1% | 77.2% | 74.5% |
| Debt/Equity | 313.3% | 434.4% | 418.0% | 377.0% | 329.5% |
| FFO to Total Debt | 7.9% | 7.3% | 4.2% | 8.3% | 8.8% |
| FFO to Net Debt | 8.1% | 7.5% | 4.3% | 8.5% | 9.1% |
| Interest Coverage | 4.8x | 5.1x | 2.2x | 3.4x | 2.1x |
| EBITDA Margin | 11.4% | 8.8% | 8.0% | 13.3% | 13.0% |
CreditSight View Comment
AS OF 23 Feb 2026We maintain our O/P recommendation on KORGAS. Its credit profile is supported by its essential policy role as South Korea’s sole vertically integrated natural gas utility and a key energy supplier. We expect earnings to stabilize and modestly improve in FY26-FY27, driven mainly by margin normalization, lower financing costs from debt reduction and easing receivables, while volume growth remains constrained by structural competition from nuclear and renewables. We find KORGAS attractive relative to lower-rated Chinese SOEs, BBB-rated low beta Korean corporates, and other Korean quasi-sovereigns. We recommend KORGAS to investors seeking safe carry in the Asia credit space.
Recommendation Reviewed: February 23, 2026
Recommendation Changed: June 27, 2023
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Fundamental View
AS OF 19 Feb 2026UBS agreed to acquire Credit Suisse in March 2023 after the latter collapsed following a severe liquidity crisis.
CS was a large and complex organisation, so the integration, and the inevitable associated losses and costs, will dominate UBS’s strategic outlook and financial performance for several years.
However, UBS was able to negotiate substantial downside protection which should shield it from losses at CS.
Away from CS, UBS has reshaped its business model, with a greater emphasis on wealth management and less focus on investment banking, particularly fixed income.
Its earnings remain somewhat dependent on capital market conditions, but its capital, asset quality and profitability ratios have been among the strongest for European banks.
Business Description
AS OF 19 Feb 2026- Headquartered in Zurich, Switzerland, UBS has private, corporate and institutional clients worldwide and retail clients in Switzerland. It is one of the world's largest wealth managers.
- It completed the acquisition of CS on 12 June 2023. It has merged CS’s domestic Swiss bank (Credit Suisse Schweiz AG) with its own domestic bank (UBS Switzerland AG) in 2024, keeping the CS brand “for the time being”.
- CS’s holding company (Credit Suisse Group AG) has been merged into UBS Group AG, so that the group has a single holding company, and the operating subsidiaries, including UBS AG and Credit Suisse AG, were merged on 31 May 2024.
- UBS operates through its Corporate Center and four business divisions: Global Wealth Management, Personal & Corporate Banking, Asset Management, and the Investment Bank, plus a new Non-core and Legacy division following the acquisition of CS.
- The Investment Bank has been restructured in recent years to scale back fixed income trading and focus on equities trading and origination & advisory business.
Risk & Catalysts
AS OF 19 Feb 2026The proposed amendments to the Swiss ‘Too Big To Fail’ capital and TLAC framework by the Swiss authorities could result in substantially higher capital requirements for UBS.
The decision of the Swiss Federal Administrative Court in October 2025 that the write-down of Credit Suisse AT1s by FINMA in March 2023 was unlawful creates uncertainty about any possible liability for UBS.
A French court imposed fines and civil damages of €4.5 bn ($5.1 bn) in February 2019, which UBS appealed. The French Supreme Court overturned the penalties and damages in November 2023, and the case has been remanded to the Court of Appeal for a retrial.
Key Metric
AS OF 09 Mar 2026| $ mn | 4Q25 | Y25 | Y24 | Y23 | Y22 |
|---|---|---|---|---|---|
| Return On Equity | 5.3% | 8.9% | 6.0% | 38.4% | 13.0% |
| Total Revenues Margin | 3.0% | 3.1% | 3.0% | 2.9% | 3.1% |
| Cost/Income | 84.7% | 81.1% | 84.8% | 95.0% | 72.1% |
| CET1 Ratio (Transitional) | 14.4% | 14.4% | 14.3% | 14.3% | 14.2% |
| CET1 Ratio (Fully-Loaded) | 14.4% | 14.4% | 14.3% | 14.4% | 14.2% |
| Leverage Ratio (Fully-Loaded) | 5.6% | 5.6% | 5.8% | 5.4% | 5.7% |
| Liquidity Coverage Ratio | 183% | 183% | 188% | 216% | 164% |
| Impaired Loans (Gross)/Total Loans | 0.6% | 0.6% | 0.8% | 0.4% | 0.4% |
CreditSight View Comment
AS OF 18 Feb 2026We have Market perform recommendations on UBS AG (operating bank) and UBS Group (holding company) having revised the HoldCo recommendation from Underperform in August 2024. We revised our recommendation on its AT1s from Fair to Rich in January 2026. Its rescue and takeover of Credit Suisse in March 2023 was a seminal event that has had major consequences for UBS’s strategy and financial performance, as well as carrying substantial execution risk. However, the integration is on track, and UBS’s performance has been steadily improving. Capital, asset quality and liquidity all look strong, although Swiss regulatory capital requirements are set to increase significantly in coming years and have created uncertainty over UBS’s capital position..
Recommendation Reviewed: February 18, 2026
Recommendation Changed: August 14, 2024
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Search topics about wealth insights and investments.Sultanate of Oman
- Bond: OMAN 5.375 27; OMAN 6.75 27
- Indicative Yield-to-Maturity (YTM): 3.98%; 4.15%
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Country Overview
AS OF 11 Feb 2026- Oil-dependent economy with diversification efforts: While oil and gas remain the primary drivers of Oman’s economy, contributing significantly to GDP and government revenue, the country is actively pursuing economic diversification through its “Vision 2040” plan. This aims to boost non-oil sectors like manufacturing, tourism, logistics, agriculture, and fisheries.
- Positive growth driven by non-oil sectors: Oman’s GDP has shown growth in recent periods, largely propelled by the expansion of non-oil activities, including manufacturing, services, and construction, even amidst OPEC+ oil production cuts. Natural gas production is also a growing contributor.
- Fiscal reforms and debt reduction: The Omani government has implemented significant fiscal reforms, including a VAT and subsidy reductions, which have helped shift fiscal and external balances into surpluses since 2022. This prudent management has substantially reduced public debt, improving the country’s financial stability and investor confidence.
Our View
AS OF 07 Apr 2026Oman possesses a developing, hydrocarbon-reliant economy, ranking as the 73rd largest globally by nominal GDP as of 2024, estimated at around USD 107 billion. Its economic foundation is primarily built upon its oil and gas reserves, which historically accounted for a significant portion of its GDP and export earnings, though diversification efforts are underway. While still dominant, the government has been actively promoting non-oil sectors like tourism, logistics, manufacturing, and mining through its Oman Vision 2040 initiative to reduce economic reliance on hydrocarbons. The country benefits from its strategic location at the mouth of the Persian Gulf, facilitating trade. It maintains strong economic ties with Gulf Cooperation Council (GCC) member states and Asian economies. Oman’s economic outlook for 2025 is shaped by global energy prices, the success of its diversification programs, and regional stability.
Recommendation Reviewed:
Recommendation Changed:
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Search topics about wealth insights and investments.Kingdom of Saudi Arabia
- Bond: KSA 0.75 27 (EUR)
- Indicative Yield-to-Maturity (YTM): 2.45%
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Country Overview
AS OF 11 Feb 2026- Saudi Arabia is a key player in the global economy and one of the world’s largest oil producers and exporters.
- In 2023, the Kingdom’s total exports reached USD 300 billion, driven primarily by crude petroleum, refined petroleum, ethylene polymers, and polypropylene polymers.
- While traditionally reliant on oil, Saudi Arabia is actively diversifying its economy, investing in sectors such as technology, tourism, entertainment, and financial services.
Macro Fundamentals
AS OF 11 Feb 2026- The country's strong oil revenues provide a stable fiscal foundation, supporting economic growth and development initiatives.
- Prudent fiscal policies and government-led economic reforms, including Vision 2030, are driving long-term economic transformation.
- Saudi Arabia’s sovereign wealth funds and investment-grade credit ratings reinforce its financial stability and resilience in global markets.
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Search topics about wealth insights and investments.Republic of the Philippines
- Country: Philippines
- Bond: PHILIP 5 36
- Indicative Yield-to-Maturity (YTM): 4.95%
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Country Overview
AS OF 11 Feb 2026- The Philippines is one of the fastest-growing emerging market economies, though GDP per capita remains relatively low at USD 3,870 per year, comparable to Egypt.
- Key economic drivers include business process outsourcing (BPO) and tourism, alongside a manufacturing sector specializing in electronics, automotive production, and food processing.
- While the country has limited natural resources, it is a significant global supplier of nickel ore.
Featured Issuers
Perusahaan Listrik Negara
Hyundai Motor
Republic of the Philippines
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Fundamental View
AS OF 11 Feb 2026DBS Group has sound standalone fundamentals and benefits from its strong home country. Support may be stronger than peers thanks to its longstanding relationship with the government and Temasek’s ~29% stake.
DBS is a major player in Asian corporate banking, and also has strengths in mass market and private banking. It is also one of Asia’s leading digital banks. Acquisitions have been skillfully handled in the past decade or so.
DBS has performed well in recent years, with a high RoE, and its asset quality has been more resilient than that at UOB and OCBC thanks to its greater exposures to large corps.
Business Description
AS OF 11 Feb 2026- DBS was established in 1968 as a development bank but was subsequently privatised and is now commercially run. The Singapore government retains an indirect stake through its investment vehicle, Temasek (~29%).
- In 1998, DBS moved beyond its wholesale bank origins with the acquisition of POSB that brought along a large mass market customer and deposit base. In 2001, it acquired the former Dao Heng Bank in Hong Kong and in 2008, it acquired a part of the failed Bowa Bank in Taiwan, to supplement its Greater China operations. It also regularly acquired wealth management businesses, such as SocGen's Asian private banking business in 2014 and ANZ's Asian retail and wealth management businesses in Singapore, Hong Kong, China, Taiwan and Indonesia in 2018. Recent acquisitions include Lakshmi Vilas Bank in India, a 16.69% stake in China's Shenzhen Rural Commercial Bank, and Citi's consumer business in Taiwan. However, expansion in Malaysia has been more challenging, with its most recent plan to acquire up to 30% stake in Alliance Bank Malaysia Bhd still under regulatory review.
- As of YE25, Singapore accounted for 45% of its loan book, with HK (12%), Rest of Greater China (13%), South & Southeast Asia (9%) and Rest of the World (21%) accounting for the rest.
- The bank is well regarded as a digital leader in the banking space, and has steadily built capabilities in private banking and markets businesses.
Risk & Catalysts
AS OF 11 Feb 2026Loan growth has been a recent challenge, with ongoing high repayments in Greater China and potential impact from tariffs.
Asset quality has outperformed the other two Singapore majors with very low credit costs.
The bank encountered some operational issues recently. On 30 April 2024, the MAS removed its restriction on DBS’s non-essential activities, which had been imposed in Nov-23 following IT failures. Its retail payments system had another outage on 2 May 2024.
Like other Singapore banks, DBS is facing NIM pressure due to lower SORA.
Key Metric
AS OF 11 Feb 2026| SGD mn | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| PPP ROA | 1.14% | 1.32% | 1.60% | 1.69% | 1.56% |
| ROA | 1.0% | 1.1% | 1.4% | 1.5% | 1.3% |
| ROE | 12.5% | 15.0% | 18.0% | 18.0% | 16.2% |
| Equity/Assets | 8.38% | 7.65% | 8.40% | 8.32% | 7.67% |
| CET1 Ratio (fully loaded) | 14.4% | 14.6% | 14.6% | 15.1% | 15.0% |
| NPL Ratio | 1.3% | 1.1% | 1.1% | 1.1% | 1.0% |
| Provisions / Loans | 0.01% | 0.06% | 0.14% | 0.14% | 0.18% |
| Liquidity Coverage Ratio | 135% | 146% | 144% | 147% | 155% |
| Net Stable Funding Ratio | 123% | 117% | 118% | 115% | 117% |
CreditSight View Comment
AS OF 09 Feb 2026DBS performed well for several years under CEO Piyush Gupta, who was succeeded by Ms. Tan Su Shan in March 2025. It has comfortable capital and well managed liquidity. Temasek is the main shareholder. DBS has grown its various businesses sensibly and has been a leading bank for adopting digital technology, recent technology outages notwithstanding. It has also steadily grown its fee income and its regional businesses. WM and transaction banking have been focuses, with bolt-on acquisitions/stakes in private banking and Asian retail banking, more recently in India (Lakshmi Vilas Bank), China (SZRCB) and Taiwan (Citi consumer business). It delivered record high FY4 profits and 9M25 results were peer-leading. 4Q25 results were affected by a HK real estate account but overall AQ remained sound.
Recommendation Reviewed: February 09, 2026
Recommendation Changed: June 03, 2016
Featured Issuers
Perusahaan Listrik Negara
Hyundai Motor
Republic of the Philippines