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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.
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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
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Republic of the Philippines
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Fundamental View
AS OF 11 Feb 2026KB Financial Group has grown steadily through the acquisitions of non-bank companies in Korea and small banks in Indonesia and Cambodia. Its banking subsidiary, Kookmin Bank, operates the largest branch network in Korea, with a particularly strong presence in the retail market. This makes it a systemically important bank, with strong potential government support if needed.
The group has a good track record, and its large mass-market franchise gives it a strong customer base. It has a well-diversified business and the highest CET1 ratio, reserve cover, and net interest margin among the four major financial groups.
Business Description
AS OF 11 Feb 2026- KB Financial Group (KBFG) is a well-diversified and well-run group. Its main subsidiaries, in addition to Kookmin Bank (KB), are Kookmin Card, KB Insurance, KB Securities, KB Capital (leasing), and KB Asset Management.
- KB was the result of several mergers after the Asian economic crisis of the late 1990s. Its main predecessors were Citizen's National Bank and Housing & Commercial Bank, both retail-focused banks that have given it the leading position in Korean retail banking.
- For the near term, the group doesn't expect further M&A. It has looked for growth overseas, focusing on Indonesia (where it has taken a 67% stake in Bank Bukopin) and Cambodia (it took a 100% shareholding in Prasac, a micro-finance lender, over 2020-21). It also bought Prudential Financial's Korean insurance business in 2020, which was subsequently merged with KB Insurance.
Risk & Catalysts
AS OF 11 Feb 2026As one of Korea’s “Big Four” financial groups, we believe that KBFG would likely receive governmental support if needed.
Substantial preemptive provisions led to higher credit costs than most peers in FY25. KBFG has the highest NPL coverage ratio among the Big 4.
KBFG has the highest NIM among the four FGs, largely thanks to the highest NIM at Kookmin bank among the Big 4 banks. However, its NIM trend lagged peers in FY25.
KBFG is expanding by business line and overseas with a focus on Indonesia and Cambodia—markets with more favourable demographics, growth potential, and profit margins than Korea but also more risk.
Loan growth faces headwinds from tighter mortgage regulation and soft corporate demand.
Key Metric
AS OF 11 Feb 2026| KRW bn | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Pre-Provision Profit ROA | 1.14% | 1.05% | 1.36% | 1.37% | 1.40% |
| ROA | 0.69% | 0.57% | 0.65% | 0.68% | 0.75% |
| ROE | 10.2% | 8.8% | 9.1% | 9.7% | 10.9% |
| Provisions/Loans | 0.31% | 0.45% | 0.73% | 0.45% | 0.50% |
| NPL ratio | 0.33% | 0.34% | 0.57% | 0.65% | 0.63% |
| CET1 Ratio | 13.5% | 13.2% | 13.6% | 13.5% | 13.8% |
| Equity/Assets | 7.3% | 7.9% | 8.2% | 7.9% | 7.6% |
| Net Interest Margin | 1.83% | 1.96% | 2.08% | 2.03% | 1.97% |
CreditSight View Comment
AS OF 09 Feb 2026KBFG is the largest of the “Big 4” financial groups in S Korea, and its banking subsidiary, Kookmin Bank, enjoys the strongest franchise with a particularly strong retail, as it was a government retail bank that was privatized in 1995. As a systemically important bank, government support is assured. KBFG has a good track record and a well-diversified business. Capital standing is the key strength, with the current highest group CET1 ratio. The NPL coverage ratio has declined significantly in recent quarters but remained the highest among the Big 4. The bank LCR is low in the ~104 area but NSFR good in the ~118% area. It delivered the highest returns among the Big 4 in FY25. We have an Underperform recommendation on it on tight valuations.
Recommendation Reviewed: February 09, 2026
Recommendation Changed: October 31, 2025
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Fundamental View
AS OF 11 Feb 2026Shinhan FG was the best-managed of the large Korean financial groups over many years. During the Asian Financial Crisis, it took advantage of the opportunity to acquire competitors and other businesses, increasing its scale and expanding its business lines.
Its performance has been more variable in the past few years. After a bumpy 2020, it had a better FY21 and FY22, thanks to rising interest rates. However, operating performance turned weak again in FY23, and its FY24 profit growth was softer than peers, impacted by non-bank performance. FY25 witnessed some improvement.
In addition to owning a Big 4 bank in Korea, Shinhan FG also has a diversified non-banking business portfolio, including a leading credit card company and a top 10 securities firm.
Business Description
AS OF 11 Feb 2026- Shinhan Financial Group (Shinhan FG) is one of Korea's most diversified financial groups and the holding company of the second largest Korean bank - Shinhan Bank. It also has credit cards, securities, asset management and insurance subsidiaries.
- Shinhan Bank was set up in 1982 with seed capital from Korean residents in Japan. It was more professionally managed than the heavily politicised older banks and came through the 1997 Asian Financial Crisis in relatively good shape, taking the opportunity to acquire the larger and much longer-established Chohung Bank in 2003.
- In 2007, it made another timely acquisition, buying LG Card from its creditors after it failed during the 2003 Korean consumer lending crisis. Shinhan Card is the largest card issuer in Korea.
- Shinhan is also looking for overseas opportunities where growth is strong and Korean businesses have a presence, with a focus on Vietnam (where Shinhan Card also bought a consumer finance business in 2019) and Indonesia.
Risk & Catalysts
AS OF 11 Feb 2026As one of Korea’s “Big Four” financial groups, we believe Shinhan FG would likely receive governmental support if needed.
Asset quality pressure has been rising from domestic real estate project financing at non-bank subsidiaries, with credit costs rising from very low levels.
Loan growth is expected to be more challenging given tighter regulation on mortgage lending like its peers.
Profit growth may encounter challenges if there is volatility in the KRW, which could lead to significant FX losses.
Key Metric
AS OF 11 Feb 2026| KRW bn | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Pre-Provision Profit ROA | 1.11% | 1.10% | 1.23% | 1.20% | 1.18% |
| ROA | 0.66% | 0.72% | 0.66% | 0.63% | 0.67% |
| ROE | 9.2% | 10.0% | 8.6% | 8.4% | 9.1% |
| Provisions/Average Loans | 0.28% | 0.34% | 0.57% | 0.51% | 0.46% |
| NPL Ratio | 0.39% | 0.41% | 0.56% | 0.71% | 0.72% |
| CET1 Ratio | 13.10% | 12.79% | 13.17% | 13.02% | 13.33% |
| Equity/Assets | 7.3% | 7.6% | 7.8% | 7.6% | 7.4% |
| Net Interest Margin | 1.81% | 1.96% | 1.97% | 1.93% | 1.90% |
CreditSight View Comment
AS OF 09 Feb 2026Shinhan FG is one of the four nation-wide commercial banking groups in Korea, with a leading credit card arm. As a systemically important bank, government support is assured. It had over many years the best operating track record, but lost its way and KB and Hana caught up; its performance was inconsistent for a few years but has improved recently. Its FY25 returns remained high and just behind KBFG. Its CET 1 ratio was also behind KBFG and close to Hana. The bank LCR and NSFR are low at 105/109% (3Q25). It NPL coverage ratio has declined but still decent at 126%, and it plans to lower the CET 1 ratio to slightly above 13%. We have an Underperform recommendation on it on tight valuations.
Recommendation Reviewed: February 09, 2026
Recommendation Changed: October 31, 2025
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Search topics about wealth insights and investments.Woori Financial Group
- Sector: Financial Services
- Sub Sector: Banks
- Country: Korea
- Bond: WOORIB 4.875 28
- Indicative Yield-to-Maturity (YTM): 5.108% (Indicative as of March 2)
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Fundamental View
AS OF 11 Feb 2026Woori FG’s performance record had been less consistent than some of its more commercially focused peers but improved in FY21-22. Its FY23 performance lagged behind its peers, but FY24 profit growth was peer-leading, partially thanks to not having the ELS compensation issue which hit the other three FGs in 1Q24. FY25 performance was softer again due to higher opex and preemptive provisioning.
Asset quality used to be a strength with the lowest NPL ratios and credit costs among the four FGs but has deteriorated since 2Q23, and we no longer see a gap with the other FGs.
Capital standing is a relative weakness but is closer than ever before to that of its peers on the back of active portfolio management.
Business Description
AS OF 11 Feb 2026- Woori's predecessor banks were rescued by the Korea Deposit Insurance Corporation (KDIC) following the 1997 Asian Financial Crisis.
- Woori Bank is one of Korea's 'Big Four' commercial banks. It previously owned two regional banks, Kwangju and Kyongnam, but these were spun off in 2014. Woori also sold its stake in Woori Investment Securities and its savings bank and life insurance arms to NH Financial Group.
- Woori set up a HoldCo (Woori FG) in January 2019 to expand into more diversified business lines, particularly investment banking. It used to have a HoldCo, but it was dissolved in 2014 when it was merged with Woori Bank.
- Its main subsidiaries are 100%-owned Woori Card, Woori Financial Capital (auto leasing), Woori Investment Bank and 72.3%-owned Woori Asset Trust. In August 2024, the group relaunched securities business by acquiring Korea Foss Securities and merging it with Woori Investment. The group also acquired a 75.34% stake in Tongyang Life and full ownership of ABL Life and has consolidated them since 1 July 2025.
Risk & Catalysts
AS OF 11 Feb 2026Woori FG was for many years majority-owned by the Korean government via the Deposit Insurance Corporation (KDIC), but KDIC has steadily sold down its shareholding, and Woori purchased and cancelled the remaining shares in 2024. That said, Woori FG remains a large, systemically important bank with strong potential government backing if needed.
Woori FG is less diversified than KB and Shinhan, with most of its earnings coming from the bank and small contributions from the card and leasing businesses. The group has accelerated its M&A pace since 2024; it relaunched securities business and acquired two insurance companies. However, It will likely take more time than expected for the new non-banking segments to make a meaningful contribution to the group.
Loan growth is expected to be more challenging given tighter regulation on mortgage lending.
Key Metric
AS OF 11 Feb 2026| KRW bn | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Pre-Provision Profit ROA | 0.99% | 1.15% | 1.10% | 1.17% | 1.02% |
| ROA | 0.66% | 0.70% | 0.54% | 0.61% | 0.58% |
| ROE | 10.6% | 11.5% | 8.3% | 9.3% | 9.1% |
| Provisions/Loans | 0.17% | 0.26% | 0.53% | 0.45% | 0.53% |
| NPL Ratio | 0.30% | 0.31% | 0.35% | 0.57% | 0.63% |
| Woori Bank CET1 Ratio | 13.0% | 12.7% | 13.2% | 13.1% | 14.1% |
| Equity/Assets | 6.45% | 6.58% | 6.71% | 6.83% | 6.30% |
| Net Interest Margin Bank + Card | 1.62% | 1.84% | 1.82% | 1.70% | 1.73% |
CreditSight View Comment
AS OF 09 Feb 2026Woori FG was for some years the weakest of Korea’s Big 4 Financial Groups. Operating performance had shown an improvement for a few years but disappointed in FY23. FY24 results were peer-leading, mainly supported by non-interest income, but FY25 results lagged again. The group has been seeking opportunities to expand its non-bank businesses. Its new securities entity launched in Aug-24 and the acquisition of two insurance companies were completed in Jul-25. Both the group and the bank CET1 ratios are behind peers, but a strong improvement from earlier. The bank LCR is low at ~107% and NSFR is acceptable at ~112%. As a systemically important bank, government support is assured. We have an Underperform recommendation on it on tight valuations.
Recommendation Reviewed: February 09, 2026
Recommendation Changed: February 03, 2026
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Fundamental View
AS OF 04 Feb 2026Hana Financial Group (Hana FG) struggled for several years to make its acquisition of the former Korea Exchange Bank a success, but results improved dramatically in 2015 as revenues grew and cost efficiencies improved. It has produced strong results since 2020.
The group is looking for inorganic growth in its non-bank businesses as it has fallen behind Shinhan FG and KBFG in this area, but has so far shied away from a large acquisition.
Hana Bank has the highest CET 1 ratio among the Korean Big 4 banks.
Business Description
AS OF 04 Feb 2026- Hana FG is the third-largest financial group in South Korea. From small origins as a finance company in the 1970s, after the 1997 Asian crisis, Hana grew by acquiring three other banks, including the much older Seoul Bank, which had a banking and trust management business.
- Hana FG bought Korea Exchange Bank (KEB) from Lone Star in 2012 after overcoming many hurdles, but due to staff union opposition, it could not merge with Hana Bank until 2015.
- Hana FG's overseas business is smaller than its peers, and is complemented by KEB's extensive international operations. KEB was started in 1967 as a government-owned bank specializing in foreign exchange. It had a leading share in FX transactions and trade finance among Korean banks.
- Hana FG has shown good growth in its credit card and securities non-bank businesses, but is less diversified than its larger peers KB and Shinhan, which have also acquired insurance companies. Its latest acquisition (in 2019) was a 15% stake in Vietnam's state-owned Bank for Investment & Development (BIDV).
Risk & Catalysts
AS OF 04 Feb 2026Hana FG’s credit costs at ~30 bp in FY24 and FY25 were lower than peers. However, the group’s NPL coverage ratio was also ~20-30 ppt behind peers.
NIMs are lower than those of KB and Shinhan at both the group and bank levels. The profit contribution from non-bank entities to group profits is also lagging behind these two peers. Both metrics are comparable to Woori’s.
Non-banking businesses have underperformed in recent years, with profit contributions falling from 20–30% in 2019–2021 to around 10%, primarily due to elevated provisions for domestic real estate project financing and valuation losses related to overseas commercial real estate.
Loan growth is expected to be more challenging given tighter regulation on mortgage lending.
Key Metric
AS OF 04 Feb 2026| KRW bn | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Pre-Provision Profit ROA | 1.07% | 1.10% | 1.11% | 1.00% | 1.02% |
| ROA | 0.74% | 0.66% | 0.59% | 0.61% | 0.62% |
| ROE | 10.9% | 10.1% | 9.0% | 9.1% | 9.2% |
| Provisions/Loans | 0.16% | 0.34% | 0.46% | 0.32% | 0.31% |
| NPL Ratio | 0.32% | 0.34% | 0.50% | 0.62% | 0.72% |
| CET1 Ratio | 13.8% | 13.2% | 13.2% | 13.2% | 13.4% |
| Equity/Assets | 6.8% | 6.4% | 6.6% | 6.7% | 6.6% |
| Net Interest Margin | 1.66% | 1.83% | 1.82% | 1.69% | 1.73% |
CreditSight View Comment
AS OF 09 Feb 2026Hana FG grew through acquisitions but only in 2015 was it able to merge its two main bank units to form KEB-Hana Bank. Hana’s management has a good record but for some years struggled to extract value from its acquisitions. Its performance for the past few years has generally been strong. More focus has been put on RWA management and capital enhancement since 2H24. The non-bank segment remains a drag. Hana’s credit costs were lower than those of its peers, but this has also resulted in the lowest NPL coverage ratio among the four FGs. The bank LCR and NSFR are low at 105/109% (3Q25). The group aims to maintain a CET1 ratio of 13-13.5%; its bank level CET1 ratio is the highest amongst peers. Insurance M&A is being considered. We have an Underperform recommendation on tight valuations.
Recommendation Reviewed: February 09, 2026
Recommendation Changed: October 31, 2025
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Republic of the Philippines
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Fundamental View
AS OF 27 Jan 2026We expect PT Mineral Industri Indonesia’s (MIND ID) strategic importance and policy role to the Government of Indonesia (GoI) to strengthen in line with the GoI’s downstream push and green energy transition efforts.
We expect MIND ID’s credit metrics to improve modestly in FY26 as healthy commodity prices (barring coal and nickel), capacity additions, and healthy dividend income from key joint venture PT Freeport Indonesia (PTFI) could offset high capex.
Mining regulatory risk remains a concern, though MIND ID’s large diversified scale of operations could partly limit such risks.
We are watchful of dividend upstreaming risks to Indonesia’s new sovereign wealth fund Danantara.
Business Description
AS OF 27 Jan 2026- MIND ID is an unlisted Indonesian state-owned holding company of various Indonesian mining operators.
- Key subsidiaries include: 1) Bukit Asam: Coal mining, processing, and sale of coal; 2) Timah: Tin mining, processing, and sale of downstream products; 3) Aneka Tambang (Antam): Mining, processing, and sale of gold products, nickel, ferronickel, bauxite and chemical grade alumina; 4) Inalum: Production of aluminium.
- Key unconsolidated joint ventures and associates include: 1) PT Freeport Indonesia (PTFI): Mining, processing and sale of copper, gold and silver. MIND ID aims to raise its stake in PTFI to 71% from a current 51% in the medium-to-long term; 2) PT Vale Indonesia (PTVI): Mining and processing of nickel. MIND ID has a current 34% stake in PTVI.
Risk & Catalysts
AS OF 27 Jan 2026MIND ID is subjected to unanticipated changes in mining policies that raise operational and regulatory uncertainties.
MIND ID is exposed to commodity price fluctuations that could hurt sales price realizations and profitability.
Capex typically remains elevated, pressurizing its free cash flow generation and leverage.
MIND ID faces material asset concentration risk for its coal, gold and tin segments.
We are watchful of dividend upstreaming risks to Indonesia’s new sovereign wealth fund Danantara.
Key Metric
AS OF 27 Jan 2026| IDR bn | FY22 | FY23 | FY24 | 3Q24 | 3Q25 |
|---|---|---|---|---|---|
| Debt to Book Cap | 44.6% | 41.6% | 35.7% | 38.0% | 34.3% |
| Net Debt to Book Cap | 27.1% | 24.5% | 21.8% | 23.7% | 23.0% |
| Debt/Total Equity | 80.5% | 71.2% | 55.5% | 61.4% | 52.2% |
| Debt/Total Assets | 38.7% | 35.6% | 30.4% | 31.6% | 29.0% |
| Gross Leverage | 3.5x | 7.0x | 5.7x | 6.0x | 4.5x |
| Net Leverage | 2.1x | 4.1x | 3.5x | 3.7x | 3.0x |
| Interest Coverage | 3.9x | 2.2x | 2.3x | 2.2x | 3.1x |
| EBITDA Margin | 19.9% | 12.3% | 10.8% | 12.9% | 14.2% |
CreditSight View Comment
AS OF 05 Mar 2026We maintain our M/P on MIND ID, and remove our pref for its 2048, and do not prefer its 2028 and 2030 bond. Our preference for its 2048 has played out, as its spread differential against Pertamina/PLN 2048 narrowed and the bond yielded good returns from its high coupon. We see a modestly improving credit outlook over the next 12 months as strong gold and aluminium prices, new project contributions, and sturdy dividend income from jv PTFI could offset rising downstream capex. We also view state support for IDASAL as gradually strengthening, given Danantara’s focus on mining as a priority industry. Key risks we are watchful of include overly aggressive capex and dividend payouts to Danantara, unanticipated unfavorable mining regulatory changes, and reduced dividends from PTFI.
Recommendation Reviewed: March 05, 2026
Recommendation Changed: August 28, 2025
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Search topics about wealth insights and investments.Reliance Industries
- Sector: Manufacturing
- Sub Sector: Diversified Conglomerates
- Country: India
- Region: India
- Bond: RILIN 4.125 25
- Indicative Yield-to-Maturity (YTM): 5.531% (Indicative as of March 2)
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Fundamental View
AS OF 20 Jan 2026We are comfortable with Reliance’s large diversified scale of operations and dominant presence in various key sectors (refining, petrochemicals, retail and telecom), which allows for earnings resilience.
We believe a lackluster oils-to-chemicals outlook is well mitigated by strong outlooks for telecom and retail.
Plans to ramp up its renewable energy business could provide the next leg of growth and improve ESG perception.
Reliance incurs significant capex that has weighed on free cash flow generation, though we acknowledge its historically prudent financial management and robust credit metrics that provide ample elbowroom for some credit profile deterioration.
Business Description
AS OF 20 Jan 2026- RIL is an Indian diversified conglomerate engaged in oil & gas refining, marketing, petrochemicals, organized retail, telecom and digital services, amongst others. It is the largest company in India by revenue, profits, exports and market capitalization (INR 20 tn).
- It is the second largest refiner in India and produces petroleum products such as petrol, high-speed diesel (HSD), aviation turbine fuel (ATF), LPG and lubricants.
- It is the largest petrochemicals producer in India, boasting production of ~38 mn tons in FY20. Through its integrated Jamnagar refinery complex, it produces Polymers/Plastics, Elastomers (synthetic rubber) and Polyester products.
- It is the largest retailer in India in terms of revenue. It operates 18.8k stores (as of March 2024) to sell products ranging from consumer electronics, fashion and lifestyle, grocery, petrol retail and telecom and digital services. It launched its online retail channel, 'JioMart', in December 2019.
- Reliance Jio is the largest mobile telecom operator by subscriber base (482 mn as of March 2024) in India and boasts the widest 4G wireless network in the country.
- In 2021, RIL announced investments to the tune of INR 750 bn/ $10 bn (for next 3 years) to build a renewable energy ecosystem which will include 4 giga factories. Set to be located in Gujarat, the factories will produce solar modules, hydrogen, fuel cells and battery grid to store electricity. Long-term goals also include building 100 GW of PV solar plants by 2030.
Risk & Catalysts
AS OF 20 Jan 2026Reliance’s O2C (oil-to chemicals) margins remain under pressure from global tariff-led growth slowdown concerns and persisting oversupply conditions in China.
Reliance incurs significant capex at historically high levels, particularly from continued investments into its O2C, retail, and nascent renewables businesses. This has weighed on its free cash flow generation, though we take comfort in Reliance’s historically prudent financial management and robust credit metrics.
Reliance faces key-person risk; 65-year old Chairman Mukesh Ambani has begun to hand over the reins of the company’s different business divisions to his children.
Key Metric
AS OF 20 Jan 2026| INR bn | FY23 | FY24 | FY25 | F1H25 | F1H26 |
|---|---|---|---|---|---|
| Debt to Book Cap | 35.3% | 33.1% | 31.9% | 32.7% | 31.2% |
| Net Debt to Book Cap | 29.9% | 26.1% | 24.8% | 26.4% | 23.9% |
| Debt/Total Equity | 54.5% | 49.6% | 46.9% | 48.6% | 45.4% |
| Debt/Total Assets | 28.1% | 26.1% | 24.3% | 25.6% | 23.4% |
| Gross Leverage | 3.2x | 2.8x | 2.9x | 2.9x | 2.7x |
| Net Leverage | 2.7x | 2.2x | 2.2x | 2.3x | 2.1x |
| Interest Coverage | 5.0x | 7.0x | 6.8x | 6.9x | 6.7x |
| EBITDA Margin | 15.9% | 17.7% | 16.9% | 16.5% | 17.5% |
CreditSight View Comment
AS OF 11 Feb 2026We have a Market perform recommendation on Reliance (RIL); we would avoid its 2045 and 2052 on tight valuations. We like RIL’s large diversified operations and dominant market shares in key sectors (refining, retail and telecom) that boosts earnings resilience. Its growing renewable business could aid ESG investor sentiment too. While we acknowledge persisting weakness in the O2C segment and RIL’s elevated capex needs, we think the impact is mitigated by RIL’s prudent financial management and healthy credit metrics that provide ample elbowroom for some credit profile deterioration. While key man risk remains a concern, we take comfort in gradually progressing succession plans.
Recommendation Reviewed: February 11, 2026
Recommendation Changed: June 30, 2021
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Fundamental View
AS OF 15 Jan 2026Qatar National Bank (QNB) is a quasi-sovereign entity due to its state ties and ownership. It dominates the domestic market with a >50% share.
QBN is the largest bank in the Middle East by total assets. Profitability is behind leading UAE and Saudi banks due to weaker asset quality, but operating metrics are overall sound and capital adequacy ratios are strong.
Liquidity risk is moderate. QNB’s loan-to-deposit ratio is above 100% and NSFR is just slightly above 100%, which is worse than the UAE but comparable to Saudi banks. QNB also has a high reliance on wholesale and foreign funding. However, this is mitigated by strong state support.
Business Description
AS OF 15 Jan 2026- QNB is the flagship bank of Qatar and the largest bank in the six-state Gulf Cooperation Council (GCC) region. Established in 1964 and listed on the Qatar Stock Exchange, the State of Qatar owns a 50% stake in QNB through its sovereign wealth fund, the Qatar Investment Authority (QIA).
- QNB dominates the Qatari banking system and serves as the principal provider of credit and liquidity to the local economy, representing more than 50% of total banking system assets and loans.
- The bank's operations are segmented into domestic Corporate Banking, Consumer Banking, Asset Management and Wealth Management divisions, as well as International operations. Given its flagship status and close government links, it obtains high volumes of lower-risk, public sector business domestically (35% of total loans at December 2025).
- QNB operates in more than 28 countries, with a significant presence in Turkiye and Egypt through its subsidiaries QNB Bank A.S. & Enpara Bank A.S., and QNB Egypt, respectively. 78% of its loan book is domestic, followed by Turkiye (11%) and Egypt (3%) at December 2025.
Risk & Catalysts
AS OF 15 Jan 2026Qatar’s economic fundamentals are strong, anchored by the world’s largest LNG reserves. While high hydrocarbon dependence is a structural weakness and energy prices are likely to moderate in 2026, fiscal surpluses should be sustained on higher production; gas prices also have better stability than oil prices. Growth prospects for 2026 are favorable across both hydrocarbon and non-hydrocarbon sectors, with expected rate cuts supporting bank asset quality and loan growth.
QNB has a high reliance on wholesale and foreign funding sources due to limited domestic retail deposits, but liquidity risks are contained by sufficient liquidity ratios and a high likelihood and capacity for the sovereign to provide support given QNB’s systemic importance, the Qatar government’s 50% stake via the Qatar Investment Authority (QIA), and Qatar’s substantial net foreign assets.
Asset quality is underpinned by QNB’s sizable lower-risk public sector business in Qatar (35% of loans at Dec-25), as a result of its flagship status and strong state links. International operations in Turkiye (11% of loans) and (3%) Egypt however carry higher financial and geopolitical risks.
Key Metric
AS OF 15 Jan 2026| QAR mn | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net Interest Margin | 2.18% | 2.53% | 2.51% | 2.60% | 2.66% |
| ROAA | 1.25% | 1.27% | 1.29% | 1.34% | 1.29% |
| ROAE | 17.2% | 17.6% | 18.0% | 18.7% | 17.7% |
| Equity/Assets | 9.2% | 8.9% | 9.0% | 8.8% | 8.8% |
| CET1 Ratio | 15.2% | 15.7% | 16.0% | 15.2% | 15.5% |
| Gross NPL Ratio | 2.32% | 2.83% | 2.97% | 2.77% | 2.60% |
| Provisions/Gross Loans | 0.92% | 1.08% | 1.01% | 0.89% | 0.93% |
CreditSight View Comment
AS OF 31 Mar 2026Tight policy linkages and the state’s 50% ownership make QNB a quasi-sovereign entity. The largest bank in the MEA region has a robust and low-risk balance sheet. Capital is solid at ~15% CET1, with liquidity being the main issue given limited domestic deposits, and therefore foreign funding dependency. It also operates with a low NSFR. The sovereign backstop is central to this credit. Qatar is the world’s largest LNG exporter, but operations have been impacted by the Iran conflict. However, the very strong sovereign balance sheet provides a buffer. We see QNB spreads trading broadly fair (~10 bp behind FAB) currently; we do see downside risk if Ras Laffan suffers further attacks, causing sovereign rating agency pressure, which in turn will affect QNB.
Recommendation Reviewed: March 31, 2026
Recommendation Changed: January 07, 2026
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Search topics about wealth insights and investments.SMC Global Power
- Sector: Energy
- Sub Sector: Independent Power Producers
- Country: Philippines
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Fundamental View
AS OF 14 Jan 2026We see lower non-call risk for SMC GP’s c.2026 perps owing to strong near-term parental funding support, its recent c.2024 and c.2025 perp refinancing, and recent bond exchange/tender with a new $900 mn c.2029 perp issuance.
We see an improving credit outlook for SMC GP aided by lower thermal coal input costs, new contracts, and capacity additions. Net cash inflows of $2.1-$2.2 bn from the completion of an LNG deal is also positive.
While SMC GP improved its cost passthrough contractual mix from end-FY23 onwards, the company still remains exposed to high thermal coal input costs (~40-50% of contracts).
SMC GP incurs sizable capex that has led to additional debt incurrence and elevated credit metrics.
Business Description
AS OF 14 Jan 2026- SMC GP is a leading power generation and distribution company in the Philippines. Its total generation capacity stands at 4.7 GW, accounting for ~20% of the national grid.
- The bulk of its revenues is derived from power generation (~82%), with the remainder from electricity distribution and retailing (~18%).
- It operates 7 power generating plants across diversified energy sources, comprising coal (~62%), natural gas (~25%), hydro (~12%) and battery energy storage (~1%).
- Through long-term power supply agreements and retail supply contracts, SMC GP either sells electricity directly to customers (including large Philippines power distribution company Manila Electric Company, distribution utilities and other industrial customers), or through the Philippine Wholesale Electricity Spot Market.
- SMC GP acts as the Independent Power Producer Administrator (IPPA) for three power plants (~54% of total capacity), where it has the right to sell electricity generated by the IPPs without having to bear large upfront capital expenditures for plant construction and maintenance.
- SMC GP also distributes and retails electricity services through its wholly-owned subsidiary Albay Power and Energy, which distributes power in the province of Albay, Luzon.
- SMC GP is a wholly-owned unlisted subsidiary of San Miguel Corporation, one of the largest and most diversified conglomerates in the Philippines based on total revenues and assets.
Risk & Catalysts
AS OF 14 Jan 2026SMC GP still has $984 mn of c.2026 perps outstanding to be addressed, though we see low non-call risks.
A moderate portion of SMC GP’s off-take contracts do not contain cost pass-through mechanisms. This exposes the company to a rise in thermal coal input costs that could squeeze its EBITDA margins.
SMC GP incurs sizable capex that has spurred additional debt incurrence. Consequently, its credit metrics remain elevated.
Over 80% of SMC GP’s installed capacity is thermal coal or gas-fired, which may be viewed unfavorably from an ESG perspective.
Key Metric
AS OF 14 Jan 2026| PHP bn | FY22 | FY23 | FY24 | 3Q24 | 3Q25 |
|---|---|---|---|---|---|
| Debt to Book Cap | 69.2% | 62.8% | 64.4% | 62.4% | 58.3% |
| Net Debt to Book Cap | 66.4% | 59.4% | 57.7% | 58.8% | 48.1% |
| Debt/Total Equity | 224.6% | 168.7% | 181.2% | 165.6% | 139.8% |
| Debt/Total Assets | 79.0% | 73.8% | 73.8% | 71.3% | 67.2% |
| Gross Leverage | 19.4x | 12.9x | 11.9x | 10.4x | 10.4x |
| Net Leverage | 18.6x | 12.2x | 10.7x | 9.8x | 8.6x |
| Interest Coverage | 1.4x | 2.2x | 2.3x | 2.5x | 2.1x |
| EBITDA Margin | 13.2% | 26.4% | 26.6% | 25.7% | 43.5% |
CreditSight View Comment
AS OF 10 Mar 2026We downgrade SMC GP to Market perform from Outperform. We think SMC GP’s perps trade wide to S&SEA B-rated corporates including Vedanta and Indika. We are comfortable with SMC GP’s improving credit outlook, completion of the $3.3 bn LNG deal, strong parental support, and management’s willingness and ability to repay the perps. That said, key risks include any weakening of parental funding support (due to SMC’s own sizable infra capex), overly aggressive capex, and exposure to higher thermal coal prices brought about by the Mideast conflict. SMC GP has refinanced its recent perps in a timely manner, but past refinancing efforts have cut close to the edge, which could evidently weigh on investor confidence during risk-off conditions.
Recommendation Reviewed: March 10, 2026
Recommendation Changed: March 10, 2026
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