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Great Eastern Holdings Limited
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AverilEve
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19-Nov-2020 00:07
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HI anyone investing in great eastern as well? it has been going uptrend for many days |
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Joelton
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29-Jul-2020 10:10
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Great Eastern Q2 profit up 76% to S$297.5m on improved financial market conditions
GREAT Eastern Holdings on Tuesday posted a net profit of S$297.5 million for the second quarter ended June 30, 2020, 76 per cent higher than the S$169 million a year ago.
This was due to higher operating profit and the higher valuation of investments as a result of improved financial market conditions during the quarter, the insurance arm of OCBC Bank said in a regulatory update.
Operating profit net of tax from the insurance business rose 16 per cent to S$185.7 million from S$159.4 million for the year-ago period. Meanwhile, non-operating profit came in at S$35 million, reversing from a loss of S$23.7 million.
Profit net of tax from shareholders' fund came in at S$85.3 million for the quarter, more than double the S$36.6 million the year before.
Due to a slow down of new business volume in Q2 amid restricted sales activities, particularly from the bancassurance channel, total weighted new sales fell 4 per cent to S$286.1 million, from S$296.8 million a year ago
New business embedded value was down 28 per cent to S$109.1 million, from S$151.4 million a year ago, mainly due to lower sales in Malaysia.
For the first half ended June 30, 2020, net profit fell 35 per cent to S$331.4 million from S$511.7 million a year ago. This came amid unfavourable market conditions in the first quarter, Great Eastern said.
Earnings per share was S$0.70 for the first half, down 35 per cent from S$1.08 for the preceding year.
Driven by the Singapore business which registered a strong growth for the first six months of 2020, total weighted new sales for the first half rose 7 per cent to S$584.9 million, from S$544.2 million a year ago.
Meanwhile, profit net of tax from shareholders' fund declined 73 per cent to S$43.4 million, from S$160.8 million a year ago. New business embedded value for the first half fell 10 per cent to S$235.2 million, from S$261.2 million a year ago.
The board declared an interim one-tier tax-exempt dividend of 10 Singapore cents per ordinary share for the financial year ending Dec 31, 2020. This will be paid on Aug 26, after books closure on Aug 14.
Great Eastern group chief executive Khor Hock Seng said sales in core markets for Q2 were affected by the tighter movement restriction measures implemented due to the Covid-19 situation.
The bancassurance channel was significantly impacted as sales activities, which were largely conducted at bank branches, were restricted.
However, Great Eastern' s agency force in Singapore was able to adapt swiftly and transition to operating digitally. This helped cushion the impact of restricted sales activities, according to Mr Khor.
Looking ahead, Great Eastern expects the economic outlook to be challenging, with volatility in the financial markets and the low interest rate environment continuing. This could impact the group' s performance, it said.
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waters
Senior |
27-Apr-2016 09:51
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Great Eastern seems a good deal now.. PE at 13.35 x while dividend yield at 2.26%. Also privatisation target of OCBC |
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yohowslife
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16-Jan-2015 18:09
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Great eastern at its current price seems to be overbought. if fourth quarter results due on 6 feb are similarly disappointing compared to its third quarter, investors should take profit and re-enter at a more attractive price. full article below. http://www.investark.com/Analysis14ge3q14.html |
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ramuslow
Member |
26-Jun-2014 23:04
Yells: "MASTERSTOCKTRADER BLOG SPOT SG" |
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Swee sweee, today up again... For long term investment... |
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ramuslow
Member |
25-Jun-2014 23:11
Yells: "MASTERSTOCKTRADER BLOG SPOT SG" |
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Today Great Eastern up again after resting for 1 month. Last 4 month it had increased by 30%, beating the STI return easily. a very good stock for long term investment. More details in my blog - masterstocktrader blog spot sg |
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Octavia
Supreme |
29-Apr-2014 08:41
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Great Eastern Q1 net profit up 12% GREAT Eastern Holdings on Tuesday posted a 12 per cent rise in net profit to S$231.6 million for the first quarter ended March 31, 2014, up from S$207.5 million a year ago. This was mainly due to better performance of the insurance business and a one-off gain of S$31.9 million after the group' s pared its stake in China joint venture from 50 per cent to 25 per cent, said Great Eastern. Total weighted new sales grew by 12 per cent to S$225.9 million, following a 18 per cent year-on-year (y-o-y) growth in Singapore sales to S$157.2 million, and a five per cent y-o-y growth in Malaysia sales to S$61 million. |
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Octavia
Supreme |
07-Feb-2014 10:10
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Great Eastern: 4Q13 net profit dropped 26% y/y, dragged by mark-to-market losses from its financial assets portfolio, and one-off accounting items. Otherwise, the core insurance business continued to register y/y improvement. Operating profit from insurance business fell 20% y/y to $135m, affected by the combined effect of two one-off items, a release of tax provision in 4Q12 which benefitted the Singapore Non-participating Fund, and a negative impact in 4Q13 from a change in the timing of terminal bonus recognition for the Malaysia Participating Fund. Otherwise y/y growth would have been positive. For the quarter, total weighted new sales rose 19% y/y to $306m, with growth across all channels in S?pore, a pick up in sales of savings and retirement products in Malaysia, as well as continuing growth in takaful sales. New business embedded value (NBEV), a measure of long term economic profitability rose by 41% y/y to $146m for the quarter, thanks to a shift in distribution channel and product mix towards higher margin sales, as well as a change in risk-adjusted discount rates to better reflect market conditions. However, non-operating profit fell 60% y/y to $15m, due to lower mark-to-market valuation of its financial assets portfolio, as news of the US Taper resulted in an adverse impact on the financial markets. The group declared final dividend of $0.40 (FY12: $0.27) and special dividend of $0.05 (FY12: $0.27). Including the interim dividend, total dividends for FY13 would be $0.55 (FY12: $0.64), which implies 3.1% yield. At $17.60, the stock trades at 12.3x P/E, and 1.6x P/B on 13.7% ROE. |
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Octavia
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29-Oct-2013 09:41
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Overall, 3Q13 net profit was 54% lower y/y, as there was a one-off post-tax gain of $421.6m from the stake sale of APB and FNN last year. Excluding the one-off gain, core net profit would be 43% higher y/y on better profit from insurance business. In 3Q13, the group recorded operating profit from insurance business of $138.6m, +26% y/y, built on better underwriting performance and higher net invmt income across all insurance funds. Total weighted new sales rose 38% y/y to $274.7m, led by the continued growth in Spore and Msia operations. The group?s new business embedded value (NBEV), a measure of its long term economic profitability, increased 18% y/y to $100.8m, reflecting stronger sales performance. Meanwhile, the non-operating profit from insurance business rose by 27% y/y to $91.1m, largely contributed by unrealized mark-to-market gains brought about by the partial recovery in financial markets following the US Fed?s Sep ?13 decision to maintain its QU programme. This resulted in a decline in interest rates, as well as other market factors such as the narrowing of credit and swap spreads. Capital adequacy ratios of the group?s insurance subsidiaries in both Spore and Msia remained well above the min regulatory ratios of 120% and 130% in the two countries respectively, reflecting the strong capital position of the group. Counter trades at 1.7x P/B, 12.1x annualized 9M13 P/E. |
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Octavia
Supreme |
01-Aug-2013 10:39
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Great Eastern reported a weak headline 2Q13 result , with $18.6m net profit, -77% yoy, mainly due to the mark to market losses on the bond portfolio. Nevertheless, Credit Suisse encourages investors to look through this and focus on underlying profit, which was up 32% yoy to $154m. The main driver was the strong new business growth (+34% yoy to $264m), boosted by Singapore (+48%) due to growth in all channels. Msia new business was also up 15% yoy, with strong growth in unit linked pdts. The house has increased its TP to $25 from $22.50, after rolling forward its valuation metrics . Great Eastern trades at embedded value (EV) , 13x P/E and 1.6x P/B, which CS deems attractive given the group's robust and stable growth outlook rating - especially now that growth is back. |
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Octavia
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31-Jul-2013 08:25
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The Board of Directors is pleased to declare an interim tax exempt (one-tier) dividend of 10 cents per ordinary share in respect of the financial year ending 31 December 2013, to be paid on 4 September 2013. |
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Octavia
Supreme |
31-Jul-2013 08:13
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GREAT Eastern Holdings Limited (GEH) reported on Wednesday that its net profit for the second quarter ended June 30, 2013 tumbled 77 per cent to S$18.6 million from S$81.4 million a year ago.
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puntwcare
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18-Oct-2012 20:55
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Can anyone guess how much will GE payout to her shareholders after the big sales? |
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