Great Eastern

Great Eastern: 3Q12 earnings skyrocketed to $620m due $421.6m post-tax gain from the sale of its shareholdings in APB and FNN. CS maintains O/p, TP $20. Note of very stong 3Q12 headline profit, but Msia new business stalling. GE is trading at 0.9x P/EV (embedded value), 10x P/E and 1.5x P/BV, which house deem attractive given its relatively stable growth outlook.