OCBC

OCBC: Morgan Stanley keeps as Overweight, with $10.48 target. Says Great Eastern’s strong 3Q results supports view of improving earnings momentum at OCBC (due to report 1 Nov). OCBC owns 87% of GEH, and GEH contributes ~20% to OCBC’s total value. Forecasts OCBC net profit of $545m vs $503m in 2Q. Continues to pip OCBC as preferred pick amongst Spore banks.