Great Eastern: 4Q10 results. Weak headline numbers, but underlying results good. Net profit of $85.1m halved qoq, as invmt returns were impacted by the spike in yield curves in Nov. But new sales grew 25% qoq to $237m, driven by increased regular premium sales in both Spore and Msia…
Market also likely to welcome the $0.77/sh cash capital distribution, which brings total FY10 payout to $0.87/sh (5.5% yield), more than double FY09’s $0.40/sh. This will help lift ROE performance going forward.
Citi upgrades to Buy, raises TP to $17.70 from $15.70.
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