Great Eastern: 1Q11 profits -11% YoY but +86% QoQ to $158.7m from lows of
4Q10, as income from non-par funds rebounded from lows. Underlying business drivers remain good, with new business sales up by roughly one-third YoY, still driven mainly by regular premium product, while the embedded value of new business increased ~30% YoY (QoQ sales performance is less relevant given seasonality).
Macquarie retains at Outperform with $11.33 TP…
Given that GE makes up about a quarter of OCBC’s consolidated assets, the QoQ rebound will be a positive earnings driver for OCBC, which 1Q results are due 12 May.
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