Singapore Stock Market News
OCBC - Insurance earnings go poof!
StockFanatic
Publish date: Mon, 05 Aug 2013, 10:45 AM
StockFanatic
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We see OCBC's glaring miss in 2Q as a reflection of its susceptibility to
falling bond markets. Insurance earnings went missing as non-par
losses streamed in. Its AFS surplus also shed S$499m, like the other
banks. Without insurance, 2Q ROE dipped to a poor 9.9%.
2Q13 profit (S$597m) was below our
expectation ($666m) and consensus
(S$641m) primarily because of low
insurance contributions (MTM losses
for non-par fund) and partly, rising
costs. 1H profit made up 47% of our
FY13. We cut FY13 EPS by 3% for the
above and lower our GGM target
price (1.27x CY13 P/BV). Maintain
Underperform with catalysts from the
realisation of OCBC's earnings
volatility to a peaking bond market.
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