3Q14 net profit (S$841m) was in line with our (S$849m) and consensus expectations (S$839m). 3Q14 and 9M14 profit were 24% and 77% of our full-year estimates, respectively. 3Q included a one-off gain (S$391m) for Bank of Ningbo as OCBC crossed the 20% ownership threshold and booked gains on its original stake as the former's status to associate. Operationally, the differences in revenue and costs came mostly from the consolidation of Wing Hang Bank (WHB). We tweak EPS 0-2% to account for Ningbo's associate contributions.

We maintain our Add rating, with a slightly lower GGR-based target price (1.37x CY15 P/BV), as share dilution to buy WHB is offset by a rollover to end-15 valuations. Potential catalysts include delivery of WHB synergies and sustained growth from its wealth management franchise.