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Latest Forum Topics / Great Eastern    Last:15.82    +0.04  Post Reply
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Joelton
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31-Jul-2024 11:37     
 
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 Alert Admin
Great Eastern Q2 earnings up 45% at S$280.4 million declares interim dividend of S$0.45 per share
The dividend represents a 12.5% increase from the previous payout and will be paid on Aug 29
INSURER Great Eastern on Wednesday (Jul 31) posted a 45 per cent increase in net profit to S$280.4 million for the second quarter ended Jun 30, from S$193.2 million in Q2 FY2023.
 
For the six months ended Jun 30, net profit increased 34 per cent year on year to S$587.1 million, from S$437.2 million. This was driven by higher profit from the insurance business and favourable investment performance in shareholders&rsquo fund, said Great Eastern, an OCBC subsidiary.
 
H1 earnings per share rose 35 per cent on the year to S$1.24, from S$0.92.
 
The board has declared an interim dividend of S$0.45 per share for the half year, to be paid on Aug 29.
 
This is a 12.5 per cent increase from the previous dividend payout, which is consistent with Great Eastern&rsquo s practice of paying progressive dividends in line with sustainable profit trends, said the insurer.
 
For the second quarter, total weighted new sales climbed 34 per cent to S$448.3 million, from S$335 million in Q2 FY2023.
 
New business embedded value for Q2 was S$175.7 million, a 12 per cent rise from S$156.4 million from the corresponding year-ago period.
 
On a half-yearly basis, total weighted new sales grew 34 per cent to S$972.5 million, from S$725.9 million. This was attributed to sustained sales momentum in Singapore and Malaysia markets, said the group.
 
New business embedded value for the six months expanded by 16 per cent to S$338.9 million, from S$291.8 million, on the back of strong sales performance.
Allianz seeks 51% Income Insurance stake in 1.5 billion-euro deal
 
Insurance service result for H1 increased 11 per cent to S$412 million, from S$371.2 million, due to improved insurance revenue.
 
The group noted that for H1 FY2024, it has taken steps to optimise its capital and funding structure through the issuance of subordinated and medium-term notes in both Singapore and Malaysia by its subsidiaries. This enhanced its return on equity.
 
Its group chief executive officer Khor Hock Seng said the group&rsquo s focus &ldquo remains firmly on achieving long-term, sustainable growth&rdquo .
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Luckygal
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31-Jul-2024 11:26     
 
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 Alert Admin 		Nice!

SlothSG      ( Date: 31-Jul-2024 08:36) Posted:

Good interim result reported ...
$0.45 dividend declared 👍

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SlothSG
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31-Jul-2024 08:36     
 
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 Alert Admin 		Good interim result reported ...
$0.45 dividend declared 👍
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SlothSG
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20-Jun-2024 20:57     
 
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 Alert Admin 		Final count down for OCBC 
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Godwinlow
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13-Jun-2024 20:39     
 
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 Alert Admin 		SIAS invites shareholders of Great Eastern Holdings to a dialogue session with OCBC' s management on its ongoing voluntary unconditional general offer for shares in Great Eastern it does not own. Management will also explain how shareholders can accept the offer if they choose to do so, as
well as take questions.
For those unable to attend in person, the event will be live streamed. Details on how to access the live stream will be provided upon
registration.​  


https://mailchi.mp/sias/exclusively-for-shareholders-of-great-eastern-holdings-join-us-at-the-hybrid-dialogue-session-with-ocbc-register-now?e=1d8d81f8a7
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Luckygal
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28-May-2024 09:38     
 
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 Alert Admin 		Good to know that the major-minority shareholders are not selling at this price too. 

Any idea if OCBC or its agent are picking up shares from the open market since announcement date? I don' t find any share purchase disclosure in SGX. 

SmallSmall      ( Date: 27-May-2024 14:42) Posted:

SINGAPORE &ndash A group of minority holders of Great Eastern Holdings is resisting the $1.4 billion takeover bid from OCBC Bank, opening a new front in a longstanding fight between shareholder activists and Singapore&rsquo s second-largest bank.

The price of $25.60 per share is well above the stock&rsquo s price before the announcement, but some shareholders point to a 30 per cent discount against Great Eastern&rsquo s embedded value, a metric that has been used to value insurance firms elsewhere. By that measure, it is half the valuation the bank used in its last attempt to take full ownership of the company.

OCBC, which holds more than 88 per cent of Great Eastern, said earlier in May it is seeking to delist the stock.

&ldquo We are now caught between a rock and a hard place,&rdquo said former remisier Ong Chin Woo, who owns shares of Great Eastern and OCBC. Since 2021, he has been a vocal spokesman for a group that now comprises more than 100 minority shareholders.

&ldquo If OCBC has no other choices, at least give us a fair exit offer,&rdquo he said.

An OCBC spokesperson defended the number, saying it reflects a roughly 40 per cent premium over the price in both the month and the year before the announcement, as well as in multiples of the insurer&rsquo s book value and other financial metrics.

Morgan Stanley banking analysts said the offer is &ldquo high&rdquo and will contribute positively to earnings at OCBC, as well as make management of the combined entity easier.

The bank has steadily built its 88.44 per cent stake in the 116-year-old insurer, which operates in Singapore, Malaysia and Indonesia. Over the past 10 years, Great Eastern has contributed an average of about $700 million a year in net income to OCBC, equivalent to about 15 per cent of OCBC&rsquo s annual profit, according to the bank.

Over the past decade till end-2023, OCBC&rsquo s shares have risen more than 30 per cent, while Great Eastern&rsquo s have dropped 1 per cent. The insurer&rsquo s minority shareholders have been lobbying for years for higher dividends and better liquidity.

They have also objected to using OCBC stock to reward Great Eastern executives like chief executive Khor Hock Seng, whose long-term incentives have been paid in OCBC shares.

Great Eastern told investors in April that it has taken steps to strengthen capital management and improve dividend payouts but that many of the factors that affect share prices are beyond its control. As for the executive compensation, the insurer said the structure helps to foster the &ldquo One OCBC Group&rdquo spirit with its holding company, and using Great Eastern shares would impact the stock&rsquo s liquidity.

OCBC&rsquo s current offer ascribes zero value to Great Eastern&rsquo s future underwriting and to its agency network, said Mr Thilan Wickramasinghe, an analyst at Maybank Securities.

&ldquo There are risks that OCBC might have to make a higher offer in order to narrow that discount gap,&rdquo he said.

Some members of Singapore&rsquo s oldest business clans are invested in the outcome. Companies linked to businessman Lee Thor Seng, part of the clan that co-founded OCBC, have a stake.

Mr Wong Hong Sun, whose grandfather was chairman of Great Eastern for close to 20 years, holds more than three million shares. &ldquo Even if I am not sentimental, I won&rsquo t sell,&rdquo he said. &ldquo Half price is no way.&rdquo

Great Eastern has appointed EY as an independent financial adviser to assess the merit of OCBC&rsquo s offer and make a recommendation to shareholders. OCBC will dispatch the offer document to Great Eastern shareholders no later than the end of May, and the offer opens for at least 28 days, according to the current timeline.

&ldquo Normally, you&rsquo d pay a substantial premium to take a majority stake of a company,&rdquo Bloomberg Intelligence analyst Steven Lam said.

But listed insurance firms are rare in South-east Asia, making it difficult to find a comparable benchmark. &ldquo This time, we are dealing with a minority stake of 11.56 per cent,&rdquo he added. BLOOMBERG
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SmallSmall
Supreme
27-May-2024 14:42     
 
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 Alert Admin 		SINGAPORE &ndash A group of minority holders of Great Eastern Holdings is resisting the $1.4 billion takeover bid from OCBC Bank, opening a new front in a longstanding fight between shareholder activists and Singapore&rsquo s second-largest bank.

The price of $25.60 per share is well above the stock&rsquo s price before the announcement, but some shareholders point to a 30 per cent discount against Great Eastern&rsquo s embedded value, a metric that has been used to value insurance firms elsewhere. By that measure, it is half the valuation the bank used in its last attempt to take full ownership of the company.

OCBC, which holds more than 88 per cent of Great Eastern, said earlier in May it is seeking to delist the stock.

&ldquo We are now caught between a rock and a hard place,&rdquo said former remisier Ong Chin Woo, who owns shares of Great Eastern and OCBC. Since 2021, he has been a vocal spokesman for a group that now comprises more than 100 minority shareholders.

&ldquo If OCBC has no other choices, at least give us a fair exit offer,&rdquo he said.

An OCBC spokesperson defended the number, saying it reflects a roughly 40 per cent premium over the price in both the month and the year before the announcement, as well as in multiples of the insurer&rsquo s book value and other financial metrics.

Morgan Stanley banking analysts said the offer is &ldquo high&rdquo and will contribute positively to earnings at OCBC, as well as make management of the combined entity easier.

The bank has steadily built its 88.44 per cent stake in the 116-year-old insurer, which operates in Singapore, Malaysia and Indonesia. Over the past 10 years, Great Eastern has contributed an average of about $700 million a year in net income to OCBC, equivalent to about 15 per cent of OCBC&rsquo s annual profit, according to the bank.

Over the past decade till end-2023, OCBC&rsquo s shares have risen more than 30 per cent, while Great Eastern&rsquo s have dropped 1 per cent. The insurer&rsquo s minority shareholders have been lobbying for years for higher dividends and better liquidity.

They have also objected to using OCBC stock to reward Great Eastern executives like chief executive Khor Hock Seng, whose long-term incentives have been paid in OCBC shares.

Great Eastern told investors in April that it has taken steps to strengthen capital management and improve dividend payouts but that many of the factors that affect share prices are beyond its control. As for the executive compensation, the insurer said the structure helps to foster the &ldquo One OCBC Group&rdquo spirit with its holding company, and using Great Eastern shares would impact the stock&rsquo s liquidity.

OCBC&rsquo s current offer ascribes zero value to Great Eastern&rsquo s future underwriting and to its agency network, said Mr Thilan Wickramasinghe, an analyst at Maybank Securities.

&ldquo There are risks that OCBC might have to make a higher offer in order to narrow that discount gap,&rdquo he said.

Some members of Singapore&rsquo s oldest business clans are invested in the outcome. Companies linked to businessman Lee Thor Seng, part of the clan that co-founded OCBC, have a stake.

Mr Wong Hong Sun, whose grandfather was chairman of Great Eastern for close to 20 years, holds more than three million shares. &ldquo Even if I am not sentimental, I won&rsquo t sell,&rdquo he said. &ldquo Half price is no way.&rdquo

Great Eastern has appointed EY as an independent financial adviser to assess the merit of OCBC&rsquo s offer and make a recommendation to shareholders. OCBC will dispatch the offer document to Great Eastern shareholders no later than the end of May, and the offer opens for at least 28 days, according to the current timeline.

&ldquo Normally, you&rsquo d pay a substantial premium to take a majority stake of a company,&rdquo Bloomberg Intelligence analyst Steven Lam said.

But listed insurance firms are rare in South-east Asia, making it difficult to find a comparable benchmark. &ldquo This time, we are dealing with a minority stake of 11.56 per cent,&rdquo he added. BLOOMBERG
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SlothSG
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27-May-2024 14:40     
 
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 Alert Admin 		Good to have different views to make an informed decision. 

🤔

SmallSmall      ( Date: 27-May-2024 09:31) Posted:

Your thoguhts " are things like not wanting to have a reputation of caving in to holdouts"
My thoughts " are things like not wanting to have a reputation being seen as cold and a bully to minority shareholders" haha

Alignment      ( Date: 26-May-2024 11:27) Posted:

I don' t think the pressure on OCBC is as substantive as you make it out to be. At least I don' t think it is substantive enough to be in a factor in affecting the price OCBC is willing to pay, including affecting the decision as to whether OCBC will increase the offer price to get the deal done. I have experience from having been on the other side of the fence in terms of making these decisions, and the issues that are more relevant, aside from whether the underlying shares being bought are actuially worth it, are things like not wanting to have a reputation of caving in to holdouts. Social media pressure can impact many things, but probably not a situation like this.

 
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SmallSmall
Supreme
27-May-2024 09:31     
 
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 Alert Admin 		Your thoguhts " are things like not wanting to have a reputation of caving in to holdouts"
My thoughts " are things like not wanting to have a reputation being seen as cold and a bully to minority shareholders" haha

Alignment      ( Date: 26-May-2024 11:27) Posted:

I don' t think the pressure on OCBC is as substantive as you make it out to be. At least I don' t think it is substantive enough to be in a factor in affecting the price OCBC is willing to pay, including affecting the decision as to whether OCBC will increase the offer price to get the deal done. I have experience from having been on the other side of the fence in terms of making these decisions, and the issues that are more relevant, aside from whether the underlying shares being bought are actuially worth it, are things like not wanting to have a reputation of caving in to holdouts. Social media pressure can impact many things, but probably not a situation like this.

 

SmallSmall      ( Date: 26-May-2024 10:48) Posted:

20 years ago no social media. 2024 is different. The power of the social media (and hence activists' s call) cannot be under estimated. To me, OCBC is facing great pressure from the social media with so much noise as a big bully. With their reputation they just have too much to lose if they do not handle this well.
Picture will become clearer as the take up rate is reported periodically.   
Downside $25.60 as long as you sell 2-3 days before closing date. Any revised offer before that would be nice :)
No such thing as zero risks. To each his own.
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SmallSmall
Supreme
27-May-2024 09:29     
 
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 Alert Admin 		$26.15 :)

SlothSG      ( Date: 27-May-2024 05:44) Posted:

Refer shareholding statistics and u can find yr answer.
Think this is the key

Alignment      ( Date: 26-May-2024 11:27) Posted:

I don' t think the pressure on OCBC is as substantive as you make it out to be. At least I don' t think it is substantive enough to be in a factor in affecting the price OCBC is willing to pay, including affecting the decision as to whether OCBC will increase the offer price to get the deal done. I have experience from having been on the other side of the fence in terms of making these decisions, and the issues that are more relevant, aside from whether the underlying shares being bought are actuially worth it, are things like not wanting to have a reputation of caving in to holdouts. Social media pressure can impact many things, but probably not a situation like this.

 
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SlothSG
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27-May-2024 05:44     
 
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 Alert Admin 		Refer shareholding statistics and u can find yr answer.
Think this is the key

Alignment      ( Date: 26-May-2024 11:27) Posted:

I don' t think the pressure on OCBC is as substantive as you make it out to be. At least I don' t think it is substantive enough to be in a factor in affecting the price OCBC is willing to pay, including affecting the decision as to whether OCBC will increase the offer price to get the deal done. I have experience from having been on the other side of the fence in terms of making these decisions, and the issues that are more relevant, aside from whether the underlying shares being bought are actuially worth it, are things like not wanting to have a reputation of caving in to holdouts. Social media pressure can impact many things, but probably not a situation like this.

 

SmallSmall      ( Date: 26-May-2024 10:48) Posted:

20 years ago no social media. 2024 is different. The power of the social media (and hence activists' s call) cannot be under estimated. To me, OCBC is facing great pressure from the social media with so much noise as a big bully. With their reputation they just have too much to lose if they do not handle this well.
Picture will become clearer as the take up rate is reported periodically.   
Downside $25.60 as long as you sell 2-3 days before closing date. Any revised offer before that would be nice :)
No such thing as zero risks. To each his own.
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Alignment
Elite
26-May-2024 11:27     
 
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 Alert Admin 		I don' t think the pressure on OCBC is as substantive as you make it out to be. At least I don' t think it is substantive enough to be in a factor in affecting the price OCBC is willing to pay, including affecting the decision as to whether OCBC will increase the offer price to get the deal done. I have experience from having been on the other side of the fence in terms of making these decisions, and the issues that are more relevant, aside from whether the underlying shares being bought are actuially worth it, are things like not wanting to have a reputation of caving in to holdouts. Social media pressure can impact many things, but probably not a situation like this.

 

SmallSmall      ( Date: 26-May-2024 10:48) Posted:

20 years ago no social media. 2024 is different. The power of the social media (and hence activists' s call) cannot be under estimated. To me, OCBC is facing great pressure from the social media with so much noise as a big bully. With their reputation they just have too much to lose if they do not handle this well.
Picture will become clearer as the take up rate is reported periodically.   
Downside $25.60 as long as you sell 2-3 days before closing date. Any revised offer before that would be nice :)
No such thing as zero risks. To each his own.

SlothSG      ( Date: 26-May-2024 09:26) Posted:

Would assume OCBC has done their sum after 18 years since their last offer in 2006.



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SmallSmall
Supreme
26-May-2024 10:48     
 
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 Alert Admin 		20 years ago no social media. 2024 is different. The power of the social media (and hence activists' s call) cannot be under estimated. To me, OCBC is facing great pressure from the social media with so much noise as a big bully. With their reputation they just have too much to lose if they do not handle this well.
Picture will become clearer as the take up rate is reported periodically.   
Downside $25.60 as long as you sell 2-3 days before closing date. Any revised offer before that would be nice :)
No such thing as zero risks. To each his own.

SlothSG      ( Date: 26-May-2024 09:26) Posted:

Would assume OCBC has done their sum after 18 years since their last offer in 2006.



ysh2006      ( Date: 23-May-2024 09:56) Posted:

OCBC 20 yrs ago also wanted to pte it ....not successful no body sell thus this time also the same if cannot it just like Amara throw back to us and keep some loose shares (hard to scope from market) for the nest change ?maybe cheaper than now


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SlothSG
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26-May-2024 09:26     
 
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 Alert Admin 		Would assume OCBC has done their sum after 18 years since their last offer in 2006.



ysh2006      ( Date: 23-May-2024 09:56) Posted:

OCBC 20 yrs ago also wanted to pte it ....not successful no body sell thus this time also the same if cannot it just like Amara throw back to us and keep some loose shares (hard to scope from market) for the nest change ?maybe cheaper than now ?

SmallSmall      ( Date: 23-May-2024 09:14) Posted:

Buy some for revised offer :)
Risk vs returns worht it
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SlothSG
Veteran
26-May-2024 09:23     
 
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 Alert Admin 		🫡 savvy investor

SmallSmall      ( Date: 23-May-2024 09:14) Posted:

Buy some for revised offer :)
Risk vs returns worht it
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moonsun
Veteran
23-May-2024 16:33     
 
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 Alert Admin 		Appoint EY as IPA..
headwinds strong..
Hope MAS could look into this closely..
Dyodd
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ysh2006
Supreme
23-May-2024 09:56     
 
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 Alert Admin 		OCBC 20 yrs ago also wanted to pte it ....not successful no body sell thus this time also the same if cannot it just like Amara throw back to us and keep some loose shares (hard to scope from market) for the nest change ?maybe cheaper than now ?

SmallSmall      ( Date: 23-May-2024 09:14) Posted:

Buy some for revised offer :)
Risk vs returns worht it
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SmallSmall
Supreme
23-May-2024 09:14     
 
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 Alert Admin 		Buy some for revised offer :)
Risk vs returns worht it
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Godwinlow
Elite
22-May-2024 10:28     
 
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 Alert Admin 		Great Easten shareholders pls sign the petition to OCBC 

https://chng.it/kzhB2XhGvD

Do take a look and help circulate to OCBC and GEH shareholders.  Thanks
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SlothSG
Veteran
14-May-2024 21:29     
 
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 Alert Admin 		Still early days ....

Will wait for IFA reports ....

🙏 for sharing.

Godwinlow      ( Date: 14-May-2024 16:23) Posted:

Past few trading days shares traded had been average worth 20 millions worth of shares. Share price Above OCBC offer price. It' s goes to show big players are in. Betting OCBC will up its price, while absorbing those who want to sell great eastern shares to themselves. And OCBC, Jp Morgan haven' t been able to buy any shares due to the share price is above its offer price. 

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