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But it is a safe and sound stock. Do not worry about short term volatility. In the long run, it will outshine. I'll continue to add. Who knows, might one day pay for my children education if opt for Aust!! LOL.
Anyway, i dont think there is any selldown yet. Just a mild correction. People are fearful only. Be greedy when people are fearful, a statement fr a US fin guru. Just average up along the way. Buy within your means and all will be taken care of.
risktaker ( Date: 28-Oct-2009 20:09) Posted:
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keepnosecrets ( Date: 28-Oct-2009 15:44) Posted:
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OCBC posts 12% rise in 3Q net to $450m
| Written by The Edge |
| Wednesday, 28 October 2009 12:42 |
Oversea-Chinese Banking Corporation today reported a net profit of $450 million in the third quarter of 2009 (3Q09), an increase of 12% from $402 million a year ago.
OCBC says excluding tax refunds in the year-ago period, core net profit rose by 14%, driven by strong gains in insurance, trading and investment income, as well as lower expenses and allowances.
The results included the impact of a loss of $213 million ($154 million after tax and minority interests) arising from the redemption offer of GreatLink Choice (GLC) policies by subsidiary Great Eastern Holdings.
Excluding the GLC-related loss, OCBC says net profit would have increased 50% year-on-year, and 30% from the previous quarter, to $604 million.
Year-on-year, net interest income for the quarter increased marginally by 1%, while non-interest income excluding the GLC-related loss grew by 31%. Operating expenses were 5% lower. Allowances for the quarter were $52 million, down from $156 million a year ago and $104 million in 2Q09. The non-performing loans (NPL) ratio improved during the quarter from 2.1% to 1.8%.
For the first nine months of 2009, the group’s core net profit increased 18% to $1,461 million. Net interest income grew 7% while non-interest income increased by 25% due to strong contributions from the insurance business and foreign exchange income.
Cost control measures contributed to a reduction of 4% in operating expenses. Allowances were higher at $353 million as compared to $203 million a year ago.
Included in the nine months’ core net profit was the GLC-related loss of $154 million in 3Q09 as well as one-time insurance gains of $175 million in 1Q09 arising mainly from the adoption of the risk-based capital framework in Malaysia.
For the nine months, annualised return on equity based on core net profit was 12.5%, while annualised core earnings per share rose 16% to 59.6 cents.
| OCBC 3Q profit climbs 12% to $450m |
| Written by Bloomberg |
| Wednesday, 28 October 2009 13:05 |
Oversea-Chinese Banking Corp., the lender that owns Singapore’s biggest life insurer, said third- quarter profit gained 12%, beating analysts’ estimates, due to gains in insurance, trading and investment income.
Net income rose to $450 million for the three months ended Sept. 30, from $402 million a year earlier, the bank said in a statement today. The median estimate of six analysts surveyed by Bloomberg was for profit of $243.7 million.
OCBC earnings benefited amid an economic recovery in Singapore, where the trade ministry has raised its 2009 economic forecast for the second time.
Shares of OCBC rose 0.8% to $7.59 at 12:51 p.m. on the Singapore stock exchange. The stock has risen 52% this year, while rival United Overseas Bank has gained 34%. DBS Group Holding, the city-state’s biggest bank, has climbed 54%.
“Our strong liquidity and capital base have served us well amidst global uncertainties,” Oversea-Chinese Chief Executive Officer David Conner said in today’s statement.
Result is out, seem to me better than expected. Hope can help move the mkt. Vested
coolblue ( Date: 28-Oct-2009 11:01) Posted:
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Company (OCBC) wants to kill 2 birds with one stone! Makes money so must pay dividends, right? Also bot own shares when too the market price is too cheap. Use the scrips to pay dividends or employees' options. SO both ways make money, see?
For investors looking for accumulation, opting for scrip instead of cash is also a good way of adding to their share holdings.
jng1103 ( Date: 28-Oct-2009 10:29) Posted:
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Oh thanks... I'm still not too familiar with the scrip shares vs cash div... will learn along the way...
I dont think it will go any lower than $7.51 (kena blocked by BBs)... so last entry of $7.53 (yesterday) was a wise one (I hope so lor...)
Long term player... definitely not a punter...
Actually, wats the advantage of scrip div vs cash div?
keepnosecrets ( Date: 27-Oct-2009 18:48) Posted:
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jng1103 ( Date: 27-Oct-2009 16:16) Posted:
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0847 GMT [Dow Jones] STOCK CALL: The market may be overly pessimistic on OCBC's (O39.SG) recent moves to invest in new businesses, says Nomura. Broker says market's weak reception to OCBC's earnings-enhancing acquisition of ING Asia Private Bank operations discounts execution risks while ignoring some easy wins. Adds OCBC's increased stake in China's Bank of Ningbo should also be earnings enhancing; estimates the two acquisitions together could lift OCBC's FY10 earnings by nearly 6%. Says OCBC has long been overshadowed by its larger peers, but the recent acquisitions have moved it center stage. "While DBS (D05.SG) wrestles with management issues and UOB (U11.SG) works to resuscitate its regional lending engine, OCBC has stolen into the limelight by pouncing on sizable strategic assets last week." Maintains Buy rating, no target price given. Shares down 0.9% at S$7.63; STI down 0.1%. (KIG)
wat happen? Last nite kena food poisoning huh? today lau sai $0.09... when reach $8.xx? pui pui pui
One Counter Buay Cheong
Yah, toh arh....OCBC. Lousy counter to invest your $$ in. Go for UOB or DBS, at least they can still cheong.