Stock Name: GreatEast
Company Name: GREAT EASTERN HLDGS LTD
Research House: Citigroup
“Great Eastern’s decision to propose a $0.77 a share capital reduction is similar to a special dividend and would help to lift return on equity performance going forward,” said Citi in a report.
Company Name: GREAT EASTERN HLDGS LTD
Research House: Citigroup
Citigroup has upgraded Singapore insurer Great Eastern Holdings (GELA.SI) to buy from sell and raised its target price to $17.70 from $15.50.
Citi raised its target for Great Eastern, which is about 87% owned by Oversea-Chinese Banking Corp (OCBC.SI), after the firm proposed a capital reduction exercise to return $364 million to shareholders.
Citi raised its target for Great Eastern, which is about 87% owned by Oversea-Chinese Banking Corp (OCBC.SI), after the firm proposed a capital reduction exercise to return $364 million to shareholders.
“Great Eastern’s decision to propose a $0.77 a share capital reduction is similar to a special dividend and would help to lift return on equity performance going forward,” said Citi in a report.
The brokerage also noted that the capital reduction would bring Great Eastern’s full-year cash payout to $0.87 a share.
Great Eastern shares were 1.9% higher at $16.00, and have gained 2.4% since the start of the year.
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