华侨银行：大东方控股业绩大幅不及预期，三季度业绩前维持低配

J.P. Morgan maintains Underweight on OCBC Bank (OCBC.SI) with a Dec-27 price target of S$25.00. OCBC's insurance subsidiary Great Eastern Holdings reported 3Q26 net income of S$103mn, down 80% q/q and 72% y/y. OCBC's share of 3Q26 profits accounts for only ~5% of JPM's 3Q26 net income estimate for OCBC versus a 17% average over the last four quarters and 21% in 2Q26, suggesting meaningful downside to 3Q26 earnings, and the Street is expected to revise down 2026-27 forecasts. The weakness at GEH was largely due to investment-related income, with lower investment profits in the insurance fund weighing on insurance business profits (-35% y/y) and the shareholders' fund reporting a loss;