** Macquarie downgrades Helia Group HLI.AX viewing it as potentially overvalued in the current market conditions
** Brokerage downgrades rating to "Underperform" from "Neutral" maintaining its price target at A$4.20/share
** Macquarie flags concerns over HLI's market price, being ~1.6x its net tangible assets, amid current favorable conditions of low unemployment and high property prices
** Brokerage doesn't expect the trend of negative claims and reserve releases, driven by strong property markets, to be sustainable due to increasing delinquencies and potential for smaller reserve releases as property market stabilizes
** Macquarie also adds unaccounted for risks concerning Commonwealth Bank's tender for a Lenders Mortgage Insurance contract with HLI
** All 3 analysts rate the stock "hold"; their mean PT is A$4.66 – LSEG data
** Stock up 25.7% this year as of last trade
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))
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