2346 GMT - Conditions look as good as they will get for Australian lenders mortgage insurer Helia, says Macquarie, downgrading its stock to underperform from neutral. While low claims are likely in the near term, Macquarie doesn't think the trend of negative claims is sustainable. Also, Macquarie cites risks around the renewal of a contract with Commonwealth Bank of Australia. It doesn't think investors are pricing in the potential of the contract being lost. "Trading at 1.6x price-to-net tangible assets, the valuation is expensive and does not reflect potential risks, in our view," Macquarie says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
March 13, 2025 19:46 ET (23:46 GMT)
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