KUALA LUMPUR: Affin Hwang Capital research has downgraded LPI Capital Bhd
to a hold rating and lowered its target price to RM15.90 from RM18.90 previously as its 9M19 net profit missed expectations.
"We are revising down our 2019E-22E net profits by 6.9%/9.0%/9.0% as we factor in a higher net claims ratio assumption of 43-44% from 38-39%, driven by higher claims from the MAT (marine, aviation and transport) and miscellaneous segments," it said in a note.
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