KUALA LUMPUR (Jan 10): OSK Research said LPI Capital’s (LPI) FY11 earnings were in line with consensus and its full-year forecasts.
The research house said on Tuesday that LPI’s net profit expanded by 12% on-year, largely owing to the group’s impressive underwriting numbers, fortified by its strong gross premium growth.
“However, the group’s claims ratio ticked up due to higher motor claims resulting from losses incurred by the Malaysian Motor Insurance Pool (MMIP).
“Maintain BUY, with a higher FV RM15.40, pegged to a three-year PE band of 19.4 times (previously 17.2 times),” OSK Research said.
The research house said on Tuesday that LPI’s net profit expanded by 12% on-year, largely owing to the group’s impressive underwriting numbers, fortified by its strong gross premium growth.
“However, the group’s claims ratio ticked up due to higher motor claims resulting from losses incurred by the Malaysian Motor Insurance Pool (MMIP).
“Maintain BUY, with a higher FV RM15.40, pegged to a three-year PE band of 19.4 times (previously 17.2 times),” OSK Research said.
