MSE Trading Report for Week ending 26 August 2022

• The MSE Equity Total Return Index finished the week lower, as the equity index dropped by 1.1% to 7,637.803 points. A total of 17 equities were active, as two gained ground, while nine headed south. Trading activity in local equities reached a total turnover of just €0.22m.
• The equity price of Malta International Airport plc advanced by 0.9% to €5.90, as five deals worth €16,813 were recorded. On a year-to-date basis, the local airport’s equity price has shed 1.7%.
• Bank of Valletta plc shares kept hold of the €0.85 price level during the week, having failed to sustain a weekly high of €0.86, following six trades of 27,470 shares.
• Meanwhile, the share price of HSBC Bank Malta plc lost 1.4% in value, as 20,125 shares spread over eight trades were executed. The bank’s equity price traded at an intra-week high of €0.765, but then closed at its 10-week low of €0.73.
• Similarly, APS Bank plc eased by 0.8%, to end the week at the €0.65 level. This drop was the result of seven trades involving the change in ownership of 36,417 shares.
• On the contrary, Lombard Bank Malta plc gained 1.6%, to close at €1.95. Trading activity included three transactions with a total trading turnover of €25,077 across 12,860 shares.
• In the telecommunications sector, GO plc shares moved 1.3% lower, as a single trade worth €505 was executed during Thursday’s trading session. The company’s share price closed at €3.04. Similarly, the price per share of its subsidiary BMIT Technologies plc (BMIT), declined by 2.1% to close at €0.47. Liquidity was slightly higher for BMIT shares, as two trades worth €2,501 were recorded.
• The share price of the hotel operating company International Hotel Investments plc closed unchanged at €0.72. Market activity included one trade on Wednesday worth €4,900.
• Although publishing positive results on Thursday, PG plc maintained last week’s closing price of €2.16. The company’s equity exchanged hands four times, with a total of 10,710 shares valued at just over €23k.
• On Thursday the board of directors of PG plc approved for publication its annual report and the audited consolidated financial statements for the year ended April 30, 2022. The group registered a turnover of €147m, an increase of 13.6% on the turnover of €129.4m recorded in 2020/21. Operating profit amounted to €18.1m (12.3% of turnover), while an amount of €16.3m (12.6% of turnover) was registered in 2020/21. Operating profit grew by 4.3% in the supermarket and associated retail segment, and by 46.6% in the franchise operations.
• Profit before tax amounted to €16.7m, when compared to €14.8m recorded in 2020/21. The tax expense for the year amounted to €4.7m. The resultant profit after tax for the year amounted to €12.0m, representing an increase of 14% over the comparable result of €10.6m recorded in the previous financial year.
• Simonds Farsons Cisk plc kept hold of the €7.45 price level on thin volume of 398 shares.
• The board of directors of Simonds Farsons Cisk plc announced that they are scheduled to meet on September 28, 2022.
• The equity of RS2 Software plc (RS2) was one of this week’s worst performers, as its price declined by 8.6% to €1.38. Nine trades across 44,000 shares were recorded, with trading turnover reaching €61,731. On a year-to-date basis, RS2 shares are down by 20.7%.
• During the week, RS2 approved the interim consolidated financial statements for the six-month period ended June 30, 2022. During the period under review, on consolidating all of its activities, the group generated revenue of €18.8m when compared to €18.3m for the same period of last year. Profit before tax resulted to €2.7m, lower by €0.1m for the six months period of 2021. During the meeting the board announced that it is not declaring an interim dividend.
• MedservRegis plc suffered a decline in its share value during the week, as three trades on a volume of 15,160 shares forced the equity 6.3% lower, to close at €0.82.
• On Friday, the board of directors of MedservRegis plc approved the half yearly report of the company for the financial period ended June 30, 2022. The group’s reported turnover amounted to €26m when compared to €6m for the same period during 2021. The group’s reported EBITDA for the six-month period ended June 30, 2022 amounted to €4.8m versus a negative €56,604 for last year. The adjusted EBITDA of €4,766,074 includes the operating losses amounting to €0.6 million incurred by the last remaining vessel, namely MV Regis Kaskazi, prior to its disposal during 2022.
• From the property sector, Malita Investments plc and Malta Properties Company plc shares both remained unchanged. The former closed at €0.775, as it traded once on a small volume of 500 shares, while the latter closed at €0.52, as one trade worth €1,300 was recorded.
• On the other hand, Trident Estates plc (Trident) and VBL plc (VBL) plummeted by 7.4% to €1.37 and 15.9% to €0.212, respectively. Trading activity in Trident shares involved five trades across 6,698 shares, while VBL shares traded once on a volume of 9,352 shares.
• On Monday, VBL announced that the Board of Directors approved the interim directors’ report and interim consolidated financial statements for the first six months of 2022.
• The revenue for the period increased substantially from the previous year, as the group recorded a revenue of €894,884 when compared to €203,499 recorded last year. Furthermore, EBIDTA was also significantly higher, reaching €47,907 from a loss of €207,408 recorded last year. The cost control and expense reduction measures implemented played a big part in the figures. The company posted a loss of €129,943 for the period under consideration. This figure does not consider the effect of any change in investment income, as this is calculated annually.
• The board of directors of Trident announced that they are scheduled to meet on September 22, 2022 in order to consider and approve the company’s condensed consolidated interim financial statements for the six months ended July 31, 2022.
• Loqus Holdings plc was this week’s worst performing equity, as the company’s market value dropped by 64.3% to a price per share of €0.15. This drop was caused by two small trades with a total trading value of €128 during Friday’s trading session.
• Lifestar Holdings plc and Lifestar Insurance plc announced that their board of directors are scheduled to meet on August 29, 2022 to consider and, if deemed appropriate, approve the unaudited half-yearly financial report of the company for the six-month period ended June 30, 2022.
• AX Real Estate plc announced that last Thursday it held its annual general meeting, during which all the resolutions on the agenda were approved.
• On Monday, the board of directors of Main Street Complex plc approved the company’s interim financial statements for the six-month period ended June 30, 2022. A revenue of €364,696 was generated during the period under consideration, which resulted in a significant increase of 63% on the same period during 2021.
• The company’s profit before tax rose to €209,422 from the €88,830 registered in June 2021. The board of directors of the company also approved the payment of a net interim dividend of €0.00671 per share which will be paid by no later than September 12, 2022.
• The board of directors of Malita Investments plc announced that it approved the company’s unaudited condensed interim financial statements for the six-month period ended June 30, 2022. During the first half of 2022, the company registered a loss of €27.2m when compared to a loss of €15m during the same period last year. The result for the period includes a negative movement in the fair value of MIA and VCP properties as well as the Parliament Building and Open Air Theatre, caused by the upward movement in interest rates. Moreover, the operating profit excluding any fair value movements for the period amounted to €3.9m, lower by €0.2m when compared to the same period for the year 2021.
• The directors of the company also approved the payment of a net interim dividend of €0.0112 per share, payable on September 29, 2022.
• The MSE MGS Total Return Index declined by 1.3% to close at 940.865 points. A total of nine issues were active, eight of which headed south. The 4.45% MGS 2032 (II) issue was the worst performer, as it closed 3.4% lower to €114.08.
• The MSE Corporate Bonds Total Return Index registered an increase of 0.5%, as it reached 1,161.343 points. Out of 51 active issues, 20 advanced, while another 15 headed south. The 4% International Hotel Investments plc Unsecured € 2026 headed the list of gainers, as it registered a 3.1% increase in price, to close at €100. Conversely, the 5.1% 6PM Holdings plc Unsecured € 2025 ended the week 2.9% lower at €101.
• In the Prospects MTF market, 10 issues were active. The 5% Luxury Living Finance plc € Secured Bonds 2028 was the most active, as it generated a total weekly turnover of €15,000.

This article, which was compiled by Jesmond Mizzi Financial Advisors Limited, does not intend to give investment advice and the contents therein should not be construed as such. The Company is licensed to conduct investment services by the MFSA and is a Member of the Malta Stock Exchange and a member of the Atlas Group. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. Jesmond Mizzi Financial Advisors Limited is acting as sponsoring brokers for the upcoming BNF Bank plc bond issue. For further information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, or on Tel: 21224410, or email [email protected]