Daily Market Highlights (07.11.2023)

MIA upgrades its income and profitability targets


The MSE Equity Price Index reversed yesterday’s gains as it declined by 0.48% to 3,609.170 points. The declines in BOV and GO outweighed the gains in Hili Properties and Convenience, while seven other equities closed unchanged. Nonetheless, today’s trading activity in local equities was muted at just €0.09 million. Download today’s Equity Market Summary.

Malta International Airport plc closed unchanged at the €5.50 level after recovering from an intraday low of €5.45 (-0.9%) across four trades totalling 2,890 shares. Following the close of trading, MIA published its financial results for the first nine months of the year and also provided an updated guidance. During the first nine months of 2023, revenues reached a record (at interim stage) of €91.6 million, which is 18.5% higher than the previous record of €77.3 million generated in the first nine months of 2019. Likewise, the net profit for the period amounted to €32.3 million (3Q 2019: €26.9 million). For the second time this year, MIA updated its forecasts for the 2023 financial year. MIA now expects a new record of passenger movements of 7.8 million (2019: 7.31 million), revenues of €118 million (2019: €100.2 million), EBITDA of €74 million (2019: €63.2 million), net profit of €40 million (2019: €33.9 million), and capital investments of €45 to 50 million (2019: €24.9 million).

APS Bank plc held the €0.58 level on muted activity. Yesterday, APS announced the allocation policy with respect to the recent offer of up to €50 million 5.80% unsecured subordinated bonds 2028-33. APS explained that apart from the €15 million that was pre-allocated through placement agreements and awarded in full, the intermediaries’ offer attracted applications totalling a further €50.7 million. Applications lodged by preferred applicants during the intermediaries’ offer amounted to €27.1 million. These were given priority whilst ensuring that new investors were not crowded out of the investment process. As a result, €23 million was allocated to preferred applicants. Meanwhile, applications from non-preferred investors during the intermediaries offer amounted to €23.6 million, of which €12 million were allocated.

Also in the banking sector HSBC Bank Malta plc (13,000 shares) and FIMBank plc (9,359 shares) both closed unchanged at the €1.15 and USD0.20 levels respectively.

International Hotel Investments plc traded flat at the €0.47 level as 20,350 shares changed hands.

A single trade of 1,046 shares left the share price of PG plc unchanged at the €1.90 level.

BMIT Technologies plc closed unchanged at the €0.412 level across two deals totalling 12,000 shares.

Bank of Valletta plc shed 1.6% to the €1.24 level across seven deals totalling 11,018 shares. BOV recovered from an intraday low of €1.22 (-3.2%). Yesterday, BOV announced that regulatory approval in relation to the proposed net interim dividend of €0.03 per share was obtained. The dividend will be paid on Wednesday 6 December 2023 to shareholders at the close of trading on Friday 17 November 2023.

Also amongst large companies by market cap, GO plc slumped by 6.9% to an eleven-month low of €2.70 as 880 shares changed hands.

On the other hand, Hili Properties plc surged by 13.7% to a three-week high of €0.216 on a single trade of 109,000 shares.

The Convenience Shop (Holding) plc advanced 4.9% to the €1.08 level, albeit on trivial volumes.

The RF MGS Index snapped a three-day positive streak as it declined by 0.31% to 860.003 points. Yields across the eurozone sovereign bond market moved marginally higher, albeit with some volatility. Data released today showed that during September, producer prices in the Euro Area dropped by 12.4% when compared to a year earlier, which is the steepest drop ever recorded. Nonetheless, the contraction was still marginally lower than an expected drop of 12.5%.


This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange.