Daily Market Highlights (15.03.2023)
GO generates record revenue in 2022
The MSE Equity Price Index eased by 0.11% to 3,634.930 points as the declines in four equities outweighed the gains in GO, HSBC and APS. Meanwhile, Malta International Airport plc held the €5.65 level on a single trade of 500 shares. Download today’s Equity Market Summary.
GO plc advanced by 0.6% to a 9-month high of €3.18 across volumes totalling 11,348 shares. Today, GO published the 2022 financial results. Total Group revenue increased by 10.8% to a record of €214.6 million (2021: €193.7 million) reflecting growth across all three operating segments. EBITDA increased by 11.1% to €81.4 million compared to €73.2 million in 2021. Operating profit (‘EBIT’) surged by 20.7% to €28.4 million resulting in an improved EBIT margin of 13.2% compared to 12.1% in 2021. Net profit attributable to GO’s shareholders for 2022 amounted to €11.6 million (2021: €9.91 million) which translates into a return on average equity of 12.2% (2021: 9.33%). The Directors of GO are recommending the payment of an unchanged final net dividend of €0.09 per share. Coupled with the interim net dividend of €0.06 (2021: €0.07) per share paid in September 2022, the total net dividend for the year amounts to €0.15 per share which is 6.3% lower than the previous year. The final net dividend is payable on 15 May 2023 to all shareholders as at the close of trading on 5 April 2023 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 11 May 2023.
HSBC Bank Malta plc was today’s most actively traded and best performing equity as it climbed 1% higher to recapture the €1.04 level across volumes totalling 86,000 shares.
Also in the retail banking sector, APS Bank plc gained 0.8% to the €0.625 level, albeit on trivial volumes.
Bank of Valletta plc eased by 0.5% to the €0.91 level across three deals totalling 32,150 shares.
Malta Properties Company plc shed 2.2% to the €0.45 level across five trades totalling 35,810 shares. Yesterday, MPC published the 2022 financial results showing an improvement in rental income to €4.15 million compared to €3.58 million in 2021, reflecting the new rental income from the Ta’ Xbiex property acquired in March 2022 as well as the handover of the Zejtun Complex to GO plc. As a result, operating profit improved by 31.7% to €2.74 million. Meanwhile, the financial performance was impacted by higher finance costs and a marginal fair value loss on property compared to the €2.22 million fair value gain in the previous year. As at the end of 2022, shareholders’ funds amounted to €55.6 million equivalent to a net asset value of €0.549 per share. The Board of Directors declared a final net dividend of €0.013 (2021: €0.012) per share to shareholders as at close of trading on 13 April 2023.
BMIT Technologies plc fell 2.1% to the €0.46 level across three deals totalling 128,600 shares.
A single trade of 1,000 shares pulled the share price of International Hotel Investments plc 1.7% lower to the €0.58 level.
The RF MGS Index moved lower for the first time in five sessions as it tumbled by 1.26% to 873.555 points reflecting higher yields at the start of today’s session. However, the CBM Bid Prices were revised in the afternoon to reflect the sharp decline in eurozone yields as investor sentiment continued to worsen amid the ongoing banking crisis in the financial markets. The financial health of Credit Suisse was put in doubt after it revealed that its auditor identified material weaknesses in its financial reporting controls.
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.