Daily Market Highlights (17.04.2023)
Tigné Mall posts record revenue and profits
The MSE Equity Price Index increased by 0.02% to a fresh two-week high of 3,548.664 points as the gains in Tigné Mall, MIDI and Trident outweighed the declines in Hili Properties and MaltaPost. Meanwhile, six other equities closed unchanged as total trading activity improved to an over one-month high of €0.33 million. Download today’s Equity Market Summary.
Tigné Mall plc climbed by 6.7% to a 5-week high of €0.80 on a single trade of 6,335 shares. Today, Tigné Mall published its Annual Report and Financial Statements for the year ended 31 December 2022. Revenue surged by 22% to a record of €8.17 million as the shopping mall operated without any interruptions and the financial performance was positively impacted by the post-pandemic recovery in consumer demand and tourism numbers. On the expenditure side, total operating costs increased by 18% to €2.92 million reflecting higher cost of sales and administrative expenses. EBITDA increased by 20.2% to a record of €7.26 million which is above the record EBITDA of €6.17 million posted in 2019. However, the EBITDA margin eased to 88.9% in 2022 compared to 90.2% in 2021. Overall, Tigné Mall reported a pre-tax profit of €4.78 million (2021: €3.64 million) and a record net profit of €3.77 million which, in turn, is 33.8% higher than the previous year’s record of €2.81 million and translates into a return on average equity of 6.5% (2021: 5.3%). Shareholders’ funds grew by 4% to €59 million which translates into a net asset value per share of €1.046. The Directors of Tigné Mall are recommending the payment of a final net dividend of €0.0136 per share. The final dividend is payable on 12 July 2023 to all shareholders as at close of trading on 20 June 2023. Coupled with the net interim dividend of €0.0133 per share paid out in early September 2022, the total net dividend for the year amounts to €0.0269 per share which translates into a payout ratio of 40.3% and is the highest dividend payment by the company since its IPO in 2013.
Also in the property sector, MIDI plc advanced by 5% to an over two-month high of €0.294 across five deals totalling 100,000 shares. MIDI is expected to publish its 2022 financial results on 25 April 2023.
Trident Estates plc moved 0.8% higher to the €1.27 level on two trades totalling 4,394 shares.
Today’s most actively traded equity – Bank of Valletta plc – held the €0.92 level across 12 deals totalling 133,587 shares.
HSBC Bank Malta plc closed unchanged at the €1.02 level after recovering from a low of €0.905 (-11.3%) across five trades totalling 32,590 shares.
Within the same sector, APS Bank plc (8,963 shares) and Lombard Bank Malta plc (10,000 shares) also held the €0.61 and €0.91 levels respectively.
Malta International Airport plc remained at the €5.55 level on four deals totalling 14,875 shares.
Two trades totalling 50,000 shares left the share price of AX Real Estate plc at the €0.49 level.
Hili Properties plc plunged by 5.7% to an all-time low of €0.20 across five deals totalling 51,700 shares.
MaltaPost plc shed 2.2% to the €0.45 level on a single trade of 5,840 shares.
The RF MGS Index moved lower for the fifth consecutive session as it fell by a further 0.35% to a one-month low of 874.052 points, despite that the Italian annual inflation rate fell by more-than-expected to 8.1% in March, compared to a forecast of 8.2% and the previous month’s figure of 9.8%. Meanwhile, concerns about a potential US recession as well as issues within the banking sector faded following strong results from a number of major US banks. Last Friday, Federal Reserve Board of Governors member Christopher Waller remarked that he would support a further rate hike in the next monetary policy meeting in May.
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.