Subdued trading across local equities

The MSE Equity Price Index moved higher for the first time in six sessions as it rose by 0.51% to 3,842.581 points driven as the gains in BOV and IHI outweighed the declines in Medserv and the ordinary shares of RS2. Meanwhile, five equities closed unchanged, but trading value totalled just around €90,000. Trading value this week amounted to just under €0.40 million, the lowest since the first week of 2025. Download today’s Equity Market Summary.

Bank of Valletta plc rose by 1.6% to the €1.95 level over three deals totalling 650 shares. On Tuesday, BOV issued a quarterly financial overview providing information about its performance in Q1 2025 when compared to the same period in 2024. Net interest income dropped by 5.9% to €92.5 million. Meanwhile, BOV’s non-interest income surged by 33.5% to €25.6 million driven by the improvement in net fee and commission income and trading profits. Furthermore, BOV’s financial performance was impacted by net impairment charges of €0.17 million, which are lower than the €6.6 million recognised in the first quarter of 2024. Overall, BOV recorded a profit before tax of €67.1 million and a net profit for the period of €44.3 million which translates into an annualised return on average equity of 12.4% (Q1 2024: 13.1%). Total equity increased by 3.1% (or €44 million) to €1.45 billion, which translates into a net asset value per share of €2.487. BOV also announced that the Board resolved to issue a second series of bonds under its existing Unsecured Euro Medium Term Bond Programme, which will consist of an offer of €100 million, with an over-allotment option of another €50 million. The publication of the final terms will be made available in due course.

International Hotel Investments plc surged by 4.7% to the €0.45 level over three deals totalling 1,600 shares. On Tuesday, IHI published its 2024 results which showed that revenue increased by 6.6% to a record €307 million. EBITDA increased by 3.4% to €62.4 million resulting in an EBITDA margin of 20.3% (2022: 21.0%). The financial performance of IHI was positively impacted by a positive fair value movement on investment property of €6.32 million (2023: €6.42 million gain) and an impairment reversal of €6.22 million (2023: €0.28 million). Operating profit increased by 29.2% to €47.2 million compared to €36.5 million in the previous year. Net finance costs rose by 13.9% to €42.7 million from €37.5 million in the previous financial year. Overall, IHI reported a pre-tax profit of €2.3 million compared to the pre-tax loss of €4.13 million recorded in 2023. After accounting for a tax expense of €3.59 million and a loss of €5.61 million being allocated to minority interests, the net profit for the year attributable to shareholders amounted to €4.4 million compared to the loss of €10.3 million posted in 2023. Shareholders’ funds grew by 10% (or €61.1 million) to €674.3 million which translates into a net asset value per share of €1.0953 (31 December 2023: €0.9961).

MedservRegis plc slumped by 7.0% to the €0.40 level as 14,000 shares changed hands. Medserv shareholders as at the close of trading on 9 May 2025 will be entitled for a final net dividend of €0.0142 per share, subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 29 May 2025.

The ordinary shares of RS2 plc fell by 3.7% to the €0.468 level, albeit over trivial volumes.

Meanwhile, Malita Investments plc held the €0.49 level on a single deal of 1,000 shares. On Tuesday, Malita published its Annual Report and Financial Statements for the year ended 31 December 2024. Revenue increased by 7.2% to a record of €10.2 million (2023: €9.53 million) reflecting the continued growth in lease and ground rent payments from investment property as well as the higher recognition of revenue from the Affordable Housing Project. Finance income from the Housing Concession Agreements almost doubled to €5.61 million (2023: €3.25 million) driven by the completion of several new housing units. Meanwhile, finance costs remained relatively unchanged from the previous year at €3.66 million. Malita registered a pre-tax profit of €6.14 million compared to €23.5 million in 2023. After accounting for a tax credit of €0.27 million, the net profit for the year amounted to €6.40 million. Total equity increased by 17.7% (or €30 million) to €201.8 million which translates into a net asset value of €0.9696 (31 December 2023, prior to the Rights Issue: €1.1577) per share. The Directors are recommending the payment of an unchanged final net dividend of €0.0185 per share to all shareholders as at the close of trading on Friday 25 April 2025. The dividend will be paid on Monday 30 June 2025 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on Thursday 25 May 2025.

Also in the property sector, MIDI plc held the €0.236 level on one deal of 167,798 shares. On Tuesday, MIDI published its Annual Report and Financial Statements for the year ended 31 December 2024. Revenue decreased by 17.8% to €3.35 million as MIDI had no inventory of residential apartments which it could deliver in 2024. However, revenue generated from the property rental and management segment increased by 1% to €3.22 million. Overall, MIDI reported a pre-tax loss of €3.70 (2023: 2.06 million) and a net loss of €3.78 million (2023: €1.51 million).  Total equity fell by 6.0% (or €5.9 million) to €93.4 which translates into a net asset value per share of €0.436 (31 December 2023: €0.464).

GO plc traded flat at the €2.64 level over three trades totalling 3,590 shares. GO shareholders as at the close of trading on 16 May 2025 will be entitled to a final net dividend of €0.08 per share, subject to shareholders’ approval at the upcoming Annual General Meeting scheduled for 19 June 2025.

Also among large companies by market value, Malta International Airport plc held the €5.95 level on two deals totalling 3,530 shares.

APS Bank plc traded flat at the €0.54 level over three deals totalling 23,214 shares. APS Bank is holding its Annual General Meeting on 8 May 2025.

The RF MGS Index rose by 0.04% to 918.432 points. A flash estimate from Eurostat showed that inflation in the euro area during April remained stable at 2.2% as anticipated. Nonetheless, services inflation, increased to 3.9% compared to 3.5% in March. Meanwhile, energy prices dropped by 3.5% when compared to a year earlier. Elsewhere in the US, nonfarm payrolls increased by a seasonally adjusted 177,000 jobs, ahead of expectations and indicating that the US labour market remained resilient despite several economic headwinds.

 

This report contains only public information and is not to be construed as investment advice or an offer to buy or sell 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.