BOV dominates trading activity

The MSE Equity Price Index shed 0.21% to 3,755.617 points as the declines in BOV, Harvest, Malita, Malta Properties, MaltaPost and Farsons outweighed the gain in Mapfre Middlesea. Meanwhile eight equities closed unchanged as today’s trading activity remained roughly in line with the previous three sessions at €0.19 million. Download today’s Equity Market Summary.

Bank of Valletta plc was today’s most actively traded equity as it shed 0.5% to the €1.99 level over twelve deals totalling 56,126 shares.

Malita Investments plc slumped by 6.1% to the €0.46 level over four deals totalling 20,000 shares.

Also in the property sector, Malta Properties Company plc dropped by 3.1% to the €0.31 level on two trades amounting to 1,519 shares.

Simonds Farsons Cisk plc moved 0.6% lower to the €5.85 level over four deals totalling 3,608 shares. Yesterday, Farsons published the agenda for the upcoming Annual General Meeting which is scheduled to be held on 26 June 2025. One of the resolutions relates to the approval of the spin-off of its shareholding in Quinco Holdings plc by way of a distribution of a ‘dividend-in-kind’. Quinco Holdings plc will be the holding company of Quintano Foods Limited and Food Chain Limited, which are involved in the importation, wholesale, and retail of food and the operation of franchised food retailing establishments. Quinco Holdings’ net asset value is estimated to amount to €46.8 million on a pro forma basis as at 31 January 2025, assuming that the corporate restructuring is completed and the planned cash injection of €5.0 million is carried out. Based on a share capital base of 36 million shares, the net asset value per share amounts to €1.30, which may change until the date of listing, albeit changes are not expected to be material. The Explanatory Circular referenced that the spin-off and eventual listing of Quinco Holdings plc is expected to be concluded by 31 December 2025.

Harvest Technologies plc fell by 1.1% to the €0.87 level albeit over trivial volumes.

MaltaPost plc declined by 1.9% to the €0.41 level on two deals amounting to 17,000 shares.

On the other hand, Mapfre Middlesea plc surged by 4.9% to the €1.49 level on two trades totalling 4,028 shares.

Meanwhile, APS Bank plc held the €0.56 level on a single deal of 782 shares.

Also in the banking sector, FIMBank plc traded flat at the USD 0.12 level as 7,048 shares changed hands.

HSBC Bank Malta plc held the €1.36 level on single trade of 804 shares.

BMIT Technologies plc closed unchanged at the €0.31 level on a single deal of 2,000 shares.

Hili Properties plc held the €0.24 level on one trade of 20,000 shares.

GO plc closed unchanged at the €2.58 level as 7,957 shares changed hands over two deals.

Plaza Centres plc held the €0.62 level one deal of 3,333 shares.

The ordinary shares of RS2 plc traded flat at the €0.40 level on two deals amounting to 19,300 shares.

Today, Grand Harbour Marina plc published an updated Financial Analysis Summary. Revenues are expected to increase by 1.6% to €4.55 million from €4.48 million last year, when excluding the 2024 one-off long-term berth sale totalling €3.75 million. The increase in berthing revenue reflects the increased rates on the annual subscriptions of pontoons and the anticipated increase in superyacht visitors given that a number of superyacht berths were substantially disrupted during the first five months of 2024. EBITDA is forecasted to fall by 46.6% to €1.84 million compared to €3.44 million last year. However, when excluding last year’s one-off berthing sale income, EBITDA is expected to be roughly in line with the previous year. Net finance costs are projected to remain largely in line with the previous year at €0.79 million. Likewise, the interest cover is anticipated to remain at 2.3 times when compared to the adjusted EBITDA of 2024.

The RF MGS Index reversed some of yesterday’s gains as it fell by 0.09% to 919.287 points. Data released today highlighted resilience in the economy of the euro area as the private sector economy unexpectedly grew during May driven by a stronger than anticipated performance in both the services and manufacturing sectors. On a country level, private sector activity performance in both Italy and France exceeded expectations whilst on the other hand, in Germany there was a greater than anticipated decline.

 

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.