Daily Review 22.04.2024

Tigné Mall generates record profit, increases dividend


The MSE Equity Price Index shed 0.1% to 3,732.486 points as the declines in BOV and Mapfre Middlesea offset the gains in APS and Plaza. Meanwhile, five other equities closed unchanged.  Download today’s Equity Market Summary.

Today, Tigné Mall plc published its Annual Report and Financial Statements for the year ended 31 December 2023.  Revenue increased by 4.2% to a record of €8.52 million and operating profit advanced by 2.3% to €5.37 million. The company posted a record net profit of €3.94 million which translates into a return on average equity of 6.54%. Shareholders’ funds grew by 4.1% to €61.4 million which translates into a net asset value per share of €1.089. The Directors are recommending the payment of a final net dividend of €0.01445 per share payable on 17 July 2024 to all shareholders as at the close of trading on 19 June 2024. Coupled with the net interim dividend of €0.0136 per share paid out in September 2023, the total net dividend for the year amounts to €0.0281 per share which is 4.3% higher than the dividend distributed last year and translates into an unchanged payout ratio of 40%.

Bank of Valletta plc made up for the majority of today’s trading as it shed 0.7% to the €1.40 level across four trades totalling 70,000 shares.  Shareholders as at close of trading on Friday 26 April will be entitled to receive the final net dividend of €0.0455 per share subject to shareholder approval at the upcoming Annual General Meeting scheduled to be held on 31 May 2024.

BOV’s insurance associate Mapfre Middlesea plc moved 0.7% lower to the €1.39 level on a single trade of 860 shares.

APS Bank plc gained 0.9% to the €0.55 level on two deals totalling 2,040 shares. APS is holding a market briefing on Thursday 25 April.

Plaza Centres plc rebounded by 3.6% to the €0.58 level on muted activity. Plaza is set to publish its results for the financial year 2023 on Wednesday 24 April.

Meanwhile, HSBC Bank Malta plc held the €1.40 level on a single trade of 10,000 shares.

One deal of 695 shares left the share price of  Simonds Farsons Cisk plc unchanged at the €6.70 level.

The Convenience Shop (Holding) plc held onto the €1.05 level as 750 shares changed hands.

Malta Properties Company plc (8,831 shares) and VBL plc (1,000 shares) closed unchanged at the €0.31 and €0.182 levels respectively.

Today, Hili Properties plc announced that its Board of Directors is scheduled to meet on Monday 29 April 2024 to consider the approval of the financial statements for the year ended 31 December 2023.

Last Friday, AX Real Estate plc published an updated Financial Analysis Summary which showed that revenues are expected to surge by 30.2% to €15.9 million in FY2023/24 principally reflecting the full-year rental income from the redeveloped AX ODYCY. Nonetheless, the forecasted figure is 11.2% lower than the revenue figure of €17.9 million that was projected in last year’s forecast for FY2023/24. In the following year, revenue is projected to rise by a further 8.6% to €17.3 million, which however is also 9.2% lower than last year’s projected revenue of €19 million for FY2024/25. The downward revisions reflect the delay in the completion of the Verdala Wellness Hotel and lower amounts of variable rent from hotel properties in view of a reduction in expected profitability. AXRE explained that the Verdala Wellness Hotel is expected to be inaugurated in 2025 and the total expenditure for the Verdala Wellness Hotel is now expected to be around €19 million compared to the earlier projection of circa €11.5 million. EBITDA is forecasted to surge by 39.5% to €14.8 million in the current financial year ending 31 October 2024 and projected to rise by a further 9.1% to €16.1 million in the following year. Nonetheless, in view of the downward revisions in revenue, the projected EBITDA figures are 12% and 10% below the projected figures published last year. AX Real Estate is holding its Annual General Meeting tomorrow.

The RF MGS Index remained virtually unchanged at 890.232 points. During a speech yesterday, French central bank chief Francois Villeroy de Galhau said that the current tensions in the Middle East should not affect the ECB’s plans to start cutting rates this June. In this respect, he added that the conflict is not disrupting oil prices enough to prevent inflation from falling to the target level of 2%. On the other hand,  the Atalanta Federal Reserve President Raphael Bostic stated that rate hikes during the current year are not off the table if the current level of economic restrictiveness is not enough to reduce inflation towards the Fed’s goal. Nonetheless, he noted that the current interest rate levels should be enough to tame inflation.


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.