MSE Trading Report for week ending April 25, 2025

Movements in Equity & Bond Indices

The MSE Equity Total Return Index performed negatively for the third consecutive week, as it closed 0.7% lower at 8,763.487 points. Out of 20 equities, five increased, while another 10 closed in the opposite direction. Total weekly turnover dropped to €0.7m and was generated across 217 transactions.

The MSE MGS Total Return Index gained 0.5%, to close at 965.258 points. A total of 19 issues were active, 16 posted gains while one closed in the opposite direction. The 4.65% MGS 2032 was the best performing bond issue, as it closed at €111.59, an increase of 2%. On the other hand, the 4.5% MGS 2028 was the worst performing bond, as it closed at €107, a decline of 0.2%.

The MSE Corporate Bonds Total Return Index recorded a marginal increase of 0.1%, as it closed the week at 1,178.358 points. A total of 55 issues were active. The 3.9% Browns Pharma Holdings plc Unsecured Callable 2027-2031 headed the list of gainers, as it closed at €98.69 - an increase of 2.7%. On the other hand, the 6.25% AST Group plc Secured Bonds 2033 was the worst performing bond, as it closed at €102.10, a decline of 3.7%.

Top Market Movements

RS2 plc staged a strong rebound, advancing by 29%, to end the week as the top performer at €0.49. This increase came on the back of 47 transactions totalling 229,635 shares, with turnover reaching €94,060.

International Hotel Investments plc headed north, gaining 2.4%, to close the week at €0.43. This came as a result of two transactions of trivial volume.

After holding steady the previous week, Bank of Valletta plc (BOV) lost ground, shedding 2.9%, to close at a weekly low of €2.02. BOV was the most actively traded equity during the four-day trading week, with 63 deals involving 148,125 shares and generating a turnover of €305,099.

HSBC Bank Malta plc slipped by 1.4%, ending the week at a low of €1.45. Trading activity amounted to 46,964 shares across 14 transactions, for a total turnover of €68,292.

The share price of APS Bank plc (APS) dropped by 6.9%, or €0.04, to close at a weekly low of €0.54. A total of 100,541 shares changed hands across several trades, generating a turnover of €56,352. On a year-to-date basis, the equity has now declined by 3.6%.

Mapfre Middlesea plc lost 2.7% over the week, closing at €1.45. The decline followed two transactions involving a total of 6,389 shares and generating a turnover of €9,261.

In contrast, Lombard Bank Malta plc was among the week's gainers, rising 2% to close at €0.76. The equity registered two trades with a combined value of €4,180.

MIDI plc saw its share price decline by 4.1% to €0.236.  The equity featured in three deals involving a total of 22,000 shares and a turnover of €5,192.

Simonds Farsons Cisk plc edged 0.8% higher, ending the week at €6.15. Five transactions were recorded, involving 2,520 shares and generating €15,498 in turnover.

A single transaction of 4,000 shares pushed MedservRegis plc 4% lower, closing the week at €0.43. This resulted in a weekly turnover of €1,720.

Company Announcements

RS2 plc has clarified that it has not issued any announcements regarding a potential acquisition of HSBC Bank Malta plc, as the bid in question, according to media reports, was submitted by its German parent company. The Company stated that if there will be an event that would require a public announcement, the Company will make the appropriate announcement.

APS has reported a profit after tax of €1.45m at Group level for the first quarter of 2025, compared to €3.45m in Q1 2024. The results reflect stronger operating revenues, offset by one-off expenses related to the Depositor Compensation Scheme, advisory and due diligence fees tied to the Bank’s bid for HSBC Bank Malta plc.

Interest income, the primary driver of the Group’s revenue, rose by 4.9% to €29.6m, an increase of €1.4m when compared to the same period the previous year. Net fee and commission income grew by €0.1m to €2.5m. Other operating income declined compared to the previous year’s first quarter.

Operating expenses totalled €15.9m, marking an 18.1% year-on-year increase, mainly driven by the aforementioned extraordinary costs.

The Board is recommending a gross final dividend of €0.026 per ordinary share, totalling €9.9m, amounting to a final net dividend of €0.017 per ordinary share. The dividend shall be paid either in cash or in scrip by the issue of new shares.

To strengthen its Common Equity Tier 1 (CET1) capital and better position itself for future capital and business needs, APS intends to access the capital markets through a rights issue. The Board is proposing shareholder authorisation to issue new ordinary shares of up to 50% of the Company’s issued share capital at the time of the relevant offer.

VBL plc has reported a profit after tax of €2.48m for the financial year ended December 31, 2024, marking a 46% increase from €1.70m in 2023. This growth was underpinned by a rise in revenues to €4.07m, up from €3.25m. Investment income reached €2.56m, up from €2.04m in the prior year. Notably, even when excluding the impact of investment income, the Company slightly outperformed internal projections.

Since its IPO, VBL has recorded a consistent increase in operating revenues and operational EBITDA, with consolidated revenue growing from €1.06m in 2021 to €4.06m in 2024. Operational EBITDA (excluding revaluations) rose to €1.16m in 2024, from €0.53m in 2023.

Looking ahead, the Company remains committed to its development plans and is actively exploring financing and strategic options to support further expansion and enhance shareholder value.

MedservRegis plc reported a profit of €2.1m for the financial year ended December 31, 2024, marking a 62% increase from €1.3m in 2023. The Group generated total revenue of €70m, which declined by 5% from the previous year’s €73.9m. This performance was supported by stronger-than-expected contributions from operations in Oman, Malta, the UAE, and Iraq.

Net finance costs declined compared to both 2023 and internal projections, primarily due to favourable foreign exchange movements. The Group recorded a foreign exchange gain of €1.3m, reversing the losses seen in the prior year. Additional income from fixed-term deposits further supported the bottom line.

The Board is recommending the payment of a gross dividend of €1.5m for the year, equivalent to a net dividend of €0.014221 per share.

Computime Holdings plc recorded a profit of €2.19m for the financial year ended December 31, 2024, up from €2.09m in 2023. Despite stagnant revenue, which remained largely unchanged at €18.86m, the group achieved a 7% increase in EBITDA, rising from €2.59m in 2023 to €2.78m. Operational and administrative expenses increased by 13% year-on-year to €6.91m.

The Board is recommending the payment of a final net dividend of €480,000 for the year, equivalent to €0.0077 per share. The Company also announced that its next AGM will be held on June 12, 2025.

This article, which was compiled by Jesmond Mizzi Financial Advisors Limited does not intend to give investment advice and the contents therein should not be construed as such. The Company is licensed to conduct investment services under the Investment Services Act by the MFSA and is a Member of the Malta Equity Exchange. The directors or related parties, including the company and their clients, are likely to have an interest in securities mentioned in this article. For further information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, or on Tel: 21224410, or email info@jesmondmizzi.com