The Fixed Income Market shows signs of optimism

Movements in Equity & Bond Indices

The MSE Equity Total Return Index (MSE) closed the month of March in the red, as it posted a decline of 2.4% to finish at 7,393.911 points. Total turnover of nearly €3.7m was registered across 27 equities, as seven advanced while 17 declined.

The

MSE Corporate Bonds Total Return Index

advanced by 1.7% to 1,137.303 points, as 88 issues were active, 28 of which headed north while another 46 closed in the opposite direction. The

4.85% JD Capital plc € Secured Bonds 2032 S1 T1

headed the list of gainers, as it closed at €100, translating into a 11% increase in price. On the other hand, the 4.5% BNF Bank plc Unsecured Sub Bonds 2027-2032 closed 3% lower at €96.

The MSE MGS Total Return Index posted a positive 1% movement, to end the month at 883.178 points. A total of 31 issues were active, as three advanced while another 23 lost ground. The 1.8% MGS 2051 (I) registered the best performance with a 4.7% increase to close the month at €64. Conversely, the 0.9% MGS 2031 (V) traded 19.8% lower to finish at €82.10.

Top 10 Market Movers GO plc

headed the list of fallers, as its 9.7% decline had a significant impact on the MSE Index. The equity ended the month at €2.80 after trading at a monthly high of €3.18. A total of 32 deals worth €0.3m were executed.

International Hotel Investments plc shares registered a loss of 5% to end the month at €0.57. A total of 45,928 shares exchanged ownership across 15 deals. On a year-to-date basis the equity declined by 15.6%.

Malta International Airport plc (MIA) fell by 3.4%, as 98,899 shares were spread across 87 transactions. The equity generated a total turnover of €561,552 ending the month at €5.65. During the period MIA shares traded between a monthly low of €5.50 and a high of €5.85.

Five deals involving 7,500 RS2 Software plc Ordinary shares dragged the price by 4.4% into the red. The equity ended the month at the €1.10 price level.

A negative 3.6% movement in price was recorded in the share price of Simonds Farsons Cisk plc. The equity closed at €6.75, as 16 deals worth €115,500 were executed.

Retail conglomerate, PG plc, joined the list of fallers with a 3.4% movement in price. A total 20 deals involving 121,675 shares pushed the price €0.07 lower to €1.97. PG plc shares closed the first quarter at €1.97.

The share price of Bank of Valletta plc (BOV) retracted by 2.7% to the €0.895 price level. The banking equity was the most active during March, as a result of 110 transactions worth €703,634. BOV shares are up by 10.5% since the beginning of the year.

On the other hand, Mapfre Middlesea plc registered the best performance during the month with a gain of 10% to close at €1.65. This was the outcome of 35,544 shares spread across 20 trades.

Similarly, 62 transactions involving 397,837 APS Bank plc shares translated into a positive 2.4% change in price. The equity ended the month at €0.63.

Technologies recorded a positive 4.6% movement, ending the month at €0.46. A total of 276,140 shares exchanged hands across 32 deals, trading at a monthly high of €0.47 and a low of €0.44.

BMIT plc

Company Announcements BOV

published the 2022 financial results, recording a profit before tax of €48.7m compared to €80.7m achieved in the previous year. Net interest income improved by 29% to €202m, as interest on loans and advances increased while the bank’s interest expense declined. BOV’s operating income during the 2022 financial year stood at €293m up from €243m the previous year. Operating profit before the litigation settlement charge improved to €149.8m, as operating costs declined while the Bank booked a net impairment reversal of €49m.

The board did not declare any interim dividends and is not proposing any dividend for the year.

APS Bank plc announced the financial results for the year ended December 31, 2022. The Bank registered a profit after tax of €19.2m, an increase of 27.4% over 2021. This strong performance was offset by financial market volatility which impacted the returns of investments held by the Group. As a result, at group level the profit after tax stood at €5.8m, lower by €9.3m when compared to 2021 results.

At the next AGM, scheduled for May 16, the directors will be recommending a net dividend payment of €0.0174 per ordinary share. Shareholders will have the option to receive the dividend in cash or through the issuance of new shares.

FIMBank plc approved the bank’s annual report and financial statements for the financial year ended December 31, 2022. The group and the bank reported a loss after tax of $26.7m and $22m respectively.

For the financial year ended December, 31 2022 MAPFRE Middlesea plc registered a profit after-tax of €3.8m, up from to €2.6m in the previous year.

The board of GO plc announced that for the year ended December 31, 2022 the Group registered total revenues of €214.6m, an increase of 10.8% over 2021. This resulted in a Group’s profit after tax of €12.2m for the year ended December 31, 2022 up from €10.4m a year earlier. The AGM will be held on May 11, 2023.

AX Real Estate plc (AXR)

announced that the company’s AGM will be held on April 26, 2023. For the financial year ended October 31, 2022 AXR reported a profit after tax of €7.1m, 65% lower when compared to €20m in 2021. The directors did not recommend the

payment of a final dividend.

Malta Properties Company plc (MPC)

announced that the company’s AGM will be held on May 17, 2023. The board of MPC approved the company’s financial statements for the year ended December 31, 2022. Profit after tax increased to €2.3m when compared to €1.3m recorded in the previous year. The directors recommend that at the forthcoming AGM, the shareholders approve the payment of a net dividend of €0.013 per share after taxation.

Malita Investments plc

also published the financial statements for the year ended December 31, 2022. The company registered a profit after tax of €8.8m, compared to a €20m loss in 2021. The board resolved to recommend to the AGM the approval of a final net dividend of €3.8m or €0.0254 per share. The final dividend includes the already paid interim dividend of net €1.7m or €0.0112 per share.

The board of BMIT Technologies plc approved the financial results for the year ended December 31, 2022. Revenue increased marginally to €25.8m and was minimally impacted by the loss of key customers. EBITDA amounted to €10.7m while cost of sales and other costs increased by 1.5% to a total of €17.2m. Profit before tax increased by 3% to €8.3m.

At the next AGM, which will be held on May 10, the board will recommend the payment of a final net dividend of €0.0246. The dividend will be paid on May 12, 2023 to all shareholders on the shareholders’ register as at April 10, 2023.

MaltaPost plc announced that with effect from March 21, 2023, the nominal value of each ordinary share in the company has been redenominated from €0.25 per Ordinary Share to €0.125 per Ordinary Share, as a result of the share split.

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 by the MFSA and is a Member of the Malta Stock Exchange and a member of the Atlas Group.

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