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We have reviewed our model and maintain our Hold recommendation on Malita Investments plc (“MLT” or the “Group”) with a 12-month price target of €0.97. During H1 2019, the revenue and profitability potential of the Group has been primarily boosted through the commencement of additional lease income following the completion of a number of improvements to the Parliament Building. The Group is in line with their schedule of completion in terms of the housing project and expect the whole project to be completed during FY2022. Management also confirmed that development works concerning the Cospicua project are now back on track. The capitalised cost to date on this development amounts to €7.5 million. We are of the view that the Affordable Housing Project will play a crucial role in enhancing and improving MLT’s existing revenues, whereby it is projected that from FY2023, revenue derived from the housing project will approximately amount to 37% of MLT’s total reven

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