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“We are upgrading our recommendation on MaltaPost plc (“MTP” or “the Company”) to a Hold from a Sell recommendation, with an updated 12-month price target of €1.32 from our previous target of €1.03. Our improved price target reflects the recent increase in rates for the domestic single and bulk mail as approved by the Malta Communications Authority (MCA) in end of May 2019. We expect the upward revision in the rates for the domestic single and bulk mail, combined with the improved rates on the local and foreign registered mail (as from January 2019) to positively contribute to the Company’s revenues and profitability. Albeit, we remain cautious that MTP is experiencing a decreasing letter mail volume. Furthermore, the fact that MTP operates in a labour intensive industry presents the Company with significant challenges due to the difficult labour market conditions at present, resulting in the Company experiencing additional pressure on its wage costs. We note that M

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