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We are downgrading our stance from a Buy to a Hold on Tigne Mall plc with an updated 12-month price target of €0.78 from our previous target of €1.17.The decline in our price target is attributable to the implications brought about by the COVID-19 pandemic on the Company, whereby TML’s latest H1-20 interim results illustrate a drop in revenue of circa 37% on a comparative basis.
Following the easing of confinement measures stemming from the COVID-19 outbreak with respect to the retail mall operation, management confirmed that although this has had a positive impact on TML’s retail mall business, their outlook is that economic activity in general and consumer confidence are still expected to remain relatively muted within the short to medium term.
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