Citi optimistic on Australia's Premier Investments anticipating dividend resumption

Myer Holdings

21/03/2025 24:28

** Australian retailer Premier Investments' PMV.AX shares are up as much as 6%, their strongest intraday session since January 29

** Citi notes that PMV's first-half EBIT of A$162 million  ($102.04 million) is in line with the guidance provided in January, reflecting the stabilised sales

** Despite deterioration in stationery items retailer Smiggles' sales, Citi points out that performance of sleepwear store Peter Alexander has been more positive

** Adds, no dividend has been declared due to the in-specie distribution following sale of apparel brands to Myer MYR.AX, but expects dividends to resume at the FY25 result

** Expects market to be encouraged by the stabilisation of trading into the second half

** Maintains "neutral" rating at the price target of A$26/shr

** Stock down 13.2% YTD including current session

($1 = 1.5876 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk))