$Premier Investments Ltd (PMV.AU)$ shares rose 10.36% on Tuesday, with the trading volume growing to A$26.96 million. Today, the stock price hit a record high, surging by 17.81% to A$36.38. Premier Investments has rose 10.27% over the past week, with a cumulative gain of 30.22% year-to-date.
Premier Investments's technical analysis chart:
Technical Analysis:
Support: A$30.73
Resistance: A$35.00Price range A$30.73 to A$35.00: The trading range indicates a heavy concentration of buy orders, with the stock price on an upward trend. The stock repeatedly touched the level near A$30.73, where it found significant support and subsequently rebounded. There is a strong presence of buy orders around A$30.73. There is considerable upward pressure near the resistance level of A$35.00, with a lot of profit-taking positions, which suggests strong selling pressure. Going forward, it will be crucial to monitor whether the stock can effectively break through the resistance level at A$35.00.
Market News :
Premier Investments released its FY24 earnings report, showcasing a remarkable performance with a Net Profit after Tax (“NPAT”) that has grown from A$106.8 million in pre-COVID FY19 to A$257.9 million in FY24, marking an increase of over 140%. Under the guidance of our Board, the company has not only maintained a robust balance sheet but also rewarded shareholders with record fully franked ordinary dividends in FY24, totaling 133 cents per share, which is a 16.67% increase from the prior year's ordinary dividends. Additionally, FY24 saw a record sales figure of A$508.6 million, an uplift of 6.2% from FY23, surpassing the half a billion-dollar mark. The company also enhanced its retail footprint by opening 9 new stores and relocating or expanding 9 existing ones, which significantly improved the customer experience.
The company announced that it executed a definitive share sale and implementation agreement (“SSIA”) with Myer Holdings (“Myer”). As per the agreement, Myer is set to acquire just group (“Just Group”), encompassing five apparel brands: Just Jeans, Jay Jays, Portmans, Dotti, and Peter Alexander. Additionally, Smiggle will be part of “Premier Retail” that Premier will retain ownership of after the transaction is completed.
Overall Analysis:
Fundamentally, focus on the company's performance and operational status. Technically, it is necessary to monitor whether the support remains valid, and whether the resistance level of A$35.00 can be effectively broken through.
In this scenario, investors should adopt a cautious strategy, setting stop-loss points to manage risk and maintaining ongoing vigilance regarding company developments and market conditions.
Source: Premier Investments
