Tongaat (TON) is two businesses - land development and sugar. The company owns 17600 hectares of land of which 9100 hectares along the Natal coast can be developed. The property is valued at R11,7bn. A strategy was developed to own developed properties that can generate rental income - instead of selling them off. 57% of the land between Ballito and Umhlanga known...
Tongaat (TON) is two businesses - land development and sugar. The company owns 17600 hectares of land of which 9100 hectares along the Natal coast can be developed. The property is valued at R11,7bn. A strategy was developed to own developed properties that can generate rental income - instead of selling them off. 57% of the land between Ballito and Umhlanga known...
Tongaat (TON) is two businesses - land development and sugar. The company owns 17600 hectares of land of which 9100 hectares along the Natal coast can be developed. The property is valued at R11,7bn. A strategy was developed to own developed properties that can generate rental income - instead of selling them off. 57% of the land between Ballito and Umhlanga known...
Tongaat currently trading at the second leg of the double bottom , refer the blue lines indicating resistance. It might move side wards for a while and slightly dip, but then will pick up momentum and climb slowly. I Forecast this stock reach R13 by next year April 'ish.
Techinal analysis:
- We have reached close to the end of the Ascending triangle continuation pattern.
- Support 583
- I Identified an upward trend the last 54 bars, with 4 higher lows (Marked with stars) which may indicate that there is good market sentiment.
- 10 EMA and 50 EMA closing in on each other, waiting for confirmation of breakout.
Fundamentals:...
Updating this chart a bit too.
Looking at this area to long still, the potential could be quite huge.
Showing with Log chart off to make it look sweeter.
We had been seeing buying in Tongaat but that is over now. Now we see signs of weakness (SoW) that could take us back to the lows. The distribution was very weak and an acceleration of the markdown is now expected.
Production is up 40% FY21 on last Performance results published (29 APRIL 2021)
Production halt that may have material impact on financial statements is only 5% of total production for the period, although reasonable due to production increase.
If agreement can be made for the debt restructuring (13 JULY 2021) this stock can go very high, target 13.47
New...
Tongaat has been making slow but steady progress since seeing buying early in 2020 -see posts below. Yesterday there was again a spike in volume probably indicating another slow push higher.
Following Tongaat off the base that was formed - see posts below - the stock has made slow progress with sharp rises followed by drawn-out pullbacks. However, volume remains high and the stock is being accumulated. Now after a test of the yearly pivot point, we can again expect the stock to make further progress in its rise.
