$JSEHLM - Hulamin: Bulls Re-emerge On Good FY22 Results
I last covered Hulamin on the 26th of September 2022.
I have linked the previous analysis.
Earlier this week, on the 6th of March, Hulamin released its full year results for the year ended 31 December 2022 with the following salient results:
Turnover increased by 22% to R16bn on group sales volumes of 211 328 tons
Normalised headline earnings per share up 28% to 105 cents per share
Local sales up 7% to 94 651 tons with richer product mix
Normalised EBITDA increased by 339% to R667 million
From an Elliott Wave perspective, the bear from 545 to 205 unfolded in a three wave zigzag.
What has unfolded from 205 to 319 to 240 is a wave 1-2 sequence and price looks to be in the early stages of wave 3, with the latest results providing tailwinds.
Long position can be opened at current levels with a stop-loss for traders below 240.
I have linked the previous analysis.
Earlier this week, on the 6th of March, Hulamin released its full year results for the year ended 31 December 2022 with the following salient results:
Turnover increased by 22% to R16bn on group sales volumes of 211 328 tons
Normalised headline earnings per share up 28% to 105 cents per share
Local sales up 7% to 94 651 tons with richer product mix
Normalised EBITDA increased by 339% to R667 million
From an Elliott Wave perspective, the bear from 545 to 205 unfolded in a three wave zigzag.
What has unfolded from 205 to 319 to 240 is a wave 1-2 sequence and price looks to be in the early stages of wave 3, with the latest results providing tailwinds.
Long position can be opened at current levels with a stop-loss for traders below 240.
