Although it is not a fast growing company, still it can offer interesting investment opportunities. Still I am not impressed with its ROE but it may improve in the future.
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Although it is not a fast growing company, still it can offer interesting investment opportunities. Still I am not impressed with its ROE but it may improve in the future.
Quite happy to chase the price down a bit, might even end up with an XOS sized holding before the divvy, unlike many other shares on the NZX, at least it's not at an overinflated price. It's fits my main criteria for an XOS drumstick, namely fare value and liquid, almost sounds finger lickin good aye.
Headline in NBR today: "Tegel says the chicken pricing war is over"... should be onward and upward from here right?
(then again, I also thought they said the pricing war was already over a year ago...)
The whole export story thing as well is interesting, I see they managed just 1% increase in exports.
Export volumes grew 6.7%
Market share grew 2% to 52%
They have had a very average year, we all know about the missed PFI, but looking at the report going forward there was little worry about the value of this company being greater than what the market is currently allowing for.
More Tegel products in more mouths, it opens up many more opportunities for earnings growth in the next 5-10 years...
If you want a boring long term dividend paying stock - buy Tegel at 100-110
Least we forget those that were certain another downgrade was coming.
It was well indicated that a poop and scoop was going to occur prior to results, easy 10+% returns for those that traded this one.
Instos would have been doing just that.
Maybe wait and see if Snoopy dog can sniff around and see if they added any other curry powder to the results first. Speaking of finger licken mate, dirt cheap chicken has been very good for Restaurant brands that's for sure ! A point I feel is well worth noting though, the results this year were generated on the back of cyclical lows in feed and transport costs. What if these two which are some of their biggest costs go up and additionally they get more pay equity demands from staff like a lot of other industries are getting ?
Well I'm happy to see the SP close on its highs for a the day .....might well get another trade before the weeks out
It went up by more than 7% on a volume of 1,926,403 today.The Inghams Group (ASX: ING) also has received some attention.
Yes seems many are keen to accumulate at these levels(Solid base formed in the 1.10-1.16 range
1.25 high >>> nice another trade gone to plan ....be interesting if it will trade a range from here with another dip to 1.10-1.20 after divi ex date likely IMHO .... then I might have another crack
A few of the naysayers are awfully quiet after their previous predictions aren't they?
As previously stated, as a holder I love seeing quantifiable concerns being raised and discussed.
Was a " naysayer " from the beginning of this IPO. Also during the slide.
Still not a buyer ... Uptake from many of the posts. " EXPORT ". Ain't going to happen in big numbers.. IMHO..
Chicken is THE CHEAP meat in NZ.. The main reason why it is selling.. It is also CHEAPER overseas.. Less than half the price...
O.K. The Takeaway companies will still buy ... Forcing the price down...
TGH will be a good dividend payer over the years. IMHO.. If bought at a reasonable price.. Never a super star...
WHAT'S FOR DINNER DARLING ?? CHICKEN.. :-((((
Saddle soreness easing percy.... GREAT TIME... :-)))
But don't you think the world of TGH only because it was cheap, not because of it being a company you really really wanted to invest in because of its great potential.
Well done on getting in when it was cheap - good effort mate
Be interested when you decide to sell - really
Promoters can sell down / out now seeing all shares out of escrow.
Wonder what their intentions are?
Could see a run if good news over the next few months - aren't I cynical
JBmurc
I have noticed that you have excelled in art of trading stocks? Am I right?
Today also it went up by more than 3% on a volume of 1,102,174.
https://dasherbusinessreview.com/teg...k-undervalued/
Tegel Group Holdings Limited (NZSE:TGH): Is The Stock Undervalued?
Time to time poultry related stocks also will have some of the strong rallies in global stock markets.In other words there is a chicken play in stock markets. Globally, selected outstanding companies should deliver above average returns for investors in the coming decade. Will Tegel also become one of the outstanding companies in this sector?
Good luck!
Yes certainly is a ART... recently had a good size cash injection into my trading accounts(After brilliant Property trade come off for me)
Has really been very positive for my trading off late... after around 10 months of stale nil trading just holding a few ASX shares ...(one suspended arrghhh) I was in a ongoing rut >>>
Also having shifted my family to a much quieter location close to a stunning lake.... I certainly think has been positive
Amazing after 11.5yrs of being a Tax Paying trader ...I think I might just about be on the right path to reach my goals of financial freedom
JBMurc,It is happy to hear that you are on the right path and your success in the investment area. There is a saying. Everything is happening for good.
Tegel hits 130 there must be some confidence out there.
No different trading accounts but yes my ASX trading has been on fire of late....
I'm picking there will be some resistance at the 1:30 level
There was support there ($1.30) which failed after a couple of tests , then it turned into resistance, and now we are back !
Attachment 8963
I sold out today. I earnt back all the money I lost through the IPO so that was rewarding considering it was my biggest loss of 2016.
Reason I sold out is I don't think TGH is worth much more than $1.30. They hit the very bottom of wide guidance. Haven't had any runs of the board and it's been a bit of a shambles. Shares are now out of Eskrow and there are plenty of risks. As a result I think a 20% discount on IPO results are fair. The short term upside at $1.30 is not enough for me to continue with the risks. Might buy some more if it drops below $1.20 again.
I am also the same not keeping all my eggs in one basket but I love food, airlines, hotels and restaurants. They have more legs. Still we find attractive companies globally in above areas.
By the way, Tegel is moving on volume.
$1.310$0.020 / 1.55%
Trades 135 Value $1,402,608.09 Volume 1,072,335
Quite a steep looking month, surely it is due for a pullback... happy if it hits 140 before then.
Topped up @127, will look at dropping 1/4 on Tuesday next week @133
Should have held my lot ....darn it >>>
Is it usual for a stock to go up once it goes ex-div?
Having a rough first year in the public eye might have done Tegel some good, I hope they place some importance on keeping the SP healthy moving forward.
Unless you play with the cyclical/retail picks, yields like this don't come around much... if Tegel can prove its performance is maintainable the market will treat it well over the coming years.
Happy holder, I know some are not so chipper...
Share prices seems to be heading back to the unwanted unloved territory again
According to the Herald Phil Hand was in the top 10 paid CEOs with 3.6 million earnt in the last year. For a company that has underperformed and only made 34 million profit that is quite ridiculous
http://www.nzherald.co.nz/business/n...ectid=11898293
I am truly shocked by this. A relatively simple business to run and an extremely modest performer and only recently listed to boot. The mind absolutely boggles as to what other grotesquely outrageous salaries are paid in this company that's causing such systemic underperformance ? As long as the shareholders get a few old left over scarps of chicken food for dividends she'll be right ? Indicative of a major cultural problem of greed in this company ?
Disc: Don't own and very strongly inclined to never own after this completely outrageous revelation. Suspect the culture of this company is as rotten as a bad case of campylobacter.
Interesting contrast when you look at Julian Cook's salary at just one quarter of the above scandal...a company that makes far more money, has been growing earnings at ~ 50% per annum for years and operates in a complex development and healthcare needs business. I reckon he could legitimately put his hand up for a decent pay rise.
Disc Own Summerset.
Performance bonuses were set forth by Affinity for Phil Hands appointment in Feb 2014... these were hit and therefore a bonus afforded - His salary is actually 780K.
Even with the bonus, he took home 0.05% of his firms revenue... not shocking, nor is it much of a scandal.
Do you honestly believe running Tegel is a simple task? - do you think turning Tegel around from where they were in 2014 to now was a simple task?
If these are simple tasks to you, why are you not running a publicly listed business yourself?...
2014 / 2017
TGH
REV: 517.2M / 613.9M
NPAT: -3.6M / 36.1M
SUM
REV: 78.8M / 175M*F
NPAT: 25M / 65M*F
As someone who has worked adjacent, spoken to and know closely those who worked fairly mid-upper management within Tegel - I have only heard Tegel houses a healthy environment, rewarding merit where it is due.
DISC: hold both TGH and SUM.
Thankyou hardt. Looks like another case of wrong opinion seamlessly blended with fake news exposed.
And i can see TGH suddenly being "discovered " as the bargain buy and loved and cherished and its a do as i do and back up the truck time because I've got in low and want you to share and have have some of mine higher etc. Be careful out there. DYOR
Regardless of how it was structured, base salary is almost irrelevant if they're going to pay a bonus like that for such mediocre performance his total package at $3.6m was more than 10% of the companies net profit after tax at $34m. Lets stick with the SUM comparison.
Julian Cooks salary at circa $800K is just a little over 1% of their projected underlying profit for FY 17 of $73.5m (mid point of forecast).
A good comparison for Mr Hand might be Chris Luxon's salary inclusive of bonus at circa $4m, (similar level). A company turning over in excess of $5billion eight times the turnover and producing approx. $400m after tax, (more than ten times the profitability based on average brokers forecast for FY17). Chris Luxon salary inclusive of bonus is just 1% of the company's annual profit after tax. On this basis Mr Hand would have received just $340K inclusive of bonus for the year, which frankly given the very poor performance post float is about all I think he really deserves.
"Rewarding merit where it is due" How so ? Did they beat the IPO forecast ?, No. Why was there a bonus at all for such mediocre performance ? By any comparative measure his salary is grotesque and vastly excessive based on very modest results achieved. What are KPI's upon which this bonus was paid ? Did he get a $2m bonus or thereabout just for being at the helm in its first year of listing, i.e. rewarded for nothing more than having to put up with public shareholders at an annual meeting ? I think this is yet another bit of anecdotal evidence supporting the view that one should be very cautious indeed with new IPO's until the truth in all its grittiness is fully revealed.
This is without doubt the most excessive case of naked executive greed I can ever recall in over 30 years of investing ! If that's indicative of how other executives are remunerated in the company then I truly appreciate your candor in revealing their culture based on your experience and my assessment is the structure of this company in terms of its remuneration policy is systemically flawed to the extent that its uninvest able. I will never be an investor when the company is really primarily run for the benefit of the executives and shareholders are a mere afterthought and inconvenience.
Disc Hold SUM and AIR.
TGH pretty pathetic diversity numbers
No female directors and 2 senior managers (prob one the usual HR person) out of 9
Who buys and cooks most of the chickens?
PS - 2 are the people person (seems to be predominately a female job) and the marketing manager (that's good)
Delivered well over 200% CAGR earnings growth over his 3 years at the head.
For the tax year ending 2017 he received 625,000 shares from the IPO booked at a value of $1m, he has since purchased a few more on market - annual income is inclusive of this.
There are also LTI and STI options, not sure what these options would be valued at, I am sure they are plenty big.
They hit their forecasted volume, however margins contracted severely under huge poultry pricing pressure that arose months after the IPO and persisted long thereafter.
If margins remained as planned, at their volume in FY17, they would have hit IPO forecast... no crystal ball back then to warn anyone of what was to come.
Still boosted market share to 52% - Essentially, I am proud to have a 0.001% stake of New Zealands entire poultry market.
All in all, you must have forgot to read the bit about the past performance and focused solely on the stock price and missed forecasts.
That salary and bonus is normally associated with a company turning over several billion dollars and profits of several hundred million. I couldn't care less about past performance when the company wasn't listed, that's completely irrelevant to any comparison with other listed companies and corporate listed norms. The remuneration for current performance is grossly out of line with CEO's of companies of a similar size and level of profitability and is therefore grossly excessive. I believe poor beleaguered shareholders have every right to find this level of remuneration to be both morally bankrupt and grossly offensive. Further, this sort of remuneration for a company of this size is something that I believe is without precedent on the NZX and definitely not something that in any way whatsoever I would want to be associated with either as a shareholder or consultant or to be seen to condoning it in any other way.
We live in a strange world where once this sort of ugly corporate greed raises it feral head it has a nasty way of spreading as others somewhat engrossed in their own thinly disguised lust for money and power start to think they might be entitled to the same level of grandiose remuneration based on some misconstrued idea of relativity.
Without doubt the most vulgar remuneration I have ever seen for a company of this size and such incredibly modest profitability.
As I said right from the outset of this thread, this from a company that has a nasty habit of really leaning on their drivers, many of whom suffer such a degree of burnout they really struggle to have any sort of work life balance. I suppose this is one of the KPI's that generate such an outrageous bonus.
Anyway that's my 3 cents on the subject, if you want to be a shareholder and eat scraps left over from the corporate table of largesse, good luck to you after all what do I care, I am neither a shareholder nor do I intend to be one. Shareholders be warned. Its very hard to do well when you're up against rampant executive greed.
There is an article in the Herald this morning regarding those earning top dollars should have to produce top results to justify that money. The attached table in the article shows the packages that all the CEO's of NZ's main listed companies receive, futher highlighting how outrageous Mr Hand's salary is. It stands out like a sore thumb and is an insult to shareholders. Wouldn't be happy holding the stock based on this alone.
Tegal is hot again.
Ditch the drumsticks. Will be breast tonight.
CHICKEN BREAST RETAIL VWAP Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 14.62 15.45 15.64 14.24 15.01 15.18 14.35 14.44 14.41 13.52 13.42 13.75 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 12.81 14.51 13.95 14.49 14.61 14.16 14.35 14.81 14.55
Attachment 9112
Nice data, prices recovering. Where did you source this from?
Data extracted by myself from the Food Price Index monthly releases - http://www.stats.govt.nz/browse_for_...-releases.aspx
Page three in the excel spread sheet are the retail VWAP for certain food types.
was in countdown last night,they had Ingham no16 chucks on special for $7.00.One has to presume they have come from aus.
My question would be how on earth can they process and ship them to supermarkets in NZ at that price.Should TGH be worried?
yes winner just checked they are NZ chickens.Still a good price though
It is a big worry when I see my own mother buying 2 full size whole chickens from Inghams for $20.
Intuition tells me that Tegel might have trouble maintaining 52% market share this time round.
We will find out soon enough if I should have taken heed from the empirical evidence around me, or if sticking to my macro approach is the way to go for this kind of investment.
Interesting
Production steadily increasing from JUne 14 to June 17 at rate of ~8% pa
Breast Chicken retail price declined resonably steadily at ~5.5% pa
Tegel Gross Margin by half year from H116 has been 25.1%, 25.5%, 23.1% and 24.1% in H217 (March)
Looks good on chart but can't post at the moment
Just remember a significant portion of sales is now coming from value added products, where commodity prices typically have a lower impact and where often substandard product can be turned into high margin.
The quality of some of their freshly branded frozen patties and the like are pretty shoddy. I wouldn't put too much hope into this segment of product growing too much. Me and other students bought them a few times and then gave up because there's only so much frozen rubbery chicken you can put yourself though.
Small mention of Ingham NZ in their August report. Worth a read
http://investors.inghams.com.au/Inve.../?page=results
Wow -Tegel might grow earnings F18 - couldn't really say they'll make less could they
CEO says -
So looking at FY18, based on the current market conditions, holding domestic market share, with on- going domestic consumption growth of 4-5% and continuing exports, we expect to deliver an increase in underlying EBITDA from the level at FY17.
Hardt - theyve already had that debt benefit as the $130m was repaid from IPO funds in May 2016 so won't be much flowing through from lower interest payments in FY18. I do think though that they want to establish an under-promise, over-deliver set-up for H1'18 as mgmt have been burned by the aggressive IPO forecasts.
Attachment 9155
Thought it would look better than it did, correlation is there, not sure if it matters or not.
Here is the data used for the chart, monthly OHLC.
Date Open High Low Close Poultry $ 30/04/2016 1.69 1.71 1.59 1.68 15.01 31/05/2016 1.68 1.70 1.56 1.65 15.18 30/06/2016 1.64 1.68 1.61 1.65 14.35 31/07/2016 1.65 1.80 1.63 1.76 14.44 31/08/2016 1.76 1.76 1.50 1.51 14.41 30/09/2016 1.52 1.60 1.44 1.51 13.52 31/10/2016 1.51 1.52 1.44 1.47 13.42 30/11/2016 1.48 1.59 1.29 1.45 13.75 31/12/2016 1.45 1.46 1.30 1.34 12.81 31/01/2017 1.35 1.37 1.26 1.28 14.51 28/02/2017 1.28 1.30 1.12 1.13 13.95 31/03/2017 1.13 1.23 1.12 1.19 14.49 30/04/2017 1.19 1.19 1.05 1.06 14.61 31/05/2017 1.06 1.26 1.06 1.26 14.16 30/06/2017 1.26 1.35 1.23 1.25 14.35 31/07/2017 1.25 1.34 1.21 1.24 14.81 31/08/2017 1.24 1.25 1.22 1.23
haha maybe ;)
But trading volume have been stale for the past few month, with the amount of liquidity passing through the nzx you really just have to interpret short term price deviance with a grain of salt.
Time will tell though, now that mgmt have taken a conservative approach, it'd be interesting to see what sort of guidance are given for FY18
Having broken out of the year long downward trend, it looks like it is forming a solid base in the 115-130 channel.
I will like to keep the chart up to date whenever the CPI is released and see if there is a solid correlation argument moving forward - the past years underperformance clearly reflects the downward spiral of chicken prices.
Makes perfect sense winner, August last year TGH was trading in the 150-170 range.
The next few months Sept - Dec are the important ones to look out for, as we can see in the below chart.
Attachment 9170
Great pick for a dividend portfolio in my opinion.
TEGEL GROUP FY13A FY14A FY15A FY16A FY17A FY18F FY19F FY20F FY17A-FY20F CAGR% OPERATING REVENUES GENERATED - NZDm 484.5 517.2 562.7 582.4 613.9 646.0 686.0 721.0 5.51% Domestic market revenues 421.5 430.2 474.7 480.9 511.0 539.5 576.0 606.0 5.85% Export market revenues 63.0 87.0 88.0 101.5 102.9 106.5 110.0 115.0 3.78% OPERATING EXPENSES INCURRED - NZDm 424.7 473.3 501.4 507.5 538.7 568.0 605.0 637.0 5.75% Cost of goods sold 337.2 387.5 411.2 416.6 449.4 472.5 505.3 532.0 Logistics expenses incurred 43.5 48.0 47.9 50.5 53.2 58.0 61.2 65.0 Corporate and other expenses incurred 44.0 37.8 42.3 40.4 36.1 37.5 38.5 40.0 UNDERLYING EBITDA GENERATED - NZDm 59.8 43.9 61.3 74.9 75.6 78.0 81.0 84.0 3.57% Depreciation and amortisation incurred 20.8 18.2 18.8 18.4 19.5 20.0 21.0 21.0 Corporate tax incurred -12.6 -5.8 2.1 5.4 13.6 15.7 16.7 17.5 NET DEBT - NZDm 361.2 267.7 268.5 253.0 106.6 100.0 100.0 100.0 Debt interest incurred 40.2 35.2 35.0 28.2 6.2 3.1 2.9 2.9 Operating Free Cashflows - - - 24.1 45.3 49.8 52.5 55 6.68% ADJUSTED NPAT - NZDm 11.7 -3.6 5.5 23.7 36.1 39.2 40.4 42.6 5.67% Underlying EPS - Cents per share 3.29 nil 1.55 6.66 10.14 11.01 11.35 11.97 Payout Ratio % 0 0 0 0 0.74 0.75 0.76 0.77 Net dividend payment - Cents per share nil nil nil nil 7.55 8.26 8.63 9.22 6.42%
No doubt the drink fine tuned your analytical skills to get a good result
I assume your starting point of $45.3m is the Operating Cash Flow in the 2017 accounts. If not ignore the rest of the post
No capex in your calsc? Alllow for some modest capex of $10m pa (last year $20m and forecasts seem higher than $10m) and your equity value drops to $1.50. I also adjusted for your sneaky move of growing the final years cash flow by 5% before doing the TV calculation
And isn't 5% pa growth forever a bit outrageous. Wind that back to 2.5% and equity value is $1.07
No doubt a realistic number is somewhere in between - maybe $1.30 ...now that's spooky eh
Might need to change the discount rate to get what you want eh
Thanks for sharing your research hardt and critiquing it w69.
hardt - a bit bored today so did a TGH DCF valuation using my methodology
For what's it worth using your ebitda growth assumptions (except term growth at 2.5%) and discount 10.5% I get $1.31
Using my assumptions I get $1.42
As amatter of interest Tegal management cash flow forecasts to support ebitda us a 4% ebitda growth and discount rate of 8.8%
Excel picked up the pattern and placed a sequential power "^" for this - (Terminal Value/1.105^5)
Should have been to the power of 4 and not 5 for working out the 4th year obviously - this inebriated trash heap puts out a lot of garbage that the sober one has to clean up!
I do believe cash flows will be a % or two above where the below DCF models take it.
Thanks for the work Winner.
VALUATION AT 2.5% FCF & 10.5% DR TV EV 2017 45.3*1.025 = 46.43 (46.43/1.105^1) = 42.02 2018 46.43*1.025 = 47.59 (47.59/1.105^2) = 38.98 2019 47.59*1.025 = 48.78 (48.78/1.105^3) = 36.15 2020 48.78*1.025 = 50.00 (50/1.105^4) = 33.54 2021 50.00*1.025 = 51.25 (51.25/1.105^5) = 31.11 51.25*(1.025)/(0.085-0.025) = 875.52 (875.52/1.105^5) = 531.44 DEBT = 106.60 EV = 606.63 Shares Outstanding = 355.91 DCF TGH = $1.70 VALUATION AT 1.5% FCF & 8.8% DR TV EV 2017 45.3*1.015 = 45.98 (45.98/1.088^1) = 42.26 2018 45.98*1.015 = 46.67 (46.67/1.088^2) = 39.43 2019 46.67*1.015 = 47.37 (47.37/1.088^3) = 36.78 2020 47.37*1.015 = 48.08 (48.08/1.088^4) = 34.31 2021 48.08*1.015 = 48.80 (48.80/1.088^5) = 32.01 48.8*(1.015)/(0.088-0.015) = 678.52 (678.52/1.088^5) = 445.06 DEBT = 106.60 EV = 523.25 Shares Outstanding = 355.91 DCF TGH = $1.47
For the VALUATION AT 2.5% FCF & 10.5% DR valuation, you are calculating Terminal Value based on a 8.5% discount rate. This is having a material impact on your valuation.
Also, this is probably pedantic, but anyway... I am unsure of your valuation date; however, it looks like a while ago. One option is to:
- adjust the first years earnings based on how far through we are;
- discount mid-period;
- adjust net debt for dividends since April (increase debt); and
- adjust net debt for likely earnings since April (reduced debt, lets hope).
EDIT: Also, since you are increasing the cash flows at a constant rate, you should get the same result as if you just applied the Gordon Growth model to your first cash flow. As an example, using your second valuation (1.5% and 8.5%):
Enterprise value = 45.3*(1.015)/(0.088-0.015) = 629.86
Equity value = 629.86 enterprise value – 106.6 debt = 523.26
Share value = 523.26 equity value / 355.9 shares = $1.47 per share.
This is the same result as your DCF.
By undertaking a DCF, you might think you are putting in more 'science' than you actually have. All you have really said is share value is $1.47 at 1.5% perpetual growth and a 8.8% discount rate.
Also, disc. I have ~3-4% of my portfolio in TGH.
Guys you're over complicating it still!
Easiest sense check of EV is FCF/discount rate (do the math, equals the same as a DCF calc with a TV but w no growth factored in).
So $45.3m/8.8% = $515m EV or $1.45 per share... before growth :t_up: Interesting eh, a lot quicker and only 2c different from your valuation...
Keep it simple :cool:
Um, no. I am not sure if you're joking... there are smilies... but going to assume you're not joking.
You could do $45.3m / (8.8% - 1.5%), that would get you close.
But if you want to assume growth into perpetuity (you should, given inflation) then you will need to use the gordon growth model.
You calculated enterprise value, assumed it was equity value, divided it by shares, and were close...
However, the fact that you got close was a coincidence, as you never adjusted net debt.
Sorry if it's just a joke. However, I don't want anyone ever trying to invest based on your logic. :p
Edit: 60 posts in almost 10 years... I'm on fire.
Ahh yes, I didn't read your edit there Te Whetu.. believe we are making the same point regarding the gordon growth model & over-complicating a DCF. And good spotting reg. debt, wrote that way too quickly as the pork was burning. My mistake raises a good point tho... valuations can be what you make them. Always ensure you use a discount rate applicable that suits you and double check those calcs!
Back to Tegel as getting off topic, hows those chicken prices doing?
Tegel doesn't even cover it's cost of capital (ROIC about 6%/7%) so why should it's shares even trade at its book value of $1.31 ...market saying significantly improved future returns are expected
Back on topic -
From what I've seen in the supermarkets chicken prices are on the way down again
This time last year we could see the prices plummet 10-15% lower to hit the bottom in December 12.81 - 13.50 range.
Signs are pointing towards a moderately good result for TGH, will have to wait and see how they capitalised on these better trading conditions.
Chart looks good too, setting up for a possible move over 133 resistance... has failed on 3 attempts though.
Attachment 9230