SENS-AI
TGA Trading Statement Bullish

THUNGELA RESOURCES LIMITED - Thungela Resources Limited Trading Statement for the six months ended 30 June 2026

Thungela Resources Limited
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What this filing means

Good news, but read it carefully. Thungela guides H1 2026 EPS up 457–475% to R10.75–R11.10 and HEPS up 140–158% to R4.60–R4.95 — yet a R1.0 billion non-cash profit on the sale of the Kleinkopje mining right boosts the headline EPS and is stripped out of HEPS. The underlying HEPS jump is the cleaner read, but the market still has to weigh coal-cycle volatility against a result that is unaudited and carries no cash-flow or debt detail.

Bull case

  • HEPS up 140-158% to R4.60-R4.95 from R1.92 — a clean operational lift net of one-offs.
  • Headline earnings of R580-R630m anchor the per-share recovery on an underlying basis.

Bear case

  • EPS jump of 457–475% is inflated by a R1.0bn non-cash Kleinkopje disposal profit; underlying HEPS rises only 140–158%, so the headline beat is largely cosmetic.
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Category
Trading Statement
Event posture
Constructive
Published
Aug 7, 2026

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