Chronux Research
The leading independent research firm in South AfricaChronux Research, founded in 2020, is an independent equity research provider focused on the South African market, with coverage spanning over ten sectors and approximately 30 companies. Within the domestic market, Chronux is particularly well recognised for its Industrials, Construction, Mid-Cap and Forestry & Paper research, where the firm combines deep sector knowledge with disciplined financial modelling and a clear, conviction-led investment framework. The team provides a global perspective on key structural and cyclical themes across the sectors covered. Chronux delivers fundamental equity research incorporating both long and short ideas with analysis driven by in-house financial models, ongoing dialogue with industry decision-makers and regular engagement with management teams. In addition to company-level research, Chronux facilitates high-level interaction with senior executives and provides access to relevant industry experts, supporting clients in forming differentiated investment views. Chronux has also been committed to developing the next generation of analysts and advancing careers within the investment industry, supported by a strong and engaged institutional client base.
Our Corporate Sponsored Coverage
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Grindrod (JSE: GND) is a JSE-listed Southern African freight and logistics group focused on integrated "pit-to-port" solutions. Following the May 2025 exit of Marine Fuels and the 2022 disposal of Grindrod Bank, the group is now a pure-play port, terminal, rail and...
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WeBuyCars – China Syndrome? Key message: The impact of affordable Asian cars is being over-estimated, in our opinion, and used car fundamentals have not changed. The WeBuyCars share price has suffered after its post-listing run and has pulled back to close to the...
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Afrimat – Trading Update Key message: While 1H will tough, we believe that FY27 will start to herald a turnaround after a number of years of external disruptions. Afrimat released a Trading Update for 1H FY27. A HEPS loss of 55-60c is expected. Key takeaways from the...
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New Vehicle Sales – September 2026 Key message: Light commercial vehicle sales are also getting a boost from new Asian entrants challenging the incumbents. NAAMSA released September 2026 new vehicle sales. Passenger and LCV sales increased 14.3% YoY with passenger...
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Imports to July 2026 Key message: Imports have ramped up so far in 2026 and are running 25% higher on a YTD basis compared to 2025. Cement imports for the first seven months of 2026 have increased by 25%, after increasing by 25% in 2025 to 1.49mt. Vietnam continues to...
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Mondi Third Quarter Pre-close Insights Cost inflation, not demand, is the swing factor.Oil-driven cost pressure landed ahead of pricing, and the bulk ofannounced increases only flows in Q4 and 2027 — so FY26e consensus of c.€853mn EBITDA looks a touch optimistic on...
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Key message: A new Cold War with autonomous weapons appears to be the likely outcome of the rapidly changing nature of warfare. After the Applied Electronics Capital Markets Day, we have updated our assumptions about growth in the global defence market and...
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New Vehicle Sales – August 2026 Key message: Motus market share has recovered well as Tata sales are picking up strongly and heading for 1000 units per month. NAAMSA released August 2026 new vehicle sales. Passenger and LCV sales increased 10.9% YoY with passenger...
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Key message: Organic growth prospects appear strong, with offshore operations starting to turn around. Super Group announced FY26 results. Revenue and operating profit from continuing operations grew 6% and 27% respectively. HEPS from continuing operations increased...
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Key message: KAP remains a bit of an enigma – difficult to forecast and with new management challenged by old problems. KAP released FY26 results. HEPS increased 88% to 45.2c on flat revenue and 13% increase in EBITDA. No dividend was declared (with little prospect of...