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
Making It PossibleRestricted content
Key message: Despite a change in interest rate expectations momentum in new car sales is expected to continue. CMH released FY26 results with HEPS up 33% to 536.4c off a 19% and 17% increase in revenue and operating profit respectively. The gross profit margin...
Restricted content
Monthly Graphic Paper Supply vs. Demand Update (March 2026) Global P&W markets remain weak structurally, but aggressive capacity cuts continue tightening supply. Europe inflected positively in March, while North America weakened further, although ongoing...
Restricted content
Navigator: Q1 26A InsightsEuropean uncoated woodfree (Mondi) and Global Paper Pulp Navigator Q1 EBITDA fell -44% YoY as weather, weak volumes and cost inflation hit margins, but firmer pulp, UWF capacity exits and pricing actions support a better 2026 setup. Download...
Raubex – FY26 Results
Key message: Roads and renewable energy keep the order book full – but as yet no general infrastructure spend uptick. Raubex reported FY26 results. HEPS increased by 2% to 611.3c on a 5% and 12% increase in revenue and operating profit respectively. A final dividend...
Restricted content
Sylvamo InsightsUncoated Woodfree (Mondi) Sylvamo Q1 EBITDA collapsed (-68% YoY| -77% QoQ) on disruptions, weak volumes and cost inflation; NA supply tightened, but Q2 remains pressured despite pricing upside. Download Presentation Here
Restricted content
Energy Positioning 2026 Energy remains largely a timing issue rather than a structural demand shock, with sector earnings still more pricing-driven than volume-driven despite higher gas costs. While elevated energy costs should support rationalisation, closures remain...
Restricted content
Packaging Corporation of America: Q1 26A Insights US Containerboard & Corrugated (IP & Smurfit); US Uncoated Woodfree (Mondi) EBITDA increased (+8% YoY | flat QoQ), beating consensus on pricing, mix and lower fibre costs. Containerboard markets remain tight,...
Restricted content
Svenska Cellulosa (SCA): Q1 26A Insights European Containerboard & Global pulp Insights EBITDA declined (-33% YoY | -10% QoQ), with Pulp the key drag. Box demand improved modestly, but lower pricing, elevated inventories, energy costs and FX continued to pressure...
Restricted content
Norske Skog: Q1 26A Insights European Containerboard and Graphic Paper EBITDA improved sharply QoQ (-26% YoY), supported by the Saugbrugs transaction and stronger Golbey volumes. Graphic paper demand remains weak, while energy and input costs continue to pressure...
Restricted content
Billeurd Q1 26A Insights North American coated freesheet and specialty paper (Sappi) and European Paper Packaging (Mondi) EBITDA declined sharply (-62% YoY | -36% QoQ), pressured by weak European pricing, FX and costs. Demand recovery remains fragile, with margins...