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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Stora Enso Second Quarter Insights Q2 EBITDA rose 15% YoY but missed consensus by 3%, with planned Q3 maintenance expected to weigh on profitability. Stable packaging margins were supported by higher containerboard volumes, while improving kraftliner demand, tighter...
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SCA Second Quarter Insights Containerboard markets strengthened in Q2 as improving demand and tight supply supported multiple price hikes. Management expects slightly stronger Q3 performance, aided by lower raw material costs, while sustained kraftliner pricing should...
Forestry & Paper
Billerud Second Quarter Insights: North American coated freesheet andspecialty paper (Sappi) and European Paper Packaging (Mondi) Regional Market Dynamics: The contrast between Billerud’s operations in Europe and North America is defined by distinct market conditions,...
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Key message: Impressive operations, improving activity levels and improved logistics networks point to growth in the medium-term. Super Group hosted a Site Visit to the SG Convenience and SG Consumer operations at SG Park in Isando, along with a trip to Middelburg to...
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Key message: ITAC rulings on tariffs on imported tiles is very positive for Italtile. The International Trade Administration Commission (ITAC) and the South African Revenue Service (SARS) have implemented provisional anti-dumping duties on imported ceramic and...
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Norske Skog Insights Second quarter insights: Group EBITDA fell 31% YoY and 84% QoQ, missing consensus by 43%. Leverage remains elevated, with net debt/EBITDA rising to 7.6x. Encouragingly, the Paper Packaging segment returned to positive territory, supported by...
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Capital Allocation Efficiency Analysis The pulp, paper and packaging sector is exceptionally capital intensive. With mills requiring €1–3bn of investment, 3–4 years to build, and operating lives of 30–40 years, capital allocation is the primary driver of long-term...
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Boregaard Second Quarter Insights: Biomaterials Insights (read-through for Sappi) Market Dynamics of Specialty Cellulose: Borregaard’s BioMaterials segment, which focuses on specialty cellulose, demonstrated strong demand and operational resilience in the second...
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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 an Operational Update and a Trading Statement for the 11 months to May 2026. Group revenue was stable, but earnings increased due to...
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Key message: Motus remains on track for high-teens growth as the South African operations perform well. Motus hosted a Pre-Close Call on 11 June. We update our forecasts on the back of the prospects provided. Key takeaways from the call: South Africa’s new vehicle...