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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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...
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Key message: Constant growth at the Port of Maputo continues with the Matola expansion on track. Grindrod hosted a Pre-Close Call for the 5 months to May 2026. Key takeaways from the Call: Good volume growth at the Port of Maputo and key South African terminals...
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Key message: Consistent acquisitive growth keeps Hudaco growing at a relatively strong pace despite weak markets. Hudaco reported 1H FY26 results. Revenue and operating profit increased by 9.5% and 11.2% (comparable operating profit up 1.6%) respectively. Organic...
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Key message: While 1H will tough, we believe that FY27 will start to herald a turnaround after a number of years of external disruptions. We update our forecasts post a discussion with management, the delay in starting up all the ferrochrome smelters and the low...
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Key message: Invicta is maintaining gross margins in a weak market. Short-term growth is likely through acquisitions. Invicta released FY26 results. Sustainable HEPS increased by 7% to 594c on a 4% and 8% increase in revenue and sustainable operating profit...
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New Vehicle Sales – June 2026 Key message: Chery announces the acquisition of the Nissan manufacturing assets in Rosslyn. NAAMSA released June 2026 new vehicle sales. Passenger and LCV sales increased 15.4% YoY with passenger sales up 18.1% YoY. Light Commercial sales...
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Key message: Volatility in FY27 should be overlooked as the medium-term growth prospects remain robust. Omnia released FY26 results. HEPS increased by 21% to 849c on a 6% and 21% increase in revenue and EBITDA respectively. An ordinary dividend of 470c was declared...
PPC – FY26 Results
Key message: Impressive EBITDA expansion continues with the new RK3 plant due to boost margins even further. PPC released FY26 results. HEPS increased by 25% to 50c on a 3.9% and 67% increase in revenue and EBITDA respectively. Adjusted for unrealised foreign exchange...
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Key message: A restructured Nampak can look forward to structural growth in the beverage can market in the medium-term. Nampak announced 1H FY26 results. HEPS from continuing operations of 3400c was reported, although a normalised 4132c is more reflective of the...
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Key message: Anticipated super cycles in global defence and local transmission lines should start to impact during FY27. Reunert released 1H FY26 results. HEPS declined by 22% on a 1% increase in revenue but a 19% decline in segment operating profit. An interim...