Chronux Research

The leading independent research firm in South Africa

Chronux 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.

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March/Q1 Price Update Key message: Clear divergence in Q1: Integrated pulp + NA exposure outperform; recycled + graphic paper remain under pressure.Q1 earnings likely remain weak, but the setup into Q2 is improving: March exit rates point to a market trough with early...

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Dissolving Pulp Outlook Reset:Substitution caps upside, raises volatility Key takeaways from Hawkins Wright DP & Pulp update (Shanghai Pulp Week) Download Report

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Key message: The Port of Maputo and Matola Terminal are very impressive – efficient, strong management teams and with capacity for growth. Grindrod hosted a site visit to the Port of Maputo and Matola Terminal in Mozambique. Key takeaways from the Site Visit: The Port...

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Key Message : DWP-led earnings rise amid fibre weakness, but pulp cyclicality, energy volatility, and cost inflation keep earnings quality and margins at risk.View Presentation

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Key message: A strong operational performance provides improved confidence of meeting debt covenants. We update our earnings post discussions with management. The key change is removing the assumption that Toyota will increase production levels in South Africa to...

PPC – Investor Day

Key message: Impressive EBITDA expansion continues with the new RK3 plant due to boost margins even further. PPC hosted an Investor Day and released a Trading Statement for the 10 months to January 2026. The operating performance was better than expected with revenue...

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Key message: Grindrod will continue to invest in growth projects. Grindrod released FY25 results. Core revenue and EBITDA increased by 1% and 13% respectively. Core HEPS increased by 17% to 176.5c. A final dividend of 25.2c was declared along with a special dividend...

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Key message: Investments in capacity should ensure organic growth over the medium-term. Mpact released FY25 results. Revenue increased by 5% (volumes +2.4%) but EBIT declined by 1%. Gross profit declined by 1.9%. HEPS declined by 5.3% to 307c. HEPS in 2H increased by...

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Key message: A strong operational performance provides improved confidence of meeting debt covenants. Metair released FY25 results. Continuing HEPS (excl. the potential Rombat EUR20.2m fine) increased by 82% to 191c off a 57% and 99% increase in revenue and EBITDA....

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Uncoated woodfree insights (Mondi) Key Message: Group adjusted EBITDA declined -20% YoY (-17% QoQ), with the largest earnings drag coming from Europe, where operations reported a second consecutive quarter of negative EBITDA. The weakness was primarily driven by lower...