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: 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...
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Key message: A resilient update that confirms the structural growth in the food-away-from-home market. Bidcorp released a Trading Update for the 10 months to April 2026. HEPS increased by 6.6%% (+7.1% on a constant currency basis) on a 3.8% and 6.1% (5.1% and 7.0% in...
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New Vehicle Sales – May 2026 Key message: The new car market remains surprisingly resilient despite a recent interest rate rise. NAAMSA released May 2026 new vehicle sales. Passenger and LCV sales increased 12.8% YoY with passenger sales up 16.2% YoY. Light Commercial...
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Key message: Margin pressure seems to be growing in a competitive market with high residual value risk due to the cheap Asian brands. Zeda released 1H FY26 results. HEPS increased by 6.1% to 201c on a 3.2% increase in revenue but 1% decline in operating profit. The...
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Key message: We believe that FY27 will start to herald a turnaround after a number of years of external disruptions. Afrimat released FY26 results. HEPS increased by 32% to 95.8c on a 20% and 10% increase in revenue and operating profit respectively. A final dividend...
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Key message: New car deflation impacted used car values but this impact should pass and we expect margins to recover. WeBuyCars released 1H FY26 results. HEPS declined by 1.7% to 119.7c on a 7.8% increase in revenue but a 4.0% decline in operating profit. The net...
Calgro M3 – FY26 Results
Key message: The Bankenveld project secures a long-term pipeline with a strategic focus to reduce the number of projects under development. Calgro released FY26 results. HEPS declined 8% to 156.76c on a 3% increase in revenue. The gross profit margin declined to 27.2%...
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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...
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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...
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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...