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 PossibleAfrimat – Trading Update
Key message: External factors continue to impact Afrimat – but the operational performance is improving. Afrimat released a Trading Update for the six months to August 2025. HEPS is expected to increase by 90-95% to to be between 100,7 cents and 103,4 cents. Key...
Sirius Real Estate: 1H FY26 trading and valuation update
Key message: Sirius released an operating update for the 1H FY26 trading period. The group is performing in line with expectations, with steady core growth (lfl rent roll +5.2% y/y) enhanced by the impact of recent acquisitions, leading to +15.2% y/y growth in group...
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New Vehicle Sales – September 2025 Key message: Passenger sales continue to recover and light commercial sales also indicate an industrial recovery. NAAMSA released September 2025 new vehicle sales. Passenger and LCV sales increased 24.3% YoY with passenger sales up...
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Key message: Pulp, paper and packaging markets remain broadly stable WoW, with muted movements across Europe. View Presentation
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📄Key message: While EBITDA is set to improve QoQ, profitability remains sharply lower YoY (-50%+), underscoring how fragile the recovery still is. Sappi is working to protect balance sheet flexibility — negotiating covenant headroom, cutting capex to < $300mn,...
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Key message: The share buyback should make up for a flat local result but a tariff-impacted Kian Ann performance. We had a pre-close update with management. Key takeaways from the update: The overall market in South Africa remains competitive with little top-line...
PPC – Trading Update
Key message: A remarkable operational turnaround continues to boost EBITDA margins despite a weak cement market. PPC released a Trading Update for the four months to July 2025. Key takeaways from the update: PPC has continued to improve its margins despite the weak...
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Key message: The business model continues to allow for steady constant currency growth. Bidcorp recently reported FY25 results. HEPS increased by 5.6% (+9.6% on a constant currency basis) to 2562.7c on a 4.3% and 6.4% increase in revenue and operating profit...
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Key message: Despite pressure in some divisions, Bidvest should continue to grow faster than the local economy. Bidvest released FY25 results recently. HEPS declined by 3.2% (normalised HEPS +1%) on a 5% and 1% increase in revenue and trading profit respectively. A...
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Key message: Pulp markets steadied, but Graphic Paper and Containerboard weakened. Dissolving pulp firmed to $816/t, while VSF held flat, underpinned by strong mill runs and lean inventories. View Presentation