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: Margins remain low as cement prices are kept competitive to attract customers through the doors. Cashbuild released FY25 results. Revenue increased by 3% (+5% excluding the 53rd week in FY24). Diluted HEPS increased 10% to 1040c and a final dividend of...
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Key message: The roads sector remains buoyant, and the order book prospects looks healthy in the medium term. We update our earnings following a discussion with management. Key takeaways from the discussion: the roads sector remains buoyant with Raubex winning two...
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📦 Key message: The P&W paper markets in Europe and North America remained under pressure in July, with demand contracting by -6% YoY. Sappi continues to face pronounced weakness in coated grades on both continents, with European CWF demand down -7% YoY and North...
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Key message: Able to maintain the order book at high levels, WBHO remains the go-to large low-risk contractor. WBHO released FY25 results. Overall revenue and operating profit increased by 3.5% and 11% respectively with the operating margin increasing to 5.5%...
Afrimat – Cement Site Visit
Key message: The cement assets are now profitable and Afrimat should have a cost advantage with its ultra-extended cement. Afrimat recently hosted a site visit to their integrated cement plant in Lichtenburg, and we update our earnings after this event. Key takeaways...
Motus Holdings – FY25 Results
Key message: Declining finance costs and a new car sales recovery bode well for an earnings recovery into FY26. Motus released FY25 results. HEPS increased 5% off a 1% decline in revenue and flat operating profit. A final dividend of 310c was paid (total dividend...
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Key message: Metair has simplified its capital and reporting structure. The debt restructuring has placed Metair in a more comfortable position. Metair released 1H FY25 results. HEPS recovered to 65c (1H FY24 -3c) on a 53% and 27% increase in revenue and operating...
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Key message: AfroCentric kept operating profits stable (+22% HoH) despite revenue pressure. Administration growth (+6% YoY) offset Retail weakness, while strong cash flows cut net debt -43% YoY (0.4x EBITDA). Membership held firm at 4.0mn lives, with management...
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Key message: Organic growth and improved returns seem to be the strategy going forward – Super Group has work to do in some divisions. Super Group released FY25 results. HEPS decreased by 1.2% to 239.8c on a 1.4% and 8.9% decline in revenue and operating profit...
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New Vehicle Sales – August 2025 Key message: Passenger car sales hit highest level since Jan 2017 as interest rate reductions inject stimulus into the market. NAAMSA released August 2025 new vehicle sales. Passenger and LCV sales increased 19.4% YoY with passenger...