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 PossibleRestricted content
Key message: In the absence of certainty, we adjust our numbers to reflect 3-months of lost revenue to test robustness. We adjust our earnings to reflect an assumed 3-month loss of business due to the lockdown restrictions. The impact and extent of the lockdown can...
MM Karton: Europe’s largest carton producer
Order books are strong, for now: All of their assets are operating and the expect this to continue. They are seeing good demand from consumer staples and pharma. April was full, end of May/June could be different. Changing of the guard: With Peter Oswald the CEO from...
Sasol: Reviewing forecasts – just too many binaries…
Key assumption changes: We have adjusted our key assumptions for the remainder of FY20 and FY21 and have lowered our FY20 HEPS estimate by 64% to R3.30/share. We have trimmed the FY21 estimate by 3% to R19.15 as the weaker rand offsets lower prices....
Nampak – Adjusting for Corona Impact
Key message: In the absence of certainty, we adjust our numbers to reflect 3-months of lost revenue to test robustness. We adjust our earnings to reflect an assumed 3-month loss of business due to the lockdown restrictions. The impact and extent of the lockdown can...
Klabin: Largest packaging producer in Brazil
Decline in pulp demand from P&W more than offset from increased tissue demand: Visibility is low for everyone, but China is back on track and “almost back to normal”. China inventories could normalise by the end of April/May. April price increase of USD 30/t...
Sasol: Monday update – chemicals – they all fall down
Asian polymer prices lower: Asian polymer prices, reported this morning, moved sharply lower and only PVC prices did not decline. LDPE prices were 5% lower at $840/t while LLDPE prices declined 13% to $680/t. Polypropylene prices were 8% lower at $800/tUS prices...
Sasol: Spotlight on earnings – latest profit drivers
Spot earnings for FY21 dropped down to a loss of R14.74/share this week despite the increase in the oil price last night. The oil price increase is not reflected in published product prices and refining margins declined by 52.5% from last week. Petrol...
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Key message: In the absence of certainty, we adjust our numbers to reflect 3-months of lost revenue to test robustness. We adjust our earnings to reflect an assumed 3-month loss of business due to the lockdown restrictions. The impact and extent of the lockdown can...
Restricted content
Key message: In the absence of certainty, we adjust our numbers to reflect 3-months of lost revenue to test robustness. We adjust our earnings to reflect an assumed 3-month loss of business due to the lockdown restrictions. The impact and extent of the lockdown can...
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Key message: The impact of the shutdown has started to significantly impact vehicle sales, and the trend is likely to worsen. Car sales provide a timeous data window for the performance of durable goods. NAAMSA released March 2020 new vehicle sales. Total vehicles...