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 PossiblePPC: Feedback from Mgmt. Call
Key message: The cement market is very weak. Short term relief depends on government intervention (tariffs, infrastructure program). PPC’s balance sheet is under pressure but not in trouble, but debt restructuring negotiations continue. Cement marketCement volumes...
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Feedback from Management Meeting Key message: The Logistics sector has had a tough six months! OneLogix provides some useful see-through to Super Group, KAP and Imperial Logistics. OneLogix reported a decline in trading profit of 18% (on a 1% increase in revenue) as...
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Key message: Volatility is the new normal for KAP, with all chemical segments displaying weak and fluctuating margins. This will all settle – but understanding the trading range is proving difficult. Download
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Comments from Management Presentation Key message: The Novated Lease market in Australia now seems to be a mature market – competition is fierce, and margins are falling. Consolidation is due – and SG Fleet seem on the prowl. Net Revenue: down 4.5%Management and...
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Key message: Climate change concerns are driving REAL change in the allocation of capital – displacing the traditional ESG framework On 15 January 2020 the CEO of BlackRock, Larry Fink, used the following phrase in his annual letter to CEO’s”“I believe we are on the...
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Key message: Super Group needs to pay a dividend to regain some investor confidence. The Australian exposure may well be becoming an albatross for management – an exit may need to be considered. Super Group has underperformed relative to peers for three reasons, in...
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Key message: Motus should stay local – car dealerships are a hands-on business making remote management difficult Motus has a strong market share and market presence in South Africa – while new car sales may be under pressure the integrated model of car import &...
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Key message: Imperial faces short-term earnings challenges and may try to acquire growth (but with a weak acquisitive track record) The Logistics sector in South Africa remains under pressure with volumes declining and margins under pressure.Anecdotal evidence...
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Key message: Foodservice remains a growth sector with little sign of significant new competition. However, the coronavirus impact on global travel should have a short-term negative impact. Bidcorp has steadily grown post the unbundling from Bidvest through organic and...
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Mongolia is a mineral-rich country in Central Asia that boasts significant proven deposits of gold, copper, iron ore and coal. 1130 mineral deposits and 7668 mineral occurrences encompassing 80 different commodities had been discovered and recorded in Mongolia. Mining...