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: Strong organic growth opportunity in being able to supply wide can body stock (CBS) and increase scrap absorption. Hulamin released 1H FY25 results. Normalised HEPS declined 48% to 26c as the wide canbody expansion project was finalised with a shutdown of...
Forestry & Paper: Industry Insights
Key message: Global pulp markets were stable in Europe but showed signs of recovery in China, with BHKP rebounding +4%. Graphic paper softened slightly as LWC declined, while containerboard drifted lower with renewed OCC weakness. Dissolving pulp steadied, though...
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Key Message: Global pulp markets stayed under pressure in August, with most grades extending declines. Graphic paper remained weighed down by structural demand weakness, though US coated grades held firm. Packaging softened as kraftliner and testliner edged lower. By...
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Key message: European pulp markets showed a sign of relief as BHKP and NBSK in EUR edged slightly higher. Meanwhile, testliner fell further, while OCC was stable. Market sentiment stays positive as DP prices edged up, while VSF prices were stable. LD Cellulose has...
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Key message: With the divestiture of Marine Fuels and the Private Equity portfolio the financials become more straightforward. Grindrod released 1H FY25 results. Core revenue declined 8% and core trading profit declined 2%. Core HEPS was flat at 82.3c. A interim...
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Key message: Management credibility has taken a hit, and it is difficult to place faith in management guidance at present. KAP released FY25 results. HEPS declined 47% to 24.1c on a 2% increase in revenue and 14% decline in operating profit. Finance costs were higher...
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Key message: Italtile is responding to increased competition by improved operational efficiencies and new products. Italtile released FY25 results. System-wide revenue (including franchises) declined by 2% with continued pressure in the Manufacturing division from...
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Key message: Europe’s pulp markets remain weak, offering some margin relief for graphic paper. Kraftliner held steady, but testliner and OCC continued to slide. Meanwhile, sentiment stays constructive with DP and VSF prices edging higher, as Chinese VSF producers...
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📦 Key message: The North American P&W paper market remained more resilient than Europe in June, though both regions continue to face pressure. European demand contracted by -7% YoY, outpacing the -4% decline in North America. Operating rates remained under strain...
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US Containerboard & Corrugated (Mondi & Smurfit); US Uncoated Woodfree (Mondi) Key message: Daily corrugated shipments rose +1.7% YoY, offsetting flat total shipments. PCA expects stronger Q3 corrugated demand to lift containerboard output, while Packaging...