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 PossibleForestry & Paper: Clearwater Paper Q2 2025 Results (North American Consumer board Insights)
Key message: Mixed demand signals with SBS shipments declining in the second quarter, while backlogs grew. Current downcycle is primarily driven by oversupply. Looking ahead, RISI expects industry capacity to be reduced by approximately 350Kt in 2026, which should...
Forestry & Paper: Mondi H1 25e Results Insights
Key message: We anticipate EBITDA of €584mn (€567mn excluding the forestry fair value gain). We expect basic underlying EPS of €0.49/share, down -3% YoY. Accordingly, we expect the interim DPS to be stable YoY at €0.23/share. Following the Schumacher acquisition (EV:...
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European uncoated woodfree (Mondi) and Paper Pulp Key message: UWF markets remain under pressure in Europe (-8.6% y-t-d), while North America’s structural deficit keeps prices resilient despite softer demand. Capacity cuts (~780kt) and tariff risks tighten supply,...
Forestry & Paper: UPM Second Quarter Results
Paper Pulp, European Graphic Paper & Specialty Insights Key message: UPM plans major graphic paper capacity cuts, yet further rationalisation remains necessary. Meanwhile, tariffs and a weaker dollar are disrupting European shipments into the US, amplifying market...
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Key Message: Both containerboard and consumer board deliveries improved by +4% YoY, while European deliveries were stable YoY compared to growth of +2.6% YoY in the first quarter. Demand in the packaging segments is expected to remain stable in the third quarter,...
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Key Message: Germany’s P&B producers are keeping production closely aligned with deliveries, pointing to a disciplined supply response in a soft demand environment (-2,6% YoY) driven by broad-based weakness across most grades. Graphic paper saw the steepest...
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Key message: A strong recovery in 1H FY25 and good progress in the non-core sales boosts AECI’s prospects. AECI released a Trading Statement for the six months to June 2025. EBITDA is expected to grow by 24% and operating profit to decline by 6% (impacted by a R320m...
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Key Message: Q2 was weighed down by worsening conditions in Europe, where cartonboard and containerboard markets struggled with oversupply and weak demand. EBITDA margins collapsed, further hit by a major maintenance shutdown. In contrast, North America remained...
Forestry & Paper: Weekly Price Update
Key message: Pulp prices continued to slide in both Europe and China, reflecting persistent market weakness, while kraftliner held steady despite sharp drops in testliner and OCC. In the textile segment, dissolving wood pulp prices remained stable, but viscose staple...
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Key message: Sack kraft demand softens further into Q3, with prices easing from early-year highs. Nordic Paper highlights volume pressure and margin squeeze from weak demand—though lower pulpwood costs should offer some relief. View Presentation