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: With rising new car sales and a recovering car hire market, CMH should have a stronger 2H. CMH released 1H FY26 results with HEPS up 23% to 218.6c off a 16% and 14% increase in revenue and operating profit respectively. The gross profit margin declined to...
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Key message: The Bankenveld project secures a long-term pipeline with a strategic focus to reduce the number of projects under development. Calgro released 1H FY26 results. HEPS declined 18% to 82.86c on a 9.3% decline in revenue. The gross profit margin remained...
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Key message: Pulp markets are showing early signs of recovery, while graphic paper prices continued to edged lower and packaging markets remained broadly stable. View Presentation
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Key message: Q3 2025 confirmed a two-speed market: pulp prices slumped sharply, graphic paper remained structurally weak, while packaging showed mixed movements—kraftliner strengthened amid broad softness in recycled grades. View Presentation
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Key message: Prolonged market weakness and muted demand momentum drive another earnings setback. Persistent cyclical headwinds, coupled with oversupply, reinforce Mondi’s pivot toward free cash flow generation. View Presentation
Afrimat – Trading Update
Key message: External factors continue to impact Afrimat – but the operational performance is improving. Afrimat released a Trading Update for the six months to August 2025. HEPS is expected to increase by 90-95% to to be between 100,7 cents and 103,4 cents. Key...
Sirius Real Estate: 1H FY26 trading and valuation update
Key message: Sirius released an operating update for the 1H FY26 trading period. The group is performing in line with expectations, with steady core growth (lfl rent roll +5.2% y/y) enhanced by the impact of recent acquisitions, leading to +15.2% y/y growth in group...
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New Vehicle Sales – September 2025 Key message: Passenger sales continue to recover and light commercial sales also indicate an industrial recovery. NAAMSA released September 2025 new vehicle sales. Passenger and LCV sales increased 24.3% YoY with passenger sales up...
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Key message: Pulp, paper and packaging markets remain broadly stable WoW, with muted movements across Europe. View Presentation
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📄Key message: While EBITDA is set to improve QoQ, profitability remains sharply lower YoY (-50%+), underscoring how fragile the recovery still is. Sappi is working to protect balance sheet flexibility — negotiating covenant headroom, cutting capex to < $300mn,...