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 PossibleMpact – Trading Update
Key message: Investments in capacity should ensure organic growth over the medium-term. Mpact released a Trading Update. HEPS from continuing operations is expected to be down 18-28% to 88-100c. Takeaways from the Trading Update: The update is weaker than expected...
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Key message: Lower wood costs (> -5%) in the Nordics to help support margins in the second half. The Specialty cellulose market is now expected to tighten sooner than 2030. View Presentation
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Key message: The Electrical Engineering division has ample spare capacity for anticipated demand growth. Key takeaways from the CMD: the site visits highlighted the opportunity for growth in African Cables through more infrastructure spending (HV, MV and LV cables)...
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Key message: Testliner remains under pressure from oversupply and sub-90% utilisation, with prices expected to ease further alongside OCC, keeping margin pressure elevated despite slow market rationalisation. View Presentation
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📦 Key message: The North American P&W paper market remained more resilient than Europe in May, though both regions continue to face pressure. European demand contracted by -13% YoY, outpacing the -4% decline in North America. Operating rates remained under strain...
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Keymessage:Q2 2025 confirmed a three-speed market: pulp remained weak, graphic paper stayed structurally challenged, and packaging rallied sharply—led by surging recycled fibre costs and broad-based containerboard strength. View Presentation
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Key message: Pulp prices continued to decline in Europe and China. Kraftliner softened while testliner dropped further and OCC dropped sharply. In textiles, DWP and VSF prices remained stable, with a slight improvement in profitability as VSF margins rose and...
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Key message: Sappi Europe is set to streamline its Alfeld Mill operations, cutting ~3% of capacity and up to €20mn in fixed costs as it confronts structural demand decline and high-cost pressures. 📄Sappi Europe has launched a consultation process at its Alfeld...
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Key message: Despite pressure in some divisions, Bidvest should continue to grow faster than the local economy. We update our forecasts for Bidvest. We expect HEPS to grow marginally in FY25 as Bidvest continues to squeeze earnings out of weak South African economy....
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Key message: The business model continues to allow for steady constant currency growth. We update our earnings forecast post the Trading Update in May and prior to FY25 results. Key takeaways: Bidcorp continue to grow steadily despite near zero food inflation across...