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.
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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...
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Key message: Europe remains under strain, with a second straight quarter of negative EBITDA. Even excluding planned maintenance, operations stayed below cash break-even. Sylvamo’s integrated mills make up ~12% of regional UWF capacity, but low pulp prices are keeping...
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Key message: Europe’s pulp and graphic paper markets remain under pressure, with kraftliner prices finally breaking after weeks of steady testliner declines. Meanwhile, sentiment is lifting as DP prices edge higher and Chinese VSF producers express cautious optimism...
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European Fibre Pack. (Mondi); Paperboard; European Flexibles (Mondi); US food services (Sappi) Key message: Demand for foodservice packaging softened during the quarter. Meanwhile, demand for Flexible Packaging remained soft, and sales prices improved. View...
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European Containerboard & Corrugated (Mondi) & North American Consumer board (Sappi North America) Key message: European corrugated volumes were broadly stable in the second quarter, easing from the first quarter. While there is little to indicate a rapid...
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Self-adhesive labels Insights (read-through for Sappi Europe) Key message: North America experienced strong volume growth, especially in film categories & Europe saw a decline. While they have seen some signs of apparel industry improvement exiting Q2, the outlook...
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Key message: Global pulp markets remained under pressure in July, with persistent declines across all grades. Graphic paper continues to struggle with structural demand weakness, while US coated grades stand out on firmer pricing. Packaging markets were mixed with...
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Key message: Sappi will report third quarter results tomorrow. We expect adjusted EBITDA of around $91mn and adjusted EPS of -$0.01. View Presentation
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New Vehicle Sales – July 2025 Key message: Passenger car sales hit highest level since Jan 2017 as interest rate reductions inject stimulus into the market. NAAMSA released July 2025 new vehicle sales. Passenger and LCV sales increased 17.6% YoY with passenger sales...