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: The good trading conditions of 2H FY24 have not flowed through into FY25. Hudaco reported 1H FY25 results. Operating profit increased by 1.5% despite a 2.4% decline in revenue. HEPS increased by 19.6% (Comparable HEPS up 6.1%) and an interim dividend of...
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Key message: Declining finance costs and a new car sale recovery bode well for an earnings recovery into FY26. Motus recently released a Trading Update for FY25. HEPS is expected to be flat on FY24 with operating profit expected to decline by 2-4% balanced by finance...
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Key message: The South African businesses are being impacted by external factors and weak demand. AECI released a Trading Update for the five months to May 2025. Revenue declined by 2.2% but EBITDA and operating profit increased by 12% and 17% respectively on an...
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Key message: Pulp prices softened further in Europe and China. Containerboard gained further momentum, led by Kraftliner, while OCC extended its decline. In textiles, DP prices fell further, and the DP/pulp spread narrowed. VSF prices were stable, however, operating...
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New Vehicle Sales – June 2025 Key message: New car sales continue the strong performance and passenger sales increase 15.2% for the six months to June 2025. NAAMSA released June 2025 new vehicle sales. Passenger and LCV sales increased 19.1% YoY with passenger sales...
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Key message: A solid performance in a weak market. Invicta is growing market share and targeting growth through acquisitions. Invicta released FY25 results. Sustainable HEPS of 553c increased by 13% on a 6% and 16% increase in revenue and sustainable operating profit....
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Key message: The portfolio clean-up is now largely over with the closure of Cockett Marine. Grindrod issued a Trading Update for the five months to May 2025. The half has been characterised by a weak 1Q followed by a better performance from March, particularly in...
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Key message: Pulp prices softened further across the regions, while containerboard saw improving momentum. Wastepaper extended its decline. In textiles, DP imports fell, and the DP/pulp spread narrowed, but stable VSF prices and lower input costs lifted VSF margins...
Forestry & Paper: Weekly price update
View Presentation Key message: Paper pulp prices dropped sharply in Europe, helping graphic paper margins, but dissolving pulp (DP) continues to slide, hitting $804/t as VSF markets weaken further. Containerboard remains stable, though OCC softened again.
Afrimat – Earnings Update
Key message: The promise of earnings growth and stable operations needs to be delivered on in FY26 to maintain operating credibility. Afrimat recently hosted an Investor Day and we update our earnings after this event. Key takeaways from the event: Afrimat has been...