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 PossibleMotus Holdings – FY25 Results
Key message: Declining finance costs and a new car sales recovery bode well for an earnings recovery into FY26. Motus released FY25 results. HEPS increased 5% off a 1% decline in revenue and flat operating profit. A final dividend of 310c was paid (total dividend...
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Key message: Metair has simplified its capital and reporting structure. The debt restructuring has placed Metair in a more comfortable position. Metair released 1H FY25 results. HEPS recovered to 65c (1H FY24 -3c) on a 53% and 27% increase in revenue and operating...
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Key message: AfroCentric kept operating profits stable (+22% HoH) despite revenue pressure. Administration growth (+6% YoY) offset Retail weakness, while strong cash flows cut net debt -43% YoY (0.4x EBITDA). Membership held firm at 4.0mn lives, with management...
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Key message: Organic growth and improved returns seem to be the strategy going forward – Super Group has work to do in some divisions. Super Group released FY25 results. HEPS decreased by 1.2% to 239.8c on a 1.4% and 8.9% decline in revenue and operating profit...
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New Vehicle Sales – August 2025 Key message: Passenger car sales hit highest level since Jan 2017 as interest rate reductions inject stimulus into the market. NAAMSA released August 2025 new vehicle sales. Passenger and LCV sales increased 19.4% YoY with passenger...
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Key message: Strong organic growth opportunity in being able to supply wide can body stock (CBS) and increase scrap absorption. Hulamin released 1H FY25 results. Normalised HEPS declined 48% to 26c as the wide canbody expansion project was finalised with a shutdown of...
Forestry & Paper: Industry Insights
Key message: Global pulp markets were stable in Europe but showed signs of recovery in China, with BHKP rebounding +4%. Graphic paper softened slightly as LWC declined, while containerboard drifted lower with renewed OCC weakness. Dissolving pulp steadied, though...
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Key Message: Global pulp markets stayed under pressure in August, with most grades extending declines. Graphic paper remained weighed down by structural demand weakness, though US coated grades held firm. Packaging softened as kraftliner and testliner edged lower. By...
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Key message: European pulp markets showed a sign of relief as BHKP and NBSK in EUR edged slightly higher. Meanwhile, testliner fell further, while OCC was stable. Market sentiment stays positive as DP prices edged up, while VSF prices were stable. LD Cellulose has...
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Key message: With the divestiture of Marine Fuels and the Private Equity portfolio the financials become more straightforward. Grindrod released 1H FY25 results. Core revenue declined 8% and core trading profit declined 2%. Core HEPS was flat at 82.3c. A interim...