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: Management credibility has taken a hit, and it is difficult to place faith in management guidance at present. KAP released FY25 results. HEPS declined 47% to 24.1c on a 2% increase in revenue and 14% decline in operating profit. Finance costs were higher...
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Key message: Italtile is responding to increased competition by improved operational efficiencies and new products. Italtile released FY25 results. System-wide revenue (including franchises) declined by 2% with continued pressure in the Manufacturing division from...
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Key message: Europe’s pulp markets remain weak, offering some margin relief for graphic paper. Kraftliner held steady, but testliner and OCC continued to slide. Meanwhile, sentiment stays constructive with DP and VSF prices edging higher, as Chinese VSF producers...
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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...