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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Download Presentation European Graphic Paper Statistics 📦 European P&W markets remained under pressure in April, with no signs of recovery: Apparent demand dropped -11% YoY (-10% YTD), while shipments fell -5% YoY (-9% YTD). Capacity cuts remain insufficient (-6%...
PPC – FY25 Results
Key message: A remarkable operational turnaround has boosted EBITDA margins despite a weak cement market. PPC released FY25 results. HEPS increased 110% to 40c on a 1.9% decline in revenue and 28% increase in EBITDA. An ordinary divided on 17.6c was declared to add to...
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Key message: A good result from the core operations, with improving medium-term growth prospects in the international markets. Omnia released FY25 results. HEPS increased by 2% to 704c on a 3% and 0% increase in revenue and operating profit respectively. The operating...
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Key message: A good turnaround in Diversified and Angola and strong demand for wide body cans complements the benefits of the successful asset disposal and debt reduction process. Nampak announced 1H FY25 results. HEPS from continuing operations of 5684c was reported,...
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Key message: Market share growth continues with expansion into new regions. WeBuyCars released 1H FY25 results. Core HEPS increased by 1.6% to 121.8c on a 15.2% and 19.8% increase in revenue and core operating profit. HEPS was impacted by the issue of 83.2m shares in...
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New Vehicle Sales – May 2025 Key message: Another strong passenger month as dealers aggressively discount vehicles. Light commercial sales continue recover from April. NAAMSA released May 2025 new vehicle sales. Passenger and LCV sales increased 23% YoY with passenger...
Sirius Real Estate: FY25 results and valuation update
Key message: Sirius delivered impressive group FFO growth in FY25 (+11.8% y/y) – driven by acquisitive growth, yield-enhancing capex initiatives and strong operating and financial performance of the German and UK portfolios. With the dilutive impact of the FY25 equity...
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Key message: A substantially better 2H is expected and structural tailwinds should propel earnings growth in the medium-term. Reunert released 1H FY25 results. Revenue and segmental operating profit from continuing operations declined by 5% and 12% respectively. HEPS...
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View Presentation MoM price moves 📦 Pulp: Pulp prices weakened across most regions in May. European NBSK was flat MoM, but BHKP dipped -2%. In China, prices declined more sharply: NBSK fell -8% and BHKP -6%. Sappi’s key dissolving pulp grade (DWP) dropped -6%...
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Key message: The rental market has become very competitive and we are concerned over residual values. Zeda released 1H FY25 results. HEPS increased by 11.2% to 184.1c on a 1.6% and 3.1% decline in revenue and EBITDA respectively. Operating profit increased by 5.4% due...