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: Germany’s P&B producers are keeping production closely aligned with deliveries, pointing to a disciplined supply response in a soft demand environment (-2,6% YoY) driven by broad-based weakness across most grades. Graphic paper saw the steepest...
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Key message: A strong recovery in 1H FY25 and good progress in the non-core sales boosts AECI’s prospects. AECI released a Trading Statement for the six months to June 2025. EBITDA is expected to grow by 24% and operating profit to decline by 6% (impacted by a R320m...
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Key Message: Q2 was weighed down by worsening conditions in Europe, where cartonboard and containerboard markets struggled with oversupply and weak demand. EBITDA margins collapsed, further hit by a major maintenance shutdown. In contrast, North America remained...
Forestry & Paper: Weekly Price Update
Key message: Pulp prices continued to slide in both Europe and China, reflecting persistent market weakness, while kraftliner held steady despite sharp drops in testliner and OCC. In the textile segment, dissolving wood pulp prices remained stable, but viscose staple...
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Key message: Sack kraft demand softens further into Q3, with prices easing from early-year highs. Nordic Paper highlights volume pressure and margin squeeze from weak demand—though lower pulpwood costs should offer some relief. View Presentation
Mpact – Trading Update
Key message: Investments in capacity should ensure organic growth over the medium-term. Mpact released a Trading Update. HEPS from continuing operations is expected to be down 18-28% to 88-100c. Takeaways from the Trading Update: The update is weaker than expected...
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Key message: Lower wood costs (> -5%) in the Nordics to help support margins in the second half. The Specialty cellulose market is now expected to tighten sooner than 2030. View Presentation
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Key message: The Electrical Engineering division has ample spare capacity for anticipated demand growth. Key takeaways from the CMD: the site visits highlighted the opportunity for growth in African Cables through more infrastructure spending (HV, MV and LV cables)...
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Key message: Testliner remains under pressure from oversupply and sub-90% utilisation, with prices expected to ease further alongside OCC, keeping margin pressure elevated despite slow market rationalisation. View Presentation
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📦 Key message: The North American P&W paper market remained more resilient than Europe in May, though both regions continue to face pressure. European demand contracted by -13% YoY, outpacing the -4% decline in North America. Operating rates remained under strain...