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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Holmen: Q1 26A Insights European Consumer board and Graphic paper EBITDA declined (-13% YoY | +7% QoQ), with Energy offsetting weaker Board & Paper. Graphic paper and board markets remain pressured by weak demand, underutilisation and elevated energy...
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Huhtamaki Q1 26A Insights European Fibre Pack. (Mondi); Paperboard; European Flexibles (Mondi); US food services (Sappi) EBITDA declined (-5% YoY | -7% QoQ) on FX, weather and higher input costs, partly offset by pricing and efficiencies. Recovery depends on cost...
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Clearwater Paper: Q1 26A Insights North American Consumer board (read-through for Sappi & Smurfit) EBITDA fell sharply on weaker paperboard pricing and ~$15m weather impacts, though ahead of guidance. Demand recovery, lower imports and closures should support...
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International Paper: Q1 26A Insights Q1 EBITDA missed consensus (-4%) on softer demand, weather and cost inflation. Near-term pressure persists, but management still expects a strong H2 recovery from pricing and cost-out actions. Download Presentation Here
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April Price Update Global pulp prices strengthened further in April, extending the recent upward momentum. In Europe, graphic paper markets showed early signs of stabilisation and recovery, while US coated grades remained broadly stable. European packaging markets...
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Smurfit Westrock: Q1 26A InsightsEuropean Containerboard & Corrugated & North American Consumer board EBITDA missed guidance/consensus (-14% YoY I -8% QoQ) on weather and downtime, while tighter packaging/SBS markets support H2 pricing momentum. Download...
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Stora Enso: Q1 26A InsightsEuropean containerboard & Corrugated (Mondi); European Pulp & Wood (Mondi & Sappi) EBITDA softened modestly (-3% YoY I +21% QoQ), as lower wood costs and cost control were offset by adverse FX and the ongoing Oulu ramp-up....
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UPM Q1 Insights Paper Pulp, European Graphic Paper & Specialty EBITDA proved relatively resilient (-6% YoY; +3% QoQ), supported by cost control and lower wood costs, despite ongoing graphic paper weakness. Download Presentation Here
PPC – Possible Heidelberg Bid
Key message: We value PPC at R10 as a deal price should Heidelberg make an eventual offer. Heidelberg Materials has been reported as considering a bid for PPC. Heidelberg has assets in West Africa and has long been a potential suitor for PPC. There is no offer on the...
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New Vehicle Sales – April 2026 Key message: 2026 continues to see good growth in passenger and LCV sales. NAAMSA released April 2026 new vehicle sales. Passenger and LCV sales increased 13.2% YoY with passenger sales up 14.3% YoY. Light Commercial sales increased by...