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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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...
Calgro M3 – FY25 Results
Key message: With Bankenveld adding to the development pipeline,Calgro has secured many years of steady organic growth. â—¼ Calgro released FY25 results. HEPS declined 9% to 171.36c on a 33%decline in revenue (construction activities were slowed down in 1H as...
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European Graphic Paper Statistics 📦 The European printing and writing (P&W) paper market remained weak in March, with no signs of demand recovery. Apparent demand fell -9% YoY and -10% for the year to date, while shipments dropped -8% YoY and -11% y-t-d. Capacity...
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MoM price moves for April 2025📦 Pulp: Pulp prices were mixed in April. European softwood grades edged higher with NBSK up +3% MoM and BHKP +5%. However, spot prices in China showed weakness: China BHKP rose modestly (+1%), but NBSK fell -1% and hardwood DWP dropped...
Afrimat – FY25 Results
Key message: A weak result but a better performance is expected in FY26. Afrimat released FY25 results, with HEPS declining 78% to 71.4c on a 36.7% increase in revenue and 59% decline in operating profit. The operating margin declined to 5.7% (from 18.9%) largely due...
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📦 Q1 Expectations: We estimate underlying EBITDA for Q1 at approximately €269mn, representing a +26% YoY increase and a +3% improvement QoQ. Note that Q1 2024 reported EBITDA was €214mn, which included a €32mn one-off loss related to the devaluation of the Egyptian...
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📦 Financial Performance: Net sales declined -2% QoQ but rose +46% YoY, driven by the Augusta acquisition. The QoQ decline reflected a weaker sales mix and -6% lower volumes. However, adjusted EBITDA saw a strong uplift on the back of lower costs, landing at the...
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📦 Kraft Paper Financial Performance (52% of Group EBITDA): Net sales rose by +5% YoY, driven by a +10% YoY increase in average realised selling prices (with sack kraft prices in EUR up roughly +6% YoY). However, volumes declined by -5% from a record high in Q1...
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📦 Q1 Financial Performance: Group EBITDA declined -24% QoQ but rose +19% YoY, coming in +6% above consensus expectations. Net debt increased slightly (+1%), with net debt/EBITDA at 1.0x. Operating conditions were broadly normalized during the quarter. 📦 North America...