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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📦 March Wrap-Up: European pulp prices continued to rise, with BHKP up +4% MoM (-5% YoY), adding cost pressure for non-integrated players like Sappi Europe. In China, the pulp market remained firmer, with BHKP up +2% and NBSK up +2% MoM. Dissolving pulp (DWP) prices...
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📦 Paper pulp prices take a breather, while industry statistics point to rising to lower consumption in Europe with higher inventories: February Europulp statistics showed that pulp stocks rose by +24% YoY but edged down -1% MoM, reaching 1.44Mt. According to Utipulp...
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Key message: A better 2H is expected after a weak 1H. Post the SG Fleet sale dividend of R16.30 the rump does look undervalued. We update our forecasts post the 1H FY25 results, where HEPS declined by 24% to 104.8c off a 7.6% and 13% decline in revenue and operating...
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📦 Short-term sentiment for DP is turning negative, prices could fall a further $30–50/t. This shift is attributed to the viscose industry's increased blending of paper pulp to reduce costs, as well as changes in purchasing strategies from companies like Sateri, which...
PPC – Capital Markets Day
Key message: A bold defensive move to build a new 1.5mtpa integrated cement plant in the W Cape to retain control of the region. PPC held a Capital Markets Day. Along with the Trading Update released earlier in the month PPC is showing a more commercial focus with...
Reunert – Pre-Close Update
Key message: Structural tailwinds bode well for medium to long-term growth in global armaments and renewable energy. We had a pre-close update with Reunert management. With respect to the guidance they provided at the FY24 results, 1H FY25 will be a tough period with...
Metair – FY24 Results
Key message: With Mutlu sold and Hesto due to be consolidated the group becomes much simpler to evaluate. Metair released FY24 results. The year was characterised by significant progress in the business restructuring - cost reduction, optimising manufacturing and...
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📦 Strategic transformation: International Paper (IP) is positioning itself as a differentiated, sustainable global packaging leader, following its acquisition of DS Smith. The strategy is built on a focused 80/20 performance system to prioritize top customers:...
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Summary:Â Overall volumes were stable across all regions, though pricing pressure persisted globally. Variable costs were notably higher in South Africa and North America, driven by planned maintenance shuts and the Somerset conversion. The Somerset conversion resulted...
Grindrod – FY24 Results
Key message: Medium-term growth projects should add to the steady growth of the Port of Maputo. Grindrod reported FY24 results. Core segmental EBITDA declined by 20% (core segmental EBITDA margin falling to 27% from 34%) and core headline earnings at 150c was down 26%...