Chronux Research

The leading independent research firm in South Africa

Chronux 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

Making It Possible

Restricted content

Key message: A solid performance in a weak market. Invicta is growing market share and targeting growth through acquisitions. Invicta released FY25 results. Sustainable HEPS of 553c increased by 13% on a 6% and 16% increase in revenue and sustainable operating profit....

Restricted content

Key message: The portfolio clean-up is now largely over with the closure of Cockett Marine. Grindrod issued a Trading Update for the five months to May 2025. The half has been characterised by a weak 1Q followed by a better performance from March, particularly in...

Restricted content

Key message: Pulp prices softened further across the regions, while containerboard saw improving momentum. Wastepaper extended its decline. In textiles, DP imports fell, and the DP/pulp spread narrowed, but stable VSF prices and lower input costs lifted VSF margins...

Forestry & Paper: Weekly price update

View Presentation Key message: Paper pulp prices dropped sharply in Europe, helping graphic paper margins, but dissolving pulp (DP) continues to slide, hitting $804/t as VSF markets weaken further. Containerboard remains stable, though OCC softened again.

Afrimat – Earnings Update

Key message: The promise of earnings growth and stable operations needs to be delivered on in FY26 to maintain operating credibility. Afrimat recently hosted an Investor Day and we update our earnings after this event. Key takeaways from the event: Afrimat has been...

Restricted content

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...

Restricted content

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...

Restricted content

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,...

Restricted content

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...