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
Making It PossibleRestricted content
Paper pulp prices were mostly stable in Europe, while prices in China ticked up by +1%: Eldorado has also confirmed a BEK pulp price increase starting in March, with a $20/t hike in Asia and a $60/t increase in North America and Europe. This marks the company's third...
Restricted content
Key message: Q4 EBITDA remained stable YoY and improved QoQ, with notable strength when adjusting for forestry fair value losses and maintenance. Mondi expects further EBITDA uplift in 2025 from recent expansions. Positive demand signals are emerging across packaging...
Metair – Trading Update
Key message: With Mutlu sold the strategy to focus on simplifying the capital structure is making good progress. Metair released a Trading Update for FY24. The year was characterised by cost reduction, optimising manufacturing and production efficiencies,...
Restricted content
Weekly wrap-up: Hardwood paper pulp continues to rise in Europe, negative for non-integrated producers such as Sappi Europe. Mixed moves for graphic paper prices this week, notably, Uncoated woodfree softened by -0.7% in Europe (negative for Mondi’s Uncoated Fine...
Restricted content
Key message: Trading conditions improved in the latter part of the years and good growth is expected into FY25. Hudaco reported FY24 results. Revenue and operating profit declined 5.8% and 6% respectively. HEPS declined by 6.3% and a final dividend of 700c was...
Forestry & Paper: Sappi Q1 25A Insights
Key message: Sappi's Q1 25A results exceeded our expectations, with adjusted EBITDA rising by +56% YoY and -10% QoQ to $203mn. Net debt declined by -1% QoQ to $1.406bn, resulting in a net debt-to-EBITDA ratio of 1.8x. As anticipated, guidance for Q2 points to a...
Restricted content
New Vehicle Sales – January 2025 Key message: Robust passenger sales continue with mixed performance from commercial vehicles. NAAMSA released January 2025 new vehicle sales. Passenger and LCV sales increased 10.9% YoY with passenger sales up 18.3% YoY. Light...
Restricted content
Key message: A tough environment for the continuing operations with weak earnings expected in FY25. Super Group released a Trading Statement for 1H FY25. HEPS from continuing operations (SG Fleet and inTime are classified as discontinued) is expected to be between 97...
Restricted content
Paper pulp prices largely stable (Sappi and Mondi read-through): Similar to Suzano, Eldorado is also implementing a price increase of $20/t for sales in Asia and $60/t in North America and Europe. Recently, Paper Excellence had its shareholder rights (49.41% stake)...
Restricted content
Key message: FY24 earnings will be impacted by the unrest in Mozambique balanced by increased volumes in the SA ports. Grindrod released a Trading Statement in December 2024 for the 11 months to November 2024. The price of Grindrod’s drybulk portfolio of commodities...