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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2024 wrap-up: In 2024, European paper pulp prices rose by +18% YoY, rebounding from the sharp decline in 2023. In China, hardwood pulp prices saw moderate gains, increasing by +5%, while dissolving pulp also showed recovery, rising by +7%. Graphic Paper grades faced...
PPC – New 1.5mtpa W Cape Plant
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 announced the signing of a MOU with Sinoma for a R3bn 1.5mtpa integrated cement plant in the Western Cape. The plant will be built at...
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New Vehicle Sales – December 2024 Key message: Robust passenger sales continue with commercial vehicles lagging. NAAMSA released December 2024 new vehicle sales. Passenger and LCV sales increased 3.0% YoY with passenger sales up 8.2% YoY. Light Commercial sales...
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Key message: Strong Leasing result cushioned the expected margin decline in used car margins in the Rental division. Zeda recently released FY24 results. HEPS declined 18.1% to 311.9c on a 14.5% and 1% increase in revenue and EBITDA respectively. Operating profit...
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Key message: A weak 1H expected with some specific issues that should resolve somewhat into 2H. KAP released a Trading Update for the five months to November 2024. The performance in 1H FY25 is expected to be down on the pcp with a number of specific items impacting...
SRE: 1H FY25 valuation update
The growth engine remains intact: Sirius grew group FFO by +14.5% y/y to EUR60.7mn (1H FY24: EUR53.0mn), driven by group annualised lfl rent growth of +5.5% y/y (Germany +5.8%, UK +4.9%) – comfortably ahead of inflation – and the impact of acquisitions executed over...
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November price insights: European paper pulp prices faced additional pressure, with hardwood falling by -9% and softwood decreasing by -2%. In China, the market showed mixed trends: hardwood slipped by -1%, while softwood and dissolving wood pulp both rose by +1%....
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New Vehicle Sales – November 2024 Key message: Robust passenger sales continue with mixed performance in commercial vehicles. NAAMSA released October 2024 new vehicle sales. Passenger and LCV sales increased 8.5% YoY with passenger sales up 20.0% YoY. Light Commercial...
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Key message: The turnaround process is progressing well and Nampak is well positioned for growth in the core divisions. Nampak announced FY24 results. HEPS from continuing operations of 3361c was reported, although a normalised 5295c is more reflective of the...
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Key message: Management remain confident in the target to double EBITDA by the end of FY26, but the disposal process has slowed. AECI held a Capital Markets Day. An update on the strategic process was provided along with the financial performance for the 10 months to...