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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Hardwood paper pulp prices soften in China, while dissolving wood pulp is stable: London Pulp Week provided a cautious tone heading into H1 25e with the rising trend in producer inventories (current BHK inventory upcycle is the fourth largest on record). This...
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Key message: Russia looks to wound down as compliance complexity increases amid the potential export control violation. Barloworld released FY24 results. HEPS declined 12% to 1022c on an 7% and 13% decline in revenue and operating profit from core activities...
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Key message: A re-rating is expected with signs of a recovery in South Africa and growth internationally off a strong balance sheet. Invicta released 1H FY25 results. Sustainable HEPS of 240c declined by 14% on a 2% and 7% increase in revenue and sustainable operating...
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Key message: Solid result with growth expected in the manufacturing businesses in the local and export markets. Reunert released FY24 results. Revenue and segmental operating profit increased by 5% and 7% respectively. HEPS increased 10% to 665c and a final dividend...
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Paper pulp prices were mostly stable in Europe and China this week: Meanwhile, US hardwood pulp prices have slumped by -$25/t due to increased competition and oversupply, while softwood pulp prices softened by -$5-10/t. Utipulp statistics for October confirmed that...
PPC – 1H FY25 Results
Key message: A major strategic overhaul should boost efficiencies and margins and lower costs. PPC released 1H FY25 results. HEPS increased 10% to 22c on a 4.2% and 1% decline in revenue and EBITDA respectively. A special dividend of 33.5c (65% of the proceeds of the...
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Key message: Good volume growth and contract wins characterised the result – on the back of improved security of supply. Omnia released 1H FY25 results. HEPS increased by 2% to 288c on a 5% and 17% increase in revenue and operating profit respectively. The operating...
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Paper pulp prices slump further in Europe (hardwood -6%, and softwood -1%) while broadly stable in China: CMPC expects stable hardwood paper pulp prices in China for the fourth quarter, while being slightly more positive heading into 2025. In other news, Arauco's...
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Key message: The business model continues to allow for steady constant currency growth. Bidcorp released a Trading Update for the 4 months to October 2024. Constant currency sales increased by 7% through the period. Food inflation was 2% (and declining post the food...
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Key message: Scope for further order book growth along with strong execution points to further earnings growth. Raubex reported 1H FY25 results. HEPS increased 50% on a 30% and 35% increase in revenue and operating profit. An interim dividend of 94c (3x cover) was...