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 PossibleForestry & Paper: Industry Insights
Second quarter 2024 price snapshot: Pulp prices saw substantial double-digit increases in both Europe and China during the second quarter of 2024. Hardwood prices experienced notably higher increases compared to softwood. In Europe, hardwood prices increased by 31%...
Sirius Real Estate: FY24 valuation update
Key message: Sirius’ FY24 performance met expectations, and marks a continuation of the ability of the management platform to consistently drive stable growth and strong value creation through the long-term and over multiple business cycles. Operational performance:...
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Key message: Polymer margins continue to weaken, but growth seen in rest of divisions. Debt levels remain comfortably within covenants. KAP released an operational update and trading statement for the 11 months to May 2024. HEPS is not expected to differ by more than...
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Key message: Good defensive qualities and offshore exposure should help Invicta maintain earnings in a tough environment. Invicta released FY24 results. Sustainable HEPS of 488c increased 5% on a 6.6% and 8% increase in revenue and sustainable operating profit. Cash...
PPC – FY24 Results
Key message: A resumption of dividend payments is a positive with cement demand at a cyclical low. New management is making changes. PPC released FY24 results. Continuing HEPS moved back to profitability at 19c on a 21% and 39% increase in revenue and EBITDA...
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Key message: Motus highlighted the Mobility Solutions division where interesting innovative initiatives are proving successful. The diversification away from the new car sales cycle continues. Motus held a Capital Markets Day, primarily to showcase the Mobility...
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Key message: A relatively normalised result after as the commodity cycle settles. A special dividend increased the yield to over 12%. Omnia released FY24 results. Adjusted HEPS (ex-Zimbabwe) was flat at 737c on a 16% and 10% decline in revenue and operating profit...
Forestry & Paper: Industry Insights
Pulp prices extend gains, up 2% in Europe but stable in China: Following damaged caused from a rockslide in 2023, Norske Skog plans to initiate a study of aiming to enter the bleached chemi-thermomechanical pulp (BCTMP) market with production at its Saugbrugs mill in...
Raubex – Bauba Site Visit
Key message: Bauba is a relatively low-risk operation with competitive reserves. Raubex hosted a site visit to Bauba Resources (Kookfontein mine). The biggest take-home from the site visit was the low-risk nature of the Bauba operation and availability of reserves and...
Afrimat – Investor Day
Key message: The Lafarge integration is going well with a focus on returning production to normal levels. Afrimat hosted an Investor Day. Lafarge: of key interest was the Lafarge update. The Lafarge acquisition was effective from 23 April 2024. The cement division is...