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
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Key message: Consistent acquisitive growth keeps Hudaco growing at a relatively strong pace. Hudaco reported FY25 results. Revenue and operating profit increased by 4% and 9% respectively. HEPS increased by 16% (Comparable HEPS up 10%) and a final dividend of 770c was...
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Super Group – DIG Acquisition Key message: The announced DIG Group acquisition is earnings enhancing and announces a home-grown acquisition strategy. Super Group announced the acquisition of 70% the DIG Group, a contract mining and earthmoving business and a plant and...
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Key message: A weak update with the announcement of the exit of recently acquired AMCO. Super Group released a Trading Statement. HEPS from continuing operations is expected to be between 150c – 160c (+24% - 32%). Key takeaways from the Update: after the disposal of...
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Key message: The contemplated close of the Springs Mill highlights the continued de-industrialisation trend in South Africa. Mpact announced the contemplated discontinuation of the Springs Mill (cartonboard) due to import competition coming in at 20% below the cost of...
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Key message: Pulp price momentum continued in Europe; however, elevated hardwood inventories could increase near-term downside risk. Graphic paper prices remained under pressure. Meanwhile, Fastmarkets expects demand to potentially contract by -10% in 2026....
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Key message: Despite pressure in some divisions, Bidvest should continue to grow faster than the local economy. We update our Bidvest forecasts after the strengthening of the ZAR. Our HEPS forecasts for FY26 and FY27 decline by 3.7% and 5.4% respectively. We reduce...
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Key message: The business model continues to allow for steady constant currency growth. We update our earnings forecasts for Bidcorp after the strengthening of the ZAR. We reduce our FY26 and FY27 HEPS by 3.8% and 4.6% respectively. Trading conditions remain...
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Key message: Zeda delivered a good performance in a competitive market. Zeda released FY25 results. HEPS increased by 15.7% to 361c on a 1.7% and 10.8% increase in revenue and operating profit respectively. A final dividend of 123c (total 181c) was declared,...
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📦 Key message: European and North American printing & writing markets remained under sustained pressure in October, with data showingthestructural weakness across coated grades. In Europe, both apparent demand and shipments slipped further, keeping CWF and CM...
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Key message: In a subdued market KAP has been able to steady the ship through higher throughput and debt reduction. KAP released a Trading Statement on 10 December 2025. We update our forecasts based on the statement. Key takeaways from the Statement: 1H FY26 should...