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: The stronger ZAR impacts revenue but improves the competitiveness of the imported brands. We update our earnings for the strengthening ZAR and full six-month data for car sales in 1H. Key takeaways from the update: ZAR strength is beneficial for the...
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WeBuyCars – GoBid Acquisition Key message: A seeming astute acquisition in an adjacent business that should benefit from WBC’s data processing knowledge. WeBuyCars announced the acquisition of 49% of GoBid, a digital auction platform that focuses on the buying and...
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New Vehicle Sales – December 2025 Key message: 2025 saw a 20.1% increase in passenger car sales, boosted by the influx of affordable cars from Asian manufacturers. NAAMSA released December 2025 new vehicle sales. Passenger and LCV sales increased 20.5% YoY with...
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Key message: Only pulp improved modestly QoQ, though prices remain well below last year. Graphic paper continued its structural decline, with US CFS the sole exception, while packaging prices weakened as earlier gains were eroded, led by recycled containerboard. View...
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Key message: It looks like a strong 2H performance on the back of this operational update. Grindrod released an operational update for the 11 months to November 2025. Key takeaways from the Update: Despite weak commodity prices volumes appear to have held up well....
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Key message: A restructured Nampak can look forward to structural growth in the beverage can market in the medium-term. Nampak announced FY25 results. HEPS from continuing operations of 10322c was reported, although a normalised 7600c is more reflective of the...
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Key message: Strong medium-term growth is expected in the cables and defence clusters. Reunert released FY25 results. HEPS declined by 5% (flat excluding the once-off Covid R74m Covid claim in FY24) off a 3% and 10% decline in revenue and operating profit...
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Key message: Pulp, graphic paper, and containerboard markets were broadly stable. VSF prices declined further despite firm Chinese operating rates and lean inventory levels. DP prices slipped to $802/t, and pressure on the DP market continues to intensify as VSF...
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Key message: Global pulp prices edged higher again in November, extending the recent upward trend. In Europe, graphic-paper markets remained weighed down by entrenched structural demand weakness, while US coated grades showed notable resilience, improving +6% YoY (+3%...
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Key message: Pricing in Europe improved modestly, with gains across both market pulp and graphic-paper grades, but containerboard remains under pressure. VSF prices eased slightly even as Chinese operating rates continued to firm and inventory days stayed lean. DP...