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 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...
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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...