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 PossiblePPC – 1H FY26 Results
Key message: Impressive EBITDA expansion continues with the new RK3 plant due to boost margins even further. PPC released 1H FY26 results. HEPS increased by 15% to 25c on a 6.2% and 23.5% increase in revenue and EBITDA respectively. Adjusted for unrealised foreign...
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Key message: A solid performance in a weak market. Invicta is growing market share and targeting growth through acquisitions. Invicta released 1H FY26 results. Sustainable HEPS of 285c increased by 19% on a 6% increase in revenue and sustainable operating profit...
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Key message: Paper pulp prices in Europe remain broadly stable across both market pulp and graphic paper grades, but containerboard continues to face pricing pressure amid persistent overcapacity. Despite elevated VSF operating rates and lean inventory days in China,...
SRE: 1H FY26 results and valuation update
Key message: Sirius’ 1H FY26 results reflected a continuation of stable core rent roll growth, in addition to c. EUR336mn of property acquisitions completed or notarised so far in FY26 (which will meaningfully contribute to FFO per share growth in 2H FY26 and FY27)....
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Key message: A weak 2H should be considered in the context of a growing car parc and improved medium-term opportunities. WeBuyCars released FY25 results. Core HEPS increased by 13.3% to 224.6c on a 13.1% and 9.7% increase in revenue and core operating profit. HEPS was...
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Key message: Pulp momentum resumed this week, tightening the screws on Europe’s non-integrated paper producers as fibre costs rise. Meanwhile, graphic paper and containerboard markets remain subdued, with pricing under pressure. View Presentation
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Key message: A good result from the core operations, with improving medium-term growth prospects in the international markets. Omnia released 1H FY26 results. HEPS increased by 11% to 320c on a 3% and 12% increase in revenue and operating profit respectively. The...
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📦 Key message: European and North American printing & writing markets remained subdued, with September data confirming ongoing structural weakness across coated grades. In Europe, both apparent demand and shipments slipped again, keeping CWF and CM operating rates...
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Keymessage: Navigator defies UWF downturn and positions ahead of the pulp recovery.Paper and packaging volumes rose +15% YoY despite a –6% European UWF market contraction, while distressed peers like Sylvamo (694kt/yr) face mounting pressure. Pulp demand rebounded +8%...
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Key message: A more balanced European containerboard supply-demand environment is unlikely before 2027–2029 without further closures. Norske Skog anticipates broadly stable pricing through Q4 25 and into 2026. Cash burn in Norske’s Containerboard segment increased...