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: 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...
PPC – 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