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: EBITDA slumps -61% YoY as Norske ramps up their recycled containerboard mills. Market rebalancing unlikely before 2027–2029 unless industry supply is cut. Feasibility study at Saugbrugs could add +270–280Kt of kraftliner capacity to the market. View...
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Key message: Group EBITDA fell by -25% YoY and came in -3% below consensus, with Pulp weighing down on the performance. Following two consecutive quarters of market weakness, European box demand recorded a modest uptick in Q4 25A. Meanwhile, Containerboard margins...
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Key message: Adjusted EBITDA improved by +11% YoY but came in -4% below consensus and -3% below guidance. Daily and total volumes from corrugated plants of the legacy PCA business were down by -1.7% YoY (but +4.2 QoQ). However, including the acquired business, volumes...
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North American coated freesheet and specialty paper (Sappi) and European Paper Packaging (Mondi) Key message: The update reinforces a near-term Europe grind with pricing pressure, offset by structurally stronger North American execution, and a cost tailwind building...
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New Vehicle Sales – January 2026 Key message: 2026 starts with a continuation in good growth in new vehicle sales, fuelled by the influx of cheaper Asian brands. NAAMSA released January 2026 new vehicle sales. Passenger and LCV sales increased 9.6% YoY with passenger...
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Key message: Metair has posted a stronger 2H performance with an improvement in elements under control. Metair released a Trading Statement. Continuing HEPS (excl. the potential Rombat EUR20.2m fine) is expected to increase by 76-86% (185-195c), stronger than our...
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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...