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 PossibleWBHO – End of Australia
Key message: WBHO has indicated the end of financial assistance to WBHO Australia, with the impact of putting WBHO Australia into administration. We attempt to assess the cash impact to WBHO of the announcement. WBHO has determined that, with effect from 22 February...
Forestry & Paper: Industry Insights
Pulp prices in the green, with China softwood pulp leading gains: Prices for pulp imports look set to creep up in China across the board, driven by supply-side disruptions and shortages with customers. Suzano has announced a USD 30/t price increase for BEK pulp for...
Forestry & Paper: Mondi Personal Care Components Disposal
Mondi is set to sell its Personal Care Components (PCC) business to Nitto Denki Corporation (6988 JP Equity): The disposal includes four companies, Mondi Gronau, Mondi Ascania GmbH, Mondi China Film Technology Co. Ltd and a newly established company for the PCC...
Forestry & Paper: Textiles Fibre Insights
Key w/w moves: Cotton -1%; Polyester -3%; HW DWP +1%, China-origin DWP flat, medium-grade VSF, high-end VSF and Lyocell all roughly flat w/w. Cotton’s premium to VSF has narrowed to 64% (2021 average: 30%) and a 185% premium to polyester (2021 average: 150%). The VSF...
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Used Cars and the Car Rental Market Key message: In this Industrial Insights note we have drawn a selection of articles on the used car and rental industry locally and globally. These are unusual times – and Motus has caught a few tailwinds as a result. Motus has...
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Restaurant Industry News Key message: In this Industrial Insights note we have drawn a selection of articles on inflation in the restaurant industry and some of the measures already being implemented. Bidcorp released a Trading Statement, with HEPS expected to...
Forestry & Paper: Industry Insights
Fastmarkets RISI Global Paper Packaging Outlook Pulp prices in the green, with China hardwood pulp leading gains: Suzano expects global pulp supply to remain constrained in Q1 22E, with low inventories across the board and scheduled and unexpected stoppages at mills...
Afrimat – Pre-Close Update
Key message: Iron ore prices have recovered, and Nkomati mine is profitable. Acquisitions continue with the Glenover surface dump purchase. Afrimat continues to operate well and add new operations to its growing portfolio.Iron Ore: Low prices and lump premiums...
Forestry & Paper: Textile Fibre Insights
Fastmarkets RISI Global Paper Packaging Outlook Key w/w moves: Cotton +2%; Polyester +3%; HW DWP +1%, China-origin DWP +2%, medium-grade VSF, high-end VSF and Lyocell all roughly flat w/w. Cotton’s premium to VSF has narrowed to 67% (2021 average: 30%) and a 190%...
SA Banks
BA900 – Dec 21. Absa dominates 2021 with the best advances and deposit growth. FirstRand has a strong 2H21. Nedbank lagging in most categories. Annual growth rates in the SARB’s gross loans and advances category declined from 5.2% in Nov 21 to 4.4% in Dec 21. On our...