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 PossibleFORESTRY & PAPER: Textile Fibre Insights
Key 2021 YTD moves: Cotton +45%; Polyester +23%; HW DWP +24%; China-origin DWP +15%; medium-grade VSF +7%; high-end VSF +9% and Lyocell -10%. Cotton’s premium to VSF averaged 30% and averaged a 150% premium to polyester. VSF premium to polyester averaged 94%.A good...
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New Vehicle Sales – December 2021 Key message: CY21 passenger car sales grew by 22% but are still down 15% on the CY19 numbers. NAAMSA released December 2021 new vehicle sales.Car sales remain well off pre-Covid levels, with passenger and LCV sales declining by 3.9%...
F&P: Industry Insights
Mixed pulp price moves this week: Pulp prices in China in the green after weeks of being under pressure. Surging BSK prices on the Shanghai Futures Exchange prompted Chinese buyers to stock up on NBSK imports, with an aim to arbitrage or hedge for quick gains, or to...
SA Banks
BA900 – Oct 21. FirstRand showing signs of life again Annual growth rates in the SARB’s gross loans and advances category decelerated from 3.7% in September to 2.5% in October, declining in value in October. The decline emanated from Corporate lending which...
F&P: Textiles Fibre Insights
Mixed price moves for textiles this week: ICE cotton +2%; Polyester: +1%; VSF and DWP -1%.VSF prices remain under pressure: The VSF market was stable to weaker and downstream plants purchased raw materials on need-only basis. The operating rate of VSF industry...
Cement Import Monitor
Cement Import Monitor October 2021 Key message: October imports fell significantly to 35kt, well off September levels. This is a more expected outcome following supply chain disruptions. October 2021 saw imports of 34 952 tons, a significant decline from September...
F&P: Industry Insights
Key insights from the 2021 Klabin Investor Day: Klabin believes that the solid economic performance in Europe and North America will continue to boost kraftliner demand in 2022 and expects kraftliner prices to hold. Most of the paper packaging market continues to...
EOH – Good to Go
After three years of rightsizing and focussing the business, EOH has returned to profitability with an EBITDA from recurring operations of R471m in FY21. The group is significantly leaner following the exit of many businesses - its revenue of R6.9bn from recurring...
F&P: Textile Fibre Insights
Most textiles came under pressure this week: ICE cotton -11%; VSF -7%; and Polyester: -5%. VSF prices giving back all its recent gains, down 7-9% w/w: The operating rate of VSF industry improved w/w from 72% to 77% as a large-scale VSF plant in North China...
F&P: Recovered Paper Insights from the 2021 ICC
We recently attended the 2021 International Containerboard Conference (ICC): Insights were gained across Europe, North America, and Asia. In this report, we highlight key insights impacting Global Recovered Paper (RCP).The global OCC markets have been strong, with the...