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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European Containerboard & Corrugated (Mondi) & North American Consumer board (Sappi North America) Key message: High integration in Europe continues to underpin utilisation near full capacity, insulating margins even as containerboard markets remain uneconomic...
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Key message: Passenger sales continue to recover and light commercial sales also indicate an industrial recovery. NAAMSA released October 2025 new vehicle sales. Passenger and LCV sales increased 17.6% YoY with passenger sales up 14.8% YoY. Light Commercial sales...
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Key message: Pulp markets remain broadly stable, while graphic paper and packaging markets continue to face weak market conditions. View Presentation
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North American Consumer board (Sappi North America) Key message: In the absence of meaningful supply rationalisation or swing capacity, it could take more than five years of organic demand growth to rebalance today’s board oversupply. While the current imbalance is...
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European kraftliner (Mondi) & Global pulp Insights Key message: Group EBITDA declined by -18% YoY (-19% QoQ), though modestly ahead of expectations, with Pulp as the primary drag and Containerboard also facing margin pressure due to extended maintenance....
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US Containerboard & Corrugated (Mondi & Smurfit); US Uncoated Woodfree (Mondi) Key message: Adjusted EBITDA improved by +9% YoY (+12% QoQ). Daily corrugated shipments strengthened +3.7% YoY on a per-day basis with the Greif assets included, offsetting softer...
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Key message: Pulp markets point to further stability, while graphic paper and packaging markets continue to face weak market conditions. View Presentation
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North American coated freesheet and specialty paper (Sappi) Key message: Profitability declined YoY and came in slightly below consensus. Solid North American performance—underpinned by U.S. import tariffs—continues to anchor results, while Europe remains constrained...
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Key message: Strong organic growth opportunity in being able to supply wide can body stock (CBS) and increase scrap absorption. Hulamin hosted a site visit to the aluminium rolling operations in Pitermaritzburg. Key takeaways from the site visit: The wide canbody...
Afrimat – 1H FY26 Results
Key message: External factors continue to impact Afrimat – but the operational performance is improving. Afrimat released 1H FY26 results. HEPS increased by 92.3% to 101.9c on a 30% increase in revenue and operating profit. Key takeaways from the Results: Afrimat...