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 PossibleSasol: Spotlight on earnings – latest profit drivers
Sasol’s spot earnings were slightly higher this week as higher oil prices were offset by a stronger rand and lower refining margins. Petrol and diesel cracks were lower. Spot earnings for FY21 are at R27.20 and at R45.16 for FY22.Chemical prices in Asia...
Raubex- FY21 Trading Update
Key message: 2H FY21 looks to have recovered well after a Covid-impacted 1H. Apart from normalised SANRAL work, Raubex is growing its infrastructure and general contracting order book. Raubex released a Trading Update for FY21 (to end-Feb 2021).HEPS is expected to be...
Sasol: Emission solutions – real or science fiction?
Download
Restricted content
Key message: Margins are better than expected, countering relatively weak revenue growth. Barloworld released a Trading Update for the 5 months to 28 February 2021.The defensiveness of Barloworld’s portfolio is evident, with the Equipment business delivering good...
Sasol: Spotlight on earnings – latest profit drivers
Sasol’s spot earnings for FY21 and FY22 were flat this week as lower oil prices and a stronger rand were offset by higher refining margins. Refining margins remain well below long run averages. Spot earnings for FY21 are at R27.10 and at R43.53 for...
PPC – Refinancing and Trading Update
Key message: The removal of the contingent liabilities for the DRC debt is a significant step for PPC. This has allowed a deferment (and possible review) of a potential capital raise in South Africa to September 2021. PPC released a refinancing and operational update...
Forestry & Paper Weekly Price Update
Pulp ticks up further and more price increases announced: Eldorado and Klabin have confirmed an 8-10% (USD 60-100/t) price increase for BEK to Asia, North America and Europe. Arauco is not offering pulp volumes to China in April due to production and backlog issues....
Forestry & Paper Textiles Fibre Weekly Update
Key YTD moves: Polyester +16%; HW DWP +51%; China-origin DWP +46%; medium-grade VSF +22% and high-end VSF +39%. Slight drop in VSF prices on the back of small and mid-sized plants cutting prices: The VSF operating rate declined to 81% this week as a Shandong-based VSF...
Restricted content
New Vehicle Sales – March 2021 Key message: Comparative months are now Covid-impacted, and YoY comparisons are not consistent. We will start to compare current months with the comparative from two years ago to get a real sense of the state of new car sales....
Restricted content
Key message: SG Fleet announced the acquisition of LeasePlan ANZ. The cost to Super Group will be A$51.9m to follow a SG Fleet rights offer and dilution to 52.3% holding in SG Fleet after the partial SG Fleet scrip payment. SG Fleet has announced the acquisition of...