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: Pulp markets steadied, while graphic paper and packaging markets continues to face weak market conditions. View Presentation
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Key message: Metair is managing items under its control and focusing on EBITDA growth and free cash generation. Metair hosted an Investor Day. The event showcased the divisions management and products. No financial update was provided. Key takeaways from the Investor...
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Biomaterials Insights (read-through for Sappi’s dissolving pulp) Key message: Profitability came under pressure, with EBITDA coming in -5% below consensus. Looking ahead, the Q4 outlook signals stable specialty cellulose volumes and pricing, supported by a modest...
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Key message: European sack kraft prices weakened in Q3 (unbleached -3% QoQ; bleached -1% QoQ) as demand moderated — deliveries through August were +2.8% YoY, though growth was front-loaded in Q1. View Presentation
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📦 Key message: European and North American printing & writing markets remained depressed in August, with apparent demand falling -10% and -6% YoY respectively. Coated grades continue to bear the brunt of contraction — CFS (Sappi US) shipments plunged -14% YoY and...
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Key message: With rising new car sales and a recovering car hire market, CMH should have a stronger 2H. CMH released 1H FY26 results with HEPS up 23% to 218.6c off a 16% and 14% increase in revenue and operating profit respectively. The gross profit margin declined to...
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Key message: The Bankenveld project secures a long-term pipeline with a strategic focus to reduce the number of projects under development. Calgro released 1H FY26 results. HEPS declined 18% to 82.86c on a 9.3% decline in revenue. The gross profit margin remained...
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Key message: Pulp markets are showing early signs of recovery, while graphic paper prices continued to edged lower and packaging markets remained broadly stable. View Presentation
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Key message: Q3 2025 confirmed a two-speed market: pulp prices slumped sharply, graphic paper remained structurally weak, while packaging showed mixed movements—kraftliner strengthened amid broad softness in recycled grades. View Presentation
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Key message: Prolonged market weakness and muted demand momentum drive another earnings setback. Persistent cyclical headwinds, coupled with oversupply, reinforce Mondi’s pivot toward free cash flow generation. View Presentation