Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This week in StubWorld ...
<ul>
<li>
<a href="https://www.smartkarma.com/entities/21085" target="_blank" data-smartkarma-citation="entities:21085:1">Naspers Ltd (NPN SJ)</a>'s recent underperformance is potentially a signal to buy Naspers here against <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent Holdings (700 HK)</a>.</li>
</ul>
Preceding my comments on Naspers/Tencent are the weekly setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.

This week in StubWorld ...


Naspers Ltd (NPN SJ)'s recent underperformance is potentially a signal to buy Naspers here against Tencent Holdings (700 HK).

Preceding my comments on Naspers/Tencent are the weekly setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/21085" target="_blank" data-smartkarma-citation="entities:21085:1">Naspers Ltd (NPN SJ)</a> trades at a very wide discount to NAV, a level that has been stubbornly high an has attracted the attention of activist shareholders. Our view has been that the discount was unreasonably large given Naspers' track record of creating value. We have urged patience in the past and continue to do so. What has changed recently though was an announcement that Naspers would list its Video Entertainment unit on the Johannesburg Stock Exchange (JSE) and at the same time unbundle the shares to Naspers' shareholders. The aim is to reduce the holdco discount and is another step in the right direction, following asset sales (e.g Flipkart) and a partial sale ($10bn) of the <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent (700 HK)</a> stake in March.

Naspers Ltd (NPN SJ) trades at a very wide discount to NAV, a level that has been stubbornly high an has attracted the attention of activist shareholders. Our view has been that the discount was unreasonably large given Naspers' track record of creating value. We have urged patience in the past and continue to do so. What has changed recently though was an announcement that Naspers would list its Video Entertainment unit on the Johannesburg Stock Exchange (JSE) and at the same time unbundle the shares to Naspers' shareholders. The aim is to reduce the holdco discount and is another step in the right direction, following asset sales (e.g Flipkart) and a partial sale ($10bn) of the Tencent (700 HK) stake in March.

Naspers Will List Multichoice (Video Entertainment) As It Tries to Reduce the NAV Discount.

Asia Long-Short PM/Analyst

Curtis Lehnert

Do the letters PUBG mean anything to you? Have mini-programs changed the way you use WeChat? Do you like Mao Buyi's song 'Xiao Chou' or did you not think he deserved to be picked in The Coming One? Did you answer 'no' to any of these questions?  Are you wondering what any of this has to do with Tencent?  If so, you have come to the right place.  
This insight is for those who do not cover Tencent, or perhaps have not taken a close look at Tencent in a while.  This insight is for those who want to understand:
<ul>
<li>the structure of Tencent's business units</li>
<li>what are the various platforms and services under the massive Tencent umbrella</li>
<li>financial performance over the past five years, in a snapshot</li>
<li>three fun facts about the company </li>
</ul>
If you need a one-stop read to understand the business of Asia's largest listed company, this is the insight for you.  All of the facts, none of the fluff.

Do the letters PUBG mean anything to you? Have mini-programs changed the way you use WeChat? Do you like Mao Buyi's song 'Xiao Chou' or did you not think he deserved to be picked in The Coming One? Did you answer 'no' to any of these questions?  Are you wondering what any of this has to do with Tencent?  If so, you have come to the right place.  
This insight is for those who do not cover Tencent, or perhaps have not taken a close look at Tencent in a while.  This insight is for those who want to understand:

the structure of Tencent's business units
what are the various platforms and services under the massive Tencent umbrella
financial performance over the past five years, in a snapshot
three fun facts about the company 

If you need a one-stop read to understand the business of Asia's largest listed company, this is the insight for you.  All of the facts, none of the fluff.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on the Communications Sector as we are seeing steady relative strength ranking (RSR) improvements over the last couple of months. At the Group level, we highlight select smid-cap Casinos &amp; Gaming stocks. Finally, India’s S&amp;P BSE SENSEX is breaking out to new all-time highs as RS bullishly inflects, we highlight actionable stocks.

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

South Africa

Naspers Limited operates in the technology industry. The Company invests in global internet companies across the world.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Naspers (NPN SJ)

StubWorld: Naspers And The Valuation Gap

This week in StubWorld ... Naspers Ltd (NPN SJ)'s recent underperformance is potentially a signal to buy Naspers here against Tencent Holdings...

David Blennerhassett

Naspers Will List Multichoice (Video Entertainment) As It Tries to Reduce the NAV Discount.

Naspers Ltd (NPN SJ) trades at a very wide discount to NAV, a level that has been stubbornly high an has attracted the attention of activist...

New Street Research

Tencent (700 HK): A Generalist's Guide

Do the letters PUBG mean anything to you? Have mini-programs changed the way you use WeChat? Do you like Mao Buyi's song 'Xiao Chou' or did you not...

Curtis Lehnert

Global Strategy: Health Care Outperforming - Overweight; India Breaking Out -Add Exposure

Today's report puts a spotlight on the Health Care Sector, which is assuming a global leadership role vs. other Sectors. We also focus on...

Vermilion Research

Popular Stocks, Attractive Charts

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)