Market Is Ignoring Naspers' Investment Track Record. Discount to Underlying Value Is Unjustified
Over the last year, either the market has implicitly marked down the value of Naspers (NPN SJ) unlisted e-commerce assets by $18bn, OR the implied...
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Rising Moral Hazard and Governance Issues Around Tech Threaten EM Bull Case
The steady rise in most global equity markets over the first half of this year has been mainly driven by the weakness of the USD (USD CURNCY),...
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Naspers' Operational Improvements Continue
Naspers' (NPN SJ) full year results were recently released, but had been largely pre-announced. We view them positively given the challenges it has...
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South Africa : A Cross Asset Overview of an EM Benchmark Country
South Africa is experiencing a period of political and financial turmoil, with the dismissal of the respected former finance minister Gordhan...
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South Africa: Investors Still Too Complacent About Future Policy Direction (Part 3 of 8)
The market reaction to President Zuma’s version of the night of the long knives has been relatively muted with the rand back close to its end 2016...
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