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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The Week that Was in Greater China@SmartKarma: A Himalayan Spat, Bull Vs Bear, & Wanda's Wonderland
This is the 13th issue of 'The Week that Was in Greater China@Smartkarma' which features a selection of last week's insights on China, Macau, Hong...
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MakeMyTrip Reports Mixed Q1FY18 Result: Core Margins Up, But So Are Marketing Expenses
On Wednesday morning in New York, Makemytrip Ltd (MMYT US) reported Q1 FY18 earnings that are best described as "mixed". The company's hotel...
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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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Ctrip.com Q4 Result & Q1 Guidance First Impressions: Low-Quality Earnings, Low-Quality Growth
Overall, Ctrip.com International (ADR) (CTRP US) net revenue in Q4 increased by 76% Y/Y to US$730 mn, beating the consensus revenue estimate by...
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