Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>Tencent reported a decent set of results for Q1 FY24. Revenue for the quarter was up 2.8% QoQ and 6.3% YoY, ahead of consensus estimates (2.3% &amp; 5.9%).</li>
<li>The gross margin came in at 53%, 3 percentage points ahead of consensus, and an increase of 7 percentage points on Q1 FY23.</li>
<li>The gross margin for the Fintech and Business Services segment, which accounts for 33% of revenue, increased by 12 percentage points to 46% (consensus 42.6%).</li>
</ul>


Tencent reported a decent set of results for Q1 FY24. Revenue for the quarter was up 2.8% QoQ and 6.3% YoY, ahead of consensus estimates (2.3% &amp; 5.9%).
The gross margin came in at 53%, 3 percentage points ahead of consensus, and an increase of 7 percentage points on Q1 FY23.
The gross margin for the Fintech and Business Services segment, which accounts for 33% of revenue, increased by 12 percentage points to 46% (consensus 42.6%).


Tencent (700 HK): Q1 FY24 Results Quick Take, Margin Expansion Drives Decent Set of Results

<ul>
<li>Last week Monday, Tencent confirmed the early release of Dungeon and Fighter Mobile, a highly anticipated mobile adaptation of the computer game developed by Nexon.</li>
<li>The game is expected to be released in China on the 21st of May following positive test results.</li>
<li>Tencent was the 11th best performing constituent in the HSTECH index for the week (out of 30), returning 14.7%. The index ended the week up 13.4%.</li>
</ul>


Last week Monday, Tencent confirmed the early release of Dungeon and Fighter Mobile, a highly anticipated mobile adaptation of the computer game developed by Nexon.
The game is expected to be released in China on the 21st of May following positive test results.
Tencent was the 11th best performing constituent in the HSTECH index for the week (out of 30), returning 14.7%. The index ended the week up 13.4%.


NPN X PRX Discount Update Post Tencent Early Game Release News Flow

<ul>
<li>The discounts of both Naspers and Prosus have widened during the last 5 trading sessions.</li>
<li>We see current levels as attractive entry points for trading the rump.</li>
<li>In our view, there are a number of fundamental factors that could act as positive catalysts to a further structural narrowing of the discount.</li>
</ul>


The discounts of both Naspers and Prosus have widened during the last 5 trading sessions.
We see current levels as attractive entry points for trading the rump.
In our view, there are a number of fundamental factors that could act as positive catalysts to a further structural narrowing of the discount.


NPN X PRX: Discounts Widen as Fed Pivots on Rate Outlook

<ul>
<li>Naspers and Prosus outperformed the benchmark by a large margin, ending the quarter up 7.3% and 6.7%, respectively. The Capped SWIX finished the quarter down 2.3%.</li>
<li>Tencent was up 3.5% in HKD and 6.5% in ZAR.</li>
<li>Tencent currently makes up 74% of Prosus’ NAV, down 1 percentage point from 75% at the start of the year.</li>
</ul>


Naspers and Prosus outperformed the benchmark by a large margin, ending the quarter up 7.3% and 6.7%, respectively. The Capped SWIX finished the quarter down 2.3%.
Tencent was up 3.5% in HKD and 6.5% in ZAR.
Tencent currently makes up 74% of Prosus’ NAV, down 1 percentage point from 75% at the start of the year.


Naspers (NPN) X Prosus (PRX): Performance for Q1 2024, Gains Driven by Tencent, NAV Growth

<ul>
<li>Tencent is due to release FY23 results tomorrow morning after the HK close. The earnings call is scheduled for 14:00 SAST.</li>
<li>The market is expecting 1.8% QoQ revenue growth, 8.6% YoY. Strong QoQ revenue growth of 10% is expected for the advertising segment.</li>
<li>QoQ revenue growth for the gaming sector is expected to decline by 4.9%. Domestic gaming revenue is expected to fall by 7.6%, international gaming revenue expected to increase by 9.6%.</li>
</ul>


Tencent is due to release FY23 results tomorrow morning after the HK close. The earnings call is scheduled for 14:00 SAST.
The market is expecting 1.8% QoQ revenue growth, 8.6% YoY. Strong QoQ revenue growth of 10% is expected for the advertising segment.
QoQ revenue growth for the gaming sector is expected to decline by 4.9%. Domestic gaming revenue is expected to fall by 7.6%, international gaming revenue expected to increase by 9.6%.


Tencent (700 HK): Gross Margins, Cost Cutting Likely to Be Focus Going into Q4 FY23 Results

China

Prosus N.V. provides internet based services. The Company focuses on investments in internet, digital media, e-commerce retailing, and consumer internet companies. Prosus serves customers worldwide.

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Prosus NV (PRX SJ)

Tencent (700 HK): Q1 FY24 Results Quick Take, Margin Expansion Drives Decent Set of Results

Tencent reported a decent set of results for Q1 FY24, driven by notable margin expansion across segments (well ahead of consensus estimates).

DMA

NPN X PRX Discount Update Post Tencent Early Game Release News Flow

Naspers outperformed Prosus last week as Tencent announced that DnF mobile would be released earlier on the 21st of May.

DMA

NPN X PRX: Discounts Widen as Fed Pivots on Rate Outlook

There has been a notable widening in the discounts of both Naspers and Prosus following Fed rhetoric. This coupled with a number of potential...

DMA

Naspers (NPN) X Prosus (PRX): Performance for Q1 2024, Gains Driven by Tencent, NAV Growth

A look into the performance of Naspers and Prosus for the first quarter of 2024. Gains were driven by Tencent and a weaker Rand (NAV growth) as...

DMA

Tencent (700 HK): Gross Margins, Cost Cutting Likely to Be Focus Going into Q4 FY23 Results

A look into what is priced ahead of Tencent's FY23 results release tomorrow after the HK close. Gross margins and cost cutting are likely going to...

DMA

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