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>It has been an eventful week for Naspers and Prosus - Tencent reported 3Q FY24 results yesterday after the HK close and Swiggy listed on the NSE and BSE.</li>
<li>Prosus sold shares in Swiggy worth $500m and retains an interest of 25% (fully diluted basis).</li>
<li>Since 2017, Naspers and Prosus invested $1.3bn to build a 31% stake. The group have created $2bn of value for shareholders following the listing.</li>
</ul>


It has been an eventful week for Naspers and Prosus - Tencent reported 3Q FY24 results yesterday after the HK close and Swiggy listed on the NSE and BSE.
Prosus sold shares in Swiggy worth $500m and retains an interest of 25% (fully diluted basis).
Since 2017, Naspers and Prosus invested $1.3bn to build a 31% stake. The group have created $2bn of value for shareholders following the listing.


NPN X PRX: Swiggy Lists, Tencent 3Q FY24 Results, Market Awaits H1 FY25 Results and Strategy Update

<ul>
<li>On Tuesday, China announced fresh stimulus measures targeting the stock market and property sector.</li>
<li>The PBoC reduced the main policy rate and cut the RRR, signaling that further cuts were on the cards for later this year.</li>
<li>Further stimulus measures were announced today ahead of the Golden Week holiday. The discounts of Naspers and Prosus have rallied on the news, we see room for further upside.</li>
</ul>


On Tuesday, China announced fresh stimulus measures targeting the stock market and property sector.
The PBoC reduced the main policy rate and cut the RRR, signaling that further cuts were on the cards for later this year.
Further stimulus measures were announced today ahead of the Golden Week holiday. The discounts of Naspers and Prosus have rallied on the news, we see room for further upside.


Prosus X Naspers: Discounts Catch Bid on China Stimulus, Trip.com Stake Fully Exited

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<ul>
<li>The removal of their cross-holding structure has had a negligible effect on the respective discounts to NAV for <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> and <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>.</li>
<li>We have seen a remarkable turnaround in Prosus’s operating performance during FY2024 and the market will focus on whether the new CEO can achieve his ambitions for “profitable growth”.</li>
<li>The open-ended share repurchase program will continue as long as the discount remains “elevated”.</li>
</ul>


The removal of their cross-holding structure has had a negligible effect on the respective discounts to NAV for Prosus NV (PRX NA) and Naspers (NPN SJ).
We have seen a remarkable turnaround in Prosus’s operating performance during FY2024 and the market will focus on whether the new CEO can achieve his ambitions for “profitable growth”.
The open-ended share repurchase program will continue as long as the discount remains “elevated”.


Prosus (PRX-NA): Profitable Growth, Elevated Discount

<ul>
<li>Tencent reported a softer set of results for Q2 relative to Q1. Revenue for the quarter was up 1% QoQ and 8% YoY.</li>
<li>Since our last discount update mid-August, the discounts of both Naspers and Prosus have continued to narrow.</li>
<li>Naspers' discount is trading well off the lows reached at the end of July (~45%). </li>
</ul>


Tencent reported a softer set of results for Q2 relative to Q1. Revenue for the quarter was up 1% QoQ and 8% YoY.
Since our last discount update mid-August, the discounts of both Naspers and Prosus have continued to narrow.
Naspers' discount is trading well off the lows reached at the end of July (~45%). 


Naspers X Prosus Discount Update Post Tencent 2Q FY24 Results, Narrowing Gains Momentum

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Shareholders of <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> and <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> approved AGM agenda items late last week to enable the two Capitalisation Issues and Naspers' Share Consolidation to move forward.</li>
<li>What Will Happen: Prosus will issue new N shares to its shareholders and Naspers will reject them. Naspers will issue new shares to its shareholders, and Prosus will reject them.</li>
<li>Naspers will own ~42.9% of Prosus, Prosus will own 0.02% of Naspers. Sales of Tencent shares will continue. Share Buybacks too. But the ouroboros will have spit out its tail. </li>
</ul>


Shareholders of Prosus NV (PRX NA) and Naspers (NPN SJ) approved AGM agenda items late last week to enable the two Capitalisation Issues and Naspers' Share Consolidation to move forward.
What Will Happen: Prosus will issue new N shares to its shareholders and Naspers will reject them. Naspers will issue new shares to its shareholders, and Prosus will reject them.
Naspers will own ~42.9% of Prosus, Prosus will own 0.02% of Naspers. Sales of Tencent shares will continue. Share Buybacks too. But the ouroboros will have spit out its tail. 


Prosus/Naspers - The ουροβóρος Is Dead! Long Live The Ouroboros!

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 NA)

NPN X PRX: Swiggy Lists, Tencent 3Q FY24 Results, Market Awaits H1 FY25 Results and Strategy Update

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Prosus X Naspers: Discounts Catch Bid on China Stimulus, Trip.com Stake Fully Exited

The discounts of Naspers and Prosus have rallied following news flow out of China on fresh stimulus measures. There is likely room for further...

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Prosus (PRX-NA): Profitable Growth, Elevated Discount

In this insight, we analyse Prosus’s discount to NAV, the performance of its underlying consolidated operations, cash flow generation, capital...

Wium Malan, CFA

Naspers X Prosus Discount Update Post Tencent 2Q FY24 Results, Narrowing Gains Momentum

The discounts of Naspers and Prosus have continued to narrow through August. We provide an update on how the discounts have traded since Tencent...

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Prosus/Naspers - The ουροβóρος Is Dead! Long Live The Ouroboros!

The Prosus/Naspers Ouroboros is Dead. Long live the Prosus/Naspers Ouroboros. Prosus is an Accretion Engine. Know it. Use it.

Travis Lundy

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