In today’s briefing:
- Last Week in Event SPACE: Russia/Indices, Prosus, Virtus, Crown, Nexon, Hitachi Metals
- Softbank Group – Tough Week for VF as Public Portfolio Falls $6bn over Two Days
Last Week in Event SPACE: Russia/Indices, Prosus, Virtus, Crown, Nexon, Hitachi Metals
- Major global indices have relegated Russia to the “standalone” and “unclassified” market status. Talk of significant flows into major non-Russia EM markets such as China, Taiwan, Korea, etc is misguided.
- Even if OLX and VK Group are written down to zero, the fall in Prosus (PRX NA)‘s implied stub has overshot the mark
- The founder and former chairman and CEO of Nexon (3659 JP) has passed away. The estate may wish to sell Nexon shares, or its entire stake, at some point near-term.
Softbank Group – Tough Week for VF as Public Portfolio Falls $6bn over Two Days
- Valuation losses in the public portfolio have increased by $6bn over two days on weakness at Coupang, Grab, DoorDash and WeWork. Total losses for the quarter stand at $17bn.
- With Alibaba shares still weak, NAV/share has moved decisively below ¥10,000/share and is back to where it in May/June 2020 when tech was first rebounding from the Covid shock.
- The discount to NAV stands at 49% but is likely to expand when markets in Japan have a chance to respond to how stocks traded in the US on Friday.
Before it’s here, it’s on Smartkarma