Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Naspers Sale of the Allegro ECommerce Business Crystallizes Value.

Naspers: Latest Results Show Good Revenue Traction but It Comes with a Cost.

Event-Driven

<p>On a look-through basis, Naspers has traded at an average discount of 7% to its holding in Tencent in 2016, assigning negative value to its stub assets, which I estimate at R507/sh or 15% of NAV. Naspers' cheap proxy into Tencent and considerable value at the parent level has been challenged by rand concerns. The proposed sale of Allegro, the Polish e-commerce platform, addressed by <a href="https://www.smartkarma.com/profiles/286" target="_blank" data-smartkarma-citation="accounts:286">New Street Research</a>  in its <a href="https://www.smartkarma.com/insights/naspers-sale-of-the-allegro-ecommerce-business-crystallizes-value" target="_blank" data-smartkarma-citation="insights:6502">report</a> today, helps refocus on this discounted look-through and the largely ignored stub assets.</p><p>Below the fold we bolt on a few additional comments to New Street’s piece underlining Naspers’ cheap proxy status.</p>

On a look-through basis, Naspers has traded at an average discount of 7% to its holding in Tencent in 2016, assigning negative value to its stub assets, which I estimate at R507/sh or 15% of NAV. Naspers' cheap proxy into Tencent and considerable value at the parent level has been challenged by rand concerns. The proposed sale of Allegro, the Polish e-commerce platform, addressed by New Street Research  in its report today, helps refocus on this discounted look-through and the largely ignored stub assets.Below the fold we bolt on a few additional comments to New Street’s piece underlining Naspers’ cheap proxy status.

Naspers

Naspers - Keeping It Simple