Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Equity Analyst with 15+ years of experience as a Buy Side analyst covering companies in the Emerging and Developed markets.
Fundamental and Quantitative analysis on companies in the Internet, Telecommunication, Media, Technology, IT Services, Healthcare, Pharmaceutical and other Industrial sectors.
Idea generation focussed on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Global Emerging Market Equities

GEM Weekly (1 Jul 2022): Asia PMI; Prosus, Tencent, JD.com, Samsung Electronics, GlobalWafers

GEM Weekly (15 Jul 2022): Chinese GDP, South Korean Rates; Alibaba, Tencent, NetEase, SK Hynix

GEM Weekly (22 Jul 2022): SA Repo Rate; IQIYI, ByteDance, Did Global, Baidu

Prosus/Naspers: Fundamental Drivers of the Discount Revisited Post the Exchange Offer

StubWorld: Prosus & Naspers Gain On Buyback Funded By Tencent Share Sale

Tencent: Investments up as Valuations Drop, Room for Another Significant Special in Specie Dividend

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)'s</a> announced open-ended share repurchase programme, funded by on-market sale of its Tencent shares, is a significant positive catalyst to reduce its discount to NAV.</li>
<li>Continued operating losses will likely require funding through capital events, in the form of either asset sales or debt issuance.</li>
<li>Cash flow requirements and continued concerns around capital allocation should limit the reduction in the discount to NAV.</li>
</ul>



Prosus (PRX NA)'s announced open-ended share repurchase programme, funded by on-market sale of its Tencent shares, is a significant positive catalyst to reduce its discount to NAV.
Continued operating losses will likely require funding through capital events, in the form of either asset sales or debt issuance.
Cash flow requirements and continued concerns around capital allocation should limit the reduction in the discount to NAV.


Prosus: Finally, a Catalyst; Cash Flows, Capital Allocation, Should Limit Drop in Discount to NAV

Prosus NV

Prosus: Finally, a Catalyst; Cash Flows, Capital Allocation, Should Limit Drop in Discount to NAV