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Mark Artherton, CFA

Inteqres

Equity Bottom-Up

<p>Since the Coronavirus hit Europe, both Naspers and Prosus have significantly underperfomed Tencent.  We are not fans of either Tencent or Prosus but they are fast approaching levels were a longer term investor could benefit when the discount narrows.</p><p>We reiterate our thought that Prosus and Naspers deserve a discount and the market had the level more or less correct prior to the virus outbreak.</p>

Since the Coronavirus hit Europe, both Naspers and Prosus have significantly underperfomed Tencent.  We are not fans of either Tencent or Prosus but they are fast approaching levels were a longer term investor could benefit when the discount narrows.We reiterate our thought that Prosus and Naspers deserve a discount and the market had the level more or less correct prior to the virus outbreak.

Tencent, Naspers, and Prosus - Discounts Getting Too Big to Ignore - Inteqres