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

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.

<ul>
<li>The discounts of both Naspers and Prosus have widened during the last 5 trading sessions.</li>
<li>We see current levels as attractive entry points for trading the rump.</li>
<li>In our view, there are a number of fundamental factors that could act as positive catalysts to a further structural narrowing of the discount.</li>
</ul>


The discounts of both Naspers and Prosus have widened during the last 5 trading sessions.
We see current levels as attractive entry points for trading the rump.
In our view, there are a number of fundamental factors that could act as positive catalysts to a further structural narrowing of the discount.


NPN X PRX: Discounts Widen as Fed Pivots on Rate Outlook

Naspers Limited operates in the technology industry. The Company invests in global internet companies across the world.

<ul>
<li>Naspers and Prosus outperformed the benchmark by a large margin, ending the quarter up 7.3% and 6.7%, respectively. The Capped SWIX finished the quarter down 2.3%.</li>
<li>Tencent was up 3.5% in HKD and 6.5% in ZAR.</li>
<li>Tencent currently makes up 74% of Prosus’ NAV, down 1 percentage point from 75% at the start of the year.</li>
</ul>


Naspers and Prosus outperformed the benchmark by a large margin, ending the quarter up 7.3% and 6.7%, respectively. The Capped SWIX finished the quarter down 2.3%.
Tencent was up 3.5% in HKD and 6.5% in ZAR.
Tencent currently makes up 74% of Prosus’ NAV, down 1 percentage point from 75% at the start of the year.


Naspers (NPN) X Prosus (PRX): Performance for Q1 2024, Gains Driven by Tencent, NAV Growth

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

<ul>
<li>Tencent is due to release FY23 results tomorrow morning after the HK close. The earnings call is scheduled for 14:00 SAST.</li>
<li>The market is expecting 1.8% QoQ revenue growth, 8.6% YoY. Strong QoQ revenue growth of 10% is expected for the advertising segment.</li>
<li>QoQ revenue growth for the gaming sector is expected to decline by 4.9%. Domestic gaming revenue is expected to fall by 7.6%, international gaming revenue expected to increase by 9.6%.</li>
</ul>


Tencent is due to release FY23 results tomorrow morning after the HK close. The earnings call is scheduled for 14:00 SAST.
The market is expecting 1.8% QoQ revenue growth, 8.6% YoY. Strong QoQ revenue growth of 10% is expected for the advertising segment.
QoQ revenue growth for the gaming sector is expected to decline by 4.9%. Domestic gaming revenue is expected to fall by 7.6%, international gaming revenue expected to increase by 9.6%.


Tencent (700 HK): Gross Margins, Cost Cutting Likely to Be Focus Going into Q4 FY23 Results

Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese, and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American has mining operations in Africa, Europe, North and South America, Asia, and Australia.

<ul>
<li>JSE indices were rebalanced in the closing auction on Friday.</li>
<li>Turnover for the day on the JSE was R59.3bn, R44bn traded in the closing auction (74%).</li>
<li>Turnover at the December rebalance was R60bn, where around half traded in the closing auction.</li>
</ul>


JSE indices were rebalanced in the closing auction on Friday.
Turnover for the day on the JSE was R59.3bn, R44bn traded in the closing auction (74%).
Turnover at the December rebalance was R60bn, where around half traded in the closing auction.


<ul>
<li>We expect to see large volumes of AGL, MNP and INP to trade in the closing auction due to the index harmonisation.</li>
<li>Passive trackers and hedgers with exposure to vanilla indices will need to sell down their holdings to transition to the SWIX methodology.</li>
<li>The top buys include: NPN, FSR, SBK, GFI, CPI and PRX.</li>
</ul>


We expect to see large volumes of AGL, MNP and INP to trade in the closing auction due to the index harmonisation.
Passive trackers and hedgers with exposure to vanilla indices will need to sell down their holdings to transition to the SWIX methodology.
The top buys include: NPN, FSR, SBK, GFI, CPI and PRX.


JSE March Rebalance Day: Top Sells AGL, MNP & INP

DMA
Technology-First Company

NPN X PRX: Discounts Widen as Fed Pivots on Rate Outlook

There has been a notable widening in the discounts of both Naspers and Prosus following Fed rhetoric. This coupled with a number of potential...

DMA

Naspers (NPN) X Prosus (PRX): Performance for Q1 2024, Gains Driven by Tencent, NAV Growth

A look into the performance of Naspers and Prosus for the first quarter of 2024. Gains were driven by Tencent and a weaker Rand (NAV growth) as...

DMA

Tencent (700 HK): Gross Margins, Cost Cutting Likely to Be Focus Going into Q4 FY23 Results

A look into what is priced ahead of Tencent's FY23 results release tomorrow after the HK close. Gross margins and cost cutting are likely going to...

DMA

JSE Mar24 Rebalance: Auction Analytics

JSE indices were rebalanced in the closing auction on Friday. Turnover for the day on the JSE was R59.3bn, R44bn traded in the closing auction (74%).

DMA

JSE March Rebalance Day: Top Sells AGL, MNP & INP

We expect large volumes of AGL, MNP and INP to trade in the closing auction as the JSE implement Phase 1 of the harmonisation project.

DMA