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

<ul>
<li>Last night, the price snapshot was taken for the JSE September rebalance. The rebalance is scheduled to take place during the closing auction on Friday the 20th of September.</li>
<li>PPH is expected to enter the Top 40 with AMS falling out. No changes are expected for the FINI, FINDI, INDI or RESI.</li>
<li>There are several noteworthy free float changes across ALSI constituents, particularly amongst foreign counters (detail below).</li>
</ul>


Last night, the price snapshot was taken for the JSE September rebalance. The rebalance is scheduled to take place during the closing auction on Friday the 20th of September.
PPH is expected to enter the Top 40 with AMS falling out. No changes are expected for the FINI, FINDI, INDI or RESI.
There are several noteworthy free float changes across ALSI constituents, particularly amongst foreign counters (detail below).


JSE Sep 24 Rebalance: PPH Expected to Enter Top 40, AMS to Fall Out

<ul>
<li>Tencent reported a softer set of results for Q2 relative to Q1. Revenue for the quarter was up 1% QoQ and 8% YoY.</li>
<li>Since our last discount update mid-August, the discounts of both Naspers and Prosus have continued to narrow.</li>
<li>Naspers' discount is trading well off the lows reached at the end of July (~45%). </li>
</ul>


Tencent reported a softer set of results for Q2 relative to Q1. Revenue for the quarter was up 1% QoQ and 8% YoY.
Since our last discount update mid-August, the discounts of both Naspers and Prosus have continued to narrow.
Naspers' discount is trading well off the lows reached at the end of July (~45%). 


Naspers X Prosus Discount Update Post Tencent 2Q FY24 Results, Narrowing Gains Momentum

Index Rebalance

<ul>
<li>Last night, MSC published index changes due at the August rebalance. There will be no changes to SA constituents.</li>
<li>The rebalance is set to take place at the end of the month on Friday the 30th.</li>
<li>Tomorrow after the HK close, Tencent is expected to report results for 2Q FY24.</li>
</ul>


Last night, MSC published index changes due at the August rebalance. There will be no changes to SA constituents.
The rebalance is set to take place at the end of the month on Friday the 30th.
Tomorrow after the HK close, Tencent is expected to report results for 2Q FY24.


Tencent to Report 2Q FY24 Results (What Is Priced?), MSC Index Changes for Aug Rebalance Published

<ul>
<li>Global indices are due for rebalancing during the closing auction on Friday. Constituent changes will be announced after the close next week Monday.</li>
<li>In this note we flag <a href="https://www.smartkarma.com/entities/mr-price-group-ltd" target="_blank" data-smartkarma-citation="entities:27680:1" rel="noopener">Mr Price Group Ltd (MRP SJ)</a> &amp; <a href="https://www.smartkarma.com/entities/african-rainbow-minerals-ltd" target="_blank" data-smartkarma-citation="entities:25078:1" rel="noopener">African Rainbow Minerals (ARI SJ)</a> as possible additions to the South Africa index.</li>
<li>Since our last discount update on the 22nd of July, Prosus has underperformed Naspers. The discount has widened by 1.7 percentage points to 39.6%.</li>
</ul>


Global indices are due for rebalancing during the closing auction on Friday. Constituent changes will be announced after the close next week Monday.
In this note we flag Mr Price Group Ltd (MRP SJ) &amp; African Rainbow Minerals (ARI SJ) as possible additions to the South Africa index.
Since our last discount update on the 22nd of July, Prosus has underperformed Naspers. The discount has widened by 1.7 percentage points to 39.6%.


Aug 24 Indices Rebalance: South Africa Post-Election Tailwind? MRP, ARI Potential Adds

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

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.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


South Africa

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

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Naspers (NPN SJ)

JSE Sep 24 Rebalance: PPH Expected to Enter Top 40, AMS to Fall Out

Last night, the snapshot for the JSE September rebalance was taken. We expect PPH to enter the Top 40 index, with AMS falling out. We also provide...

DMA

Naspers X Prosus Discount Update Post Tencent 2Q FY24 Results, Narrowing Gains Momentum

The discounts of Naspers and Prosus have continued to narrow through August. We provide an update on how the discounts have traded since Tencent...

DMA

Tencent to Report 2Q FY24 Results (What Is Priced?), MSC Index Changes for Aug Rebalance Published

Tencent is due to report 2Q FY24 results tomorrow. In this insight we explore what is priced and how Tencent has performed relative to peers since...

DMA

Aug 24 Indices Rebalance: South Africa Post-Election Tailwind? MRP, ARI Potential Adds

In this note we flag MRP and ARI as possible additions to the SA index, given the relative outperformance of the local market and at an individual...

DMA

Screening for GEMs: August 2024

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

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