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>Naspers and Prosus continue to come under pressure relative to their underlying holdings.</li>
<li>Since our last update on the 1st of March, Naspers’ look through discount has widened by 1.6 percentage points to 42%. </li>
<li>Naspers' discount to Prosus’ market value has widened notably by 2.1 percentage points to 11.3%. Prosus’ discount is only 30bps wider and is trading at 35.4%.</li>
</ul>


Naspers and Prosus continue to come under pressure relative to their underlying holdings.
Since our last update on the 1st of March, Naspers’ look through discount has widened by 1.6 percentage points to 42%. 
Naspers' discount to Prosus’ market value has widened notably by 2.1 percentage points to 11.3%. Prosus’ discount is only 30bps wider and is trading at 35.4%.


NPN X PRX: Discounts Continue to Come Under Pressure

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>AntFin is looking to raise around US$350m by selling around 2% of <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>.</li>
<li>Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN).
Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

<ul><li>Indices were rebalanced in the closing auction last week Thursday.</li><li>Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing auction (50%).</li><li>Turnover at the November rebalance was R40.6bn. </li></ul>

Indices were rebalanced in the closing auction last week Thursday.Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing auction (50%).Turnover at the November rebalance was R40.6bn. 

Feb Rebalance - JSE Auction Analytics (SA Upweighted in ACWI and EM)

<ul>
<li>During the last 3 weeks, Naspers and Prosus have come under pressure relative to their underlying portfolios.</li>
<li>Since reaching a new all-time low on the 12th of February, Naspers’ discount has widened by 6 percentage points to 40.7%.</li>
<li>Prosus’ discount has widened 5.7 percentage points to 35.4%. Naspers and Prosus are down 9% and 8% respectively, relative to a decline of 1.9% for Tencent in ZAR.</li>
</ul>


During the last 3 weeks, Naspers and Prosus have come under pressure relative to their underlying portfolios.
Since reaching a new all-time low on the 12th of February, Naspers’ discount has widened by 6 percentage points to 40.7%.
Prosus’ discount has widened 5.7 percentage points to 35.4%. Naspers and Prosus are down 9% and 8% respectively, relative to a decline of 1.9% for Tencent in ZAR.


NPN X PRX Discount Update Discounts Widen to Pare Back Strong YTD Gains

<ul><li>Last night the price snapshot was taken for the March 2024 rebalance.</li><li>We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.</li><li>EXX is expected to enter the RESI with NPH falling out. </li></ul>

Last night the price snapshot was taken for the March 2024 rebalance.We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.EXX is expected to enter the RESI with NPH falling out. 

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

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)

NPN X PRX: Discounts Continue to Come Under Pressure

The discounts continue to come under pressure after a salient narrowing from mid-February through to mid-March. Naspers has underperformed Prosus...

DMA

Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN). In this note, we talk about the deal dynamics.

Sumeet Singh

Feb Rebalance - JSE Auction Analytics (SA Upweighted in ACWI and EM)

Indices were rebalanced in the closing auction last week Thursday. Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing...

DMA

NPN X PRX Discount Update Discounts Widen to Pare Back Strong YTD Gains

During the last 3 weeks, Naspers and Prosus have come under pressure relative to their underlying portfolios. Since reaching a new all-time low on...

DMA

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

Last night the price snapshot was taken for the March 2024 rebalance. We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI,...

DMA

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