External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Prosus has become more shareholder-friendly and responsive, driven by management remuneration incentives</li><li>The drop in discount from 2022 to 2023 was influenced by these incentives, but the lack of their extension for 2024 has led to an increase in the discount to over 40%</li><li>Investors have an asymmetrical opportunity to benefit from Prosus' discounted value, especially with its valuable stake in Tencent</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Prosus has become more shareholder-friendly and responsive, driven by management remuneration incentivesThe drop in discount from 2022 to 2023 was influenced by these incentives, but the lack of their extension for 2024 has led to an increase in the discount to over 40%Investors have an asymmetrical opportunity to benefit from Prosus' discounted value, especially with its valuable stake in TencentThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

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>Discounts likely set for a re-rating as market continues to overreact to appointment of CEO amid good set of results.</li>
<li>The discounts of both Naspers and Prosus have continued to widen since the appointment of Fabricio Bloisi to Group CEO was announced in May (effective 10 July).</li>
<li>At the end of June, the group released its strongest set of results in years, delivering on consolidated ecommerce profitability ahead of target.</li>
</ul>


Discounts likely set for a re-rating as market continues to overreact to appointment of CEO amid good set of results.
The discounts of both Naspers and Prosus have continued to widen since the appointment of Fabricio Bloisi to Group CEO was announced in May (effective 10 July).
At the end of June, the group released its strongest set of results in years, delivering on consolidated ecommerce profitability ahead of target.


The Naspers/Tencent & Prosus/Tencent Stub: Entry Levels so Attractive It Looks Too Good to Be True

<ul>
<li>Naspers and Prosus released results for FY24 yesterday morning. The initial market reaction was positive, both discounts closed narrower for the day.</li>
<li>Since the appointment of Fabricio Bloisi was announced in May, both discounts have widened.</li>
<li>JSE indices were rebalanced in the closing auction on Friday. Turnover for the day on the JSE was R58bn, R38bn traded in the closing auction (66%).</li>
</ul>


Naspers and Prosus released results for FY24 yesterday morning. The initial market reaction was positive, both discounts closed narrower for the day.
Since the appointment of Fabricio Bloisi was announced in May, both discounts have widened.
JSE indices were rebalanced in the closing auction on Friday. Turnover for the day on the JSE was R58bn, R38bn traded in the closing auction (66%).


NPN X PRX FY24 Results: Initial Market Reaction Positive & JSE June Auction Analytics

<ul>
<li>Global indices were rebalanced in the closing auction on Friday. Turnover for the day on the JSE was R41.9bn, R25bn traded in the closing auction (60%).</li>
<li>Turnover at the February rebalance was R25.6bn. Most SA constituents were pushed lower in the closing auction and for the day, consistent with the downweighting of SA Inc.</li>
<li>China was downweighted in the ACWI and EM indices for a second straight quarter, reducing the country weight in ACWI by 6bps to 2.69%.</li>
</ul>


Global indices were rebalanced in the closing auction on Friday. Turnover for the day on the JSE was R41.9bn, R25bn traded in the closing auction (60%).
Turnover at the February rebalance was R25.6bn. Most SA constituents were pushed lower in the closing auction and for the day, consistent with the downweighting of SA Inc.
China was downweighted in the ACWI and EM indices for a second straight quarter, reducing the country weight in ACWI by 6bps to 2.69%.


May 24 Indices Rebalance: SA & China Net Sells, NPN, PRX & Tencent Sold Down on Buybacks

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.

<ul>
<li>Antfin will come out of its placement linked lockup for its remaining stake in Zomato soon.</li>
<li>Ant Group had earlier sold some of its stake in Nov 2023 and Mar 2024. It still has over US$800m worth of shares left to sell.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Antfin will come out of its placement linked lockup for its remaining stake in Zomato soon.
Ant Group had earlier sold some of its stake in Nov 2023 and Mar 2024. It still has over US$800m worth of shares left to sell.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Zomato Placement Lockup Expiry - US$800m Overhang

China

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.

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Prosus NV (PRX NA)

Prosus (PRX.AS) - Sunday, Apr 28, 2024

Investors have an asymmetrical opportunity to benefit from Prosus' discounted value, especially with its valuable stake in Tencent

Value Investors Club (VIC)

The Naspers/Tencent & Prosus/Tencent Stub: Entry Levels so Attractive It Looks Too Good to Be True

Since the appointment of Fabricio Bloisi to Group CEO was announced in May, the discounts have widened notably. This, despite a very good set of...

DMA

NPN X PRX FY24 Results: Initial Market Reaction Positive & JSE June Auction Analytics

Recap of how the market reacted to FY24 results ahead of next week. The discounts are still well off their February lows (PRX 30%, NPN 35%). Both...

DMA

May 24 Indices Rebalance: SA & China Net Sells, NPN, PRX & Tencent Sold Down on Buybacks

Trade analytics covering the May rebalance, China a net sell for the second consecutive quarter. Tencent, Naspers and Prosus sold down at...

DMA

Zomato Placement Lockup Expiry - US$800m Overhang

Antfin will come out of its placement linked lockup for its remaining stake in Zomato soon. In this note, we talk about the lockup dynamics.

Sumeet Singh

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