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.

Quantitative Analysis

<ul>
<li>During the last two weeks both discounts have widened by more than 1 percentage point, likely driven by risk-off sentiment as opposed to idiosyncratic factors. </li>
<li>Management have released the NAV update for Q2 of FY24. Naspers' NAV can be found <a href="https://www.naspers.com/investors/investing-in-naspers/net-asset-value" target="_blank" rel="noopener">here</a> and Prosus' NAV <a href="https://www.prosus.com/investors/investing-in-prosus/net-asset-value" target="_blank" rel="noopener">here</a>.</li>
<li>During the quarter, Prosus' discount widened by 4.2 percentage points to 39.8% and Naspers' discount widened by 3.6 percentage points to 46.6%, erasing cross-holding unwind gains.</li>
</ul>


During the last two weeks both discounts have widened by more than 1 percentage point, likely driven by risk-off sentiment as opposed to idiosyncratic factors. 
Management have released the NAV update for Q2 of FY24. Naspers' NAV can be found here and Prosus' NAV here.
During the quarter, Prosus' discount widened by 4.2 percentage points to 39.8% and Naspers' discount widened by 3.6 percentage points to 46.6%, erasing cross-holding unwind gains.


Naspers & Prosus: Risk off Trade Puts Pressure on Discounts, NAV Update for Q2 FY24 Released

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Bob van Dijk, CEO of both <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> and <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a>, has stepped down, effective 18 September. </li>
<li>Van Dijk was instrumental in the 2019 listing of Prosus and the creation (and subsequent unwinding) of the highly-criticised Prosus/Naspers cross-holding structure. </li>
<li>His departure should have minimal impact. Everything else basically stays the same. Continue to be long Prosus vs. NAV - that is, Prosus vs. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>.</li>
</ul>


Bob van Dijk, CEO of both Naspers (NPN SJ) and Prosus NV (PRX NA), has stepped down, effective 18 September. 
Van Dijk was instrumental in the 2019 listing of Prosus and the creation (and subsequent unwinding) of the highly-criticised Prosus/Naspers cross-holding structure. 
His departure should have minimal impact. Everything else basically stays the same. Continue to be long Prosus vs. NAV - that is, Prosus vs. Tencent (700 HK).


Prosus/Naspers: Business As Usual As CEO Steps Down

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>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> raised around US$4.9bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>' US IPO.</li>
<li>ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Softbank Group (9984 JP) raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)' US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.


ARM Holdings IPO Trading - Sold Hope, Now for Some Reality

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> aims to raisebetween US$4.5-4.9bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings</a>' US IPO.</li>
<li>ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.</li>
</ul>



Softbank Group (9984 JP) aims to raisebetween US$4.5-4.9bn via selling some of its stake in ARM Holdings' US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In our previous notes, we looked at the company’s past performance. In this note, we talk about valuation.


ARM Holdings IPO - Thoughts on Valuation - Still Very Demanding

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> aims to raise around US$8-10bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings</a>' US IPO.</li>
<li>ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In our earlier note, we looked at Arm’s past performance and undertook a peer comparison. In this note, we talk about valuations.</li>
</ul>



Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings' US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In our earlier note, we looked at Arm’s past performance and undertook a peer comparison. In this note, we talk about valuations.


ARM Holdings Pre-IPO - Thoughts on Valuations

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)

Naspers & Prosus: Risk off Trade Puts Pressure on Discounts, NAV Update for Q2 FY24 Released

Naspers & Prosus: discounts widen during last two weeks driven by risk-off sentiment plus Q2 FY24 NAV update released. Fresh opportunity for those...

DMA

Prosus/Naspers: Business As Usual As CEO Steps Down

For arbers, go long Prosus and hedge 75% with Tencent, and 10-15% of Prosus listed holdings (Meituan, Delivery Hero, Trip.com, Remitly Global)...

David Blennerhassett

ARM Holdings IPO Trading - Sold Hope, Now for Some Reality

Softbank Group (9984 JP) raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)' US IPO. In this note, we talk about the...

Sumeet Singh

ARM Holdings IPO - Thoughts on Valuation - Still Very Demanding

Softbank Group (9984 JP) aims to raisebetween US$4.5-4.9bn via selling some of its stake in ARM Holdings' US IPO. In this note, we provide our...

Sumeet Singh

ARM Holdings Pre-IPO - Thoughts on Valuations

Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings' US IPO. In this note, we talk about valuations.

Sumeet Singh

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