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>Improved transparency from management is an important positive. Additional disclosures were included on entity IRR in the results presentation (attached, not previously disclosed). </li>
<li>Profitability target for the consolidated ecommerce businesses moved forward to H2 FY24 from H1 FY25. Significant narrowing of trading losses in H1 FY24 to $36m from $256m in H1 FY23.</li>
<li>As management 'commit to highlight value where and when possible', we think an IPO could very well be on the horizon.</li>
</ul>


Improved transparency from management is an important positive. Additional disclosures were included on entity IRR in the results presentation (attached, not previously disclosed). 
Profitability target for the consolidated ecommerce businesses moved forward to H2 FY24 from H1 FY25. Significant narrowing of trading losses in H1 FY24 to $36m from $256m in H1 FY23.
As management 'commit to highlight value where and when possible', we think an IPO could very well be on the horizon.


Naspers (NPN SJ), Prosus (PRX NA) H1 FY24 Results, Key Takeaways

<ul>
<li>In yesterday’s trading session, Naspers and Prosus followed the market lower leading up to and after the US CPI print (headline worse than expected, core inline). </li>
<li>Naspers and Prosus closed 1.4% and 1.9% lower, reducing Naspers’ discount to Prosus’ market value to its narrowest level since Prosus listed. The discount closed at 10.4% (currently 10.9%).</li>
<li>Naspers has outperformed Prosus by 2.2% during the last 3 trading days. </li>
</ul>


In yesterday’s trading session, Naspers and Prosus followed the market lower leading up to and after the US CPI print (headline worse than expected, core inline). 
Naspers and Prosus closed 1.4% and 1.9% lower, reducing Naspers’ discount to Prosus’ market value to its narrowest level since Prosus listed. The discount closed at 10.4% (currently 10.9%).
Naspers has outperformed Prosus by 2.2% during the last 3 trading days. 


Naspers: Discount to Prosus Market Value Reaches Narrowest Level Since Prosus Listing

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Brent crude rebounded nearly 4% overnight after Iran told the UN that it would not surrender to the US while remaining open to diplomacy, suggesting that the oil-price increase may be temporary.</li><li>A US official said the US and China had agreed to extend their trade truce by two months through January 2027, easing near-term trade tensions.</li><li>Fitch Ratings upgraded the outlooks of EXIM, KTB, TTB, SCBT and UOBT to "Stable,” reflecting confidence in Thai financial institutions.</li></ul>

Brent crude rebounded nearly 4% overnight after Iran told the UN that it would not surrender to the US while remaining open to diplomacy, suggesting that the oil-price increase may be temporary.A US official said the US and China had agreed to extend their trade truce by two months through January 2027, easing near-term trade tensions.Fitch Ratings upgraded the outlooks of EXIM, KTB, TTB, SCBT and UOBT to "Stable,” reflecting confidence in Thai financial institutions.

Krungthai XSpring Zoom Eng. September 24, 2026

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Strong top-line growth in Q126, but also margin compression due to rising OpEx</li>
<li>For Q2, Trip.com guided slower revenue growth and concomitant margin impacts</li>
<li>An antitrust investigation into Trip.com appears to be undermining growth trajectory</li>
</ul>


Strong top-line growth in Q126, but also margin compression due to rising OpEx
For Q2, Trip.com guided slower revenue growth and concomitant margin impacts
An antitrust investigation into Trip.com appears to be undermining growth trajectory


Trip.com Q126 Results | Strong Top-Line, Lower Margins | Ongoing Investigation To Hit Growth in Q226

Equity Long-Short

Mo Aziz

<ul>
<li>Q1FY26 results will be out on 24/Jun, consensus expectation of core EPS6.15 (+5% YoY). This is better than its global rivals whom all saw YoY declines. </li>
<li>The Middle-East war has negatively impacted on global holidays, but Trip.com's comprehensive products offerings and discounting has largely mitigated the situation. </li>
<li>Our FV US$60 and HK$470 — premised on 14x FY26E P/E, on par with China's consumer discretionary multiple. This implied +33% UPSIDE potential from current market price.</li>
</ul>


Q1FY26 results will be out on 24/Jun, consensus expectation of core EPS6.15 (+5% YoY). This is better than its global rivals whom all saw YoY declines. 
The Middle-East war has negatively impacted on global holidays, but Trip.com's comprehensive products offerings and discounting has largely mitigated the situation. 
Our FV US$60 and HK$470 — premised on 14x FY26E P/E, on par with China's consumer discretionary multiple. This implied +33% UPSIDE potential from current market price.


Trip.com (TCOM US / 9961 HK): The Global OTA Compounder That Will Take Over the World

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

Naspers (NPN SJ), Prosus (PRX NA) H1 FY24 Results, Key Takeaways

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Naspers: Discount to Prosus Market Value Reaches Narrowest Level Since Prosus Listing

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DMA

Krungthai XSpring Zoom Eng. September 24, 2026

Brent crude rebounded nearly 4% overnight after Iran told the UN that it would not surrender to the US while remaining open to diplomacy,...

Krungthai XSpring

Trip.com Q126 Results | Strong Top-Line, Lower Margins | Ongoing Investigation To Hit Growth in Q226

Q126 saw strong revenue growth and some margin erosion. More importantly, weak Q226 guidance appears to highlight the heavy impact an ongoing...

Tracking Traffic

Trip.com (TCOM US / 9961 HK): The Global OTA Compounder That Will Take Over the World

Q1FY26 results show Trip.com outperforming global rivals with +5% YoY core EPS growth, despite Middle-East war impact on holidays. Analysts see...

Mo Aziz

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52-week Range

Market Cap (USDm)

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Naspers (NPN SJ), Prosus (PRX NA) H1 FY24 Results, Key Takeaways

Management intend to make PayU India a listable business by the second half of next year. Insight includes important takeaways from the results...

DMA

Naspers: Discount to Prosus Market Value Reaches Narrowest Level Since Prosus Listing

Recap on how the Naspers and Prosus discounts traded last week. Naspers’ discount to Prosus’ market value reached an all time low. Could see...

DMA

Krungthai XSpring Zoom Eng. September 24, 2026

Brent crude rebounded nearly 4% overnight after Iran told the UN that it would not surrender to the US while remaining open to diplomacy,...

Krungthai XSpring

Trip.com Q126 Results | Strong Top-Line, Lower Margins | Ongoing Investigation To Hit Growth in Q226

Q126 saw strong revenue growth and some margin erosion. More importantly, weak Q226 guidance appears to highlight the heavy impact an ongoing...

Tracking Traffic

Trip.com (TCOM US / 9961 HK): The Global OTA Compounder That Will Take Over the World

​Q1FY26 results show Trip.com outperforming global rivals with +5% YoY core EPS growth, despite Middle-East war impact on holidays. Analysts see...

Mo Aziz

Q1FY26 results show Trip.com outperforming global rivals with +5% YoY core EPS growth, despite Middle-East war impact on holidays. Analysts see...