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

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

<ul>
<li>South Africa was downweighted in global, emerging markets, and ex-China indices for a second consecutive quarter. </li>
<li>Brazil was the largest upweight in global, emerging markets, and ex-China indices.</li>
<li>Tencent was downweighted in the emerging markets index but upweighted in global index.</li>
</ul>


South Africa was downweighted in global, emerging markets, and ex-China indices for a second consecutive quarter. 
Brazil was the largest upweight in global, emerging markets, and ex-China indices.
Tencent was downweighted in the emerging markets index but upweighted in global index.


Aug 24 Indices Rebalance: Brazil Takes the EM Flow, SA & China Downweighted Again (Tencent)

Pepkor Holdings Ltd is a retailer, focused on customers in the defensive discount and value retail segments. The Company's product range is biased towards basic products and services including apparel, general merchandise, cellular, financial services products, household goods and building materials.

<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

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.

<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

<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

Mr. Price Group Limited operates chains of retailers throughout South Africa. The Group retails clothing, accessories, homewares and jewelery.

<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

Quant Analyst at DMA. 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.

Charlotte van Tiddens, CFA
Quantitative Equity Analyst
• DMA

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

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

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