24
January 2025
Investment Idea: Naspers and Prosus
Vaughan Henkel
Head of Securities Solutions, PSG Wealth
- In our last report on Naspers and Prosus (in December 2024), we discussed Naspers and Prosus’ half-year 2025 results.
- Tencent was also placed on a “Chinese military companies” list by the US which had a material impact on both Naspers and Prosus’ share prices.
- We have updated our valuation to account for the continued share repurchases (repurchase history in Appendix) and changes in market value of listed assets.
- We have adjusted the position of Trip.com and the Swiggy Limited listing.
- Our research supports a hold recommendation.