24

January 2025

Investment Ideas Fundamental Research

Investment Idea: Naspers and Prosus

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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.