In our last report on Naspers and Prosus (in Sep 2024), we discussed the management changes and Tencent’s 2Q24 results, since then, the following events have taken place:

• Naspers and Prosus released half-year results for FY2025.
• Trip.com has been disposed of and Swiggy Limited IPO’d in India, valuing it at $11.3bn at the time of listing.
• Prosus first-half results had the following highlights:
• Operations delivered top line growth of 26%.
• Adjusted EBIT came in at $60m, turning positive for the first time after reporting a loss of $110m in the first half of 2024.

Our research supports a hold recommendation.