Shares in Naspers rose on Thursday morning, even as its main investment, Tencent of which Naspers owns 31%, fell in Hong Kong, after the Cape Town-based internet giant said earnings in the year to end-March grew by up to a third.
Excluding MultiChoice, the pay-TV business that Naspers handed to its investors earlier in 2019, core HEPS grew between 24% and 26%. “Given that Naspers is effectively an investment holding company, its net asset value matters much more than some paper profits,” analysts at Vestact said on Thursday.
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