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BUSINESS MAVERICK: Naspers, a year on and the problems are much the same

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A year from its unbundling of MultiChoice and Prosus, Naspers sits with the same problem – its value continues to trail that of its assets, particularly that of Tencent. Can this be changed?

Tencent, the Chinese company 31% owned by Naspers, has had a storming year, with the share advancing by 43.4%, valuing the company at $673.5-billion and making it the world’s second largest social media operator, after Facebook.

What this suggests is that South African investors would have been better off had they invested directly in Tencent – which is easy enough to do off local stockbroking platforms. Resolving this is a conundrum that the unbundling of Prosus from Naspers last September has patently not resolved. Lastly, while Prosus’ portfolio of investments in the e-commerce, food delivery, payments and fintech spaces is growing and is increasingly profitable, this is dwarfed by Tencent.

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