Tencent, through its holding of WeChat, has been caught up in the escalating China/US trade tensions, which has potential implications for holders of shares in Naspers and Prosus.
Tencent’s direct revenue and profit exposure to the US is estimated at about 2%, though this in fact comprises largely gaming. So the direct effect as a result of the WeChat ban would seem to be minuscule. The other result potentially comes from Tencent’s investments in US companies . Currently we calculate the discount to net asset value for Naspers is 53.5% and for Prosus 32.5%. Recently Prosus has been outperforming Naspers, as can be seen from the widening gap between the two discounts. At present it looks as if it is at the widest point it has been since Prosus listed on September 11 2019. The Naspers discount is also close to the widest it has been .
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