TCEHY - Prosus: Best Proxy To Internet Giant Tencent
2025-04-25 00:15:52 ET
Summary
- Prosus offers a low-risk entry to China's internet growth via Tencent, trading at a near 40% discount to NAV.
- An ongoing buyback program is funded with proceeds from selling Tencent shares. It shall continue to boost NAV per share for Prosus investors.
- I initiate the stock with a buy rating based on a narrower NAV gap and potential upside in Tencent.
- Key risks include potential strategy shifts and future investment errors.
Prosus N.V. ( PROSY ), the Amsterdam-based investment firm and top shareholder of China’s Tencent Holdings Ltd. ( TCEHY ), trades at a steep discount to its net asset value. And the company has a good plan to narrow the gap....
Prosus: Best Proxy To Internet Giant Tencent