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Prosus (PROSY) has outperformed since I last covered the stock, but I still think there's plenty of reasons to like the longer-term story. Given its relative discount to Tencent (TCEHY), Prosus offers investors a cheaper way to buy into Tencent, while simultaneously offering discounted optionality on high-growth, emerging market-focused internet assets. Current valuations strike me as unjustified, and given the tax-efficiency of its structure, coupled with its focus on reducing the holdco discount, and management's proven track record, I think shares will re-rate.