NASPERS

Finweek English Edition - - INVESTMENT -

BUY Re­nais­sance Cap­i­tal re­mains bullish on the out­look for the JSE-listed tech­nol­ogy and me­dia group. The re­search house has a 12-month price tar­get of R670/share. An­a­lyst David Robin­son told clients: “We ex­pect shares in Naspers to con­tinue to be driven by its as­so­ciate in­vest­ments in Ten­cent (not rated) and Mail.Ru and though shares in Ten­cent have seen some profit-tak­ing since the com­pany’s 3Q12 re­sults, we con­tinue to ex­pect it to report strong topline trends go­ing into 2013, un­der­pinned by its core games busi­ness and a grow­ing pro­por­tion of ad­ver­tis­ing rev­enue.”

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