Investment banking group UBS has recently added Naspers to its Top5 South African markets portfolio. John Orford from UBS wrote in a note to clients: “We add Naspers to the South Africa Top5 portfolio given strong earnings growth and its Rand hedge; Naspers has been one of our preferred stocks in SA for some time. Via its holding in Tencent, Naspers offers exposure to structural fast growth in the Chinese Internet market. Naspers also offers optionality on the potentially exciting opportunities presented by its investments in various EM e-commerce plays. Top5 now includes BHP, MTN, Netcare and Sasol, and to make room for Naspers, we remove Investec from the portfolio.”
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