Market Wrap - Stock pick — Naspers
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Waldo du Plessis from Nitrogen Fund Managers chose Naspers as his stock pick of the day.
"My stock pick tonight is going to be Naspers, the rand is blown out and Naspers is a rand hedge, it trades at the widest discount that I think I've observed in many many years to its main asset which is 10 cents or 700 hk. You're getting equality assets and by the way Chinese gaming is up significantly in January and February as people are staying at home and buying more online games if you can believe it. They are spending more time on WeChat and if you're buying that at a 50% discount and the rand is weak from around 14 at the start of the year to now trading at 16 it looks pretty attractive."
"My stock pick tonight is going to be Naspers, the rand is blown out and Naspers is a rand hedge, it trades at the widest discount that I think I've observed in many many years to its main asset which is 10 cents or 700 hk. You're getting equality assets and by the way Chinese gaming is up significantly in January and February as people are staying at home and buying more online games if you can believe it. They are spending more time on WeChat and if you're buying that at a 50% discount and the rand is weak from around 14 at the start of the year to now trading at 16 it looks pretty attractive."
