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TENCENT HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  09:53 2022-08-10 pm EDT
301.20 HKD   +1.89%
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Prosus to trim Tencent stake as FY core headline earnings slump

06/27/2022 | 01:54am EDT
Illustration shows smartphone with Prosus' logo

AMSTERDAM (Reuters) - Prosus NV, the Dutch-based technology investor, on Monday reported a 20% fall in its core headline earnings, a non-standard measure, for its financial year and also announced a major share repurchasing programme.

The company plans to release its profit and loss figures later in the day.

The core headline earnings of the financial year ended March 31 came in at $3.7 billion, compared with $4.9 billion reported in a year-ago period.

"The macro-economic and severe geopolitical challenges in the second half of the year have presented significant headwinds," Chief Financial Officer Basil Sgourdos said in a statement.

Prosus and South Africa's Naspers, which owns a controlling stake in the Dutch company, said they were launching an open-ended share repurchasing programme, under which they would sell down the massive 28.9% stake Prosus holds in Chinese software giant Tencent, owner of WeChat, worth more than $100 billion.

They also announced the sale of a stake in Chinese e-commerce company JD.com, which had been distributed to owners of Tencent, raising proceeds $3.7 billion.

The core headline figures were in line with indications the company had given in a June 15 trading statement saying it expected underlying profit to fall by 14-21% due to higher investment costs in the e-commerce companies it operates and lower dividends from investments such as Tencent.

(Reporting by Toby Sterling; Editing by Sherry Jacob-Phillips)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
JD.COM, INC. 0.09% 218.4 Delayed Quote.-20.29%
NASPERS LIMITED -2.58% 2430 End-of-day quote.-1.70%
PROSUS N.V. 0.11% 62.84 Real-time Quote.-14.54%
SOFTBANK GROUP CORP. 0.38% 5315 Delayed Quote.-2.56%
TENCENT HOLDINGS LIMITED 1.76% 301.2 Delayed Quote.-34.76%
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Financials
Sales 2022 579 B 86 100 M 86 100 M
Net income 2022 115 B 17 108 M 17 108 M
Net cash 2022 84 382 M 12 550 M 12 550 M
P/E ratio 2022 21,9x
Yield 2022 0,44%
Capitalization 2 416 B 359 B 359 B
EV / Sales 2022 4,03x
EV / Sales 2023 3,35x
Nbr of Employees 116 213
Free-Float 62,5%
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Number of Analysts 53
Last Close Price 253,26 CNY
Average target price 390,76 CNY
Spread / Average Target 54,3%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau Chief Strategy & Investment Officer
Hai Feng Lin President
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Sector and Competitors
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TENCENT HOLDINGS LIMITED-34.76%362 142
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PROSUS N.V.-14.63%89 358
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UBER TECHNOLOGIES, INC.-25.92%61 496
NASPERS LIMITED0.91%31 915