Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary Tech•Media•Tech

研报英文原文证据摘录

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary Tech•Media•Tech

th the key debate shifting to profit divergence as rising AI opex dilutes underlying improvement;

with adjusted operating profit growth likely to slow down to mid‑single digits YoY. The key upside is disclosure quality

around the “two‑P&L” framework and a consistent definition/scope for “new AI products” that would reinforce the ex‑AI

earnings line as the valuation anchor through the investment cycle. Prosus and Naspers currently trade at c.38% and 41%

discounts to NAV with the discounts remaining broadly stable since FY26 results. Looking ahead, management has flagged

FY27 as the investment year and we expect execution on iFood margin normalisation and progress on JET’s return‑to‑growth

plan to be the key share price catalysts over the next 6-12 months that could improve market sentiment, eventually narrowing

the PRX and NPN discounts to NAV over time. As we have highlighted earlier, we see Tencent share price performance as the

only catalyst in the short term until margin performance in Food Delivery occurs.

Use the links below to jump straight to each section:

Key Global TMT Research

Trading Recap

Macro Research

J.P. Morgan TMT Events

J.P. Morgan TMT Contacts

• EU SMID Technology Hardware -Thoughts and numbers into Q2’26 earnings season: Continue to prefer SemiCap over

Semi Devices- Craig A McDowell Read Full Note Here

• European Media Valuation Sheet: 13/07/2026 - - Daniel Kerven Read Full Note Here

• Pearson -Downgrade to Neutral- Daniel Kerven Read Full Note Here

• Baltic Classifieds Group - Model Update- Marcus Diebel Read Full Note Here

• Prosus & Naspers -Tencent PT uplift drives SOTP upward revision, focus on FY27 investments and the operational