CHINA’s economic woes have finally caught up with market heavyweight Naspers.The 34% stake in Chinese gaming company Tencent has been the main driver of Naspers’s share price growth. Tencent seems to be a bit of an albatross now, at a time when the diversified e-commerce ventures of the group still show losses.The lowest trading level for Naspers this month was R1,731 per share. In total, it has retracted 31% since hitting a high of R2,270 on November 26 last year. It has picked up this month, but is still 13.9% down this year. This is unfamiliar territory for the high-flying share, after gaining 100% in 2013, and 38% in 2014. It grew 39.9% last year.After trading at a price to earnings ratio of more than 100 last year, it has mellowed somewhat to hover at 87 now, and at a forward price to earnings ratio of about 30. But the targeted R2,600, or even R3,000, set by analysts last year, suddenly appears far away.The pullback has put into focus chairman Koos Bekker’s move last year, whe...
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