Africa’s largest public company, Naspers, said late on Monday that earnings for the six months to end-September would increase by more than a third. After revising the previous interim period’s numbers downwards due to an accounting change, core headline earnings per share, which adjusts for nonrecurring and nonoperational items, would rise 35%-43%, the group said. Without the change to prior numbers, core headline earnings per share would grow 7%-13%. Last week, JP Morgan reduced its price target for Naspers after doing the same for the group’s main investment, Hong Kong-listed Tencent. The US bank sees Naspers’s share price reaching R4,000 in December 2019, versus R2,825 on Monday. JP Morgan said Naspers had made progress in reducing its hefty valuation discount, though the group was still trading at multi-year lows. Naspers’s share price reached a low of R2,370 at the end of October but has since recovered thanks to Tencent’s turnaround, which continued last week after the Chines...

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