JPMorgan sees the Naspers share price surging 44% to R4,250 by the end of 2019 — a level that would value the internet group at a record high of R1.8-trillion. The US bank said in a research report this week it had raised Naspers’s December 2019 price target from R4,000 after lifting its price target for Tencent from HK$345 to HK$375. Naspers, which has lost ground after briefly surpassing the R4,000 mark in November 2017, closed at R2,950 on Thursday, a 0.8% decline on the day. Its 31%-owned associate, Tencent, which is the world’s biggest gaming company and owner of the WeChat social network, closed 0.4% up at HK$329 in Hong Kong.

JPMorgan research analyst Alex Yao said earlier this week the US bank is more positive about the outlook for Tencent’s online gaming business in 2019, since Chinese regulators have resumed approvals for new games after halting the process months before. The pause in gaming approvals contributed to a disappointing year for Tencent and Naspers invest...

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