ASX opens higher. Scalar’s Gautam picks BlackLine. IMF’s Bannan picks Corporate Travel. Ellerston’s Kourtis picks Perpetual. Sohn conference kicks off in Adelaide. Follow updates here.
J O Hambro’s Samir Mehta has pitched Tencent Music as the “Sixto Rodriguez” of streaming – a reference to the hidden gem of folk rock. The company is 52 per cent owned by Tencent and has a $US18 billion market capitalisation with $US4 billion of cash. Year-to-date the shares are up 24 per cent. Mehta said the company had bought back $US1 billion of stock and is buying back another $US500 million at the moment.
” He added that China’s streaming market had huge potential. “The numbers are big, the population is large in China, the trends are right, and music everywhere in the world has similar dimensions.” Mehta is a Singapore-based senior portfolio manager at J O Hambro Capital Management, which manages around $38 billion in global equities strategies. J O Hambro is owned by Perpetual, which was a stock that was pitched minutes earlier by Ellerston’s Chris Kourtis.
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