Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

Korea Stock Exchange Kospi Index / Event-Driven

Korea Stock Exchange Kospi Index (KOSPI INDEX)

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma.</li>
<li>In this cut, we uncover large- and small-cap opportunities in South Korea, examine whether it's time for a luxury rebound, and assess some opportunities in the insurance sector. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma.
In this cut, we uncover large- and small-cap opportunities in South Korea, examine whether it's time for a luxury rebound, and assess some opportunities in the insurance sector. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Seoul Searching, Luxury Lulls & Getting Insurance for Portfolios

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Mandarin Oriental International / Equity Bottom-Up

Mandarin Oriental International (MAND SP)

<ul>
<li>While traditional luxury brands may encounter challenges as affluent Chinese consumers shift to local high-end brands, there are still opportunities within small niches in the luxury sector.</li>
<li>Luxury travel, driven by trends like micro trips and the increasing number of High-Net-Worth Individuals, represents a potential area of growth in the luxury sector.</li>
<li>The thriving luxury travel market opens up investment potential in sectors such as luxury hotels and premium cosmetics.</li>
</ul>


While traditional luxury brands may encounter challenges as affluent Chinese consumers shift to local high-end brands, there are still opportunities within small niches in the luxury sector.
Luxury travel, driven by trends like micro trips and the increasing number of High-Net-Worth Individuals, represents a potential area of growth in the luxury sector.
The thriving luxury travel market opens up investment potential in sectors such as luxury hotels and premium cosmetics.


APAC Luxury Industry Series: Luxury Travel Shines Amid Challenges for Traditional Luxury Goods

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul>
<li>Hermès International reported its financial performance for the first half of 2025, showcasing solid growth amidst a challenging global landscape.</li>
<li>The company's sales reached €8 billion, marking an 8% increase at constant exchange rates, highlighting the robust demand for Hermès products across all regions.</li>
<li>Despite a fluctuating economic context, the strength and exclusivity of its artisanal model remain key drivers of its success.</li>
</ul>


Hermès International reported its financial performance for the first half of 2025, showcasing solid growth amidst a challenging global landscape.
The company's sales reached €8 billion, marking an 8% increase at constant exchange rates, highlighting the robust demand for Hermès products across all regions.
Despite a fluctuating economic context, the strength and exclusivity of its artisanal model remain key drivers of its success.


Hermès International’s Expansion Spree: How It’s Winning Over High-Value Shoppers!

Writing about Companies with an Unfair Advantage, Unfair Advantage

Unfair Advantage

Writing about Companies with an Unfair Advantage

I write about companies that have an unfair advantage. I might invest in them as well.

Thematic (Sector/Industry)

<ul><li>Luxury stocks are quietly having a midlife crisis.</li><li>Despite looking optically expensive on a trailing earnings basis, luxury names are trading at their cheapest levels in the last five years.</li><li>Stocks like LVMH, Hermès, and Ferrari are all down 20%+ over the past year. Not exactly what you’d expect from brands that sell handbags for the price of a car.</li></ul>

Luxury stocks are quietly having a midlife crisis.Despite looking optically expensive on a trailing earnings basis, luxury names are trading at their cheapest levels in the last five years.Stocks like LVMH, Hermès, and Ferrari are all down 20%+ over the past year. Not exactly what you’d expect from brands that sell handbags for the price of a car.

What Happened to My Rolexes, Champagnes and Birkins? Luxury Is Not so Pricey Anymore $MC.PA, $RM...

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>The EU consumer discretionary sector is mixed but improving, though the recovery remains uneven across goods and services.</li>
<li>Tourism remains the standout, surpassing pre-pandemic levels with a record 2.99 billion nights in 2024. Hospitality, travel, and leisure therefore remain relatively bright spots.</li>
<li>Non-Food retail volumes returned to year-on-year growth in 2025, yet large-ticket categories such as autos and durables continue to lag the broader discretionary recovery.</li>
</ul>


The EU consumer discretionary sector is mixed but improving, though the recovery remains uneven across goods and services.
Tourism remains the standout, surpassing pre-pandemic levels with a record 2.99 billion nights in 2024. Hospitality, travel, and leisure therefore remain relatively bright spots.
Non-Food retail volumes returned to year-on-year growth in 2025, yet large-ticket categories such as autos and durables continue to lag the broader discretionary recovery.


EU Consumer Discretionary Sector - Mixed Trends

France

Hermes International designs, produces, and distributes personal luxury accessories and apparel.  The Company operates a chain of boutiques under the Hermes name that sells items such as leather, scarves, men's clothes, ties, women's fashions, perfume, watches, stationery, shoes, hats, gloves, and jewelry.

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Hermes International (RMS FP)

Curator's Cut: Seoul Searching, Luxury Lulls & Getting Insurance for Portfolios

Discover investment opportunities in South Korea, luxury rebound potential, and insurance sector insights in the latest Curator's Cut from...

Pranav Rao

APAC Luxury Industry Series: Luxury Travel Shines Amid Challenges for Traditional Luxury Goods

Luxury travel, driven by trends like micro trips and the increasing number of High-Net-Worth Individuals, represents a potential area of growth in...

Oshadhi Kumarasiri

Hermès International’s Expansion Spree: How It’s Winning Over High-Value Shoppers!

Hermès International reported its financial performance for the first half of 2025, showcasing solid growth amidst a challenging global landscape.

Baptista Research

What Happened to My Rolexes, Champagnes and Birkins? Luxury Is Not so Pricey Anymore $MC.PA, $RM...

Luxury stocks are quietly having a midlife crisis. Despite looking optically expensive on a trailing earnings basis, luxury names are trading...

Unfair Advantage

EU Consumer Discretionary Sector - Mixed Trends

EU consumer discretionary sector shows mixed but improving performance, with tourism leading the way while large-ticket categories lag behind.

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Seoul Searching, Luxury Lulls & Getting Insurance for Portfolios

​Discover investment opportunities in South Korea, luxury rebound potential, and insurance sector insights in the latest Curator's Cut from...

Pranav Rao

APAC Luxury Industry Series: Luxury Travel Shines Amid Challenges for Traditional Luxury Goods

Luxury travel, driven by trends like micro trips and the increasing number of High-Net-Worth Individuals, represents a potential area of growth in...

Oshadhi Kumarasiri

Hermès International’s Expansion Spree: How It’s Winning Over High-Value Shoppers!

Hermès International reported its financial performance for the first half of 2025, showcasing solid growth amidst a challenging global landscape.

Baptista Research

What Happened to My Rolexes, Champagnes and Birkins? Luxury Is Not so Pricey Anymore $MC.PA, $RM...

Luxury stocks are quietly having a midlife crisis. Despite looking optically expensive on a trailing earnings basis, luxury names are trading...

Unfair Advantage

EU Consumer Discretionary Sector - Mixed Trends

​EU consumer discretionary sector shows mixed but improving performance, with tourism leading the way while large-ticket categories lag behind.

GSBR Research

Discover investment opportunities in South Korea, luxury rebound potential, and insurance sector insights in the latest Curator's Cut from...

EU consumer discretionary sector shows mixed but improving performance, with tourism leading the way while large-ticket categories lag behind.