Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

<ul>
<li>Since our December 2020 Insight, Hermès has returned about 62% in euros against roughly 111% for the MSCI ACWI gross index, despite tripling its profit.</li>
<li>It led the index at every year-end through 2025; a 57.5× starting multiple, Asia's stall and luxury's pricing fatigue erased that lead within 2026.</li>
<li>For long-term luxury investors: own the top of the customer pyramid, separate price from volume, benchmark against the index, and demand an explicit expected return.</li>
</ul>


Since our December 2020 Insight, Hermès has returned about 62% in euros against roughly 111% for the MSCI ACWI gross index, despite tripling its profit.
It led the index at every year-end through 2025; a 57.5× starting multiple, Asia's stall and luxury's pricing fatigue erased that lead within 2026.
For long-term luxury investors: own the top of the customer pyramid, separate price from volume, benchmark against the index, and demand an explicit expected return.


Hermès Revisited: Profits Tripled, Yet the World Index Won

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

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>You can call me AK. My previous job was fixing companies and advising PE firms.</li><li>I live in Ireland with my wife, 2 dogs and a baby on the way. For my 9-5, I work for a semiconductor company and investing is my 5-9.</li><li>Before this, I used to be a management consultant with Bain &amp; Company working mostly on competitive and growth strategy &amp; Private Equity deals. </li></ul>

You can call me AK. My previous job was fixing companies and advising PE firms.I live in Ireland with my wife, 2 dogs and a baby on the way. For my 9-5, I work for a semiconductor company and investing is my 5-9.Before this, I used to be a management consultant with Bain &amp; Company working mostly on competitive and growth strategy &amp; Private Equity deals. 

I investigate companies for a living (sort of)

<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...

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)

Hermès Revisited: Profits Tripled, Yet the World Index Won

Hermès tripled its profit after our 2020 Insight, yet trails the MSCI ACWI by about 49 points of total return. Why the best luxury house lagged the...

Urbem Capital

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

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

I investigate companies for a living (sort of)

I start reading books on the company, biographies of their CEO, arcane unknown interviews that lie in a forgotten corner of the internet and talk...

Unfair Advantage

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hermès Revisited: Profits Tripled, Yet the World Index Won

Hermès tripled its profit after our 2020 Insight, yet trails the MSCI ACWI by about 49 points of total return. Why the best luxury house lagged the...

Urbem Capital

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

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

I investigate companies for a living (sort of)

I start reading books on the company, biographies of their CEO, arcane unknown interviews that lie in a forgotten corner of the internet and talk...

Unfair Advantage

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

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