Smart Calls with Smartkarma

Weather patterns across Southeast Asia in early 2026 have been uneven with early rainfall giving way to drier conditions, setting the stage for potential supply impacts in natural rubber. Vinod Nedumudy joins Pranav Rao to unpack: • How shifting rainfall patterns are affecting rubber-producing regions • Why El Niño typically leads to weaker latex yields over time • The lagged impact of drought on...

Recent growth at ASICS has been strong, but much of it has been driven by tourism rather than domestic demand. Michael Causton joins Pranav Rao to unpack: • Why tourist spending especially for Onitsuka Tiger has driven recent growth in Japan • The structural challenges in ASICS' traditional wholesale model • Risks from shifting tourism trends and geopolitical factors Like what you heard? Share...

The performance gap between SITC International Holdings and Orient Overseas International Limited continues to widen, reinforcing the pair trade thesis. Osbert Tang joins Pranav Rao to unpack: • Why SITC continues to outperform OOIL on profitability and returns • How intra-Asia trade strength is supporting SITC's growth • The impact of China–US trade softness on OOIL • How oil prices and Middl...

A new logistics-focused REIT is preparing to list in Singapore, with a portfolio of high-spec industrial and business space assets across Asia. Arun George joins Pranav Rao to break down the upcoming IPO of UI Boustead REIT: • The portfolio of 23 logistics and industrial assets across Singapore and Japan • Strategic tenants including Razer, GSK and Rolls-Royce • Why its lease profile and yield cou...

With its AGM approaching, investors are watching closely for signals that could pave the way for an ADR listing at SK hynix. Sanghyun Park joins Pranav Rao to break down what to watch at the upcoming meeting: • The key AGM agenda items that could enable an ADR listing • How capital reserve reductions and buybacks may support the move • Why management may prefer existing shares over new issuance •...

Smart Calls with Smartkarma | Tracking Global Uranium Momentum As AI-driven power demand accelerates, nuclear energy is back in focus, pushing uranium stocks sharply higher and driving record inflows into the Global X Uranium ETF (URA). Brian Freitas joins Pranav Rao to unpack: • Why AI is reshaping the uranium demand story • How URA's index construction drives stock-level flows • Key rebalanc...

Smart Calls with Smartkarma | The Medline IPO: Big Scale, Big Risks Medline, one of the largest suppliers of everyday medical and surgical essentials is heading for what could be the biggest US IPO of 2025, with a potential $5.4B raise and heavyweight cornerstone investors on board. Jeff Zell joins Pranav Rao to break down: • What makes Medline a "backbone" player in US healthcare • Key...

Smart Calls with Smartkarma | The Hidden Math That Challenges Fujikura’s Boom Fujikura’s valuation has soared more than fourfold, but is the market overlooking a structural decline in cable demand? Michael Allen joins Pranav Rao to break down: • Why Fujikura’s EBITDA multiple expanded so sharply • Why rising cable lengths won’t offset demand compression • The psychology driving extreme AI-linked v...

Smart Calls with Smartkarma | ASEAN Trade & Turbulence: Resilience, Deals & Monetary Strength ASEAN is splitting into two paths — with Vietnam, Singapore, and Malaysia standing out as the likely winners. Manu Bhaskaran joins Pranav Rao to unpack: • Why ASEAN trade has stagnated • How CPTPP gives members a competitive edge • The role of RCEP in regional trade flows • Why central bank credib...

Smart Calls with Smartkarma | CEO Shake-Up Sends Temenos Shares Sliding Temenos shares fell ~16% following the sudden departure of CEO Jean‑Pierre Brulard, just 16 months into the role. Gregory Ramirez joins Pranav Rao on this Smart Call to unpack: • What triggered the leadership change • Whether Temenos has a structural succession issue • If the board is acting decisively enough this time • What...

Smart Calls with Smartkarma | Newborn Town (9911 HK): China’s Global Social App Exporter Newborn Town is building an “App Factory” of export-only social and dating platforms—live streaming, voice chat, casual games—targeting the Middle East, Southeast Asia, and North America. Despite ~30–35% revenue growth and ~16% net margins, it trades at just 0.4x PEG compared to 0.8–1x peers. Pranav Rao speaks...

Smart Calls with Smartkarma | Dongfeng Motor Privatization: Key Risks, Valuations & Timeline Privatization premium. EV spin-off. What does the Dongfeng Motor (489HK) deal mean for investors? Pranav Rao speaks with Arun George to unpack the offer structure, valuation upside, and key risks • Strategic move to align with China’s auto sector consolidation • Timeline stretches to 2026 with regulato...

Smart Calls with Smartkarma | Kalyan Jewellers Under the Lens Franchise expansion. Capital redeployment. What’s really behind Kalyan Jewellers’ growth strategy? Pranav Rao speaks with Pranav Bhavsar, who flags key investor watchpoints from the latest earnings call • Pause in debt reduction to free up real estate collateral • Faster supplier payments without clear ROC impact • Franchise model deliv...

Smart Calls with Smartkarma | Japanese Mid-Cap Banks: Interest Rate Winners Steeper yield curve. Stronger net interest income. Cleaner balance sheets. Which Japanese banks stand to gain the most? Pranav Rao speaks with Victor Galliano, who shares his bullish view on mid-cap Japanese banks and his top pick: Iyogin Holdings (5830 JP). • 60%+ of market cap in cross-shareholdings, potential for shareh...

What’s driving the Ringgit’s weakness despite current account surpluses? And can reforms help stabilize it? Pranav Rao speaks with Chan Kok Peng, who highlights key factors behind the Ringgit’s decline: • Aggressive currency interventions signaling fundamental weakness • Dwindling structural support from the current account • Rising domestic shift to foreign currency deposits Plus, a look at poten...

Smart Calls with Smartkarma | Mid Cap Momentum: Picking Winners in India’s Equity Market 29.4% return. 90% hit rate. What’s the framework behind it? Pranav Rao speaks with Dr. Manishi Raychaudhuri, who shares his three-pronged quant screen for identifying high-conviction mid-caps: • Future earnings CAGR >10% • PEG < 1.3 • Upgraded earnings + consensus buys Thematic overlays (industrials, fin...

Smart Calls with Smartkarma | Asian Terminals Unpacked: Growth Drivers and Market Outlook Consistent volume growth. Recent double-digit tariff hikes. A stable duopoly with International Container Terminal Services, Inc. (ICTSI). Despite this, Asian Terminals (ATI PM) trades at just 9x PE—with expectations of 30% earnings growth and a 7% dividend yield in FY25. Pranav Rao speaks with Insight Provid...

Smart Calls with Smartkarma | Henlius Biotech (2696 HK): Profitability, Global Momentum, and Pipeline Strength Henlius is among the few Chinese biopharma firms to turn profitable—with solid fundamentals, expanding global approvals (incl. EU & Southeast Asia), and an active late-stage pipeline. Pranav Rao speaks with Criss Wang to explore the long-term upside potential (~20–50%), key risks like...

Bright Smart Securities: Innovation, Ownership, and What's Next With Ant Financial set to acquire a majority stake in Bright Smart (1428 HK), the Hong Kong brokerage could see a step-change in digital reach, operational strategy, and access to mainland capital flows. In this Smart Call, Osbert Tang breaks down: • What makes Bright Smart's model unique—from mobile trading to weekend branch...

Smart Calls with Smartkarma | TFS IPO: Strong Margins. Hidden Risks. Travel Food Services Limited (TFS) operates QSRs and lounges at India’s busiest airports, reporting high margins and ROEs of 30–35%. But behind the numbers lie structural concerns. Pranav Rao speaks with Insight Provider Himanshu Dugar to unpack: • TFS’s dominant footprint in India’s airport F&B and lounge segments • How its...

Smart Calls with Smartkarma | From Crisis to Opportunity: Investing in China's Property Services While headlines focus on China’s troubled developers, the country’s property management sector operates on a fundamentally different model: asset-light, cash-generative, and increasingly independent from distressed parents. Pranav Rao speaks with Insight Provider Jacob Cheng to unpack: • How proper...

Smart Calls with Smartkarma continues: Chinese Banks – Undervalued and Overlooked? Trading at crisis-level valuations. Backed by 6–7% yields. Largely ignored by the market. Are investors missing the turn? In this conversation, Pranav Rao speaks with Insight Provider Rikki Malik to unpack: • Signs of stabilisation in China’s property market • NIM compression bottoming out after recent policy action...

Smart Calls with Smartkarma continues, and this week, we dive into a deal that’s anything but straightforward. This episode: Inside ENN Energy’s Complex Takeover Deal ENN Natural Gas is offering a mix of cash and newly listed A-shares to take over ENN Energy (2688 HK) but with limited visibility into valuation and an uncommon deal structure, minority shareholders are navigating a fair amount of un...

Smart Calls with Smartkarma continues, and this time, we go inside one of China's largest mining players. This episode: Inside Zijin Mining Group: From Copper Roots to Battery Metal Futures With operations spanning 15+ countries, Zijin Mining (2899 HK) is expanding beyond copper and gold into lithium and battery metals, and the market may not be pricing in the shift. Insight Provider Rahul Jai...

Smart Calls with Smartkarma is back — and we’re relaunching with a market anomaly hiding in plain sight. This week’s call: Svenska Handelsbanken: Arbitraging Brought to Book The high-conviction idea? SHB B shares trade at a ~55% premium to SHB A — despite lower voting rights, lower liquidity, and no index inclusion. This extreme and statistically unjustified gap is now over +2 standard deviations...