Smartkarma Daily Briefs

• The growth of Innovent’s product revenue is always commendable. Based on strong growth momentum, product revenue in 2025 would be above RMB10 billion. Adjusted EBITDA breakeven by 2025 is expected.
• Innovent’s peak sales would reach the level of RMB20 billion in 2027. RMB100 billion is the valuation bottom line in the short term. In mid-to-long term, the highlight is IBI363.
• Current valuation has basically priced in favorable factors for fundamentals for the next three years.Investors can wait patiently for a pullback and buy the stock at a more cost-effective valuation.

• The speaker discusses their interest in an intriguing South Australian undeveloped copper stock called Havilah (HAV)
• The speaker shares their initial encounter with the company in 2022 and their impression of its potential value and optionality of assets

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• Dodla is entering a new growth phase with its Maharashtra plant, OSAM integration, premium value-added products, and stronger Africa operations, supported by a solid procurement network.
• With over 94% direct milk sourcing, better farmer yields through Orgafeed, and a rising VAP mix, Dodla is building a high-return, self-funded growth model.
• As capex peaks and free cash flows inflect post-FY27, Dodla is transitioning into a structurally compounding dairy platform with improving mix, margins, and regional balance.

• Clearwater Analytics delivered robust financial results for the third quarter of 2025, marking significant progress for the company.
• The revenue for the quarter reached $205.1 million, reflecting an impressive year-over-year growth rate of 77%.
• The annualized recurring revenue (ARR) also increased by the same percentage, reaching $807.5 million.

• The record INR23,500 Cr order book, anchored by a structural demand shift for US data center gas pipelines, validates the company’s large-scale global capex strategy in the US and KSA.
• The pivot from cyclical line pipes to stable B2C (Sintex) and structurally funded growth drivers (Vision 2030, AI energy) fundamentally de-risks the earnings profile and warrants a higher valuation multiple.
• With net cash and improving ROCE, WCL is transitioning from a cyclical steel player to a quality infrastructure compounder; investors should focus on the strategic segment mix and execution speed.

• In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in October and November 2025.
• We provide a list of 26 companies in the Korean stock market that have announced share buyback programs in October and November 2025.
• There were three companies with more than 300 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.

• Geely’s deliveries grew by 24% YoY in November, reaching 65% of BYD.
• PHEV continued to accelerate and export deliveries rose strongly by 22% in November.
• We expect Geely’s stock price will rise by 20% in the next twelve months.

• Dominant Market Leader with a Wide Moat: Fanuc is a global leader in factory automation, holding significant market share in CNC systems (estimated at 65%) and industrial robots. Its competitive advantages are rooted in technological prowess, a reputation for reliability, high switching costs for customers, and an extensive global service network.
• Poised to Capitalize on Secular Growth in Automation: The company is well-positioned to benefit from long-term structural tailwinds, including rising labor costs, skilled labor shortages, reshoring of manufacturing, and increased demand for automation in emerging sectors like electric vehicle (EV) production and electronics.
• Cyclical Headwinds and Competitive Intensity Present Risks: Fanuc’s financial performance is closely tied to global capital expenditure cycles, making it susceptible to economic downturns. The factory automation market is also highly competitive, with major players like ABB, Yaskawa, and Siemens vying for market share, which can pressure pricing and margins.

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• Brookfield Renewable Partners recently reported its third-quarter 2025 performance, reflecting a complex mix of achievements and challenges.
• The company recorded an increase in funds from operations (FFO) at $302 million or $0.46 per unit, marking a 10% year-over-year growth.
• This performance was primarily driven by strong commercial and operational execution, strategic investments, and contributions from recent mergers and acquisitions across their diversified renewables portfolio.

• Emerson Electric Manufacturing Company concluded its fiscal year 2025 with a mixed performance, marked by both achievements and challenges.
• Financially, Emerson reported $1.62 in adjusted earnings per share for the fourth quarter, aligning with its expectations.
• For the full year, adjusted earnings per share increased by 9% to $6, while free cash flow rose 12% year-over-year, reaching $3.24 billion.