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On May 26, JTTECH Technology-P (07666.HK) issued an announcement stating that it has recently noticed certain media reports claiming that the China Securities Regulatory Commission (CSRC) has issued supplementary information disclosure requirements to 38 companies, including the company itself. The company hereby clarifies and emphasizes that the information regarding the company in these media reports is inconsistent with the facts and misleading. Since receiving the filing notice from the CSRC, the company has not received any notification from the CSRC requesting supplementary information.Jefferies raised its target price for Marathon Petroleum (MRO.N) from $279 to $296.Jefferies: Raises its price target for Phillips 66 (PSX.N) from $173 to $191.On May 26, according to South Koreas Joint Chiefs of Staff, North Korea launched an unidentified projectile into the western waters of the Korean Peninsula. North Korean officials have not yet released any official statement on the matter.On May 26th, Shengfa Report maintained its target price of HK$273 for Hesai-W (02525.HK) in Hong Kong and US$35 for its US-listed shares, reiterating its "Buy" rating. Goldman Sachs stated that following the Q1 2026 results, based on orders and guidance provided by current management, SGI revenue is projected to slow to RMB 1 billion by 2027-2030 due to market uncertainty. The bank raised its net profit forecast for 2026-2030 by up to 14%. Therefore, it maintained its target price and rating. The report noted that the companys Q1 revenue and gross profit met expectations, while EBIT exceeded Goldman Sachss expectations by 47% and market expectations by 63%, primarily due to lower operating expenses. Furthermore, Hesai Technology launched the SGI segment, which is expected to generate approximately RMB 100 million in revenue in 2026 and aims to reach RMB 500 million by 2027. SGI is also expected to achieve higher recurring revenue and thus higher profit margins through the use of software and platforms. Looking ahead to the next few quarters, the bank expects sales volume, profit margins, and profitability to gradually improve. For the full year 2026, revenue is expected to grow by 50%, with a gross margin of 40%. Given the continued operating leverage, EBIT is expected to increase by 139% year-on-year in 2026, and the EBIT margin is expected to improve from 9% in 2025 to 15%.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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