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On November 19th, a Citi research report indicated that AAC Technologies (02018.HK) has signed an agreement to acquire shares and other equity securities of DispelixOy, an AR diffraction waveguide technology company. The transaction is expected to be completed in the first half of 2026. AAC has been collaborating with Dispelix on a strategic R&D partnership for several years, jointly developing next-generation AR devices with several leading OEM customers and collaborating with major mobile platform suppliers to develop next-generation reference design platforms. The report believes that this acquisition will expand AACs product portfolio and solution capabilities in the XR field, covering acoustics, haptic feedback, microelectromechanical systems (MEMS), camera lenses and lens modules, structural components, and waveguide technology. The report currently gives AAC a target price of HK$56 and a buy rating.On November 19th, Morgan Stanley issued a research report raising its target price for JD Health (06618.HK) from HK$60 to HK$68.8, based on a discounted cash flow valuation, maintaining its "Market Perform" rating. Morgan Stanley stated that, taking into account JD Healths third-quarter results, the company benefits from growth in direct sales and service revenue, and has raised its total revenue forecasts for 2025 to 2027 by 1.4% respectively. Furthermore, with the expansion of drug sales and the increased proportion of advertising revenue, the companys gross margin is showing an upward trend. The bank has raised its recurring earnings per share forecasts for the period by 9%, 13%, and 13% respectively.On November 19th, a CLSA research report indicated that despite facing competition in both domestic and international markets, Man Wah Holdings (01999.HK) still saw a 0.6% year-on-year increase in net profit for the first half of fiscal year 2026, with the interim dividend remaining flat. This was attributed to the groups proactive repositioning and improved operational efficiency. Although US tariffs increased, the gross profit margin in overseas markets still rose 1.1% year-on-year to 39.3% during the period, as continued efficiency improvements and lower raw material costs helped mitigate the impact of tariffs. Furthermore, Man Wahs management stated that capacity investment has peaked and that maintaining stable dividends will be a priority in the coming years. The report believes that managements commitment to shareholder returns may support market sentiment in the short term, and coupled with the expected stable revenue growth in fiscal year 2027, it may bring medium-term upside potential. Based on improved shareholder return visibility, the target price was raised from HK$5 to HK$5.58, maintaining an "Outperform" rating.On November 19th, a research report from Bank of America Securities indicated that Geely Automobile (00175.HK) saw its third-quarter revenue increase by 27% year-on-year to RMB 89.2 billion, primarily driven by a 43% year-on-year increase in deliveries and higher average selling prices. Benefiting from improved economies of scale, operational efficiency, and product mix optimization, gross margin rose 1.2% year-on-year to 16.6%. Net profit for the period increased by 59% year-on-year to RMB 3.8 billion, with cumulative net profit for the first three quarters reaching RMB 13.1 billion, accounting for 77% of the banks full-year forecast. The bank raised its sales volume forecasts for 2025 to 2027 by 2%, 1%, and 2% respectively, its total revenue forecasts by 1%, 2%, and 2%, and its earnings per share forecasts by 1%, 6%, and 5%. The target price was raised from HKD 24 to HKD 25, and the bank reiterated its "buy" rating.According to Japans Kyodo News, the governor of Niigata Prefecture will approve the restart of Tokyo Electric Power Companys Kashiwazaki-Kariwa nuclear power plant.

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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