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<Research> JPM: HK Apr Retail Sales Growth Moderates; Reiterates Neutral on LINK REIT (00823.HK), WHARF REIC (01997.HK)
Recommend 23 Positive 24 Negative 23 |
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JPMorgan issued a report stating that Hong Kong's total retail sales value in April rose 9% YoY, marking a moderate slowdown compared with the 13% YoY growth in March. Compared with the average level from 2015 to 2018, April retail sales were 15% lower, weaker than the 9% shortfall recorded in March. Excluding categories with exceptionally strong growth such as motor vehicles (up 46% YoY) and electrical goods (up 22% YoY), overall retail sales in April increased 6% YoY, below the 8% growth in March. JPMorgan noted that while retail performance remains stable, it has yet to translate into positive or even stabilizing rental reversion for the two key local retail property bellwethers WHARF REIC (01997.HK) and LINK REIT (00823.HK). The broker maintained its Neutral rating on both Hong Kong stocks, but highlighted that LINK REIT offers greater upside potential given its dividend yield of over 6% and potential capital recycling opportunities. (ad/da) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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