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2024-05-02 14:18:53 Hong Kong's retail sales slowed down significantly since February, Morgan Stanley released a research report saying. Although the Chinese visitation to Hong Kong increased and the situation of Hong Kong people going to mainland China stabilized, per capita consumption is weak, as YTD HKD/ RMB appreciation, high interest rates and weak economy are also not conducive to the retail sector. Morgan Stanley lowered its 2024 Hong Kong retail sales forecast from the original estimated growth of 5% to a 5% decline, due to the historical seasonality. Retail sales growth is expected to bottom out in June, and improve from July onwards. For the real estate sector, Morgan Stanley preferred the residential segment, and ranked SHK PPT (00016.HK) and SINO LAND (00083.HK) above retail and office landlords. As Hong Kong's retail sales turned negative since March, it may put pressure on more retail properties in the short term. Among retail landlords, Morgan Stanley preferred WHARF REIC (01997.HK) (with rating at Overweight and a target price of $32) on better Hong Kong's luxury retail sales. LINK REIT (00823.HK) is trading at a 7.7% dividend yield, but lacks a catalyst. Morgan Stanley downgraded HYSAN DEV (00014.HK) to Equalweight from Overweight, and trimmed its target price to $14 from $20. ~ AAStocks Financial News Web Site: www.aastocks.com | |