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<Research>Citi: HK Retail Sales Continue to Beat; Stake Increase in WHARF REIC (01997.HK) Recommended
Recommend 6 Positive 11 Negative 4 |
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Hong Kong's retail sales performance continued to beat expectations, with October sales increasing by 6.9% YoY, marking the largest incline in the past 22 months, Citi Research issued a research report saying. Of which, luxury retail sales grew by 9.5% YoY, setting a 21-month sales value high. The growth in October retail sales was mainly driven by electronics and luxury goods, while supermarket, furniture & fuels recorded declines. Citi Research believed that the tense Sino-Japanese relations and related flight cancellations, along with the relatively weak HKD, are benefiting Hong Kong through growth in tourism and visitor retail consumption. It is expected that the positive performance of luxury retail will drive the share prices of WHARF REIC (01997.HK) and HYSAN DEV (00014.HK) positively. The broker recommended investors to increase stake in WHARF REIC, with rating/ target price at Buy/ $30.3. Meanwhile, investors are advised to reduce shareholdings in LINK REIT (00823.HK), with rating at Neutral and a target price of $36.8. AASTOCKS Financial News Website: www.aastocks.com |
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