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<Research>JPM Keeps Neutral on LINK REIT, Predicts Low- to Mid-Single Digit Growth in HK Nov Retail Sales
Recommend 13 Positive 27 Negative 21 |
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Hong Kong's retail sales in October grew by 6.9% YoY to a 22-month high, accelerating from September, with non-essential consumer goods markedly outperforming essential consumer goods, according to JPMorgan's research report. Looking ahead to November, JPMorgan estimates Hong Kong's retail sales growth to slightly slow to low- to mid-single digits, mainly attributable to the potential dissipation of the unusually strong growth in electronic products, though it will be offset by the accelerated YoY growth of inbound tourists and the low base effect. JPMorgan keeps a constructive view on WHARF REIC (01997.HK) for clear signs of non-essential retail bottoming out, and a neutral view on LINK REIT (00823.HK) for worse-than-expected tenant sales as a result of the escalating penetration of cross-border e-commerce platforms like Pinduoduo (PDD.US). AAStocks Financial News |
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