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M Stanley Expects HK Full-yr Retail Sales to Rise 18% YoY, Optimistic about Retail Landlords
Morgan Stanley commented in a report that Hong Kong's retail rent growth accelerated QoQ in 3Q, while office rents fell more sharply despite a slight improvement in occupancy. ...
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M Stanley Expects HK Full-yr Retail Sales to Rise 18% YoY, Optimistic about Retail Landlords
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Morgan Stanley commented in a report that Hong Kong's retail rent growth accelerated QoQ in 3Q, while office rents fell more sharply despite a slight improvement in occupancy. Overall, local property stocks are relatively cheap at current prices and valuations, and the broker prefers companies whose main business is retail leasing. HYSAN DEV (00014.HK)  0.000 (0.000%)    Short selling $3.92M; Ratio 13.156%   and LINK REIT (00823.HK)  0.000 (0.000%)    Short selling $116.32M; Ratio 39.105%   are Morgan Stanley's top picks, both rated Overweight with target prices of $30 and $44 respectively.

The broker pointed out that Hong Kong's retail sales grew 19% YoY in the first eight months of this year. Despite unfavourable factors such as the depreciation of RMB and the increase in outbound travel of Hongkongers, the broker still expected retail sales for the whole year to record a YoY growth of about 18%. WHARF REIC (01997.HK)  0.000 (0.000%)    Short selling $22.27M; Ratio 28.316%   , HYSAN and LINK are expected to benefit from a 5% increase in retail rents for the full year, boosting the profitability of retail landlord stocks.

Related NewsJPM Upgrades WHARF REIC (01997.HK) to Neutral, Elevates TP to $28.5
Morgan Stanley meanwhile lowered its full-year office rent forecast to a 5% YoY drop from flat. The broker noted that office rents in Hong Kong fell by 2.3% QoQ in 3Q, widening from 1.1% in 2Q, and the decline is 6% on a YoY basis. In particular, rents in Central fell by 2.9% QoQ, marking the fifth consecutive quarter of decline.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-02-27 16:25.)

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