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<Research>M Stanley: HK Mar Retail Sales Fall as Predicted, Apr Drop Expected at 10%; Developers Preferred Over Landlords
Recommend 24 Positive 46 Negative 33 |
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Hong Kong's retail sales fell 7% YoY in March as expected (as compared with Morgan Stanley's expectation of an 8% drop), given the high base and continued outbound spending by Hong Kong people, Morgan Stanley issued a research report saying. Morgan Stanley expected Hong Kong's retail sales to decrease by 10% YoY in April, and preferred residential developers over retail landlords. Hong Kong developers with local retail exposure, naming WHARF REIC (01997.HK), LINK REIT (00823.HK), HYSAN DEV (00014.HK) and FORTUNE REIT (00778.HK), underperformed the HSI by 12-29 ppts YTD, according to the report. The YoY decline in retail sales in March and Morgan Stanley's forecast of a 9% YoY decline in 2Q24 will put short-term pressure on these stocks. Morgan Stanley preferred the residential sector, and ranked SHK PPT (00016.HK) and SINO LAND (00083.HK) above retail and office landlords, according to the report. Morgan Stanley downgraded HYSAN DEV to Equalweight earlier, due to slowing retail momentum, high office exposure and its dividend not being supported by cash flow. AAStocks Financial News |
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