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<Research>Citi: HK Retail Sales Rebound in May, Favorable to Retail Landlords in ST
Recommend 13 Positive 29 Negative 11 |
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The value of Hong Kong's total retail sales rose by 2.4% YoY in May, snapping a 14-month losing streak and beating expectations, according to a research report from Citi. The city's retail sales decline for 5M25 also narrowed to 4%. Specifically, several categories logged positive growth, including fresh fruits and vegetables (+9%, benefiting wet markets), medicines and cosmetics (+9%), department stores (+6%), automobiles (+3%), supermarkets (+1%), and apparel and footwear (+0.3%). Although luxury goods still dipped by 3%, its drop was already much smaller than the 15% slump in FY24. In Citi's estimate, the rebound in Hong Kong's retail sales will be favorable to retail landlords like LINK REIT (00823.HK), WHARF REIC (01997.HK), and HYSAN DEV (00014.HK) in the short term. It also believes that retail data for June will show continued recovery. AAStocks Financial News |
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