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<Research>CLSA: Visitors to HK during May Day Holiday Beat; WHARF REIC, LINK REIT Preferred
During the May Day Golden Week holiday, visitor numbers to Hong Kong surpassed government expectations, with daily visitor traffic largely recovering to pre-pandemic holiday levels...
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<Research>CLSA: Visitors to HK during May Day Holiday Beat; WHARF REIC, LINK REIT Preferred
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During the May Day Golden Week holiday, visitor numbers to Hong Kong surpassed government expectations, with daily visitor traffic largely recovering to pre-pandemic holiday levels, a CLSA research report indicated.

Tourist spending in local shopping malls also charted robust growth. Luxury goods retail sales fared strongly in 1Q26, evidently outperforming overall retail sales.

Related News JPM Raises MSCI Hong Kong Index Base TP to 16,500; Top Picks HKEX (00388.HK), AIA (01299.HK), TECHTRONIC IND (00669.HK), SHK PPT (00016.HK), LINK REIT (00823.HK)
The gradual recovery in visitor numbers, benefiting from the depreciation of the Hong Kong dollar, should continue to support the recovery of local luxury goods retail sales this year.

Hong Kong's consumer base will continue to expand, the report said; at the same time, the depreciation of the HKD against the RMB and the EUR, as well as China's travel ban on Japan, should attract more luxury goods spending to Hong Kong.

The broker was optimistic about WHARF REIC (01997.HK)  +0.020 (+0.081%)    Short selling $30.81M; Ratio 27.564%   due to its highest proportion of luxury goods sales, and LINK REIT (00823.HK)  +0.120 (+0.292%)    Short selling $100.20M; Ratio 25.374%   benefiting from potential fund unit buybacks and REIT Connect.

The following are the broker's ratings and target prices for the relevant stocks:

Stocks | Investment Ratings | Target Prices

WHARF REIC (01997.HK)  +0.020 (+0.081%)    Short selling $30.81M; Ratio 27.564%   | Outperform | HKD40
LINK REIT (00823.HK)  +0.120 (+0.292%)    Short selling $100.20M; Ratio 25.374%   | Outperform | HKD49.2
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.)

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