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<Research>JPM Keeps Constructive View on WHARF REIC; HK Retail Sales Trend in Nov Similar to Oct
Recommend 16 Positive 36 Negative 25 |
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Hong Kong's retail sales value in November 2025 increased by 6.5% YoY, similar to the performance in October (+6.9%), maintaining a moderate recovery trend, JPMorgan wrote in its research report. During the period, non-essential consumer goods (+11%) outperformed essentials (+2%), mainly due to the exceptionally strong growth in electronic products (+39%). Excluding electronic products, November's retail sales value still rose by 2.1% YoY, compared to a 3.2% increase in October. JPMorgan maintained a constructive view on WHARF REIC (01997.HK) with an Overweight rating given signs that non-essential retail is emerging from the trough. However, it kept a Neutral rating on LINK REIT (00823.HK), since Hong Kong's supermarket sales fell by 2% YoY in November, which may serve as a substitute indicator for tenant sales suggesting that the company will continue to face intensified competition from cross-border e-commerce platforms like Pinduoduo (PDD.US). AAStocks Financial News |
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