Group 1 - Hong Kong's retail sales continue to exceed expectations, with October sales increasing by 6.9% year-on-year, marking the largest rise in 22 months, driven by a 9.5% increase in luxury goods sales, reaching a 21-month high [1] - Citigroup notes that the influx of visitors to Hong Kong, partly due to a 4% depreciation of the Hong Kong dollar against the Renminbi this year, is boosting retail sales, particularly in high-end consumer segments [1] - The strong performance in luxury goods sales positively impacts the stock prices of Wharf Real Estate (01997) and Hysan Development (00014), as Wharf's Harbour City accounts for 80% of its recurring profits, and 50% of Hysan's tenant mix is retail [1] Group 2 - Citigroup has launched a new long-short strategy, recommending to increase holdings in Wharf Real Estate while reducing holdings in Link REIT, due to differing retail sales and performance metrics [2] - In terms of ratings for Hong Kong rental stocks, Citigroup has assigned "buy" ratings to five companies, a neutral rating to one, and a sell rating to another, with target prices set for Hysan (00014) at HKD 17.35, Hang Lung Properties (00101) at HKD 10.1, Swire Properties (01972) at HKD 23.8, Wharf Real Estate (01997) at HKD 30.3, and Prosperity REIT (00778) at HKD 5.56, while Link REIT (00823) has a neutral rating with a target price of HKD 36.8 [2]
花旗：三大因素推动香港奢侈品消费增长 看好高端消费收租股
Zhi Tong Cai Jing·2025-12-10 13:25