JPMorgan Observes Modest Deceleration in Hong Kong's April Retail Sales, Reiterates 'Neutral' Stance on Key REITs

Stock News06-04

According to a research note from JPMorgan, Hong Kong's total retail sales value for April grew by 9% year-on-year, showing a modest deceleration from the 13% growth recorded in March. Compared to the average levels from 2015 to 2018, April's retail sales were 15% lower, a more pronounced weakness than the 9% deficit seen in March. Excluding categories with exceptionally strong growth, such as motor vehicles (up 46% year-on-year) and electrical goods (up 22% year-on-year), the overall retail sales growth for April was 6%, down from the 8% increase in March.

The bank noted that while retail performance is stable, this has not yet translated into positive or even stabilizing rental reversion trends for two major Hong Kong retail property bellwethers: WHARF REIC (SEHK: 01997) and LINK REIT (SEHK: 00823).

JPMorgan maintains a 'Neutral' rating on both Hong Kong stocks. However, it pointed out that LINK REIT possesses greater upside potential due to its dividend yield exceeding 6% and potential for capital recycling.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1196169893?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-06-04 10:06","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1196169893","market":"us","top_or_hot":-1,"title":"JPMorgan Observes Modest Deceleration in Hong Kong's April Retail Sales, Reiterates 'Neutral' Stance on Key REITs","media":"Stock News","content":"<p>According to a research note from JPMorgan, Hong Kong's total retail sales value for April grew by 9% year-on-year, showing a modest deceleration from the 13% growth recorded in March. Compared to the average levels from 2015 to 2018, April's retail sales were 15% lower, a more pronounced weakness than the 9% deficit seen in March. Excluding categories with exceptionally strong growth, such as motor vehicles (up 46% year-on-year) and electrical goods (up 22% year-on-year), the overall retail sales growth for April was 6%, down from the 8% increase in March.<br><br>The bank noted that while retail performance is stable, this has not yet translated into positive or even stabilizing rental reversion trends for two major Hong Kong retail property bellwethers: <b>WHARF REIC</b> (<b>SEHK: 01997</b>) and <b>LINK REIT</b> (<b>SEHK: 00823</b>).<br><br>JPMorgan maintains a 'Neutral' rating on both Hong Kong stocks. However, it pointed out that <b>LINK REIT</b> possesses greater upside potential due to its dividend yield exceeding 6% and potential for capital recycling.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Observes Modest Deceleration in Hong Kong's April Retail Sales, Reiterates 'Neutral' Stance on Key REITs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Observes Modest Deceleration in Hong Kong's April Retail Sales, Reiterates 'Neutral' Stance on Key REITs\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2026-06-04 10:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>According to a research note from JPMorgan, Hong Kong's total retail sales value for April grew by 9% year-on-year, showing a modest deceleration from the 13% growth recorded in March. Compared to the average levels from 2015 to 2018, April's retail sales were 15% lower, a more pronounced weakness than the 9% deficit seen in March. Excluding categories with exceptionally strong growth, such as motor vehicles (up 46% year-on-year) and electrical goods (up 22% year-on-year), the overall retail sales growth for April was 6%, down from the 8% increase in March.<br><br>The bank noted that while retail performance is stable, this has not yet translated into positive or even stabilizing rental reversion trends for two major Hong Kong retail property bellwethers: <b>WHARF REIC</b> (<b>SEHK: 01997</b>) and <b>LINK REIT</b> (<b>SEHK: 00823</b>).<br><br>JPMorgan maintains a 'Neutral' rating on both Hong Kong stocks. However, it pointed out that <b>LINK REIT</b> possesses greater upside potential due to its dividend yield exceeding 6% and potential for capital recycling.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BG0RBZ43.SGD","symbol_name":"Legg Mason Martin Currie - Asia Pacific Ex Japan Real Income A Mdis SGD Plus","start_time":0,"source_url":"","article_id":"1196169893","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1196169893","pubTimestamp":1780538769,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"According to a research note from JPMorgan, Hong Kong's total retail sales value for April grew by 9% year-on-year, showing a modest deceleration from the 13% growth recorded in March. Compared to...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BG0RBZ43.SGD":"Legg Mason Martin Currie - Asia Pacific Ex Japan Real Income A Mdis SGD Plus","BK1601":"香港本地股","BK1229":"房地产经营公司","LU2226123490.SGD":"Janus Henderson Horizon Asia-Pacific Property Income A5m SGD","00823":"领展房产基金","IE00BHRH8D16.HKD":"FTGF MARTIN CURRIE ASIA PACIFIC URBAN TRENDS INCOME \"A\" (HKD) INC","BK1521":"挪威政府全球养老基金持仓","LU1316543674.SGD":"Janus Henderson Horizon Asia-Pacific Property Income A3 SGD","LU2226123227.USD":"Janus Henderson Horizon Asia-Pacific Property Income A5m USD","01997":"九龙仓置业","BK1256":"零售房地产信托","BK1098":"零售业房地产投资信托","BK1258":"房地产运营公司","IE00BHRH8C09.USD":"LM MARTIN CURRIE ASIA PACIFIC EX JAPAN REAL INC \"A\" (USD) INC","BK1534":"收租股","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0229494975.USD":"骏利亨德森亚太地产股票基金"},"translate_title":"摩根大通观察到香港4月份零售销售小幅减速，重申对主要房地产投资信托基金的“中性”立场","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01997":1,"00823":1},"content_text":"According to a research note from JPMorgan, Hong Kong's total retail sales value for April grew by 9% year-on-year, showing a modest deceleration from the 13% growth recorded in March. Compared to the average levels from 2015 to 2018, April's retail sales were 15% lower, a more pronounced weakness than the 9% deficit seen in March. Excluding categories with exceptionally strong growth, such as motor vehicles (up 46% year-on-year) and electrical goods (up 22% year-on-year), the overall retail sales growth for April was 6%, down from the 8% increase in March.The bank noted that while retail performance is stable, this has not yet translated into positive or even stabilizing rental reversion trends for two major Hong Kong retail property bellwethers: WHARF REIC (SEHK: 01997) and LINK REIT (SEHK: 00823).JPMorgan maintains a 'Neutral' rating on both Hong Kong stocks. However, it pointed out that LINK REIT possesses greater upside potential due to its dividend yield exceeding 6% and potential for capital recycling.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1196169893","isCrawlerRequest":true}