UBS: HK Mar Total Retail Sales Value Beats; WHARF REIC, HYSAN DEV Benefited
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UBS reported that Hong Kong's total retail sales value in March increased by 13% YoY, surpassing expectations. Excluding certain categories, sales still grew by 8% YoY. The bank anticipates a moderation in growth for April due to high airfares and geopolitical tensions. Retail landlords like WHARF REIC and HYSAN DEV are expected to benefit, while LINK REIT may also gain from reduced outbound travel supporting domestic consumption. However, high oil prices pose a risk to spending from Mainland visitors.
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