Following this, CGSI’s Hong Kong analysts have revised their FY2024 Hong Kong retail growth forecast from a 3.0% y-o-y increase to a 6.0% y-o-y decrease.
CGS International (CGSI) analysts Natalie Ong and Lock Mun Yee have maintained their “add” call on Mapletree Pan Asia Commercial Trust (SGX:N2IU
) (MPACT) (SGX:N2IU) , while lowering their target price by one cent from $1.59 to $1.58 following a slower-than-expected recovery of Festival Walk mall in Hong Kong.
The analysts note that, according to Hong Kong’s Census and Statistics Department, Hong Kong sales value has dropped 6.1% y-o-y as at May 2024. This includes sectors such as food and beverage, supermarkets, clothes and footwear which are down by 5.0%, 1.5% and 9.2% respectively, over the same period.
