“Based on data provided by the Census and Statistic Department of Hong Kong, retail sales in June and July fell 7% and 11%,” Cai says in a Sept 23 report.
SINGAPORE (Sept 23): The ongoing Hong Kong protests have reached Week 16, and it is dimming the outlook for Dairy Farm International Holdings, the retail business which derives some 70% of its operating profit from Hong Kong.
Juliana Cai, an analyst at RHB Group Research, believes the company will see headwinds as protests are likely to impact retailers, especially those located at Causeway Bay near the rallying points.
