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<Research>M Stanley Predicts 3% Decline in Office Rental Rates This Yr, Prefers Office Sector Over Retail Among Homebuilders
Recommend 26 Positive 39 Negative 20 |
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Hong Kong homebuilders showed a preference for office over retail sector, Morgan Stanley issued a research report saying. Although office vacancy rates remained high, they are improving, with Central District expected to benefit first. Regarding Hong Kong offices, Morgan Stanley preferred Central over non-core areas, with Hongkong Land and HYSAN DEV (00014.HK) favored over WHARF REIC (01997.HK). In terms of retail, the broker liked Chinese luxury retailers over Hong Kong retailers, with HANG LUNG PPT (00101.HK) favored over WHARF REIC and LINK REIT (00823.HK); SWIREPROPERTIES (01972.HK) is preferred over WHARF REIC. The latest ratings and target prices of the sector are listed in a separate table. Morgan Stanley forecasted a 3% increase in Central rental rates, while overall office rental rates are expected to decline by 3%, with retail sales estimated to grow by 3%. Morgan Stanley still recommended investors to avoid WHARF REIC due to risks of market share loss and tenant retention, etc.. Of which, BABA-W (09988.HK) planned to relocate from Times Square after acquiring the Grade A office building One Causeway Bay in Causeway Bay in October. AASTOCKS Financial News Website: www.aastocks.com |
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