JP Morgan: Upgrades WHARF REIC (01997) rating to "hold" and raises LINK REIT (00823) target price to HK$49.

J.P. Morgan released a research report stating that retail sales value in Hong Kong in May increased year-on-year for the first time since February last year, showing a rebound from the bottom. Among them, non-essential consumer goods also recorded positive growth for the first time since January last year. J.P. Morgan does not believe that the retail industry will experience a significant recovery, but it points out signs of stabilization and expects the year-on-year growth rate to continue to stabilize in the second half of the year. The bank has upgraded its rating for WHARF REIC (01997) from "underweight" to "overweight," with a target price of HK$27.5, and raised the target price for LINK REIT (00823) from HK$43 to HK$49, maintaining an "overweight" rating.