According to a report, Lyon noted that the management tone of WHARF REIC has turned positive for the first time since the post-pandemic reopening in 2023. The firm believes this reflects better-than-expected operational performance, offering upside potential for turnover-based and performance-linked rents. The report indicated that the strong momentum in luxury sales during the Labor Day Golden Week also showed improvement in per capita spending, partly driven by the depreciation of the Hong Kong dollar. Lyon maintains an optimistic outlook for Hong Kong's luxury sales prospects, reiterating its "outperform" rating on WHARF REIC with a target price of HK$40, and continues to view it as the top pick in the luxury retail sector.