Potential beneficiaries of the consumption voucher
■ The HKSAR Government announced the consumption voucher scheme last Friday.
■ The estimated scale of the stimulus is about HK$36bn, equivalent to about 11% of
total retail sales in 2020.
■ Since most of the vouchers must be spent before end-2021, this implies the potential
benefit to Hong Kong retail sales in 2H21 will be about 20%, assuming no leakage or
substitution effect.
■ Landlords, jewelry companies, Lifestyle International (1212.HK) and Sa Sa (0178.HK)
should be major beneficiaries of the consumption voucher scheme, in our view.