Elevator Pitch
I maintain my "Neutral" rating on Hong Kong-listed Sun Art Retail (SURRY) (SURRF) [6808:HK], China's largest hypermarket operator which has transitioned into a "New Retail" model integrating both offline and online retail operations since late-2017.
The current coronavirus outbreak had a slightly positive impact on Sun Art Retail, with a year-to-date same-store sales growth of +4.8% and a doubling of the average ticket size for online orders. On the other hand, Sun Art Retail's rental income could be negatively impacted by the suspension of business operations for some of its tenants, and rent