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JPM sees a 'more balanced' H1 for European Staples



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** J.P.Morgan expects a "more balanced" H1 for European staples

** Says risk of challenging demand environment and growth threat from weakening pricing and worse forex market are partially offset by better margin outcome and continued volumes improvement

** Adds H1 may also highlight risks in the U.S. (spirits, mass beauty, still weak foods) and China

** JPM says the sector looks oversold and sees opportunities to buy into companies with better revenue delivery and margin progression, such as brewers, household & personal care (HPC), and ingredients

** Its "overweight" HPC picks are Beiersdorf BEIG.DE and Reckitt Benckiser RKT.L

** It picks Unilever ULVR.L and Danone DANO.PA in food; Symrise SY1G.DE (top pick) and Kerry Group KYGa.I among ingredients

** Within brewers it picks Heineken HEIN.AS and Anheuser-Busch Inbev ABI.BR, while Coca-Cola Europacific Partners CCEPC.L is its pick in soft drinks

** It remains most cautious on spirits on risks of further EPS downgrades, disappointing guidance from Diageo DGE.L, Pernod Ricard PERP.PA (both "neutral"-rated), and continues to see risk in high China exposure names



Reporting by Marta Frąckowiak

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