JPM sees volume/pricing trade-off amid weak demand in focus for European Staples in H2
** After a mixed H1 for European Staples, focus in H2 will be on the balance of volumes recovery versus easing pricing and accelerated promotion and marketing, as well as demand risks in U.S. and China, J.P. Morgan says
** It flags that the faster-than-expected normalisation in pricing is weighing on revenue growth while consumer demand also shows signs of strains in major markets, U.S. and China
** However, the brokerage notes evidence of volume recovery in food, ingredients, beer, and hygiene, despite the hit from bad summer weather
** JPM expects the sector's adjusted 2024 EPS growth to be led by Ingredients at 17% and Beers at 10%, Food/Household and Personal Care (HPC) and Soft Drinks to see 7%, and Spirits still weak at -7%
** It remains positive on Beer, as the sub-sector offers the best combination of EPS growth at reasonable valuation, while still being cautious on Spirits given risks of further EPS downgrades
** JPM downgrades UK consumer goods group Reckitt Benckiser RKT.L to "neutral" from "overweight" following a disappointing momentum on the core business, as sale of non-core assets will take time and has an uncertain outcome on value realisation
** The broker favours companies with building volumes momentum and cost tailwinds to margin with valuation support such as "overweight"-rated Unilever ULVR.L, Danone DANO.PA, Kerry KYGa.I, Symrise SY1G.DE, Anheuser-Busch Inbev ABI.BR, Heineken HEIN.AS, Puig PUIGb.MC, and Beiersdorf BEIG.DE
Reporting by Marta Frąckowiak
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
