The Weekend Edition

Research evidence excerpt

The Weekend Edition

ed week in the sector. DSM-Firmenich saw lo demand despite remaining on our

negative CW, while Croda traded two-ways but better to buy with LOs both sides. Symrise saw some LO supply, although

nothing in meaningful size. Feels like most are happy to wait for earnings before putting on larger positions, particularly after the

strong run many of the names have had into the reporting season.

GENERAL RETAIL: Mixed week with flow improving in some of the UK names. Inditex was the standout seller, with

significant HF supply through the week. Marks traded two-ways but better to buy with HFs both sides, reversing last week’s LO

selling. Elsewhere, Next, Kingfisher and B&M all saw HF demand. UK domestics continue to screen well, while Inditex still

feels like one of the more crowded longs heading into the second half.

FOOD RETAIL: Carrefour was the clear standout, with significant LO selling through the week. Ahold traded two-ways but

better to buy, with HF demand met by LO supply. Elsewhere, Sainsbury's was for sale despite another strong week in the shares,

while Jeronimo saw small buying after last week’s significant LO selling. The broader defensive trade remains intact, although

fresh buying continues to be fairly selective after the recent squeeze across much of the space. Attention next week turns to

Carrefour H1 on Thursday post-mkt.

LEISURE: Hotels remained better for sale with significant HF supply in Accor and nothing back in IHG this week. Sodexo

traded two-ways but better to buy, although not in meaningful size, around Thursday’s CMD where the company announced new

ambitious medium-term targets, while FY27 guidance came in slightly below consensus on profitability. Overall, the CMD felt