MRW and TESCO: SELL

FRESH WAVE OF PRICE CUTS

Friday • 12 February 2016 • 11:43

UK retailers: Retail Week saying Aldi launching fresh wave of price cuts…

UK supermarkets have been very good recently on an unwind predicated on margin improvement. A fresh wave of price cuts would blow this out of the water. Would be selling MRW and TSCO first.

Trade

Return

Relative Return
(vs SXXP)

UNI

-9%

-21%

LINK

+7%

-5%

SOLANA

+1160%

+1148%

KSM

-9%

-21%

EGLD

+124%

+112%

OCEAN

-34%

-46%

OGN

-43%

-55%

COTI

+6%

-6%

ORN

-55%

-69%

LIT

-50%

-62%

TVK

-64%

-76%

FRONT

-64%

-76%

MATIC

+143%

+134%

RSR

+16%

+14%

ACH

+48%

+46%

FORTH

-1%

Trade

Return

Relative Return
(vs SXXP)

Technip

-10.3%

-2.7%

CAC vs. DAX

-9.27%

BATS vs. IMT

-8.4%

Enel

-4.5%

-6.4%

UniCredit

-3.6%

-4.9%

Miners vs. Oils

-3.2%

Sanofi

-3.0%

-5.5%

Pirelli

55.29%

26.33%

TF1

26.1%

15.8%

CRH

23.6%

11.5%

ING

20.86%

16.09%

KPN

18.9%

14.1%

BASF

17.2%

6.6%

Commerzbank

16.1%

10.3%

Tele2

14.9%

13.0%

Tesco

13.2%

15.1%

Airbus

12.9%

6.6%

Shire

12.0%

7.2%

Dixons

10.5%

6.8%

BHP Billiton

9.68%

4.4%

BMW

9.25%

14.06%

Edenred

8.4%

12.7%

Rolls Royce

6.1%

6.0%

DIA

5.59%

1.16%

Fiat

5.9%

5.4%

BAE

3.7%

0.1%

AB Foods

3.4%

5.4%

Dassault

0.7%

1.4%

Pop. Milano

50.4%

43.6%

Delta Lloyd

-21.3%

-18.43

Telecom Italia

9.17%

19.16%

Schneider

-3.76%

-2.81%

Alstom

10.82%

18.53%

-23.9%

-21.8%

EON

-18.1%

-16.47%

Fiat

15.10%

10.79%

ATOS

12.5%

7.63%

LVMH

0.26%

-11.22%

SABMiller

12.46%

9.8%

AIR vs SAF

6.58%

ING vs KBC

6.12%

Metro

14.37%

0.71%

Orange

13.01%

18.31%

SKF

-3.09%

+4.05%

Rio Tinto

-10.24%

-4.71%

Glencore vs SXXP

-9.25%

Sandvik

20.61%

8.3%

Swatch

45.54%

43.37%

Hermes

5.3%

-2.02%

LVMH

4.5%

-3.15%

KPN

6.6%

9.6%

Ferrari

30.31%

17.86%

Renault

8.29%

8.88%

Commerzbank

12.87

1.92%

NIKE

5.1%

5.04

Peugeot

52.77%

56.8%

Tesco

-2.04%

5.24%

Wolseley

11.3%

4.2%

Fiat

10.66%

13.42%

Deutsche Telekom

-3.99%

+1.45%

Kering

-6.7%

-7.3%

WM Morrison

-5.5%

-4.6%

WM Morrison

3.3%

2.9%

SAB

7.7%

5.4%

Adidas

174.5%

170.14%

Luxottica

4.01%

6.5%

EOAN

5.01%

7.2%

Shire

20.43%

23.7%

GSK

11.31%

14.3%

FTSE NAMES

31.74%

38%

Ryanair

15.6%

11.2%

VXX US

-32.5%

-29.6%

VXX US

3.9%

0.4%

BHP

3.16%

2.5%

ISP vs ISPR

0.2%

BZU

-6.1%

-2.5%

ISP

17.01%

11.17%

ORANGE

7.26%

6.75%

Reckitt's

4.09%

3.85%

Adidas

-22%

-20.5%

Fiat

-15.5%

-14.8%

Nestle

13.45%

12.95%

Unilever

+0.39%

-3.08%

Easyjet

6.3%

7.5%

Deutsche Telekom

+2.3%

0.71%

Technicolore

-3.25%

-3.88%

RWE

+58.66%

+49.48%

Mediaset

+31.2%

+24.21%

Michelin

+2.87%

+3.07%

Rio

+0.65%

-1.28%

Anglo American

-0.76%

-1.28%

Gemalto

+40.30%

+0.60%

Altice

+45.83%

+42.81%

Tullow Oil

+47.37%

+29%

Airbus

-17.89%

-21.1%

Casino

+46.04

+46.01

Ingenico

+17.36%

+10.58%

IMI

+2.75%

+14.25%

HSBC

+29.10%

+40.81%

Coach

+21.18%

+13.17%

TITr vs. TIT

+2.3%

-2%

Heineken

+24.27%

+31.13%

IAG

+19.78%

+27.84%

FOX

+91.31%

+88.49%

Telecom Italia

-33.32%

-43.72%

Zalando

+3.73%

-7.37%

Vodafone

-15.49%

-21.69%

RNO vs UG

-15%

-7.8%

Ubisoft

+117.54%

+113.24%

Bollore

+9.92%

+11.16%

Bouygues

+11.08%

+14.68%

Eni

+3.53%

+6.92%

+3.26%

+7.89%

EDF

+73.97%

+82.75%

Telco consolidation

-37.14%

-46.44%

Vivendi

+16.87%

+25.66%

Shire

+8.93%

+16.53%

Solocal

-30.52%

-24.92%

St Gobain

+40.31%

+44.31%

-9.46%

-3.34%

EEM US

+12.56%

+19.12%

Buy Telcos

-8.10%

-13.99%

Societe Generale

-28.55%

-22.61%

SES

+60.91%

+67.83%

Siemens

-10.44%

-2.04%

Norsk Hydro

-5.05%

+0.36%

K+S

+32%

23%

B4B

+14.5%

+12.5%

-7.5%

-1.8%

KPN

+0.25%

-3.3%

ENX

+18%

+9.2%

STLA

+28.2%

+13.7%

UBI

-10.3%

-15.3%

REP

+32%

+16.5%

FTSE100

+6.69%

-5.2%

FTSE250

+8.56%

-6.26%

CNE

+56.14%

+41.48%

DAI

+8.9%

+3.14%

BMW

+7.65%

+7.62%

BAYN

+9.04%

-2.75%

HBR

+19.45%

+15.34%

BOO

-22%

VIV

+18.65%

+18.52%

TMV

+51%

TED

+14%

SSE

+5%

+15%

KBC

+2%

-2%

SGRE

+11%

+7.5%

EDF

+31%

+35%

CNA

+31%

+37%

Trade		Return	Relative Return (vs SXXP)
NOKIA	B	+24%	+27%
CCJ	B	+100%	+103%
FAR	B	-47%	-36.7%
TDW	B	+67%	+82%
FTI	B	-10%	+4.2%
CGG	B	-14.2%	+0.3%
RIG	B	-27%	-12.4%
SUBC	B	+12%	+26.5%
SPM	B	-68.5%	-54%
HLX	B	-28%	26.5%
LKOD	B	N/A	N/A
ATAD	B	N/A	N/A
TLW	B	-28.8%	-14.18%
GKP	B	+40%	+55%
MBTN	B	-1.1%	+12.84%
DOLE	B	-48.5%	-32%
PAM	B	+18.5%	+34.5%
YPF	B	-33.1%	-33.2%
ATO	B	-81.5%	-62.8%

Year			Performance
2021			+35.07%
2020			+19.8%
2019			+12.4%
2018			+21.07%
2017			+16.2%
2016			+12.8%
2015			+8.8%
2014			+14.7%

Trade		Return	Relative Return (vs SXXP)
AKRO	B	-4.7%	-2.1%
LTC	B	+61.9%	+58.8%
ATOM	B	-18.8%	-20.8%
THETA	B	-11.1%	-12.9%
FTM	B	-19%	-20.7%
ALGO	B	-10.6%	-12.5%
MATIC	B	+18.3%	+18.1%
SNX	B	+24%	+22.5%
THETA	B	+27.9%	+26.9%
COMP	B	+26%	+23.7%