Displeased by gifts, unwrapped if you peel ends (9)
I believe the answer is:
resentful
'displeased' is the definition.
(I've seen this in another clue)
'gifts unwrapped if you peel ends' is the wordplay.
'gifts' becomes 'presents' ('present' can be a synonym of 'gift').
'unwrapped' indicates the central letters (the letters which wrap the word are removed).
'ends' says to take the final letters.
The central letters of 'presents' are 'resent'.
The last letters of 'if you peel' are 'ful'.
'resent'+'ful'='RESENTFUL'
'by' acts as a link.
(Other definitions for resentful that I've seen before include "Taking ill" , "Aggrieved" , "Feeling hostile because of injury" , "Bitter" , "feeling sore" .)