uk trading & value indicator 20120104

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04 January 2012

UK Trading &

ValueIndicator



Intellisys www.intellisys.uk.com 04 January 2012

of 25 ©Intellisys 04 January 2012

Contents

Market Pictures - Indices .........................................................................5

FTSE 100 ................................................................................................ 5 FTSE 250 ................................................................................................ 6 FTSE All Share Index................................................................................7 FTSE AIM All Share ..................................................................................8

Market Pictures – Interest Rates............................................................10 UK Bank Lending Rates........................................................................... 10 Eurozone Lending Rates.......................................................................... 11 US Federal Funds Rate ........................................................................... 12

Market Pictures – Exchange Rates ......................................................... 13 Market Pictures - Oil............................................................................... 15 Aerospace & Defence ............................................... Over Valued 16 Automobiles & Parts ................................................ Over Valued 16 Banks ............................................................... Over Valued 16 Beverages .......................................................... Over Valued 16 Chemicals .......................................................... Over Valued 16 Construction & Building Materials ................................ Over Valued 17 Electronics & Electrical Equipment ............................... Under Valued 17 Engineering & Machinery .......................................... Over Valued 17 Food & Drug Stores ................................................. Under Valued 18 Food Producers & Processors ..................................... Over Valued 18 General Retail ....................................................... Over Valued 18 Health ................................................................ Over Valued 18 Household Goods & Textiles ...................................... Under Valued 18 Information Technology & Hardware ............................ Over Valued 19 Insurance .......................................................... Over Valued 19 Leisure & Hotels .................................................... Under Valued 19 Life Assurance .................................................... Over Valued 19 Media & Entertainment ............................................ Over Valued 20 Mining ................................................................ Under Valued 20 Oil & Gas ............................................................. Under Valued 20 Personal Care & Household Products ............................ Fair Value 20 Pharmaceuticals & Biotechnology ................................ Under Valued 21 Software & Computer Services ................................... Over Valued 21 Speciality & Other Finance ........................................ Over Valued 21 Support Services .................................................... Under Valued 22 Telecommunication Services ...................................... Under Valued 22 Transport .......................................................... Over Valued 23 Utilities ............................................................. Over Valued 23 DISCLAIMER............................................................................................. 24





IntroductionThe overriding purpose of this daily report is to provide users with a quick guidethat will identify those shares that merit their investment attention in anincreasingly time critical and information noisy trading environment.

The report is published daily and delivered to the subscriber’s personal email box,typically, before the official open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an

investment are the two primary drivers behind a successful portfolio performance.

TimingIntellisys has invested considerably in identifying what it believes are the keyfactors that influence investment timing. Having identified the key parameters,these have been established as rules that reflect market dynamics and cutthrough the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimentalfactors as well as the daily pressures exerted upon primary stock promoters

(analysts and traders) to find stories for their investment meetings.

From an analysis of a year’s data for 40 stocks within Intellisys’ stock coverage,the trading indicators appear to be, on average, about 77% accurate in

identifying good trading points as well as some 74% accurate for overall trendcorrelation.

The following chart provides an indication the accuracy scores for each of the 40

stocks analysed.

Individual Stock Recommendation & Trend Accuracy Scores

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend

Source: Intellisys





ValueA similar discipline has been applied to the process of establishing ‘Target Prices’.

On a daily basis, Intellisys analyses as broad an array of historic data from notonly the Profit & Loss Account but also the Balance Sheet and CashflowStatement and then utilises this data within its proprietary valuation models.

Intellisys’ architect, Philip Morrish, has successfully applied these disciplines to his

investment research for the last 15+ years. Additionally, these investmentvaluation techniques lend themselves to accurate cross-border analysis.

The resultant ‘Target’ is also discounted to a Net Present Value to make the ‘Target’ as realistically valid as possible.

Nevertheless, Intellisys recognises that ‘Target Price’ delivery is not only afunction of market levels but a management team’s ability to establish andmaintain a value generating operating environment set against a constantlychanging global background.

The typical investment analyst’s approach to determining ‘target prices’ is to startwith a modest range of some 6 – 10 valuation measures and remove those that

are not providing the ‘intuitive’ result. Intellysis’ approach is the opposite we useas many valuation methodologies as possible.

Further, Intellisys recognises that some target prices may appear strange or

extreme. However, subscribers should not dismiss these outcomes but use themas starting points to challenge their established or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assistinvestors from ‘falling in love’ with a stock or becoming mesmerised by

‘management cults’.

ConclusionNo investment methodology is 100% successful and like all trading and

investment systems active position monitoring is critical for maximisedinvestment performance.

Therefore, Intellisys recommends that its products should be used in conjunction

with, and not separate from subscriber’s existing investment systems as well asdiscussing investment options with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING – Recommendations and Target PricesIntellisys does not make personal recommendations. The information in this

publication is provided solely to enable you to make your own investmentdecisions.

If you are unsure about dealing in shares and other equity investments, youshould contact your financial adviser as these types of investments may not besuitable for everyone.The value of stocks and shares, and the income from them, can fall as well as rise

and you may not get back the full amount you originally invested. If denominatedin a foreign currency, fluctuations in the exchange rate will also affect the valueof stocks and shares and the income from them. Past performance is not

necessarily a guide to future performance.





Market Pictures - Indices

FTSE 100

Index PE

FTSE 100

3,512.1

3,512.1

4,944.4

6,091.3

6,091.3

6,732.4

5,699.9

2000 3000 4000 5000 6000 7000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 PE

7.0

7.0

7.9

10.3

14.1

18.2

18.2

5 10 15 20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change % change

1M 2.7; 3M 12.3; 12M -3.4 1M 3.6; 3M 27.4; 12M -15.2

Yield RSI

FTSE 100 DY

2.9

2.9

2.9

3.5

3.9

6.0

6.2

1.0 2.0 3.0 4.0 5.0 6.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 RSI

11.1

74.8

74.8

0 20 40 60 80

Lo

Last Close

Hi

% change

1M -3.0; 3M -7.9; 12M 17.0






FTSE 250

Index PE

FTSE 250

5,491.5

5,769.8

9,425.9

10,362.0

12,167.8

12,167.8

12,220.2

500 5500 10500 15500

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250 PE

7.1

7.1

7.1

15.7

19.5

27.8

27.8

5 10 15 20 25 30

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change % change

1M 0.5; 3M 6.3; 12M -10.4 1M 106.1; 3M 9.4; 12M -18.2

Yield RSI

FTSE 250 DY

1.9

2.2

2.2

3.0

3.3

5.1

5.7

1.0 2.0 3.0 4.0 5.0 6.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250 RSI

7.9

72.5

72.5

0 20 40 60 80

Lo

Last Close

Hi

% change

1M 0.0; 3M -0.7; 12M 37.1






FTSE All Share Index

Index PE

FTSE ALL SHARE

1,781.6

1,781.6

2,557.8

2,923.6

3,160.9

3,160.9

3,479.0

500 1500 2500 3500 4500

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE PE

7.4

7.4

8.5

10.9

14.6

19.5

19.5

5 10 15 20 25

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change % change

1M 2.4; 3M 11.2; 12M -4.6 1M 12.6; 3M 25.0; 12M -15.9

Yield RSI

FTSE ALL SHARE DY

2.7

2.8

2.8

3.4

3.8

5.8

6.1

1.0 2.0 3.0 4.0 5.0 6.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE RSI

10.4

74.8

74.8

0 20 40 60 80

Lo

Last Close

Hi

% change

1M -2.6; 3M -6.8; 12M 19.0






FTSE AIM All Share

Index PE

FTSE AIM ALL-SHARE

373.8

373.8

657.8

703.3

968.3

968.3

1,236.6

200 400 600 800 1000 1200 1400

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE PE

203,906.0-

203,906.0-

203,906.0-

97.5

211.5

1,240.8

1,439.5

-250000 -200000 -150000 -100000 -50000 0 50000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change % change

1M 0.0; 3M 2.5; 12M -24.7 1M -13.8; 3M 25.5; 12M -171.3

Yield RSI

FTSE AIM ALL-SHARE DY

0.4

0.5

0.5

0.7

0.8

2.1

2.1

0.2 0.7 1.2 1.7 2.2

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE RSI

6.9

69.9

73.6

0 20 40 60 80

Lo

Last Close

Hi

% change

1M -2.7; 3M -7.8; 12M 29.1






S&P 500

Index PE

S&P 500 COMPOSITE

676.5

676.5

1,099.2

1,277.1

1,363.6

1,363.6

1,565.2

400 900 1400 1900

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE PE

13.4

13.4

13.4

14.6

18.4

146.3

146.3

10 60 110 160

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change % change

1M 2.6; 3M 16.2; 12M 0.4 1M 1.5; 3M 3.9; 12M -17.0

Yield RSI

S&P 500 COMPOSITE DY

1.8

1.8

1.8

2.2

2.4

3.2

3.4

0.5 1.5 2.5 3.5 4.5

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE RSI

11.2

64.4

73.6

0 20 40 60 80

Lo

Last Close

Hi

% change

1M 0.5; 3M -3.5; 12M 18.7





Market Pictures – Interest Rates

UK Bank Lending Rates

UK

UK CLEARING BANKS BASE RATE

0.50

0.50

0.50

0.50

0.50

2.00

5.75

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M 0.0; 3M 0.0; 12M 0.0

UK Lending PE

UK CLEARING BANKS BASE RATE PE

200.0

200.0

200.0

200.0

200.0

50.0

17.4

10 60 110 160 210

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo






Eurozone Lending Rates

Eurozone

EUROZONE MARGINAL LENDING RATE

1.75

1.75

1.75

1.75

2.25

3.00

5.25

0.00 1.00 2.00 3.00 4.00 5.00 6.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M -12.5; 3M -22.2; 12M 0.0

Eurozone Lending PE

EUROZONE MARGINAL LENDING RATE - PE

57.1

57.1

57.1

57.1

44.4

33.3

19.0

10 20 30 40 50 60

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo






US Federal Funds Rate

US

US FEDERAL FUNDS RATE

0.04

0.04

0.04

0.04

0.19

0.25

5.41

0.00 1.00 2.00 3.00 4.00 5.00 6.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M -50.0; 3M -50.0; 12M -79.0

US Lending PE

US FEDERAL FUNDS RATE - PE

2,500.0

2,500.0

2,500.0

2,500.0

526.3

400.0

18.5

10 510 1010 1510 2010 2510 3010

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo





Market Pictures – Exchange Rates

US$/£

US$/£

1.37

1.37

1.53

1.56

1.67

1.70

2.11

1.00 1.20 1.40 1.60 1.80 2.00 2.20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M 0.1; 3M 1.0; 12M 1.1

€/£

EURO/£

1.02

1.06

1.11

1.20

1.20

1.24

1.53

1.00 1.10 1.20 1.30 1.40 1.50 1.60

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M 2.9; 3M 2.7; 12M 3.5





Market Pictures – Exchange Rates

US$/€

US$/EURO

1.19

1.19

1.29

1.31

1.48

1.51

1.60

0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M -2.6; 3M -0.9; 12M -2.3

¥ /£

YEN/£

117.1

117.1

117.1

120.0

139.4

162.5

250.1

100.0 120.0 140.0 160.0 180.0 200.0 220.0 240.0 260.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M -1.5; 3M 1.2; 12M -5.0





Market Pictures - Oil

Brent – Monthly FOB US$/bbl

Oil (Brent) Monthly FOB U$/bbl

34.6

39.1

93.8

111.7

126.6

126.6

145.6

0 20 40 60 80 100 120 140 160

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M 1.75; 3M 5.80; 12M 16.27

RISK WARNING – Recommendations and Target PricesIntellisys does not make personal recommendations. The information in thispublication is provided solely to enable you to make your own investmentdecisions.

If you are unsure about dealing in shares and other equity investments, you

should contact your financial adviser as these types of investments may not be

suitable for everyone.

The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominated

in a foreign currency, fluctuations in the exchange rate will also affect the valueof stocks and shares and the income from them. Past performance is notnecessarily a guide to future performance.





Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BAE SYSTEMS 294.90 248.10 361.10 Neutral Strong Buy 592 0.64

CHEMRING GROUP 410.40 368.80 736.50 Neutral Buy 453 0.54

COBHAM 185.20 165.90 236.50 Neutral Buy 230 0.95

MEGGITT 358.00 305.00 397.60 Neutral Sell 323 1.35

ROLLS-ROYCE HOLDINGS 757.00 552.19 757.00 Neutral Sell 584 1.09

SMITHS GROUP 948.50 869.50 1429.00 Neutral Neutral 969 0.73

ULTRA ELECTRONICS HDG. 1478.00 1305.00 1830.00 Neutral Sell 1165 0.58

UMECO 362.50 243.50 512.50 Neutral Neutral 360 0.81

Automobiles & Parts Over Valued


GKN 191.50 157.00 245.00 Neutral Sell 152 1.91

INCHCAPE 303.50 268.60 425.40 Neutral Sell 270 1.40

LOOKERS 51.25 47.00 72.75 Neutral Buy 60 1.34

PENDRAGON 8.05 6.80 19.71 Neutral Neutral 8 1.07

Banks

Over Valued


BARCLAYS 186.30 138.85 333.55 Neutral Sell 59 1.81

HSBC HDG. (ORD $0.50) 504.90 463.50 730.90 Neutral Strong Buy 844 1.12

LLOYDS BANKING GROUP 27.04 21.84 69.61 Sell Strong Buy 144 1.72

ROYAL BANK OF SCTL.GP. 21.01 17.34 49.00 Sell Sell -28 1.24

STANDARD CHARTERED 1454.00 1169.50 1769.00 Neutral Sell 1303 1.69

Beverages Over Valued


BARR (AG) 1250.00 1031.00 1395.00 Neutral Neutral 1255 0.42

DIAGEO 1428.00 1112.00 1428.00 Sell Sell 1286 0.55

SABMILLER 2330.50 1979.00 2354.50 Neutral Buy 2757 0.98

Chemicals Over Valued


CRODA INTERNATIONAL 1837.00 1456.00 2081.00 Neutral Sell 1491 1.06

ELEMENTIS 137.30 107.50 187.40 Neutral Neutral 140 1.06

JOHNSON MATTHEY 1922.00 1523.00 2119.00 Neutral Sell 1590 1.43

VICTREX 1129.00 1025.00 1590.00 Neutral Sell 1064 1.22

YULE CATTO 170.70 148.00 253.00 Neutral Strong Buy 280 1.25

ZOTEFOAMS 112.50 110.00 158.00 Neutral Strong Buy 183 1.01





Construction & Building Materials Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BALFOUR BEATTY 280.50 214.60 357.30 Neutral Neutral 269 0.85

BARRATT DEVELOPMENTS 92.50 67.50 119.00 Neutral Sell 55 1.40

BELLWAY 705.00 540.50 776.50 Neutral Sell 619 1.01

BERKELEY GROUP HDG.(THE) 1264.00 884.50 1360.00 Neutral Neutral 1219 0.69

BOVIS HOMES GROUP 431.80 326.50 499.60 Neutral Sell 188 1.08

CARILLION 316.80 281.00 403.20 Neutral Buy 432 1.10

CLARKE (T) 40.25 35.50 128.00 Neutral Strong Buy 181 0.84

COSTAIN GROUP 190.25 180.00 265.00 Neutral Strong Buy 700 0.56

GALLIFORD TRY 484.20 307.50 530.00 Neutral Neutral 510 1.03

KELLER 269.00 239.25 698.50 Neutral Buy 355 1.27

KIER GROUP 1405.00 1097.00 1458.00 Neutral Strong Buy 2846 1.05

LOW & BONAR 40.00 38.00 76.75 Neutral Buy 54 1.04

MARSHALLS 91.25 83.25 124.50 Neutral Sell 61 1.35

MORGAN SINDALL GROUP 616.00 510.00 730.00 Neutral Strong Buy 1296 0.89

PERSIMMON 471.50 374.00 518.50 Neutral Buy 584 1.06

REDROW 116.70 103.50 138.00 Neutral Sell 78 0.96

SIG 86.80 76.95 153.50 Neutral Sell -3 1.56

TAYLOR WIMPEY 37.37 28.71 43.31 Sell Sell 12 1.49

TRAVIS PERKINS 834.00 715.00 1127.00 Neutral Buy 976 1.86

WOLSELEY 2146.00 1404.00 2261.00 Neutral Sell 1593 1.41

Electronics & Electrical Equipment Under Valued


DIALIGHT 688.00 516.00 847.00 Neutral Sell 380 0.76

DOMINO PRINTING SCIENCES 535.00 434.30 705.00 Neutral Neutral 540 1.17

E2V TECHNOLOGIES 104.50 86.75 146.00 Neutral Buy 131 1.31

INVENSYS 221.50 180.90 364.30 Neutral Buy 323 1.50

LAIRD 155.00 127.90 207.00 Neutral Neutral 156 2.19

OXFORD INSTRUMENTS 990.00 600.50 1010.00 Neutral Sell 684 0.98

RENISHAW 1044.00 800.00 1886.00 Neutral Strong Buy 1601 1.21

SPECTRIS 1325.00 1039.00 1679.00 Neutral Sell 1018 1.38

BIOME TECHNOLOGIES 0.17 0.14 0.34 Neutral Strong Buy 0 0.64

TT ELECTRONICS 134.75 120.50 208.00 Neutral Strong Buy 206 1.56

XAAR 242.50 207.50 295.00 Neutral Sell 108 1.14

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 71.00 62.50 138.00 Neutral Strong Buy 279 1.31

BODYCOTE 281.00 225.60 397.70 Neutral Buy 332 1.54

CASTINGS 274.00 250.50 358.00 Neutral Strong Buy 485 0.98

COOKSON GROUP 536.00 395.80 724.50 Neutral Buy 718 2.25

FENNER 404.50 280.00 422.50 Neutral Sell 264 1.40

HALMA 347.50 306.30 429.60 Neutral Neutral 346 0.75

HILL & SMITH 255.00 235.00 393.50 Neutral Strong Buy 548 1.37

IMI 803.00 636.50 1119.00 Neutral Strong Buy 1290 1.39

METALRAX GROUP 8.25 7.37 12.00 Neutral Sell 7 0.85

MORGAN CRUCIBLE 277.50 224.00 357.10 Neutral Buy 318 1.72

ROTORK 1979.00 1501.00 1979.00 Sell Sell 1692 1.00

SENIOR 172.40 132.60 190.60 Neutral Neutral 174 1.75

SEVERFIELD-ROWEN 174.00 150.00 333.50 Neutral Sell 156 1.03SPIRAX-SARCO 1928.00 1649.00 2063.00 Sell Buy 2132 0.85

VITEC GROUP 553.00 488.00 661.75 Neutral Buy 685 1.51

WEIR GROUP 2085.00 1375.00 2218.00 Sell Sell 759 1.41





Food & Drug Stores Under Valued


GREGGS 526.00 445.00 550.50 Neutral Sell 447 0.54

MORRISON(WM)SPMKTS. 328.00 262.70 328.00 Neutral Buy 369 0.49

SAINSBURY (J) 310.30 263.50 391.50 Neutral Strong Buy 555 0.65

TESCO 411.25 356.25 436.65 Neutral Neutral 437 0.81

THORNTONS 18.50 18.50 100.75 Neutral Buy 23 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1115.00 940.00 1164.00 Neutral Sell 539 0.58

CRANSWICK 750.00 588.50 882.00 Neutral Sell 712 0.60

DAIRY CREST 340.00 318.80 415.90 Neutral Neutral 347 0.97

DEVRO 258.00 223.50 296.90 Neutral Strong Buy 413 0.30

PREMIER FOODS 5.95 3.29 35.12 Neutral Sell -5 1.44

ROBERT WISEMAN DAIRIES 253.25 233.25 356.50 Neutral Strong Buy 503 0.40

TATE & LYLE 720.50 520.00 720.50 Sell Sell 393 0.64

UNILEVER (UK) 2189.00 1793.00 2189.00 Neutral Sell 1805 0.64

General RetailOver Valued


ASHLEY(LAURA) HOLDINGS 19.50 16.00 25.25 Neutral Buy 22 0.73

BLACKS LEISURE 0.88 0.75 42.25 Neutral Strong Buy 69 0.27

BROWN (N) GROUP 237.60 227.00 311.20 Neutral Sell 186 0.50

BURBERRY GROUP 1243.00 1030.00 1600.00 Neutral Sell 414 1.35

CARPETRIGHT 491.90 375.00 835.50 Sell Sell 145 0.99

CLINTON CARDS 11.25 7.50 28.00 Sell Sell 7 0.64

DIXONS RETAIL 10.18 9.36 23.90 Neutral Strong Buy 22 1.40

FINDEL 3.50 2.20 10.72 Neutral Sell 0 0.96

FRENCH CONNECTN.GROUP 40.00 37.50 134.00 Neutral Strong Buy 81 0.92

GAME GROUP 7.07 6.20 73.25 Neutral Strong Buy 132 0.93

HALFORDS GROUP 309.50 269.50 454.60 Neutral Neutral 303 0.63

JJB SPORTS 5.56 5.20 52.70 Neutral Strong Buy 984 0.87

JD SPORTS FASHION 623.50 570.00 1030.00 Neutral Buy 934 0.46

KESA ELECTRICALS 71.60 60.20 164.00 Neutral Strong Buy 222 1.27

KINGFISHER 250.00 217.00 287.10 Neutral Sell 222 0.97MARKS & SPENCER GROUP 317.00 301.80 402.20 Neutral Sell 283 0.74

MOSS BROTHERS GROUP 34.25 23.75 40.00 Sell Sell 19 1.03

MOTHERCARE 163.25 127.30 608.00 Neutral Strong Buy 269 0.51

NEXT 2741.00 1868.00 2810.00 Neutral Sell 1595 0.80

TED BAKER 650.00 572.50 830.00 Neutral Sell 358 0.52

TOPPS TILES 26.50 21.50 84.50 Neutral Sell 19 1.31

Health Over Valued


CONSORT MEDICAL 534.00 495.00 590.00 Neutral Sell 484 0.39

CORIN GROUP 43.25 36.50 59.00 Neutral Sell 40 0.72

SMITH & NEPHEW 626.00 521.00 742.00 Neutral Neutral 635 0.40

Household Goods & Textiles Under Valued


HARVARD INTL. 37.63 21.75 40.00 Neutral Sell 33 0.46

GAMES WORKSHOP 450.00 342.50 470.00 Neutral Sell 412 0.34

HEADLAM GROUP 262.38 233.25 354.00 Neutral Buy 336 0.92

HORNBY 131.50 105.00 150.00 Neutral Neutral 139 0.70





Information Technology & Hardware Over Valued


ARM HOLDINGS 604.00 437.90 651.00 Neutral Strong Buy 1248 0.77

CSR 190.00 154.10 447.00 Neutral Strong Buy 5029 1.12

FILTRONIC 21.00 14.50 62.00 Sell Sell -183 0.59

IMAGINATION TECHNOLOGIES 564.50 296.90 564.50 Neutral Strong Buy 1087 0.97

PSION 44.50 43.88 102.75 Neutral Strong Buy 2307 1.19

SPIRENT COMMUNICATIONS 121.40 105.80 160.00 Neutral Strong Buy 1164 1.01

WOLFSON MICROELECTRONICS 127.50 96.00 312.00 Neutral Sell 20 1.01

Insurance Over Valued


ADMIRAL GROUP 880.00 787.00 1754.00 Neutral Sell 358 0.54

AMLIN 324.80 270.60 427.00 Neutral Strong Buy 2331 0.46

BEAZLEY 137.80 109.60 139.20 Neutral Strong Buy 1217 0.53

CATLIN GROUP 399.90 334.00 421.40 Neutral Sell 66 0.32

HISCOX 382.70 340.50 424.70 Neutral Strong Buy 2312 0.49

JARDINE LLOYD THOMPSON 701.00 576.00 764.50 Neutral Strong Buy 1837 0.33

RSA INSURANCE GROUP 107.80 99.60 143.50 Neutral Strong Buy 977 0.46

NOVAE GROUP 346.75 285.00 410.00 Neutral Strong Buy 2223 0.51

Leisure & Hotels Under Valued


ARENA LEISURE 37.75 26.00 42.75 Neutral Sell 17 0.79

CARNIVAL 2176.00 1742.00 3153.00 Neutral Strong Buy 3686 1.14

ENTERPRISE INNS 29.25 26.75 121.70 Neutral Strong Buy 89 1.71

TUI TRAVEL 169.50 136.70 271.90 Neutral Strong Buy 584 0.96

FULLER SMITH 'A' 700.00 590.00 752.00 Neutral Neutral 730 0.47

GREENE KING 495.20 410.00 518.00 Neutral Buy 737 0.87

LADBROKES 134.80 114.00 155.30 Neutral Strong Buy 238 0.99

ICTL.HTLS.GP. 1180.00 955.00 1435.00 Neutral Sell 862 1.31

MILLENNIUM & CPTH.HTLS. 407.00 371.20 600.50 Neutral Buy 518 1.39

MITCHELLS & BUTLERS 238.10 215.60 361.00 Neutral Sell 98 1.02

BWIN PARTY DIGITAL ENTM. 167.20 100.60 214.70 Sell Sell 136 1.29

PUNCH TAVERNS 10.25 9.14 15.70 Neutral Sell -168 1.29

RANK GROUP 127.00 109.50 153.70 Neutral Strong Buy 196 0.95RESTAURANT GROUP 293.00 254.90 335.00 Neutral Buy 342 0.90

WETHERSPOON (JD) 429.40 380.50 468.30 Neutral Strong Buy 711 0.75

WHITBREAD 1598.00 1409.00 1887.00 Neutral Buy 1838 1.05

WILLIAM HILL 202.60 168.60 244.10 Neutral Strong Buy 306 0.93

MARSTON'S 92.50 84.60 112.00 Neutral Strong Buy 171 1.25

Life Assurance Over Valued


AVIVA 311.90 275.30 477.90 Neutral Strong Buy 435 1.22

CHESNARA 181.00 161.75 264.00 Neutral Neutral 177 0.58

LEGAL & GENERAL 106.30 89.80 123.80 Neutral Buy 83 1.65

OLD MUTUAL 139.80 98.05 144.80 Neutral Sell 160 1.62

PRUDENTIAL 645.00 509.00 777.00 Neutral Sell 316 1.72

ST.JAMES'S PLACE 332.60 272.50 376.00 Neutral Strong Buy 121 0.79





Media & Entertainment Over Valued


AEGIS GROUP 143.50 116.17 159.08 Neutral Sell 84 1.29

BLOOMSBURY PBL. 97.00 91.25 138.00 Neutral Buy 117 0.46

BRITISH SKY BCAST.GROUP 742.00 618.50 850.00 Neutral Sell 635 0.64

CENTAUR MEDIA 33.13 32.75 73.00 Neutral Sell -53 1.00

DAILY MAIL 'A' 412.70 343.40 594.50 Neutral Buy 540 1.08

EUROMONEY INSTL.INVESTOR 650.00 522.50 736.00 Neutral Neutral 622 1.05

INFORMA 365.60 313.90 461.10 Neutral Sell 300 1.50

ITE GROUP 206.90 157.70 258.20 Neutral Sell 145 1.40

ITV 70.35 51.65 93.45 Neutral Neutral 75 1.47

JOHNSTON PRESS 6.75 4.11 12.75 Sell Strong Buy 56 1.46

PEARSON 1234.00 983.00 1234.00 Neutral Sell 1013 0.70

PHOTO-ME INTL. 51.00 39.50 67.00 Neutral Strong Buy 83 0.85

PINEWOOD SHEPPERTON 269.00 132.75 276.13 Neutral Sell 139 0.38

THOMSON REUTERS 27.36 26.21 41.49 Neutral Sell 24 0.52

STV GROUP 82.13 81.00 168.00 Neutral Buy 103 0.78

ST.IVES 83.00 68.50 108.50 Neutral Strong Buy 209 1.33

TRINITY MIRROR 48.75 37.50 93.00 Neutral Strong Buy 442 1.56

UBM 498.00 416.00 725.00 Neutral Strong Buy 1556 1.28

WILMINGTON GROUP 84.00 82.50 183.00 Neutral Buy 103 0.86

WPP 682.00 578.00 846.50 Neutral Buy 775 1.27

YELL GROUP 5.28 3.35 14.75 Neutral Strong Buy 41 1.32

Mining Under Valued


ANGLO AMERICAN 2497.00 2138.50 3437.00 Neutral Strong Buy 6374 1.74

ANGLO PACIFIC GROUP 273.00 237.90 369.25 Neutral Buy 363 0.92

ANTOFAGASTA 1305.00 900.50 1622.00 Neutral Sell 1072 1.38

BHP BILLITON 1993.00 1667.00 2631.50 Neutral Strong Buy 4561 1.39

LONMIN 1029.00 941.00 1948.00 Neutral Sell 831 1.89

RANDGOLD RESOURCES 6910.00 4425.00 7555.00 Neutral Sell 1848 0.30

RIO TINTO 3325.00 2712.50 4712.00 Neutral Strong Buy 5253 1.40

UK COAL 30.75 28.50 55.25 Neutral Sell -74 1.05

VEDANTA RESOURCES 928.00 2518.00 Neutral Strong Buy 5311 2.02

XSTRATA 1032.50 764.00 1550.00 Neutral Buy 1179 1.77

Oil & Gas Under Valued


BG GROUP 1428.50 1144.00 1564.50 Neutral Buy 1887 0.70

BP 471.05 363.20 509.00 Neutral Strong Buy 1234 1.05

CAIRN ENERGY 268.30 257.80 469.70 Neutral Buy 330 1.31

FORTUNE OIL 12.00 9.00 14.75 Neutral Strong Buy 23 0.86

HUNTING 764.00 530.00 817.00 Neutral Buy 922 1.31

JKX OIL & GAS 138.75 128.00 335.10 Neutral Strong Buy 361 1.34

MELROSE RESOURCES 121.50 95.25 297.00 Neutral Strong Buy 627 1.12

PREMIER OIL 365.40 310.00 535.00 Neutral Buy 520 1.31

ROYAL DUTCH SHELL A(LON) 2380.00 1883.50 2380.00 Neutral Strong Buy 6302 0.93

ROYAL DUTCH SHELL B 2477.00 1890.50 2477.00 Neutral Strong Buy 6365 0.94

SOCO INTERNATIONAL 300.80 278.00 400.00 Neutral Sell 196 0.50

TULLOW OIL 1416.00 945.50 1493.00 Neutral Sell 456 1.07

WOOD GROUP (JOHN) 655.50 469.90 715.75 Neutral Buy 753 1.35

Personal Care & Household Products Fair Value


MCBRIDE 115.00 110.75 177.23 Neutral Neutral 114 0.87

PZ CUSSONS 359.40 308.70 404.00 Neutral Neutral 364 0.80

RECKITT BENCKISER GROUP 3279.00 3015.00 3617.00 Neutral Neutral 3201 0.33





Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 3.20 3.13 5.68 Buy Strong Buy 10 0.93

ASTRAZENECA 3050.00 2543.50 3194.00 Neutral Strong Buy 10840 0.45

BTG 325.60 210.10 325.60 Neutral Sell 120 0.72

DECHRA PHARMACEUTICALS 516.50 433.00 536.50 Neutral Strong Buy 972 0.33

GLAXOSMITHKLINE 1484.50 1127.50 1484.50 Neutral Neutral 1457 0.49

OXFORD BIOMEDICA 3.38 2.91 7.20 Buy Sell -2 0.63

PHYTOPHARM 7.93 6.40 9.75 Buy Sell -2 0.89

SHIRE 2225.00 1561.00 2243.00 Neutral Sell 1409 0.64

SKYEPHARMA 34.25 31.50 66.13 Neutral Strong Buy 287 0.73

VERNALIS 19.75 18.75 50.00 Neutral Sell -20 0.82

Software & Computer Services Over Valued


TIMEWEAVE 24.00 21.50 27.00 Neutral Strong Buy 42 0.71

ANITE 94.50 57.75 95.00 Neutral Sell 53 0.81

AVEVA GROUP 1490.00 1298.00 1799.00 Neutral Sell 849 1.46

COMPUTACENTER 343.60 324.70 490.00 Neutral Strong Buy 797 1.08

KOFAX 238.00 225.00 535.00 Neutral Neutral 243 1.05

INNOVATION GROUP 20.25 15.00 23.00 Neutral Sell 15 0.91

LOGICA 68.45 58.95 147.20 Neutral Strong Buy 162 1.34MICRO FOCUS INTL. 386.70 239.40 426.20 Neutral Neutral 381 0.73

MISYS 243.30 214.90 420.20 Neutral Buy 335 1.28

PHOENIX IT GROUP 167.00 154.75 290.00 Neutral Strong Buy 401 0.85

RM 58.00 41.50 175.00 Neutral Strong Buy 325 0.41

FIDESSA GROUP 1546.00 1444.00 2109.00 Neutral Neutral 1479 0.81

SAGE GROUP 299.90 231.70 302.00 Neutral Sell 278 0.66

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 218.00 167.80 240.00 Neutral Sell 92 1.07

BREWIN DOLPHIN 139.90 113.70 185.40 Neutral Sell 133 0.69

CAMELLIA 9825.00 8800.00 10950.00 Neutral Strong Buy 16372 0.88

CHARLES STANLEY GROUP 265.50 240.00 350.00 Neutral Neutral 274 0.94

CHARLES TAYLOR CNSL. 125.00 115.63 166.00 Neutral Strong Buy 196 0.70CLOSE BROTHERS GROUP 634.50 590.00 888.50 Neutral Sell 311 0.80

F&C ASSET MANAGEMENT 64.45 56.05 92.90 Neutral Buy 82 0.92

HELPHIRE GROUP 1.86 1.36 17.38 Neutral Strong Buy 3 0.64

HENDERSON GROUP 106.10 95.05 173.10 Neutral Sell 89 1.43

ICAP 352.00 311.60 570.50 Neutral Sell 293 1.08

INTERMEDIATE CAPITAL GP. 238.80 197.90 360.30 Neutral Neutral 243 1.62

INVESTEC 344.10 318.40 538.00 Neutral Sell 230 1.54

LONDON STOCK EX.GROUP 812.50 756.50 1076.00 Neutral Sell 683 1.15

MAN GROUP 128.30 123.60 311.00 Neutral Buy 171 1.28

RATHBONE BROTHERS 1106.00 977.00 1257.00 Neutral Neutral 1155 0.72

SCHRODERS 1354.00 1183.00 1922.00 Neutral Buy 1545 1.32

SCHRODERS NV 1113.00 970.00 1554.00 Neutral Buy 1545 1.32





Support Services Under Valued


ACAL 174.50 169.50 367.50 Neutral Strong Buy 318 0.96

AGGREKO 2063.00 1394.48 2063.00 Neutral Sell 1187 1.19

AMEC 933.00 740.50 1251.00 Neutral Buy 1204 1.00

ASHTEAD GROUP 230.20 99.40 230.20 Neutral Sell 114 1.50

BABCOCK INTL. 737.00 542.00 737.00 Neutral Sell 651 0.56

BRITISH POLYTHENE INDS. 342.75 230.00 345.00 Neutral Strong Buy 1013 0.70

BUNZL 883.00 676.50 884.00 Neutral Neutral 945 0.53

UK MAIL GROUP 211.50 192.25 335.00 Neutral Strong Buy 511 0.27

CAPITA GROUP 649.50 611.50 786.50 Neutral Neutral 660 0.43

COMMUNISIS 27.00 23.75 37.00 Neutral Strong Buy 90 0.71

COMPASS GROUP 616.00 512.50 616.00 Neutral Buy 686 0.74

BERENDSEN 450.90 402.70 568.00 Neutral Buy 654 1.02

DE LA RUE 896.00 667.00 936.00 Neutral Buy 995 #NA

DIGNITY 830.00 648.50 854.50 Neutral Buy 930 0.23

DIPLOMA 353.10 263.50 414.25 Neutral Sell 303 0.99

ELECTROCOMP. 209.40 182.20 294.90 Neutral Strong Buy 350 1.00

FILTRONA 394.20 248.10 397.10 Sell Neutral 405 1.12

G4S 270.50 219.90 291.00 Neutral Buy 363 0.62

HAYS 67.10 58.85 133.60 Neutral Strong Buy 134 0.96

HOMESERVE 308.40 218.50 532.00 Neutral Buy 445 0.67

INTERSERVE 320.00 231.75 341.25 Neutral Strong Buy 743 1.39

INTERTEK GROUP 2072.00 1715.00 2148.00 Sell Sell 1535 0.87

JOHNSON SERVICE GROUP 26.63 25.50 36.00 Neutral Strong Buy 63 1.16

MANAGEMENT CNSL.GP. 31.00 27.75 45.50 Neutral Strong Buy 52 0.67

MENZIES (JOHN) 525.50 425.00 550.00 Neutral Strong Buy 1146 1.44

MICHAEL PAGE INTL. 361.70 323.00 567.00 Neutral Buy 416 1.34

MITIE GROUP 248.00 195.90 258.10 Neutral Strong Buy 378 0.61

MOUCHEL GROUP 5.34 5.15 154.75 Neutral Sell -272 0.88

OFFICE2OFFICE 139.50 112.50 166.50 Neutral Strong Buy 263 0.36

PAYPOINT 550.00 327.25 570.00 Neutral Buy 698 0.74

PREMIER FARNELL 191.50 144.50 308.80 Neutral Strong Buy 333 1.18

REGUS 89.30 64.00 119.00 Neutral Sell 66 1.41

RENTOKIL INITIAL 65.70 58.20 104.90 Neutral Sell 48 1.30

REXAM 365.50 299.80 400.00 Neutral Buy 489 0.86

RICARDO 381.50 292.00 410.00 Neutral Buy 513 0.84

ROBERT WALTERS 162.75 158.25 347.00 Neutral Strong Buy 330 1.20

RPC GROUP 360.30 231.50 384.80 Neutral Buy 415 0.81

RPS GROUP 180.10 156.60 253.00 Neutral Strong Buy 276 1.55

SERCO GROUP 483.20 458.00 618.50 Neutral Buy 632 0.58SHANKS GROUP 95.50 90.80 130.90 Neutral Strong Buy 152 1.45

SPEEDY HIRE 20.25 18.50 34.00 Neutral Sell -8 1.27

TRIBAL GROUP 44.00 36.25 51.00 Neutral Sell -274 0.52

TRIFAST 36.63 36.25 52.88 Neutral Strong Buy 59 0.88

VP 219.50 191.00 253.75 Neutral Strong Buy 545 0.89

WYG 53.00 48.38 1237.51 Neutral Sell -8420 0.78

WSP GROUP 205.00 160.00 385.00 Neutral Strong Buy 536 0.94

Telecommunication Services Under Valued


BT GROUP 199.10 161.00 204.10 Neutral Buy 265 0.92

CABLE & WIRELESS COMMS. 38.44 31.25 51.20 Neutral Strong Buy 140 0.65

INMARSAT 419.90 389.30 719.50 Neutral Sell 360 0.52

KCOM GROUP 70.30 57.50 84.00 Neutral Buy 86 1.27

TELECOM PLUS 750.00 433.00 802.00 Neutral Sell 497 0.13

VODAFONE GROUP 180.75 155.05 182.75 Neutral Neutral 189 0.66





Transport Over Valued


BBA AVIATION 180.70 156.00 240.80 Neutral Sell 171 1.37

BRAEMAR SHIPPING SVS. 293.50 282.00 550.00 Neutral Strong Buy 666 0.91

CLARKSON 1184.00 1015.00 1355.00 Neutral Sell 380 0.82

EASYJET 398.60 301.00 474.00 Neutral Neutral 423 0.76

FIRST GROUP 344.00 301.80 412.60 Neutral Neutral 352 1.10

FISHER(JAMES)& SONS 518.00 440.50 574.00 Neutral Strong Buy 1819 0.84

GO-AHEAD GROUP 1381.00 1190.00 1598.00 Neutral Sell 178 0.97

NATIONAL EXPRESS 226.40 201.60 270.20 Neutral Strong Buy 375 1.30

NORTHGATE 196.60 191.80 346.70 Neutral Neutral 203 1.35

STAGECOACH GROUP 269.50 199.97 272.41 Neutral Sell 180 0.90

WINCANTON 66.00 56.00 168.00 Neutral Sell 0 0.85

Utilities Over Valued


CENTRICA 297.10 278.80 345.80 Neutral Neutral 320 0.51

NATIONAL GRID 631.50 530.00 649.50 Neutral Neutral 604 0.58

PENNON GROUP 728.00 584.50 737.50 Neutral Sell 604 0.63

SEVERN TRENT 1520.00 1368.00 1600.00 Neutral Sell 604 0.47

UNITED UTILITIES GROUP 611.50 543.50 637.00 Neutral Neutral 604 0.60





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uk trading & value indicator 20120104

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