uk trading & value indicator 20120116

8/3/2019 uk trading & value indicator 20120116

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16 January 2012

UK Trading &Value

Indicator


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Intellisys www.intellisys.uk.com 16 January 2012

Page 2 of 25 Intellisys 16 January 2012

Contents

Market Pictures - Indices ......................................................................... 5FTSE 100 ................................................................................................ 5FTSE 250 ................................................................................................ 6FTSE All Share Index ................................................................................ 7FTSE AIM All Share .................................................................................. 8

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

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


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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 an

increasingly time critical and information noisy trading environment.

The report is published daily and delivered to the subscribers personal email box,

typically, before the official open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of aninvestment are the two primary drivers behind a successful portfolio performance.

TimingIntellisys has invested considerably in identifying what it believes are the key

factors 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 years data for 40 stocks within Intellisys stock coverage,the trading indicators appear to be, on average, about 77% accurate inidentifying good trading points as well as some 74% accurate for overall trend

correlation.

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

Individual Stock Recommendation & Trend Accuracy Scores

Source: Intellisys

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


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Value

A 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 Cashflow

Statement 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 investment

valuation 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 a

function of market levels but a management teams ability to establish andmaintain a value generating operating environment set against a constantlychanging global background.

The typical investment analysts 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 orextreme. However, subscribers should not dismiss these outcomes but use them

as starting points to challenge their established or perceived valuation opinion ofa stock.

In short, this disciplined approach provides an investment reality check to assist

investors from falling in love with a stock or becoming mesmerised bymanagement cults.

ConclusionNo investment methodology is 100% successful and like all trading andinvestment systems active position monitoring is critical for maximisedinvestment performance.

Therefore, Intellisys recommends that its products should be used in conjunctionwith, and not separate from subscribers existing investment systems as well asdiscussing investment options with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING Recommendations and Target Prices

Intellisys 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 besuitable 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 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 notnecessarily a guide to future performance.


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Market Pictures - Indices

FTSE 100

Index PE

3,512.1

3,512.1

4,944.4

5,636.6

6,091.3

6,091.3

6,732.4

2000 4000 6000 8000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100

7.0

7.0

7.9

10.2

14.1

18.2

18.2

5 10 15 20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 PE

% change % change

1M 2.7; 3M 4.3; 12M -6.4 1M 3.8; 3M 18.9; 12M -17.9

Yield RSI

2.9

2.9

2.9

3.6

3.9

6.0

6.2

1.0 3.0 5.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 DY

11.1

56.7

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE 100 RSI

% change

1M -3.0; 3M -1.4; 12M 20.8


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FTSE 250

Index PE

5,491.5

5,769.8

9,425.9

10,457.7

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

7.1

7.1

7.1

15.9

19.4

27.8

27.8

5 10 15 20 25 30

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250 PE

% change % change

1M 5.0; 3M 2.2; 12M -11.1 1M 3.9; 3M 5.9; 12M -18.4

Yield RSI

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 DY

7.9

69.5

72.5

0 20 40 60 80

Lo

Last Close

Hi

FTSE 250 RSI

% change

1M -4.1; 3M 3.8; 12M 39.2


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FTSE AIM All Share

Index PE

373.8

373.8

657.8

735.9

968.3

968.3

1,236.6

200 700 1200 1700

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE

-203,906.0

-203,906.0

-203,906.0

98.6

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

FTSE AIM ALL-SHARE PE

% change % change

1M 6.0; 3M 3.9; 12M -23.3 1M -11.6; 3M 28.1; 12M -166.3

Yield RSI

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 DY

6.9

86.4

86.4

0 50 100

Lo

Last Close

Hi

FTSE AIM ALL-SHARE RSI

% change

1M -6.8; 3M -8.0; 12M 30.2


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S&P 500

Index PE

676.5

676.5

1,099.2

1,289.1

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

13.4

13.4

13.4

14.9

18.4

146.3

146.3

10 60 110 160

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE PE

% change % change

1M 5.2; 3M 7.1; 12M 0.4 1M 2.7; 3M 4.2; 12M -17.0

Yield RSI

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 DY

11.2

64.6

71.1

0 20 40 60 80

Lo

Last Close

Hi

S&P 500 COMPOSITE RSI

% change

1M -1.4; 3M -4.4; 12M 17.9


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Market Pictures Interest Rates

UK Bank Lending Rates

UK

0.50

0.50

0.50

0.50

0.50

1.50

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

UK CLEARING BANKS BASE RATE

% change

1M 0.0; 3M 0.0; 12M 0.0

UK Lending PE

200.0

200.0

200.0

200.0

200.0

66.7

17.4

10 60 110 160 210

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

UK CLEARING BANKS BASE RATE PE


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Eurozone Lending Rates

Eurozone

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

EUROZONE MARGINAL LENDING RATE

% change

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

Eurozone Lending 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

EUROZONE MARGINAL LENDING RATE - PE


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US Federal Funds Rate

US

0.04

0.04

0.04

0.08

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

US FEDERAL FUNDS RATE

% change

1M 14.3; 3M 14.3; 12M -50.0

US Lending PE

2,500.0

2,500.0

2,500.0

1,250.0

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

US FEDERAL FUNDS RATE - PE


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Market Pictures Exchange Rates

US$/

1.37

1.37

1.53

1.53

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

US$/

% change

1M -1.6; 3M -2.8; 12M -3.6

/

1.02

1.06

1.11

1.21

1.21

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

EURO/

% change

1M 1.6; 3M 5.1; 12M 1.5


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Market Pictures Exchange Rates

US$/

1.19

1.19

1.27

1.27

1.48

1.51

1.60

0.80 1.00 1.20 1.40 1.60 1.80

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US$/EURO

% change

1M -2.7; 3M -8.0; 12M -5.1

/

117.1

117.1

117.1

117.7

139.4

162.5

250.1

100.0 150.0 200.0 250.0 300.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

YEN/

% change

1M -2.7; 3M -2.6; 12M -10.4


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Market Pictures - Oil

Brent Monthly FOB US$/bbl

34.6

39.1

95.9

113.9

126.6

126.6

145.6

0 50 100 150 200

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

Oil (Brent) Monthly FOB U$/bbl

% change

1M 4.28; 3M 3.21; 12M 15.43

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 investment

decisions.

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 besuitable 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 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 notnecessarily a guide to future performance.


16/25



Aerospace & Defence Over Valued

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

BAE SYSTEMS 303.00 248.10 361.10 Neutral Strong Buy 600 0.63

CHEMRING GROUP 436.00 368.80 736.50 Neutral Neutral 465 0.53

COBHAM 186.90 165.90 236.50 Neutral Buy 234 0.94

MEGGITT 364.90 305.00 397.60 Neutral Sell 328 1.34

ROLLS-ROYCE HOLDINGS 762.50 552.19 769.00 Neutral Sell 589 1.09

SMITHS GROUP 935.50 869.50 1429.00 Neutral Neutral 993 0.71

ULTRA ELECTRONICS HDG. 1552.00 1305.00 1830.00 Neutral Sell 1201 0.59UMECO 361.50 243.50 512.50 Neutral Neutral 362 0.80

Automobiles & Parts Over Valued


GKN 196.30 157.00 245.00 Neutral Sell 155 1.93

INCHCAPE 305.90 268.60 425.40 Neutral Sell 270 1.40

LOOKERS 50.25 47.00 72.75 Neutral Buy 61 1.34

PENDRAGON 7.50 6.80 19.71 Neutral Neutral 7 1.08

BanksOver Valued


BARCLAYS 201.20 138.85 333.55 Neutral Sell 64 1.81

HSBC HDG. (ORD $0.50) 504.70 463.50 730.90 Neutral Strong Buy 847 1.12

LLOYDS BANKING GROUP 29.50 21.84 69.61 Sell Strong Buy 146 1.72

ROYAL BANK OF SCTL.GP. 24.10 17.34 49.00 Sell Sell -26 1.23

STANDARD CHARTERED 1466.00 1169.50 1725.50 Neutral Sell 1315 1.69

Beverages Over Valued


BARR (AG) 1194.00 1031.00 1395.00 Neutral Neutral 1210 0.42

DIAGEO 1390.00 1112.00 1428.00 Neutral Sell 1251 0.55

SABMILLER 2314.00 1979.00 2354.50 Neutral Buy 2707 0.97

Chemicals Over Valued


CRODA INTERNATIONAL 1896.00 1456.00 2081.00 Neutral Sell 1576 1.06

ELEMENTIS 147.80 107.50 187.40 Neutral Neutral 148 1.06

JOHNSON MATTHEY 2026.00 1523.00 2119.00 Neutral Sell 1660 1.43

VICTREX 1217.00 1025.00 1590.00 Neutral Sell 1128 1.20

YULE CATTO 177.00 148.00 253.00 Neutral Strong Buy 294 1.25

ZOTEFOAMS 117.00 109.00 158.00 Neutral Strong Buy 193 1.01


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

BALFOUR BEATTY 281.70 214.60 357.30 Neutral Sell 257 0.85

BARRATT DEVELOPMENTS 106.90 67.50 119.00 Neutral Sell 55 1.39

BELLWAY 744.50 540.50 776.50 Neutral Sell 630 1.00

BERKELEY GROUP HDG.(THE) 1298.00 884.50 1360.00 Neutral Neutral 1306 0.69

BOVIS HOMES GROUP 453.10 326.50 499.60 Neutral Sell 188 1.07

CARILLION 304.80 281.00 403.20 Neutral Buy 435 1.10

CLARKE (T) 38.50 35.50 105.00 Neutral Strong Buy 186 0.84

COSTAIN GROUP 208.00 180.00 265.00 Neutral Strong Buy 748 0.58GALLIFORD TRY 480.00 307.50 530.00 Neutral Neutral 504 1.02

KELLER 311.50 239.25 679.50 Neutral Neutral 325 1.26

KIER GROUP 1400.00 1097.00 1458.00 Neutral Strong Buy 2981 1.05

LOW & BONAR 43.00 38.00 76.75 Neutral Buy 54 1.04

MARSHALLS 90.25 83.25 124.50 Neutral Sell 58 1.35

MORGAN SINDALL GROUP 630.00 510.00 720.00 Neutral Strong Buy 1297 0.88

PERSIMMON 515.50 374.00 518.50 Neutral Buy 612 1.05

REDROW 114.60 103.50 136.20 Neutral Sell 79 0.95

SIG 102.50 76.95 153.50 Neutral Sell 1 1.56

TAYLOR WIMPEY 41.12 28.71 43.31 Sell Sell 11 1.48

TRAVIS PERKINS 855.50 715.00 1115.00 Neutral Buy 1002 1.85

WOLSELEY 2110.00 1404.00 2261.00 Neutral Sell 1596 1.41

Electronics & Electrical Equipment Under Valued


DIALIGHT 783.00 540.00 847.00 Neutral Sell 394 0.73

DOMINO PRINTING SCIENCES 537.00 434.30 705.00 Neutral Neutral 556 1.15

E2V TECHNOLOGIES 111.50 86.75 146.00 Sell Buy 137 1.30

INVENSYS 183.20 180.90 359.90 Buy Strong Buy 331 1.51

LAIRD 153.70 127.90 207.00 Neutral Neutral 162 2.20

OXFORD INSTRUMENTS 920.00 600.50 1010.00 Neutral Sell 703 0.97

RENISHAW 1065.00 800.00 1886.00 Neutral Strong Buy 1633 1.22

SPECTRIS 1482.00 1039.00 1679.00 Sell Sell 1058 1.37

BIOME TECHNOLOGIES 0.16 0.14 0.34 Neutral Strong Buy 0 0.65

TT ELECTRONICS 156.50 120.50 208.00 Neutral Buy 216 1.55

XAAR 252.50 207.50 295.00 Neutral Sell 113 1.13

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 74.00 62.50 138.00 Neutral Strong Buy 289 1.31

BODYCOTE 286.00 225.60 397.70 Neutral Buy 341 1.56

CASTINGS 263.50 250.50 358.00 Neutral Strong Buy 489 0.96

COOKSON GROUP 542.50 395.80 724.50 Neutral Buy 743 2.26

FENNER 440.00 280.00 446.30 Neutral Sell 272 1.39

HALMA 338.20 306.30 429.60 Neutral Neutral 347 0.74

HILL & SMITH 268.00 235.00 393.50 Neutral Strong Buy 559 1.36

IMI 870.50 636.50 1119.00 Neutral Buy 1284 1.40

METALRAX GROUP 7.75 7.37 12.00 Neutral Neutral 8 0.85

MORGAN CRUCIBLE 297.00 224.00 357.10 Neutral Neutral 326 1.73ROTORK 1882.00 1501.00 1979.00 Neutral Sell 1667 1.01

SENIOR 181.00 132.60 190.60 Neutral Neutral 177 1.75

SEVERFIELD-ROWEN 186.00 150.00 302.00 Neutral Sell 166 1.03

SPIRAX-SARCO 1891.00 1649.00 2063.00 Neutral Buy 2122 0.84

VITEC GROUP 555.00 488.00 661.75 Neutral Buy 704 1.51

WEIR GROUP 2110.00 1375.00 2218.00 Neutral Sell 763 1.41


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Food & Drug Stores Under Valued


GREGGS 510.50 445.00 550.50 Neutral Sell 120 0.54

MORRISON(WM)SPMKTS. 287.30 262.70 328.00 Neutral Buy 323 0.50

SAINSBURY (J) 284.10 263.50 391.20 Neutral Strong Buy 482 0.65

TESCO 316.80 316.80 420.05 Buy Buy 383 0.81

THORNTONS 9.88 9.88 100.75 Buy Buy 12 0.80

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1128.00 940.00 1143.00 Neutral Sell 538 0.59

CRANSWICK 736.00 588.50 862.00 Neutral Neutral 707 0.58

DAIRY CREST 326.40 315.00 410.40 Neutral Neutral 346 0.96

DEVRO 250.50 223.50 296.90 Neutral Strong Buy 401 0.31

PREMIER FOODS 5.62 3.29 35.12 Neutral Sell -4 1.43

ROBERT WISEMAN DAIRIES 328.00 233.25 355.00 Neutral Strong Buy 501 0.38

TATE & LYLE 685.50 520.00 720.50 Neutral Sell 388 0.65

UNILEVER (UK) 2055.00 1793.00 2189.00 Neutral Sell 1768 0.63

General Retail Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 20.88 16.00 25.25 Neutral Neutral 22 0.73

BROWN (N) GROUP 232.00 227.00 311.20 Neutral Sell 184 0.50

BURBERRY GROUP 1271.00 1030.00 1600.00 Neutral Sell 417 1.34

CARPETRIGHT 534.50 375.00 835.50 Sell Sell 143 0.98

CLINTON CARDS 10.50 7.50 27.00 Sell Sell 7 0.64

DIXONS RETAIL 9.69 9.36 22.31 Neutral Strong Buy 22 1.40

FINDEL 3.18 2.20 10.72 Neutral Sell 0 0.96

FRENCH CONNECTN.GROUP 39.25 36.00 134.00 Neutral Strong Buy 81 0.91

GAME GROUP 3.35 3.35 73.25 Buy Strong Buy 129 0.91

HALFORDS GROUP 304.60 269.50 416.00 Neutral Neutral 300 0.62

JJB SPORTS 12.75 5.20 52.70 Sell Strong Buy 1110 0.86

JD SPORTS FASHION 683.50 570.00 1030.00 Neutral Buy 955 0.46

KESA ELECTRICALS 68.30 60.20 152.90 Neutral Strong Buy 222 1.27

KINGFISHER 251.90 217.00 287.10 Neutral Sell 221 0.98

MARKS & SPENCER GROUP 317.00 301.80 402.20 Neutral Sell 282 0.73

MOSS BROTHERS GROUP 34.50 23.75 40.00 Neutral Sell 18 1.02

MOTHERCARE 167.50 127.30 551.50 Neutral Strong Buy 260 0.51

NEXT 2596.00 1868.00 2810.00 Neutral Sell 1664 0.81

TED BAKER 732.00 572.50 830.00 Neutral Sell 357 0.52

TOPPS TILES 30.75 21.50 84.50 Neutral Sell 20 1.30

Health Over Valued


CONSORT MEDICAL 535.50 498.00 590.00 Neutral Sell 475 0.39

CORIN GROUP 43.25 36.50 59.00 Neutral Sell 41 0.70

SMITH & NEPHEW 598.00 521.00 742.00 Neutral Neutral 613 0.39

Household Goods & Textiles Under Valued


HARVARD INTL. 37.88 21.75 40.00 Neutral Sell 31 0.47

GAMES WORKSHOP 525.00 347.50 525.00 Neutral Sell 466 0.34

HEADLAM GROUP 263.13 233.25 354.00 Neutral Buy 341 0.91

HORNBY 124.00 105.00 145.00 Neutral Buy 143 0.70


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20/25



Media & Entertainment Over Valued


AEGIS GROUP 147.30 116.17 159.08 Neutral Sell 85 1.30

BLOOMSBURY PBL. 97.00 91.25 138.00 Neutral Buy 119 0.48

BRITISH SKY BCAST.GROUP 693.00 618.50 850.00 Neutral Sell 633 0.64

CENTAUR MEDIA 35.00 32.50 73.00 Sell Sell -53 1.00

DAILY MAIL 'A' 418.30 343.40 594.50 Neutral Buy 540 1.08

EUROMONEY INSTL.INVESTOR 650.00 522.50 736.00 Neutral Neutral 622 1.04

INFORMA 371.30 313.90 461.10 Neutral Sell 302 1.50

ITE GROUP 206.70 157.70 258.20 Neutral Sell 144 1.39ITV 73.65 51.65 93.45 Neutral Neutral 75 1.49

JOHNSTON PRESS 6.08 4.11 12.75 Neutral Strong Buy 57 1.45

PEARSON 1217.00 997.00 1237.00 Neutral Sell 1020 0.70

PHOTO-ME INTL. 53.50 39.50 67.00 Neutral Strong Buy 83 0.86

PINEWOOD SHEPPERTON 276.00 132.75 292.00 Neutral Sell 140 0.37

THOMSON REUTERS 28.56 26.21 41.49 Neutral Sell 24 0.52

STV GROUP 77.50 76.25 168.00 Neutral Buy 104 0.77

ST.IVES 73.50 68.50 108.50 Neutral Strong Buy 210 1.31

TRINITY MIRROR 47.00 37.50 93.00 Neutral Strong Buy 445 1.58

UBM 513.00 416.00 725.00 Neutral Strong Buy 1566 1.28

WILMINGTON GROUP 83.75 82.50 183.00 Neutral Buy 104 0.86

WPP 731.00 578.00 846.50 Neutral Neutral 782 1.27

YELL GROUP 5.10 3.35 12.50 Neutral Strong Buy 42 1.32

Mining Under Valued


ANGLO AMERICAN 2570.50 2138.50 3437.00 Neutral Strong Buy 6464 1.74

ANGLO PACIFIC GROUP 275.00 237.90 369.25 Neutral Buy 368 0.92

ANTOFAGASTA 1299.00 900.50 1531.00 Neutral Sell 1087 1.38

BHP BILLITON 2045.00 1667.00 2631.50 Neutral Strong Buy 4629 1.40

LONMIN 970.00 941.00 1896.00 Neutral Sell 844 1.90

RANDGOLD RESOURCES 7115.00 4425.00 7555.00 Neutral Sell 1872 0.30

RIO TINTO 3561.00 2712.50 4712.00 Neutral Buy 5326 1.41

UK COAL 30.25 28.50 55.25 Neutral Sell -73 1.05

VEDANTA RESOURCES 928.00 2518.00 Neutral Strong Buy 5387 2.05

XSTRATA 1063.00 764.00 1550.00 Neutral Buy 1196 1.76

Oil & Gas Under Valued


BG GROUP 1453.00 1144.00 1564.50 Neutral Buy 1869 0.70

BP 476.30 363.20 509.00 Neutral Strong Buy 1231 1.06

CAIRN ENERGY 292.20 257.80 469.70 Neutral Buy 339 1.34

FORTUNE OIL 11.00 9.00 14.75 Neutral Strong Buy 23 0.87

HUNTING 792.00 530.00 818.00 Neutral Buy 915 1.31

JKX OIL & GAS 124.00 120.50 335.10 Neutral Strong Buy 357 1.35

MELROSE RESOURCES 111.25 95.25 297.00 Neutral Strong Buy 619 1.12

PREMIER OIL 413.50 310.00 535.00 Neutral Buy 516 1.34

ROYAL DUTCH SHELL A(LON) 2251.00 1883.50 2402.00 Neutral Strong Buy 6268 0.94

ROYAL DUTCH SHELL B 2342.00 1890.50 2489.00 Neutral Strong Buy 6328 0.95SOCO INTERNATIONAL 290.60 278.00 400.00 Neutral Sell 195 0.50

TULLOW OIL 1429.00 945.50 1493.00 Neutral Sell 449 1.07

WOOD GROUP (JOHN) 664.00 469.90 715.75 Neutral Buy 753 1.34

Personal Care & Household Products Over Valued


MCBRIDE 113.75 110.75 154.13 Neutral Sell 101 0.85

PZ CUSSONS 320.00 308.70 401.10 Neutral Neutral 351 0.80

RECKITT BENCKISER GROUP 3310.00 3015.00 3578.00 Neutral Sell 3124 0.32


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Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 3.60 3.13 5.68 Buy Strong Buy 10 0.92

ASTRAZENECA 3047.00 2543.50 3194.00 Neutral Strong Buy 10641 0.46

BTG 319.60 210.10 331.30 Neutral Sell 119 0.72

DECHRA PHARMACEUTICALS 526.00 433.00 532.00 Neutral Strong Buy 956 0.32

GLAXOSMITHKLINE 1434.50 1127.50 1497.00 Neutral Neutral 1434 0.49

OXFORD BIOMEDICA 3.20 2.91 7.20 Buy Sell -1 0.60

PHYTOPHARM 7.93 6.40 9.75 Buy Sell -2 0.89

SHIRE 2166.00 1627.00 2243.00 Neutral Sell 1382 0.64SKYEPHARMA 34.50 31.50 66.13 Neutral Strong Buy 278 0.71

VERNALIS 19.50 18.75 50.00 Neutral Sell -19 0.81

Software & Computer Services Under Valued


TIMEWEAVE 23.13 21.50 27.00 Neutral Strong Buy 44 0.73

ANITE 94.00 57.75 95.00 Neutral Sell 55 0.82

AVEVA GROUP 1519.00 1298.00 1799.00 Neutral Sell 877 1.44

COMPUTACENTER 366.90 324.70 490.00 Neutral Strong Buy 822 1.07

KOFAX 264.00 225.00 535.00 Neutral Sell 250 1.05

INNOVATION GROUP 20.13 15.25 23.00 Neutral Sell 16 0.91

LOGICA 72.90 58.95 147.20 Neutral Strong Buy 167 1.33MICRO FOCUS INTL. 426.00 242.90 432.43 Neutral Sell 397 0.71

MISYS 261.20 214.90 420.20 Neutral Buy 346 1.29

PHOENIX IT GROUP 164.00 154.75 290.00 Neutral Strong Buy 415 0.85

RM 65.25 41.50 175.00 Neutral Strong Buy 339 0.39

FIDESSA GROUP 1621.00 1444.00 2109.00 Neutral Sell 1533 0.79

SAGE GROUP 300.00 231.70 302.00 Neutral Neutral 287 0.65

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 222.10 167.80 240.00 Neutral Sell 91 1.07

BREWIN DOLPHIN 145.20 113.70 185.40 Neutral Sell 131 0.70

CAMELLIA 9505.00 8800.00 10950.00 Neutral Strong Buy 16285 0.87

CHARLES STANLEY GROUP 270.00 240.00 350.00 Neutral Neutral 271 0.94

CHARLES TAYLOR CNSL. 127.50 115.63 165.00 Neutral Strong Buy 193 0.70

CLOSE BROTHERS GROUP 612.50 590.00 887.00 Neutral Sell 305 0.80

F&C ASSET MANAGEMENT 64.00 56.05 92.50 Neutral Buy 82 0.91

HELPHIRE GROUP 1.70 1.36 17.38 Neutral Strong Buy 3 0.64

HENDERSON GROUP 104.60 95.05 173.10 Neutral Sell 88 1.41

ICAP 336.70 311.60 570.50 Neutral Sell 289 1.08

INTERMEDIATE CAPITAL GP. 245.90 197.90 360.30 Neutral Neutral 242 1.62

INVESTEC 349.30 318.40 531.00 Neutral Sell 225 1.53

LONDON STOCK EX.GROUP 853.50 756.50 1076.00 Neutral Sell 688 1.15

MAN GROUP 107.00 104.50 311.00 Neutral Strong Buy 169 1.27

RATHBONE BROTHERS 1104.00 977.00 1257.00 Neutral Neutral 1149 0.73

SCHRODERS 1351.00 1183.00 1906.00 Neutral Buy 1537 1.30

SCHRODERS NV 1116.00 970.00 1554.00 Neutral Buy 1537 1.29


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Support Services Under Valued


ACAL 179.00 166.25 367.50 Neutral Strong Buy 322 0.93

AGGREKO 2028.00 1394.48 2131.00 Neutral Sell 1185 1.18

AMEC 976.00 740.50 1251.00 Neutral Buy 1205 1.01

ASHTEAD GROUP 220.80 99.40 230.20 Neutral Sell 116 1.50

BABCOCK INTL. 744.00 542.00 744.00 Neutral Sell 654 0.56

BRITISH POLYTHENE INDS. 347.50 230.00 357.00 Neutral Strong Buy 1017 0.70

BUNZL 882.50 676.50 906.50 Neutral Neutral 949 0.55

UK MAIL GROUP 228.00 192.25 318.50 Neutral Strong Buy 514 0.28CAPITA 658.00 611.50 786.50 Neutral Neutral 660 0.42

COMMUNISIS 26.38 23.75 37.00 Neutral Strong Buy 90 0.72

COMPASS GROUP 610.00 512.50 616.00 Neutral Buy 688 0.75

BERENDSEN 429.20 402.70 568.00 Neutral Strong Buy 659 1.03

DE LA RUE 928.00 667.00 936.00 Neutral Neutral 992 #NA

DIGNITY 821.50 648.50 854.50 Neutral Buy 920 0.22

DIPLOMA 368.80 263.50 414.25 Neutral Sell 304 0.98

ELECTROCOMP. 208.40 182.20 294.90 Neutral Strong Buy 351 0.99

FILTRONA 404.50 273.00 404.50 Sell Neutral 405 1.13

G4S 269.90 219.90 291.00 Neutral Buy 364 0.60

HAYS 64.70 58.85 130.00 Neutral Strong Buy 135 0.95

HOMESERVE 300.90 218.50 532.00 Neutral Buy 444 0.67

INTERSERVE 304.60 239.75 341.25 Neutral Strong Buy 747 1.40

INTERTEK GROUP 2071.00 1715.00 2148.00 Neutral Sell 1536 0.86

JOHNSON SERVICE GROUP 25.50 25.25 36.00 Neutral Strong Buy 63 1.16

MANAGEMENT CNSL.GP. 32.25 27.75 45.50 Neutral Strong Buy 53 0.67

MENZIES (JOHN) 537.00 425.00 550.00 Neutral Strong Buy 1155 1.44

MICHAEL PAGE INTL. 378.00 323.00 567.00 Neutral Buy 416 1.33

MITIE GROUP 268.70 195.90 271.00 Neutral Buy 380 0.60

MOUCHEL GROUP 4.80 4.75 154.75 Neutral Sell -272 0.84

OFFICE2OFFICE 131.50 112.50 166.50 Neutral Strong Buy 266 0.36

PAYPOINT 550.00 327.25 570.00 Neutral Buy 697 0.76

PREMIER FARNELL 185.60 144.50 308.80 Neutral Strong Buy 333 1.18

REGUS 90.00 64.00 119.00 Neutral Sell 67 1.39

RENTOKIL INITIAL 71.80 58.20 104.90 Sell Sell 48 1.29

REXAM 372.00 299.80 400.00 Neutral Buy 493 0.87

RICARDO 374.00 314.00 410.00 Neutral Buy 513 0.83

ROBERT WALTERS 184.00 158.25 341.00 Neutral Strong Buy 332 1.18

RPC GROUP 377.00 231.50 387.90 Neutral Buy 417 0.81RPS GROUP 199.00 156.60 253.00 Neutral Buy 277 1.55

SERCO GROUP 512.50 458.00 618.50 Neutral Buy 633 0.57

SHANKS GROUP 99.00 90.80 130.90 Neutral Strong Buy 153 1.44

SPEEDY HIRE 20.00 18.50 34.00 Neutral Sell -7 1.27

TRIBAL GROUP 55.63 36.25 55.63 Sell Sell -277 0.54

TRIFAST 37.75 36.25 52.88 Neutral Strong Buy 59 0.86

VP 215.50 191.00 253.75 Neutral Strong Buy 547 0.89

WYG 52.50 48.38 1237.51 Neutral Sell -8314 0.77

WSP GROUP 239.50 160.00 385.00 Neutral Strong Buy 540 0.92

Telecommunication Services Under Valued


BT GROUP 203.40 161.00 204.10 Neutral Buy 260 0.92

CABLE & WIRELESS COMMS. 38.00 31.25 51.20 Neutral Strong Buy 138 0.65

INMARSAT 420.00 389.30 719.50 Neutral Sell 356 0.52

KCOM GROUP 66.75 57.50 84.00 Neutral Buy 84 1.27

TELECOM PLUS 729.50 433.00 802.00 Neutral Sell 485 0.06

VODAFONE GROUP 175.00 155.05 182.75 Neutral Neutral 185 0.65


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Transport Over Valued


BBA AVIATION 183.30 156.00 240.80 Neutral Sell 169 1.40

BRAEMAR SHIPPING SVS. 331.50 282.00 521.00 Neutral Strong Buy 660 0.90

CLARKSON 1146.00 1015.00 1355.00 Neutral Buy 1564 0.81

EASYJET 401.30 301.00 455.80 Neutral Sell 378 0.76

FIRST GROUP 317.90 301.80 398.40 Neutral Buy 428 1.10

FISHER(JAMES)& SONS 505.00 440.50 574.00 Neutral Sell 344 0.83

GO-AHEAD GROUP 1300.00 1190.00 1598.00 Neutral Buy 1790 0.97

NATIONAL EXPRESS 220.20 201.60 270.20 Neutral Sell 187 1.30NORTHGATE 212.00 190.90 346.70 Sell Strong Buy 374 1.34

STAGECOACH GROUP 278.10 199.97 281.20 Neutral Sell 208 0.90

WINCANTON 68.25 56.00 159.75 Neutral Strong Buy 167 0.86

Utilities Under Valued


CENTRICA 283.00 278.80 345.80 Neutral Neutral 288 0.50

NATIONAL GRID 625.00 531.00 649.50 Neutral Buy 780 0.57

PENNON GROUP 700.50 584.50 737.50 Neutral Sell 623 0.63

SEVERN TRENT 1542.00 1368.00 1600.00 Neutral Sell 1350 0.47

UNITED UTILITIES GROUP 610.00 543.50 637.00 Neutral Neutral 619 0.60


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uk trading & value indicator 20120116

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