value indicator - uk main market 20130125

7/29/2019 value indicator - uk main market 20130125

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25 January 2013

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Intellisys Intelligent Analysis Limited 25 January 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 18

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued .....................................................................6Automobiles & Parts Over Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Over Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ......................................................................................9Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Over Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 12Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 13Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 14Support Services Over Valued ..................................................................... 15Telecommunication Services Over Valued ....................................................... 16Transport Over Valued ................................................................................... 16Utilities Under Valued ....................................................................................... 16DISCLAIMER ........................................................................................................................... 17RISK WARNING ...................................................................................................................... 18


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Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying 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 40 stocks analysed.

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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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

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120.0%

Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe 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 aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity 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 denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 342.80 270.90 363.60 Neutral Strong Buy 537 0.67

CHEMRING GROUP 296.90 217.00 442.00 Neutral Strong Buy 562 0.55

COBHAM 219.20 179.70 239.50 Neutral Buy 264 0.87

MEGGITT 432.30 359.40 437.20 Neutral Sell 365 1.32

ROLLS-ROYCE HOLDINGS 929.50 717.08 929.50 Neutral Sell 624 1.09

SMITHS GROUP 1229.00 952.00 1238.00 Neutral Sell 945 0.70

ULTRA ELECTRONICS HDG. 1665.00 1 424.00 1780.00 Neutral Sell 1420 0.56

Automobiles & Parts Over Valued

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

GKN 245.70 173.60 248.10 Neutral Sell 232 1.96

INCHCAPE 466.70 305.20 466.70 Neu tral Neu tral 444 1.44

LOOKERS 76.25 50.00 79.00 Neutral Buy 92 1.28

PENDRAGON 21.25 9.50 21.25 Neutral Buy 29 1.10

Banks Over Valued


BARCLAYS 300.00 150.55 300.00 Neutral Sell 212 1.91

HSBC HDG. (ORD $0.50) 704.90 503.20 704.90 Neutral Strong Buy 1084 1.16

LLOYDS BANKING GROUP 53.48 25.29 54.92 Sell Buy 63 1.86

ROYAL BANK OF SCTL.GP. 365.00 196.60 366.90 Sell Sell -98 1.37

STANDARD CHARTERED 1682.50 1228.50 1683.00 Neutral Sell 1415 1.71

Beverages Under Valued


BARR (AG) 546.50 348.00 546.50 Sell Neutral 573 0.49

DIAGEO 1860.00 1402.00 1886.50 Sell Sell 1652 0.54

SABMILLER 3048.00 2348.50 3048.00 Sell Buy 3574 1.00

Chemicals Under Valued


CRODA INTERNATIONAL 2437.00 1892.00 2501.00 Neutral Strong Buy 3906 1.04

ELEMENTIS 215.00 148.10 240.30 Neutral Buy 307 1.03

JOHNSON MATTHEY 2353.00 2009.30 2573.00 Neutral Strong Buy 6211 1.44

VICTREX 1620.00 1185.00 1649.00 Neu tral Neu tral 1725 1.14

SYNTHOMER 194.50 127.40 251.00 Neutral Strong Buy 321 1.19

ZOTEFOAMS 201.50 130.00 225.00 Neutral Sell 188 0.98


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Construction & Building Materials Over Valued


BALFOUR BEATTY 281.70 237.90 320.80 Neutral Sell -74 0.83

BARRATT DEVELOPMENTS 222.70 107.60 231.10 Neutral Sell 29 1.49

BELLWAY 1110.00 660.00 1129.00 Neutral Sell 583 1.09

BERKELEY GROUP HDG.( THE ) 1830.00 1177.00 1842.00 Neutral Strong Buy 3276 0.65

BOVIS HOMES GROUP 616.50 399.30 636.50 Neutral Sell 60 1.13

CARILLION 309.30 235.50 344.00 Neutral Sell -273 1.12

CLARKE (T) 57.00 39.00 61.50 Neutral Sell 13 0.79

COSTAIN GROUP 260.00 188.00 263.50 Neutral Strong Buy 504 0.61

GALLIFORD TRY 815.50 470.00 839.00 Neutral Sell -41 1.02

KELLER 737.00 348.25 749.00 Neutral Sell 278 1.26

KIER GROUP 1401.00 1095.00 1489.00 Neutral Sell 865 0.96

LOW & BONAR 56.25 49.00 66.50 Neutral Buy 81 1.07

MARSHALLS 110.00 76.00 110.00 Neutral Sell 37 1.31

MORGAN SINDALL GROUP 571.00 508.00 725.00 Neutral Sell 9 0.83

PERSIMMON 865.50 515.00 888.50 Neutral Sell 213 1.14

REDROW 189.50 107.30 195.10 Neutral Sell 23 1.04

SIG 134.60 82.30 136.50 Neutral Buy 151 1.66

TAYLOR WIMPEY 73.15 40.28 75.05 Neutral Sell -11 1.57

TRAVIS PERKINS 1223.00 863.50 1245.00 Neutral Sell 431 1.94

WOLSELEY 2983.00 2121.32 3038.00 Neutral Sell 1432 1.44

Electronics & Electrical Equipment Over Valued


DIALIGHT 1125.00 745.00 1244.00 Neutral Sell 709 0.76

DOMINO PRINTING SCIENCES 650.00 509.00 670.00 Neutral Buy 861 1.14

E2V TECHNOLOGIES 130.25 105.50 149.50 Neutral Strong Buy 226 1.33

INVENSYS 345.50 186.10 351.60 Neutral Sell 315 1.37

LAIRD 223.40 163.00 243.90 Neutral Sell 82 2.12

OXFORD INSTRUMENTS 1563.00 905.50 1574.00 Neutral Sell 1084 0.98

RENISHAW 1894.00 1260.00 2081.00 Neutral Buy 2228 1.26

SPECTRIS 2215.00 1427.00 2215.00 Neutral Sell 2020 1.44

BIOME TECHNOLOGIES 0.08 0.08 0.22 Neutral Buy 0 0.83

TT ELECTRONICS 162.00 114.00 203.50 Neutral Strong Buy 363 1.60

XAAR 282.00 185.00 292.00 Neutral Sell 211 1.13


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.50 54.25 92.00 Neutral Buy 111 1.24

BODYCOTE 459.30 291.20 481.90 Neutral Neutral 489 1.59

CASTINGS 350.00 266.50 358.50 Neutral Strong Buy 662 0.98

VESUVIUS 373.40 263.19 380.80 Neutral Buy 480 2.21

FENNER 406.80 329.30 483.70 Neutral Buy 530 1.43

HALMA 464.90 344.00 464.90 Neutral Sell 371 0.77

HILL & SMITH 446.00 296.25 446.00 Neutral Sell 328 1.34

IMI 1169.00 776.00 1169.00 Neutral Neutral 1282 1.38

METALRAX GROUP 3.02 3.02 9.00 Neutral Buy 3 0.81

MORGAN CRUCIBLE 290.90 220.30 360.00 Neutral Strong Buy 512 1.78

ROTORK 2704.00 1859.00 2704.00 Sell Sell 1952 1.00

SENIOR 212.70 177.00 215.00 Neutral Neutral 213 1.68

SEVERFIELD-ROWEN 80.00 78.00 219.50 Neutral Sell 75 0.96

SPIRAX-SARCO 2340.00 1900.00 2343.00 Neutral Sell 2142 0.82

VITEC GROUP 605.00 555.00 740.00 Neutral Neutral 587 1.44

WEIR GROUP 2036.00 1397.00 2236.00 Neutral Sell 1920 1.37

Food & Drug Stores Over Valued


GREGGS 480.00 449.00 558.00 Neutral Buy 636 0.46

MORRISON(WM)SPMKTS. 257.00 251.90 305.70 Buy Sell 205 0.43

SAINSBURY (J) 329.60 283.50 361.10 Neutral Sell 229 0.63

TESCO 352.50 297.05 355.40 Neutral Sell 282 0.72

THORNTONS 38.88 13.37 45.50 Neutral Sell 27 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1675.00 1153.00 1675.00 Neutral Sell 1395 0.59

CRANSWICK 916.50 732.50 916.50 Neutral Buy 1366 0.58

DAIRY CREST 412.30 290.40 412.30 Neutral Sell 380 0.91

DEVRO 349.00 260.20 349.00 Sell Sell 319 0.30

PREMIER FOODS 119.50 54.50 180.00 Neutral Sell -138 1.39

TATE & LYLE 826.50 633.50 826.50 Neutral Buy 985 0.65

UNILEVER (UK) 2527.00 1994.00 2527.00 Neutral Buy 3348 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.50 20.38 29.50 Neutral Buy 32 0.72

BROWN (N) GROUP 369.90 222.40 380.00 Neutral Sell 345 0.51

BURBERRY GROUP 1371.00 1000.00 1586.00 Neutral Sell 937 1.31

CARPETRIGHT 660.50 550.00 728.50 Neutral Sell 268 0.96

DIXONS RETAIL 27.58 12.67 29.80 Neutral Buy 37 1.57

FINDEL 8.20 2.76 9.30 Neutral Sell 3 1.12

FRENCH CONNECTN.GROUP 26.25 19.50 58.75 Neutral Strong Buy 107 1.01

HALFORDS GROUP 353.50 189.00 356.80 Neutral Buy 478 0.68

JD SPORTS FASHION 739 .00 606.50 863 .00 Neutral Strong Buy 1453 0.47

DARTY 63.75 38.00 85.70 Neutral Buy 85 1.24

KINGFISHER 274.90 251.80 313.80 Neutral Buy 375 0.95

MARKS & SPENCER GROUP 379.70 312.20 398.80 Neutral Buy 494 0.73

MOSS BROTHERS GROUP 71.00 34.75 71.00 Neutral Sell 59 1.02

MOTHERCARE 330.75 152.00 362.00 Neutral Buy 378 0.45

NEXT 4040.00 2589.00 4040.00 Sell Sell 3529 0.69

TED BAKER 1166.00 735.50 1198.00 Neutral Sell 628 0.57

TOPPS TILES 54.75 30.50 55.25 Neutral Sell 47 1.29

Household Goods & Textiles Over Valued


GAMES WORKSHOP 655.00 487.50 720.50 Neu tral Neutral 640 0.38

HEADLAM GROUP 333.00 263.00 345.00 Neutral Sell 292 0.92

HORNBY 77.38 55.25 125.00 Neutral Buy 102 0.74

Information Technology & Hardware Over Valued


ARM HOLDINGS 867.50 469.00 873.00 Neutral Sell 499 0.75

CSR 363.10 194.60 376.20 Neutral Strong Buy 972 1.21

FILTRONIC 39.00 23.00 47.25 Neu tral Neutral 40 0.80

IMAGINATION TECHNOLOGIES 457.10 383 .50 717.00 Neu tral Neutral 447 1.06

SPIRENT COMMUNICATIONS 151.00 118.80 174.00 Neutral Strong Buy 618 0.94

WOLFSON MICROELECTRONICS 205.50 155 .00 230.00 Neutral Sell -276 0.99

Insurance Under Valued


ADMIRAL GROUP 1219.00 894.50 1231.00 Neutral Sell 388 0.55

AMLIN 382.00 312.90 405.00 Neutral Sell -2774 0.47

BEAZLEY 191.60 132.50 194.20 Neutral Strong Buy 1438 0.56

CATLIN GROUP 520.00 399.00 520.00 Neutral Buy 708 0.29

HISCOX 464.10 371.30 489.40 Neutral Strong Buy 1952 0.48

JARDINE LLOYD THOMPSON 784 .50 659.00 790 .00 Neutral Strong Buy 2983 0.30

RSA INSURANCE GROUP 130.00 97.65 130.00 Neutral Strong Buy 1601 0.42

NOVAE GROUP 423.75 335.00 430.50 Neutral Strong Buy 1810 0.46


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Leisure & Hotels Over Valued


CARNIVAL 2608.00 1841.00 2613.00 Neutral Strong Buy 4086 0.99

ENTERPRISE INNS 95.00 33.25 105.00 Neutral Sell 62 1.64

TUI TRAVEL 282.00 158.00 293.80 Neutral Strong Buy 724 1.01

FULLER SMITH 'A' 785.50 680.00 798.00 Neutral Sell 588 0.40

GREENE KING 673.50 474.30 673.50 Neutral Sell 557 0.91

LADBROKES 206.10 138.70 206.10 Neutral Sell 169 0.92

ICTL.HTLS.GP. 1858.00 1293.51 1858.00 Neutral Sell 1529 1.18

MILLENNIUM & CPTH.HTLS. 526.00 430.00 536.00 Neu tral Neutral 566 1.36

MITCHELLS & BUTLERS 310.20 217.40 337.00 Neutral Sell 266 1.06

BWIN PARTY DIGITAL ENTM. 113.80 91.90 174.00 Neutral Sell 78 1.25

PUNCH TAVERNS 10.88 5 .61 12.25 Neutral Strong Buy 39 1.20

RANK GROUP 152.50 111.00 154.30 Neutral Strong Buy 471 0.98

RESTAURANT GROUP 373.60 269.20 391.70 Neutral Sell 295 0.81

WETHERSPOON (JD) 496.90 371.30 548.50 Neutral Buy 678 0.73

WHITBREAD 2559.00 1637.00 2559.00 Sell Sell 1794 0.98

WILLIAM HILL 362.00 222.20 362.00 Neutral Sell 256 0.90

MARSTON'S 132.80 94.25 134.20 Neutral Sell 16 1.23

Life Assurance Over Valued


AVIVA 374.50 255.30 388.40 Neutral Strong Buy 1102 1.29

CHESNARA 213.25 155.25 213.25 Neutral Strong Buy 328 0.67

LEGAL & GENERAL 151.40 106.00 151.80 Neutral Strong Buy 272 1.69

OLD MUTUAL 186.80 138.70 186.80 Neutral Sell 160 1.63

PRUDENTIAL 938.00 660.00 938.00 Neutral Sell 859 1.70

ST.JAMES'S PLACE 461.40 303.40 461.40 Neutral Sell 406 0.83


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Media & Entertainment Over Valued


AEGIS GROUP 234.80 153.20 237.80 Neutral Sell -642 1.29

BLOOMSBURY PBL. 122.75 104.00 146.50 Neutral Strong Buy 1563 0.35

BRITISH SKY BCAST.GROUP 794.00 635.50 800.00 Neutral Strong Buy 150 0.55

CENTAUR MEDIA 51.25 28.50 54.63 Neutral Strong Buy 3176 0.99

DAILY MAIL 'A' 579.00 363.50 588.00 Neutral Strong Buy 5571 1.07

EUROMONEY INSTL.INVESTOR 951.50 668.00 951.50 Sell Sell -37 0.97

INFORMA 482.30 340.00 491.20 Neutral Strong Buy 275 1.56

ITE GROUP 273.40 180.00 273.40 Neutral Strong Buy 1232 1.43

ITV 114.90 69.45 116.40 Neutral Strong Buy 1515 1.55

JOHNSTON PRESS 12.75 4.88 15.00 Neutral Buy 343 1.27

PEARSON 1187.00 1111.00 1294.00 Neutral Strong Buy 2393 0.65

PHOTO-ME INTL. 65.50 36.25 67.50 Neutral Buy 520 0.80

PINEWOOD SHEPPERTON 277.50 237.62 377.50 Neutral Sell -609 0.19

THOMSON REUTERS 31.04 26.66 31.04 Neutral Sell 285 0.52

STV GROUP 120.50 81.50 120.50 Neutral Sell -302 0.76

ST.IVES 120.75 67.50 125.00 Neutral Strong Buy 2227 1.43

TRINITY MIRROR 99.75 25.50 102.00 Neutral Strong Buy 1174 1.57

UBM 744.50 511.00 750.00 Neutral Sell 209 1.33

WILMINGTON GROUP 154.00 78.50 160.00 Neutral Strong Buy 845 0.87

WPP 976.50 737.50 976.50 Neutral Sell 24 1.31

HIBU 0.31 0.26 6.27 Neutral Sell 61 1.11

Mining Under Valued


ANGLO AMERICAN 1894.50 1664.00 2910.00 Neutral Strong Buy 3296 1.73

ANGLO PACIFIC GROUP 277.50 221.25 340.00 Neutral Buy 314 1.00

ANTOFAGASTA 1275.00 991.00 1399.00 Neutral Sell 1082 1.45

BHP BILLITON 2138.50 1681.00 2208.50 Neutral Strong Buy 3962 1.42

LONMIN 330.90 240.84 599.98 Neutral Sell 44 1.94

RANDGOLD RESOURCES 6165.00 4596.00 7775.00 Neutral Sell 3300 0.27

RIO TINTO 3575.00 2715.50 3988.00 Neutral Buy 3935 1.48

COALFIELD RESOURCES 6.80 3.75 34.00 Neutral Strong Buy 192 0.90

VEDANTA RESOURCES 832.50 1502.00 Neutral Strong Buy 2868 2.17

XSTRATA 1171.50 785.80 1283.00 Neu tral Neutral 1167 1.78


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Oil & Gas Under Valued


BG GROUP 1171.00 1000.50 1547.00 Neu tral Neutral 1248 0.78

BP 467.70 391.95 504.60 Neutral Strong Buy 1570 1.06

CAIRN ENERGY 295.50 248.20 360.00 Neutral Sell -27 1.35

FORTUNE OIL 11.38 7.86 12.50 Neutral Buy 15 0.89

HUNTING 840.50 688.00 968.00 Neutral Sell 533 1.27

JKX OIL & GAS 75.25 68.00 187 .75 Neutral Strong Buy 301 1.45

PREMIER OIL 377.90 321.30 449.70 Neutral Sell 297 1.39

ROYAL DUTCH SHELL B 2285.50 2039.00 2366.50 Neutral Strong Buy 11130 0.90

SOCO INTERNATIONAL 384.80 254.90 388.20 Neutral Sell 255 0.53

TULLOW OIL 1197.00 1150.00 1601.00 Neutral Sell 807 1.09

WOOD GROUP (JOHN) 824.50 647.00 875.50 Neu tral Neutral 845 1.35

Personal Care & Household Products Over Valued


MCBRIDE 136.50 102.70 140.00 Neutral Strong Buy 265 0.85

PZ CUSSONS 390.20 285.00 393.70 Neutral Sell 328 0.72

RECKITT BENCKISER GROUP 4117.00 3300 .00 4129.00 Neu tral Neutral 4162 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 1.30 1.30 3.98 Strong Buy Strong Buy 30 1.03

ASTRAZENECA 3135.00 2591.00 3135.00 Neutral Strong Buy 5479 0.49

BTG 330.10 300.30 423.00 Neutral Buy 383 0.62DECHRA PHARMACEUTICALS 624.00 418.33 643.00 Neutral Strong Buy 2546 0.24

GLAXOSMITHKLINE 1425.50 1317.50 1507.50 Neutral Sell 150 0.50

OXFORD BIOMEDICA 2.27 2.05 5.80 Buy Strong Buy 12 0.67

PHYTOPHARM 8.87 5.88 12.75 Buy Sell 3 0.95

SHIRE 2109.00 1727.00 2300.00 Neutral Sell 1540 0.67

SKYEPHARMA 67.50 31.00 101.50 Neutral Strong Buy 235 0.71

VERNALIS 23.00 19.25 27.38 Neutral Strong Buy 99 0.84


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Real Estate Under Valued


BIG YELLOW GROUP 369.50 271.00 382.10 Neutral Sell -642 1.14

BRITISH LAND 560.00 466.10 577.00 Neutral Strong Buy 1563 1.03

CAPITAL & REGIONAL 28.00 22.75 34.25 Sell Strong Buy 150 0.68

CLS HOLDINGS 771.50 560.00 804.00 Neutral Strong Buy 3176 0.67

DERWENT LONDON 2192.00 1666.00 2205.00 Neutral Strong Buy 5571 1.20

DEVELOPMENT SECS. 168.00 121.75 176.00 Neutral Sell -37 0.93

GRAINGER 126.20 83.10 128.80 Neutral Strong Buy 275 1.47

GREAT PORTLAND ESTATES 494.70 345.60 502.00 Sell Strong Buy 1232 1.05

HAMMERSON 495.70 377.10 497.70 Neutral Strong Buy 1515 1.14

HELICAL BAR 230.25 164.00 247.00 Neutral Buy 343 0.70

LAND SECURITIES GROUP 815.50 672.50 832.50 Neutral Strong Buy 2393 1.14

CAPITAL SHOPCTS.GROUP 359.50 305.00 366.00 Neutral Buy 520 1.09

MCKAY SECURITIES 137.00 110.25 144.00 Neutral Sell -609 0.71

MUCKLOW (A & J) GROUP 367.25 306.00 390.00 Neutral Sell 285 0.42

QUINTAIN ESTATES & DEV. 62.25 32.50 62.25 Sell Sell -302 1.15

SAVILLS 480.10 300.80 486.00 Neutral Strong Buy 2227 0.66

SHAFTESBURY 567.00 482.20 572.50 Neutral Strong Buy 1174 1.01

SEGRO 247.20 209.40 259.20 Neutral Sell 209 1.66

ST MODWEN PROPS. 226.30 117.00 241.10 Neutral Strong Buy 845 1.46

TOWN CENTRE SECURITIES 187.00 135.00 189.50 Neutral Sell 24 1.06

UNITE GROUP 285.00 170.60 290.10 Neutral Sell 61 1.75

WARNER ESTATE 1.88 1.00 4.13 Sell Sell -1077 1.01

WORKSPACE GROUP 327.50 213.25 335.50 Neutral Strong Buy 1165 0.99

Software & Computer Services Under Valued


ANITE 138.80 97.00 149.90 Neutral Sell 118 0.81

AVEVA GROUP 2200.00 1469.00 2200.00 Neutral Sell 1267 1.39

COMPUTACENTER 448.00 292.40 461.90 Neutral Strong Buy 1320 0.99

KOFAX 300.00 240.00 314.00 Neu tral Neutral 314 1.12

INNOVATION GROUP 23.75 18.25 24.00 Neutral Sell 22 0.84

MICRO FOCUS INTL. 622.50 423.57 622.50 Neutral Buy 913 0.81

PHOENIX IT GROUP 167.00 135.00 231.75 Neutral Strong Buy 306 0.85

RM 76.38 67.00 93.50 Neutral Sell -87 0.53

FIDESSA GROUP 1575.00 1275.00 1766.00 Neutral Buy 2016 0.77

SAGE GROUP 318.10 247.70 324.80 Neutral Buy 399 0.71


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Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 405.50 234.00 405.50 Neutral Sell 153 1.10

BREWIN DOLPHIN 214.50 136.30 222.00 Neutral Sell 96 0.73

CAMELLIA 10400.00 9175.00 10600.00 Neutral Sell 9290 0.81

CHARLES STANLEY GROUP 329.00 247.50 334.13 Neutral Sell 160 0.93

CHARLES TAYLOR 175.75 123.00 189.75 Neutral Sell 90 0.70

CLOSE BROTHERS GROUP 982.00 664.50 982.00 Neutral Sell 140 0.90

F&C ASSET MANAGEMENT 109.60 64.75 109.80 Neutral Sell 100 0.89

HELPHIRE GROUP 3.00 0.77 3.61 Sell Strong Buy 44 0.66

HENDERSON GROUP 155.50 90.55 158.70 Neutral Sell 45 1.44

ICAP 324.00 281.40 431.50 Neutral Sell 182 1.07

INTERMEDIATE CAPITAL GP. 361.20 227.30 361.60 Neutral Sell 174 1.65

INVESTEC 458.30 310.40 462.50 Neutral Sell 59 1.55

LONDON STOCK EX.GROUP 1205.00 859.50 1205.00 Neutral Strong Buy 3406 1.15

MAN GROUP 95.00 63.25 152.50 Neutral Sell 86 1.29

RATHBONE BROTHERS 1313.00 1115.00 1373.00 Neutral Sell 1075 0.74

SCHRODERS 1915.00 1166.00 1915.00 Neutral Sell 1188 1.33


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Support Services Over Valued


ACAL 208.00 157.75 219.50 Neutral Buy 279 0.89

AGGREKO 1761.00 1664.00 2400.00 Neutral Sell 1155 1.04

AMEC 1100.00 923.00 1172.00 Neutral Sell 974 1.05

ASHTEAD GROUP 443.20 212.20 461.10 Neutral Sell 278 1.59

BABCOCK INTL. 1022.00 720.50 1022.00 Neutral Sell 593 0.45

BRITISH POLYTHENE INDS. 407.00 317.00 417.00 Neutral Strong Buy 720 0.75

BUNZL 1119.00 851.50 1167.00 Neutral Sell 738 0.52

UK MAIL GROUP 370.00 214.00 372.50 Neutral Neu tral 405 0.28

CAPITA 793.00 602.00 800.50 Neutral Sell 460 0.50

COMMUNISIS 49.25 25.50 50.50 Neutral Buy 65 0.75

COMPASS GROUP 750.00 589.00 759.50 Neutral Sell 573 0.69

BERENDSEN 625.00 443.40 634.00 Neutral Buy 867 1.03

DE LA RUE 937.50 885.50 1075.00 Neutral Sell 547 #NA

DIGNITY 1187.00 755.50 1187.00 Neutral Sell 700 0.18

DIPLOMA 539.50 383.90 560.00 Neutral Sell 437 0.97

ELECTROCOMP. 245.30 195.20 263.00 Neutral Buy 287 1.04

FILTRONA 565.00 375.50 586.50 Neutral Sell 317 1.09

G4S 275.30 240.00 292.10 Neutral Sell 258 0.58

HAYS 91.00 66.40 92.50 Neutral Buy 109 1.09

HOMESERVE 243.10 137.50 298.90 Neutral Strong Buy 438 0.91

INTERSERVE 442.20 270.10 447.40 Neutral Buy 626 1.24

INTERTEK GROUP 3093.00 2078.00 3219.00 Neutral Sell 1289 0.80

JOHNSON SERVICE GROUP 40.25 25.63 42.00 Neutral Strong Buy 84 1.23

MANAGEMENT CNSL.GP. 24.75 21.25 39.50 Neutral Strong Buy 49 0.66

MENZIES (JOHN) 678.50 542.00 681.50 Neutral Strong Buy 1185 1.42

MICHAEL PAGE INTL. 409.50 341.40 497.00 Neutral Sell 289 1.40

MITIE GROUP 280.20 252.20 300.80 Neutral Neu tral 308 0.56

OFFICE2OFFICE 91.50 91.50 163.75 Buy Strong Buy 214 0.42

PAYPOINT 860.00 542.50 893.50 Neutral Sell 626 0.73

PREMIER FARNELL 209.00 153.20 228.80 Neutral Buy 251 1.28

REGUS 115.90 82.65 117.50 Neutral Sell 97 1.42

RENTOKIL INITIAL 90.20 69.40 97.95 Neutral Sell 49 1.31

REXAM 465.80 374.00 465.80 Neutral Buy 545 0.87

RICARDO 399.25 304.50 405.00 Neutral Neu tral 423 0.83

ROBERT WALTERS 214.00 176.25 264.63 Neutral Buy 281 1.23

RPC GROUP 412.00 348.30 447.00 Neutral Buy 478 0.78

RPS GROUP 233.00 197.00 256.60 Neutral Sell 221 1.51

SERCO GROUP 560.00 505.50 602.00 Neutral Sell 516 0.59SHANKS GROUP 98.00 75.80 113.00 Neutral Strong Buy 149 1.45

SPEEDY HIRE 38.50 22.25 40.50 Neutral Buy 46 1.26

TRIBAL GROUP 124.00 61.63 124.00 Neutral Sell 45 0.50

TRIFAST 52.38 39.50 53.25 Neutral Neu tral 54 0.93

VP 321.75 216.50 354.88 Neutral Strong Buy 552 0.90

WYG 73.00 42.00 75.00 Sell Strong Buy 165 0.77


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Telecommunication Services Over Valued


BT GROUP 249.20 200.70 250.70 Neu tral Neu tral 273 0.89

CABLE & WIRELESS COMMS. 39.22 27.28 45.16 Neutral Strong Buy 71 0.67

INMARSAT 610.00 390.80 625.00 Neutral Sell 517 0.52

KCOM GROUP 72.40 67.00 85.20 Neutral Strong Buy 109 1.27

TELECOM PLUS 937.50 612.00 980.50 Neutral Sell 610 0.05

VODAFONE GROUP 168.65 154.45 191.25 Neutral Sell 140 0.53

Transport Over Valued


BBA AVIATION 224.00 178.00 231.20 Neutral Sell 164 1.31

BRAEMAR SHIPPING SVS. 375.00 309.50 425.00 Neu tral Neu tral 387 0.99

CLARKSON 1271.00 1145.00 1390.00 Neu tral Neu tral 1304 0.80

EASYJET 898.50 405.86 898.50 Neutral Sell 562 0.76

FIRST GROUP 203.80 175.70 316.50 Neutral Strong Buy 441 0.99

FISHER(JAMES)& SONS 828.00 495.50 844.50 Neutral Sell 319 0.80

GO-AHEAD GROUP 1290.00 1086.00 1374.00 Neutral Buy 1498 0.94

NATIONAL EXPRESS 208.70 164.50 252.00 Neu tral Neu tral 201 1.34

NORTHGATE 324.75 159.60 336.00 Neutral Strong Buy 523 1.41

STAGECOACH GROUP 308.30 230.40 319.60 Neu tral Neu tral 321 0.93

WINCANTON 70.50 31.00 91.75 Sell Sell -28 0.91

Utilities Under Valued


CENTRICA 347.00 288.50 347.00 Neutral Buy 471 0.48

NATIONAL GRID 698.00 610.50 717.50 Neutral Buy 835 0.53

PENNON GROUP 698.00 598.00 796.00 Neutral Buy 771 0.56

SSE 1381.00 1209.00 1466.00 Neutral Buy 1703 0.45

SEVERN TRENT 1635.00 1501.00 1796.00 Neutral Sell 1500 0.36

UNITED UTILITIES GROUP 747.50 594.00 747.50 Neutral Sell 665 0.50


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