value indicator - uk main market 20130308

7/29/2019 value indicator - uk main market 20130308

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08 March 2013

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Intellisys Intelligent Analysis Limited 08 March 2013

www.intellisys.uk.com +44 20 3239 8994 of 17

Contents

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



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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 subscriber’s 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 year’s 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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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 team’s ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analyst’s 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. Intellysis’approach 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 subscriber’s 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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How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the market’sopen - and is based upon previous day’s closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

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

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

ßeta <1.0 Share should move by less than market (i.e., less risk/lower reward)

ßeta =1.0 Share should move in line with the market (i.e., market neutral)

ßeta >1.0 Share should move by more than market (i.e., higher risk/higher reward)

Sector

Closing price

Today’s action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

ßeta measures a share’svolatility/risk relative tomarket (see below)



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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 357.00 270.90 363.90 Neutral Strong Buy 567 0.66

CHEMRING GROUP 271.50 217.00 442.00 Neutral Strong Buy 603 0.66

COBHAM 234.70 190.10 239.50 Neutral Buy 280 0.83

MEGGITT 490.10 364.30 490.10 Sell Sell 399 1.32

ROLLS-ROYCE HOLDINGS 1047.00 781.16 1062.00 Neutral Sell 670 1.07

SMITHS GROUP 1300.00 979.50 1300.00 Neutral Sell 993 0.71

ULTRA ELECTRONICS HDG. 17 25.00 1424.00 1780.00 Neutral Sell 1488 0.51

Automobiles & Parts Over Valued

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

GKN 281.70 173.60 285.00 Neutral Sell 267 2.00

INCHCAPE 524.00 305.20 524.00 Neutral Neutral 504 1.48

LOOKERS 91.75 56.50 91.75 Neutral Buy 106 1.24

PENDRAGON 23.50 13.25 23.50 Neutral Buy 34 1.12

Banks Over Valued


BARCLAYS 309.50 150.55 327.35 Neutral Sell 227 1.93

HSBC HDG. (ORD $0.50) 718.20 503.20 732.90 Neutral Strong Buy 1109 1.17

LLOYDS BANKING GROUP 49.86 25.29 55.68 Neutral Buy 59 1.87

ROYAL BANK OF SCTL.GP. 303.20 196.60 367.80 Neutral Sell -133 1.34

STANDARD CHARTERED 1784.00 1228.50 1837.50 Neutral Sell 1489 1.70

Beverages Under Valued


BARR (AG) 503.50 348.00 557.00 Neutral Buy 556 0.55

DIAGEO 2000.50 1477.00 2000.50 Neutral Sell 1736 0.55

SABMILLER 3392.00 2348.50 3392.00 Neutral Buy 3891 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 385.00 267.60 390.00 Neutral Strong Buy 714 #NA

CARCLO 456.00 330.00 503.00 N eu tra l Neu tral 434 0.74

CRODA INTERNATIONAL 2663.00 2050.00 2667.00 Neutral Sell 2136 1.04

ELEMENTIS 260.10 179.00 260.10 Neutral Buy 369 1.00

JOHNSON MATTHE Y 2299.00 2080.27 2573.00 Neutral Strong Buy 12814 1.44

VICTREX 1677.00 1185.00 1677.00 Neutral Sell 1518 1.13

SYNTHOMER 215.00 127.40 251.00 N eu tra l Neu tral 236 1.16

ZOTEFOAMS 199.50 155.00 225.00 Neutral Strong Buy 409 0.99



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Construction & Building Materials Under Valued


ALUMASC GROUP 99.00 61.50 104.00 Neutral Strong Buy 248 0.51

BALFOUR BEATTY 274.00 237.90 320.80 Neutral Strong Buy 1028 0.79

BARRATT DEVELOPMENTS 243.90 114.00 244.90 Neutral Strong Buy 473 1.50

BELLWAY 1153.00 660.00 1175.00 Neutral Strong Buy 1975 1.11

BERKELEY GROUP HDG.(THE) 1966.00 1177 .00 1966.00 Neutral Strong Buy 3282 0.64

BOOT (HENRY) 167.00 115.50 167.00 Neutral Strong Buy 344 0.83

BOVIS HOMES GROUP 673.50 399.30 681.50 Neutral Sell 582 1.14

CARILLION 289.20 235.50 331.80 Buy Strong Buy 848 1.10

CLARKE (T) 54.50 40.00 61.50 Neutral Strong Buy 280 0.82

COSTAIN GROUP 285.75 188.00 295.00 Neutral Strong Buy 547 0.57

CRH 1480.00 1052.00 1514.00 Neutral Sell 772 1.14

GALLIFORD TRY 955.00 579.00 955.00 Neutral Strong Buy 1785 0.99

KELLER 828.00 348.25 828.00 Neutral Strong Buy 2135 1.25

KIER GROUP 1283.00 1095.00 1408.00 Neutral Strong Buy 3451 0.94

LOW & BONAR 71.50 49.00 73.00 Neutral Strong Buy 211 1.07MARSHALLS 105.50 76.00 110.00 Neutral Strong Buy 297 1.37

MORGAN SINDALL GROUP 542.00 508.00 695.00 Neutral Strong Buy 3481 0.86

NORCROS 14.75 9.25 16.75 Neutral Strong Buy 36 1.11

PERSIMMON 948.00 532.00 956.50 Neutral Buy 1167 1.15

REDROW 171.90 107.30 195.80 Neutral Strong Buy 303 1.05

SIG 145.50 82.30 145.50 Neutral Strong Buy 496 1.74

SUPERGLASS HOLDINGS 5.38 4.50 22.50 Neutral Strong Buy 45 0.89

TAYLOR WIMPEY 84.05 40.28 84.05 Neutral Buy 99 1.58

TRAVIS PERKINS 1322.00 906.50 1322.00 Neutral Strong Buy 2704 1.97

WOLSELEY 3227.00 2121.32 3236.00 Neutral Strong Buy 5475 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1300.00 886.00 1345.00 Neutral Sell 772 0.78

DOMINO PRINTING SCIENCES 708.00 509.00 710.00 Neutral Buy 851 1.18

E2V TECHNOLOGIES 117.50 105.50 149.50 Neutral Strong Buy 246 1.30

INVENSYS 366.80 186.10 366.80 Neutral Sell 342 1.42

LAIRD 241.50 177.00 249.30 Neutral Sell 92 2.12

OXFORD INSTRUMENTS 1715.00 1096.00 1 752.00 Neutral Sell 1181 1.01

RENISHAW 1862.00 1260.00 2081.00 Neutral Buy 2431 1.26

SPECTRIS 2383.00 1427.00 2459.00 Neutral Sell 2208 1.52

BIOME TECHNOLOGIES 0.09 0.08 0.22 Neutral Buy 0 0.84

TT ELECTRONICS 169.25 114.00 203.50 Neutral Strong Buy 395 1.59

XAAR 341.50 185.00 341.50 Neutral Sell 229 1.11



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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 85.00 54.25 92.00 Neutral Buy 112 1.26

BODYCOTE 556.50 310.30 556.50 Neutral Sell 528 1.61

CASTINGS 340.00 277.75 358.50 Neutral Strong Buy 721 0.99

VESUVIUS 395.30 263.19 395.30 Neutral Buy 514 2.19

FENNER 414.00 329.30 483.70 Neutral Buy 575 1.42

HALMA 497.60 373.10 497.80 Neutral Sell 406 0.75

HILL & SMITH 478.50 297.00 480.00 Neutral Sell 350 1.37

IMI 1319.00 776.00 1319.00 Sell Neutral 1410 1.40

METALRAX GROUP 3.03 2.93 8.95 Neutral Buy 3 0.85

MORGAN CRUCIBLE 298.80 220.30 351.40 Neutral Strong Buy 561 1.82

ROTORK 2937.00 1859.00 2937.00 Neutral Sell 2175 1.00

SENIOR 248.70 177.00 248.70 Sell Sell 230 1.65

SEVERFIELD-ROWEN 72.75 68.00 203.50 Neutral Neutral 77 0.73

SPIRAX-SARCO 2630.00 1900.00 2630.00 Sell Sell 2349 0.84

VITEC GROUP 622.50 586.50 740.00 Neutral Neutral 628 1.39WEIR GROUP 2417.00 1397.00 2417.00 Neutral Sell 2107 1.39

Food & Drug Stores Over Valued


GREGGS 508.00 449.00 558.00 Neutral Buy 691 0.47

MORRISON(WM)SPMKTS. 259.00 248.60 305.70 Neutral Sell 206 0.39

SAINSBURY (J) 342.00 283.50 361.10 Neutral Sell 227 0.58

TESCO 377.05 297.05 378.15 Neutral Sell 290 0.69

THORNTONS 58.00 18.88 62.25 Neutral Sell 39 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1859.00 1167.00 1 866.00 Neutral Sell 1450 0.62

CRANSWICK 1000.00 732.50 1011.00 Neutral Buy 1419 0.49

DAIRY CREST 435.70 290.40 436.60 Neutral Sell 396 0.92

DEVRO 341.30 278.00 380.00 Neutral Neutral 330 0.31

PREMIER FOODS 85.75 54.50 180.00 Neutral Sell -162 1.25

TATE & LYLE 832.00 633.50 840.00 Neutral Buy 1022 0.70

UNILEVER (UK) 2713.00 2005.00 2713.00 Neutral Buy 3464 0.57



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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 29.00 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 397.70 222.40 405.90 Neutral Sell 358 0.53

BURBERRY GROUP 1404.00 1000.00 1586.00 Neutral Sell 971 1.27

CARPETRIGHT 670.00 585.00 728.50 Neutral Sell 278 0.94

DIXONS RETAIL 31.91 12.67 31.91 Sell Buy 36 1.50

FINDEL 6.60 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 25.00 19.50 55.75 Neutral Strong Buy 109 0.98

HALFORDS GROUP 312.30 189.00 356.80 Neutral Strong Buy 495 0.67

JD SPORTS FASHION 804 .00 606 .50 841 .00 Neutral Strong Buy 1504 0.52

DARTY 48.25 38.00 77.25 Neutral Strong Buy 81 1.24

KINGFISHER 287.10 254.10 313.80 Neutral Buy 386 0.92

MARKS & SPENCER GROUP 366.20 312.20 398.80 Neutral Buy 510 0.64

MOSS BROTHERS GROUP 67.00 42.00 71.00 Neutral Sell 59 1.04

MOTHERCARE 282.00 152.00 362.00 Neutral Buy 315 0.46

NEXT 4193.00 2721.00 4247.00 Neutral Sell 3674 0.66TED BAKER 1242.00 775.00 1263.00 Neutral Sell 650 0.55

TOPPS TILES 66.00 32.13 68.00 Neutral Sell 50 1.48

Heath Over Valued


BIOQUELL 139.00 119.00 160.00 Neutral Sell 107 0.45

CONSORT MEDICAL 747.00 580.00 831.50 Neutral Sell 590 0.40

OPTOS 196.00 160.00 279.25 Neutral Sell 176 1.21

SMITH & NEPHEW 725.00 580.00 734.00 Neutral Sell 665 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 601.00 530.00 720.50 Neutral Neutral 589 0.43

HEADLAM GROUP 348.00 263.00 355.00 Neutral Sell 304 0.92

HORNBY 80.50 55.25 106.75 Neutral Buy 106 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 946.00 469.00 971.50 Neutral Sell 603 0.74

CSR 479.70 194.60 485.00 Neutral Strong Buy 1455 1.17FILTRONIC 77.63 23.50 77.63 Sell Sell 53 0.90

IMAGINATION TECHN OLOGIES 491.00 383.50 717.00 Neutral Buy 558 1.08

SPIRENT COMMUNICATIONS 153.40 1 39.20 174.00 Neutral Strong Buy 694 0.95

WOLFSON MICROELECTR ON ICS 197.00 165.75 230.00 Neutral Sell -636 0.91



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Insurance Under Valued


ADMIRAL GROUP 1356.00 1019.00 1356.00 Neutral Sell -744 0.54

AMLIN 420.50 312.90 431.20 Neutral Sell -3114 0.46

BEAZLEY 211.40 132.50 215.40 Neutral Strong Buy 2610 0.59

CATLIN GROUP 519.00 399.00 540.00 Neutral Strong Buy 782 0.30

HISCOX 554.00 371.30 554.00 Neutral Strong Buy 2085 0.48

JARDINE LLOYD THOMPSON 818 .00 659 .00 818 .00 Neutral Strong Buy 2937 0.31

RSA INSURANCE GROUP 121.10 97.65 136.30 Neutral Strong Buy 1701 0.41

NOVAE GROUP 463.00 340.00 467.25 Neutral Strong Buy 1919 0.47

Leisure & Hotels Over Valued


CARNIVAL 2521.00 1900.00 2628.00 Neutral Strong Buy 3909 1.00

ENTERPRISE INNS 110.40 50.25 110.40 Neutral Sell 83 1.59

TUI TRAVEL 309.20 158.00 330.00 Neutral Strong Buy 793 0.99

FULLER SMITH 'A' 802.00 680.00 810.00 Neutral Sell 661 0.38

GREENE KING 711.00 474.30 711.00 Neutral Sell 625 0.90

LADBROKES 226.70 152.50 235.60 Neutral Sell 182 0.94

ICTL.HTLS.GP. 1955.00 1396.63 1989.00 Neutral Sell 1619 1.17

MILLENNIUM & CPTH.HTLS. 550.00 455.40 568.50 Neutral Buy 618 1.38

MITCHELLS & BUTLERS 340.10 217.40 349.70 Neutral Sell 304 1.08

BWIN PARTY DIGITAL ENTM. 155.20 91.90 164.50 Neutral Sell 90 1.25

PUNCH TAVERNS 10.75 5 .61 13.12 Neutral Strong Buy 50 1.25

RANK GROUP 162.80 111.00 167.40 Neutral Strong Buy 499 1.00

RESTAURANT GROUP 444.10 269.20 444.10 Sell Sell 320 0.74

WETHERSPOON (JD) 516.50 371.30 548.50 Neutral Buy 742 0.68

WHITBREAD 2602.00 1669.00 2692.00 Neutral Sell 1941 0.99WILLIAM HILL 427.50 235.20 443.30 Neutral Sell 279 0.86

MARSTON'S 141.70 94.40 143.00 Neutral Sell 28 1.19

Life Assurance Over Valued


AVIVA 314.80 255.30 388.40 Neutral Strong Buy 1196 1.25

CHESNARA 225.00 155.25 233.50 Neutral Strong Buy 353 0.70

LEGAL & GENERAL 166.30 106.00 166.30 Neutral Strong Buy 297 1.70

OLD MUTUAL 209.30 138.70 211.40 Neutral Sell 169 1.57

PRUDENTIAL 1015.00 660.00 1015.00 Sell Sell 933 1.70

ST.JAMES'S PLACE 533.50 303.40 533.50 Sell Sell 431 0.85



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Media & Entertainment Over Valued


AEGIS GROUP 238.70 153.20 238.70 Neutral Sell -585 1.28

BLOOMSBURY PBL. 108.00 102.00 146.50 Neutral Strong Buy 1635 0.35

BRITISH SKY BCAST.GROUP 866.50 635.50 888.50 Neutral Strong Buy 142 0.54

CENTAUR MEDIA 45.25 28.50 60.00 Neutral Strong Buy 3141 1.01

DAILY MAIL 'A' 722.00 363.50 722.00 Sell Strong Buy 6661 1.12

EUROMONEY INSTL.INVESTOR 912.00 672.50 951.50 Neutral Sell -68 0.98

INFORMA 512.50 340.00 512.50 Neutral Strong Buy 241 1.53

ITE GROUP 279.00 180.00 279.00 Neutral Strong Buy 1262 1.44

ITV 128.50 69.45 128.50 Neutral Strong Buy 1615 1.54

JOHNSTON PRESS 12.75 4.88 15.00 Neutral Buy 304 1.25

PEARSON 1165.00 1111.00 1294.00 Neutral Strong Buy 2443 0.63

PHOTO-ME INTL. 76.00 36.25 80.00 Neutral Buy 449 0.79

PINEWOOD SHEPPERTON 274.00 257.50 377.50 Neutral Sell -583 0.16

THOMSON REUTERS 31.62 26.85 31.71 Neutral Sell 263 0.52

STV GROUP 137.00 81.50 142.12 Neutral Strong Buy 717 0.78ST.IVES 118.50 67.50 125.00 Neutral Sell -273 1.49

TRINITY MIRROR 121.00 25.50 121.25 Neutral Strong Buy 1643 1.57

UBM 755.00 511.00 788.00 Neutral Strong Buy 1244 1.31

WILMINGTON GROUP 157.00 82.00 164.00 Neutral Sell 173 0.85

WPP 1086.00 743.00 1086.00 Neutral Strong Buy 783 1.34

HIBU 0.33 0.26 4.15 Neutral Sell 1 1.06

Mining Under Valued


ANGLO AMERICAN 1851.00 1664.00 2618.00 Neutral Strong Buy 3098 1.75

ANGLO PACIFIC GROUP 265.00 221.25 340.00 Neutral Buy 296 0.99ANTOFAGASTA 1070.00 991.00 1381.00 Neutral Sell 1005 1.42

BHP BILLITON 2093.00 1681.00 2236.00 Neutral Strong Buy 3688 1.45

LONMIN 327.40 240.84 599.98 Neutral Sell 44 2.04

RANDGOLD RESOURCES 5515.00 4596.00 7775.00 Neutral Sell 3105 0.34

RIO TINTO 3450.00 2715.50 3757.00 Neutral Neutral 3704 1.51

COALFIELD RESOURCES 4.25 3.75 30.75 Buy Strong Buy 176 0.89

VEDANTA RESOURCES 832.50 1430.00 Neutral Strong Buy 2650 2.21

XSTRATA 1149.50 785.80 1205.00 Neutral Neutral 1096 1.87

Oil & Gas Under Valued


BG GROUP 1161.00 1000.50 1547.00 Neutral Neutral 1250 0.81

BP 449.60 391.95 499.05 Neutral Strong Buy 1578 1.05

CAIRN ENERGY 286.30 248.20 349.00 Neutral Sell -36 1.32

FORTUNE OIL 10.25 7.86 12.50 Neutral Buy 15 0.91

HUNTING 905.50 688.00 968.00 Neutral Sell 538 1.32

JKX OIL & GAS 69.00 55.00 187 .75 Neutral Strong Buy 302 1.36

PREMIER OIL 390.20 321.30 429.00 Neutral Sell 301 1.44

ROYAL DUTCH SHELL B 2272.50 2039.00 2366.50 Neutral Strong Buy 11179 0.86

SOCO INTERNATIONAL 369.20 254.90 400.00 Neutral Sell 255 0.52

TULLOW OIL 1241.00 1138.00 1570.00 Neutral Sell 808 1.06

WOOD GROUP (JOHN) 855.50 651.50 875.50 Neutral Neutral 868 1.36



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Personal Care & Household Products Over Valued


MCBRIDE 145.00 102.70 146.75 Neutral Strong Buy 280 0.83

PZ CUSSONS 413.60 296.10 415.60 Neutral Sell 348 0.69

RECKITT BENCKISER GROUP 4616.00 3 300.00 4616.00 Neutral Neutral 4659 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 1.03 0.60 3.98 Buy Strong Buy 7 1.01

ASTRAZENECA 3032.00 2591.00 3168.00 Neutral Strong Buy 4611 0.48

BTG 342.00 300.30 423.00 Neutral Sell 190 0.62

DECHRA PHARMACEUTICALS 743.00 418.33 743.00 Neutral Buy 935 0.26

GLAXOSMITHKLINE 1484.00 1317.50 1507.50 Neutral Sell 766 0.49

OXFORD BIOMEDICA 2.08 2.05 5.80 Buy Strong Buy 4 0.64

PHYTOPHARM 1.70 1.70 12.75 Buy Buy 2 0.94

SHIRE 2080.00 1727.00 2247.00 Neutral Sell 1031 0.65

SKYEPHARMA 59.50 33.50 101.50 Neutral Sell -121 0.72

VERNALIS 23.63 21.63 27.38 Neutral Strong Buy 58 0.89

Real Estate Under Valued


BIG YELLOW GROUP 386.20 274.50 387.50 Neutral Sell -585 1.15

BRITISH LAND 582.50 467.10 585.50 Neutral Strong Buy 1635 1.03

CAPITAL & REGIONAL 28.75 22.75 34.25 Sell Strong Buy 142 0.82

CLS HOLDINGS 856.50 595.00 856.50 Neutral Strong Buy 3141 0.69

DERWENT LONDON 2239.00 1689.00 2239.00 Neutral Strong Buy 6661 1.21DEVELOPMENT SECS. 156.00 121.75 176.00 Neutral Sell -68 0.97

GRAINGER 136.50 83.10 139.40 Neutral Strong Buy 241 1.54

GREAT PORTLAND ESTATES 514.00 345.60 514.00 Sell Strong Buy 1262 1.06

HAMMERSON 520.00 404.50 525.00 Neutral Strong Buy 1615 1.16

HELICAL BAR 249.75 164.00 249.75 Neutral Buy 304 0.75

LAND SECURITIES GROUP 847.00 701.00 849.00 Neutral Strong Buy 2443 1.15

INTU PROPERTIES 332.20 305.00 366.00 Neutral Buy 449 1.08

MCKAY SECURITIES 143.50 125.00 144.50 Neutral Sell -583 0.72

MUCKLOW (A & J) GROUP 373.25 310.00 390.00 Neutral Sell 263 0.42

PRIMARY HEALTH PROPS. 337.00 311.00 364.50 Neutral Strong Buy 717 0.35

QUINTAIN ESTATES & DEV. 67.75 32.50 70.00 Sell Sell -273 1.17

SAVILLS 544.50 300.80 568.50 Neutral Strong Buy 1643 0.74

SHAFTESBURY 590.50 482.20 590.50 Neutral Strong Buy 1244 1.03

SEGRO 267.10 209.40 267.10 Neutral Sell 173 1.70

ST MODWEN PROPS. 250.00 145.50 280.20 Neutral Strong Buy 783 1.55

TOWN CENTRE SECURITIES 202.00 147.00 215.00 Neutral Sell 1 1.04

UNITE GROUP 310.00 180.25 310.00 Neutral Sell 28 1.75

WARNER ESTATE 1.68 1.00 3.40 Sell Sell -972 1.02

WORKSPACE GROUP 363.20 213.25 363.20 Neutral Sell 0 1.02



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Software & Computer Services Under Valued


ANITE 158.50 110.75 162.00 Neutral Sell 128 0.76

AVEVA GROUP 2316.00 1469.00 2322.00 Neutral Sell 1378 1.40

COMPUTACENTER 480.90 292.40 514.50 Neutral Strong Buy 1419 1.00

KOFAX 292.75 240.00 325.75 Neutral Buy 338 1.12

INNOVATION GROUP 25.00 18.25 25.50 Neutral Sell 23 0.83

MICRO FOCUS INTL. 697.50 426.17 697.50 Neutral Buy 1039 0.79

PHOENIX IT GROUP 159.00 135.00 231.75 Neutral Strong Buy 327 0.74

RM 73.00 70.25 92.25 Neutral Sell -98 0.52

FIDESSA GROUP 1965.00 1275.00 1970.00 Neutral Buy 2185 0.77

SAGE GROUP 352.10 247.70 352.10 Neutral Buy 437 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 435.40 237.30 441.90 Neutral Sell 162 1.09

BREWIN DOLPHIN 196.10 136.30 222.00 Neutral Sell 120 0.71

CAMELLIA 10311.00 9250.00 11105.00 Neutral Sell 9468 0.83

CHARLES STANLEY GROUP 371.50 247.50 371.50 Neutral Sell 164 0.97

CHARLES TAYLOR 171.50 128.50 189.75 Neutral Sell 95 0.68

CLOSE BROTHERS GROUP 1076.00 673.50 1076.00 Sell Sell 151 0.87

F&C ASSET MANAGEMENT 110.40 64.75 110.40 Neutral Sell 101 0.89

HELPHIRE GROUP 2.84 0.55 3.30 Sell Strong Buy 40 0.68

HENDERSON GROUP 163.60 90.55 169.00 Neutral Sell 46 1.44

ICAP 337.30 281.40 431.50 Neutral Sell 191 1.07

INTERMEDIATE CAPITAL GP. 402.20 227.30 402.20 Neutral Sell 189 1.68

INVESTEC 496.70 310.40 497.10 Neutral Sell 82 1.55

LONDON STOCK EX.GROUP 1382.00 898.00 1396.00 Neutral Strong Buy 3819 1.12MAN GROUP 99.45 63.25 145.00 Neutral Sell 89 1.32

RATHBONE BROTHERS 1428.00 1151.00 1472.00 Neutral Sell 1096 0.74

SCHRODERS 2086.00 1166.00 2086.00 Sell Sell 1224 1.31

SCHRODERS NV 1661.00 966.00 1661.00 Sell Strong Buy 4189 1.27



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Support Services Over Valued


ACAL 219.00 157.75 219.50 Neutral Buy 306 0.93

AGGREKO 1939.00 1557.00 2400.00 Neutral Sell 1289 1.04

AMEC 1047.00 923.00 1172.00 Neutral Neutral 1077 1.04

ASHTEAD GROUP 587.00 212.20 587.00 Sell Sell 315 1.61

BABCOCK INTL. 1104.00 743.50 1104.00 Neutral Sell 665 0.48

BRITISH POLYTHENE INDS. 505.00 317.00 508.00 Neutral Strong Buy 803 0.77

BUNZL 1312.00 986.00 1320.00 Neutral Sell 823 0.55

UK MAIL GROUP 372.75 214.00 380.00 Neutral Buy 444 0.38

CAPITA 900.50 602.00 904.50 Neutral Sell 521 0.50

COMMUNISIS 52.88 25.34 53.50 Neutral Buy 68 0.78

COMPASS GROUP 833.50 616.00 833.50 Neutral Sell 605 0.74

BERENDSEN 721.50 462.00 721.50 Sell Buy 976 1.04

DE LA RUE 891.50 885.50 1075.00 Neutral Sell 586 #NA

DIGNITY 1333.00 803.50 1333.00 Sell Sell 808 0.21

DIPLOMA 617.50 390.50 627.50 Neutral Sell 485 0.95ELECTROCOMP. 263.20 195.20 264.20 Neutral Buy 321 1.03

FILTRONA 660.50 428.00 660.50 Sell Sell 355 1.10

G4S 297.70 240.00 297.70 Neutral Neutral 291 0.58

HAYS 97.75 66.40 100.00 Neutral Buy 121 1.10

HOMESERVE 243.00 137.50 255.70 Neutral Strong Buy 486 0.93

INTERSERVE 497.00 270.10 500.50 Neutral Buy 691 1.27

INTERTEK GROUP 3429.00 2385.00 3440.00 Neutral Sell 1448 0.78

JOHNSON SERVICE GROUP 42.50 26.50 42.75 Neutral Strong Buy 94 1.17

MANAGEMENT CNSL.GP. 28.25 21.25 39.50 Neutral Strong Buy 55 0.71

MENZIES (JOHN) 775.00 542.00 785.00 Neutral Strong Buy 1309 1.43

MICHAEL PAGE INTL. 447.50 341.40 497.00 Neutral Sell 321 1.41

MITIE GROUP 290.70 253.90 300.80 Neutral Buy 342 0.55

OFFICE2OFFICE 100.00 91.50 163.75 Neutral Strong Buy 238 0.35

PAYPOINT 864.00 573.50 901.00 Neutral Sell 692 0.70

PREMIER FARNELL 226.00 153.20 228.80 Neutral Buy 287 1.32

REGUS 150.80 82.65 150.80 Neutral Sell 107 1.45

RENTOKIL INITIAL 91.45 69.40 97.95 Neutral Sell 54 1.25

REXAM 519.00 394.28 521.50 Neutral Buy 635 0.91

RICARDO 396.00 304.50 412.00 Neutral Buy 470 0.85

ROBERT WALTERS 217.00 176.25 264.63 Neutral Buy 309 1.23

RPC GROUP 456.50 348.30 456.50 Neutral Buy 534 0.78

RPS GROUP 254.10 197.00 256.60 Neutral Neutral 247 1.50

SERCO GROUP 626.50 509.50 630.50 Neutral Sell 579 0.59

SHANKS GROUP 82.75 75.80 102.20 Neutral Strong Buy 168 1.46

SPEEDY HIRE 44.75 22.25 44.75 Neutral Buy 52 1.25TRIBAL GROUP 128.25 70.00 133.75 Neutral Sell 51 0.55

TRIFAST 55.75 39.50 59.00 Neutral Neutral 61 0.92

VP 334.00 234.75 354.88 Neutral Strong Buy 620 0.86

WYG 72.00 42.00 75.00 Sell Strong Buy 183 0.78



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Telecommunication Services Over Valued


BT GROUP 264.00 200.70 281.00 Neutral Buy 292 0.90

CABLE & WIRELESS COMMS. 41.35 27.28 42.63 Neutral Strong Buy 75 0.69

INMARSAT 645.00 390.80 667.00 Neutral Sell 550 0.53

KCOM GROUP 79.15 67.00 85.20 Neutral Buy 115 1.24

TELECOM PLUS 984.50 621.00 1010.00 Neutral Sell 646 0.11

VODAFONE GROUP 178.60 154.45 191.25 Neutral Sell 149 0.54

Transport Under Valued


BBA AVIATION 255.00 178.00 262.00 Neutral Sell 184 1.29

BRAEMAR SHIPPING SVS. 378.13 309.50 425.00 Neutral Buy 426 0.98

CLARKSON 1488.00 1150.00 1488.00 Sell Sell 1404 0.81

EASYJET 1055.00 435.00 1055.00 Neutral Sell 623 0.74

FIRST GROUP 191.10 175.70 297.00 Neutral Strong Buy 506 0.90

FISHER(JAMES)& SONS 914.00 535.00 933.00 Neutral Sell 362 0.77

GO-AHEAD GROUP 1460.00 1086.00 1460.00 Neutral Buy 1698 0.89

NATIONAL EXPRESS 204.50 164.50 252.00 Neutral Buy 229 1.33

NORTHGATE 327.50 159.60 336.00 Neutral Strong Buy 572 1.40

STAGECOACH GROUP 299.30 230.40 319.60 Neutral Buy 337 0.89

WINCANTON 56.75 31.00 81.50 Sell Sell -39 0.90

Utilities Under Valued


CENTRICA 356.00 306.30 361.40 Neutral Buy 479 0.46

NATIONAL GRID 732.00 626.00 735.50 Neutral Buy 828 0.49

PENNON GROUP 657.00 598.00 796.00 Neutral Buy 771 0.58

SSE 1455.00 1290.00 1469.00 Neutral Buy 1736 0.42

SEVERN TRENT 1624.00 1507.00 1796.00 Neutral Sell 1491 0.34

UNITED UTILITIES GROUP 726.00 594.00 747.50 Neutral Sell 662 0.50



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