value indicator - uk main market 20130419

7/28/2019 value indicator - uk main market 20130419

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19 April 2013

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Intellisys Intelligent Analysis Limited 19 April 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

Contents

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

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days 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 RetailStock 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:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

eta measures a sharesvolatility/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 379.20 270.90 397.30 Neutral Buy 563 0.66

CHEMRING GROUP 257.70 217.00 414.70 Neutral Buy 311 0.66

COBHAM 236.90 190.10 248.10 Neutral Buy 279 0.83

MEGGITT 468.50 364.30 494.20 Neutral Sell 397 1.32

ROLLS-ROYCE HOLDINGS 1132.00 788.92 1135.00 Neutral Sell 1074 1.08

SMITHS GROUP 1233.00 979.50 1328.00 Neutral Sell 1022 0.71

ULTRA ELECTRONICS HDG. 15 81.00 1424.00 1745.00 Neutral Neutral 1505 0.50

Automobiles & Parts Under Valued

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

GKN 252.00 173.60 285.00 Neutral Neutral 244 2.00

INCHCAPE 501.00 305.20 530.00 Neutral Neutral 487 1.48

LOOKERS 93.75 56.50 100.50 Neutral Neutral 102 1.24

PENDRAGON 22.25 13.25 25.00 Neutral Buy 33 1.12

Banks Over Valued


BARCLAYS 283.75 150.55 327.35 Neutral Sell 42 1.93

HSBC HDG. (ORD $0.50) 663.30 503.20 740.00 Neutral Strong Buy 1182 1.17

LLOYDS BANKING GROUP 47.09 25.29 55.68 Sell Strong Buy 74 1.87

ROYAL BANK OF SCTL.GP. 273.90 196.60 367.80 Neutral Sell 28 1.34

STANDARD CHARTERED 1583.50 1228.50 1837.50 Neutral Sell 991 1.70

Beverages Under Valued


BARR (AG) 548.50 348.00 572.00 Neutral Neutral 586 0.55

DIAGEO 1978.00 1477.00 2085.00 Neutral Sell 1753 0.55

SABMILLER 3384.00 2348.50 3552.50 Neutral Buy 3889 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 278.40 240.00 406.40 Neutral Strong Buy 618 #NA

CARCLO 371.50 345.75 503.00 N eu tra l Neu tral 367 0.74

CRODA INTERNATIONAL 2551.00 2094.00 2841.00 Neutral Sell 2069 1.04

ELEMENTIS 246.70 179.00 275.00 Neutral Buy 335 1.00

JOHNSON MATTHE Y 2382.00 2080.27 2573.00 Neutral Strong Buy 10973 1.44

VICTREX 1537.00 1185.00 1736.00 Neutral Sell 1416 1.13

SYNTHOMER 177.90 127.40 239.50 Neutral Buy 202 1.16

ZOTEFOAMS 220.50 157.00 225.00 Neutral Strong Buy 355 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 85.00 61.50 104.00 Neutral Strong Buy 232 0.52

BALFOUR BEATTY 242.30 225.70 320.80 Neutral Strong Buy 965 0.79

BARRATT DEVELOPMENTS 291.10 114.00 291.10 Sell Strong Buy 440 1.50

BELLWAY 1307.00 660.00 1327.00 Neutral Buy 1903 1.10

BERKELEY GROUP HDG.(THE) 2033.00 1177 .00 2093.00 Neutral Strong Buy 3294 0.63

BOOT (HENRY) 177.00 115.50 177.00 Neutral Strong Buy 341 0.83

BOVIS HOMES GROUP 742.50 399.30 751.00 Neutral Sell 551 1.14

CARILLION 275.00 235.50 331.80 Neutral Strong Buy 787 1.10

CLARKE (T) 53.50 40.00 61.50 Neutral Strong Buy 266 0.82

COSTAIN GROUP 284.00 188.00 306.00 Neutral Strong Buy 565 0.56

CRH 1322.00 1052.00 1540.00 Neutral Sell 826 1.14

GALLIFORD TRY 928.50 579.00 965.00 Neutral Strong Buy 1687 0.99

KELLER 821.00 348.25 848.00 Neutral Strong Buy 1998 1.25

KIER GROUP 1223.00 1106.00 1408.00 Neutral Strong Buy 3348 0.94

LOW & BONAR 68.50 49.00 76.75 Neutral Strong Buy 200 1.07MARSHALLS 127.75 76.00 130.00 Neutral Strong Buy 281 1.37

MORGAN SINDALL GROUP 574.50 508.00 695.00 Neutral Strong Buy 3269 0.86

NORCROS 16.13 9.25 18.25 Neutral Strong Buy 34 1.11

PERSIMMON 1109.00 532.00 1132.00 Neutral Neutral 1115 1.15

REDROW 199.00 107.30 206.00 Neutral Buy 287 1.05

SIG 148.90 82.30 162.50 Neutral Strong Buy 461 1.74

SUPERGLASS HOLDINGS 5.63 3.88 17.75 Sell Strong Buy 50 0.89

TAYLOR WIMPEY 89.70 40.28 93.50 Neutral Neutral 93 1.58

TRAVIS PERKINS 1429.00 906.50 1465.00 Neutral Strong Buy 2573 1.97

WOLSELEY 3165.00 2121.32 3337.00 Neutral Strong Buy 5111 1.43

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1230.00 935.00 1364.00 Neutral Sell 763 0.78

DOMINO PRINTING SCIENCES 643.00 509.00 717.00 Neutral Buy 838 1.18

E2V TECHNOLOGIES 118.00 105.50 149.50 Neutral Strong Buy 244 1.31

INVENSYS 345.30 186.10 366.80 Neutral Neutral 341 1.42

LAIRD 209.40 177.00 249.30 Neutral Sell 82 2.12

OXFORD INSTRUMENTS 1568.00 1096.00 1 752.00 Neutral Sell 1167 1.01

RENISHAW 1644.00 1260.00 2081.00 Neutral Buy 2356 1.26

SPECTRIS 2225.00 1427.00 2470.00 Neutral Neutral 2188 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.20 Neutral Strong Buy 0 0.83

TT ELECTRONICS 162.25 114.00 190.00 Neutral Strong Buy 401 1.59

XAAR 491.00 185.00 500.00 Neutral Sell 231 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 77.13 54.25 91.75 Neutral Buy 91 1.26

BODYCOTE 483.10 310.30 556.50 Neutral Neutral 481 1.61

CASTINGS 330.00 277.75 358.50 Neutral Strong Buy 668 0.99

VESUVIUS 329.10 263.19 402.10 Neutral Buy 471 2.19

FENNER 363.80 329.30 456.50 Neutral Buy 521 1.42

HALMA 480.70 373.10 531.50 Neutral Sell 378 0.76

HILL & SMITH 420.00 297.00 480.00 Neutral Sell 303 1.37

IMI 1193.00 776.00 1347.00 Neutral Buy 1334 1.40

MORGAN ADVANCED MATERIAL 251.70 220.30 332.80 Neutral Strong Buy 514 1.82

ROTORK 2679.00 1859.00 3037.00 Neutral Sell 2465 0.99

SENIOR 241.60 177.00 253.10 Neutral Sell 199 1.65

SEVERFIELD-ROWEN 40.50 35.40 104.11 Neutral Neutral 45 0.73

SPIRAX-SARCO 2547.00 1900.00 2734.00 Neutral Sell 2200 0.84

VITEC GROUP 617.00 586.50 740.00 Neutral Sell 553 1.40

WEIR GROUP 2101.00 1397.00 2474.00 Neutral Sell 1928 1.39

Food & Drug Stores Over Valued


GREGGS 455.30 449.00 523.50 Neutral Strong Buy 692 0.47

MORRISON(WM)SPMKTS. 280.00 248.60 296.40 Neutral Sell 196 0.39

SAINSBURY (J) 375.80 283.50 387.20 Neutral Sell 218 0.58

TESCO 365.45 297.05 387.75 Buy Sell 278 0.69

THORNTONS 73.38 18.88 78.75 Neutral Sell 52 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1815.00 1167.00 1 931.00 Neutral Buy 2063 0.61

CRANSWICK 1034.00 732.50 1057.00 Neutral Strong Buy 2041 0.49

DAIRY CREST 437.80 290.40 444.00 Neutral Buy 485 0.92

DEVRO 324.00 278.00 380.00 Neutral Strong Buy 508 0.31

PREMIER FOODS 72.75 54.50 167.50 Neutral Sell -180 1.25

TATE & LYLE 824.00 633.50 870.50 Neutral Strong Buy 1526 0.70

UNILEVER (UK) 2761.00 2007.00 2831.00 Neutral Neutral 2711 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.50 20.50 29.50 Neutral Buy 35 0.68

BROWN (N) GROUP 406.90 224.40 429.30 Neutral Sell 358 0.53

BURBERRY GROUP 1281.00 1000.00 1536.00 Neutral Sell 962 1.27

CARPETRIGHT 624.00 585.00 728.50 Neutral Sell 304 0.94

DIXONS RETAIL 34.83 12.67 35.45 Neutral Strong Buy 82 1.50

FINDEL 140.25 55.20 186.00 Neutral Sell -23 1.08

FRENCH CONNECTN.GROUP 27.50 19.50 44.25 Neutral Strong Buy 130 0.99

HALFORDS GROUP 326.00 189.00 356.80 Neutral Strong Buy 521 0.67

JD SPORTS FASHION 744 .50 606 .50 841 .00 Neutral Strong Buy 1661 0.52

DARTY 47.25 38.00 65.00 Neutral Strong Buy 276 1.24

KINGFISHER 287.40 254.10 305.70 Neutral Strong Buy 439 0.92

MARKS & SPENCER GROUP 390.00 312.20 400.40 Neutral Buy 577 0.64

MOSS BROTHERS GROUP 57.50 42.00 71.00 Buy Buy 84 1.04

MOTHERCARE 298.50 160.00 362.00 Neutral Strong Buy 1381 0.47

NEXT 4303.00 2896.00 4408.00 Neutral Neutral 4100 0.66TED BAKER 1268.00 830.00 1354.00 Neutral Sell 647 0.55

TOPPS TILES 67.50 32.13 68.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 146.50 124.00 160.00 Neutral Sell 118 0.45

CONSORT MEDICAL 788.00 584.00 831.50 Neutral Sell 577 0.40

OPTOS 158.00 145.75 264.00 Neutral Neutral 167 1.20

SMITH & NEPHEW 717.50 580.00 768.50 Neutral Sell 643 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 667.50 557.00 720.50 Neutral Neutral 652 0.43

HEADLAM GROUP 344.00 263.00 355.00 Neutral Sell 303 0.92

HORNBY 81.00 55.25 95.63 Neutral Buy 106 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 866.00 469.00 971.50 Neutral Sell 524 0.74

CSR 473.90 194.60 502.50 Neutral Strong Buy 1270 1.16FILTRONIC 63.50 23.50 83.25 Neutral Sell 47 0.90

IMAGINATION TECHN OLOGIES 426.80 383.50 705.00 Neutral Buy 486 1.09

SPIRENT COMMUNICATIONS 122.30 1 22.30 174.00 Neutral Strong Buy 613 0.94

WOLFSON MICROELECTR ON ICS 200.00 165.75 230.00 Neutral Sell -500 0.91


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Insurance Under Valued


ADMIRAL GROUP 1325.00 1019.00 1374.00 Neutral Sell -686 0.54

AMLIN 412.50 312.90 431.50 Neutral Sell -3012 0.46

BEAZLEY 211.20 132.50 219.10 Neutral Strong Buy 2542 0.59

CATLIN GROUP 508.50 399.00 540.00 Neutral Buy 745 0.29

HISCOX 540.00 379.26 574.05 Neutral Strong Buy 2054 0.48

JARDINE LLOYD THOMPSON 846 .00 659 .00 864 .50 Neutral Strong Buy 2863 0.31

RSA INSURANCE GROUP 107.70 97.65 136.30 Neutral Strong Buy 1651 0.40

NOVAE GROUP 447.25 345.00 475.75 Neutral Strong Buy 1872 0.47

Leisure & Hotels Over Valued


CARNIVAL 2300.00 1944.00 2628.00 Neutral Strong Buy 3683 1.00

ENTERPRISE INNS 102.70 55.50 114.70 Neutral Sell 71 1.59

TUI TRAVEL 303.70 158.00 330.00 Neutral Strong Buy 752 0.99

FULLER SMITH 'A' 800.00 700.00 820.00 Neutral Sell 622 0.38

GREENE KING 663.00 474.30 723.50 Neutral Sell 581 0.91

LADBROKES 182.00 152.70 243.10 Neutral Sell 172 0.93

ICTL.HTLS.GP. 1872.00 1396.63 2039.00 Neutral Sell 1548 1.17

MILLENNIUM & CPTH.HTLS. 550.00 455.40 582.50 N eutral Neutral 584 1.38

MITCHELLS & BUTLERS 312.60 217.40 350.10 Neutral Sell 283 1.09

BWIN PARTY DIGITAL ENTM. 135.70 91.90 158.40 Neutral Sell 99 1.25

PUNCH TAVERNS 10.50 5 .61 13.12 Neutral Strong Buy 44 1.25

RANK GROUP 157.00 111.00 177.50 Neutral Strong Buy 480 1.00

RESTAURANT GROUP 463.00 269.20 474.80 Neutral Sell 304 0.74

WETHERSPOON (JD) 548.00 371.30 548.50 Neutral Buy 701 0.69

WHITBREAD 2419.00 1786.00 2692.00 Neutral Sell 1841 0.99WILLIAM HILL 390.60 243.75 411.17 Neutral Sell 248 0.86

MARSTON'S 133.50 94.40 143.00 Neutral Sell 25 1.20

Life Assurance Over Valued


AVIVA 294.10 255.30 388.40 Neutral Strong Buy 1140 1.24

CHESNARA 229.75 155.25 250.00 Neutral Buy 343 0.70

LEGAL & GENERAL 167.70 106.00 175.70 Neutral Strong Buy 286 1.70

OLD MUTUAL 198.60 138.70 211.40 Neutral Sell 168 1.57

PRUDENTIAL 1034.00 660.00 1155.00 Neutral Sell 918 1.70

ST.JAMES'S PLACE 493.30 303.40 537.00 Neutral Sell 414 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 113.38 102.00 146.50 Neutral Sell -535 0.36

BRITISH SKY BCAST.GROUP 836.50 656.00 899.50 Neutral Strong Buy 1531 0.54

CENTAUR MEDIA 44.50 28.50 60.00 Neutral Strong Buy 137 1.01

DAILY MAIL 'A' 687.00 363.50 722.00 Neutral Strong Buy 2981 1.12

EUROMONEY INSTL.INVESTOR 958.00 672.50 1001.00 Neutral Strong Buy 6575 0.98

INFORMA 482.00 340.00 537.00 Neutral Sell -63 1.53

ITE GROUP 264.00 180.00 289.40 Neutral Strong Buy 218 1.44

ITV 122.50 69.45 132.30 Neutral Strong Buy 1175 1.54

JOHNSTON PRESS 15.37 4.88 16.00 Neutral Strong Buy 1554 1.26

PEARSON 1119.00 1111.00 1294.00 Neutral Buy 284 0.62

PHOTO-ME INTL. 79.00 36.25 82.50 Neutral Strong Buy 2331 0.79

PINEWOOD SHEPPERTON 277.50 265.00 377.50 Neutral Strong Buy 788 0.15

THOMSON REUTERS 32.99 26.85 33.35 Neutral Sell -536 0.52

STV GROUP 133.50 81.50 146.88 Neutral Sell 247 0.78

ST.IVES 134.75 67.50 139.25 Neutral Strong Buy 675 1.49TRINITY MIRROR 91.25 25.50 121.25 Neutral Sell -244 1.57

UBM 679.00 511.00 788.00 Neutral Strong Buy 1616 1.31

WILMINGTON GROUP 150.00 82.00 164.00 Neutral Strong Buy 1192 0.85

WPP 1027.00 743.00 1092.00 Neutral Sell -451 1.34

HIBU 0.39 0.26 3.91 Neutral Strong Buy 725 1.07

Mining Under Valued


ANGLO AMERICAN 1562.00 1553.00 2412.00 Neutral Strong Buy 2623 1.75

ANGLO PACIFIC GROUP 219.00 215.00 320.00 Neutral Buy 251 0.99ANTOFAGASTA 889.50 889.50 1381.00 Neutral Neutral 858 1.43

BHP BILLITON 1771.50 1681.00 2236.00 Neutral Strong Buy 3089 1.45

LONMIN 258.00 240.84 564.35 Neutral Sell 19 2.03

RANDGOLD RESOURCES 4613.00 4545.00 7775.00 Neutral Sell 2650 0.34

RIO TINTO 2878.00 2715.50 3757.00 Neutral Neutral 3110 1.51

COALFIELD RESOURCES 5.50 3.75 22.50 Neutral Strong Buy 148 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Strong Buy 2098 2.21

XSTRATA 954.80 785.80 1205.00 Neutral Neutral 916 1.88

Oil & Gas Under Valued


BG GROUP 1043.00 1000.50 1451.00 Neutral Neutral 1134 0.81

BP 441.80 391.95 475.90 Neutral Strong Buy 1449 1.05

CAIRN ENERGY 282.90 248.20 349.00 Neutral Sell -24 1.32

FORTUNE OIL 7.90 7.66 12.50 Neutral Strong Buy 13 0.90

HUNTING 800.00 688.00 954.00 Buy Sell 426 1.32

JKX OIL & GAS 66.25 55.00 141 .00 Neutral Strong Buy 279 1.36

PREMIER OIL 352.80 321.30 401.20 Buy Sell 268 1.45

ROYAL DUTCH SHELL B 2137.00 2039.00 2366.50 Neutral Strong Buy 10677 0.86

SOCO INTERNATIONAL 371.90 254.90 404.30 Neutral Sell 233 0.52

TULLOW OIL 1024.00 982.50 1557.00 Neutral Sell 825 1.05

WOOD GROUP (JOHN) 792.50 651.50 879.50 Neutral Neutral 753 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 110.00 102.70 146.75 Neutral Strong Buy 250 0.83

PZ CUSSONS 387.70 297.20 415.60 Neutral Sell 317 0.69

RECKITT BENCKISER GROUP 4656.00 3 300.00 4812.00 Neutral Neutral 4698 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.41 0.37 3.88 Buy Sell -2 1.01

ASTRAZENECA 3335.50 2591.00 3340.00 Neutral Strong Buy 7779 0.47

BTG 347.50 300.30 423.00 Neutral Sell 157 0.62

DECHRA PHARMACEUTICALS 754.50 444.50 780.00 Neutral Sell 680 0.26

GLAXOSMITHKLINE 1658.00 1317.50 1658.00 Neutral Neutral 1791 0.49

OXFORD BIOMEDICA 1.63 1.55 4.28 Buy Sell -0 0.65

PHYTOPHARM 1.23 1.23 12.75 Buy Buy 1 0.94

SHIRE 1964.00 1727.00 2153.00 Neutral Sell 1376 0.65

SKYEPHARMA 45.25 41.38 101.50 Neutral Sell -92 0.71

VERNALIS 22.63 21.63 27.38 Neutral Buy 32 0.90

Real Estate Under Valued


BIG YELLOW GROUP 393.00 274.50 393.00 Neutral Sell -535 1.15

BRITISH LAND 572.00 475.40 586.00 Neutral Strong Buy 1531 1.03

CAPITAL & REGIONAL 34.13 22.75 34.25 Sell Strong Buy 137 0.82

CLS HOLDINGS 876.00 595.00 880.00 Neutral Strong Buy 2981 0.69

DERWENT LONDON 2285.00 1708.00 2285.00 Sell Strong Buy 6575 1.20DEVELOPMENT SECS. 153.00 121.75 175.00 Neutral Sell -63 0.97

GRAINGER 135.60 83.10 140.60 Neutral Strong Buy 218 1.54

GREAT PORTLAND ESTATES 522.00 345.60 522.00 Sell Strong Buy 1175 1.06

HAMMERSON 510.00 408.00 525.00 Neutral Strong Buy 1554 1.16

HELICAL BAR 247.00 164.00 251.00 Neutral Buy 284 0.75

LAND SECURITIES GROUP 853.50 704.00 859.00 Neutral Strong Buy 2331 1.15

INTU PROPERTIES 341.20 305.00 366.00 Neutral Strong Buy 788 1.08

MCKAY SECURITIES 138.00 127.00 145.00 Neutral Sell -536 0.72

MUCKLOW (A & J) GROUP 370.25 320.00 390.00 Neutral Sell 247 0.41

PRIMARY HEALTH PROPS. 339.75 312.00 364.50 Neutral Strong Buy 675 0.35

QUINTAIN ESTATES & DEV. 64.75 32.50 70.00 Sell Sell -244 1.17

SAVILLS 520.50 300.80 599.00 Neutral Strong Buy 1616 0.74

SHAFTESBURY 602.00 492.00 608.50 Neutral Strong Buy 1192 1.03

SEGRO 252.50 209.40 271.00 Neutral Sell -451 1.70

ST MODWEN PROPS. 263.40 145.50 280.20 Neutral Strong Buy 725 1.55

TOWN CENTRE SECURITIES 203.50 147.00 215.00 Neutral Sell -9 1.05

UNITE GROUP 307.50 180.25 330.00 Neutral Sell 33 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -997 1.01

WORKSPACE GROUP 371.90 213.25 374.10 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 114.70 111.00 162.00 Neutral Neutral 118 0.76

AVEVA GROUP 2080.00 1469.00 2322.00 Neutral Sell 1269 1.40

COMPUTACENTER 545.00 292.40 567.00 Neutral Strong Buy 1309 1.01

KOFAX 334.00 240.00 335.00 Neutral Sell 313 1.12

INNOVATION GROUP 25.50 18.25 25.50 Neutral Sell 24 0.83

MICRO FOCUS INTL. 665.00 426.17 706.00 Neutral Buy 933 0.79

PHOENIX IT GROUP 141.00 131.00 231.75 Neutral Strong Buy 302 0.74

RM 76.00 70.25 89.00 Neutral Sell -89 0.53

FIDESSA GROUP 1759.00 1275.00 1970.00 Neutral Buy 2011 0.77

SAGE GROUP 340.20 247.70 352.10 Neutral Buy 402 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 401.10 237.30 441.90 Neutral Sell 171 1.08

BREWIN DOLPHIN 221.00 136.30 222.00 Sell Sell 124 0.72

CAMELLIA 10475.50 9250.00 11105.00 Neutral Neutral 10265 0.83

CHARLES STANLEY GROUP 403.00 247.50 404.00 Sell Sell 175 0.97

CHARLES TAYLOR 169.00 132.00 190.00 Neutral Sell 104 0.69

CLOSE BROTHERS GROUP 1035.00 673.50 1107.00 Neutral Sell 187 0.87

F&C ASSET MANAGEMENT 95.30 65.90 110.40 Neutral Neutral 99 0.89

HELPHIRE GROUP 3.20 0.55 3.70 Sell Strong Buy 26 0.68

HENDERSON GROUP 155.00 90.55 171.00 Neutral Sell 51 1.44

ICAP 281.60 281.40 384.00 Buy Sell 200 1.07

INTERMEDIATE CAPITAL GP. 403.60 227.30 427.60 Neutral Sell 216 1.68

INVESTEC 433.40 310.40 513.50 Neutral Sell 86 1.55

LONDON STOCK EX.GROUP 1288.00 930.00 1411.00 Neutral Strong Buy 3866 1.12MAN GROUP 105.30 63.25 111.10 Neutral Sell 96 1.32

RATHBONE BROTHERS 1480.00 1151.00 1551.00 Neutral Sell 1129 0.73

SCHRODERS 2167.00 1166.00 2212.00 Neutral Sell 1278 1.31

SCHRODERS NV 1732.00 966.00 1785.00 Neutral Strong Buy 4152 1.27


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Support Services Over Valued


ACAL 217.50 157.75 242.50 Neutral Buy 286 0.93

AGGREKO 1776.00 1557.00 2400.00 Neutral Sell 1255 1.03

AMEC 989.00 923.00 1172.00 Neutral Buy 1104 1.04

ASHTEAD GROUP 593.00 212.20 635.00 Neutral Sell 307 1.62

BABCOCK INTL. 1027.00 793.50 1106.00 Neutral Sell 645 0.48

BRITISH POLYTHENE INDS. 539.00 317.00 539.00 Sell Buy 780 0.78

BUNZL 1255.00 990.00 1320.00 Neutral Sell 798 0.55

UK MAIL GROUP 438.25 214.00 445.00 Neutral Neutral 432 0.38

CAPITA 857.00 602.00 913.50 Neutral Sell 504 0.50

COMMUNISIS 51.13 25.34 53.50 Neutral Buy 66 0.78

COMPASS GROUP 823.00 616.00 852.50 Neutral Sell 589 0.74

BERENDSEN 742.50 462.00 812.00 Neutral Buy 951 1.04

DE LA RUE 926.50 891.50 1075.00 Neutral Sell 587 #NA

DIGNITY 1352.00 803.50 1435.00 Neutral Sell 763 0.21

DIPLOMA 548.00 417.00 627.50 Neutral Sell 471 0.95ELECTROCOMP. 233.20 195.20 265.00 Neutral Buy 311 1.02

FILTRONA 712.50 428.00 744.00 Neutral Sell 336 1.10

G4S 300.70 240.00 307.50 Neutral Sell 283 0.58

HAYS 91.10 66.40 101.20 Neutral Buy 118 1.09

HOMESERVE 195.10 137.50 252.50 Neutral Strong Buy 472 0.93

INTERSERVE 474.50 271.40 510.50 Neutral Buy 667 1.27

INTERTEK GROUP 3329.00 2406.00 3451.00 Neutral Sell 1405 0.77

JOHNSON SERVICE GROUP 43.88 26.50 45.75 Neutral Strong Buy 92 1.18

MANAGEMENT CNSL.GP. 31.25 21.25 39.38 Neutral Strong Buy 54 0.72

MENZIES (JOHN) 678.00 542.00 789.00 Neutral Strong Buy 1263 1.43

MICHAEL PAGE INTL. 357.00 341.40 451.80 Neutral Sell 310 1.41

MITIE GROUP 268.00 253.90 300.80 Neutral Buy 333 0.55

OFFICE2OFFICE 92.00 91.00 156.00 Neutral Strong Buy 232 0.34

PAYPOINT 885.00 605.00 912.50 Neutral Sell 670 0.70

PREMIER FARNELL 203.30 153.20 236.30 Neutral Buy 275 1.32

REGUS 158.30 82.65 169.00 Neutral Sell 104 1.44

RENTOKIL INITIAL 94.05 69.40 100.70 Neutral Sell 54 1.24

REXAM 512.50 394.28 547.50 Neutral Buy 617 0.91

RICARDO 410.00 304.50 431.00 Neutral Buy 458 0.85

ROBERT WALTERS 227.50 176.25 259.50 Neutral Buy 302 1.23

RPC GROUP 380.00 348.30 477.00 Neutral Buy 520 0.77

RPS GROUP 251.40 197.00 274.20 Neutral Neutral 241 1.50

SERCO GROUP 604.50 509.50 635.50 Neutral Sell 563 0.59

SHANKS GROUP 74.50 74.50 98.00 Neutral Strong Buy 164 1.46

SPEEDY HIRE 47.25 22.25 50.00 Neutral Neutral 51 1.25TRIBAL GROUP 142.00 73.25 149.00 Neutral Sell 50 0.56

TRIFAST 54.50 39.50 59.00 Neutral Neutral 60 0.92

VP 340.00 234.75 354.88 Neutral Strong Buy 604 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 177 0.79


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Telecommunication Services Over Valued


BT GROUP 276.00 200.70 281.70 Neutral Buy 332 0.90

CABLE & WIRELESS COMMS. 41.29 27.28 42.81 Neutral Strong Buy 81 0.69

INMARSAT 688.50 390.80 710.50 Neutral Sell 590 0.53

KCOM GROUP 81.55 67.00 85.20 Neutral Strong Buy 129 1.24

TELECOM PLUS 1182.00 682.50 1182.00 Sell Sell 726 0.11

VODAFONE GROUP 192.50 154.45 192.50 Neutral Sell 166 0.54

Transport Under Valued


BBA AVIATION 247.50 178.00 269.00 Neutral Sell 197 1.30

BRAEMAR SHIPPING SVS. 388.00 309.50 425.00 Neutral Buy 452 0.99

CLARKSON 1630.00 1150.00 1645.00 Sell Sell 1472 0.81

EASYJET 1110.00 481.20 1149.00 Neutral Sell 663 0.74

FIRST GROUP 210.50 175.70 260.50 Neutral Strong Buy 549 0.90

FISHER(JAMES)& SONS 1102.00 535.00 1102.00 Sell Sell 389 0.77

GO-AHEAD GROUP 1507.00 1086.00 1540.00 Neutral Buy 1826 0.89

NATIONAL EXPRESS 195.90 164.50 230.50 Neutral Buy 247 1.34

NORTHGATE 315.00 159.60 350.00 Neutral Strong Buy 609 1.41

STAGECOACH GROUP 296.50 230.40 319.60 Neutral Buy 351 0.90

WINCANTON 56.00 31.00 78.50 Sell Sell -40 0.90

Utilities Under Valued


CENTRICA 380.30 306.30 383.00 Neutral Buy 503 0.46

NATIONAL GRID 790.00 641.00 803.00 Neutral Buy 871 0.49

PENNON GROUP 653.50 598.00 796.00 Neutral Buy 808 0.58

SSE 1527.00 1294.00 1536.00 Neutral Buy 1802 0.42

SEVERN TRENT 1783.00 1513.00 1796.00 Neutral Sell 1573 0.34

UNITED UTILITIES GROUP 736.50 605.00 747.50 Neutral Sell 697 0.50


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