value indicator - uk main market 20130520

7/30/2019 value indicator - uk main market 20130520

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20 May 2013

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Intellisys Intelligent Analysis Limited 20 May 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 Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over 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 Over 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 410.00 270.90 410.00 Neutral Buy 592 0.67

CHEMRING GROUP 291.50 217.00 414.70 Neutral Buy 363 0.66

COBHAM 281.20 190.10 282.10 Neutral Buy 311 0.82

MEGGITT 520.50 364.30 521.50 Neutral Sell 449 1.32

ROLLS-ROYCE HOLDINGS 1178.00 7 80.75 1 225.00 Neu tral Neutra l 1169 1.07

SMITHS GROUP 1343.00 979.50 1343.00 Neutral Sell 1136 0.71

ULTRA ELECTRONICS HDG. 1775.00 1 424.00 1775.00 Neutral Sell 1670 0.51

Automobiles & Parts Under Valued

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

GKN 305.80 173.60 305.80 Sell Neutral 292 2.02

INCHCAPE 561.00 305.20 564.50 Neu tral Neutra l 549 1.48

LOOKERS 107.00 56.50 108.25 Neu tral Neutra l 117 1.23

PENDRAGON 24.25 13.50 25.00 Neutral Strong Buy 37 1.11

Banks Over Valued


BARCLAYS 326.80 150.55 327.35 Neutral Sell -793 1.94

HSBC HDG. (ORD $0.50) 758.60 503.20 758.60 Neutral Buy 951 1.17

LLOYDS BANKING GROUP 62.84 25.29 62.84 Sell Sell 10 1.89

ROYAL BANK OF SCTL.GP. 336.80 196.60 367.80 Neutral Sell -135 1.35

STANDARD CHARTERED 1623.00 1228.50 1 837.50 Neutral Strong Buy 3235 1.70

Beverages Under Valued


BARR (AG) 571.00 348.00 572.00 Neutral Neutra l 607 0.55

DIAGEO 2028.00 1477.00 2085.00 Neutral Sell 1816 0.55

SABMILLER 3599.50 2348.50 3657.00 Neutral Buy 4087 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 324.10 240.00 406.40 Neutral Strong Buy 653 1.23

CARCLO 361.75 345.75 503.00 Neu tral Neutra l 395 0.73

CRODA INTERNATIONAL 2607.00 2094.00 2841.00 Neutral Sell 2130 1.04

ELEMENTIS 245.00 179.00 275.00 Neutral Buy 349 0.99

JOHNSON MATTHEY 2636.00 2080.27 2649.00 Neutral Strong Buy 11856 1.45

VICTREX 1658.00 1185.00 1736.00 Neutral Sell 1473 1.14

SYNTHOMER 201.20 127.40 225.80 Neu tral Neutra l 207 1.16

ZOTEFOAMS 192.50 157.00 225.00 Neutral Strong Buy 375 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 253 0.51

BALFOUR BEATTY 227.20 207.60 320.80 Neutral Strong Buy 993 0.80

BARRATT DEVELOPMENTS 346.30 114.00 346.30 Sell Buy 467 1.58

BELLWAY 1359.00 660.00 1377.00 Neutral Buy 1921 1.15

BERKELEY GROUP HDG.(THE) 2195.00 1180.00 2207.00 Neutral Strong Buy 3378 0.66

BOOT (HENRY) 201.00 115.50 201.00 Sell Strong Buy 352 0.83

BOVIS HOMES GROUP 765.00 399.30 778.50 Neutral Sell 570 1.20

CARILLION 251.20 235.50 331.80 Strong Buy Strong Buy 801 1.12

CLARKE (T) 55.50 40.00 61.50 Neutral Strong Buy 269 0.82

COSTAIN GROUP 280.75 188.00 306.00 Neutral Strong Buy 551 0.57

CRH 1441.00 1052.00 1540.00 Neutral Sell 859 1.14

GALLIFORD TRY 995.00 579.00 995.50 Neutral Strong Buy 1703 1.01

KELLER 948.00 348.25 948.00 Neutral Strong Buy 2124 1.26

KIER GROUP 1195.00 1106.00 1408.00 Neutral Strong Buy 3354 0.97

LOW & BONAR 69.00 49.00 76.75 Neutral Strong Buy 217 1.07MARSHALLS 128.00 76.00 130.00 Neutral Strong Buy 292 1.39

MORGAN SINDALL GROUP 550.50 508.00 695.00 Neutral Strong Buy 3394 0.87

NORCROS 16.00 9.25 18.25 Neutral Strong Buy 34 1.15

PERSIMMON 1272.00 496.69 1272.00 Sell Buy 1455 1.20

REDROW 232.40 107.30 232.40 Neutral Buy 292 1.09

SIG 168.70 82.30 172.60 Neutral Strong Buy 509 1.79

SUPERGLASS HOLDINGS 1.88 1.88 14.50 Neutral Strong Buy 51 0.88

TAYLOR WIMPEY 101.50 40.28 101.50 Neutral Buy 131 1.67

TRAVIS PERKINS 1539.00 906.50 1543.00 Neutral Strong Buy 2616 2.01

WOLSELEY 3427.00 2121.32 3427.00 Neutral Strong Buy 5537 1.46

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1328.00 935.00 1364.00 Neutral Sell 840 0.75

DOMINO PRINTING SCIENCES 677.50 509.00 717.00 Neutral Buy 921 1.18

E2V TECHNOLOGIES 125.25 105.50 144.00 Neutral Strong Buy 270 1.29

INVENSYS 400.80 198.90 400.80 Neutral Sell 376 1.41

LAIRD 207.60 177.00 249.30 Neutral Sell 75 2.13

OXFORD INSTRUMENTS 1618.00 1096.00 1752.00 Neutral Sell 1286 1.00

RENISHAW 1766.00 1260.00 2081.00 Neutral Buy 2576 1.26

SPECTRIS 2124.00 1427.00 2470.00 Neutral Buy 2426 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.14 Neutral Strong Buy 0 0.84

TT ELECTRONICS 176.00 114.00 178.50 Neutral Strong Buy 447 1.58

XAAR 642.00 185.00 695.00 Neutral Sell 256 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 87.00 54.25 91.75 Neutral Buy 106 1.28

BODYCOTE 549.50 310.30 556.50 Neutral Neutral 531 1.60

CASTINGS 339.00 277.75 358.50 Neutral Strong Buy 725 0.99

VESUVIUS 365.40 263.19 402.10 Neutral Buy 527 2.20

FENNER 356.00 329.30 435.20 Neutral Strong Buy 574 1.42

HALMA 529.00 373.10 531.50 Neutral Sell 408 0.75

HILL & SMITH 460.50 297.00 480.00 Neutral Sell 349 1.37

IMI 1325.00 776.00 1347.00 Neutral Neutral 1412 1.41

MORGAN ADVANCED MATERIAL 276.70 220 .30 305.00 Neutral Strong Buy 557 1.82

ROTORK 2834.00 1859.00 3037.00 Neutral Sell 2243 1.00

SENIOR 269.60 177.00 269.60 Sell Sell 220 1.64

SEVERFIELD-ROWEN 41.63 35.40 96.69 Neutral Sell 32 0.79

SPIRAX-SARCO 2801.00 1900.00 2822.00 Sell Sell 2360 0.84

VITEC GROUP 593.00 586.50 740.00 Neutral Neutral 625 1.39

WEIR GROUP 2399.00 1397.00 2474.00 Neutral Sell 2109 1.38

Food & Drug Stores Over Valued


GREGGS 406.20 398.00 523.50 Neutral Strong Buy 702 0.47

MORRISON(WM)SPMKTS. 286.50 248.60 296.40 Neutral Sell 181 0.39

SAINSBURY (J) 378.20 283.50 396.50 Neutral Sell 200 0.57

TESCO 380.80 297.05 387.75 Neutral Sell 263 0.68

THORNTONS 93.00 18.88 93.00 Sell Sell 67 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1886.00 1167.00 2031.00 Neutral Buy 2152 0.62

CRANSWICK 1087.00 732.50 1087.00 Neutral Strong Buy 2126 0.43

DAIRY CREST 471.00 309.50 477.60 Neutral Neutral 512 0.94

DEVRO 345.50 278.00 380.00 Neutral Strong Buy 528 0.32

PREMIER FOODS 73.50 54.50 130.25 Neutral Sell -181 1.25

TATE & LYLE 850.00 633.50 874.00 Neutral Strong Buy 1589 0.71

UNILEVER (UK) 2845.00 2007.00 2852.00 Neutral Neutral 2822 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.63 20.50 29.50 Neutral Buy 36 0.69

BROWN (N) GROUP 458.50 224.40 458.50 Neutral Sell 394 0.54

BURBERRY GROUP 1456.00 1000.00 1456.00 Neutral Sell 1058 1.27

CARPETRIGHT 648.00 585.00 728.50 Neutral Sell 304 0.95

DIXONS RETAIL 42.00 12.67 42.00 Neu tral Neu tral 42 1.51

FINDEL 144.75 55.20 186.00 Neutral Sell 58 1.13

FRENCH CONNECTN.GROUP 34.00 19.50 34.00 Sell Strong Buy 110 0.99

HALFORDS GROUP 398.80 189.00 405.20 Neutral Buy 545 0.68

JD SPORTS FASHION 869 .00 606.50 869 .00 Neutral Strong Buy 1636 0.53

DARTY 60.00 38.00 65.00 Neutral Strong Buy 97 1.25

KINGFISHER 330.60 254.10 330.60 Neutral Buy 423 0.94

MARKS & SPENCER GROUP 451.00 312.20 451.00 Neutral Buy 563 0.65

MOSS BROTHERS GROUP 56.25 42.00 71.00 Neutral Buy 64 1.04

MOTHERCARE 349.75 161.50 362.00 Neutral Buy 386 0.47

NEXT 4693.00 2899.00 4693.00 Sell Sell 4025 0.67

TED BAKER 1420.00 840.00 1420.00 Sell Sell 711 0.55

TOPPS TILES 67.13 32.13 70.00 Neutral Sell 55 1.50

Heath Over Valued


BIOQUELL 146.00 126.00 160.00 Neutral Sell 119 0.46

CONSORT MEDICAL 780.00 584.00 831.50 Neutral Sell 580 0.39

OPTOS 122.25 122.25 222.75 Buy Buy 158 1.18

SMITH & NEPHEW 777.00 580.00 783.50 Neutral Sell 702 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 730.00 557.00 742.00 Neutral Neutral 711 0.44

HEADLAM GROUP 344.75 263.00 355.00 Neutral Sell 305 0.92

HORNBY 82.25 55.25 90.00 Neutral Buy 108 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 1088.00 469.00 1097.00 Neutral Sell 566 0.74

CSR 561.00 200.30 561.00 Neutral Strong Buy 1311 1.18FILTRONIC 63.00 23.50 83.25 Neutral Sell 49 0.90

IMAGIN AT ION TECHNOLOGIES 337.50 296 .00 624.00 Neutral Strong Buy 533 1.08

SPIRENT COMMUNICATIONS 132.50 122.00 170.90 Neutral Strong Buy 708 0.94

WOLFSON MICROELECTRONICS 226.25 170 .00 230.00 Neutral Sell -494 0.90


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Insurance Under Valued


ADMIRAL GROUP 1261.00 1019.00 1374.00 Neu tral Neu tral 1220 0.53

AMLIN 427.80 312.90 434.00 Neutral Sell 67 0.46

BEAZLEY 231.00 132.50 233.30 Neutral Strong Buy 1315 0.60

CATLIN GROUP 543.00 399.00 543.00 Neutral Strong Buy 2067 0.30

HISCOX 577.00 385.08 577.00 Neutral Strong Buy 2620 0.48

JARDINE LLOYD THOMPSON 906 .50 659.00 914 .50 Neutral Strong Buy 1743 0.31

RSA INSURANCE GROUP 115.90 97.65 136.30 Neutral Strong Buy 949 0.41

NOVAE GROUP 500.00 345.00 500.00 Neutral Strong Buy 2959 0.48

Leisure & Hotels Over Valued


CARNIVAL 2391.00 1969.00 2628.00 Neutral Strong Buy 4263 1.01

ENTERPRISE INNS 116.70 55.50 116.70 Neu tral Neu tral 119 1.61

TUI TRAVEL 371.80 158.00 371.80 Neutral Strong Buy 822 1.01

FULLER SMITH 'A' 805.00 700.00 820.00 Neutral Sell 718 0.39

GREENE KING 788.50 474.30 788.50 Sell Sell 696 0.93

LADBROKES 215.00 152.70 243.10 Neutral Buy 266 0.93

ICTL.HTLS.GP. 1945.00 1396.63 2039.00 Neutral Sell 1547 1.18

MILLENNIUM & CPTH.HTLS. 556.00 455.40 582.50 Neutral Buy 684 1.40

MITCHELLS & BUTLERS 405.70 217.40 405.70 Sell Sell 340 1.12

BWIN PARTY DIGITAL ENTM. 146.00 91.90 156.00 Neutral Sell 50 1.25

PUNCH TAVERNS 10.50 5 .61 13.12 Neutral Strong Buy 56 1.27

RANK GROUP 158.30 115.00 177.50 Neutral Strong Buy 528 1.00

RESTAURANT GROUP 513.00 278.80 519.00 Neutral Sell 341 0.76

WETHERSPOON (JD) 652.00 377.00 655.00 Neutral Buy 786 0.69

WHITBREAD 2798.00 1786.00 2798.00 Sell Sell 2104 0.99WILLIAM HILL 445.00 245.70 447.00 Neutral Sell 271 0.87

MARSTON'S 153.80 94.70 153.80 Neutral Sell 24 1.21

Life Assurance Over Valued


AVIVA 340.30 255.30 388.40 Neutral Strong Buy 755 1.25

CHESNARA 266.00 155.25 266.00 Neutral Strong Buy 417 0.70

LEGAL & GENERAL 186.40 106.00 186.40 Neutral Strong Buy 380 1.71

OLD MUTUAL 221.60 138.70 221.60 Neu tral Neu tral 214 1.57

PRUDENTIAL 1193.00 660.00 1193.00 Sell Sell 1071 1.71

ST.JAMES'S PLACE 630.00 303.40 630.00 Sell Strong Buy 1591 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 115.50 102.00 146.50 Neutral Sell -620 0.37

BRITISH SKY BCAST.GROUP 793.50 656.00 899.50 Buy Strong Buy 1857 0.54

CENTAUR MEDIA 32.13 28.50 60.00 Buy Strong Buy 166 1.03

DAILY MAIL 'A' 766.00 363.50 766.00 Sell Strong Buy 4361 1.14

EUROMONEY INSTL.INVESTOR 998.00 672 .50 1030.00 Neutral Strong Buy 8154 1.00

INFORMA 526.50 340.00 537.00 Neutral Sell -80 1.53

ITE GROUP 294.00 180.00 294.30 Neutral Strong Buy 257 1.45

ITV 130.30 69.45 132.30 Neutral Strong Buy 1356 1.54

JOHNSTON PRESS 17.88 4.88 19.00 Neutral Strong Buy 832 1.27

PEARSON 1202.00 1115.00 1294.00 Neutral Buy 339 0.63

PHOTO-ME INTL. 84.50 36.25 84.50 Neutral Strong Buy 2798 0.79

PINEWOOD SHEPPERTON 272.50 265.00 377.50 Neutral Strong Buy 932 0.16

THOMSON REUTERS 35.51 26.85 35.51 Neutral Sell -618 0.50

STV GROUP 137.50 81.50 146.88 Neutral Sell 284 0.79

ST.IVES 160.00 67.50 160.00 Neutral Sell 249 1.50TRINITY MIRROR 105.00 25.50 121.25 Neutral Sell -272 1.59

UBM 740.00 511.00 788.00 Neutral Strong Buy 1826 1.31

WILMINGTON GROUP 153.00 82.00 164.00 Neutral Strong Buy 1443 0.84

WPP 1157.00 743.00 1157.00 Neutral Sell -533 1.35

HIBU 0.41 0.26 3.22 Neutral Strong Buy 863 1.07

Mining Under Valued


ANGLO AMERICAN 1570.00 1544.00 2215.00 Neutral Sell 1180 1.74

ANGLO PACIFIC GROUP 238.00 215.00 290.00 Neu tral Neu tral 229 0.96

ANTOFAGASTA 935.00 884.00 1381.00 Neutral Sell 848 1.41

BHP BILLITON 1928.50 1681.00 2236.00 Neutral Buy 2855 1.43

GLENCORE XSTRATA 338.75 293.55 397.85 Buy Strong Buy 974 #NA

LONMIN 274.10 240.84 421.26 Neutral Buy 349 2.03

RANDGOLD RESOURCES 4757.00 4545.00 7 775.00 Neutral Sell 2967 0.34

RIO TINTO 2899.50 2715.50 3757.00 Neutral Sell 2313 1.50

COALFIELD RESOURCES 3.38 13.00 Neutral Strong Buy 164 0.89

VEDANTA RESOURCES 1273.00 832.50 1299.00 Neutral Strong Buy 2078 2.20

Oil & Gas Under Valued


BG GROUP 1231.00 1000.50 1350.50 Neu tral Neu tral 1265 0.80

BP 469.95 391.95 475.90 Neutral Strong Buy 1591 1.03

CAIRN ENERGY 286.50 248.20 309.40 Neutral Sell -21 1.32

FORTUNE OIL 8.32 7.66 12.50 Neutral Strong Buy 14 0.82

HUNTING 873.00 688.00 941.00 Neutral Sell 457 1.31

JKX OIL & GAS 58.25 55.00 120 .00 Neutral Strong Buy 308 1.36

PREMIER OIL 381.00 321.30 401.20 Neutral Sell 292 1.43

ROYAL DUTCH SHELL B 2310.00 2039.00 2366.50 Neutral Strong Buy 9609 0.84

SOCO INTERNATIONAL 400.90 264.70 404.30 Neutral Sell 253 0.53

TULLOW OIL 1044.00 977.00 1531.00 Neutral Sell 928 1.04

WOOD GROUP (JOHN) 829.00 651.50 879.50 Neu tral Neu tral 815 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 109.50 101.20 144.60 Neutral Strong Buy 247 0.84

PZ CUSSONS 384.60 297.20 415.60 Neutral Sell 315 0.69

RECKITT BENCKISER GROUP 4718.00 3300 .00 4812.00 Neutral Neutral 4758 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.42 0.36 3.58 Buy Sell 0 1.01

ASTRAZENECA 3383.00 2591.00 3390.00 Neutral Strong Buy 6672 0.47

BTG 356.60 300.30 423.00 Neutral Sell 171 0.58

DECHRA PHARMACEUTICALS 719.00 4 61.50 780.00 Neu tral Neu tral 739 0.25

GLAXOSMITHKLINE 1712.50 1317.50 1717.50 Neutral Sell 1609 0.49

OXFORD BIOMEDICA 2.28 1.55 3.55 Neutral Sell 1 0.64

PHYTOPHARM 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2050.00 1727.00 2153.00 Neutral Sell 1399 0.66

SKYEPHARMA 50.50 43.50 101.50 Neutral Sell -133 0.73

VERNALIS 22.50 21.63 27.38 Neutral Strong Buy 36 0.91

Real Estate Under Valued


BIG YELLOW GROUP 416.10 274.50 426.70 Neutral Sell -620 1.18

BRITISH LAND 649.00 475.40 649.00 Neutral Strong Buy 1857 1.06

CAPITAL & REGIONAL 36.50 22.75 36.50 Sell Strong Buy 166 0.85

CLS HOLDINGS 980.00 595.00 991.50 Neutral Strong Buy 4361 0.70

DERWENT LONDON 2521.00 1708.00 2521.00 Sell Strong Buy 8154 1.24DEVELOPMENT SECS. 175.00 121.75 175.00 Neutral Sell -80 0.99

GRAINGER 155.60 83.10 155.60 Neutral Strong Buy 257 1.58

GREAT PORTLAND ESTATES 593.50 367.80 595.50 Sell Strong Buy 1356 1.10

HAMMERSON 550.50 409.20 554.00 Neutral Strong Buy 832 1.19

HELICAL BAR 294.25 164.00 294.25 Neutral Buy 339 0.77

LAND SECURITIES GROUP 990.00 704.00 990.00 Neutral Strong Buy 2798 1.16

INTU PROPERTIES 359.60 305.00 366.00 Neutral Strong Buy 932 1.09

MCKAY SECURITIES 146.00 127.00 146.00 Neutral Sell -618 0.73

MUCKLOW (A & J) GROUP 414.00 325.00 437.50 Neutral Sell 284 0.42

PRIMARY HEALTH PROPS. 329.00 312.00 364.50 Neutral Sell 249 0.35

QUINTAIN ESTATES & DEV. 77.75 32.50 77.75 Sell Sell -272 1.19

SAVILLS 599.50 300.80 601.50 Neutral Strong Buy 1826 0.77

SHAFTESBURY 664.00 492.00 664.00 Neutral Strong Buy 1443 1.05

SEGRO 301.50 209.40 301.50 Sell Sell -533 1.73

ST MODWEN PROPS. 323.50 145.50 329.10 Neutral Strong Buy 863 1.59

TOWN CENTRE SECURITIES 219.50 147.00 219.50 Neutral Sell -12 1.01

UNITE GROUP 379.90 180.25 387.50 Neutral Sell 56 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1227 1.03

WORKSPACE GROUP 410.00 215.50 410.00 Sell Strong Buy 1401 1.05


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Software & Computer Services Under Valued


ANITE 127.80 111.00 162.00 Neu tral Neu tral 124 0.73

AVEVA GROUP 2289.00 1469.00 2322.00 Neutral Sell 1341 1.40

COMPUTACENTER 461.70 292.40 567.00 Neutral Strong Buy 1375 1.00

KOFAX 325.00 242.00 335.00 Neu tral Neu tral 328 1.11

INNOVATION GROUP 27.25 18.25 27.50 Sell Sell 25 0.85

MICRO FOCUS INTL. 693.00 431.48 706.00 Neutral Buy 1011 0.76

PHOENIX IT GROUP 140.00 130.00 222.00 Neutral Strong Buy 316 0.74

RM 73.25 68.00 85.50 Neutral Sell -93 0.52

FIDESSA GROUP 1949.00 1275.00 1970.00 Neu tral Neu tral 2118 0.76

SAGE GROUP 363.50 247.70 363.50 Neutral Buy 425 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 470.00 237.30 476.40 Neutral Sell 155 1.09

BREWIN DOLPHIN 214.80 136.30 222.00 Neutral Sell 125 0.73

CAMELLIA 10100.00 9250.00 11105.00 Neu tral Neu tral 9673 0.84

CHARLES STANLEY GROUP 391.50 247.50 406.25 Neutral Sell 212 0.97

CHARLES TAYLOR 175.00 140.00 190.00 Neutral Sell 140 0.69

CLOSE BROTHERS GROUP 1079.00 673.50 1107.00 Neutral Sell 256 0.86

F&C ASSET MANAGEMENT 93.05 70.00 110.40 Neutral Buy 103 0.89

HELPHIRE GROUP 3.32 0.55 3.70 Sell Strong Buy 25 0.69

HENDERSON GROUP 178.30 90.55 179.60 Neutral Sell 68 1.44

ICAP 341.60 280.80 376.60 Neutral Sell 247 1.07

INTERMEDIATE CAPITAL GP. 456.70 227.30 456.70 Neutral Sell 175 1.70

INVESTEC 506.00 310.40 513.50 Neutral Sell 140 1.56

LONDON STOCK EX.GROUP 1399.00 930.00 1411.00 Neutral Strong Buy 5955 1.15MAN GROUP 131.50 63.25 131.50 Neutral Strong Buy 478 1.32

RATHBONE BROTHERS 1535.00 1151.00 1551.00 Neutral Sell 1139 0.75

SCHRODERS 2533.00 1166.00 2560.00 Neutral Sell 1240 1.30

SCHRODERS NV 1990.00 966.00 2000.00 Sell Strong Buy 3890 1.27


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Support Services Over Valued


ACAL 219.00 157.75 242.50 Neutral Buy 299 0.92

AGGREKO 1747.00 1557.00 2400.00 Neutral Sell 1333 1.05

AMEC 1044.00 923.00 1172.00 Neutral Buy 1161 1.04

ASHTEAD GROUP 636.00 212.20 636.00 Neutral Sell 328 1.63

BABCOCK INTL. 1136.00 827.00 1163.00 Neutral Sell 682 0.48

BRITISH POLYTHENE INDS. 580.25 324.00 580.25 Neutral Buy 820 0.76

BUNZL 1323.00 990.00 1329.00 Neutral Sell 1011 0.55

UK MAIL GROUP 450.00 214.00 465.00 Neutral Neutral 453 0.39

CAPITA 946.00 602.00 947.50 Neutral Sell 539 0.51

COMMUNISIS 56.00 25.34 56.50 Neutral Buy 69 0.78

COMPASS GROUP 892.00 616.00 892.00 Sell Sell 621 0.74

BERENDSEN 768.50 462.00 812.00 Neutral Buy 1008 1.05

DE LA RUE 986.00 891.50 1075.00 Neutral Sell 617 #NA

DIGNITY 1429.00 803.50 1462.00 Neutral Sell 830 0.22

DIPLOMA 583.00 417.00 627.50 Neutral Sell 499 0.96ELECTROCOMP. 269.80 195.20 269.80 Neutral Buy 330 1.04

FILTRONA 741.00 428.00 750.00 Neutral Sell 357 1.13

G4S 249.10 240.00 313.50 Neutral Buy 300 0.58

HAYS 95.70 66.40 101.20 Neutral Buy 124 1.10

HOMESERVE 226.40 137.50 248.00 Neutral Strong Buy 503 0.94

INTERSERVE 512.00 271.40 512.00 Neutral Buy 703 1.28

INTERTEK GROUP 3385.00 2456.00 3453.00 Neutral Sell 1489 0.78

JOHNSON SERVICE GROUP 44.25 26.50 45.75 Neutral Strong Buy 97 1.17

MANAGEMENT CNSL.GP. 31.00 21.25 32.25 Neutral Strong Buy 57 0.72

MENZIES (JOHN) 762.00 542.00 801.00 Neutral Strong Buy 1320 1.43

MICHAEL PAGE INTL. 393.10 341.40 451.80 Neutral Sell 327 1.42

MITIE GROUP 273.40 253.90 300.80 Neutral Buy 351 0.55

OFFICE2OFFICE 92.50 87.50 156.00 Neutral Strong Buy 245 0.33

PAYPOINT 897.00 605.00 912.50 Neutral Sell 709 0.71

PREMIER FARNELL 226.70 153.20 236.30 Neutral Buy 294 1.33

REGUS 172.40 82.65 177.50 Neutral Sell 109 1.46

RENTOKIL INITIAL 93.20 69.40 100.70 Neutral Sell 56 1.25

REXAM 523.00 394.28 547.50 Neutral Neutral 546 0.90

RICARDO 418.00 304.50 431.00 Neutral Buy 483 0.86

ROBERT WALTERS 214.50 176.25 232.00 Neutral Buy 316 1.24

RPC GROUP 396.00 365.40 477.00 Neutral Buy 549 0.78

RPS GROUP 229.70 197.00 274.20 Neutral Buy 254 1.51

SERCO GROUP 635.00 509.50 637.50 Neutral Sell 595 0.60

SHANKS GROUP 84.25 73.00 98.00 Neutral Strong Buy 173 1.46

SPEEDY HIRE 54.00 22.25 54.25 Neutral Neutral 53 1.26TRIBAL GROUP 149.00 74.00 153.50 Neutral Sell 52 0.63

TRIFAST 54.75 39.50 59.00 Neutral Buy 63 0.93

VP 339.00 237.00 354.88 Neutral Strong Buy 640 0.86

WYG 78.88 42.00 78.88 Sell Strong Buy 188 0.79


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Telecommunication Services Over Valued


BT GROUP 314.00 200.70 316.30 Neutral Buy 352 0.91

CABLE & WIRELESS COMMS. 44.30 27.28 44.30 Neutral Strong Buy 86 0.70

INMARSAT 662.00 390.80 749.00 Neutral Sell 604 0.53

KCOM GROUP 87.25 67.00 87.30 Neutral Strong Buy 136 1.24

TELECOM PLUS 1264.00 695.00 1264.00 Sell Sell 775 0.09

VODAFONE GROUP 197.70 154.45 197.70 Neutral Sell 172 0.54

Transport Under Valued


BBA AVIATION 279.30 178.00 279.30 Sell Sell 185 1.30

BRAEMAR SHIPPING SVS. 420.75 309.50 425.00 Neutral Buy 474 0.98

CLARKSON 1665.00 1150.00 1673.00 Neutral Sell 1521 0.80

EASYJET 1188.00 481.20 1224.00 Neutral Sell 699 0.77

FIRST GROUP 223.80 175.70 260.50 Neutral Strong Buy 590 0.91

FISHER(JAMES)& SONS 1000.00 535.00 1110.00 Neutral Sell 415 0.77

GO-AHEAD GROUP 1588.00 1086.00 1588.00 Neutral Buy 1942 0.90

NATIONAL EXPRESS 213.70 164.50 230.50 Neutral Buy 264 1.35

NORTHGATE 335.00 159.60 350.00 Neutral Strong Buy 634 1.41

STAGECOACH GROUP 315.40 230.40 319.60 Neutral Buy 374 0.89

WINCANTON 54.75 31.00 78.50 Sell Sell -45 0.90

Utilities Under Valued


CENTRICA 386.90 306.30 393.10 Neutral Buy 525 0.47

NATIONAL GRID 828.50 641.00 847.00 Neutral Buy 931 0.50

PENNON GROUP 699.50 598.00 796.00 Neutral Buy 862 0.59

SSE 1602.00 1294.00 1611.00 Neutral Buy 1882 0.42

SEVERN TRENT 2050.00 1513.00 2090.00 Neutral Sell 1692 0.35

UNITED UTILITIES GROUP 765.00 617.50 765.00 Neu tral Neutra l 751 0.50


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value indicator - uk main market 20130520

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