value indicator - uk main market 20130528

7/30/2019 value indicator - uk main market 20130528

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28 May 2013

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Intellisys Intelligent Analysis Limited 28 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 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 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 414.10 270.90 427.00 Neutral Buy 594 0.67

CHEMRING GROUP 281.40 217.00 414.70 Neutral Buy 360 0.66

COBHAM 282.30 190.10 287.20 Neutral Buy 313 0.82

MEGGITT 523.50 364.30 532.50 Sell Sell 449 1.32

ROLLS-ROYCE HOLDINGS 1190.00 7 80.75 1 225.00 Neu tral Neutra l 1190 1.07

SMITHS GROUP 1355.00 979.50 1370.00 Neutral Sell 1144 0.71

ULTRA ELECTRONICS HDG. 1811.00 1 424.00 1843.00 Neutral Sell 1683 0.51

Automobiles & Parts Under Valued

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

GKN 296.40 173.60 311.90 Neu tral Neutra l 284 2.02

INCHCAPE 549.00 305.20 577.50 Neu tral Neutra l 542 1.48

LOOKERS 106.00 56.50 110.00 Neu tral Neutra l 115 1.23

PENDRAGON 25.50 13.50 26.50 Neutral Buy 37 1.11

Banks Over Valued


BARCLAYS 317.00 150.55 333.85 Neutral Sell -802 1.94

HSBC HDG. (ORD $0.50) 726.00 503.20 769.90 Neutral Buy 922 1.17

LLOYDS BANKING GROUP 60.08 25.29 62.96 Sell Sell 8 1.89

ROYAL BANK OF SCTL.GP. 327.00 196.60 367.80 Neutral Sell -144 1.35

STANDARD CHARTERED 1537.50 1228.50 1 837.50 Neutral Strong Buy 3174 1.70

Beverages Under Valued


BARR (AG) 570.00 348.00 588.50 Neutral Neutra l 605 0.55

DIAGEO 2019.50 1513.50 2085.00 Neutral Sell 1794 0.55

SABMILLER 3432.50 2348.50 3657.00 Neutral Buy 3959 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 323.50 240.00 406.40 Neutral Strong Buy 642 1.23

CARCLO 370.50 356.00 503.00 Neu tral Neutra l 385 0.73

CRODA INTERNATIONAL 2529.00 2125.00 2841.00 Neutral Sell 2081 1.04

ELEMENTIS 237.70 179.00 275.00 Neutral Buy 342 0.99

JOHNSON MATTHEY 2596.00 2080.27 2696.00 Neutral Strong Buy 11483 1.45

VICTREX 1628.00 1185.00 1736.00 Neutral Sell 1446 1.14

SYNTHOMER 191.00 127.40 225.80 Neu tral Neutra l 208 1.16

ZOTEFOAMS 198.50 157.00 225.00 Neutral Strong Buy 369 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 243 0.51

BALFOUR BEATTY 236.50 207.60 320.80 Neutral Strong Buy 928 0.80

BARRATT DEVELOPMENTS 325.00 114.00 346.30 Neutral Buy 443 1.58

BELLWAY 1261.00 660.00 1377.00 Neutral Buy 1807 1.15

BERKELEY GROUP HDG.(THE) 2123.00 1191.00 2207.00 Neutral Strong Buy 3269 0.66

BOOT (HENRY) 189.50 115.50 201.00 Neutral Strong Buy 337 0.83

BOVIS HOMES GROUP 744.50 399.30 778.50 Neutral Sell 539 1.20

CARILLION 250.10 235.50 331.80 Buy Strong Buy 736 1.12

CLARKE (T) 53.50 40.00 61.50 Neutral Strong Buy 250 0.82

COSTAIN GROUP 259.50 188.00 306.00 Neutral Strong Buy 544 0.57

CRH 1390.00 1052.00 1540.00 Neutral Sell 833 1.14

GALLIFORD TRY 953.00 579.00 999.00 Neutral Strong Buy 1581 1.01

KELLER 934.50 348.25 978.50 Neutral Strong Buy 2023 1.26

KIER GROUP 1228.00 1106.00 1408.00 Neutral Strong Buy 3171 0.97

LOW & BONAR 66.50 49.75 76.75 Neutral Strong Buy 209 1.07MARSHALLS 136.75 76.00 139.00 Neutral Strong Buy 276 1.39

MORGAN SINDALL GROUP 555.00 508.00 695.00 Neutral Strong Buy 3193 0.87

NORCROS 15.37 9.25 18.25 Neutral Strong Buy 32 1.15

PERSIMMON 1220.00 496.69 1272.00 Neutral Buy 1371 1.20

REDROW 225.90 107.30 238.10 Neutral Buy 273 1.09

SIG 173.30 82.30 174.00 Neutral Strong Buy 494 1.79

SUPERGLASS HOLDINGS 2.00 1.88 14.50 Sell Strong Buy 50 0.88

TAYLOR WIMPEY 97.65 40.28 103.00 Neutral Buy 122 1.67

TRAVIS PERKINS 1566.00 906.50 1604.00 Neutral Strong Buy 2443 2.01

WOLSELEY 3329.00 2121.32 3483.00 Neutral Strong Buy 5340 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1305.00 978.00 1365.00 Neutral Sell 826 0.75

DOMINO PRINTING SCIENCES 663.50 509.00 717.00 Neutral Buy 906 1.18

E2V TECHNOLOGIES 125.00 105.50 144.00 Neutral Strong Buy 266 1.29

INVENSYS 387.40 198.90 402.70 Neu tral Neu tral 370 1.41

LAIRD 204.20 177.00 249.30 Neutral Sell 73 2.13

OXFORD INSTRUMENTS 1572.00 1120.00 1752.00 Neutral Sell 1265 1.00

RENISHAW 1756.00 1260.00 2081.00 Neutral Buy 2538 1.26

SPECTRIS 2090.00 1427.00 2470.00 Neutral Buy 2383 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.14 Neutral Strong Buy 0 0.84

TT ELECTRONICS 174.00 114.00 178.50 Neutral Strong Buy 439 1.58

XAAR 634.50 185.00 695.00 Neutral Sell 252 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 82.88 54.25 91.75 Neutral Buy 106 1.28

BODYCOTE 553.50 310.30 560.50 Neutral Neutral 528 1.60

CASTINGS 336.50 277.75 358.50 Neutral Strong Buy 720 0.99

VESUVIUS 367.60 263.19 402.10 Neutral Buy 525 2.20

FENNER 342.00 329.30 435.20 Neutral Strong Buy 571 1.42

HALMA 519.00 375.00 538.50 Neutral Sell 405 0.75

HILL & SMITH 436.00 297.00 480.00 Neutral Sell 348 1.37

IMI 1309.00 776.00 1359.00 Neutral Neutral 1402 1.41

MORGAN ADVANCED MATERIAL 290.50 220 .30 305.00 Neutral Strong Buy 554 1.82

ROTORK 2835.00 1859.00 3037.00 Neutral Sell 2213 1.00

SENIOR 271.40 177.00 280.80 Neutral Sell 219 1.64

SEVERFIELD-ROWEN 45.50 35.40 91.10 Neutral Sell 32 0.79

SPIRAX-SARCO 2787.00 1900.00 2865.00 Neutral Sell 2342 0.84

VITEC GROUP 598.00 586.50 740.00 Neutral Neutral 623 1.39

WEIR GROUP 2295.00 1397.00 2474.00 Neutral Sell 2094 1.38

Food & Drug Stores Over Valued


GREGGS 410.00 398.00 523.50 Neutral Strong Buy 704 0.47

MORRISON(WM)SPMKTS. 280.00 248.60 296.40 Neutral Sell 179 0.39

SAINSBURY (J) 378.00 283.50 396.50 Neutral Sell 197 0.57

TESCO 380.00 297.05 387.75 Neutral Sell 261 0.68

THORNTONS 94.13 18.88 100.50 Neutral Sell 68 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1932.00 1167.00 2031.00 Neutral Buy 2173 0.62

CRANSWICK 1088.00 732.50 1115.00 Neutral Strong Buy 2146 0.43

DAIRY CREST 489.60 312.70 489.60 Sell Neutral 522 0.94

DEVRO 339.00 278.00 380.00 Neutral Strong Buy 531 0.32

PREMIER FOODS 72.25 54.50 125.75 Neutral Sell -181 1.25

TATE & LYLE 875.50 633.50 875.50 Neutral Strong Buy 1600 0.71

UNILEVER (UK) 2862.00 2013.00 2885.00 Neutral Neutral 2843 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.75 20.50 29.50 Neutral Buy 36 0.69

BROWN (N) GROUP 459.00 224.40 465.60 Neutral Sell 389 0.54

BURBERRY GROUP 1518.00 1000.00 1541.00 Neutral Sell 1050 1.27

CARPETRIGHT 641.50 585.00 728.50 Neutral Sell 300 0.95

DIXONS RETAIL 41.88 12.67 42.90 Neu tral Neu tral 43 1.51

FINDEL 153.00 55.20 186.00 Neutral Sell 58 1.13

FRENCH CONNECTN.GROUP 31.75 19.50 34.00 Sell Strong Buy 109 0.99

HALFORDS GROUP 300.00 189.00 405.20 Neutral Strong Buy 537 0.68

JD SPORTS FASHION 885 .00 606.50 900 .00 Neutral Strong Buy 1616 0.53

DARTY 70.50 38.00 72.50 Neutral Buy 99 1.25

KINGFISHER 327.00 254.10 335.50 Neutral Buy 417 0.94

MARKS & SPENCER GROUP 475.00 312.20 475.20 Sell Buy 555 0.65

MOSS BROTHERS GROUP 55.50 42.75 71.00 Neutral Buy 64 1.04

MOTHERCARE 348.75 189.25 364.00 Neutral Buy 408 0.47

NEXT 4580.00 2987.00 4749.00 Neutral Sell 3977 0.67

TED BAKER 1490.00 840.00 1490.00 Sell Sell 703 0.55

TOPPS TILES 65.00 32.13 70.00 Neutral Sell 54 1.50

Heath Over Valued


BIOQUELL 141.00 126.50 160.00 Neutral Sell 114 0.46

CONSORT MEDICAL 768.00 584.00 831.50 Neutral Sell 564 0.39

OPTOS 135.00 122.25 222.75 Neutral Buy 159 1.18

SMITH & NEPHEW 782.50 590.50 794.50 Neutral Sell 705 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 722.50 557.00 742.00 Neutral Neutral 703 0.44

HEADLAM GROUP 366.00 263.00 372.50 Neutral Sell 305 0.92

HORNBY 74.00 55.25 89.00 Neutral Buy 107 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 985.50 469.00 1097.00 Neutral Sell 540 0.74

CSR 549.50 200.30 570.00 Neutral Strong Buy 1280 1.18FILTRONIC 62.00 25.00 83.25 Neutral Sell 47 0.90

IMAGIN AT ION TECHNOLOGIES 353.40 296 .00 624.00 Neutral Buy 508 1.08

SPIRENT COMMUNICATIONS 133.20 122.00 170.90 Neutral Strong Buy 674 0.94

WOLFSON MICROELECTRONICS 220.50 170 .00 230.00 Neutral Sell -486 0.90


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Insurance Under Valued


ADMIRAL GROUP 1298.00 1019.00 1374.00 Neu tral Neu tral 1249 0.53

AMLIN 419.20 312.90 435.10 Neutral Sell 60 0.46

BEAZLEY 232.60 132.50 240.80 Neutral Strong Buy 1279 0.60

CATLIN GROUP 524.50 399.00 552.50 Neutral Strong Buy 2010 0.30

HISCOX 570.00 393.97 600.00 Neutral Strong Buy 2550 0.48

JARDINE LLOYD THOMPSON 894 .50 671.00 914 .50 Neutral Strong Buy 1710 0.31

RSA INSURANCE GROUP 113.40 97.65 136.30 Neutral Strong Buy 917 0.41

NOVAE GROUP 488.50 345.00 500.00 Neutral Strong Buy 2859 0.48

Leisure & Hotels Over Valued


CARNIVAL 2237.00 2062.00 2628.00 Neutral Strong Buy 4175 1.01

ENTERPRISE INNS 116.00 55.50 123.80 Neu tral Neu tral 115 1.61

TUI TRAVEL 358.50 158.00 373.20 Neutral Strong Buy 804 1.01

FULLER SMITH 'A' 812.50 700.00 820.00 Neutral Sell 704 0.39

GREENE KING 767.00 478.20 789.50 Neutral Sell 679 0.93

LADBROKES 207.10 152.70 243.10 Neutral Buy 261 0.93

ICTL.HTLS.GP. 1912.00 1413.65 2039.00 Neutral Sell 1525 1.18

MILLENNIUM & CPTH.HTLS. 550.50 455.40 582.50 Neutral Buy 672 1.40

MITCHELLS & BUTLERS 385.10 217.40 408.50 Neutral Sell 332 1.12

BWIN PARTY DIGITAL ENTM. 131.40 91.90 156.00 Neutral Sell 44 1.25

PUNCH TAVERNS 11.50 5 .61 13.12 Neutral Strong Buy 54 1.27

RANK GROUP 146.20 115.00 177.50 Neutral Strong Buy 521 1.00

RESTAURANT GROUP 521.50 279.90 531.00 Neutral Sell 335 0.76

WETHERSPOON (JD) 641.00 385.00 661.50 Neutral Buy 770 0.69

WHITBREAD 2835.00 1821.00 2887.00 Neutral Sell 2069 0.99WILLIAM HILL 440.50 246.35 452.80 Neutral Sell 266 0.87

MARSTON'S 149.40 94.70 154.70 Neutral Sell 20 1.21

Life Assurance Over Valued


AVIVA 328.90 255.30 388.40 Neutral Strong Buy 714 1.25

CHESNARA 258.00 155.25 270.00 Neutral Strong Buy 399 0.70

LEGAL & GENERAL 180.00 106.00 187.80 Neutral Strong Buy 360 1.71

OLD MUTUAL 214.00 138.70 221.60 Neu tral Neu tral 207 1.57

PRUDENTIAL 1144.00 660.00 1203.00 Neutral Sell 1024 1.71

ST.JAMES'S PLACE 584.00 303.40 640.00 Neutral Strong Buy 1528 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 128.62 102.00 146.50 Neutral Sell -624 0.37

BRITISH SKY BCAST.GROUP 780.50 656.00 899.50 Neutral Strong Buy 1841 0.54

CENTAUR MEDIA 33.25 28.50 60.00 Neutral Strong Buy 163 1.03

DAILY MAIL 'A' 758.50 363.50 768.00 Neutral Strong Buy 4369 1.14

EUROMONEY INSTL.INVESTOR 930.00 700 .00 1030.00 Neutral Strong Buy 8100 1.00

INFORMA 521.50 340.00 537.00 Neutral Sell -76 1.53

ITE GROUP 292.80 180.00 299.00 Neutral Strong Buy 266 1.45

ITV 130.10 69.45 134.70 Neutral Strong Buy 1350 1.54

JOHNSTON PRESS 17.25 4.88 19.00 Neutral Strong Buy 828 1.27

PEARSON 1223.00 1119.00 1294.00 Neutral Buy 342 0.63

PHOTO-ME INTL. 82.00 36.25 84.50 Neutral Strong Buy 2794 0.79

PINEWOOD SHEPPERTON 274.50 265.00 377.50 Neutral Strong Buy 939 0.16

THOMSON REUTERS 36.37 26.85 36.37 Neutral Sell -619 0.50

STV GROUP 136.50 81.50 146.88 Neutral Sell 282 0.79

ST.IVES 163.00 67.50 166.50 Neutral Sell 244 1.50TRINITY MIRROR 115.75 25.50 121.25 Neutral Sell -278 1.59

UBM 729.00 511.00 788.00 Neutral Strong Buy 1811 1.31

WILMINGTON GROUP 160.00 82.00 164.00 Neutral Strong Buy 1440 0.84

WPP 1146.00 743.00 1178.00 Neutral Sell -530 1.35

HIBU 0.40 0.26 2.18 Neutral Strong Buy 859 1.07

Mining Under Valued


ANGLO AMERICAN 1556.50 1544.00 2215.00 Neutral Sell 1164 1.74

ANGLO PACIFIC GROUP 225.50 215.00 290.00 Neu tral Neu tral 228 0.96

ANTOFAGASTA 961.00 884.00 1381.00 Neutral Sell 850 1.41

BHP BILLITON 1923.00 1694.50 2236.00 Neutral Buy 2860 1.43

GLENCORE XSTRATA 331.85 293.55 397.85 Buy Strong Buy 966 #NA

LONMIN 262.40 240.84 421.26 Neutral Buy 344 2.03

RANDGOLD RESOURCES 4988.00 4545.00 7 775.00 Neutral Sell 2967 0.34

RIO TINTO 2867.00 2715.50 3757.00 Neutral Sell 2278 1.50

COALFIELD RESOURCES 3.38 13.00 Neutral Strong Buy 165 0.89

VEDANTA RESOURCES 1281.00 832.50 1335.00 Neutral Strong Buy 2063 2.20

Oil & Gas Under Valued


BG GROUP 1194.00 1000.50 1350.50 Neu tral Neu tral 1236 0.80

BP 476.40 394.90 483.30 Neutral Strong Buy 1560 1.03

CAIRN ENERGY 280.60 248.20 309.40 Neutral Sell -20 1.32

FORTUNE OIL 7.86 7.66 12.50 Buy Strong Buy 14 0.82

HUNTING 858.50 688.00 941.00 Neutral Sell 448 1.31

JKX OIL & GAS 56.25 55.00 120 .00 Neutral Strong Buy 301 1.36

PREMIER OIL 363.60 321.30 401.20 Neutral Sell 285 1.43

ROYAL DUTCH SHELL B 2287.00 2059.00 2366.50 Neutral Strong Buy 9422 0.84

SOCO INTERNATIONAL 390.90 270.30 404.30 Neutral Sell 247 0.53

TULLOW OIL 1025.00 977.00 1531.00 Neutral Sell 900 1.04

WOOD GROUP (JOHN) 828.00 651.50 879.50 Neu tral Neu tral 801 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 105.00 101.20 144.60 Neutral Strong Buy 240 0.84

PZ CUSSONS 376.10 297.20 415.60 Neutral Sell 308 0.69

RECKITT BENCKISER GROUP 4850.00 3300 .00 4926.00 Neutral Neutral 4884 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.37 0.36 3.58 Buy Sell -0 1.01

ASTRAZENECA 3428.00 2592.00 3485.50 Neutral Strong Buy 6761 0.47

BTG 353.70 300.30 423.00 Neutral Sell 173 0.58

DECHRA PHARMACEUTICALS 709.00 4 68.75 780.00 Neu tral Neu tral 747 0.25

GLAXOSMITHKLINE 1749.50 1317.50 1773.00 Neutral Sell 1633 0.49

OXFORD BIOMEDICA 2.30 1.55 3.02 Buy Sell 1 0.64

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2168.00 1727.00 2168.00 Neutral Sell 1415 0.66

SKYEPHARMA 48.25 43.50 101.50 Neutral Sell -135 0.73

VERNALIS 22.50 21.63 27.38 Neutral Strong Buy 36 0.91

Real Estate Under Valued


BIG YELLOW GROUP 412.90 275.90 426.70 Neutral Sell -624 1.18

BRITISH LAND 631.50 475.40 658.00 Neutral Strong Buy 1841 1.06

CAPITAL & REGIONAL 36.25 22.75 37.00 Sell Strong Buy 163 0.85

CLS HOLDINGS 957.50 595.00 995.00 Neutral Strong Buy 4369 0.70

DERWENT LONDON 2435.00 1740.00 2542.00 Neutral Strong Buy 8100 1.24DEVELOPMENT SECS. 200.50 121.75 200.50 Neutral Sell -76 0.99

GRAINGER 155.00 83.10 156.50 Neutral Strong Buy 266 1.58

GREAT PORTLAND ESTATES 571.50 367.80 598.00 Neutral Strong Buy 1350 1.10

HAMMERSON 521.00 409.20 554.00 Neutral Strong Buy 828 1.19

HELICAL BAR 275.00 164.00 297.50 Neutral Buy 342 0.77

LAND SECURITIES GROUP 961.00 704.00 994.00 Neutral Strong Buy 2794 1.16

INTU PROPERTIES 341.30 305.00 366.00 Neutral Strong Buy 939 1.09

MCKAY SECURITIES 149.00 127.00 153.00 Neutral Sell -619 0.73

MUCKLOW (A & J) GROUP 393.25 325.00 437.50 Neutral Sell 282 0.42

PRIMARY HEALTH PROPS. 323.00 311.17 363.53 Neutral Sell 244 0.35

QUINTAIN ESTATES & DEV. 74.25 32.50 79.25 Sell Sell -278 1.19

SAVILLS 572.50 303.00 601.50 Neutral Strong Buy 1811 0.77

SHAFTESBURY 637.50 492.00 668.00 Neutral Strong Buy 1440 1.05

SEGRO 286.70 209.40 302.80 Neutral Sell -530 1.73

ST MODWEN PROPS. 294.00 145.50 329.10 Neutral Strong Buy 859 1.59

TOWN CENTRE SECURITIES 215.00 147.00 223.00 Neutral Sell -6 1.01

UNITE GROUP 366.40 180.75 387.50 Neutral Sell 49 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1208 1.03

WORKSPACE GROUP 413.40 215.50 415.00 Neutral Strong Buy 1396 1.05


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Software & Computer Services Under Valued


ANITE 124.80 112.25 162.00 Neu tral Neu tral 125 0.73

AVEVA GROUP 2390.00 1481.00 2390.00 Neutral Sell 1349 1.40

COMPUTACENTER 446.90 292.40 567.00 Neutral Strong Buy 1382 1.00

KOFAX 325.00 242.00 335.00 Neu tral Neu tral 330 1.11

INNOVATION GROUP 27.25 18.25 27.50 Sell Sell 25 0.85

MICRO FOCUS INTL. 691.50 431.48 710.00 Neutral Buy 1015 0.76

PHOENIX IT GROUP 150.00 130.00 222.00 Neutral Strong Buy 317 0.74

RM 72.25 68.00 85.50 Neutral Sell -95 0.52

FIDESSA GROUP 1883.00 1275.00 2047.00 Neutral Buy 2131 0.76

SAGE GROUP 362.20 247.70 368.10 Neutral Buy 428 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 479.10 237.30 484.10 Neutral Sell 149 1.09

BREWIN DOLPHIN 210.70 136.30 222.00 Neutral Sell 121 0.73

CAMELLIA 9780.50 9250.00 11105.00 Neutral Sell 9223 0.84

CHARLES STANLEY GROUP 386.00 247.50 406.25 Neutral Sell 203 0.97

CHARLES TAYLOR 175.00 141.00 190.00 Neutral Sell 132 0.69

CLOSE BROTHERS GROUP 1006.00 673.50 1107.00 Neutral Sell 226 0.86

F&C ASSET MANAGEMENT 95.20 70.00 110.40 Neu tral Neu tral 102 0.89

HELPHIRE GROUP 3.36 0.55 3.70 Sell Strong Buy 25 0.69

HENDERSON GROUP 168.20 90.55 180.40 Neutral Sell 65 1.44

ICAP 344.70 280.80 376.60 Neutral Sell 235 1.07

INTERMEDIATE CAPITAL GP. 480.50 241.10 501.50 Neutral Sell 170 1.70

INVESTEC 484.60 326.50 513.50 Neutral Sell 125 1.56

LONDON STOCK EX.GROUP 1381.00 930.00 1426.00 Neutral Strong Buy 4018 1.15MAN GROUP 124.10 63.25 134.40 Neutral Strong Buy 485 1.32

RATHBONE BROTHERS 1525.00 1186.00 1557.00 Neutral Sell 1115 0.75

SCHRODERS 2432.00 1180.00 2560.00 Neutral Sell 1199 1.30

SCHRODERS NV 1900.00 966.00 2000.00 Neutral Strong Buy 3820 1.27


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Support Services Over Valued


ACAL 219.00 157.75 242.50 Neutral Buy 301 0.92

AGGREKO 1731.00 1557.00 2400.00 Neutral Sell 1321 1.05

AMEC 1051.00 923.00 1172.00 Neutral Neutral 1156 1.04

ASHTEAD GROUP 633.50 212.20 671.00 Neutral Sell 325 1.63

BABCOCK INTL. 1166.00 840.50 1182.00 Neutral Sell 680 0.48

BRITISH POLYTHENE INDS. 564.00 324.00 580.25 Neutral Buy 814 0.76

BUNZL 1308.00 999.50 1342.00 Neutral Sell 1005 0.55

UK MAIL GROUP 525.00 214.00 525.00 Sell Sell 453 0.39

CAPITA 995.00 605.50 1018.00 Neutral Sell 534 0.51

COMMUNISIS 54.00 25.34 56.50 Neutral Buy 70 0.78

COMPASS GROUP 887.00 622.00 910.50 Neutral Sell 620 0.74

BERENDSEN 755.50 462.00 812.00 Neutral Buy 1003 1.05

DE LA RUE 991.50 891.50 1075.00 Neutral Sell 621 #NA

DIGNITY 1345.00 803.50 1462.00 Neutral Sell 803 0.22

DIPLOMA 553.00 417.10 627.50 Neutral Sell 496 0.96ELECTROCOMP. 263.40 195.20 278.40 Neutral Buy 329 1.04

FILTRONA 723.50 428.00 750.00 Neutral Sell 355 1.13

G4S 246.60 240.00 313.50 Neutral Buy 300 0.58

HAYS 93.70 66.40 101.20 Neutral Buy 124 1.10

HOMESERVE 255.00 137.50 256.20 Neutral Strong Buy 498 0.94

INTERSERVE 482.30 282.60 513.50 Neutral Buy 702 1.28

INTERTEK GROUP 3169.00 2558.00 3453.00 Neutral Sell 1476 0.78

JOHNSON SERVICE GROUP 46.75 26.50 47.25 Neutral Strong Buy 97 1.17

MANAGEMENT CNSL.GP. 30.50 21.25 32.00 Neutral Strong Buy 57 0.72

MENZIES (JOHN) 718.00 542.00 801.00 Neutral Strong Buy 1304 1.43

MICHAEL PAGE INTL. 376.60 341.40 451.80 Neutral Sell 325 1.42

MITIE GROUP 260.00 253.90 300.80 Neutral Buy 351 0.55

OFFICE2OFFICE 86.00 86.00 156.00 Neutral Strong Buy 245 0.33

PAYPOINT 907.50 606.00 914.50 Neutral Sell 704 0.71

PREMIER FARNELL 222.60 153.20 236.30 Neutral Buy 289 1.33

REGUS 165.20 82.65 177.50 Neutral Sell 110 1.46

RENTOKIL INITIAL 92.50 69.40 100.70 Neutral Sell 56 1.25

REXAM 523.50 394.28 547.50 Neutral Neutral 545 0.90

RICARDO 400.00 304.50 431.00 Neutral Buy 482 0.86

ROBERT WALTERS 212.00 176.25 232.00 Neutral Buy 304 1.24

RPC GROUP 406.30 365.40 477.00 Neutral Buy 548 0.78

RPS GROUP 216.00 197.00 274.20 Neutral Buy 254 1.51

SERCO GROUP 630.00 516.50 647.50 Neutral Sell 594 0.60

SHANKS GROUP 86.50 73.00 98.00 Neutral Strong Buy 173 1.46

SPEEDY HIRE 57.25 22.25 61.50 Neutral Sell 54 1.26TRIBAL GROUP 165.00 82.00 166.00 Neutral Sell 52 0.63

TRIFAST 59.25 39.50 59.25 Neutral Neutral 63 0.93

VP 343.50 237.00 354.88 Neutral Strong Buy 637 0.86

WYG 79.88 42.00 80.38 Sell Strong Buy 185 0.79


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Telecommunication Services Over Valued


BT GROUP 307.70 200.70 322.30 Neutral Buy 350 0.91

CABLE & WIRELESS COMMS. 44.00 27.28 45.00 Neutral Strong Buy 85 0.70

INMARSAT 649.50 400.50 749.00 Neutral Sell 595 0.53

KCOM GROUP 86.15 67.00 88.30 Neutral Strong Buy 136 1.24

TELECOM PLUS 1287.00 703.00 1287.00 Sell Sell 778 0.09

VODAFONE GROUP 194.55 154.45 199.90 Neutral Sell 170 0.54

Transport Under Valued


BBA AVIATION 285.10 178.00 288.40 Sell Sell 175 1.30

BRAEMAR SHIPPING SVS. 420.00 309.50 428.00 Neutral Neutra l 451 0.98

CLARKSON 1663.00 1150.00 1673.00 Sell Sell 1484 0.80

EASYJET 1250.00 484.90 1285.00 Neutral Sell 673 0.77

FIRST GROUP 127.40 127.40 260.50 Buy Strong Buy 562 0.91

FISHER(JAMES)& SONS 967.00 540.50 1110.00 Neutral Sell 397 0.77

GO-AHEAD GROUP 1515.00 1086.00 1588.00 Neutral Buy 1851 0.90

NATIONAL EXPRESS 206.00 164.50 230.50 Neutral Buy 252 1.35

NORTHGATE 330.75 159.60 350.00 Neutral Strong Buy 627 1.41

STAGECOACH GROUP 305.40 230.40 319.60 Neutral Buy 363 0.89

WINCANTON 60.00 31.00 78.50 Sell Sell -40 0.90

Utilities Under Valued


CENTRICA 389.70 306.30 394.90 Neutral Buy 529 0.47

NATIONAL GRID 836.00 641.00 847.50 Neutral Buy 942 0.50

PENNON GROUP 701.00 598.00 796.00 Neutral Buy 871 0.59

SSE 1606.00 1294.00 1676.00 Neutral Buy 1894 0.42

SEVERN TRENT 2071.00 1513.00 2090.00 Neutral Sell 1713 0.35

UNITED UTILITIES GROUP 787.00 642.00 787.50 Neu tral Neutra l 761 0.50


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value indicator - uk main market 20130528

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