value indicator - uk main market 20130722

7/28/2019 value indicator - uk main market 20130722

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22 July 2013

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Intellisys Intelligent Analysis Limited 22 July 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 Under 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 Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over 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 Under 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 Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Over 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 providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and 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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 430.00 300.80 433.70 Neutral Buy 604 0.68

CHEMRING GROUP 298.20 217.00 414.70 Neutral Buy 354 0.66

COBHAM 280.70 190.10 293.40 N eu tra l Neu tral 298 0.83

MEGGITT 548.00 366.20 562.00 N eu tra l Neu tral 526 1.30

ROLLS-ROYCE HOLDINGS 1196.00 7 99.39 1 225.00 N eu tra l Neu tral 1177 1.01

SMITHS GROUP 1396.00 1011.00 1396.00 Neutral Sell 1159 0.77

ULTRA ELECTRONICS HDG. 1810.00 1 424.00 1843.00 Neutral Sell 1707 0.51

Automobiles & Parts Under Valued

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

GKN 341.90 200.70 341.90 N eu tra l Neu tral 334 1.96

INCHCAPE 560.00 353.30 577.50 N eu tra l Neu tral 586 1.42

LOOKERS 112.25 64.50 112.25 Neutral Sell 102 1.23

PENDRAGON 27.75 13.50 28.25 Neutral Buy 40 1.11

Banks Over Valued


BARCLAYS 320.00 150.55 333.85 Neutral Sell -821 1.94

HSBC HDG. (ORD $0.50) 737.50 510.60 769.90 Neutral Buy 891 1.16

LLOYDS BANKING GROUP 69.25 28.76 70.03 Sell Sell 2 1.86

ROYAL BANK OF SCTL.GP. 337.10 196.60 367.80 Neutral Sell -118 1.37

STANDARD CHARTERED 1525.50 1228.50 1 837.50 Neutral Strong Buy 3491 1.65

Beverages Under Valued


BARR (AG) 546.00 415.00 588.50 Neutral Sell 487 0.58

DIAGEO 2046.00 1656.00 2085.00 Neutra l Neutral 2208 0.53

SABMILLER 3238.00 2599.00 3657.00 Neutral Buy 4332 0.93

Chemicals Under Valued


ALENT 376.10 305.00 397.50 Neutral Buy 443 #NA

AZ ELECTRONIC MATS.(DI) 335.00 240.00 406.40 Neutral Strong Buy 547 1.21

CARCLO 360.00 342.75 503.00 Neutral Sell 147 0.76

CRODA INTERNATIONAL 2552.00 2164.00 2841.00 Neutral Buy 3351 1.06

ELEMENTIS 232.80 191.50 275.00 Neutral Buy 313 1.04

JOHNSON MATTHEY 2762.00 2080.27 2836.00 Neutral Strong Buy 4144 1.44

VICTREX 1575.00 1204.00 1765.00 Neutral Sell 1381 1.19

SYNTHOMER 195.00 137.00 225.80 Neutral Strong Buy 385 1.11

ZOTEFOAMS 206.00 166.00 225.00 Neutral Buy 293 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 105.00 61.50 105.00 Neutral Strong Buy 273 0.52

BALFOUR BEATTY 232.00 207.60 320.80 Neutral Strong Buy 1131 0.83

BARRATT DEVELOPMENTS 349.00 132.20 352.00 Neutral Strong Buy 600 1.61

BELLWAY 1443.00 801.50 1455.00 Neutral Strong Buy 2819 1.00

BERKELEY GROUP HDG.(THE) 2280.00 1343.00 2325.00 Neutral Strong Buy 3444 0.57

BOOT (HENRY) 190.00 115.50 201.00 Neutral Strong Buy 359 0.76

BOVIS HOMES GROUP 827.50 451.00 851.50 Neutral Strong Buy 1416 1.11

CARILLION 281.80 235.50 331.80 Neutral Strong Buy 1519 1.10

CLARKE (T) 54.75 40.00 61.50 Neutral Strong Buy 381 0.80

COSTAIN GROUP 277.25 202.00 306.00 Neutral Strong Buy 1118 0.51

CRH 1355.00 1090.00 1540.00 Neutral Sell 912 1.05

GALLIFORD TRY 1002.00 606.00 1019.00 Neutral Strong Buy 2909 0.95

KELLER 1129.00 397.00 1140.00 Sell Strong Buy 2356 1.26

KIER GROUP 1397.00 1106.00 1486.00 Neutral Strong Buy 5252 0.94

LOW & BONAR 65.00 50.00 76.75 Neutral Strong Buy 222 1.05MARSHALLS 143.50 76.00 143.50 Neutral Buy 200 1.32

MORGAN SINDALL GROUP 631.00 508.00 695.00 Neutral Strong Buy 4474 0.69

NORCROS 16.75 10.63 18.25 Neutral Strong Buy 60 1.07

PERSIMMON 1255.00 565.78 1305.00 Neutral Strong Buy 1973 1.04

REDROW 249.70 125.00 253.30 Neutral Strong Buy 449 0.89

SIG 183.00 88.85 183.00 Neutral Strong Buy 520 1.72

SUPERGLASS HOLDINGS 45.50 43.00 287.50 Neutral Strong Buy 4164 0.88

TAYLOR WIMPEY 107.70 42.72 108.00 Neutral Strong Buy 224 1.62

TRAVIS PERKINS 1694.00 970.50 1696.00 Neutral Strong Buy 4348 1.92

WOLSELEY 3287.00 2237.39 3483.00 Neutral Strong Buy 5917 1.37

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1075.00 997.00 1365.00 Neutral Sell 1015 0.69

DOMINO PRINTING SCIENCES 641.50 522.00 717.00 Neutral Buy 853 1.16

E2V TECHNOLOGIES 129.00 105.50 137.75 Neutral Strong Buy 265 1.27

INVENSYS 502.00 217.33 509.50 Neutral Sell 266 1.36

LAIRD 188.40 171.10 249.30 Neutral Strong Buy 429 2.12

OXFORD INSTRUMENTS 1338.00 1209.00 1752.00 Neutral Sell 1252 1.11

RENISHAW 1590.00 1265.00 2081.00 Neutral Buy 1993 1.30

SPECTRIS 2083.00 1479.00 2470.00 Neutral Buy 2719 1.52

BIOME TECHNOLOGIES 82.50 82.50 303.67 Neutral Sell -485 0.75

TT ELECTRONICS 162.00 114.00 178.50 Neutral Strong Buy 417 1.61

XAAR 854.50 227.00 898.00 Neutral Sell 406 1.09


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 88.25 54.25 91.75 Neutral Buy 128 1.18

BODYCOTE 577.00 322.60 577.00 Neutral Neutral 605 1.58

CASTINGS 409.00 291.00 412.50 Neutral Strong Buy 641 0.94

VESUVIUS 411.20 263.19 411.20 Neutral Strong Buy 1013 2.23

FENNER 344.80 305.90 435.20 Neutral Strong Buy 524 1.46

HALMA 531.50 395.50 538.50 Neutral Sell 400 0.77

HILL & SMITH 433.00 297.00 480.00 Neutral Buy 504 1.36

IMI 1400.00 776.00 1400.00 Sell Strong Buy 5507 1.40

MORGAN ADVANCED MATERIAL 295 .00 220 .30 305 .00 Neutral Strong Buy 860 1.87

ROTORK 2745.00 2132.00 3037.00 Neutral Sell 1231 1.03

SENIOR 259.40 178.10 281.80 Neutral Sell 234 1.66

SEVERFIELD-ROWEN 54.50 35.40 80.16 Neutral Sell 41 0.75

SPIRAX-SARCO 2832.00 1903.48 2928.35 Neutral Sell 2042 0.84

VITEC GROUP 561.50 559.00 740.00 Neutral Sell 439 1.41

WEIR GROUP 2167.00 1530.00 2474.00 Neutral Neutral 2081 1.47

Food & Drug Stores Over Valued


GREGGS 437.10 398.00 523.50 Neutral Strong Buy 789 0.43

MORRISON(WM)SPMKTS. 286.50 248.60 296.40 Neutral Buy 397 0.36

SAINSBURY (J) 395.80 312.50 396.50 Neutral Buy 484 0.54

TESCO 370.20 307.90 387.75 Neutral Sell 199 0.66

THORNTONS 80.50 22.50 100.50 Neutral Sell 51 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1888.00 1243.00 2 031.00 Neutral Sell 1634 0.59

CRANSWICK 1166.00 732.50 1178.00 Neutral Strong Buy 1792 0.35

DAIRY CREST 487.50 327.30 503.50 Neutral Sell 354 0.89

DEVRO 297.00 278.00 380.00 Neutral Strong Buy 532 0.34

PREMIER FOODS 82.50 54.50 125.75 Neutral Strong Buy 237 1.22

TATE & LYLE 859.00 634.50 883.00 Neutral Strong Buy 1396 0.68

UNILEVER (UK) 2754.00 2140.00 2885.00 Neutral Sell 2254 0.52


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.00 20.50 29.50 Neutral Strong Buy 39 0.67

BROWN (N) GROUP 505.00 261.70 507.00 Sell Sell 457 0.47

BURBERRY GROUP 1534.00 1000.00 1541.00 Neutral Sell 1215 1.27

CARPETRIGHT 688.00 585.00 701.50 Neutral Sell 355 0.89

DIXONS RETAIL 44.67 14.97 44.67 Neu tral Neu tral 46 1.46

FINDEL 167.00 55.20 186.00 Neutral Sell 59 1.05

FRENCH CONNECTN.GROUP 28.50 19.50 34.00 Sell Strong Buy 112 1.00

HALFORDS GROUP 373.60 189.00 405.20 Neutral Buy 513 0.68

JD SPORTS FASHION 875.00 651.00 925.00 Neutral Strong Buy 1769 0.51

DARTY 75.00 38.00 75.00 Neutral Buy 106 1.19

KINGFISHER 391.90 254.10 392.90 Neutral Buy 451 0.87

MARKS & SPENCER GROUP 484.10 317.10 485.00 Sell Buy 642 0.61

MOSS BROTHERS GROUP 60.00 44.50 71.00 Neutral Buy 75 0.98

MOTHERCARE 466.50 194.75 492.75 Neutral Sell 150 0.38

NEXT 4861.00 3185.00 4872.00 Sell Neutral 5128 0.59

TED BAKER 1890.00 880.00 1890.00 Sell Sell 964 0.54

TOPPS TILES 87.00 41.75 89.00 Neutral Sell 76 1.50

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 110 0.39

CONSORT MEDICAL 779.00 660.50 839.00 Neutral Sell 562 0.38

OPTOS 157.25 106.75 222.75 Neu tral Neu tral 169 1.23

SMITH & NEPHEW 790.00 638.00 795.00 Neutral Sell 667 0.44

Household Goods & Textiles Over Valued


GAMES WORKSHOP 785.00 571.50 791.50 Neutral Neutral 763 0.38

HEADLAM GROUP 358.75 265.00 378.75 Neutral Sell 316 0.89

HORNBY 82.50 55.25 88.50 Neutral Buy 109 0.71

Information Technology & Hardware Over Valued


ARM HOLDINGS 897.50 481.30 1097.00 Neutral Sell 285 0.70

CSR 600.00 296.20 607.00 Neutral Strong Buy 1602 1.12FILTRONIC 67.00 28.38 83.25 Neutral Sell 53 0.94

IMAGIN AT ION TECHNOLOGIES 283 .90 273 .10 624 .00 Neutral Buy 327 1.09

SPIRENT COMMUNICATIONS 125.20 118.00 170.00 Neutral Strong Buy 245 0.94

WOLFSON M ICR OELECTR ONICS 149 .75 140 .00 230 .00 Neutral Sell -211 0.96


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Insurance Under Valued


ADMIRAL GROUP 1386.00 1019.00 1391.00 Neutral Sell -529 0.50

AMLIN 415.40 362.80 435.10 Neutral Strong Buy 1626 0.39

BEAZLEY 241.60 156.00 242.50 Neutral Strong Buy 1011 0.52

CATLIN GROUP 518.00 424.00 552.50 Neutral Sell 476 0.22

HISCOX 605.00 428.39 606.00 Neutral Strong Buy 2019 0.41

JARDINE LLOYD THOMPSON 873.00 710.50 917.00 Neutral Buy 1288 0.33

RSA INSURANCE GROUP 129.40 107.30 136.30 Neutral Strong Buy 771 0.39

NOVAE GROUP 495.00 345.00 507.50 Neutral Strong Buy 3642 0.41

Leisure & Hotels Over Valued


CARNIVAL 2505.00 2083.00 2628.00 Neutral Buy 3576 0.92

ENTERPRISE INNS 126.00 55.50 126.00 Neutral Sell 115 1.62

TUI TRAVEL 367.10 171.20 376.60 Neutral Strong Buy 728 0.96

FULLER SMITH 'A' 917.00 700.50 925.00 Neutral Sell 618 0.25

GREENE KING 870.00 556.50 871.00 Sell Sell 637 0.85

LADBROKES 203.30 153.80 243.10 Neutral Buy 266 0.87

ICTL.HTLS.GP. 1983.00 1524.00 2039.00 Neutral Sell 1703 1.12

MILLENNIUM & CPTH.HTLS. 553.50 456.00 582.50 Neu tral Neu tral 591 1.37

MITCHELLS & BUTLERS 405.50 253.20 410.00 Neutral Sell 280 0.96

BWIN PARTY DIGITAL ENTM. 127.40 91.90 156.00 Neutral Sell 61 1.23

PUNCH TAVERNS 13.12 5 .61 13.75 Neutral Strong Buy 77 1.18

RANK GROUP 158.40 115.00 177.50 Neutral Strong Buy 582 0.97

RESTAURANT GROUP 554.00 315.50 557.50 Neutral Sell 395 0.70

WETHERSPOON (JD) 656.50 445.00 670.00 Neu tral Neu tral 704 0.56

WHITBREAD 3200.00 2047.00 3225.00 Neutral Sell 2214 0.99WILLIAM HILL 465.80 268.33 471.30 Neutral Sell 260 0.79

MARSTON'S 153.80 107.20 154.70 Neutral Sell 11 1.15

Life Assurance Under Valued


AVIVA 372.30 268.30 388.40 Neutral Sell 349 1.17

CHESNARA 259.75 163.00 270.00 Neutral Strong Buy 505 0.67

LEGAL & GENERAL 191.10 123.30 191.10 Sell Strong Buy 481 1.70

OLD MUTUAL 197.30 151.90 221.60 Neutral Strong Buy 400 1.52

PRUDENTIAL 1158.00 732.50 1203.00 Neu tral Neu tral 1172 1.66

ST.JAMES'S PLACE 597.50 318.20 640.00 Neutral Strong Buy 6729 0.82


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 137.25 102.00 146.50 Neutral Strong Buy 927 0.38

BRITISH SKY BCAST.GROUP 852.00 677.50 899.50 Neutral Strong Buy 1130 0.47

CENTAUR MEDIA 41.50 29.00 60.00 Neutral Sell -51 1.02

DAILY MAIL 'A' 782.50 432.25 818.00 Neutral Strong Buy 3444 1.07

EUROMONEY INSTL.INVESTOR 1096.00 714 .00 1105.00 Neutral Strong Buy 5810 0.98

INFORMA 503.50 350.40 537.00 Neutral Strong Buy 311 1.61

ITE GROUP 293.60 183.50 307.40 Neutral Neutral 175 1.49

ITV 159.20 70.40 161.30 Neutral Strong Buy 1417 1.44

JOHNSTON PRESS 17.00 5.15 19.00 Neutral Buy 755 1.22

PEARSON 1263.00 1119.00 1294.00 Neutral Neutral 302 0.60

PHOTO-ME INTL. 91.88 37.00 94.00 Neutral Strong Buy 2327 0.87

PINEWOOD SHEPPERTON 280.00 265.00 337.50 Neutral Strong Buy 747 0.12

THOMSON REUTERS 35.79 26.85 36.45 Neutral Strong Buy 345 0.51

STV GROUP 152.50 81.50 152.50 Neutral Sell 292 0.82

ST.IVES 154.75 67.50 166.50 Neutral Sell 179 1.48TRINITY MIRROR 119.75 26.50 122.25 Neutral Sell -256 1.60

UBM 701.50 588.50 788.00 Neutral Strong Buy 2488 1.31

WILMINGTON GROUP 164.00 88.00 166.50 Neutral Strong Buy 1127 0.86

WPP 1200.00 788.00 1210.00 Neutral Sell -515 1.28

HIBU 0.28 0.26 1.78 Neutral Strong Buy 841 0.98

Mining Under Valued


ANGLO AMERICAN 1379.00 1207.00 2084.00 Neutral Sell 1175 1.84

ANGLO PACIFIC GROUP 189.00 161.00 290.00 Neu tral Neu tral 202 1.07

ANTOFAGASTA 846.00 784.50 1381.00 Neu tral Neu tral 816 1.43

BHP BILLITON 1869.50 1666.50 2236.00 Neutral Strong Buy 2820 1.49

GLENCORE XSTRATA 272.40 256.85 397.85 Neutral Strong Buy 960 #NA

LONMIN 296.30 240.84 411.96 Neutral Buy 407 2.08

RANDGOLD RESOURCES 4525.00 3972.00 7 775.00 Neutral Sell 2767 0.42

RIO TINTO 2917.50 2582.00 3757.00 Neutral Sell 2292 1.54

VEDANTA RESOURCES 832.50 1335.00 Neutral Strong Buy 2628 2.25

Oil & Gas Under Valued


BG GROUP 1206.50 1000.50 1350.50 Neutral Sell 872 0.86

BP 469.80 416.60 483.30 Neutral Strong Buy 990 1.05

CAIRN ENERGY 273.40 251.80 309.40 Neutral Sell -5 1.35

FORTUNE OIL 7.76 7.15 12.50 Buy Strong Buy 99 0.87

HUNTING 834.50 716.00 941.00 Neutral Sell 546 1.37

JKX OIL & GAS 53.00 48.50 96.00 Neutral Sell -61 1.43

PREMIER OIL 362.80 321.30 401.20 Neutral Buy 402 1.47

ROYAL DUTCH SHELL B 2319.50 2098.00 2366.50 Neutral Strong Buy 8123 0.86

SOCO INTERNATIONAL 358.90 310.60 404.30 Buy Buy 517 0.57

TULLOW OIL 1107.00 977.00 1468.00 Neutral Sell 697 1.08

WOOD GROUP (JOHN) 901.50 720.50 906.50 Neutral Sell 710 1.45


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Personal Care & Household Products Over Valued


MCBRIDE 124.62 101.00 144.60 Neutral Strong Buy 250 0.79

PZ CUSSONS 379.60 297.20 415.60 Neutral Sell 318 0.68

RECKITT BENCKISE R GROUP 4700.00 3417.00 4950.00 Neutral Neutral 4738 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.44 0.36 3.58 Buy Sell -4 0.89

ASTRAZENECA 3280.00 2792.50 3521.50 Neutral Strong Buy 9074 0.49

BTG 390.60 300.30 411.20 Neutral Sell 214 0.73

DECHRA PHARMACEUTICALS 700.00 4 73.00 780.00 Neutral Buy 911 0.20

GLAXOSMITHKLINE 1715.00 1317.50 1782.00 Neutral Buy 1927 0.51

OXFORD BIOMEDICA 1.40 1.40 2.80 Strong Buy Sell -3 0.60

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Sell -6 0.96

SHIRE 2244.00 1727.00 2256.00 Neutral Sell 1535 0.66

SKYEPHARMA 62.75 43.50 101.50 Neutral Strong Buy 100 0.68

VERNALIS 19.50 19.50 27.38 Neutral Sell 10 0.88

Real Estate Under Valued


BIG YELLOW GROUP 420.00 295.00 440.00 Neutral Strong Buy 927 1.15

BRITISH LAND 618.00 506.00 658.00 Neutral Strong Buy 1130 1.05

CAPITAL & REGIONAL 34.50 22.75 37.00 Sell Sell -51 0.68

CLS HOLDINGS 996.50 645.00 1010.00 Neutral Strong Buy 3444 0.72

DERWENT LONDON 2489.00 1886.00 2542.00 Neutral Strong Buy 5810 1.21DEVELOPMENT SECS. 201.25 135.75 209.00 Neutral Strong Buy 311 0.92

GRAINGER 170.70 85.50 171.00 Sell Neutral 175 1.54

GREAT PORTLAND ESTATES 588.50 418.80 598.00 Neutral Strong Buy 1417 1.05

HAMMERSON 541.00 448.60 554.00 Neutral Buy 755 1.24

HELICAL BAR 293.25 178.00 297.50 Neu tral Neu tral 302 0.77

LAND SECURITIES GROUP 968.50 761.50 994.00 Neutral Strong Buy 2327 1.14

INTU PROPERTIES 330.10 300.60 366.00 Neutral Strong Buy 747 1.12

MCKAY SECURITIES 148.00 130.50 155.00 Neutral Strong Buy 345 0.66

MUCKLOW (A & J) GROUP 394.00 325.00 437.50 Neutral Sell 292 0.36

PRIMARY HEALTH PROPS. 325.50 312.50 363.53 Neutral Sell 179 0.30

QUINTAIN ESTATES & DEV. 87.50 48.75 87.50 Sell Sell -256 1.04

SAVILLS 619.00 365.00 619.00 Neutral Strong Buy 2488 0.73

SHAFTESBURY 642.50 516.00 668.00 Neutral Strong Buy 1127 1.02

SEGRO 305.60 221.60 305.60 Neutral Sell -515 1.80

ST MODWEN PROPS. 300.00 174.00 329.10 Neutral Strong Buy 841 1.57

TOWN CENTRE SECURITIES 196.00 162.00 223.00 Neutral Sell -25 1.03

UNITE GROUP 380.50 207.50 389.00 Neutral Strong Buy 2067 1.78

WARNER ESTATE 1.00 1.00 2.52 Buy Sell -1204 0.96

WORKSPACE GROUP 438.30 242.25 446.90 Neutral Strong Buy 1495 0.98


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Software & Computer Services Under Valued


ANITE 132.40 113.00 162.00 Neu tral Neu tral 127 0.73

AVEVA GROUP 2501.00 1774.96 2588.15 Neutral Sell 1503 1.49

COMPUTACENTER 499.00 333.29 564.10 Neutral Strong Buy 1179 0.88

KOFAX 340.00 255.00 345.75 Neutral Sell 309 1.07

INNOVATION GROUP 29.25 18.25 29.50 Sell Sell 22 0.78

MICRO FOCUS INTL. 759.00 529.08 767.00 Neutral Buy 902 0.80

PHOENIX IT GROUP 154.00 130.00 222.00 Neutral Strong Buy 250 0.71

RM 79.13 64.00 85.50 Neutral Strong Buy 239 0.49

FIDESSA GROUP 2070.00 1275.00 2137.00 Neu tral Neu tral 2195 0.79

SAGE GROUP 355.60 280.06 368.18 Neutral Buy 441 0.71

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 413.30 244.80 492.10 Neutral Strong Buy 1206 1.12

BREWIN DOLPHIN 244.00 144.60 249.50 Neutral Strong Buy 641 0.69

CAMELLIA 9011.00 8000.00 11105.00 Neutral Strong Buy 93347 0.85

CHARLES STANLEY GROUP 420.00 260.00 420.00 Neutral Strong Buy 1401 0.96

CHARLES TAYLOR 187.00 155.00 195.00 Neutral Strong Buy 1603 0.68

CLOSE BROTHERS GROUP 1060.00 729.00 1107.00 Neutral Strong Buy 4720 0.85

F&C ASSET MANAGEMENT 97.80 80.70 110.40 Neutral Sell 69 0.88

HELPHIRE GROUP 4.50 0.55 4.57 Sell Sell -127 0.65

HENDERSON GROUP 170.60 90.55 180.40 Neutral Strong Buy 791 1.44

ICAP 395.30 280.80 401.10 Neutral Strong Buy 801 1.04

INTERMEDIATE CAPITAL GP. 490.90 252.30 501.50 Neutral Strong Buy 2175 1.69

INVESTEC 445.70 358.40 513.50 Neutral Strong Buy 1622 1.56

LONDON STOCK EX.GROUP 1561.00 930.00 1590.00 Neutral Strong Buy 5722 1.08MAN GROUP 88.60 69.15 134.40 Neutral Sell -4801 1.39

RATHBONE BROTHERS 1642.00 1208.00 1691.00 Neutral Strong Buy 5397 0.75

SCHRODERS 2508.00 1266.00 2560.00 Neutral Strong Buy 8033 1.27

SCHRODERS NV 1937.00 1016.00 2000.00 Sell Strong Buy 10732 1.25


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Support Services Under Valued


ACAL 223.50 157.75 247.50 Neutral Strong Buy 871 0.90

AGGREKO 1815.00 1557.00 2400.00 Neutral Strong Buy 4281 1.16

AMEC 1056.00 965.50 1172.00 Neutral Strong Buy 3400 1.10

ASHTEAD GROUP 727.50 240.50 730.00 Neutral Buy 1018 1.65

BABCOCK INTL. 1206.00 844.50 1209.00 Neutral Strong Buy 2690 0.48

BRITISH POLYTHENE INDS. 590.00 352.00 590.00 Sell Strong Buy 2424 0.80

BUNZL 1385.00 1009.00 1396.00 Neutral Strong Buy 2860 0.52

UK MAIL GROUP 593.00 215.00 593.00 Neutral Strong Buy 1703 0.41

CAPITA 1049.00 677.50 1055.00 Neutral Sell 214 0.53

COMMUNISIS 66.00 27.33 68.00 Neutral Strong Buy 495 0.78

COMPASS GROUP 896.50 647.50 910.50 Neutral Strong Buy 2034 0.74

BERENDSEN 823.00 496.30 823.50 Neutral Strong Buy 3450 1.04

DE LA RUE 973.50 891.50 1075.00 Neutral Strong Buy 1464 #NA

DIGNITY 1550.00 830.00 1568.00 Neutral Strong Buy 3206 0.22

DIPLOMA 617.50 417.10 627.50 Neutral Strong Buy 1561 0.97ELECTROCOMP. 253.20 200.00 278.40 Neutral Strong Buy 952 1.02

ESSENTRA PLC 757.50 460.50 762.00 Neutral Strong Buy 1422 1.14

G4S 216.90 207.50 313.50 Neutral Strong Buy 911 0.54

HAYS 105.00 68.20 105.00 Sell Strong Buy 470 1.05

HOMESERVE 291.70 185.60 293.60 Neutral Strong Buy 1000 0.91

INTERSERVE 505.50 319.00 519.00 Neutral Strong Buy 3778 1.30

INTERTEK GROUP 3056.00 2691.00 3453.00 Neutral Strong Buy 4914 0.81

JOHNSON SERVICE GROUP 49.25 27.13 50.00 Neutral Strong Buy 120 1.10

MANAGEMENT CNSL.GP. 26.00 21.25 32.00 Neutral Strong Buy 223 0.68

MENZIES (JOHN) 746.50 573.00 801.00 Neutral Strong Buy 1829 1.40

MICHAEL PAGE INTL. 432.00 346.20 451.80 Neutral Strong Buy 863 1.37

MITIE GROUP 269.40 248.00 300.80 Neutral Strong Buy 1086 0.50

OFFICE2OFFICE 40.50 40.50 156.00 Buy Strong Buy 724 0.28

PAYPOINT 1085.00 670.50 1102.00 Neutral Strong Buy 2251 0.72

PREMIER FARNELL 224.00 165.50 236.30 Neutral Strong Buy 742 1.40

REGUS 182.80 87.50 186.70 Neutral Sell 57 1.40

RENTOKIL INITIAL 96.00 70.35 100.70 Neutral Strong Buy 276 1.29

REXAM 489.50 420.70 547.50 Neutral Strong Buy 1826 0.86

RICARDO 424.00 336.00 431.00 Neutral Strong Buy 1717 0.87

ROBERT WALTERS 218.13 176.25 234.00 Neutral Strong Buy 1040 1.19

RPC GROUP 440.00 378.00 477.00 Neutral Strong Buy 1569 0.79

RPS GROUP 219.10 195.50 274.20 Neutral Strong Buy 1030 1.51

SERCO GROUP 623.50 535.00 683.50 Neutral Strong Buy 2437 0.60

SHANKS GROUP 80.75 73.00 98.00 Neutral Strong Buy 289 1.50

SPEEDY HIRE 59.25 22.25 64.75 Neutral Strong Buy 318 1.23TRIBAL GROUP 189.50 82.00 189.50 Neutral Strong Buy 578 0.64

TRIFAST 55.25 40.50 59.25 Neutral Strong Buy 342 0.94

VP 387.25 287.00 397.00 Neutral Strong Buy 2365 0.80

WYG 91.00 42.00 91.00 Sell Strong Buy 635 0.82


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Telecommunication Services Over Valued


BT GROUP 338.10 210.20 344.00 Neutral Buy 419 0.89

CABLE & WIRELESS COMMS. 41.37 29.64 46.29 Neutral Strong Buy 79 0.69

INMARSAT 709.00 468.90 749.00 Neutral Sell 255 0.57

KCOM GROUP 84.00 68.25 88.50 Neutral Buy 117 1.23

TELECOM PLUS 1329.00 790.00 1390.00 Neutral Sell 793 0.03

VODAFONE GROUP 193.85 154.45 199.90 Neutral Sell 100 0.51

Transport Over Valued


BBA AVIATION 289.30 178.00 291.00 Neutral Sell 229 1.25

BRAEMAR SHIPPING SVS. 431.50 350.00 431.50 Neutral Buy 588 1.06

CLARKSON 1866.00 1150.00 1870.00 Sell Sell 1320 0.84

EASYJET 1402.00 530.00 1406.00 Neutral Sell 853 0.74

FIRST GROUP 93.15 92.00 212.39 Neutral Strong Buy 277 0.91

FISHER(JAMES)& SONS 1060.00 590.00 1110.00 Neutral Sell 775 0.75

GO-AHEAD GROUP 1565.00 1220.00 1595.00 Neutral Strong Buy 2687 1.00

NATIONAL EXPRESS 250.00 164.50 250.00 Neutra l Neutral 244 1.40

NORTHGATE 359.50 195.50 369.50 Neutral Strong Buy 627 1.33

STAGECOACH GROUP 332.00 265.90 334.40 Neutral Buy 441 0.97

WINCANTON 74.00 38.50 78.50 Neutral Strong Buy 236 0.94

Utilities Under Valued


CENTRICA 382.30 310.80 394.90 Neutral Strong Buy 586 0.50

NATIONAL GRID 774.50 641.00 847.50 Neutral Buy 1002 0.45

PENNON GROUP 692.00 598.00 790.50 Neutral Sell 643 0.61

SSE 1632.00 1294.00 1676.00 Neutral Buy 2305 0.41

SEVERN TRENT 1769.00 1513.00 2090.00 Neutral Sell 1536 0.34

UNITED UTILITIES GROUP 727.50 647.00 787.50 N eu tra l Neu tral 767 0.48


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