value indicator - uk main market 20131011

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11 October 2013

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Intellisys Intelligent Analysis Limited 11 October 2013

www.intellisys.uk.com +44 (0)1189 333606 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued ....................................................................6Automobiles & Parts Over Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ...................................................................................6Chemicals Under Valued ..................................................................................7Construction - Building Materials & Fittings Under Valued ......................................7Construction - Heavy Construction Over Valued ..................................................7Construction Home Construction Under Valued ..................................................7Electronics & Electrical Equipment Under Valued ..................................................8Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Under 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 - REIT Under Valued ...................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & 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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90.0%

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120.0%

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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110.0%

120.0%

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 upon 49valuation metrics

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 BetaAVON RUBBER 543.00 305.25 550.50 Neutral Sell 495 0.86

BAE SYSTEMS 450.70 300.80 468.00 Neutral Buy 606 0.66

CHEMRING GROUP 284.40 217.00 353.30 Neutral Buy 326 0.65

COBHAM 283.70 190.10 307.70 N eu tral Neutral 288 0.76

MEGGITT 546.00 366.20 564.00 Neutral Sell 505 1.24

QINETIQ GROUP 188.10 179.00 211.10 Neutral Sell 113 0.63

ROLLS-ROYCE HOLDINGS 1115.00 835.76 1240.00 Neutral Buy 1485 0.95

SENIOR 256.10 185.90 288.40 N eu tral Neutral 267 1.63

SMITHS GROUP 1361.00 1018.00 1419.00 Neutral Sell 1188 0.70

ULTR A ELECT RONICS HDG. 1867.00 1505 .00 19 81.00 Neutral Sell 1678 0.49

Automobiles & Parts Over Valued

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

GKN 358.20 201.00 360.70 Neutral Sell -1782 1.98

INCHCAPE 608.00 356.50 645.00 Neutral Strong Buy 2907 1.35

LOOKERS 122.00 71.50 128.50 Neutral Strong Buy 654 1.17

PENDRAGON 34.25 13.50 35.25 Neutral Strong Buy 258 0.96

TOROTRAK 27.00 23.50 35.50 Neutral Sell 12 0.68

Banks Over Valued


BARCLAYS 274.50 210.15 308.39 Neutral Sell -645 2.12

HSBC HDG. (ORD $0.50) 678.30 595.30 769.90 Neutral Buy 826 1.35

LLOYDS BANKING GROUP 74.92 39.25 78.00 Neutral Sell 7 1.90

ROYAL BANK OF SCTL.GP. 384.90 266.10 384.90 Neutral Sell -88 1.35

STANDARD CHARTERED 1469.50 1395.00 1837.50 Neutral Strong Buy 3308 1.79

Beverages Under Valued


BARR (AG) 522.00 432.20 588.50 Neutral Sell 412 0.52

BRITVIC 569.50 349.10 592.00 Neutral Buy 800 0.67

DIAGEO 1921.00 1746.50 2136.50 Sell Buy 2247 0.52

SABMILLER 3000.00 2599.00 3657.00 Neutral Strong Buy 4908 0.92


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Chemicals Under Valued


ALENT 347.50 305.00 397.50 Neutral Strong Buy 3658 #NA

AZ ELECTRONIC MATS.(DI) 286.30 240.00 406.40 Neutral Strong Buy 532 1.11

CARCLO 395.50 342.75 501.00 Neutral Sell 124 0.73

CRODA INTERNATIONAL 2602.00 2164.00 2841.00 Neutral Buy 3166 1.06

ELEMENTIS 238.50 204.20 275.00 Neutral Buy 291 1.01

JOHNSON MATTHEY 2778.00 2190.00 2985.00 Neutral Buy 3936 1.41

VICTREX 1601.00 1380.00 1765.00 Neutral Sell 1305 1.17

SYNTHOMER 235.00 146.00 249.20 Neutral Strong Buy 368 1.05

ZOTEFOAMS 191.50 186.50 225.00 Neutral Buy 282 1.01

Construction - Building Materials & Fittings Under Valued


ALUMASC GROUP 126.00 79.50 137.00 Neutral Strong Buy 445 0.54

CRH 1503.00 1090.00 1540.00 Neutral Sell 1036 0.97

LOW & BONAR 75.50 50.00 80.00 Neutral Strong Buy 552 1.11

MARSHALLS 177.00 85.00 184.00 N eutra l Neutral 175 1.37

NORCROS 20.00 11.75 21.75 Neutral Strong Buy 221 1.02

SIG 183.50 102.00 193.70 Neutral Strong Buy 975 1.61

TITON HOLDINGS 44.00 22.00 45.50 Neutral Sell 38 0.91

TRAVIS PERKINS 1625.00 1060.00 1713.00 Neutral Strong Buy 15243 1.93

TYMAN 208.00 143.13 240.00 N eutra l Neutral 220 1.01

WOLSELEY 3201.00 2636.64 3483.00 Neutral Strong Buy 10255 1.32

Construction - Heavy Construction Over Valued


BALFOUR BEATTY 270.70 207.60 320.80 Neutral Strong Buy 1054 0.68

BOOT (HENRY) 178.25 123.50 201.00 Neutral Sell 111 0.71

CARILLION 302.50 244.80 331.80 Neutral Buy 362 0.98

CLARKE (T) 66.00 40.00 68.50 Neutral Buy 83 0.68

COSTAIN GROUP 262.25 226.25 306.00 Neutral Strong Buy 408 0.50

GALLIFORD TRY 1065.00 678.00 1070.00 Neutral Sell 713 0.76

KELLER 1050.00 557.50 1161.00 Neutral Sell 523 1.25

KIER GROUP 1700.00 1106.00 1709.00 Neutral Sell 1574 0.82

MORGAN SINDALL GROUP 819.00 508.00 819.00 Sell Buy 974 0.60

NORTH MIDLAND CON. 117.50 95.00 147.50 Neutral Strong Buy 259 #NA

POCHIN'S 33.50 20.00 34.00 Sell Sell -11 0.45

Construction Home Construction Under Valued


BARRATT DEVELOPMENTS 326.60 177.00 355.20 Neutral Buy 365 1.60

BELLWAY 1336.00 934.50 1502.00 Neutral Buy 1901 0.93

BERKELEY GROUP HDG.(THE) 2227.00 1420.00 2340.00 Neutra l Neutral 2132 0.47

BOVIS HOMES GROUP 751.00 489.30 851.50 Neutral Buy 956 1.05

CRE ST NICHOLSON HOLDINGS 346.9 0 22 0.00 360.00 Neutral Sell 275 #NA

GLEESON (MJ) GROUP 338.00 140.25 354.75 Neutral Sell 190 0.49

PERSIMMON 1195.00 689.95 1305.00 Sell Sell 1068 1.06

REDROW 240.90 152.90 255.10 Neutra l Neutral 254 0.84

TAYLOR WIMPEY 107.10 56.65 113.80 Neutral Buy 124 1.45


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Electronics & Electrical Equipment Under Valued


DIALIGHT 1170.00 999.50 1399.00 Neutral Sell 1062 0.63

DOMINO PRINTING SCIENCES 655.50 522.00 717.00 Neutral Buy 891 0.99

E2V TECHNOLOGIES 143.00 105.50 148.25 Neutral Strong Buy 290 1.29

INVENSYS 501.00 217.33 509.50 Neutral Sell 293 1.33

LAIRD 220.00 171.10 249.30 Neutral Strong Buy 451 1.99

OXFORD INSTRUMENTS 1398.00 1209.00 1752.00 Neutral Sell 1162 1.22

RENISHAW 1732.00 1494.00 2081.00 Neutral Buy 2089 1.31

SPECTRIS 2236.00 1549.00 2470.00 Neutral Buy 2849 1.48

BIOME TECHNOLOGIES 187.50 65.00 303.67 Neutral Sell -431 0.70

TT ELECTRONICS 191.50 114.00 200.00 Neutral Strong Buy 440 1.64

XAAR 799.00 247.50 898.00 Neutral Sell 422 1.00

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 126.75 54.25 128.75 Neutral Buy 147 1.06

BODYCOTE 659.50 345.10 685.00 Neutral Neutral 645 1.51

CASTINGS 418.50 291.00 450.00 Neutral Buy 574 0.93

VESUVIUS 460.10 263.19 487.60 Neutral Strong Buy 1205 2.20

FENNER 399.00 305.90 435.20 Neutral Buy 570 1.44

HALMA 538.00 410.40 578.00 Neutral Sell 416 0.84

HILL & SMITH 445.00 364.00 480.00 Neutral Buy 555 1.25

IMI 1482.00 902.00 1513.00 Neutral Strong Buy 4268 1.31

MOR GAN ADVANCED MATER IAL 298.6 0 22 0.30 318.00 Neutral Strong Buy 497 1.82

ROTORK 2750.00 2229.00 3037.00 Neutral Sell 2539 0.97

SEVERFIELD-ROWEN 61.00 35.40 76.91 Neutral Sell 51 0.76

SPIRAX-SARCO 2917.00 1932.53 3090.00 Neutral Sell 1806 0.69

VITEC GROUP 678.00 559.00 740.00 Neutral Sell 487 1.33

WEIR GROUP 2301.00 1688.00 2474.00 Neutral Neutral 2251 1.31

Food & Drug Stores Over Valued


GREGGS 433.00 392.10 523.50 Neutral Strong Buy 793 0.40

MORRISON(WM)SPMKTS. 275.00 248.60 302.50 Neutral Buy 380 0.35

SAINSBURY (J) 388.70 321.90 400.80 Neutral Buy 458 0.58

TESCO 355.70 307.90 387.75 Neutral Sell 192 0.74

THORNTONS 96.00 28.63 100.50 Neutral Sell 60 0.83

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1906.0 0 132 6.00 2 031.00 Neutral Sell 1611 0.57

CRANSWICK 1073.00 733.00 1189.00 Neutral Strong Buy 1718 0.35

DAIRY CREST 476.00 342.00 528.50 Neutral Sell 394 0.83

DEVRO 304.00 289.90 380.00 Neutral Strong Buy 480 0.37

PREMIER FOODS 155.50 59.75 166.50 Neutral Strong Buy 251 1.22

TATE & LYLE 746.00 692.50 883.00 Neutral Strong Buy 1279 0.62

UNILEVER (UK) 2353.00 2262.00 2885.00 Neutral Sell 2045 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.25 24.00 29.50 Neutral Strong Buy 44 0.65

BROWN (N) GROUP 475.70 266.70 577.00 N eutra l Neutral 511 0.56

BURBERRY GROUP 1585.00 1125.00 1667.00 Neutral Sell 1230 1.28

CARPETRIGHT 667.50 585.00 701.50 Neutral Sell 251 0.85

DIXONS RETAIL 46.70 20.36 47.67 N eutra l Neutral 45 1.53

FINDEL 238.50 108.00 253.75 Neutral Sell 146 0.90

FRENCH CONNECTN.GROUP 30.75 23.00 34.00 Sell Sell 13 1.09

HALFORDS GROUP 377.80 299.00 406.00 Neutral Strong Buy 584 0.68

JD SPORTS FASHION 1083.00 670 .00 1083.00 Neutral Strong Buy 2050 0.59

DARTY 71.00 39.00 88.25 Neutral Strong Buy 122 1.10

KINGFISHER 370.50 268.50 420.00 Neutral Buy 545 0.98

MARKS & SPENCER GROUP 473.00 359.00 513.50 Neutral Strong Buy 736 0.50

MOSS BROTHERS GROUP 69.75 53.50 74.88 Neutral Buy 85 0.78

MOTHERCARE 379.75 212.00 492.75 Neutral Sell 136 0.28

NEXT 4960.00 3542.00 5205.00 N eutra l Neutral 5236 0.63TED BAKER 1730.00 920.00 2017.00 Neutral Sell 1029 0.60

TOPPS TILES 82.50 47.00 94.00 N eutra l Neutral 79 1.55

Health Over Valued


BIOQUELL 150.50 130.00 160.00 Neutral Sell 120 0.45

CONSORT MEDICAL 894.00 660.50 894.00 Neutral Sell 685 0.37

OPTOS 152.00 106.75 215.25 Neutral Buy 175 1.09

SMITH & NEPHEW 764.50 638.00 800.00 Neutral Sell 664 0.33

Household Goods & Textiles Under Valued


GAMES WORKSHOP 785.00 601.00 823.50 Neutra l Neutral 761 0.29

HEADLAM GROUP 385.00 298.63 415.00 Neutral Buy 448 0.75

HORNBY 78.75 55.25 87.50 Neutral Sell 47 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 983.50 577.50 1097.00 Neutral Sell 436 0.63

CSR 508.00 330.90 607.00 Neutral Strong Buy 1496 1.06

FILTRONIC 66.25 30.75 83.25 N eu tra l Neu tral 73 1.00

IMAGINATION TECHNOLOGIES 280.7 0 23 5.10 552.00 Neutral Sell 221 1.09

SPIRENT COMMUNICATIONS 127.70 118.00 169.20 Neutral Strong Buy 394 0.88

WOLFSON M ICR OE LE CTR ON ICS 1 52 .5 0 1 40 .0 0 2 26 .2 5 Neutral Sell -33 0.95


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Insurance Under Valued


ADMIRAL GROUP 1215.00 1019.00 1416.00 Neutral Sell -484 0.58

AMLIN 405.20 364.10 435.10 Neutral Strong Buy 1536 0.47

BEAZLEY 209.50 167.30 242.70 Neutral Strong Buy 951 0.61

CATLIN GROUP 483.40 455.30 552.50 N eu tra l Neu tral 478 0.29

HISCOX 670.00 463.32 670.00 Sell Strong Buy 1905 0.43

JARDINE LLOYD THOMPSON 941.50 723.00 949.50 Neutral Buy 1211 0.28

RSA INSURANCE GROUP 118.60 107.70 136.30 Neutral Strong Buy 731 0.36

NOVAE GROUP 510.00 345.00 520.50 Neutral Strong Buy 3445 0.39

Leisure & Hotels Over Valued


CARNIVAL 2040.00 2030.00 2628.00 Neutral Strong Buy 3273 0.96

ENTERPRISE INNS 151.00 63.00 153.80 Neutral Sell 94 1.51

TUI TRAVEL 365.00 246.40 401.50 Neutral Strong Buy 685 1.06

FULLER SMITH 'A' 883.00 726.00 969.00 Neutral Sell 566 0.24

GREENE KING 790.50 587.00 897.50 Neutral Sell 577 0.87

LADBROKES 185.00 167.40 243.10 Neutral Buy 247 0.85

ICTL.HTLS.GP. 1788.00 1524.00 2039.00 Neutral Sell 1595 1.10

MILLENNIUM & CPTH.HTLS. 570.50 456.00 582.50 N eutra l Neutral 552 1.33

MITCHELLS & BUTLERS 393.20 296.00 460.00 Neutral Sell 252 0.89

BWIN PARTY DIGITAL ENTM. 121.70 101.30 156.00 Neutral Sell 59 1.28

PUNCH TAVERNS 15.00 6 .15 15.50 Neutral Strong Buy 65 0.98

RANK GROUP 164.30 137.30 177.50 Neutral Strong Buy 543 1.01

RESTAURANT GROUP 545.00 363.60 575.00 Neutral Sell 368 0.66

WETHERSPOON (JD) 718.50 486.40 767.00 Neutral Sell 648 0.55

WHITBREAD 3114.00 2300.00 3303.00 Neutral Sell 2058 1.05WILLIAM HILL 405.80 302.37 494.50 Neutral Sell 343 0.79

MARSTON'S 143.00 117.70 165.50 Neutral Sell 9 1.08

Life Assurance Under Valued


AVIVA 428.20 294.10 428.20 Sell Sell 390 1.23

CHESNARA 290.00 176.50 290.00 Sell Strong Buy 548 0.62

LEGAL & GENERAL 194.50 132.40 203.60 Neutral Strong Buy 514 1.82

OLD MUTUAL 189.90 166.10 221.60 Neutral Strong Buy 402 1.54

PRUDENTIAL 1177.00 834.50 1232.00 N eu tra l Neu tral 1207 1.82

ST.JAMES'S PLACE 612.50 374.90 641.50 Neutral Strong Buy 6844 0.88


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 165.75 102.00 165.75 Neutral Strong Buy 922 0.39

BRITISH SKY BCAST.GROUP 869.50 709.00 899.50 Neutral Strong Buy 1056 0.42

CENTAUR MEDIA 52.00 31.00 60.00 Neutral Sell -42 1.00

DAILY MAIL 'A' 752.50 451.25 835.00 Neutral Strong Buy 3556 1.04

EUR OM ONE Y IN STL.INV ESTOR 1090.0 0 74 7.50 1 209.00 Neutral Strong Buy 5566 0.87

INFORMA 509.50 380.50 545.00 Neutral Strong Buy 327 1.51

ITE GROUP 282.20 183.50 307.40 Neutral Buy 201 1.38

ITV 184.00 85.65 184.00 Neutral Strong Buy 1369 1.54

JOHNSTON PRESS 13.25 9.10 19.00 Neutral Buy 720 1.11

PEARSON 1297.00 1119.00 1350.00 N eutra l Neutral 309 0.60

PHOTO-ME INTL. 113.50 46.75 113.50 Neutral Strong Buy 2283 0.81

PINEWOOD SHEPPERTON 297.50 269.00 299.50 Neutral Strong Buy 732 0.06

THOMSON REUTERS 35.85 26.85 36.59 Neutral Strong Buy 346 0.39

STV GROUP 263.00 92.50 263.00 Neutral Sell 240 0.86

ST.IVES 171.00 98.50 180.50 Neutral Sell 159 1.34TRINITY MIRROR 124.00 51.25 128.25 Neutral Sell -289 1.53

UBM 702.00 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 212.75 127.75 217.38 Neutral Strong Buy 1390 0.83

WPP 1238.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1476.00 1207.00 2072.00 Neutral Sell 1226 1.74

ANGLO PACIFIC GROUP 191.25 161.00 289.00 N eutra l Neutral 200 1.03

ANTOFAGASTA 852.00 784.50 1381.00 N eutra l Neutral 810 1.27

BHP BILLITON 1791.50 1666.50 2236.00 Neutral Strong Buy 2803 1.41GLENCORE XSTRATA 326.65 256.85 397.85 Neutral Strong Buy 980 #NA

LONMIN 317.70 240.84 380.10 Sell Buy 426 1.86

RANDGOLD RESOURCES 4336.00 3972.00 7 745.00 Neutral Sell 2750 0.51

RIO TINTO 3015.00 2582.00 3757.00 Neutral Sell 2410 1.44

VEDANTA RESOURCES 1015.00 992.00 1335.00 Neutral Strong Buy 2668 2.17

Oil & Gas Under Valued


BG GROUP 1178.00 1000.50 1350.50 Neutral Sell 877 0.81

BP 437.30 416.60 483.30 Neutral Strong Buy 974 1.04

CAIRN ENERGY 261.80 251.80 296.10 Neutral Sell -36 1.25

FORTUNE OIL 8.40 5.44 9.51 Neutral Strong Buy 87 0.76

HUNTING 782.00 716.00 941.00 Neutral Sell 565 1.25

JKX OIL & GAS 69.75 48.50 80.38 Neutral Sell -58 1.21

PREMIER OIL 327.00 321.30 400.20 Neutral Buy 397 1.45

ROYAL DUTCH SHELL B 2105.00 2077.50 2365.00 Neutral Strong Buy 8162 0.78

SOCO INTERNATIONAL 405.20 290.14 417.00 N eutra l Neutral 438 0.53

TULLOW OIL 983.00 975.50 1468.00 Neutral Sell 677 1.08

WOOD GROUP (JOHN) 775.50 720.50 915.50 Neutral Sell 709 1.40


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Personal Care & Household Products Over Valued


MCBRIDE 122.50 101.00 144.60 Neutral Buy 161 0.85

PZ CUSSONS 400.10 312.50 432.50 Neutral Sell 360 0.75

RECKITT BENCKISER GROUP 4300.00 3609.00 4950.00 Neutra l Neutral 4414 0.33

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.32 0.32 3.58 Buy Sell -4 0.89

ASTRAZENECA 3133.00 2792.50 3521.50 Neutral Strong Buy 7827 0.47

BTG 369.80 317.50 397.90 Neutral Sell 173 0.38

DECHRA PHARMACEUTICALS 695.00 569.00 780.00 Neutral Sell 658 0.18

GLAXOSMITHKLINE 1545.50 1317.50 1782.00 N eutra l Neutral 1653 0.49

OXFORD BIOMEDICA 2.30 1.33 2.83 Buy Sell -3 0.38

PHYTOPHARM 58.00 51.50 568.75 Buy Sell -249 0.79SHIRE 2381.00 1727.00 2593.00 Neutral Sell 1237 0.69

SKYEPHARMA 88.00 43.50 101.75 Neutral Sell 28 0.51

VERNALIS 29.63 19.38 31.00 Neutral Sell 9 0.76

Real Estate - REIT Under Valued


BIG YELLOW GROUP 462.40 322.90 462.40 Neutral Strong Buy 763 1.24

BRITISH LAND 584.50 506.00 658.00 Neutral Buy 875 1.14

DERWENT LONDON 2460.00 1970.00 2542.00 Neutral Strong Buy 5368 1.32

GREAT PORTLAND ESTATES 567.00 444.70 598.00 Neutral Strong Buy 1242 1.07

HAMMERSON 504.00 458.70 554.00 Neutral Buy 590 1.41

INTU PROPERTIES 328.10 300.60 366.00 Neutral Strong Buy 608 1.22

LAND SECURITIES GROUP 932.00 762.50 994.00 Neutral Strong Buy 1884 1.22

LOCAL SHOP.REIT (THE) 29.00 24.25 38.50 Neutral Sell -181 0.78

LONDONMETRIC PROPERTY 121.90 103.20 121.90 Neutral Sell -9 0.33

MCKAY SECURITIES 169.00 131.50 171.00 Neutral Strong Buy 302 0.50

MUCKLOW (A & J) GROUP 472.00 341.50 500.00 Neutral Sell 251 0.57

PRIMARY HEALTH PROPS. 315.00 312.50 363.53 Neutral Sell 118 0.22

REDEFINE INTL.REIT 47.25 30.75 47.50 Neutral Sell -418 0.43

SEGRO 312.00 221.60 313.80 Neutral Sell -338 1.96

SHAFTESBURY 600.00 522.50 668.00 Neutral Strong Buy 907 1.13

TOWN CENTRE SECURITIES 228.00 178.75 230.00 Neutral Sell 1 0.95

WORKSPACE GROUP 466.20 280.70 481.00 Neutral Strong Buy 1501 1.10


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 343.50 223.00 365.60 Neutral Strong Buy 677 0.72

CAPITAL & REGIONAL 40.00 22.75 42.00 Neutral Sell -53 0.55

CLS HOLDINGS 1172.00 656.50 1260.00 Neutral Strong Buy 2916 0.80

DAEJAN HOLDINGS 3908.00 2706.00 4200.00 Neutral Strong Buy 14684 0.56

DEVELOPMENT SECS. 201.50 143.00 209.00 Neutral Neutral 193 1.14

GRAINGER 178.00 105.10 187.50 Neutral Sell 110 1.64

HELICAL BAR 288.50 178.00 302.50 Neutral Sell 204 0.83

LONDON & ASSOCS.PROPS. 35.25 21.50 35.25 Neutral Strong Buy 227 0.60

MOUNTVIEW ESTATES 6425.00 4350.00 6512.50 Neutral Strong Buy 14476 0.69

QUINTAIN ESTATES & DEV. 87.00 51.75 92.00 Sell Sell -210 1.10

RAVEN RUSSIA 78.75 61.50 79.75 Sell Strong Buy 209 1.56

SAVILLS 620.50 391.20 664.50 Neutral Strong Buy 1852 0.68

SMART (J) 85.00 72.50 90.50 Neutral Strong Buy 369 0.42

ST MODWEN PROPS. 331.80 194.00 333.00 Neutral Strong Buy 627 1.68

UNITE GROUP 380.10 260.70 403.00 Neutral Strong Buy 1634 1.93

Software & Computer Services Under Valued


ANITE 114.50 109.50 162.00 Neutral Buy 141 0.66

AVEVA GROUP 2520.00 1975.75 2650.00 Neutral Sell 1487 1.49

COMPUTACENTER 540.00 333.29 564.10 Neutral Strong Buy 1467 0.85

KOFAX 370.00 260.75 388.00 Neutral Sell 343 1.11

INNOVATION GROUP 31.00 20.75 31.00 Sell Sell 26 0.78

MICRO FOCUS INTL. 759.50 543.00 812.50 Neutral Buy 1033 0.84

PHOENIX IT GROUP 156.00 130.00 184.00 Neutral Sell -228 0.59

RM 113.00 64.00 114.25 Neutral Strong Buy 267 0.58

FIDESSA GROUP 1920.00 1275.00 2190.00 Neutral Buy 2153 0.62

SAGE GROUP 318.30 289.36 368.18 Neutral Buy 435 0.70

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 383.40 318.20 492.10 Neutral Strong Buy 1264 1.12

BREWIN DOLPHIN 268.20 169.80 283.00 Neutral Strong Buy 644 0.85

CAMELLIA 8506.00 8000.00 11105.00 Neutral Strong Buy 80711 0.85

CHARLES STANLEY GROUP 454.75 264.00 474.00 Neutral Strong Buy 1405 0.89

CHARLES TAYLOR 218.00 155.00 228.00 Neutral Strong Buy 1619 0.64

CLOSE BROTHERS GROUP 1257.00 830.00 1257.00 Sell Strong Buy 4765 0.78

F&C ASSET MANAGEMENT 96.10 90.00 110.40 Neutral Sell 77 0.77

HELPHIRE GROUP 5.31 0.75 5.70 Neutral Sell -124 0.77

HENDERSON GROUP 193.90 109.10 193.90 Sell Strong Buy 787 1.44

ICAP 363.80 280.80 422.20 Neutral Strong Buy 816 0.94

INTERMEDIATE CAPITAL GP. 449.30 287.20 501.50 Neutral Strong Buy 2231 1.77

INVESTEC 408.60 358.40 513.50 Neutral Strong Buy 2587 1.54

LONDON STOCK EX.GROUP 1552.00 930.00 1652.00 Neutral Strong Buy 6805 1.32

MAN GROUP 79.00 71.80 134.40 Neutral Sell -4766 1.23

RATHBONE BROTHERS 1528.00 1208.00 1691.00 Neutral Strong Buy 5385 0.83

SCHRODERS 2584.00 1518.00 2631.00 Neutral Strong Buy 8036 1.42

SCHRODERS NV 2165.00 1193.00 2193.00 Neutral Strong Buy 11183 1.38


14/17



Support Services Under Valued


ACAL 285.00 157.75 285.00 Neutral Strong Buy 602 0.79

AGGREKO 1490.00 1442.00 2302.00 Neutral Strong Buy 3186 1.04

AMEC 1061.00 965.50 1127.00 Neutral Strong Buy 3130 0.98

ASHTEAD GROUP 624.00 342.60 730.00 Neutral Strong Buy 936 1.69

BABCOCK INTL. 1162.00 940.00 1218.00 Neutral Strong Buy 2448 0.40

BRITISH POLYTHENE INDS. 637.00 372.50 637.00 Neutral Strong Buy 2217 0.84

BUNZL 1320.00 1009.00 1409.00 Neutral Strong Buy 2617 0.49

UK MAIL GROUP 584.00 265.00 645.00 Neutral Strong Buy 1544 0.47

CAPITA 996.50 713.00 1057.00 Neutral Strong Buy 1790 0.57

COMMUNISIS 58.00 34.54 68.00 Neutral Strong Buy 413 0.79

COMPASS GROUP 849.50 671.50 910.50 Neutral Strong Buy 1873 0.78

BERENDSEN 910.00 563.00 939.00 Neutral Strong Buy 3205 1.02

DE LA RUE 938.50 891.50 1075.00 Neutral Strong Buy 2169 #NA

DIGNITY 1393.00 922.31 1567.68 Neutral Buy 1718 0.21

DIPLOMA 631.00 435.00 661.00 Neutral Strong Buy 1272 1.00ELECTROCOMP. 272.50 203.90 282.50 Neutral Strong Buy 838 1.03

ESSENTRA PLC 713.00 510.00 830.00 Neutral Strong Buy 1213 1.13

G4S 239.80 207.50 313.50 Neutral Strong Buy 864 0.42

HAYS 118.10 76.70 118.40 Neutral Strong Buy 382 0.99

HOMESERVE 250.50 185.60 293.60 Neutral Strong Buy 884 0.93

INTERSERVE 575.50 349.10 591.50 Neutral Strong Buy 2985 1.15

INTERTEK GROUP 3235.00 2742.00 3453.00 Neutral Buy 4245 0.74

JOHNSON SERVICE GROUP 51.75 33.38 51.75 Neutral Strong Buy 217 1.03

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 177 0.61

MENZIES (JOHN) 794.50 573.00 809.00 Neutral Strong Buy 1928 1.37

MICHAEL PAGE INTL. 492.40 346.40 502.50 Neutral Strong Buy 764 1.19

MITIE GROUP 287.80 248.00 300.80 Neutral Strong Buy 976 0.50

OFFICE2OFFICE 36.00 33.75 132.50 Neutral Strong Buy 620 0.28

PAYPOINT 1037.00 750.00 1185.00 Neutral Strong Buy 1779 0.72

PREMIER FARNELL 211.80 165.50 238.40 Neutral Strong Buy 534 1.40

REGUS 191.00 96.00 195.70 Neutral Sell 68 1.46

RENTOKIL INITIAL 110.10 85.00 111.30 Neutral Strong Buy 422 1.31

REXAM 477.00 432.56 547.50 Neutral Strong Buy 1701 0.90

RICARDO 574.50 349.63 585.00 Neutral Strong Buy 1539 1.04

ROBERT WALTERS 315.00 191.00 335.00 Neutral Strong Buy 902 1.11

RPC GROUP 464.40 378.00 477.80 Neutral Strong Buy 1537 0.72

RPS GROUP 269.40 195.50 274.60 Neutral Strong Buy 862 1.49

SERCO GROUP 528.50 522.50 683.50 Buy Strong Buy 2127 0.52

SHANKS GROUP 94.00 73.00 98.00 Neutral Strong Buy 337 1.55

SPEEDY HIRE 66.25 29.50 66.25 Neutral Strong Buy 316 1.17

TRIBAL GROUP 180.50 92.25 206.50 Neutral Strong Buy 505 0.64

TRIFAST 68.00 40.50 70.75 Neutral Strong Buy 306 0.81

VP 499.50 313.00 499.50 Neutral Strong Buy 2158 0.65

WYG 100.00 51.00 110.00 Neutral Strong Buy 186 0.78


15/17



Telecommunication Services Over Valued


BT GROUP 348.30 212.50 350.90 Neutral Buy 435 0.92

CABLE & WIRELESS COMMS. 40.90 34.31 46.29 Neutral Strong Buy 81 0.66

INMARSAT 697.50 542.50 749.00 Neutral Sell 256 0.52

KCOM GROUP 92.00 68.25 92.00 Neutral Buy 123 0.97

TELECOM PLUS 1400.00 830.00 1403.00 Neutral Sell 836 0.05

VODAFONE GROUP 217.40 154.45 222.00 Neutral Sell 128 0.46

Transport Over Valued


BBA AVIATION 303.40 195.70 326.00 Neutral Sell 221 1.17

BRAEMAR SHIPPING SVS. 485.00 350.00 520.00 Neutral Buy 559 0.91

CLARKSON 2350.00 1150.00 2350.00 Sell Sell 1264 0.77

EASYJET 1253.00 597.50 1448.00 Neutral Sell 845 0.78

FIRST GROUP 122.20 92.00 182.47 Neutral Strong Buy 264 0.85

FISHER(JAMES)& SONS 1120.00 750.00 1148.00 Neutral Sell 797 0.69

GO-AHEAD GROUP 1691.00 1220.00 1697.00 Neutral Strong Buy 2859 0.94

NATIONAL EXPRESS 252.70 164.50 274.90 N eu tral Neutral 242 1.33

NORTHGATE 435.75 244.25 441.25 Neutral Sell 347 1.22

STAGECOACH GROUP 331.20 265.90 337.60 Neutral Buy 459 0.87

WINCANTON 102.75 43.75 106.75 Neutral Strong Buy 271 0.83

Utilities Under Valued


CENTRICA 362.60 310.80 402.20 Neutral Strong Buy 563 0.51

NATIONAL GRID 746.50 682.00 847.50 Neutral Buy 961 0.49

PENNON GROUP 686.50 598.00 734.50 Neutral Sell 611 0.66

SSE 1449.00 1364.00 1676.00 Neutral Strong Buy 2228 0.44

SEVERN TRENT 1773.00 1513.00 2090.00 Neutral Sell 1478 0.39

UNITED UTILITIES GROUP 695.00 647.00 787.50 N eu tral Neu tral 742 0.51


16/17



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