value indicator - uk main market 20130128

7/29/2019 value indicator - uk main market 20130128

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28 January 2013

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Intellisys Intelligent Analysis Limited 28 January 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 18

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued .....................................................................6Automobiles & Parts Over Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Over Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ...................................................................... 10Life Assurance Over Valued ..................................................................... 10Media & Entertainment Over Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 12Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 13Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 14Support Services Over Valued ...................................................................... 15Telecommunication Services Over Valued ....................................................... 16Transport Over Valued ................................................................................... 16Utilities Under Valued ....................................................................................... 16DISCLAIMER ........................................................................................................................... 17RISK WARNING ...................................................................................................................... 18


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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 343.20 270.90 363.60 Neutral Strong Buy 539 0.67

CHEMRING GROUP 296.40 217.00 442.00 Neutral Strong Buy 562 0.55

COBHAM 216.50 179.70 239.50 Neutral Buy 264 0.87

MEGGITT 432.40 359.40 437.20 Neutral Sell 365 1.32

ROLLS-ROYCE HOLDINGS 944.00 717.08 944.00 Neutral Sell 627 1.09

SMITHS GROUP 1244.00 952.00 1244.00 Neutral Sell 946 0.70

ULTRA ELECTRONICS HDG. 1648.00 1 424.00 1780.00 Neutral Sell 1420 0.56

Automobiles & Parts Over Valued

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

GKN 246.60 173.60 248.10 Neutral Sell 233 1.96

INCHCAPE 469.40 305.20 469.40 Neutral Sell 445 1.44

LOOKERS 77.00 50.00 79.00 Neutral Buy 92 1.28

PENDRAGON 20.75 10.13 21.25 Neutral Buy 29 1.10

Banks Over Valued


BARCLAYS 300.70 150.55 300.70 Neutral Sell 211 1.91

HSBC HDG. (ORD $0.50) 710.30 503.20 710.30 Neutral Strong Buy 1082 1.16

LLOYDS BANKING GROUP 53.45 25.29 54.92 Sell Buy 63 1.86

ROYAL BANK OF SCTL.GP. 365.90 196.60 366.90 Sell Sell -97 1.37

STANDARD CHARTERED 1664.50 1228.50 1683.00 Neutral Sell 1410 1.71

Beverages Under Valued


BARR (AG) 550.00 348.00 550.00 Sell Neutral 575 0.49

DIAGEO 1857.00 1402.00 1886.50 Sell Sell 1654 0.54

SABMILLER 3064.50 2348.50 3064.50 Sell Buy 3585 1.00

Chemicals Under Valued


CRODA INTERNATIONAL 2451.00 1914.00 2501.00 Neutral Strong Buy 3916 1.04

ELEMENTIS 214.90 150.20 240.30 Neutral Buy 307 1.03

JOHNSON MATTHEY 2390.00 2020.29 2573.00 Neutral Strong Buy 6228 1.44

VICTREX 1623.00 1185.00 1649.00 Neu tral Neu tral 1730 1.14

SYNTHOMER 202.00 127.40 251.00 Neutral Strong Buy 324 1.19

ZOTEFOAMS 201.50 133.50 225.00 Neutral Sell 188 0.98


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Construction & Building Materials Over Valued


BALFOUR BEATTY 278.50 237.90 320.80 Neutral Sell -68 0.83

BARRATT DEVELOPMENTS 226.10 107.60 231.10 Neutral Sell 31 1.49

BELLWAY 1118.00 660.00 1129.00 Neutral Sell 591 1.09

BERKELEY GROUP HDG.( THE ) 1840.00 1177.00 1842.00 Neutral Strong Buy 3272 0.65

BOVIS HOMES GROUP 614.00 399.30 636.50 Neutral Sell 63 1.13

CARILLION 309.80 235.50 344.00 Neutral Sell -266 1.12

CLARKE (T) 56.63 39.00 61.50 Neutral Sell 15 0.79

COSTAIN GROUP 260.00 188.00 263.50 Neutral Strong Buy 504 0.61

GALLIFORD TRY 832.00 470.00 839.00 Neutral Sell -29 1.02

KELLER 733.00 348.25 749.00 Neutral Sell 286 1.26

KIER GROUP 1404.00 1095.00 1489.00 Neutral Sell 880 0.96

LOW & BONAR 57.63 49.00 66.50 Neutral Buy 82 1.07

MARSHALLS 109.50 76.00 110.00 Neutral Sell 38 1.31

MORGAN SINDALL GROUP 580.00 508.00 725.00 Neutral Sell 26 0.83

PERSIMMON 874.50 515.00 888.50 Neutral Sell 219 1.14

REDROW 191.90 107.30 195.10 Neutral Sell 25 1.04

SIG 133.70 82.30 136.50 Neutral Buy 151 1.66

TAYLOR WIMPEY 72.95 40.28 75.05 Neutral Sell -11 1.57

TRAVIS PERKINS 1221.00 863.50 1245.00 Neutral Sell 445 1.94

WOLSELEY 3000.00 2121.32 3038.00 Neutral Sell 1442 1.44

Electronics & Electrical Equipment Over Valued


DIALIGHT 1134.00 745.00 1244.00 Neutral Sell 714 0.76

DOMINO PRINTING SCIENCES 654.50 509.00 670.00 Neutral Buy 868 1.14

E2V TECHNOLOGIES 129.00 105.50 149.50 Neutral Strong Buy 228 1.33

INVENSYS 344.50 186.10 351.60 Neutral Sell 317 1.37

LAIRD 224.00 163.00 243.90 Neutral Sell 82 2.12

OXFORD INSTRUMENTS 1575.00 905.50 1575.00 Neutral Sell 1092 0.98

RENISHAW 1956.00 1260.00 2081.00 Neutral Buy 2249 1.26

SPECTRIS 2213.00 1427.00 2215.00 Neutral Sell 2036 1.44

BIOME TECHNOLOGIES 0.08 0.08 0.22 Neutral Buy 0 0.83

TT ELECTRONICS 161.00 114.00 203.50 Neutral Strong Buy 365 1.60

XAAR 282.50 185.00 292.00 Neutral Sell 212 1.13


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.75 54.25 92.00 Neutral Buy 114 1.24

BODYCOTE 464.50 299.60 481.90 Neutral Neutral 493 1.59

CASTINGS 350.00 266.50 358.50 Neutral Strong Buy 666 0.98

VESUVIUS 376.00 263.19 380.80 Neutral Buy 485 2.21

FENNER 414.40 329.30 483.70 Neutral Buy 534 1.43

HALMA 469.10 349.50 469.10 Neutral Sell 373 0.77

HILL & SMITH 449.00 296.25 449.00 Sell Sell 331 1.34

IMI 1193.00 776.00 1193.00 Sell Neutral 1288 1.38

METALRAX GROUP 3.20 3.02 9.00 Neutral Buy 4 0.81

MORGAN CRUCIBLE 289.00 220.30 360.00 Neutral Strong Buy 515 1.78

ROTORK 2698.00 1859.00 2704.00 Sell Sell 1959 1.00

SENIOR 213.70 177.00 215.00 Neutral Neutral 214 1.68

SEVERFIELD-ROWEN 80.00 78.00 219.50 Neutral Neutral 77 0.96

SPIRAX-SARCO 2357.00 1900.00 2357.00 Neutral Sell 2153 0.82

VITEC GROUP 609.50 555.25 740.00 Neutral Neutral 593 1.44

WEIR GROUP 2047.00 1397.00 2236.00 Neutral Sell 1933 1.37

Food & Drug Stores Over Valued


GREGGS 480.00 449.00 558.00 Neutral Buy 636 0.46

MORRISON(WM)SPMKTS. 257.40 251.90 305.70 Buy Sell 206 0.43

SAINSBURY (J) 330.50 283.50 361.10 Neutral Sell 231 0.63

TESCO 355.65 297.05 355.65 Neutral Sell 283 0.72

THORNTONS 38.50 13.37 45.50 Neutral Sell 27 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1708.00 1153.00 1708.00 Sell Sell 1408 0.59

CRANSWICK 921.50 732.50 921.50 Neutral Buy 1377 0.58

DAIRY CREST 417.90 290.40 417.90 Neutral Sell 385 0.91

DEVRO 351.20 260.20 351.20 Sell Sell 321 0.30

PREMIER FOODS 120.50 54.50 180.00 Neutral Sell -138 1.39

TATE & LYLE 834.00 633.50 834.00 Neutral Buy 992 0.65

UNILEVER (UK) 2533.00 1994.00 2533.00 Neutral Buy 3374 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.75 20.38 29.50 Neutral Buy 33 0.72

BROWN (N) GROUP 368.00 222.40 380.00 Neutral Sell 349 0.51

BURBERRY GROUP 1387.00 1000.00 1586.00 Neutral Sell 945 1.31

CARPETRIGHT 682.00 550.00 728.50 Neutral Sell 271 0.96

DIXONS RETAIL 27.67 12.67 29.80 Neutral Buy 37 1.57

FINDEL 8.00 2.76 9.30 Neutral Sell 3 1.12

FRENCH CONNECTN.GROUP 26.25 19.50 58.75 Neutral Strong Buy 108 1.01

HALFORDS GROUP 352.40 189.00 356.80 Neutral Buy 483 0.68

JD SPORTS FASHION 740 .00 606.50 863 .00 Neutral Strong Buy 1468 0.47

DARTY 63.50 38.00 85.70 Neutral Buy 85 1.24

KINGFISHER 277.40 251.80 313.80 Neutral Buy 379 0.95

MARKS & SPENCER GROUP 384.20 312.20 398.80 Neutral Buy 500 0.73

MOSS BROTHERS GROUP 71.00 34.75 71.00 Neutral Sell 59 1.02

MOTHERCARE 331.00 152.00 362.00 Neutral Buy 371 0.45

NEXT 4059.00 2594.00 4059.00 Sell Sell 3562 0.69

TED BAKER 1185.00 735.50 1198.00 Neutral Sell 634 0.57

TOPPS TILES 54.88 30.50 55.25 Neutral Sell 48 1.29

Heath Over Valued


BIOQUELL 144.00 111.00 160.00 N eutral Neutral 150 0.46

CONSORT MEDICAL 718.00 530.00 831.50 N eutral Neutral 712 0.45

OPTOS 195.75 160.00 279.25 N eutral Neutral 215 1.14

SMITH & NEPHEW 723.50 580.00 723.50 Neutral Sell 668 0.36

Household Goods & Textiles Over Valued


GAMES WORKSHOP 655.00 487.50 720.50 N eutral Neutral 640 0.38

HEADLAM GROUP 336.25 263.00 345.00 Neutral Sell 295 0.92

HORNBY 78.50 55.25 123.50 Neutral Buy 103 0.74

Information Technology & Hardware Over Valued


ARM HOLDINGS 870.50 469.00 873.00 Neutral Sell 502 0.75CSR 364.50 194.60 376.20 Neutral Strong Buy 981 1.21

FILTRONIC 39.75 23.00 47.25 Neu tral Neutral 41 0.80

IMAGINATION TECHNOLOGIES 450.10 383 .50 717.00 Neu tral Neutral 450 1.06

SPIRENT COMMUNICATIONS 157.10 118.80 174.00 Neutral Strong Buy 620 0.94

WOLFSON MICROELECTRONICS 205.25 155 .00 230.00 Neutral Sell -283 0.99


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Insurance Under Valued


ADMIRAL GROUP 1222.00 894.50 1231.00 Neutral Sell 385 0.55

AMLIN 378.90 312.90 405.00 Neutral Sell -2788 0.47

BEAZLEY 191.00 132.50 194.20 Neutral Strong Buy 1441 0.56

CATLIN GROUP 520.00 399.00 520.00 Neutral Buy 715 0.29

HISCOX 465.20 371.30 489.40 Neutral Strong Buy 1954 0.48

JARDINE LLOYD THOMPSON 790 .00 659.00 790 .00 Neutral Strong Buy 2991 0.30

RSA INSURANCE GROUP 130.00 97.65 130.00 Neutral Strong Buy 1606 0.42

NOVAE GROUP 429.75 335.00 430.50 Neutral Strong Buy 1810 0.46

Leisure & Hotels Over Valued


CARNIVAL 2615.00 1841.00 2615.00 Neutral Strong Buy 4136 0.99

ENTERPRISE INNS 101.80 35.00 105.00 Neutral Sell 64 1.64

TUI TRAVEL 293.10 158.00 293.80 Neutral Strong Buy 729 1.01

FULLER SMITH 'A' 775.00 680.00 798.00 Neutral Sell 595 0.40

GREENE KING 675.50 474.30 675.50 Neutral Sell 565 0.91

LADBROKES 210.90 139.00 210.90 Neutral Sell 171 0.92

ICTL.HTLS.GP. 1880.00 1293.51 1880.00 Sell Sell 1546 1.18

MILLENNIUM & CPTH.HTLS. 540.00 436.80 540.00 Neu tral Neutral 572 1.36

MITCHELLS & BUTLERS 310.00 217.40 337.00 Neutral Sell 270 1.06

BWIN PARTY DIGITAL ENTM. 113.50 91.90 174.00 Neutral Sell 76 1.25

PUNCH TAVERNS 11.00 5 .61 12.25 Neutral Strong Buy 41 1.20

RANK GROUP 155.20 111.00 155.20 Neutral Strong Buy 475 0.98

RESTAURANT GROUP 375.50 269.20 391.70 Neutral Sell 298 0.81

WETHERSPOON (JD) 496.50 371.30 548.50 Neutral Buy 686 0.73

WHITBREAD 2567.00 1637.00 2567.00 Sell Sell 1813 0.98

WILLIAM HILL 362.50 222.20 362.50 Neutral Sell 259 0.90

MARSTON'S 133.80 94.25 134.20 Neutral Sell 17 1.23

Life Assurance Over Valued


AVIVA 370.50 255.30 388.40 Neutral Strong Buy 1108 1.29

CHESNARA 215.00 155.25 215.00 Neutral Strong Buy 330 0.67

LEGAL & GENERAL 151.60 106.00 151.80 Neutral Strong Buy 273 1.69

OLD MUTUAL 187.60 138.70 187.60 Neutral Sell 161 1.63PRUDENTIAL 947.50 660.00 947.50 Sell Sell 864 1.70

ST.JAMES'S PLACE 465.80 303.40 465.80 Neutral Sell 408 0.83


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Media & Entertainment Over Valued


AEGIS GROUP 235.70 153.20 237.80 Neutral Sell -649 1.29

BLOOMSBURY PBL. 122.00 104.00 146.50 Neutral Strong Buy 1577 0.35

BRITISH SKY BCAST.GROUP 802.00 635.50 802.00 Neutral Strong Buy 151 0.55

CENTAUR MEDIA 51.88 28.50 54.63 Neutral Strong Buy 3207 0.99

DAILY MAIL 'A' 579.00 363.50 588.00 Neutral Strong Buy 5621 1.07

EUROMONEY INSTL.INVESTOR 920.00 668.00 951.50 Neutral Sell -37 0.97

INFORMA 480.10 340.00 491.20 Neutral Strong Buy 278 1.56

ITE GROUP 262.70 180.00 273.40 Neutral Strong Buy 1243 1.43

ITV 115.80 69.45 116.40 Neutral Strong Buy 1529 1.55

JOHNSTON PRESS 12.50 4.88 15.00 Neutral Buy 347 1.27

PEARSON 1185.00 1111.00 1294.00 Neutral Strong Buy 2414 0.65

PHOTO-ME INTL. 68.25 36.25 68.25 Neutral Buy 525 0.80

PINEWOOD SHEPPERTON 277.50 237.62 377.50 Neutral Sell -615 0.19

THOMSON REUTERS 30.96 26.66 31.04 Neutral Sell 287 0.52

STV GROUP 120.50 81.50 120.50 Neutral Sell -305 0.76

ST.IVES 114.63 67.50 125.00 Neutral Strong Buy 2237 1.43

TRINITY MIRROR 101.00 25.50 102.00 Neutral Strong Buy 1185 1.57

UBM 765.00 511.00 765.00 Sell Sell 211 1.33

WILMINGTON GROUP 152.88 78.50 160.00 Neutral Strong Buy 853 0.87

WPP 980.00 737.50 980.00 Neutral Sell 25 1.31

HIBU 0.31 0.26 6.27 Neutral Sell 60 1.11

Mining Under Valued


ANGLO AMERICAN 1886.00 1664.00 2910.00 Neutral Strong Buy 3280 1.73

ANGLO PACIFIC GROUP 284.50 221.25 340.00 Neutral Buy 314 1.00

ANTOFAGASTA 1257.00 991.00 1399.00 Neutral Sell 1076 1.45

BHP BILLITON 2104.00 1681.00 2208.50 Neutral Strong Buy 3938 1.42

LONMIN 327.70 240.84 599.98 Neutral Sell 42 1.94

RANDGOLD RESOURCES 6020.00 4596.00 7775.00 Neutral Sell 3285 0.27

RIO TINTO 3518.00 2715.50 3988.00 Neutral Buy 3912 1.48

COALFIELD RESOURCES 7.03 3.75 34.00 Neutral Strong Buy 190 0.90

VEDANTA RESOURCES 832.50 1502.00 Neutral Strong Buy 2848 2.17

XSTRATA 1183.00 785.80 1283.00 Neu tral Neutral 1161 1.78


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Oil & Gas Under Valued


BG GROUP 1165.50 1000.50 1547.00 Neu tral Neutral 1242 0.78

BP 465.30 391.95 504.60 Neutral Strong Buy 1565 1.06

CAIRN ENERGY 291.70 248.20 360.00 Neutral Sell -29 1.35

FORTUNE OIL 11.50 7.86 12.50 Neutral Buy 15 0.89

HUNTING 850.00 688.00 968.00 Neutral Sell 533 1.27

JKX OIL & GAS 67.25 67.25 187 .75 Neutral Strong Buy 300 1.45

PREMIER OIL 374.70 321.30 449.70 Neutral Sell 296 1.39

ROYAL DUTCH SHELL B 2315.50 2039.00 2366.50 Neutral Strong Buy 11080 0.90

SOCO INTERNATIONAL 383.00 254.90 388.20 Neutral Sell 253 0.53

TULLOW OIL 1183.00 1150.00 1601.00 Neutral Sell 801 1.09

WOOD GROUP (JOHN) 827.00 647.00 875.50 Neu tral Neutral 848 1.35

Personal Care & Household Products Over Valued


MCBRIDE 136.50 102.70 140.00 Neutral Strong Buy 270 0.85

PZ CUSSONS 399.40 296.10 399.40 Neutral Sell 334 0.72

RECKITT BENCKISER GROUP 4195.00 3300 .00 4195.00 Neu tral Neutral 4243 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 1.25 1.25 3.98 Strong Buy Strong Buy 30 1.03

ASTRAZENECA 3156.50 2591.00 3156.50 Neutral Strong Buy 5475 0.49

BTG 330.60 300.30 423.00 Neutral Buy 383 0.62DECHRA PHARMACEUTICALS 621.50 418.33 643.00 Neutral Strong Buy 2545 0.24

GLAXOSMITHKLINE 1415.50 1317.50 1507.50 Neutral Sell 150 0.50

OXFORD BIOMEDICA 2.25 2.05 5.80 Buy Strong Buy 12 0.67

PHYTOPHARM 8.87 5.88 12.75 Buy Sell 3 0.95

SHIRE 2110.00 1727.00 2300.00 Neutral Sell 1540 0.67

SKYEPHARMA 70.88 31.00 101.50 Neutral Strong Buy 236 0.71

VERNALIS 22.88 19.25 27.38 Neutral Strong Buy 99 0.84


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Real Estate Under Valued


BIG YELLOW GROUP 368.90 271.00 382.10 Neutral Sell -649 1.14

BRITISH LAND 564.50 466.10 577.00 Neutral Strong Buy 1577 1.03

CAPITAL & REGIONAL 28.50 22.75 34.25 Sell Strong Buy 151 0.68

CLS HOLDINGS 785.00 560.00 804.00 Neutral Strong Buy 3207 0.67

DERWENT LONDON 2178.00 1669.00 2205.00 Neutral Strong Buy 5621 1.20

DEVELOPMENT SECS. 172.00 121.75 176.00 Neutral Sell -37 0.93

GRAINGER 128.70 83.10 128.80 Neutral Strong Buy 278 1.47

GREAT PORTLAND ESTATES 495.20 345.60 502.00 Sell Strong Buy 1243 1.05

HAMMERSON 491.10 377.10 497.70 Neutral Strong Buy 1529 1.14

HELICAL BAR 234.00 164.00 247.00 Neutral Buy 347 0.70

LAND SECURITIES GROUP 814.00 672.50 832.50 Neutral Strong Buy 2414 1.14

CAPITAL SHOPCTS.GROUP 359.10 305.00 366.00 Neutral Buy 525 1.09

MCKAY SECURITIES 137.00 110.25 144.00 Neutral Sell -615 0.71

MUCKLOW (A & J) GROUP 367.75 310.00 390.00 Neutral Sell 287 0.42

QUINTAIN ESTATES & DEV. 61.75 32.50 62.25 Sell Sell -305 1.15

SAVILLS 485.00 300.80 486.00 Neutral Strong Buy 2237 0.66

SHAFTESBURY 563.00 482.20 572.50 Neutral Strong Buy 1185 1.01

SEGRO 248.50 209.40 259.20 Neutral Sell 211 1.66

ST MODWEN PROPS. 234.80 118.50 241.10 Neutral Strong Buy 853 1.46

TOWN CENTRE SECURITIES 185.00 135.00 189.50 Neutral Sell 25 1.06

UNITE GROUP 285.00 177.70 290.10 Neutral Sell 60 1.75

WARNER ESTATE 1.73 1.00 4.13 Sell Sell -1089 1.01

WORKSPACE GROUP 329.00 213.25 335.50 Neutral Strong Buy 1176 0.99

Software & Computer Services Under Valued


ANITE 140.80 97.25 149.90 Neutral Sell 120 0.81

AVEVA GROUP 2232.00 1469.00 2232.00 Neutral Sell 1283 1.39

COMPUTACENTER 450.00 292.40 461.90 Neutral Strong Buy 1335 0.99

KOFAX 305.00 240.00 314.00 Neu tral Neutral 317 1.12

INNOVATION GROUP 24.25 18.25 24.25 Neutral Sell 22 0.84

MICRO FOCUS INTL. 633.50 423.57 633.50 Neutral Buy 930 0.81

PHOENIX IT GROUP 164.00 135.00 231.75 Neutral Strong Buy 308 0.85

RM 75.25 68.50 93.50 Neutral Sell -89 0.53

FIDESSA GROUP 1570.00 1275.00 1766.00 Neutral Buy 2040 0.77

SAGE GROUP 325.70 247.70 325.70 Neutral Buy 404 0.71


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Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 415.40 234.00 415.40 Sell Sell 155 1.10

BREWIN DOLPHIN 216.00 136.30 222.00 Neutral Sell 97 0.73

CAMELLIA 10625.00 9175.00 10625.00 Neutral Sell 9417 0.81

CHARLES STANLEY GROUP 337.00 247.50 337.00 Neutral Sell 162 0.93

CHARLES TAYLOR 176.00 123.00 189.75 Neutral Sell 92 0.70

CLOSE BROTHERS GROUP 993.00 670.00 993.00 Neutral Sell 148 0.90

F&C ASSET MANAGEMENT 110.00 64.75 110.00 Neutral Sell 101 0.89

HELPHIRE GROUP 2.75 0.77 3.61 Sell Strong Buy 44 0.66

HENDERSON GROUP 156.20 90.55 158.70 Neutral Sell 45 1.44

ICAP 329.20 281.40 431.50 Neutral Sell 186 1.07

INTERMEDIATE CAPITAL GP. 360.70 227.30 361.60 Neutral Sell 178 1.65

INVESTEC 460.70 310.40 462.50 Neutral Sell 65 1.55

LONDON STOCK EX.GROUP 1225.00 859.50 1225.00 Neutral Strong Buy 3420 1.15

MAN GROUP 94.25 63.25 152.50 Neutral Sell 87 1.29

RATHBONE BROTHERS 1312.00 1115.00 1373.00 Neutral Sell 1082 0.74

SCHRODERS 1916.00 1166.00 1916.00 Neutral Sell 1200 1.33


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Support Services Over Valued


ACAL 205.00 157.75 219.50 Neutral Buy 280 0.89

AGGREKO 1754.00 1664.00 2400.00 Neutral Sell 1161 1.04

AMEC 1100.00 923.00 1172.00 Neutral Sell 977 1.05

ASHTEAD GROUP 450.20 212.20 461.10 Neutral Sell 279 1.59

BABCOCK INTL. 1012.00 720.50 1022.00 Neutral Sell 595 0.45

BRITISH POLYTHENE INDS. 408.50 317.00 417.00 Neutral Strong Buy 723 0.75

BUNZL 1116.00 851.50 1167.00 Neutral Sell 741 0.52

UK MAIL GROUP 370.00 214.00 372.50 Neutral Neu tral 406 0.28

CAPITA 794.00 602.00 800.50 Neutral Sell 462 0.50

COMMUNISIS 46.50 25.50 50.50 Neutral Buy 66 0.75

COMPASS GROUP 759.00 589.00 759.50 Neutral Sell 575 0.69

BERENDSEN 625.00 454.50 634.00 Neutral Buy 870 1.03

DE LA RUE 936.50 885.50 1075.00 Neutral Sell 547 #NA

DIGNITY 1193.00 755.50 1193.00 Neutral Sell 703 0.18

DIPLOMA 546.00 385.00 560.00 Neutral Sell 439 0.97

ELECTROCOMP. 247.90 195.20 263.00 Neutral Buy 288 1.04

FILTRONA 566.00 375.50 586.50 Neutral Sell 318 1.09

G4S 276.90 240.00 292.10 Neutral Sell 259 0.58

HAYS 91.20 66.40 92.50 Neutral Buy 109 1.09

HOMESERVE 244.00 137.50 294.70 Neutral Strong Buy 440 0.91

INTERSERVE 448.20 270.10 448.20 Neutral Buy 628 1.24

INTERTEK GROUP 3130.00 2078.00 3219.00 Neutral Sell 1295 0.80

JOHNSON SERVICE GROUP 40.25 25.63 42.00 Neutral Strong Buy 84 1.23

MANAGEMENT CNSL.GP. 24.75 21.25 39.50 Neutral Strong Buy 49 0.66

MENZIES (JOHN) 685.00 542.00 685.00 Neutral Strong Buy 1190 1.42

MICHAEL PAGE INTL. 410.70 341.40 497.00 Neutral Sell 290 1.40

MITIE GROUP 281.60 252.20 300.80 Neutral Neu tral 309 0.56

OFFICE2OFFICE 97.50 91.50 163.75 Neutral Strong Buy 215 0.42

PAYPOINT 838.00 542.50 893.50 Neutral Sell 629 0.73

PREMIER FARNELL 214.90 153.20 228.80 Neutral Buy 254 1.28

REGUS 119.20 82.65 119.20 Neutral Sell 97 1.42

RENTOKIL INITIAL 90.65 69.40 97.95 Neutral Sell 49 1.31

REXAM 469.20 374.00 469.20 Neutral Buy 547 0.87

RICARDO 404.88 304.50 405.00 Neutral Neu tral 424 0.83

ROBERT WALTERS 210.00 176.25 264.63 Neutral Buy 282 1.23

RPC GROUP 415.60 348.30 447.00 Neutral Buy 480 0.78

RPS GROUP 237.50 197.00 256.60 Neutral Sell 222 1.51

SERCO GROUP 561.00 505.50 602.00 Neutral Sell 517 0.59SHANKS GROUP 97.00 75.80 113.00 Neutral Strong Buy 149 1.45

SPEEDY HIRE 38.00 22.25 40.50 Neutral Buy 46 1.26

TRIBAL GROUP 126.00 61.63 126.00 Neutral Sell 45 0.50

TRIFAST 52.25 39.50 53.25 Neutral Neu tral 55 0.93

VP 315.75 216.62 354.88 Neutral Strong Buy 554 0.90

WYG 73.00 42.00 75.00 Sell Strong Buy 165 0.77


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Telecommunication Services Over Valued


BT GROUP 253.10 200.70 253.10 Neu tral Neu tral 275 0.89

CABLE & WIRELESS COMMS. 40.00 27.28 45.16 Neutral Strong Buy 72 0.67

INMARSAT 625.00 390.80 625.00 Neutral Sell 526 0.52

KCOM GROUP 72.90 67.00 85.20 Neutral Strong Buy 110 1.27

TELECOM PLUS 942.00 612.00 980.50 Neutral Sell 615 0.05

VODAFONE GROUP 170.25 154.45 191.25 Neutral Sell 141 0.53

Transport Over Valued


BBA AVIATION 226.40 178.00 231.20 Neutral Sell 167 1.31

BRAEMAR SHIPPING SVS. 379.00 309.50 425.00 Neu tral Neu tral 393 0.99

CLARKSON 1271.00 1145.00 1390.00 Neu tral Neu tral 1318 0.80

EASYJET 945.00 431.70 945.00 Neutral Sell 571 0.76

FIRST GROUP 203.60 175.70 316.50 Neutral Strong Buy 452 0.99

FISHER(JAMES)& SONS 826.00 495.50 844.50 Neutral Sell 326 0.80

GO-AHEAD GROUP 1341.00 1086.00 1374.00 Neutral Buy 1527 0.94

NATIONAL EXPRESS 212.70 164.50 252.00 Neu tral Neu tral 205 1.34

NORTHGATE 329.00 159.60 336.00 Neutral Strong Buy 530 1.41

STAGECOACH GROUP 314.70 230.40 319.60 Neu tral Neu tral 326 0.93

WINCANTON 71.00 31.00 91.75 Sell Sell -30 0.91

Utilities Under Valued


CENTRICA 346.90 288.50 347.00 Neutral Buy 472 0.48

NATIONAL GRID 700.00 610.50 717.50 Neutral Buy 836 0.53

PENNON GROUP 701.50 598.00 796.00 Neutral Buy 773 0.56

SSE 1386.00 1209.00 1466.00 Neutral Buy 1706 0.45

SEVERN TRENT 1647.00 1501.00 1796.00 Neutral Sell 1504 0.36

UNITED UTILITIES GROUP 745.00 594.00 747.50 Neutral Sell 667 0.50


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value indicator - uk main market 20130128