value indicator - uk main market 20130522

7/30/2019 value indicator - uk main market 20130522

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22 May 2013

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Intellisys Intelligent Analysis Limited 22 May 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

Contents

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


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Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

The following chart provides an indication the accuracy scores for each of the 40 stocks analysed.

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

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Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity investments, you should contact your financial adviser as these types of investments may not besuitable for everyone. The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

eta 1.0 Share should move by more than market (i.e., higher risk/higher reward)

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

eta measures a sharesvolatility/risk relative tomarket (see below)


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 417.70 270.90 417.70 Neutral Buy 601 0.67

CHEMRING GROUP 289.80 217.00 414.70 Neutral Buy 365 0.66

COBHAM 285.20 190.10 285.20 Neutral Buy 317 0.82

MEGGITT 527.50 364.30 527.50 Neutral Sell 455 1.32

ROLLS-ROYCE HOLDINGS 1210.00 7 80.75 1 225.00 Neu tral Neutra l 1200 1.07

SMITHS GROUP 1356.00 979.50 1356.00 Neutral Sell 1158 0.71

ULTRA ELECTRONICS HDG. 1843.00 1 424.00 1843.00 Neutral Sell 1702 0.51

Automobiles & Parts Under Valued

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

GKN 309.30 173.60 309.30 Neu tral Neutra l 297 2.02

INCHCAPE 577.50 305.20 577.50 Neu tral Neutra l 565 1.48

LOOKERS 110.00 56.50 110.00 Neu tral Neutra l 120 1.23

PENDRAGON 26.50 13.50 26.50 Neutral Buy 39 1.11

Banks Over Valued


BARCLAYS 323.30 150.55 327.35 Neutral Sell -791 1.94

HSBC HDG. (ORD $0.50) 765.30 503.20 769.90 Neutral Buy 955 1.17

LLOYDS BANKING GROUP 61.53 25.29 62.84 Sell Sell 10 1.89

ROYAL BANK OF SCTL.GP. 342.20 196.60 367.80 Neutral Sell -134 1.35

STANDARD CHARTERED 1620.50 1228.50 1 837.50 Neutral Strong Buy 3241 1.70

Beverages Under Valued


BARR (AG) 574.50 348.00 574.50 Neutral Neutra l 610 0.55

DIAGEO 2038.00 1477.00 2085.00 Neutral Sell 1818 0.55

SABMILLER 3537.50 2348.50 3657.00 Neutral Buy 4049 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 332.30 240.00 406.40 Neutral Strong Buy 661 1.23

CARCLO 381.75 356.00 503.00 Neu tral Neutra l 397 0.73

CRODA INTERNATIONAL 2614.00 2125.00 2841.00 Neutral Sell 2152 1.04

ELEMENTIS 247.50 179.00 275.00 Neutral Buy 353 0.99

JOHNSON MATTHEY 2696.00 2080.27 2696.00 Neutral Strong Buy 11844 1.45

VICTREX 1678.00 1185.00 1736.00 Neutral Sell 1490 1.14

SYNTHOMER 197.50 127.40 225.80 Neu tral Neutra l 213 1.16

ZOTEFOAMS 197.50 157.00 225.00 Neutral Strong Buy 379 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.50 61.50 104.00 Neutral Strong Buy 253 0.51

BALFOUR BEATTY 233.00 207.60 320.80 Neutral Strong Buy 980 0.80

BARRATT DEVELOPMENTS 342.20 114.00 346.30 Sell Buy 464 1.58

BELLWAY 1351.00 660.00 1377.00 Neutral Buy 1901 1.15

BERKELEY GROUP HDG.(THE) 2198.00 1180.00 2207.00 Neutral Strong Buy 3380 0.66

BOOT (HENRY) 197.00 115.50 201.00 Neutral Strong Buy 351 0.83

BOVIS HOMES GROUP 775.00 399.30 778.50 Neutral Sell 565 1.20

CARILLION 255.00 235.50 331.80 Neutral Strong Buy 786 1.12

CLARKE (T) 53.50 40.00 61.50 Neutral Strong Buy 265 0.82

COSTAIN GROUP 272.00 188.00 306.00 Neutral Strong Buy 554 0.57

CRH 1442.00 1052.00 1540.00 Neutral Sell 862 1.14

GALLIFORD TRY 972.00 579.00 995.50 Neutral Strong Buy 1677 1.01

KELLER 978.00 348.25 978.00 Neutral Strong Buy 2114 1.26

KIER GROUP 1245.00 1106.00 1408.00 Neutral Strong Buy 3322 0.97

LOW & BONAR 69.00 49.75 76.75 Neutral Strong Buy 217 1.07MARSHALLS 130.00 76.00 130.00 Neutral Strong Buy 290 1.39

MORGAN SINDALL GROUP 554.00 508.00 695.00 Neutral Strong Buy 3359 0.87

NORCROS 16.00 9.25 18.25 Neutral Strong Buy 34 1.15

PERSIMMON 1235.00 496.69 1272.00 Sell Buy 1441 1.20

REDROW 233.90 107.30 233.90 Neutral Buy 289 1.09

SIG 173.00 82.30 173.00 Neutral Strong Buy 510 1.79

SUPERGLASS HOLDINGS 2.00 1.88 14.50 Sell Strong Buy 51 0.88

TAYLOR WIMPEY 102.60 40.28 103.00 Neutral Buy 129 1.67

TRAVIS PERKINS 1547.00 906.50 1547.00 Neutral Strong Buy 2584 2.01

WOLSELEY 3483.00 2121.32 3483.00 Neutral Strong Buy 5535 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1365.00 935.00 1365.00 Neutral Sell 848 0.75

DOMINO PRINTING SCIENCES 678.00 509.00 717.00 Neutral Buy 929 1.18

E2V TECHNOLOGIES 130.00 105.50 144.00 Neutral Strong Buy 273 1.29

INVENSYS 397.90 198.90 402.70 Neu tral Neu tral 380 1.41

LAIRD 213.60 177.00 249.30 Neutral Sell 80 2.13

OXFORD INSTRUMENTS 1627.00 1115.00 1752.00 Neutral Sell 1298 1.00

RENISHAW 1762.00 1260.00 2081.00 Neutral Buy 2595 1.26

SPECTRIS 2100.00 1427.00 2470.00 Neutral Buy 2449 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.14 Neutral Strong Buy 0 0.84

TT ELECTRONICS 175.00 114.00 178.50 Neutral Strong Buy 452 1.58

XAAR 655.00 185.00 695.00 Neutral Sell 258 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 84.63 54.25 91.75 Neutral Buy 107 1.28

BODYCOTE 555.00 310.30 556.50 Neutral Neutral 537 1.60

CASTINGS 337.50 277.75 358.50 Neutral Strong Buy 734 0.99

VESUVIUS 373.00 263.19 402.10 Neutral Buy 534 2.20

FENNER 358.10 329.30 435.20 Neutral Strong Buy 582 1.42

HALMA 538.50 374.00 538.50 Neutral Sell 414 0.75

HILL & SMITH 469.00 297.00 480.00 Neutral Sell 354 1.37

IMI 1359.00 776.00 1359.00 Neutral Neutral 1434 1.41

MORGAN ADVANCED MATERIAL 290.70 220 .30 305.00 Neutral Strong Buy 566 1.82

ROTORK 2851.00 1859.00 3037.00 Neutral Sell 2275 1.00

SENIOR 273.10 177.00 273.10 Sell Sell 223 1.64

SEVERFIELD-ROWEN 43.00 35.40 96.69 Neutral Sell 33 0.79

SPIRAX-SARCO 2855.00 1900.00 2855.00 Sell Sell 2391 0.84

VITEC GROUP 587.00 586.50 740.00 Neutral Neutral 634 1.39

WEIR GROUP 2420.00 1397.00 2474.00 Neutral Sell 2139 1.38

Food & Drug Stores Over Valued


GREGGS 412.00 398.00 523.50 Neutral Strong Buy 715 0.47

MORRISON(WM)SPMKTS. 289.30 248.60 296.40 Neutral Sell 180 0.39

SAINSBURY (J) 376.50 283.50 396.50 Neutral Sell 198 0.57

TESCO 384.55 297.05 387.75 Neutral Sell 263 0.68

THORNTONS 98.50 18.88 100.50 Sell Sell 71 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1949.00 1167.00 2031.00 Neutral Buy 2179 0.62

CRANSWICK 1113.00 732.50 1115.00 Neutral Strong Buy 2152 0.43

DAIRY CREST 480.70 312.70 480.70 Neutral Neutral 521 0.94

DEVRO 348.40 278.00 380.00 Neutral Strong Buy 533 0.32

PREMIER FOODS 73.75 54.50 130.25 Neutral Sell -182 1.25

TATE & LYLE 852.00 633.50 874.00 Neutral Strong Buy 1606 0.71

UNILEVER (UK) 2866.00 2007.00 2866.00 Neutral Neutral 2857 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 29.00 20.50 29.50 Neutral Buy 37 0.69

BROWN (N) GROUP 461.60 224.40 465.60 Neutral Sell 400 0.54

BURBERRY GROUP 1541.00 1000.00 1541.00 Neutral Sell 1075 1.27

CARPETRIGHT 668.50 585.00 728.50 Neutral Sell 307 0.95

DIXONS RETAIL 42.26 12.67 42.26 Neu tral Neu tral 43 1.51

FINDEL 144.00 55.20 186.00 Neutral Sell 60 1.13

FRENCH CONNECTN.GROUP 32.50 19.50 34.00 Sell Strong Buy 111 0.99

HALFORDS GROUP 398.00 189.00 405.20 Neutral Buy 553 0.68

JD SPORTS FASHION 895 .00 606.50 895 .00 Neutral Strong Buy 1656 0.53

DARTY 72.50 38.00 72.50 Sell Buy 100 1.25

KINGFISHER 333.20 254.10 333.20 Neutral Buy 428 0.94

MARKS & SPENCER GROUP 467.90 312.20 467.90 Neutral Buy 571 0.65

MOSS BROTHERS GROUP 56.25 42.00 71.00 Neutral Buy 65 1.04

MOTHERCARE 357.50 163.00 362.00 Neutral Buy 395 0.47

NEXT 4715.00 2938.00 4715.00 Neutral Sell 4076 0.67

TED BAKER 1418.00 840.00 1425.00 Sell Sell 722 0.55

TOPPS TILES 66.25 32.13 70.00 Neutral Sell 56 1.50

Heath Over Valued


BIOQUELL 143.00 126.50 160.00 Neutral Sell 116 0.46

CONSORT MEDICAL 778.50 584.00 831.50 Neutral Sell 573 0.39

OPTOS 130.00 122.25 222.75 Neutral Buy 159 1.18

SMITH & NEPHEW 789.00 590.50 789.00 Neutral Sell 712 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 722.00 557.00 742.00 Neutral Neutral 703 0.44

HEADLAM GROUP 357.50 263.00 357.50 Neutral Sell 307 0.92

HORNBY 79.00 55.25 90.00 Neutral Buy 108 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 1065.00 469.00 1097.00 Neutral Sell 563 0.74

CSR 570.00 200.30 570.00 Neutral Strong Buy 1307 1.18FILTRONIC 62.50 25.00 83.25 Neutral Sell 49 0.90

IMAGIN AT ION TECHNOLOGIES 347.60 296 .00 624.00 Neutral Strong Buy 529 1.08

SPIRENT COMMUNICATIONS 135.40 122.00 170.90 Neutral Strong Buy 704 0.94

WOLFSON MICROELECTRONICS 220.00 170 .00 230.00 Neutral Sell -491 0.90


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Insurance Under Valued


ADMIRAL GROUP 1271.00 1019.00 1374.00 Neu tral Neu tral 1281 0.53

AMLIN 431.10 312.90 434.00 Neutral Sell 105 0.46

BEAZLEY 240.80 132.50 240.80 Neutral Strong Buy 1308 0.60

CATLIN GROUP 544.50 399.00 544.50 Neutral Strong Buy 2014 0.30

HISCOX 600.00 385.08 600.00 Neutral Strong Buy 2607 0.48

JARDINE LLOYD THOMPSON 908 .50 659.00 914 .50 Neutral Strong Buy 1743 0.31

RSA INSURANCE GROUP 115.80 97.65 136.30 Neutral Strong Buy 941 0.41

NOVAE GROUP 488.00 345.00 500.00 Neutral Strong Buy 2968 0.48

Leisure & Hotels Over Valued


CARNIVAL 2267.00 2039.00 2628.00 Neutral Strong Buy 4284 1.01

ENTERPRISE INNS 123.80 55.50 123.80 Sell Neutral 121 1.61

TUI TRAVEL 370.90 158.00 372.20 Neutral Strong Buy 823 1.01

FULLER SMITH 'A' 820.00 700.00 820.00 Neutral Sell 722 0.39

GREENE KING 789.50 474.30 789.50 Neutral Sell 700 0.93

LADBROKES 215.00 152.70 243.10 Neutral Buy 267 0.93

ICTL.HTLS.GP. 1945.00 1401.63 2039.00 Neutral Sell 1559 1.18

MILLENNIUM & CPTH.HTLS. 556.50 455.40 582.50 Neutral Buy 687 1.40

MITCHELLS & BUTLERS 402.70 217.40 406.60 Sell Sell 342 1.12

BWIN PARTY DIGITAL ENTM. 139.20 91.90 156.00 Neutral Sell 46 1.25

PUNCH TAVERNS 11.25 5 .61 13.12 Neutral Strong Buy 57 1.27

RANK GROUP 160.00 115.00 177.50 Neutral Strong Buy 532 1.00

RESTAURANT GROUP 529.00 278.80 531.00 Neutral Sell 342 0.76

WETHERSPOON (JD) 649.50 380.30 661.50 Neutral Buy 789 0.69

WHITBREAD 2873.00 1801.00 2873.00 Sell Sell 2116 0.99WILLIAM HILL 446.60 246.35 450.00 Neutral Sell 272 0.87

MARSTON'S 154.70 94.70 154.70 Neutral Sell 23 1.21

Life Assurance Over Valued


AVIVA 336.60 255.30 388.40 Neutral Strong Buy 761 1.25

CHESNARA 267.50 155.25 270.00 Neutral Strong Buy 418 0.70

LEGAL & GENERAL 187.80 106.00 187.80 Neutral Strong Buy 382 1.71

OLD MUTUAL 217.90 138.70 221.60 Neu tral Neu tral 214 1.57

PRUDENTIAL 1201.00 660.00 1201.00 Neutral Sell 1074 1.71

ST.JAMES'S PLACE 640.00 303.40 640.00 Sell Strong Buy 1584 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 116.00 102.00 146.50 Neutral Sell -625 0.37

BRITISH SKY BCAST.GROUP 798.50 656.00 899.50 Neutral Strong Buy 1868 0.54

CENTAUR MEDIA 31.50 28.50 60.00 Buy Strong Buy 166 1.03

DAILY MAIL 'A' 768.00 363.50 768.00 Neutral Strong Buy 4412 1.14

EUROMONEY INSTL.INVESTOR 996.00 672 .50 1030.00 Neutral Strong Buy 8205 1.00

INFORMA 530.00 340.00 537.00 Neutral Sell -77 1.53

ITE GROUP 298.00 180.00 298.90 Neutral Strong Buy 266 1.45

ITV 131.30 69.45 132.30 Neutral Strong Buy 1368 1.54

JOHNSTON PRESS 17.50 4.88 19.00 Neutral Strong Buy 840 1.27

PEARSON 1262.00 1115.00 1294.00 Neutral Buy 345 0.63

PHOTO-ME INTL. 84.50 36.25 84.50 Neutral Strong Buy 2826 0.79

PINEWOOD SHEPPERTON 272.50 265.00 377.50 Neutral Strong Buy 947 0.16

THOMSON REUTERS 35.87 26.85 35.87 Neutral Sell -622 0.50

STV GROUP 134.00 81.50 146.88 Neutral Sell 288 0.79

ST.IVES 166.50 67.50 166.50 Neutral Sell 259 1.50TRINITY MIRROR 114.75 25.50 121.25 Neutral Sell -277 1.59

UBM 753.50 511.00 788.00 Neutral Strong Buy 1832 1.31

WILMINGTON GROUP 158.00 82.00 164.00 Neutral Strong Buy 1457 0.84

WPP 1172.00 743.00 1172.00 Neutral Sell -533 1.35

HIBU 0.44 0.26 2.41 Neutral Strong Buy 869 1.07

Mining Under Valued


ANGLO AMERICAN 1621.50 1544.00 2215.00 Neutral Sell 1204 1.74

ANGLO PACIFIC GROUP 238.00 215.00 290.00 Neu tral Neu tral 234 0.96

ANTOFAGASTA 964.00 884.00 1381.00 Neutral Sell 866 1.41

BHP BILLITON 1982.00 1681.00 2236.00 Neutral Buy 2921 1.43

GLENCORE XSTRATA 346.00 293.55 397.85 Buy Strong Buy 993 #NA

LONMIN 270.40 240.84 421.26 Neutral Buy 357 2.03

RANDGOLD RESOURCES 4931.00 4545.00 7 775.00 Neutral Sell 3031 0.34

RIO TINTO 2979.00 2715.50 3757.00 Neutral Sell 2364 1.50

COALFIELD RESOURCES 3.38 13.00 Neutral Strong Buy 168 0.89

VEDANTA RESOURCES 1315.00 832.50 1315.00 Neutral Strong Buy 2128 2.20

Oil & Gas Under Valued


BG GROUP 1239.50 1000.50 1350.50 Neu tral Neu tral 1280 0.80

BP 477.65 393.90 477.65 Neutral Strong Buy 1609 1.03

CAIRN ENERGY 291.90 248.20 309.40 Neutral Sell -22 1.32

FORTUNE OIL 8.17 7.66 12.50 Neutral Strong Buy 15 0.82

HUNTING 891.50 688.00 941.00 Neutral Sell 462 1.31

JKX OIL & GAS 58.75 55.00 120 .00 Neutral Strong Buy 311 1.36

PREMIER OIL 382.20 321.30 401.20 Neutral Sell 296 1.43

ROYAL DUTCH SHELL B 2344.00 2039.00 2366.50 Neutral Strong Buy 9719 0.84

SOCO INTERNATIONAL 399.30 264.70 404.30 Neutral Sell 255 0.53

TULLOW OIL 1075.00 977.00 1531.00 Neutral Sell 940 1.04

WOOD GROUP (JOHN) 844.00 651.50 879.50 Neu tral Neu tral 825 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 107.50 101.20 144.60 Neutral Strong Buy 247 0.84

PZ CUSSONS 386.60 297.20 415.60 Neutral Sell 316 0.69

RECKITT BENCKISER GROUP 4828.00 3300 .00 4828.00 Neutral Neutral 4867 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.44 0.36 3.58 Buy Sell 0 1.01

ASTRAZENECA 3394.50 2591.00 3394.50 Neutral Strong Buy 6655 0.47

BTG 333.00 300.30 423.00 Neutral Sell 171 0.58

DECHRA PHARMACEUTICALS 725.50 4 66.50 780.00 Neu tral Neu tral 738 0.25

GLAXOSMITHKLINE 1742.00 1317.50 1742.00 Neutral Sell 1604 0.49

OXFORD BIOMEDICA 2.35 1.55 3.40 Neutral Sell 1 0.64

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

SHIRE 2135.00 1727.00 2153.00 Neutral Sell 1393 0.66

SKYEPHARMA 53.25 43.50 101.50 Neutral Sell -136 0.73

VERNALIS 22.25 21.63 27.38 Neutral Strong Buy 37 0.91

Real Estate Under Valued


BIG YELLOW GROUP 414.90 274.50 426.70 Neutral Sell -625 1.18

BRITISH LAND 643.00 475.40 658.00 Neutral Strong Buy 1868 1.06

CAPITAL & REGIONAL 37.00 22.75 37.00 Sell Strong Buy 166 0.85

CLS HOLDINGS 959.50 595.00 995.00 Neutral Strong Buy 4412 0.70

DERWENT LONDON 2542.00 1728.00 2542.00 Sell Strong Buy 8205 1.24DEVELOPMENT SECS. 192.00 121.75 192.00 Neutral Sell -77 0.99

GRAINGER 156.50 83.10 156.50 Neutral Strong Buy 266 1.58

GREAT PORTLAND ESTATES 598.00 367.80 598.00 Sell Strong Buy 1368 1.10

HAMMERSON 551.00 409.20 554.00 Neutral Strong Buy 840 1.19

HELICAL BAR 292.00 164.00 297.50 Neutral Buy 345 0.77

LAND SECURITIES GROUP 981.00 704.00 994.00 Neutral Strong Buy 2826 1.16

INTU PROPERTIES 356.60 305.00 366.00 Neutral Strong Buy 947 1.09

MCKAY SECURITIES 153.00 127.00 153.00 Neutral Sell -622 0.73

MUCKLOW (A & J) GROUP 402.50 325.00 437.50 Neutral Sell 288 0.42

PRIMARY HEALTH PROPS. 336.25 312.00 364.50 Neutral Sell 259 0.35

QUINTAIN ESTATES & DEV. 78.00 32.50 79.25 Sell Sell -277 1.19

SAVILLS 594.00 300.80 601.50 Neutral Strong Buy 1832 0.77

SHAFTESBURY 668.00 492.00 668.00 Neutral Strong Buy 1457 1.05

SEGRO 302.50 209.40 302.80 Neutral Sell -533 1.73

ST MODWEN PROPS. 315.00 145.50 329.10 Neutral Strong Buy 869 1.59

TOWN CENTRE SECURITIES 223.00 147.00 223.00 Neutral Sell -7 1.01

UNITE GROUP 379.20 180.75 387.50 Neutral Sell 54 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1228 1.03

WORKSPACE GROUP 415.00 215.50 415.00 Sell Strong Buy 1413 1.05


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Software & Computer Services Under Valued


ANITE 128.50 112.25 162.00 Neu tral Neu tral 126 0.73

AVEVA GROUP 2321.00 1481.00 2322.00 Neutral Sell 1356 1.40

COMPUTACENTER 450.60 292.40 567.00 Neutral Strong Buy 1390 1.00

KOFAX 324.00 242.00 335.00 Neu tral Neu tral 331 1.11

INNOVATION GROUP 27.25 18.25 27.50 Sell Sell 25 0.85

MICRO FOCUS INTL. 700.00 431.48 710.00 Neutral Buy 1028 0.76

PHOENIX IT GROUP 143.00 130.00 222.00 Neutral Strong Buy 319 0.74

RM 73.00 68.00 85.50 Neutral Sell -94 0.52

FIDESSA GROUP 2047.00 1275.00 2047.00 Neu tral Neu tral 2142 0.76

SAGE GROUP 365.40 247.70 368.10 Neutral Buy 431 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 482.30 237.30 482.30 Neutral Sell 153 1.09

BREWIN DOLPHIN 207.50 136.30 222.00 Neutral Sell 124 0.73

CAMELLIA 9900.00 9250.00 11105.00 Neu tral Neu tral 9550 0.84

CHARLES STANLEY GROUP 394.00 247.50 406.25 Neutral Sell 211 0.97

CHARLES TAYLOR 180.00 140.00 190.00 Neutral Sell 139 0.69

CLOSE BROTHERS GROUP 1077.00 673.50 1107.00 Neutral Sell 250 0.86

F&C ASSET MANAGEMENT 94.85 70.00 110.40 Neu tral Neu tral 104 0.89

HELPHIRE GROUP 3.40 0.55 3.70 Sell Strong Buy 26 0.69

HENDERSON GROUP 180.40 90.55 180.40 Neutral Sell 67 1.44

ICAP 339.60 280.80 376.60 Neutral Sell 246 1.07

INTERMEDIATE CAPITAL GP. 456.30 241.10 460.50 Neutral Sell 167 1.70

INVESTEC 492.20 314.50 513.50 Neutral Sell 138 1.56

LONDON STOCK EX.GROUP 1417.00 930.00 1426.00 Neutral Strong Buy 4645 1.15MAN GROUP 134.40 63.25 134.40 Neutral Strong Buy 487 1.32

RATHBONE BROTHERS 1530.00 1171.00 1551.00 Neutral Sell 1133 0.75

SCHRODERS 2531.00 1166.00 2560.00 Neutral Sell 1230 1.30

SCHRODERS NV 1976.00 966.00 2000.00 Sell Strong Buy 3881 1.27


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Support Services Over Valued


ACAL 220.50 157.75 242.50 Neutral Buy 304 0.92

AGGREKO 1856.00 1557.00 2400.00 Neutral Sell 1365 1.05

AMEC 1058.00 923.00 1172.00 Neutral Buy 1178 1.04

ASHTEAD GROUP 671.00 212.20 671.00 Sell Sell 337 1.63

BABCOCK INTL. 1180.00 836.00 1180.00 Neutral Sell 695 0.48

BRITISH POLYTHENE INDS. 580.00 324.00 580.25 Neutral Buy 831 0.76

BUNZL 1342.00 997.00 1342.00 Neutral Sell 1025 0.55

UK MAIL GROUP 460.00 214.00 465.00 Neutral Neutral 459 0.39

CAPITA 1005.00 602.00 1005.00 Neutral Sell 550 0.51

COMMUNISIS 55.00 25.34 56.50 Neutral Buy 71 0.78

COMPASS GROUP 906.50 620.50 906.50 Sell Sell 631 0.74

BERENDSEN 772.00 462.00 812.00 Neutral Buy 1033 1.05

DE LA RUE 985.00 891.50 1075.00 Neutral Sell 628 #NA

DIGNITY 1427.00 803.50 1462.00 Neutral Sell 847 0.22

DIPLOMA 595.00 417.00 627.50 Neutral Sell 509 0.96ELECTROCOMP. 278.40 195.20 278.40 Neutral Buy 336 1.04

FILTRONA 745.00 428.00 750.00 Neutral Sell 365 1.13

G4S 251.90 240.00 313.50 Neutral Buy 306 0.58

HAYS 94.95 66.40 101.20 Neutral Buy 126 1.10

HOMESERVE 250.20 137.50 250.20 Neutral Strong Buy 514 0.94

INTERSERVE 505.50 272.30 513.50 Neutral Buy 713 1.28

INTERTEK GROUP 3274.00 2520.00 3453.00 Neutral Sell 1517 0.78

JOHNSON SERVICE GROUP 45.25 26.50 45.75 Neutral Strong Buy 99 1.17

MANAGEMENT CNSL.GP. 30.50 21.25 32.00 Neutral Strong Buy 58 0.72

MENZIES (JOHN) 764.50 542.00 801.00 Neutral Strong Buy 1328 1.43

MICHAEL PAGE INTL. 397.40 341.40 451.80 Neutral Sell 333 1.42

MITIE GROUP 265.00 253.90 300.80 Neutral Buy 358 0.55

OFFICE2OFFICE 86.50 86.50 156.00 Neutral Strong Buy 249 0.33

PAYPOINT 883.00 605.00 912.50 Neutral Sell 722 0.71

PREMIER FARNELL 226.00 153.20 236.30 Neutral Buy 299 1.33

REGUS 171.50 82.65 177.50 Neutral Sell 111 1.46

RENTOKIL INITIAL 93.80 69.40 100.70 Neutral Sell 57 1.25

REXAM 533.00 394.28 547.50 Neutral Neutral 558 0.90

RICARDO 410.00 304.50 431.00 Neutral Buy 492 0.86

ROBERT WALTERS 216.00 176.25 232.00 Neutral Buy 322 1.24

RPC GROUP 409.00 365.40 477.00 Neutral Buy 560 0.78

RPS GROUP 229.90 197.00 274.20 Neutral Buy 259 1.51

SERCO GROUP 640.00 509.50 640.00 Neutral Sell 606 0.60

SHANKS GROUP 85.00 73.00 98.00 Neutral Strong Buy 177 1.46

SPEEDY HIRE 59.00 22.25 59.00 Sell Sell 55 1.26TRIBAL GROUP 165.00 74.00 165.00 Neutral Sell 53 0.63

TRIFAST 59.25 39.50 59.25 Neutral Neutral 64 0.93

VP 345.00 237.00 354.88 Neutral Strong Buy 654 0.86

WYG 78.88 42.00 78.88 Sell Strong Buy 190 0.79


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Telecommunication Services Over Valued


BT GROUP 322.30 200.70 322.30 Neutral Buy 357 0.91

CABLE & WIRELESS COMMS. 45.00 27.28 45.00 Neutral Strong Buy 87 0.70

INMARSAT 698.50 394.90 749.00 Neutral Sell 623 0.53

KCOM GROUP 88.30 67.00 88.30 Neutral Strong Buy 137 1.24

TELECOM PLUS 1245.00 695.00 1285.00 Neutral Sell 775 0.09

VODAFONE GROUP 199.90 154.45 199.90 Neutral Sell 175 0.54

Transport Under Valued


BBA AVIATION 286.80 178.00 286.80 Sell Sell 179 1.30

BRAEMAR SHIPPING SVS. 428.00 309.50 428.00 Neutral Neutra l 459 0.98

CLARKSON 1611.00 1150.00 1673.00 Neutral Sell 1490 0.80

EASYJET 1252.00 481.20 1252.00 Neutral Sell 682 0.77

FIRST GROUP 153.70 153.70 260.50 Neutral Strong Buy 573 0.91

FISHER(JAMES)& SONS 975.00 540.00 1110.00 Neutral Sell 403 0.77

GO-AHEAD GROUP 1531.00 1086.00 1588.00 Neutral Buy 1884 0.90

NATIONAL EXPRESS 212.10 164.50 230.50 Neutral Buy 256 1.35

NORTHGATE 328.25 159.60 350.00 Neutral Strong Buy 626 1.41

STAGECOACH GROUP 316.00 230.40 319.60 Neutral Buy 370 0.89

WINCANTON 58.00 31.00 78.50 Sell Sell -41 0.90

Utilities Under Valued


CENTRICA 394.90 306.30 394.90 Neutral Buy 537 0.47

NATIONAL GRID 843.50 641.00 847.50 Neutral Buy 942 0.50

PENNON GROUP 712.00 598.00 796.00 Neutral Buy 879 0.59

SSE 1676.00 1294.00 1676.00 Neutral Buy 1945 0.42

SEVERN TRENT 2048.00 1513.00 2090.00 Neutral Sell 1721 0.35

UNITED UTILITIES GROUP 787.00 620.00 787.00 Neu tral Neutra l 767 0.50


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value indicator - uk main market 20130522