value indicator - uk main market 20130531

7/28/2019 value indicator - uk main market 20130531

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31 May 2013

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Intellisys Intelligent Analysis Limited 31 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 Under Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Over Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Over Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Under 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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 412.00 270.90 427.00 Neutral Buy 595 0.67

CHEMRING GROUP 283.40 217.00 414.70 Neutral Buy 343 0.66

COBHAM 293.40 190.10 293.40 Neu tral Neutra l 295 0.82

MEGGITT 534.50 364.30 534.50 Sell Neutral 523 1.32

ROLLS-ROYCE HOLDINGS 1219.00 7 80.75 1 225.00 Neu tral Neutra l 1190 1.07

SMITHS GROUP 1390.00 979.50 1390.00 Neutral Sell 1151 0.71

ULTRA ELECTRONICS HDG. 1781.00 1 424.00 1843.00 Neu tral Neutra l 1693 0.51

Automobiles & Parts Under Valued

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

GKN 303.10 173.60 311.90 Neu tral Neutra l 302 2.02

INCHCAPE 558.50 305.20 577.50 Neu tral Neutra l 571 1.48

LOOKERS 104.50 56.50 110.00 Neu tral Neutra l 101 1.23

PENDRAGON 25.00 13.50 26.50 Neutral Buy 35 1.11

Banks Over Valued


BARCLAYS 322.55 150.55 333.85 Neutral Sell -815 1.94

HSBC HDG. (ORD $0.50) 735.90 503.20 769.90 Neutral Buy 870 1.17

LLOYDS BANKING GROUP 61.80 25.38 62.96 Sell Sell 7 1.89

ROYAL BANK OF SCTL.GP. 331.50 196.60 367.80 Neutral Sell -129 1.35

STANDARD CHARTERED 1560.50 1228.50 1 837.50 Neutral Strong Buy 3407 1.70

Beverages Under Valued


BARR (AG) 568.50 348.00 588.50 Neutral Neutra l 600 0.55

DIAGEO 1977.00 1516.50 2085.00 Neutral Sell 1765 0.55

SABMILLER 3377.00 2348.50 3657.00 Neutral Buy 3892 0.95

Chemicals Under Valued


ALENT 365.00 305.00 397.50 Neutral Strong Buy 3475 #NA

AZ ELECTRONIC MATS.(DI) 317.00 240.00 406.40 Neutral Strong Buy 498 1.23

CARCLO 375.00 356.00 503.00 Neutral Sell 120 0.73

CRODA INTERNATIONAL 2508.00 2125.00 2841.00 Neutral Buy 3411 1.04

ELEMENTIS 238.20 179.00 275.00 Neutral Buy 302 0.99

JOHNSON MATTHEY 2594.00 2080.27 2696.00 Neutral Strong Buy 4504 1.45

VICTREX 1737.00 1185.00 1765.00 Neutral Sell 1380 1.14

SYNTHOMER 198.40 127.40 225.80 Neutral Strong Buy 340 1.16

ZOTEFOAMS 200.00 157.00 225.00 Neutral Buy 254 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 287 0.51

BALFOUR BEATTY 240.70 207.60 320.80 Neutral Strong Buy 838 0.80

BARRATT DEVELOPMENTS 323.00 114.00 346.30 Neutral Strong Buy 637 1.58

BELLWAY 1280.00 692.50 1377.00 Neutral Strong Buy 2916 1.15

BERKELEY GROUP HDG.(THE) 2115.00 1205.00 2207.00 Neutral Strong Buy 3333 0.66

BOOT (HENRY) 189.00 115.50 201.00 Neutral Strong Buy 414 0.83

BOVIS HOMES GROUP 748.00 399.30 778.50 Neutral Buy 1068 1.20

CARILLION 255.50 235.50 331.80 Neutral Strong Buy 1588 1.12

CLARKE (T) 54.38 40.00 61.50 Neutral Strong Buy 472 0.82

COSTAIN GROUP 256.00 188.00 306.00 Neutral Strong Buy 1082 0.57

CRH 1435.00 1052.00 1540.00 Neutral Sell 871 1.14

GALLIFORD TRY 964.00 583.00 999.00 Neutral Strong Buy 3045 1.01

KELLER 929.50 348.25 978.50 Neutral Strong Buy 2482 1.26

KIER GROUP 1243.00 1106.00 1408.00 Neutral Strong Buy 5523 0.97

LOW & BONAR 67.00 50.00 76.75 Neutral Strong Buy 232 1.07MARSHALLS 141.00 76.00 141.00 Neutral Strong Buy 424 1.39

MORGAN SINDALL GROUP 571.50 508.00 695.00 Neutral Strong Buy 4695 0.87

NORCROS 16.00 9.92 18.25 Neutral Strong Buy 62 1.15

PERSIMMON 1225.00 496.69 1280.00 Neutral Strong Buy 2024 1.20

REDROW 227.10 107.30 238.10 Neutral Strong Buy 470 1.09

SIG 176.00 82.30 179.20 Neutral Strong Buy 548 1.79

SUPERGLASS HOLDINGS 2.00 1.88 14.50 Sell Strong Buy 37 0.88

TAYLOR WIMPEY 100.80 40.28 103.00 Neutral Strong Buy 231 1.67

TRAVIS PERKINS 1567.00 906.50 1606.00 Neutral Strong Buy 4313 2.01

WOLSELEY 3382.00 2121.32 3483.00 Neutral Strong Buy 6223 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1300.00 978.00 1365.00 Neutral Sell 819 0.75

DOMINO PRINTING SCIENCES 670.00 509.00 717.00 Neutral Buy 891 1.18

E2V TECHNOLOGIES 125.75 105.50 144.00 Neutral Strong Buy 261 1.29

INVENSYS 401.00 198.90 402.70 Neutral Sell 351 1.41

LAIRD 212.90 177.00 249.30 Neutral Strong Buy 328 2.13

OXFORD INSTRUMENTS 1630.00 1135.00 1752.00 Neutral Sell 1265 1.00

RENISHAW 1766.00 1260.00 2081.00 Neutral Buy 2630 1.26

SPECTRIS 2112.00 1427.00 2470.00 Neutral Buy 2805 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 175.25 114.00 178.50 Neutral Strong Buy 319 1.58

XAAR 653.00 185.00 695.00 Neutral Sell 236 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.38 54.25 91.75 Neutral Buy 123 1.28

BODYCOTE 556.50 310.30 563.00 Neutral Buy 668 1.60

CASTINGS 339.00 277.75 358.50 Neutral Strong Buy 656 0.99

VESUVIUS 377.80 263.19 402.10 Neutral Strong Buy 957 2.20

FENNER 350.30 329.30 435.20 Neutral Strong Buy 535 1.42

HALMA 531.50 375.00 538.50 Neutral Sell 375 0.75

HILL & SMITH 426.25 297.00 480.00 Neutral Sell 352 1.37

IMI 1327.00 776.00 1359.00 Neutral Strong Buy 17490 1.41

MORGAN ADVANCED MATERIAL 291.20 220 .30 305.00 Neutral Buy 349 1.82

ROTORK 2879.00 1859.00 3037.00 Neutral Sell 1499 1.00

SENIOR 272.90 177.00 280.80 Neutral Sell 239 1.64

SEVERFIELD-ROWEN 49.75 35.40 91.10 Neutral Sell 39 0.79

SPIRAX-SARCO 2885.00 1900.00 2923.00 Sell Sell 2063 0.84

VITEC GROUP 597.00 586.50 740.00 Neutral Sell 428 1.39

WEIR GROUP 2329.00 1397.00 2474.00 Neutral Sell 2142 1.38

Food & Drug Stores Over Valued


GREGGS 407.20 398.00 523.50 Neutral Strong Buy 703 0.47

MORRISON(WM)SPMKTS. 275.30 248.60 296.40 Neutral Sell 162 0.39

SAINSBURY (J) 377.20 283.50 396.50 Neutral Sell 195 0.57

TESCO 367.25 299.25 387.75 Neutral Sell 261 0.68

THORNTONS 96.00 18.88 100.50 Neutral Sell 68 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1863.00 1167.00 2031.00 Neutral Buy 2135 0.62

CRANSWICK 1109.00 732.50 1115.00 Neutral Strong Buy 2108 0.43

DAIRY CREST 488.20 314.20 503.50 Neutral Neutral 514 0.94

DEVRO 330.00 278.00 380.00 Neutral Strong Buy 521 0.32

PREMIER FOODS 72.25 54.50 125.75 Neutral Sell -178 1.25

TATE & LYLE 836.50 633.50 875.50 Neutral Strong Buy 1569 0.71

UNILEVER (UK) 2822.00 2013.00 2885.00 Neutral Neutral 2787 0.58


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General Retail Over Valued


ASHLEY(LAURA) HOLDINGS 28.63 20.50 29.50 Neutral Buy 34 0.69

BROWN (N) GROUP 458.00 224.40 465.60 Neutral Sell 349 0.54

BURBERRY GROUP 1482.00 1000.00 1541.00 Neutral Sell 949 1.27

CARPETRIGHT 620.00 585.00 728.50 Neutral Sell 284 0.95

DIXONS RETAIL 41.53 12.67 42.90 Neu tral Neu tral 44 1.51

FINDEL 160.00 55.20 186.00 Neutral Sell 58 1.13

FRENCH CONNECTN.GROUP 32.13 19.50 34.00 Sell Strong Buy 105 0.99

HALFORDS GROUP 310.00 189.00 405.20 Neutral Strong Buy 492 0.68

JD SPORTS FASHION 895 .00 606.50 905 .00 Neutral Strong Buy 1513 0.53

DARTY 72.50 38.00 72.50 Neutral Buy 102 1.25

KINGFISHER 349.70 254.10 349.70 Neu tral Neu tral 364 0.94

MARKS & SPENCER GROUP 475.70 312.20 485.00 Neu tral Neu tral 515 0.65

MOSS BROTHERS GROUP 55.50 43.00 71.00 Neutral Buy 62 1.04

MOTHERCARE 354.00 189.25 364.00 Neutral Buy 438 0.47

NEXT 4659.00 2991.00 4749.00 Neu tral Neu tral 4537 0.67

TED BAKER 1445.00 855.00 1490.00 Neutral Sell 641 0.55

TOPPS TILES 68.50 38.00 70.00 Neutral Sell 54 1.50

Heath Over Valued


BIOQUELL 141.00 126.50 160.00 Neutral Sell 117 0.46

CONSORT MEDICAL 790.00 584.00 831.50 Neutral Sell 574 0.39

OPTOS 127.50 122.25 222.75 Neutral Buy 158 1.18

SMITH & NEPHEW 777.00 590.50 794.50 Neutral Sell 702 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 717.50 562.50 742.00 Neutral Neutral 698 0.44

HEADLAM GROUP 375.00 263.00 375.00 Neutral Sell 317 0.92

HORNBY 77.00 55.25 88.50 Neutral Buy 108 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 995.00 469.00 1097.00 Neutral Sell 508 0.74

CSR 548.00 200.30 570.00 Neutral Strong Buy 1604 1.18FILTRONIC 62.00 25.00 83.25 Neutral Sell 26 0.90

IMAGIN AT ION TECHNOLOGIES 368.00 296 .00 624.00 Neu tral Neu tral 385 1.08

SPIRENT COMMUNICATIONS 134.70 122.00 170.90 Neutral Strong Buy 491 0.94

WOLFSON MICROELECTRONICS 213.50 170 .00 230.00 Neutral Sell -650 0.90


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Insurance Under Valued


ADMIRAL GROUP 1317.00 1019.00 1374.00 Neutral Sell -536 0.53

AMLIN 417.30 312.90 435.10 Neutral Strong Buy 1595 0.46

BEAZLEY 236.50 132.50 241.30 Neutral Strong Buy 990 0.60

CATLIN GROUP 510.00 399.00 552.50 Neutral Sell 468 0.30

HISCOX 555.50 398.36 600.00 Neutral Strong Buy 1980 0.48

JARDINE LLOYD THOMPSON 902 .00 671.00 914 .50 Neutral Buy 1258 0.31

RSA INSURANCE GROUP 115.90 97.65 136.30 Neutral Strong Buy 757 0.41

NOVAE GROUP 500.00 345.00 507.50 Neutral Strong Buy 3576 0.48

Leisure & Hotels Over Valued


CARNIVAL 2253.00 2062.00 2628.00 Neutral Strong Buy 4115 1.01

ENTERPRISE INNS 114.00 55.50 123.80 Neu tral Neu tral 112 1.61

TUI TRAVEL 363.00 158.00 373.20 Neutral Strong Buy 798 1.01

FULLER SMITH 'A' 854.50 700.00 854.50 Neutral Sell 694 0.39

GREENE KING 762.50 478.20 789.50 Neutral Sell 670 0.93

LADBROKES 207.10 152.70 243.10 Neutral Buy 259 0.93

ICTL.HTLS.GP. 1920.00 1471.72 2039.00 Neutral Sell 1520 1.18

MILLENNIUM & CPTH.HTLS. 554.00 455.40 582.50 Neutral Buy 635 1.40

MITCHELLS & BUTLERS 379.80 217.40 408.50 Neutral Sell 327 1.12

BWIN PARTY DIGITAL ENTM. 128.80 91.90 156.00 Neutral Sell 44 1.25

PUNCH TAVERNS 13.75 5 .61 13.75 Neutral Strong Buy 53 1.27

RANK GROUP 150.60 115.00 177.50 Neutral Strong Buy 517 1.00

RESTAURANT GROUP 517.00 279.90 531.00 Neutral Sell 403 0.76

WETHERSPOON (JD) 657.50 385.00 661.50 Neutral Buy 763 0.69

WHITBREAD 2866.00 1824.00 2897.00 Neutral Sell 2050 0.99WILLIAM HILL 434.80 246.35 452.80 Neutral Sell 263 0.87

MARSTON'S 145.10 94.70 154.70 Neutral Sell 19 1.21

Life Assurance Under Valued


AVIVA 336.00 255.30 388.40 Neu tral Neu tral 326 1.25

CHESNARA 252.00 155.25 270.00 Neutral Strong Buy 481 0.70

LEGAL & GENERAL 184.90 106.00 187.80 Neutral Strong Buy 462 1.71

OLD MUTUAL 210.30 138.70 221.60 Neutral Strong Buy 406 1.57

PRUDENTIAL 1152.00 660.00 1203.00 Neu tral Neu tral 1162 1.71

ST.JAMES'S PLACE 591.00 307.50 640.00 Neutral Strong Buy 6700 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 130.00 102.00 146.50 Neutral Sell -655 0.37

BRITISH SKY BCAST.GROUP 782.00 656.00 899.50 Neutral Strong Buy 1779 0.54

CENTAUR MEDIA 31.00 28.50 60.00 Neutral Sell -22 1.03

DAILY MAIL 'A' 770.00 363.50 770.00 Sell Strong Buy 4277 1.14

EUROMONEY INSTL.INVESTOR 928.50 708 .00 1030.00 Neutral Strong Buy 7852 1.00

INFORMA 518.00 340.00 537.00 Neutral Sell -62 1.53

ITE GROUP 294.80 180.00 299.00 Neutral Strong Buy 283 1.45

ITV 132.90 69.45 134.70 Neutral Strong Buy 1327 1.54

JOHNSTON PRESS 17.38 4.88 19.00 Neutral Strong Buy 818 1.27

PEARSON 1238.00 1119.00 1294.00 Neutral Buy 353 0.63

PHOTO-ME INTL. 82.38 36.25 84.50 Neutral Strong Buy 2744 0.79

PINEWOOD SHEPPERTON 274.25 265.00 350.00 Neutral Strong Buy 946 0.16

THOMSON REUTERS 35.40 26.85 36.45 Neutral Sell -641 0.50

STV GROUP 133.00 81.50 146.88 Neutral Sell 273 0.79

ST.IVES 161.13 67.50 166.50 Neutral Sell 259 1.50TRINITY MIRROR 121.50 25.50 122.25 Neutral Sell -300 1.59

UBM 739.50 511.00 788.00 Neutral Strong Buy 1959 1.31

WILMINGTON GROUP 161.00 82.00 164.00 Neutral Strong Buy 1411 0.84

WPP 1165.00 743.00 1190.00 Neutral Sell -535 1.35

HIBU 0.38 0.26 2.18 Neutral Strong Buy 843 1.07

Mining Under Valued


ANGLO AMERICAN 1562.00 1538.00 2215.00 Neutral Sell 1199 1.74

ANGLO PACIFIC GROUP 234.50 215.00 290.00 Neu tral Neu tral 235 0.96

ANTOFAGASTA 958.50 884.00 1381.00 Neutral Sell 855 1.41

BHP BILLITON 1944.00 1694.50 2236.00 Neutral Strong Buy 2956 1.43

GLENCORE XSTRATA 333.35 293.55 397.85 Buy Strong Buy 993 #NA

LONMIN 287.00 240.84 421.26 Neutral Buy 360 2.03

RANDGOLD RESOURCES 5225.00 4545.00 7 775.00 Neutral Sell 3047 0.34

RIO TINTO 2933.00 2715.50 3757.00 Neutral Sell 2350 1.50

COALFIELD RESOURCES 3.38 10.00 Neutral Strong Buy 169 0.89

VEDANTA RESOURCES 1306.00 832.50 1335.00 Neutral Strong Buy 2122 2.20

Oil & Gas Under Valued


BG GROUP 1215.00 1000.50 1350.50 Neutral Sell 900 0.80

BP 478.30 394.90 483.30 Neutral Strong Buy 1011 1.03

CAIRN ENERGY 277.80 248.20 309.40 Neutral Sell -19 1.32

FORTUNE OIL 8.15 7.66 12.50 Neutral Buy 11 0.82

HUNTING 882.50 688.00 941.00 Neutral Sell 574 1.31

JKX OIL & GAS 60.00 55.00 120 .00 Neutral Sell -62 1.36

PREMIER OIL 369.70 321.30 401.20 Neutral Buy 412 1.43

ROYAL DUTCH SHELL B 2305.50 2068.00 2366.50 Neutral Strong Buy 8412 0.84

SOCO INTERNATIONAL 394.50 276.50 404.30 Neutral Buy 507 0.53

TULLOW OIL 1043.00 977.00 1531.00 Neutral Sell 711 1.04

WOOD GROUP (JOHN) 849.00 651.50 879.50 Neutral Sell 741 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 101.00 101.00 144.60 Neutral Strong Buy 235 0.84

PZ CUSSONS 373.20 297.20 415.60 Neutral Sell 304 0.69

RECKITT BENCKISER GROUP 4803.00 3300 .00 4926.00 Neutral Neutral 4844 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.43 0.36 3.58 Buy Sell -1 1.01

ASTRAZENECA 3439.00 2592.00 3521.50 Neutral Strong Buy 6511 0.47

BTG 352.50 300.30 423.00 Neutral Sell 169 0.58

DECHRA PHARMACEUTICALS 689.50 4 69.50 780.00 Neu tral Neu tral 745 0.25

GLAXOSMITHKLINE 1722.00 1317.50 1782.00 Neu tral Neu tral 1690 0.49

OXFORD BIOMEDICA 2.30 1.55 2.88 Buy Sell 1 0.64

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 3 0.95

SHIRE 2164.00 1727.00 2213.00 Neutral Sell 1444 0.66

SKYEPHARMA 49.63 43.50 101.50 Neutral Sell 32 0.73

VERNALIS 22.38 21.75 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 413.50 276.30 426.70 Neutral Sell -655 1.18

BRITISH LAND 616.00 475.40 658.00 Neutral Strong Buy 1779 1.06

CAPITAL & REGIONAL 35.00 22.75 37.00 Neutral Sell -22 0.85

CLS HOLDINGS 990.00 595.00 995.00 Neutral Strong Buy 4277 0.70

DERWENT LONDON 2401.00 1740.00 2542.00 Neutral Strong Buy 7852 1.24DEVELOPMENT SECS. 202.25 121.75 202.25 Neutral Sell -62 0.99

GRAINGER 155.00 83.10 157.00 Neutral Strong Buy 283 1.58

GREAT PORTLAND ESTATES 557.00 367.80 598.00 Neutral Strong Buy 1327 1.10

HAMMERSON 511.00 409.20 554.00 Neutral Strong Buy 818 1.19

HELICAL BAR 268.00 170.00 297.50 Neutral Buy 353 0.77

LAND SECURITIES GROUP 933.50 706.00 994.00 Neutral Strong Buy 2744 1.16

INTU PROPERTIES 337.50 305.00 366.00 Neutral Strong Buy 946 1.09

MCKAY SECURITIES 153.25 127.00 153.25 Neutral Sell -641 0.73

MUCKLOW (A & J) GROUP 390.00 325.00 437.50 Neutral Sell 273 0.42

PRIMARY HEALTH PROPS. 318.00 311.17 363.53 Neutral Sell 259 0.35

QUINTAIN ESTATES & DEV. 75.50 32.50 79.25 Sell Sell -300 1.19

SAVILLS 590.00 315.80 601.50 Neutral Strong Buy 1959 0.77

SHAFTESBURY 613.00 492.00 668.00 Neutral Strong Buy 1411 1.05

SEGRO 278.30 209.40 302.80 Neutral Sell -535 1.73

ST MODWEN PROPS. 288.90 145.50 329.10 Neutral Strong Buy 843 1.59

TOWN CENTRE SECURITIES 212.50 147.00 223.00 Neutral Sell 7 1.01

UNITE GROUP 365.30 180.75 387.50 Neutral Strong Buy 2286 1.79

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -1143 1.03

WORKSPACE GROUP 406.40 219.00 418.20 Neutral Strong Buy 1349 1.05


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Software & Computer Services Under Valued


ANITE 127.10 112.25 162.00 Neu tral Neu tral 126 0.73

AVEVA GROUP 2404.00 1550.00 2420.00 Neutral Sell 1357 1.40

COMPUTACENTER 456.80 292.40 567.00 Neutral Strong Buy 1338 1.00

KOFAX 325.00 242.00 335.00 Neu tral Neu tral 333 1.11

INNOVATION GROUP 27.25 18.25 27.50 Neutral Sell 25 0.85

MICRO FOCUS INTL. 682.00 431.48 710.00 Neutral Buy 1021 0.76

PHOENIX IT GROUP 151.00 130.00 222.00 Neutral Strong Buy 322 0.74

RM 71.88 68.00 85.50 Neutral Sell -96 0.52

FIDESSA GROUP 1925.00 1275.00 2047.00 Neutral Buy 2177 0.76

SAGE GROUP 367.60 247.70 368.10 Neutral Buy 432 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 469.90 237.30 492.10 Neutral Strong Buy 1291 1.09

BREWIN DOLPHIN 242.00 136.30 242.00 Sell Strong Buy 680 0.73

CAMELLIA 9840.50 9250.00 11105.00 Neutral Strong Buy 98719 0.84

CHARLES STANLEY GROUP 386.00 247.50 406.25 Neutral Strong Buy 1338 0.97

CHARLES TAYLOR 187.00 141.00 190.00 Neutral Strong Buy 1187 0.69

CLOSE BROTHERS GROUP 1006.00 673.50 1107.00 Neutral Strong Buy 5228 0.86

F&C ASSET MANAGEMENT 96.45 71.50 110.40 Neutral Sell 76 0.89

HELPHIRE GROUP 3.28 0.55 3.70 Neutral Sell -124 0.69

HENDERSON GROUP 172.40 90.55 180.40 Neutral Strong Buy 813 1.44

ICAP 370.30 280.80 376.60 Neutral Strong Buy 1839 1.07

INTERMEDIATE CAPITAL GP. 477.50 241.10 501.50 Neutral Strong Buy 3365 1.70

INVESTEC 470.70 326.50 513.50 Neutral Strong Buy 1846 1.56

LONDON STOCK EX.GROUP 1434.00 930.00 1434.00 Neutral Strong Buy 18111 1.15MAN GROUP 122.10 63.25 134.40 Neutral Sell -4467 1.32

RATHBONE BROTHERS 1523.00 1186.00 1557.00 Neutral Strong Buy 5706 0.75

SCHRODERS 2399.00 1180.00 2560.00 Neutral Strong Buy 8637 1.30

SCHRODERS NV 1866.00 966.00 2000.00 Neutral Strong Buy 11452 1.27


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Support Services Under Valued


ACAL 218.75 157.75 242.50 Neutral Strong Buy 1309 0.92

AGGREKO 1827.00 1557.00 2400.00 Neutral Strong Buy 3556 1.05

AMEC 1029.00 923.00 1172.00 Neutral Strong Buy 3475 1.04

ASHTEAD GROUP 644.50 212.20 671.00 Neutral Buy 935 1.63

BABCOCK INTL. 1168.00 840.50 1205.00 Neutral Strong Buy 2346 0.48

BRITISH POLYTHENE INDS. 558.00 324.00 580.25 Neutral Strong Buy 2092 0.76

BUNZL 1297.00 999.50 1342.00 Neutral Strong Buy 2946 0.55

UK MAIL GROUP 495.00 214.00 525.00 Neutral Strong Buy 1513 0.39

CAPITA 998.00 605.50 1018.00 Neutral Sell 241 0.51

COMMUNISIS 54.00 25.34 56.50 Neutral Strong Buy 501 0.78

COMPASS GROUP 874.50 622.00 910.50 Neutral Strong Buy 2080 0.74

BERENDSEN 772.00 462.00 812.00 Neutral Strong Buy 3002 1.05

DE LA RUE 960.00 891.50 1075.00 Neutral Strong Buy 1844 #NA

DIGNITY 1339.00 803.50 1462.00 Neutral Strong Buy 2174 0.22

DIPLOMA 540.00 417.10 627.50 Neutral Strong Buy 1449 0.96ELECTROCOMP. 273.50 195.20 278.40 Neutral Strong Buy 1097 1.04

FILTRONA 707.50 428.00 750.00 Neutral Strong Buy 1358 1.13

G4S 246.60 240.00 313.50 Neutral Strong Buy 950 0.58

HAYS 94.55 66.40 101.20 Neutral Strong Buy 446 1.10

HOMESERVE 265.50 137.50 265.50 Neutral Strong Buy 1304 0.94

INTERSERVE 490.70 296.00 513.50 Neutral Strong Buy 3502 1.28

INTERTEK GROUP 3231.00 2558.00 3453.00 Neutral Buy 4679 0.78

JOHNSON SERVICE GROUP 46.38 26.50 47.25 Neutral Strong Buy 368 1.17

MANAGEMENT CNSL.GP. 31.00 21.25 32.00 Neutral Strong Buy 224 0.72

MENZIES (JOHN) 715.00 542.00 801.00 Neutral Strong Buy 2275 1.43

MICHAEL PAGE INTL. 385.50 341.40 451.80 Neutral Strong Buy 853 1.42

MITIE GROUP 261.40 253.90 300.80 Neutral Strong Buy 1336 0.55

OFFICE2OFFICE 86.00 86.00 156.00 Neutral Strong Buy 745 0.33

PAYPOINT 970.00 614.00 970.00 Neutral Strong Buy 1803 0.71

PREMIER FARNELL 217.70 153.20 236.30 Neutral Strong Buy 800 1.33

REGUS 168.30 82.65 177.50 Neutral Sell 68 1.46

RENTOKIL INITIAL 91.30 69.40 100.70 Neutral Strong Buy 329 1.25

REXAM 531.00 395.69 547.50 Neutral Strong Buy 1830 0.90

RICARDO 409.00 304.50 431.00 Neutral Strong Buy 1700 0.86

ROBERT WALTERS 228.38 176.25 233.00 Neutral Strong Buy 1203 1.24

RPC GROUP 402.90 365.40 477.00 Neutral Strong Buy 1928 0.78

RPS GROUP 208.60 197.00 274.20 Neutral Strong Buy 1086 1.51

SERCO GROUP 629.00 516.50 647.50 Neutral Strong Buy 2450 0.60

SHANKS GROUP 85.75 73.00 98.00 Neutral Strong Buy 727 1.46

SPEEDY HIRE 57.25 22.25 61.50 Neutral Strong Buy 267 1.26TRIBAL GROUP 165.75 82.00 166.00 Neutral Strong Buy 570 0.63

TRIFAST 58.25 39.50 59.25 Neutral Strong Buy 345 0.93

VP 344.00 245.50 354.88 Neutral Strong Buy 2121 0.86

WYG 79.88 42.00 80.38 Sell Strong Buy 547 0.79


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Telecommunication Services Under Valued


BT GROUP 303.40 200.70 322.30 Neutral Buy 357 0.91

CABLE & WIRELESS COMMS. 43.89 27.28 46.29 Neutral Strong Buy 89 0.70

INMARSAT 622.00 429.70 749.00 Neutral Sell 483 0.53

KCOM GROUP 83.95 67.00 88.30 Neutral Strong Buy 139 1.24

TELECOM PLUS 1316.00 735.00 1316.00 Sell Sell 774 0.09

VODAFONE GROUP 193.00 154.45 199.90 Neu tral Neutra l 187 0.54

Transport Under Valued


BBA AVIATION 282.00 178.00 288.40 Neutral Sell 181 1.30

BRAEMAR SHIPPING SVS. 420.00 309.50 428.00 Neutral Neutra l 462 0.98

CLARKSON 1625.00 1150.00 1673.00 Neutral Sell 1182 0.80

EASYJET 1269.00 484.90 1300.00 Neutral Sell 699 0.77

FIRST GROUP 126.10 118.00 260.50 Neutral Strong Buy 581 0.91

FISHER(JAMES)& SONS 966.00 545.00 1110.00 Neutral Sell 418 0.77

GO-AHEAD GROUP 1532.00 1104.00 1588.00 Neutral Buy 1871 0.90

NATIONAL EXPRESS 203.00 164.50 230.50 Neutral Buy 262 1.35

NORTHGATE 335.00 159.60 350.00 Neutral Strong Buy 697 1.41

STAGECOACH GROUP 298.70 230.40 319.60 Neutral Buy 382 0.89

WINCANTON 70.63 31.00 78.50 Sell Sell -46 0.90

Utilities Under Valued


CENTRICA 376.00 306.30 394.90 Neutral Strong Buy 596 0.47

NATIONAL GRID 788.50 641.00 847.50 Neutral Buy 902 0.50

PENNON GROUP 687.50 598.00 796.00 Neutral Buy 824 0.59

SSE 1565.00 1294.00 1676.00 Neutral Buy 2211 0.42

SEVERN TRENT 2049.00 1513.00 2090.00 Neutral Sell 1616 0.35

UNITED UTILITIES GROUP 758.50 646.00 787.50 Neu tral Neutra l 735 0.50


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value indicator - uk main market 20130531