value indicator - uk main market 20130614

7/28/2019 value indicator - uk main market 20130614

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14 June 2013

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Intellisys Intelligent Analysis Limited 14 June 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 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 providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 388.90 277.00 427.00 Neutral Buy 557 0.67

CHEMRING GROUP 258.40 217.00 414.70 Neutral Buy 315 0.66

COBHAM 264.50 190.10 293.40 Neu tral Neutra l 276 0.82

MEGGITT 519.50 364.30 534.50 Neutral Sell 491 1.32

ROLLS-ROYCE HOLDINGS 1167.00 7 99.39 1 225.00 Neu tral Neutra l 1129 1.07

SMITHS GROUP 1294.00 979.50 1390.00 Neutral Sell 1075 0.71

ULTRA ELECTRONICS HDG. 1655.00 1 424.00 1843.00 Neu tral Neutra l 1586 0.51

Automobiles & Parts Under Valued

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

GKN 299.50 173.60 313.40 Neu tral Neutra l 296 2.02

INCHCAPE 510.00 319.90 577.50 Neu tral Neutra l 530 1.48

LOOKERS 95.75 56.50 110.00 Neu tral Neutra l 93 1.23

PENDRAGON 23.00 13.50 26.50 Neutral Buy 32 1.11

Banks Over Valued


BARCLAYS 296.55 150.55 333.85 Neutral Sell -833 1.94

HSBC HDG. (ORD $0.50) 690.40 510.60 769.90 Neutral Buy 834 1.17

LLOYDS BANKING GROUP 61.32 28.76 62.96 Sell Sell 4 1.89

ROYAL BANK OF SCTL.GP. 315.00 196.60 367.80 Neutral Sell -145 1.35

STANDARD CHARTERED 1458.00 1228.50 1 837.50 Neutral Strong Buy 3307 1.70

Beverages Under Valued


BARR (AG) 502.50 383.50 588.50 Neutral Neutra l 546 0.55

DIAGEO 1899.00 1587.00 2085.00 Neutral Sell 1662 0.55

SABMILLER 3203.00 2439.00 3657.00 Neutral Buy 3689 0.95

Chemicals Under Valued


ALENT 341.50 305.00 397.50 Neutral Strong Buy 3305 #NA

AZ ELECTRONIC MATS.(DI) 312.40 240.00 406.40 Neutral Strong Buy 471 1.23

CARCLO 349.00 342.75 503.00 Neutral Sell 117 0.73

CRODA INTERNATIONAL 2397.00 2125.00 2841.00 Neutral Buy 3179 1.04

ELEMENTIS 228.00 179.00 275.00 Neutral Buy 284 0.99

JOHNSON MATTHEY 2565.00 2080.27 2750.00 Neutral Strong Buy 4326 1.45

VICTREX 1587.00 1185.00 1765.00 Neutral Sell 1301 1.14

SYNTHOMER 193.20 127.40 225.80 Neutral Strong Buy 327 1.16

ZOTEFOAMS 204.50 158.00 225.00 Neutral Buy 243 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 251 0.51

BALFOUR BEATTY 222.20 207.60 320.80 Neutral Strong Buy 1260 0.80

BARRATT DEVELOPMENTS 299.40 125.80 346.30 Neutral Strong Buy 591 1.58

BELLWAY 1300.00 765.00 1377.00 Neutral Strong Buy 2835 1.15

BERKELEY GROUP HDG.(THE) 2019.00 1245.00 2207.00 Neutral Strong Buy 3258 0.66

BOOT (HENRY) 171.50 115.50 201.00 Neutral Strong Buy 404 0.83

BOVIS HOMES GROUP 763.00 430.20 778.50 Neutral Buy 1049 1.20

CARILLION 246.90 235.50 331.80 Neutral Strong Buy 1497 1.12

CLARKE (T) 52.50 40.00 61.50 Neutral Strong Buy 447 0.82

COSTAIN GROUP 251.00 190.00 306.00 Neutral Strong Buy 1107 0.57

CRH 1311.00 1078.00 1540.00 Neutral Sell 833 1.14

GALLIFORD TRY 928.00 584.00 999.00 Neutral Strong Buy 2867 1.01

KELLER 942.50 348.25 978.50 Neutral Strong Buy 2331 1.26

KIER GROUP 1180.00 1106.00 1408.00 Neutral Strong Buy 5336 0.97

LOW & BONAR 66.50 50.00 76.75 Neutral Strong Buy 215 1.07MARSHALLS 133.00 76.00 142.00 Neutral Strong Buy 398 1.39

MORGAN SINDALL GROUP 575.00 508.00 695.00 Neutral Strong Buy 4300 0.87

NORCROS 15.50 10.63 18.25 Neutral Strong Buy 60 1.15

PERSIMMON 1183.00 529.83 1280.00 Neutral Strong Buy 1984 1.20

REDROW 218.10 112.50 238.10 Neutral Strong Buy 449 1.09

SIG 163.00 84.90 179.20 Neutral Strong Buy 497 1.79

SUPERGLASS HOLDINGS 47.00 46.88 362.50 Neutral Buy 66 0.88

TAYLOR WIMPEY 92.15 42.72 103.00 Neutral Strong Buy 226 1.67

TRAVIS PERKINS 1510.00 916.00 1611.00 Neutral Strong Buy 4074 2.01

WOLSELEY 3093.00 2154.34 3483.00 Neutral Strong Buy 5724 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1174.00 994.50 1365.00 Neutral Sell 788 0.75

DOMINO PRINTING SCIENCES 625.00 509.00 717.00 Neutral Buy 862 1.18

E2V TECHNOLOGIES 118.00 105.50 144.00 Neutral Strong Buy 252 1.29

INVENSYS 404.70 200.13 405.18 Neutral Sell 372 1.41

LAIRD 184.20 177.00 249.30 Neutral Strong Buy 313 2.13

OXFORD INSTRUMENTS 1325.00 1188.00 1752.00 Neutral Sell 1217 1.00

RENISHAW 1697.00 1260.00 2081.00 Neutral Strong Buy 2595 1.26

SPECTRIS 2025.00 1427.00 2470.00 Neutral Buy 2712 1.52

BIOME TECHNOLOGIES 0.08 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 148.25 114.00 178.50 Neutral Strong Buy 305 1.58

XAAR 794.00 185.00 807.00 Neutral Sell 228 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 82.00 54.25 91.75 Neutral Strong Buy 123 1.28

BODYCOTE 507.50 310.30 563.00 Neutral Buy 625 1.60

CASTINGS 365.00 277.75 365.25 Neutral Strong Buy 622 0.99

VESUVIUS 376.50 263.19 402.10 Neutral Strong Buy 967 2.20

FENNER 339.00 329.30 435.20 Neutral Strong Buy 509 1.42

HALMA 504.50 375.00 538.50 Neutral Sell 353 0.75

HILL & SMITH 396.50 297.00 480.00 Neutral Sell 339 1.37

IMI 1284.00 776.00 1359.00 Neutral Strong Buy 5316 1.41

MORGAN ADVANCED MATERIAL 269.60 220 .30 305.00 Neutral Strong Buy 1544 1.82

ROTORK 2668.00 1859.00 3037.00 Neutral Sell 1325 1.00

SENIOR 258.00 177.00 280.80 Neutral Sell 227 1.64

SEVERFIELD-ROWEN 47.75 35.40 83.55 Neutral Sell 38 0.79

SPIRAX-SARCO 2680.00 1903.48 2928.35 Neutral Sell 1975 0.84

VITEC GROUP 610.00 586.50 740.00 Neutral Sell 415 1.39

WEIR GROUP 2166.00 1400.00 2474.00 Neutral Sell 2020 1.38

Food & Drug Stores Over Valued


GREGGS 400.40 398.00 523.50 Neutral Strong Buy 669 0.47

MORRISON(WM)SPMKTS. 263.50 248.60 296.40 Neutral Sell 159 0.39

SAINSBURY (J) 367.90 284.90 396.50 Neutral Sell 191 0.57

TESCO 339.90 301.10 387.75 Neutral Sell 253 0.68

THORNTONS 84.63 19.25 100.50 Neutral Sell 60 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1794.00 1210.00 2031.00 Neutral Buy 2047 0.62

CRANSWICK 1139.00 732.50 1139.00 Neutral Strong Buy 2023 0.43

DAIRY CREST 465.00 316.00 503.50 Neutral Neutral 491 0.94

DEVRO 322.00 278.00 380.00 Neutral Strong Buy 499 0.32

PREMIER FOODS 65.00 54.50 125.75 Neutral Sell -182 1.25

TATE & LYLE 819.00 634.50 875.50 Neutral Strong Buy 1505 0.71

UNILEVER (UK) 2634.00 2062.00 2885.00 Neutral Neutral 2702 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.75 20.50 29.50 Neutral Buy 32 0.69

BROWN (N) GROUP 446.20 237.00 465.60 Neutral Sell 333 0.54

BURBERRY GROUP 1350.00 1000.00 1541.00 Neutral Sell 909 1.27

CARPETRIGHT 592.50 585.00 728.50 Neutral Sell 274 0.95

DIXONS RETAIL 41.35 12.97 42.90 Neu tral Neu tral 44 1.51

FINDEL 173.75 55.20 186.00 Neutral Sell 57 1.13

FRENCH CONNECTN.GROUP 27.50 19.50 34.00 Neutral Strong Buy 103 0.99

HALFORDS GROUP 307.40 189.00 405.20 Neutral Strong Buy 470 0.68

JD SPORTS FASHION 857 .00 606.50 920 .00 Neutral Strong Buy 1459 0.53

DARTY 60.00 38.00 72.50 Neutral Strong Buy 99 1.25

KINGFISHER 342.80 254.10 352.90 Neu tral Neu tral 352 0.94

MARKS & SPENCER GROUP 442.80 312.20 485.00 Neutral Buy 493 0.65

MOSS BROTHERS GROUP 57.00 43.00 71.00 Neu tral Neu tral 61 1.04

MOTHERCARE 385.00 189.25 385.50 Neutral Buy 461 0.47

NEXT 4588.00 3095.00 4749.00 Neu tral Neu tral 4363 0.67

TED BAKER 1440.00 875.00 1490.00 Neutral Sell 614 0.55

TOPPS TILES 70.00 38.00 70.00 Neutral Sell 51 1.50

Heath Over Valued


BIOQUELL 136.00 126.50 160.00 Neutral Sell 114 0.46

CONSORT MEDICAL 778.00 600.50 831.50 Neutral Sell 560 0.39

OPTOS 122.25 117.50 222.75 Neutral Buy 153 1.18

SMITH & NEPHEW 756.50 603.50 794.50 Neutral Sell 685 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 727.50 565.00 742.00 Neutral Neutral 708 0.44

HEADLAM GROUP 360.00 263.00 378.75 Neutral Sell 315 0.92

HORNBY 81.00 55.25 88.50 Neutral Buy 108 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 857.00 469.00 1097.00 Neutral Sell 440 0.74

CSR 523.50 200.40 570.00 Neutral Strong Buy 1461 1.18FILTRONIC 62.50 27.25 83.25 Neutral Sell 24 0.90

IMAGIN AT ION TECHNOLOGIES 291.30 291 .30 624.00 Neutral Buy 346 1.08

SPIRENT COMMUNICATIONS 128.10 122.00 170.90 Neutral Strong Buy 430 0.94

WOLFSON MICROELECTRONICS 164.25 164 .25 230.00 Neutral Sell -679 0.90


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Insurance Under Valued


ADMIRAL GROUP 1316.00 1019.00 1374.00 Neutral Sell -381 0.53

AMLIN 377.80 324.80 435.10 Neutral Strong Buy 1472 0.46

BEAZLEY 215.10 132.50 241.30 Neutral Strong Buy 917 0.60

CATLIN GROUP 467.20 415.00 552.50 Neu tral Neu tral 446 0.30

HISCOX 527.00 424.92 600.00 Neutral Strong Buy 1836 0.48

JARDINE LLOYD THOMPSON 897 .00 693.50 914 .50 Neutral Buy 1198 0.31

RSA INSURANCE GROUP 116.00 101.40 136.30 Neutral Strong Buy 694 0.41

NOVAE GROUP 470.50 345.00 507.50 Neutral Strong Buy 3288 0.48

Leisure & Hotels Over Valued


CARNIVAL 2195.00 2083.00 2628.00 Neutral Strong Buy 4006 1.01

ENTERPRISE INNS 111.50 55.50 123.80 Neutral Sell 105 1.61

TUI TRAVEL 341.00 158.90 373.20 Neutral Strong Buy 781 1.01

FULLER SMITH 'A' 885.50 700.00 925.00 Neutral Sell 676 0.39

GREENE KING 755.50 486.00 789.50 Neutral Sell 649 0.93

LADBROKES 194.30 152.70 243.10 Neutral Buy 250 0.93

ICTL.HTLS.GP. 1801.00 1493.74 2039.00 Neutral Sell 1475 1.18

MILLENNIUM & CPTH.HTLS. 548.50 456.00 582.50 Neutral Buy 618 1.40

MITCHELLS & BUTLERS 361.90 224.90 408.50 Neutral Sell 316 1.12

BWIN PARTY DIGITAL ENTM. 117.40 91.90 156.00 Neutral Sell 42 1.25

PUNCH TAVERNS 13.25 5 .61 13.75 Neutral Strong Buy 49 1.27

RANK GROUP 150.00 115.00 177.50 Neutral Strong Buy 504 1.00

RESTAURANT GROUP 501.00 291.40 531.00 Neutral Sell 393 0.76

WETHERSPOON (JD) 620.00 400.00 661.50 Neutral Buy 742 0.69

WHITBREAD 2906.00 1824.00 2925.00 Neutral Sell 1999 0.99WILLIAM HILL 440.50 247.83 452.80 Neutral Sell 257 0.87

MARSTON'S 141.40 95.25 154.70 Neutral Sell 16 1.21

Life Assurance Under Valued


AVIVA 332.00 260.50 388.40 Neu tral Neu tral 321 1.25

CHESNARA 247.50 162.00 270.00 Neutral Strong Buy 461 0.70

LEGAL & GENERAL 170.20 119.40 187.80 Neutral Strong Buy 438 1.71

OLD MUTUAL 183.00 148.70 221.60 Neutral Strong Buy 372 1.57

PRUDENTIAL 1073.00 705.00 1203.00 Neu tral Neu tral 1067 1.71

ST.JAMES'S PLACE 546.00 318.20 640.00 Neutral Strong Buy 6229 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 121.00 102.00 146.50 Neutral Sell -615 0.37

BRITISH SKY BCAST.GROUP 792.00 656.00 899.50 Neutral Strong Buy 1669 0.54

CENTAUR MEDIA 35.00 29.00 60.00 Neutral Sell -18 1.03

DAILY MAIL 'A' 756.50 369.00 770.00 Neutral Strong Buy 4025 1.14

EUROMONEY INSTL.INVESTOR 964.00 708 .00 1030.00 Neutral Strong Buy 7390 1.00

INFORMA 469.50 350.40 537.00 Neutral Sell -54 1.53

ITE GROUP 282.70 181.80 299.00 Neutral Strong Buy 269 1.45

ITV 134.80 70.40 134.80 Neutral Strong Buy 1243 1.54

JOHNSTON PRESS 17.25 4.88 19.00 Neutral Strong Buy 768 1.27

PEARSON 1179.00 1119.00 1294.00 Neutral Buy 332 0.63

PHOTO-ME INTL. 83.00 36.50 84.50 Neutral Strong Buy 2587 0.79

PINEWOOD SHEPPERTON 278.50 265.00 350.00 Neutral Strong Buy 888 0.16

THOMSON REUTERS 33.74 26.85 36.45 Neutral Sell -602 0.50

STV GROUP 135.50 81.50 146.88 Neutral Sell 260 0.79

ST.IVES 143.50 67.50 166.50 Neutral Sell 231 1.50TRINITY MIRROR 112.50 25.50 122.25 Neutral Sell -285 1.59

UBM 669.00 534.00 788.00 Neutral Strong Buy 1872 1.31

WILMINGTON GROUP 163.50 82.00 164.50 Neutral Strong Buy 1328 0.84

WPP 1128.00 743.00 1190.00 Neutral Sell -500 1.35

HIBU 0.37 0.26 2.18 Neutral Strong Buy 795 1.07

Mining Under Valued


ANGLO AMERICAN 1400.00 1371.50 2215.00 Neutral Sell 1110 1.74

ANGLO PACIFIC GROUP 221.75 215.00 290.00 Neu tral Neu tral 220 0.96

ANTOFAGASTA 892.00 879.50 1381.00 Neutral Sell 801 1.41

BHP BILLITON 1793.00 1724.00 2236.00 Neutral Strong Buy 2741 1.43

GLENCORE XSTRATA 306.10 293.55 397.85 Neutral Strong Buy 920 #NA

LONMIN 272.30 240.84 420.20 Neutral Buy 327 2.03

RANDGOLD RESOURCES 4759.00 4545.00 7 775.00 Neutral Sell 2839 0.34

RIO TINTO 2759.50 2690.00 3757.00 Neutral Sell 2161 1.50

COALFIELD RESOURCES 3.38 10.00 Neutral Strong Buy 156 0.89

VEDANTA RESOURCES 1185.00 832.50 1335.00 Neutral Strong Buy 1951 2.20

Oil & Gas Under Valued


BG GROUP 1193.00 1000.50 1350.50 Neutral Sell 845 0.80

BP 453.45 401.60 483.30 Neutral Strong Buy 950 1.03

CAIRN ENERGY 258.00 248.20 309.40 Neutral Sell -10 1.32

FORTUNE OIL 7.62 7.60 12.50 Neutral Buy 10 0.82

HUNTING 779.00 688.00 941.00 Neutral Sell 532 1.31

JKX OIL & GAS 53.00 53.00 120 .00 Neutral Sell -58 1.36

PREMIER OIL 343.50 321.30 401.20 Neutral Buy 388 1.43

ROYAL DUTCH SHELL B 2181.50 2098.00 2366.50 Neutral Strong Buy 7965 0.84

SOCO INTERNATIONAL 375.60 276.50 404.30 Neutral Buy 499 0.53

TULLOW OIL 1033.00 977.00 1531.00 Neutral Sell 677 1.04

WOOD GROUP (JOHN) 788.50 651.50 879.50 Neutral Sell 697 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 108.50 101.00 144.60 Neutral Strong Buy 243 0.84

PZ CUSSONS 379.20 297.20 415.60 Neutral Sell 310 0.69

RECKITT BENCKISER GROUP 4590.00 3300 .00 4926.00 Neutral Neutral 4636 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.44 0.36 3.58 Buy Sell -2 1.01

ASTRAZENECA 3239.00 2656.50 3521.50 Neutral Strong Buy 6465 0.47

BTG 369.60 300.30 423.00 Neutral Sell 167 0.58

DECHRA PHARMACEUTICALS 705.00 4 69.50 780.00 Neu tral Neu tral 733 0.25

GLAXOSMITHKLINE 1681.00 1317.50 1782.00 Neu tral Neu tral 1690 0.49

OXFORD BIOMEDICA 1.70 1.55 2.80 Buy Sell 0 0.64

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

SHIRE 2084.00 1727.00 2213.00 Neutral Sell 1445 0.66

SKYEPHARMA 54.50 43.50 101.50 Neutral Sell 31 0.73

VERNALIS 21.75 21.75 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 368.30 276.30 426.70 Neutral Sell -615 1.18

BRITISH LAND 583.50 486.90 658.00 Neutral Strong Buy 1669 1.06

CAPITAL & REGIONAL 32.50 22.75 37.00 Neutral Sell -18 0.85

CLS HOLDINGS 965.00 620.00 1004.00 Neutral Strong Buy 4025 0.70

DERWENT LONDON 2227.00 1771.00 2542.00 Neutral Strong Buy 7390 1.24DEVELOPMENT SECS. 190.00 123.00 203.00 Neutral Sell -54 0.99

GRAINGER 142.00 83.10 157.00 Neutral Strong Buy 269 1.58

GREAT PORTLAND ESTATES 527.50 376.00 598.00 Neutral Strong Buy 1243 1.10

HAMMERSON 496.50 411.90 554.00 Neutral Strong Buy 768 1.19

HELICAL BAR 257.00 178.00 297.50 Neutral Buy 332 0.77

LAND SECURITIES GROUP 888.50 726.50 994.00 Neutral Strong Buy 2587 1.16

INTU PROPERTIES 318.40 312.90 366.00 Neutral Strong Buy 888 1.09

MCKAY SECURITIES 145.00 127.00 155.00 Neutral Sell -602 0.73

MUCKLOW (A & J) GROUP 354.00 325.00 437.50 Neutral Sell 260 0.42

PRIMARY HEALTH PROPS. 312.50 312.17 363.53 Neutral Sell 231 0.35

QUINTAIN ESTATES & DEV. 74.50 32.50 79.50 Sell Sell -285 1.19

SAVILLS 605.00 326.20 610.00 Neutral Strong Buy 1872 0.77

SHAFTESBURY 590.50 497.60 668.00 Neutral Strong Buy 1328 1.05

SEGRO 271.10 211.40 302.80 Neutral Sell -500 1.73

ST MODWEN PROPS. 273.50 145.50 329.10 Neutral Strong Buy 795 1.59

TOWN CENTRE SECURITIES 192.50 151.50 223.00 Neutral Sell 8 1.01

UNITE GROUP 335.10 180.75 387.50 Neutral Strong Buy 2147 1.79

WARNER ESTATE 1.41 1.00 2.75 Neutral Sell -1073 1.03

WORKSPACE GROUP 406.90 222.75 418.20 Neutral Strong Buy 1271 1.05


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Software & Computer Services Under Valued


ANITE 132.30 113.00 162.00 Neutral Sell 121 0.73

AVEVA GROUP 2227.00 1550.00 2420.00 Neutral Sell 1301 1.40

COMPUTACENTER 449.90 290.91 564.10 Neutral Strong Buy 1360 1.00

KOFAX 322.00 246.50 335.00 Neu tral Neu tral 323 1.11

INNOVATION GROUP 27.50 18.25 28.00 Neutral Sell 24 0.85

MICRO FOCUS INTL. 633.50 431.48 710.00 Neutral Strong Buy 958 0.76

PHOENIX IT GROUP 159.50 130.00 222.00 Neutral Strong Buy 313 0.74

RM 69.50 68.00 85.50 Neutral Sell -91 0.52

FIDESSA GROUP 1899.00 1275.00 2047.00 Neutral Buy 2093 0.76

SAGE GROUP 336.80 247.75 368.18 Neutral Buy 421 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 396.00 244.80 492.10 Neutral Strong Buy 1260 1.09

BREWIN DOLPHIN 231.90 136.30 244.70 Neutral Strong Buy 657 0.73

CAMELLIA 9350.00 9250.00 11105.00 Neutral Strong Buy 96172 0.84

CHARLES STANLEY GROUP 400.00 247.50 406.25 Neutral Strong Buy 1294 0.97

CHARLES TAYLOR 194.00 147.00 195.00 Neutral Strong Buy 1148 0.69

CLOSE BROTHERS GROUP 935.50 700.00 1107.00 Neutral Strong Buy 5079 0.86

F&C ASSET MANAGEMENT 95.10 76.50 110.40 Neutral Sell 69 0.89

HELPHIRE GROUP 3.17 0.55 3.70 Sell Sell -124 0.69

HENDERSON GROUP 145.30 90.55 180.40 Neutral Strong Buy 794 1.44

ICAP 356.00 280.80 377.30 Neutral Strong Buy 1779 1.07

INTERMEDIATE CAPITAL GP. 415.10 250.20 501.50 Neutral Strong Buy 3090 1.70

INVESTEC 425.60 349.10 513.50 Neutral Strong Buy 1811 1.56

LONDON STOCK EX.GROUP 1364.00 930.00 1434.00 Neutral Strong Buy 4277 1.15MAN GROUP 88.00 63.25 134.40 Neutral Sell -4420 1.32

RATHBONE BROTHERS 1540.00 1186.00 1577.00 Neutral Strong Buy 5569 0.75

SCHRODERS 2136.00 1243.00 2560.00 Neutral Strong Buy 8430 1.30

SCHRODERS NV 1655.00 970.50 2000.00 Neutral Strong Buy 11127 1.27


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Support Services Under Valued


ACAL 234.00 157.75 242.50 Neutral Strong Buy 1227 0.92

AGGREKO 1684.00 1557.00 2400.00 Neutral Strong Buy 3361 1.05

AMEC 994.50 933.00 1172.00 Neutral Strong Buy 3274 1.04

ASHTEAD GROUP 599.00 228.30 671.00 Neutral Buy 880 1.63

BABCOCK INTL. 1105.00 842.50 1205.00 Neutral Strong Buy 2204 0.48

BRITISH POLYTHENE INDS. 510.00 346.00 580.25 Neutral Strong Buy 1978 0.76

BUNZL 1259.00 1009.00 1342.00 Neutral Strong Buy 2775 0.55

UK MAIL GROUP 501.50 214.00 525.00 Neutral Strong Buy 1423 0.39

CAPITA 943.50 641.50 1018.00 Neutral Sell 232 0.51

COMMUNISIS 54.00 25.34 56.50 Neutral Strong Buy 468 0.78

COMPASS GROUP 840.50 624.50 910.50 Neutral Strong Buy 1957 0.74

BERENDSEN 757.50 470.00 812.00 Neutral Strong Buy 2824 1.05

DE LA RUE 949.50 891.50 1075.00 Neutral Strong Buy 1739 #NA

DIGNITY 1350.00 803.50 1462.00 Neutral Strong Buy 2053 0.22

DIPLOMA 554.00 417.10 627.50 Neutral Strong Buy 1367 0.96ELECTROCOMP. 249.00 197.10 278.40 Neutral Strong Buy 1032 1.04

FILTRONA 674.50 439.60 750.00 Neutral Strong Buy 1277 1.13

G4S 240.50 235.30 313.50 Neutral Strong Buy 891 0.58

HAYS 88.15 66.40 101.20 Neutral Strong Buy 419 1.10

HOMESERVE 269.80 140.70 281.90 Neutral Strong Buy 1231 0.94

INTERSERVE 469.90 297.20 513.50 Neutral Strong Buy 3311 1.28

INTERTEK GROUP 3057.00 2558.00 3453.00 Neutral Buy 4416 0.78

JOHNSON SERVICE GROUP 44.75 26.50 47.25 Neutral Strong Buy 345 1.17

MANAGEMENT CNSL.GP. 29.50 21.25 32.00 Neutral Strong Buy 209 0.72

MENZIES (JOHN) 687.50 542.00 801.00 Neutral Strong Buy 2163 1.43

MICHAEL PAGE INTL. 376.80 341.40 451.80 Neutral Strong Buy 799 1.42

MITIE GROUP 253.90 248.00 300.80 Neutral Strong Buy 1255 0.55

OFFICE2OFFICE 81.50 81.50 156.00 Neutral Strong Buy 697 0.33

PAYPOINT 1000.00 670.50 1000.00 Neutral Strong Buy 1704 0.71

PREMIER FARNELL 192.10 158.80 236.30 Neutral Strong Buy 754 1.33

REGUS 153.90 82.65 177.50 Neutral Sell 66 1.46

RENTOKIL INITIAL 88.10 69.40 100.70 Neutral Strong Buy 308 1.25

REXAM 495.30 403.43 547.50 Neutral Strong Buy 1723 0.90

RICARDO 398.25 304.50 431.00 Neutral Strong Buy 1598 0.86

ROBERT WALTERS 216.00 176.25 234.00 Neutral Strong Buy 1130 1.24

RPC GROUP 410.50 374.80 477.00 Neutral Strong Buy 1811 0.78

RPS GROUP 200.00 200.00 274.20 Neutral Strong Buy 1018 1.51

SERCO GROUP 602.00 526.00 647.50 Neutral Strong Buy 2304 0.60

SHANKS GROUP 81.75 73.00 98.00 Neutral Strong Buy 682 1.46

SPEEDY HIRE 50.75 22.25 61.50 Neutral Strong Buy 250 1.26TRIBAL GROUP 171.00 82.00 174.00 Neutral Strong Buy 534 0.63

TRIFAST 58.00 40.50 59.25 Neutral Strong Buy 323 0.93

VP 356.38 248.00 356.50 Neutral Strong Buy 1994 0.86

WYG 89.00 42.00 89.50 Sell Strong Buy 518 0.79


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Telecommunication Services Under Valued


BT GROUP 307.70 200.70 322.30 Neutral Buy 352 0.91

CABLE & WIRELESS COMMS. 40.10 27.98 46.29 Neutral Strong Buy 84 0.70

INMARSAT 639.00 468.80 749.00 Neutral Sell 483 0.53

KCOM GROUP 81.90 68.25 88.30 Neutral Strong Buy 133 1.24

TELECOM PLUS 1215.00 790.00 1325.00 Neutral Sell 736 0.09

VODAFONE GROUP 178.70 154.45 199.90 Neu tral Neutra l 186 0.54

Transport Under Valued


BBA AVIATION 284.30 178.00 288.40 Sell Sell 178 1.30

BRAEMAR SHIPPING SVS. 418.38 317.00 429.75 Neutral Neutra l 452 0.98

CLARKSON 1620.00 1150.00 1716.00 Neutral Sell 1164 0.80

EASYJET 1238.00 497.90 1300.00 Neutral Sell 691 0.77

FIRST GROUP 98.25 96.21 212.39 Neutral Strong Buy 483 0.91

FISHER(JAMES)& SONS 948.00 590.00 1110.00 Neutral Sell 412 0.77

GO-AHEAD GROUP 1439.00 1146.00 1588.00 Neutral Buy 1857 0.90

NATIONAL EXPRESS 215.50 164.50 230.50 Neutral Buy 258 1.35

NORTHGATE 354.00 163.00 354.00 Neutral Strong Buy 693 1.41

STAGECOACH GROUP 298.90 232.70 319.60 Neutral Buy 383 0.89

WINCANTON 62.75 31.00 78.50 Neutral Sell -45 0.90

Utilities Under Valued


CENTRICA 371.90 307.10 394.90 Neutral Strong Buy 571 0.47

NATIONAL GRID 741.50 641.00 847.50 Neutral Buy 852 0.50

PENNON GROUP 670.00 598.00 796.00 Neutral Buy 780 0.59

SSE 1514.00 1294.00 1676.00 Neutral Buy 2125 0.42

SEVERN TRENT 1785.00 1513.00 2090.00 Neutral Sell 1514 0.35

UNITED UTILITIES GROUP 730.50 646.00 787.50 Neutral Sell 688 0.50


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value indicator - uk main market 20130614