value indicator - uk main market 20130808

8/22/2019 value indicator - uk main market 20130808

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08 August 2013

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Intellisys Intelligent Analysis Limited 08 August 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 Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery FALSE ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health 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 - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 14Transport Over Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

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

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

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

Timing

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

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

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

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

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 448.70 300.80 455.40 Neutral Buy 613 0.71

CHEMRING GROUP 306.10 217.00 414.70 Neutral Buy 366 0.66

COBHAM 299.50 190.10 307.70 N eu tra l Neu tral 303 0.85

MEGGITT 542.00 366.20 562.00 N eu tra l Neu tral 533 1.28

ROLLS-ROYCE HOLDINGS 1194.00 7 99.39 1 240.00 N eu tra l Neu tral 1177 1.00

SMITHS GROUP 1306.00 1011.00 1397.00 Neutral Sell 1173 0.77

ULTRA ELECTRONICS HDG. 1929.00 1 505.00 1929.00 Neutral Sell 1733 0.52

Automobiles & Parts Under Valued

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

GKN 346.40 201.00 354.00 N eu tra l Neu tral 341 1.97

INCHCAPE 630.00 353.30 645.00 N eu tra l Neu tral 637 1.42

LOOKERS 123.50 65.00 125.00 Neutral Sell 111 1.22

PENDRAGON 28.25 13.50 29.00 Neutral Strong Buy 44 1.09

Banks Over Valued


BARCLAYS 282.15 178.95 333.85 Neutral Sell -838 1.95

HSBC HDG. (ORD $0.50) 700.00 541.00 769.90 Neutral Buy 883 1.18

LLOYDS BANKING GROUP 73.47 31.38 75.69 Neutral Sell 1 1.86

ROYAL BANK OF SCTL.GP. 320.90 220.70 367.80 Neutral Sell -135 1.39

STANDARD CHARTERED 1593.50 1315.50 1 837.50 Neutral Strong Buy 3478 1.64

Beverages Under Valued


BARR (AG) 566.50 415.00 588.50 Neutral Sell 502 0.58

DIAGEO 2101.50 1672.50 2136.50 Neutra l Neutral 2260 0.54

SABMILLER 3140.00 2599.00 3657.00 Neutral Buy 4321 0.91

Chemicals Under Valued


ALENT 355.10 305.00 397.50 Neutral Buy 450 #NA

AZ ELECTRONIC MATS.(DI) 318.00 240.00 406.40 Neutral Strong Buy 550 1.12

CARCLO 351.25 342.75 503.00 Neutral Sell 144 0.74

CRODA INTERNATIONAL 2508.00 2164.00 2841.00 Neutral Buy 3164 1.05

ELEMENTIS 255.90 204.20 275.00 Neutral Buy 308 1.07

JOHNSON MATTHEY 2811.00 2190.00 2887.00 Neutral Strong Buy 4287 1.43

VICTREX 1503.00 1309.00 1765.00 Neutral Sell 1334 1.16

SYNTHOMER 199.90 141.80 225.80 Neutral Strong Buy 395 1.10

ZOTEFOAMS 204.00 175.50 225.00 Neutral Buy 296 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 116.00 64.00 118.50 Neutral Strong Buy 284 0.56

BALFOUR BEATTY 242.70 207.60 320.80 Neutral Strong Buy 1155 0.83

BARRATT DEVELOPMENTS 354.60 140.70 355.20 Sell Strong Buy 623 1.70

BELLWAY 1477.00 837.50 1480.00 Neutral Strong Buy 2926 1.02

BERKELEY GROUP HDG.(THE) 2322.00 1387.00 2340.00 Neutral Strong Buy 3566 0.58

BOOT (HENRY) 186.00 119.50 201.00 Neutral Strong Buy 373 0.75

BOVIS HOMES GROUP 795.00 467.30 851.50 Neutral Strong Buy 1470 1.11

CARILLION 299.50 244.80 331.80 Neutral Strong Buy 1577 1.09

CLARKE (T) 57.25 40.00 61.50 Neutral Strong Buy 395 0.80

COSTAIN GROUP 284.00 215.75 306.00 Neutral Strong Buy 1157 0.52

CRH 1427.00 1090.00 1540.00 Neutral Sell 928 1.04

GALLIFORD TRY 995.00 610.00 1019.00 Neutral Strong Buy 3018 0.97

KELLER 1069.00 476.75 1161.00 Neutral Strong Buy 2443 1.29

KIER GROUP 1457.00 1106.00 1500.00 Neutral Strong Buy 5452 1.01

LOW & BONAR 70.00 50.00 76.75 Neutral Strong Buy 231 1.06MARSHALLS 151.50 78.00 152.75 Neutral Buy 208 1.33

MORGAN SINDALL GROUP 677.50 508.00 695.00 Neutral Strong Buy 4640 0.71

NORCROS 17.75 11.25 18.25 Neutral Strong Buy 62 1.05

PERSIMMON 1247.00 601.26 1305.00 Neutral Strong Buy 2046 1.02

REDROW 251.00 134.30 255.10 Neutral Strong Buy 466 0.90

SIG 182.70 94.15 185.60 Neutral Strong Buy 540 1.70

SUPERGLASS HOLDINGS 46.50 43.00 287.50 Sell Strong Buy 4331 0.89

TAYLOR WIMPEY 112.40 49.10 113.80 Neutral Strong Buy 232 1.61

TRAVIS PERKINS 1659.00 1013.00 1713.00 Neutral Strong Buy 4514 1.95

WOLSELEY 3254.00 2449.53 3483.00 Neutral Strong Buy 6144 1.35

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1172.00 999.50 1365.00 Neutral Sell 1043 0.69

DOMINO PRINTING SCIENCES 643.50 522.00 717.00 Neutral Buy 877 1.14

E2V TECHNOLOGIES 132.75 105.50 137.75 Neutral Strong Buy 273 1.27

INVENSYS 496.60 217.33 509.50 Neutral Sell 273 1.40

LAIRD 208.00 171.10 249.30 Neutral Strong Buy 442 2.10

OXFORD INSTRUMENTS 1410.00 1209.00 1752.00 Neutral Sell 1284 1.11

RENISHAW 1580.00 1494.00 2081.00 Neutral Buy 2050 1.29

SPECTRIS 2213.00 1549.00 2470.00 Neutral Buy 2796 1.53

BIOME TECHNOLOGIES 66.25 66.25 303.67 Neutral Sell -519 0.77

TT ELECTRONICS 188.00 114.00 188.00 Neutral Strong Buy 427 1.61

XAAR 841.00 227.00 898.00 Neutral Sell 417 1.06


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Engineering & Machinery FALSE


AGA RANGEMASTER GROUP 100.75 54.25 101.75 Neutral Buy 134 1.19

BODYCOTE 628.00 337.60 640.00 Neutral Neutral 627 1.60

CASTINGS 415.00 291.00 425.00 Neutral Strong Buy 668 0.95

VESUVIUS 448.10 263.19 480.00 Neutral Strong Buy 1059 2.23

FENNER 349.10 305.90 435.20 Neutral Strong Buy 549 1.45

HALMA 567.00 399.90 568.50 Sell Sell 410 0.78

HILL & SMITH 419.00 306.25 480.00 Neutral Buy 529 1.32

IMI 1418.00 837.50 1427.00 Sell Strong Buy 4629 1.41

MORGAN ADVANCED MATERIAL 311 .60 220 .30 318 .00 Neutral Strong Buy 519 1.90

ROTORK 2925.00 2157.00 3037.00 Neutral Sell 650 1.00

SENIOR 279.80 185.90 284.90 Neutral Sell 244 1.66

SEVERFIELD-ROWEN 56.75 35.40 80.16 Neutral Sell 43 0.79

SPIRAX-SARCO 2891.00 1932.53 2928.35 Sell Sell 2121 0.84

VITEC GROUP 598.50 559.00 740.00 Neutral Sell 461 1.37

WEIR GROUP 2179.00 1566.00 2474.00 Neutral Neutral 2178 1.44

Food & Drug Stores Over Valued


GREGGS 392.10 392.10 523.50 Neutral Strong Buy 759 0.44

MORRISON(WM)SPMKTS. 285.20 248.60 296.40 Neutral Buy 381 0.39

SAINSBURY (J) 386.30 321.90 398.50 Neutral Buy 466 0.56

TESCO 365.05 307.90 387.75 Neutral Sell 192 0.68

THORNTONS 81.50 23.50 100.50 Neutral Sell 53 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1933.00 1267.00 2 031.00 Neutral Sell 1654 0.61

CRANSWICK 1159.00 732.50 1178.00 Neutral Strong Buy 1789 0.33

DAIRY CREST 508.00 332.90 510.00 Neutral Sell 378 0.91

DEVRO 322.50 289.90 380.00 Neutral Strong Buy 519 0.37

PREMIER FOODS 94.75 54.50 125.75 Neutral Strong Buy 250 1.26

TATE & LYLE 823.50 634.50 883.00 Neutral Strong Buy 1368 0.67

UNILEVER (UK) 2572.00 2235.00 2885.00 Neutral Sell 2223 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.00 22.13 29.50 Neutral Buy 39 0.66

BROWN (N) GROUP 540.00 266.40 540.00 Sell Sell 462 0.51

BURBERRY GROUP 1550.00 1000.00 1563.00 Neutral Sell 1244 1.29

CARPETRIGHT 655.00 585.00 701.50 Neutral Sell 353 0.90

DIXONS RETAIL 44.90 16.00 46.33 Neu tral Neu tral 46 1.46

FINDEL 211.50 61.80 211.75 Neutral Sell 59 1.06

FRENCH CONNECTN.GROUP 32.25 20.13 34.00 Sell Strong Buy 111 1.01

HALFORDS GROUP 366.10 222.50 405.20 Neutral Buy 516 0.71

JD SPORTS FASHION 925.00 651.00 925.00 Neutral Strong Buy 1768 0.49

DARTY 74.25 39.00 80.00 Neutral Buy 111 1.23

KINGFISHER 390.70 262.20 404.90 Neutral Buy 449 0.91

MARKS & SPENCER GROUP 482.10 348.80 488.80 Neutral Buy 645 0.60

MOSS BROTHERS GROUP 60.75 44.75 71.00 Neutral Buy 74 0.97

MOTHERCARE 429.50 202.00 492.75 Neutral Sell 156 0.38

NEXT 5025.00 3320.00 5030.00 Sell Neutral 5404 0.61

TED BAKER 1920.00 899.00 1973.00 Neutral Sell 978 0.56

TOPPS TILES 89.00 45.00 89.50 Neutral Sell 76 1.51

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 113 0.39

CONSORT MEDICAL 823.50 660.50 839.00 Neutral Sell 574 0.35

OPTOS 166.75 106.75 222.75 Neu tral Neu tral 173 1.17

SMITH & NEPHEW 782.50 638.00 800.00 Neutral Sell 664 0.45

Household Goods & Textiles Over Valued


GAMES WORKSHOP 784.50 601.00 794.50 Neutral Neutral 768 0.42

HEADLAM GROUP 413.00 278.00 413.00 Neutral Sell 341 0.88

HORNBY 80.50 55.25 88.50 Neutral Buy 116 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 860.50 528.00 1097.00 Neutral Sell 272 0.73

CSR 513.50 308.10 607.00 Neutral Strong Buy 1550 1.13FILTRONIC 66.00 29.00 83.25 Neutral Sell 55 0.94

IMAGIN AT ION TECHNOLOGIES 239 .10 235 .10 624 .00 Neutral Buy 318 1.04

SPIRENT COMMUNICATIONS 140.70 118.00 170.00 Neutral Strong Buy 234 0.94

WOLFSON M ICR OELECTR ONICS 157 .00 140 .00 230 .00 Neutral Sell -205 0.94


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Insurance Under Valued


ADMIRAL GROUP 1265.00 1019.00 1416.00 Neutral Sell -521 0.52

AMLIN 405.30 364.10 435.10 Neutral Strong Buy 1571 0.40

BEAZLEY 218.70 162.20 242.70 Neutral Strong Buy 975 0.50

CATLIN GROUP 497.60 441.00 552.50 Neu tral Neu tral 477 0.22

HISCOX 650.50 456.58 660.00 Sell Strong Buy 1951 0.46

JARDINE LLOYD THOMPSON 913.50 723.00 917.00 Neutral Buy 1242 0.32

RSA INSURANCE GROUP 121.60 107.70 136.30 Neutral Strong Buy 747 0.39

NOVAE GROUP 499.25 345.00 507.50 Neutral Strong Buy 3524 0.38

Leisure & Hotels Over Valued


CARNIVAL 2505.00 2092.00 2628.00 Neutral Buy 3615 0.95

ENTERPRISE INNS 140.70 55.50 147.00 Neutral Sell 117 1.64

TUI TRAVEL 380.80 195.00 401.50 Neutral Strong Buy 736 0.96

FULLER SMITH 'A' 921.50 700.50 965.00 Neutral Sell 624 0.26

GREENE KING 848.50 556.50 897.50 Neutral Sell 643 0.88

LADBROKES 207.70 164.70 243.10 Neutral Buy 268 0.87

ICTL.HTLS.GP. 1985.00 1524.00 2039.00 Neutral Sell 1710 1.10

MILLENNIUM & CPTH.HTLS. 551.00 456.00 582.50 Neu tral Neu tral 596 1.34

MITCHELLS & BUTLERS 409.90 262.70 426.80 Neutral Sell 284 1.00

BWIN PARTY DIGITAL ENTM. 134.30 91.90 156.00 Neutral Sell 63 1.24

PUNCH TAVERNS 13.12 6 .10 13.75 Neutral Strong Buy 77 1.16

RANK GROUP 157.50 120.00 177.50 Neutral Strong Buy 584 0.96

RESTAURANT GROUP 560.00 317.50 560.00 Neutral Sell 398 0.70

WETHERSPOON (JD) 703.50 447.90 767.00 Neu tral Neu tral 709 0.57

WHITBREAD 3221.00 2096.00 3303.00 Neutral Sell 2230 0.97WILLIAM HILL 449.80 271.02 494.50 Neutral Sell 262 0.80

MARSTON'S 156.70 109.70 164.50 Neutral Sell 14 1.16

Life Assurance Under Valued


AVIVA 370.80 294.10 388.40 Neutral Sell 350 1.18

CHESNARA 259.00 163.50 270.00 Neutral Strong Buy 511 0.64

LEGAL & GENERAL 199.50 128.00 201.90 Sell Strong Buy 490 1.69

OLD MUTUAL 198.10 165.10 221.60 Neutral Strong Buy 414 1.52

PRUDENTIAL 1190.00 770.00 1203.00 Sell Neutral 1217 1.66

ST.JAMES'S PLACE 637.50 336.20 641.50 Neutral Strong Buy 6913 0.84


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 140.63 102.00 146.50 Neutral Strong Buy 922 0.42

BRITISH SKY BCAST.GROUP 829.50 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 42.50 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 824.50 451.25 828.00 Sell Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1075.00 747 .00 1105.00 Neutral Strong Buy 5566 0.96

INFORMA 524.50 380.50 541.50 Neutral Strong Buy 327 1.63

ITE GROUP 282.00 183.50 307.40 Neutral Buy 201 1.44

ITV 167.10 81.25 168.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 16.00 5.20 19.00 Neutral Buy 720 1.20

PEARSON 1325.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 97.63 42.75 98.00 Neutral Strong Buy 2283 0.86

PINEWOOD SHEPPERTON 286.50 269.00 288.50 Neutral Strong Buy 732 0.13

THOMSON REUTERS 35.50 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 157.50 81.50 157.50 Neutral Sell 240 0.82

ST.IVES 166.75 72.00 170.00 Neutral Sell 159 1.48TRINITY MIRROR 116.00 36.75 122.25 Neutral Sell -289 1.59

UBM 705.50 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 167.50 102.00 167.50 Neutral Strong Buy 1390 0.85

WPP 1175.00 788.00 1210.00 Neutral Sell -827 1.27

Mining Under Valued


ANGLO AMERICAN 1395.00 1207.00 2084.00 Neutral Sell 1194 1.84

ANGLO PACIFIC GROUP 194.75 161.00 290.00 Neu tral Neu tral 202 1.07

ANTOFAGASTA 844.50 784.50 1381.00 Neu tral Neu tral 812 1.42

BHP BILLITON 1844.50 1666.50 2236.00 Neutral Strong Buy 2803 1.48

GLENCORE XSTRATA 270.45 256.85 397.85 Neutral Strong Buy 971 #NA

LONMIN 313.30 240.84 403.71 Sell Buy 417 2.08

RANDGOLD RESOURCES 4366.00 3972.00 7 775.00 Neutral Sell 2762 0.47

RIO TINTO 2953.50 2582.00 3757.00 Neutral Sell 2336 1.53

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2632 2.24

Oil & Gas Under Valued


BG GROUP 1194.00 1000.50 1350.50 Neutral Sell 891 0.84

BP 443.55 416.60 483.30 Buy Strong Buy 1006 1.02

CAIRN ENERGY 266.90 251.80 305.00 Neutral Sell -27 1.33

FORTUNE OIL 8.20 7.15 12.50 Neutral Strong Buy 112 0.84

HUNTING 852.00 716.00 941.00 Neutral Sell 574 1.35

JKX OIL & GAS 65.50 48.50 96.00 Neutral Sell -56 1.35

PREMIER OIL 349.70 321.30 400.20 Neutral Buy 405 1.45

ROYAL DUTCH SHELL B 2149.00 2098.00 2365.00 Neutral Strong Buy 8216 0.83

SOCO INTERNATIONAL 371.90 319.90 404.30 Neutral Buy 460 0.53

TULLOW OIL 1042.00 977.00 1468.00 Neutral Sell 692 1.05

WOOD GROUP (JOHN) 888.00 720.50 908.50 Neutral Sell 725 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 135.00 101.00 144.60 Neutral Strong Buy 264 0.84

PZ CUSSONS 395.00 297.20 415.60 Neutral Sell 332 0.70

RECKITT BENCKISE R GROUP 4590.00 3536.00 4950.00 Neutral Neutral 4634 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.53 0.36 3.58 Neutral Sell -3 0.91

ASTRAZENECA 3222.00 2792.50 3521.50 Neutral Strong Buy 8983 0.51

BTG 381.90 300.30 397.90 Neutral Sell 213 0.73

DECHRA PHARMACEUTICALS 685.00 4 73.00 780.00 Neutral Buy 924 0.18

GLAXOSMITHKLINE 1670.00 1317.50 1782.00 Neutral Buy 1915 0.52

OXFORD BIOMEDICA 1.48 1.33 2.80 Buy Sell -2 0.57

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Sell -6 0.93

SHIRE 2374.00 1727.00 2442.00 Neutral Sell 1528 0.70

SKYEPHARMA 80.50 43.50 100.50 Neutral Buy 102 0.66

VERNALIS 23.75 19.38 27.38 Neutral Sell 11 0.86

Real Estate - REIT Under Valued


BIG YELLOW GROUP 427.90 300.00 445.00 Neutral Buy 638 1.18

BRITISH LAND 586.50 506.00 658.00 Neutral Buy 748 1.05

DERWENT LONDON 2350.00 1890.00 2542.00 Neutral Strong Buy 4411 1.23

GREAT PORTLAND ESTATES 547.00 42 5.00 598.00 Neutral Strong Buy 1015 1.06

HAMMERSON 518.00 448.60 554.00 Neutral Neutral 496 1.24

INTU PROPERTIES 317.80 300.60 366.00 Neutral Strong Buy 489 1.13

LAND SECURITIES GROUP 920.50 761.50 994.00 Neutral Strong Buy 1572 1.15

LOCAL SHOP.REIT (THE) 26.00 24.25 40.75 Neutral Sell -136 0.81

LONDONMETRIC PROPERTY 116.20 1 03.20 121.40 Neutral Sell -1 0.33

MCKAY SECURITIES 146.25 131.50 155.00 Neutral Strong Buy 246 0.66

MUCKLOW (A & J) GROUP 385.50 325.00 454.50 Neutral Sell 233 0.39

PRIMARY HEALTH PROPS. 331.75 312.50 363.53 Neutral Sell 94 0.30

REDEFINE INTL.REIT 44.00 26.74 44.75 Neutral Sell -330 0.64

SEGRO 300.70 221.60 313.60 Neutral Sell -225 1.81

SHAFTESBURY 628.00 516.00 668.00 Neutral Buy 764 1.03

TOWN CENTRE SECURITIES 205.00 172.50 223.00 Neutral Sell 19 1.04

WARNER ESTATE 0.93 0.70 2.52 Neutral Sell -891 0.93

WORKSPACE GROUP 452.20 245.00 475.00 Neutral Strong Buy 1128 1.01


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 354.50 210.50 365.60 Neutral Strong Buy 798 0.70

CAPITAL & REGIONAL 34.25 22.75 37.50 Sell Sell -54 0.64

CLS HOLDINGS 1111.00 645.00 1120.00 Neutral Strong Buy 3050 0.75

DAEJAN HOLDINGS 4030.00 2706.00 4179.00 Neutral Strong Buy 7298 0.48

DEVELOPMENT SECS. 200.75 143.00 209.00 Neutral Neutral 194 0.96

GRAINGER 184.00 93.00 187.50 Sell Sell 113 1.57

HELICAL BAR 286.00 178.00 302.50 Neutral Sell 204 0.82

LONDON & ASSOCS.PROPS. 25.00 20.50 29.75 Neutral Strong Buy 238 0.64

MOUNTVIEW ESTATES 6187.50 4187.50 6187.50 Neutral Strong Buy 14980 0.69

QUINTAIN ESTATES & DEV. 87.50 50.00 90.50 Sell Sell -205 1.04

RAVEN RUSSIA 68.75 61.50 79.75 Neutral Strong Buy 218 1.48

SAVILLS 630.00 374.40 664.50 Neutral Strong Buy 2266 0.74

SMART (J) 86.00 71.50 88.00 Neutral Strong Buy 382 0.33

ST MODWEN PROPS. 316.00 193.10 333.00 Neutral Strong Buy 636 1.60

UNITE GROUP 378.00 214.75 403.00 Neutral Strong Buy 1714 1.77

Software & Computer Services Under Valued


ANITE 127.80 113.00 162.00 Neutral Neutral 128 0.67

AVEVA GROUP 2458.00 1776.97 2588.15 Neutral Sell 1514 1.49

COMPUTACENTER 510.50 333.29 564.10 Neutral Strong Buy 1166 0.89

KOFAX 335.50 260.75 347.25 Neutral Sell 308 1.06

INNOVATION GROUP 30.00 18.63 30.00 Sell Sell 22 0.78

MICRO FOCUS INTL. 798.50 531.08 812.50 Neutral Buy 921 0.82

PHOENIX IT GROUP 158.25 130.00 222.00 Neutral Strong Buy 245 0.69

RM 81.00 64.00 85.50 Neutral Strong Buy 239 0.54

FIDESSA GROUP 2081.00 1275.00 2137.00 Neutral Neutral 2209 0.79

SAGE GROUP 353.20 289.36 368.18 Neutral Buy 444 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 378.80 269.40 492.10 Neutral Strong Buy 1262 1.11

BREWIN DOLPHIN 274.30 144.60 275.50 Sell Strong Buy 671 0.70

CAMELLIA 9149.50 8000.00 11105.00 Neutral Strong Buy 98230 0.84

CHARLES STANLEY GROUP 436.50 260.00 437.00 Neutral Strong Buy 1474 0.96

CHARLES TAYLOR 194.00 155.00 195.00 Neutral Strong Buy 1669 0.67

CLOSE BROTHERS GROUP 1082.00 770.00 1107.00 Neutral Strong Buy 4974 0.86

F&C ASSET MANAGEMENT 104.00 88.90 110.40 Neutral Sell 70 0.84

HELPHIRE GROUP 4.30 0.55 4.57 Sell Sell -135 0.63

HENDERSON GROUP 170.00 101.70 180.40 Neutral Strong Buy 832 1.46

ICAP 390.00 280.80 406.80 Neutral Strong Buy 840 1.04

INTERMEDIATE CAPITAL GP. 483.00 27 9.50 501.50 Neutral Strong Buy 2250 1.69

INVESTEC 427.30 358.40 513.50 Neutral Strong Buy 1689 1.57

LONDON STOCK EX.GROUP 1 60 7.00 93 0.00 1 622 .0 0 Sell Strong Buy 8939 1.11

MAN GROUP 90.60 71.30 134.40 Neutral Sell -5101 1.36

RATHBONE BROTHERS 1617.00 1208.00 1691.00 Neutral Strong Buy 5654 0.73

SCHRODERS 2501.00 1393.00 2560.00 Neutral Strong Buy 8430 1.30

SCHRODERS NV 1977.00 1107.00 2000.00 Sell Strong Buy 11149 1.28


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Support Services Under Valued


ACAL 247.00 157.75 255.00 Neutral Strong Buy 883 0.88

AGGREKO 1631.00 1557.00 2400.00 Neutral Strong Buy 4328 1.13

AMEC 1075.00 965.50 1172.00 Neutral Strong Buy 3424 1.09

ASHTEAD GROUP 705.50 267.00 730.00 Neutral Buy 1027 1.65

BABCOCK INTL. 1202.00 892.50 1209.00 Neutral Strong Buy 2709 0.49

BRITISH POLYTHENE INDS. 580.00 358.00 604.00 Neutral Strong Buy 2438 0.80

BUNZL 1346.00 1009.00 1409.00 Neutral Strong Buy 2879 0.53

UK MAIL GROUP 599.00 233.50 599.00 Sell Strong Buy 1717 0.42

CAPITA 1028.00 713.00 1057.00 Neutral Sell 215 0.54

COMMUNISIS 60.50 32.80 68.00 Neutral Strong Buy 499 0.81

COMPASS GROUP 886.50 671.50 910.50 Neutral Strong Buy 2049 0.74

BERENDSEN 841.00 514.00 847.50 Sell Strong Buy 3478 1.03

DE LA RUE 991.50 891.50 1075.00 Neutral Buy 1476 #NA

DIGNITY 1501.00 900.00 1568.00 Neutral Strong Buy 3203 0.24

DIPLOMA 603.00 420.10 627.50 Neutral Strong Buy 1573 0.96

ELECTROCOMP. 258.20 200.00 278.40 Neutral Strong Buy 959 1.01ESSENTRA PLC 828.50 500.50 830.00 Sell Strong Buy 1432 1.16

G4S 226.90 207.50 313.50 Neutral Strong Buy 918 0.53

HAYS 104.40 68.20 106.00 Neutral Strong Buy 474 1.06

HOMESERVE 251.20 185.60 293.60 Neutral Strong Buy 1007 0.88

INTERSERVE 507.50 319.00 519.00 Neutral Strong Buy 3802 1.26

INTERTEK GROUP 3161.00 2697.00 3453.00 Neutral Strong Buy 4944 0.80

JOHNSON SERVICE GROUP 47.50 27 .50 50.00 Neutral Strong Buy 121 1.11

MANAGEMENT CNSL.GP. 24.25 21.25 32.00 Neutral Strong Buy 225 0.63

MENZIES (JOHN) 750.50 573.00 801.00 Neutral Strong Buy 1839 1.38

MICHAEL PAGE INTL. 462.20 346.40 462.20 Neutral Strong Buy 869 1.41

MITIE GROUP 272.00 248.00 300.80 Neutral Strong Buy 1096 0.52

OFFICE2OFFICE 38.00 38.00 156.00 Buy Strong Buy 732 0.28

PAYPOINT 1115.00 684.00 1130.00 Neutral Strong Buy 2268 0.73PREMIER FARNELL 228.00 165.50 236.30 Neutral Strong Buy 745 1.42

REGUS 188.60 96.00 189.20 Neutral Sell 57 1.40

RENTOKIL INITIAL 96.80 76.10 100.70 Neutral Strong Buy 279 1.26

REXAM 508.00 420.70 547.50 Neutral Strong Buy 1837 0.85

RICARDO 450.50 340.00 451.75 Neutral Strong Buy 1729 0.89

ROBERT WALTERS 270.00 176.25 270.00 Neutral Strong Buy 1051 1.19

RPC GROUP 460.00 378.00 477.00 Neutral Strong Buy 1580 0.80

RPS GROUP 246.00 195.50 274.20 Neutral Strong Buy 1037 1.51

SERCO GROUP 620.00 535.00 683.50 Neutral Strong Buy 2454 0.59

SHANKS GROUP 88.00 73.00 98.00 Neutral Strong Buy 280 1.49

SPEEDY HIRE 59.25 23.50 64.75 Neutral Strong Buy 321 1.20

TRIBAL GROUP 199.75 84.00 199.75 Sell Strong Buy 583 0.65

TRIFAST 56.00 40.50 59.25 Neutral Strong Buy 344 0.91

VP 413.50 295.25 415.00 Sell Strong Buy 2383 0.81

WYG 99.00 42.50 99.00 Sell Strong Buy 639 0.80

Telecommunication Services Over Valued


BT GROUP 328.50 212.50 344.00 Neutral Buy 414 0.88

CABLE & WIRELESS COMMS. 39.52 31.86 46.29 Neutral Strong Buy 78 0.68

INMARSAT 698.00 542.50 749.00 Neutral Sell 258 0.55

KCOM GROUP 84.85 68.25 88.50 Neutral Buy 118 1.21

TELECOM PLUS 1348.00 814.00 1390.00 Neutral Sell 800 0.05

VODAFONE GROUP 197.70 154.45 200.20 Neutral Sell 106 0.51


15/17



Transport Over Valued


BBA AVIATION 298.30 183.00 300.50 Neutral Sell 233 1.24

BRAEMAR SHIPPING SVS. 452.50 350.00 455.00 Neutral Buy 595 1.05

CLARKSON 1885.00 1150.00 1896.00 Sell Sell 1335 0.85

EASYJET 1386.00 530.00 1448.00 Neutral Sell 864 0.76

FIRST GROUP 104.90 92.00 212.39 Neutral Strong Buy 282 0.91

FISHER(JAMES)& SONS 1044.00 618.00 1110.00 Neutral Sell 784 0.74

GO-AHEAD GROUP 1544.00 1220.00 1595.00 Neutral Strong Buy 2726 0.99

NATIONAL EXPRESS 251.50 164.50 2 56.10 Neutral Neutral 248 1.40

NORTHGATE 385.25 202.00 390.00 Neutral Strong Buy 636 1.34

STAGECOACH GROUP 322.90 265.90 337.60 Neutral Buy 442 0.98

WINCANTON 75.25 43.75 79.50 Neutral Strong Buy 232 0.96

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 392.40 310.80 394.90 Neutral Buy 586 0.52

NATIONAL GRID 771.50 678.00 847.50 Neutral Buy 995 0.46

PENNON GROUP 679.00 598.00 766.50 Neutral Sell 628 0.62

SSE 1576.00 1320.00 1676.00 Neutral Buy 2277 0.41

SEVERN TRENT 1764.00 1513.00 2090.00 Neutral Sell 1525 0.36

UNITED UTILITIES GROUP 716.00 647.00 787.50 Neutral Neutral 757 0.48


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value indicator - uk main market 20130808