value indicator - uk main market 20130809

8/22/2019 value indicator - uk main market 20130809

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09 August 2013

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Intellisys Intelligent Analysis Limited 09 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 Over Valued ...............................................................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 439.00 300.80 455.40 Neutral Buy 611 0.71

CHEMRING GROUP 309.10 217.00 414.70 Neutral Buy 367 0.66

COBHAM 295.60 190.10 307.70 N eu tra l Neu tral 302 0.85

MEGGITT 543.50 366.20 562.00 N eu tra l Neu tral 533 1.28

ROLLS-ROYCE HOLDINGS 1185.00 7 99.39 1 240.00 N eu tra l Neu tral 1169 1.00

SMITHS GROUP 1296.00 1011.00 1397.00 Neutral Sell 1167 0.77

ULTRA ELECTRONICS HDG. 1960.00 1 505.00 1960.00 Neutral Sell 1728 0.52

Automobiles & Parts Under Valued

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

GKN 350.70 201.00 354.00 N eu tra l Neu tral 345 1.97

INCHCAPE 628.50 353.30 645.00 N eu tra l Neu tral 636 1.42

LOOKERS 122.00 65.00 125.00 Neutral Sell 111 1.22

PENDRAGON 29.00 13.50 29.00 Neutral Strong Buy 44 1.09

Banks Over Valued


BARCLAYS 286.95 178.95 333.85 Neutral Sell -837 1.95

HSBC HDG. (ORD $0.50) 697.60 541.00 769.90 Neutral Buy 881 1.18

LLOYDS BANKING GROUP 74.02 31.38 75.69 Neutral Sell 2 1.86

ROYAL BANK OF SCTL.GP. 322.90 220.70 367.80 Neutral Sell -132 1.39

STANDARD CHARTERED 1587.50 1326.50 1 837.50 Neutral Strong Buy 3473 1.64

Beverages Under Valued


BARR (AG) 577.00 415.00 588.50 Sell Sell 508 0.58

DIAGEO 2110.00 1672.50 2136.50 Neutra l Neutral 2278 0.54

SABMILLER 3131.00 2599.00 3657.00 Neutral Buy 4338 0.91

Chemicals Under Valued


ALENT 341.50 305.00 397.50 Buy Buy 454 #NA

AZ ELECTRONIC MATS.(DI) 329.90 240.00 406.40 Neutral Strong Buy 557 1.12

CARCLO 361.00 342.75 503.00 Neutral Sell 146 0.74

CRODA INTERNATIONAL 2524.00 2164.00 2841.00 Neutral Buy 3183 1.05

ELEMENTIS 256.00 204.20 275.00 Neutral Buy 310 1.07

JOHNSON MATTHEY 2786.00 2190.00 2887.00 Neutral Strong Buy 4324 1.43

VICTREX 1523.00 1309.00 1765.00 Neutral Sell 1344 1.16

SYNTHOMER 206.60 141.80 225.80 Neutral Strong Buy 399 1.10

ZOTEFOAMS 204.00 176.50 225.00 Neutral Buy 299 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 116.00 64.50 118.50 Neutral Strong Buy 286 0.56

BALFOUR BEATTY 243.90 207.60 320.80 Neutral Strong Buy 1161 0.83

BARRATT DEVELOPMENTS 351.00 140.90 355.20 Neutral Strong Buy 629 1.70

BELLWAY 1502.00 850.00 1502.00 Neutral Strong Buy 2952 1.02

BERKELEY GROUP HDG.(THE) 2312.00 1387.00 2340.00 Neutral Strong Buy 3598 0.58

BOOT (HENRY) 187.00 119.50 201.00 Neutral Strong Buy 376 0.75

BOVIS HOMES GROUP 801.50 473.20 851.50 Neutral Strong Buy 1483 1.11

CARILLION 292.50 244.80 331.80 Neutral Strong Buy 1591 1.09

CLARKE (T) 57.75 40.00 61.50 Neutral Strong Buy 399 0.80

COSTAIN GROUP 280.50 215.75 306.00 Neutral Strong Buy 1165 0.52

CRH 1447.00 1090.00 1540.00 Neutral Sell 931 1.04

GALLIFORD TRY 997.50 610.00 1019.00 Neutral Strong Buy 3044 0.97

KELLER 1076.00 476.75 1161.00 Neutral Strong Buy 2463 1.29

KIER GROUP 1477.00 1106.00 1500.00 Neutral Strong Buy 5498 1.01

LOW & BONAR 70.00 50.00 76.75 Neutral Strong Buy 233 1.06MARSHALLS 151.00 79.25 152.75 Neutral Buy 210 1.33

MORGAN SINDALL GROUP 672.50 508.00 695.00 Neutral Strong Buy 4681 0.71

NORCROS 17.50 11.25 18.25 Neutral Strong Buy 63 1.05

PERSIMMON 1247.00 612.46 1305.00 Neutral Strong Buy 2065 1.02

REDROW 251.10 134.30 255.10 Neutral Strong Buy 470 0.90

SIG 187.20 94.15 187.20 Neutral Strong Buy 545 1.70

SUPERGLASS HOLDINGS 46.50 43.00 287.50 Sell Strong Buy 4376 0.89

TAYLOR WIMPEY 113.60 49.78 113.80 Neutral Strong Buy 234 1.61

TRAVIS PERKINS 1668.00 1013.00 1713.00 Neutral Strong Buy 4554 1.95

WOLSELEY 3257.00 2449.53 3483.00 Neutral Strong Buy 6198 1.35

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1188.00 999.50 1365.00 Neutral Sell 1055 0.69

DOMINO PRINTING SCIENCES 653.00 522.00 717.00 Neutral Buy 887 1.14

E2V TECHNOLOGIES 131.00 105.50 137.75 Neutral Strong Buy 276 1.27

INVENSYS 496.60 217.33 509.50 Neutral Sell 275 1.40

LAIRD 208.80 171.10 249.30 Neutral Strong Buy 446 2.10

OXFORD INSTRUMENTS 1446.00 1209.00 1752.00 Neutral Sell 1298 1.11

RENISHAW 1630.00 1494.00 2081.00 Neutral Buy 2075 1.29

SPECTRIS 2237.00 1549.00 2470.00 Neutral Buy 2826 1.53

BIOME TECHNOLOGIES 65.00 65.00 303.67 Neutral Sell -518 0.77

TT ELECTRONICS 191.50 114.00 191.50 Neutral Strong Buy 431 1.61

XAAR 842.50 227.00 898.00 Neutral Sell 421 1.06


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 102.25 54.25 102.25 Neutral Buy 134 1.19

BODYCOTE 635.50 337.60 640.00 Neutral Neutral 633 1.60

CASTINGS 415.00 291.00 425.00 Neutral Strong Buy 675 0.95

VESUVIUS 447.90 263.19 480.00 Neutral Strong Buy 1050 2.23

FENNER 356.50 305.90 435.20 Neutral Strong Buy 553 1.45

HALMA 571.00 401.90 571.00 Sell Sell 416 0.78

HILL & SMITH 422.00 322.00 480.00 Neutral Buy 532 1.32

IMI 1435.00 837.50 1435.00 Sell Strong Buy 4836 1.41

MORGAN ADVANCED MATERIAL 315 .10 220 .30 318 .00 Neutral Strong Buy 541 1.90

ROTORK 2945.00 2157.00 3037.00 Neutral Sell 1007 1.00

SENIOR 282.90 185.90 284.90 Neutral Sell 246 1.66

SEVERFIELD-ROWEN 55.00 35.40 80.16 Neutral Sell 43 0.79

SPIRAX-SARCO 2981.00 1932.53 2981.00 Sell Sell 2144 0.84

VITEC GROUP 592.00 559.00 740.00 Neutral Sell 462 1.37

WEIR GROUP 2177.00 1566.00 2474.00 Neutral Neutral 2199 1.44

Food & Drug Stores Over Valued


GREGGS 393.80 392.10 523.50 Neutral Strong Buy 766 0.44

MORRISON(WM)SPMKTS. 288.50 248.60 296.40 Neutral Buy 385 0.39

SAINSBURY (J) 391.80 321.90 398.50 Neutral Buy 471 0.56

TESCO 369.10 307.90 387.75 Neutral Sell 194 0.68

THORNTONS 82.50 23.50 100.50 Neutral Sell 53 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1936.00 1267.00 2 031.00 Neutral Sell 1665 0.61

CRANSWICK 1163.00 732.50 1178.00 Neutral Strong Buy 1798 0.33

DAIRY CREST 520.00 332.90 520.00 Neutral Sell 385 0.91

DEVRO 322.50 289.90 380.00 Neutral Strong Buy 518 0.37

PREMIER FOODS 95.25 54.50 125.75 Neutral Strong Buy 254 1.26

TATE & LYLE 824.50 634.50 883.00 Neutral Strong Buy 1370 0.67

UNILEVER (UK) 2571.00 2235.00 2885.00 Neutral Sell 2218 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.50 22.13 29.50 Neutral Buy 39 0.66

BROWN (N) GROUP 541.00 266.40 541.00 Sell Sell 463 0.51

BURBERRY GROUP 1563.00 1000.00 1563.00 Neutral Sell 1247 1.29

CARPETRIGHT 650.00 585.00 701.50 Neutral Sell 354 0.90

DIXONS RETAIL 45.71 16.00 46.33 Neu tral Neu tral 47 1.46

FINDEL 211.00 62.20 211.75 Neutral Sell 59 1.06

FRENCH CONNECTN.GROUP 31.50 20.38 34.00 Sell Strong Buy 111 1.01

HALFORDS GROUP 372.00 224.60 405.20 Neutral Buy 518 0.71

JD SPORTS FASHION 930.00 651.00 930.00 Neutral Strong Buy 1773 0.49

DARTY 75.00 39.00 80.00 Neutral Buy 112 1.23

KINGFISHER 390.50 262.20 404.90 Neutral Buy 451 0.91

MARKS & SPENCER GROUP 486.10 350.00 488.80 Neutral Buy 647 0.60

MOSS BROTHERS GROUP 60.75 44.75 71.00 Neutral Buy 74 0.97

MOTHERCARE 431.00 202.00 492.75 Neutral Sell 157 0.38

NEXT 4998.00 3320.00 5030.00 Neu tral Neu tral 5411 0.61

TED BAKER 1920.00 899.00 1973.00 Neutral Sell 981 0.56

TOPPS TILES 89.63 46.00 89.63 Neutral Sell 77 1.51

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 114 0.39

CONSORT MEDICAL 828.50 660.50 839.00 Neutral Sell 576 0.35

OPTOS 161.00 106.75 222.75 Neu tral Neu tral 172 1.17

SMITH & NEPHEW 782.00 638.00 800.00 Neutral Sell 666 0.45

Household Goods & Textiles Over Valued


GAMES WORKSHOP 785.00 601.00 794.50 Neutral Neutral 769 0.42

HEADLAM GROUP 415.00 280.50 415.00 Neutral Sell 341 0.88

HORNBY 80.00 55.25 88.50 Neutral Buy 116 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 880.00 528.00 1097.00 Neutral Sell 282 0.73

CSR 520.50 308.10 607.00 Neutral Strong Buy 1573 1.13FILTRONIC 66.00 29.00 83.25 Neutral Sell 55 0.94

IMAGIN AT ION TECHNOLOGIES 244 .40 235 .10 624 .00 Neutral Buy 324 1.04

SPIRENT COMMUNICATIONS 145.00 118.00 170.00 Neutral Strong Buy 242 0.94

WOLFSON M ICR OELECTR ONICS 159 .00 140 .00 230 .00 Neutral Sell -205 0.94


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Insurance Under Valued


ADMIRAL GROUP 1253.00 1019.00 1416.00 Buy Sell -493 0.52

AMLIN 403.90 364.10 435.10 Neutral Strong Buy 1549 0.40

BEAZLEY 216.90 162.20 242.70 Neutral Strong Buy 961 0.50

CATLIN GROUP 489.10 442.80 552.50 Neu tral Neu tral 475 0.22

HISCOX 656.00 459.54 660.00 Sell Strong Buy 1924 0.46

JARDINE LLOYD THOMPSON 921.50 723.00 921.50 Neutral Buy 1231 0.32

RSA INSURANCE GROUP 122.10 107.70 136.30 Neutral Strong Buy 735 0.39

NOVAE GROUP 485.50 345.00 507.50 Neutral Strong Buy 3471 0.38

Leisure & Hotels Over Valued


CARNIVAL 2492.00 2092.00 2628.00 Neutral Buy 3617 0.95

ENTERPRISE INNS 148.00 55.75 148.00 Neutral Sell 117 1.64

TUI TRAVEL 380.40 197.10 401.50 Neutral Strong Buy 736 0.96

FULLER SMITH 'A' 918.00 700.50 965.00 Neutral Sell 624 0.26

GREENE KING 838.50 556.50 897.50 Neutral Sell 642 0.88

LADBROKES 199.60 165.00 243.10 Neutral Buy 268 0.87

ICTL.HTLS.GP. 1978.00 1524.00 2039.00 Neutral Sell 1706 1.10

MILLENNIUM & CPTH.HTLS. 551.50 456.00 582.50 Neu tral Neu tral 596 1.34

MITCHELLS & BUTLERS 420.10 262.70 426.80 Sell Sell 284 1.00

BWIN PARTY DIGITAL ENTM. 135.80 91.90 156.00 Neutral Sell 63 1.24

PUNCH TAVERNS 13.00 6 .15 13.75 Neutral Strong Buy 77 1.16

RANK GROUP 160.50 120.00 177.50 Neutral Strong Buy 583 0.96

RESTAURANT GROUP 570.00 318.90 570.00 Neutral Sell 398 0.70

WETHERSPOON (JD) 713.50 447.90 767.00 Neu tral Neu tral 709 0.57

WHITBREAD 3179.00 2096.00 3303.00 Neutral Sell 2228 0.97WILLIAM HILL 446.60 271.02 494.50 Neutral Sell 262 0.80

MARSTON'S 155.50 109.90 164.50 Neutral Sell 14 1.16

Life Assurance Under Valued


AVIVA 399.00 294.10 399.00 Sell Sell 364 1.18

CHESNARA 259.25 163.50 270.00 Neutral Strong Buy 527 0.64

LEGAL & GENERAL 198.30 128.00 201.90 Neutral Strong Buy 501 1.69

OLD MUTUAL 203.00 165.10 221.60 Neutral Strong Buy 411 1.52

PRUDENTIAL 1188.00 770.00 1203.00 Neu tral Neu tral 1221 1.66

ST.JAMES'S PLACE 633.00 336.20 641.50 Neutral Strong Buy 6911 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 841.00 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 42.50 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 835.00 451.25 835.00 Sell Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1078.00 747 .00 1105.00 Neutral Strong Buy 5566 0.96

INFORMA 531.00 380.50 541.50 Neutral Strong Buy 327 1.63

ITE GROUP 288.20 183.50 307.40 Neutral Buy 201 1.44

ITV 167.10 82.00 168.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 16.25 5.20 19.00 Neutral Buy 720 1.20

PEARSON 1324.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 98.00 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 35.60 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 169.50 73.00 170.00 Neutral Sell 159 1.48TRINITY MIRROR 116.00 36.75 122.25 Neutral Sell -289 1.59

UBM 711.50 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 171.50 102.00 171.50 Neutral Strong Buy 1390 0.85

WPP 1188.00 788.00 1210.00 Neutral Sell -827 1.27

Mining Under Valued


ANGLO AMERICAN 1454.50 1207.00 2084.00 Neutral Sell 1230 1.84

ANGLO PACIFIC GROUP 197.00 161.00 290.00 Neu tral Neu tral 205 1.07

ANTOFAGASTA 876.50 784.50 1381.00 Neutral Sell 825 1.42

BHP BILLITON 1899.00 1666.50 2236.00 Neutral Strong Buy 2854 1.48

GLENCORE XSTRATA 280.40 256.85 397.85 Neutral Strong Buy 996 #NA

LONMIN 325.60 240.84 400.52 Sell Buy 435 2.08

RANDGOLD RESOURCES 4420.00 3972.00 7 775.00 Neutral Sell 2810 0.47

RIO TINTO 3016.50 2582.00 3757.00 Neutral Sell 2414 1.53

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2691 2.24

Oil & Gas Under Valued


BG GROUP 1193.00 1000.50 1350.50 Neutral Sell 892 0.84

BP 441.80 416.60 483.30 Buy Strong Buy 1003 1.02

CAIRN ENERGY 274.60 251.80 305.00 Neutral Sell -27 1.33

FORTUNE OIL 8.16 7.15 12.50 Neutral Strong Buy 112 0.84

HUNTING 854.00 716.00 941.00 Neutral Sell 574 1.35

JKX OIL & GAS 66.25 48.50 96.00 Neutral Sell -59 1.35

PREMIER OIL 355.80 321.30 400.20 Neutral Buy 406 1.45

ROYAL DUTCH SHELL B 2160.00 2098.00 2365.00 Neutral Strong Buy 8245 0.83

SOCO INTERNATIONAL 374.60 319.90 404.30 Neutral Buy 464 0.53

TULLOW OIL 1041.00 977.00 1468.00 Neutral Sell 695 1.05

WOOD GROUP (JOHN) 898.00 720.50 908.50 Neutral Sell 726 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 134.00 101.00 144.60 Neutral Strong Buy 267 0.84

PZ CUSSONS 401.10 297.20 415.60 Neutral Sell 335 0.70

RECKITT BENCKISE R GROUP 4600.00 3536.00 4950.00 Neutral Neutral 4647 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.50 0.36 3.58 Buy Sell -3 0.91

ASTRAZENECA 3224.00 2792.50 3521.50 Neutral Strong Buy 8951 0.51

BTG 383.30 300.30 397.90 Neutral Sell 213 0.73

DECHRA PHARMACEUTICALS 685.00 4 73.00 780.00 Neutral Buy 927 0.18

GLAXOSMITHKLINE 1659.50 1317.50 1782.00 Neutral Buy 1908 0.52

OXFORD BIOMEDICA 1.45 1.33 2.80 Buy Sell -2 0.57

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Sell -5 0.93

SHIRE 2378.00 1727.00 2442.00 Neutral Sell 1522 0.70

SKYEPHARMA 79.75 43.50 100.50 Neutral Buy 102 0.66

VERNALIS 25.25 19.38 27.38 Neutral Sell 11 0.86

Real Estate - REIT Under Valued


BIG YELLOW GROUP 439.50 300.00 445.00 Neutral Buy 638 1.18

BRITISH LAND 585.00 506.00 658.00 Neutral Buy 748 1.05

DERWENT LONDON 2358.00 1890.00 2542.00 Neutral Strong Buy 4417 1.23

GREAT PORTLAND ESTATES 555.00 42 5.00 598.00 Neutral Strong Buy 1016 1.06

HAMMERSON 517.50 448.60 554.00 Neutral Neutral 496 1.24

INTU PROPERTIES 317.30 300.60 366.00 Neutral Strong Buy 490 1.13

LAND SECURITIES GROUP 922.00 761.50 994.00 Neutral Strong Buy 1573 1.15

LOCAL SHOP.REIT (THE) 25.50 24.25 40.75 Buy Sell -135 0.81

LONDONMETRIC PROPERTY 116.30 1 03.20 121.40 Neutral Sell -1 0.33

MCKAY SECURITIES 146.00 131.50 155.00 Neutral Strong Buy 246 0.66

MUCKLOW (A & J) GROUP 385.00 325.00 454.50 Neutral Sell 234 0.39

PRIMARY HEALTH PROPS. 329.75 312.50 363.53 Neutral Sell 94 0.30

REDEFINE INTL.REIT 44.25 26.74 44.75 Neutral Sell -329 0.64

SEGRO 306.00 221.60 313.60 Neutral Sell -224 1.81

SHAFTESBURY 626.50 516.00 668.00 Neutral Buy 764 1.03

TOWN CENTRE SECURITIES 205.00 174.00 223.00 Neutral Sell 19 1.04

WARNER ESTATE 0.93 0.70 2.52 Neutral Sell -889 0.93

WORKSPACE GROUP 456.00 245.00 475.00 Neutral Strong Buy 1129 1.01


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 351.30 210.50 365.60 Neutral Strong Buy 788 0.70

CAPITAL & REGIONAL 35.50 22.75 37.50 Sell Sell -54 0.64

CLS HOLDINGS 1151.00 645.00 1151.00 Neutral Strong Buy 3066 0.75

DAEJAN HOLDINGS 4000.00 2706.00 4179.00 Neutral Strong Buy 7347 0.48

DEVELOPMENT SECS. 200.25 143.00 209.00 Neutral Neutral 196 0.96

GRAINGER 185.00 96.20 187.50 Sell Sell 115 1.57

HELICAL BAR 290.25 178.00 302.50 Neutral Sell 206 0.82

LONDON & ASSOCS.PROPS. 25.00 20.50 29.75 Neutral Strong Buy 240 0.64

MOUNTVIEW ESTATES 6225.00 4200.00 6225.00 Neutral Strong Buy 15070 0.69

QUINTAIN ESTATES & DEV. 88.50 51.00 90.50 Sell Sell -206 1.04

RAVEN RUSSIA 69.00 61.50 79.75 Neutral Strong Buy 219 1.48

SAVILLS 640.00 374.40 664.50 Neutral Strong Buy 2266 0.74

SMART (J) 88.50 71.50 88.50 Neutral Strong Buy 387 0.33

ST MODWEN PROPS. 318.80 193.10 333.00 Neutral Strong Buy 640 1.60

UNITE GROUP 387.50 214.75 403.00 Neutral Strong Buy 1723 1.77

Software & Computer Services Under Valued


ANITE 131.00 113.00 162.00 Neutral Neutral 129 0.67

AVEVA GROUP 2459.00 1776.97 2588.15 Neutral Sell 1527 1.49

COMPUTACENTER 512.00 333.29 564.10 Neutral Strong Buy 1183 0.89

KOFAX 339.25 260.75 347.25 Neutral Sell 312 1.06

INNOVATION GROUP 30.00 18.63 30.00 Sell Sell 22 0.78

MICRO FOCUS INTL. 798.00 531.08 812.50 Neutral Buy 926 0.82

PHOENIX IT GROUP 158.88 130.00 222.00 Neutral Strong Buy 250 0.69

RM 83.13 64.00 85.50 Neutral Strong Buy 242 0.54

FIDESSA GROUP 2152.00 1275.00 2152.00 Neutral Neutral 2229 0.79

SAGE GROUP 357.20 289.36 368.18 Neutral Buy 448 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 379.80 270.30 492.10 Neutral Strong Buy 1276 1.11

BREWIN DOLPHIN 277.10 144.60 277.10 Sell Strong Buy 679 0.70

CAMELLIA 9102.50 8000.00 11105.00 Neutral Strong Buy 99667 0.84

CHARLES STANLEY GROUP 444.00 260.00 444.00 Neutral Strong Buy 1495 0.96

CHARLES TAYLOR 193.00 155.00 195.00 Neutral Strong Buy 1688 0.67

CLOSE BROTHERS GROUP 1089.00 771.00 1107.00 Sell Strong Buy 5047 0.86

F&C ASSET MANAGEMENT 106.00 88.90 110.40 Neutral Sell 70 0.84

HELPHIRE GROUP 4.23 0.55 4.57 Sell Sell -138 0.63

HENDERSON GROUP 168.70 101.70 180.40 Neutral Strong Buy 843 1.46

ICAP 387.40 280.80 406.80 Neutral Strong Buy 851 1.04

INTERMEDIATE CAPITAL GP. 482.90 28 0.00 501.50 Neutral Strong Buy 2199 1.69

INVESTEC 429.00 358.40 513.50 Neutral Strong Buy 1669 1.57

LONDON STOCK EX.GROUP 1 61 7.00 93 0.00 1 622 .0 0 Sell Strong Buy 7910 1.11

MAN GROUP 92.05 71.30 134.40 Neutral Sell -5198 1.36

RATHBONE BROTHERS 1630.00 1208.00 1691.00 Neutral Strong Buy 5730 0.73

SCHRODERS 2368.00 1393.00 2560.00 Neutral Strong Buy 8547 1.30

SCHRODERS NV 1875.00 1110.00 2000.00 Neutral Strong Buy 11266 1.28


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Support Services Under Valued


ACAL 251.00 157.75 255.00 Neutral Strong Buy 894 0.88

AGGREKO 1651.00 1557.00 2400.00 Neutral Strong Buy 4360 1.13

AMEC 1079.00 965.50 1172.00 Neutral Strong Buy 3457 1.09

ASHTEAD GROUP 689.00 267.00 730.00 Neutral Strong Buy 1036 1.65

BABCOCK INTL. 1197.00 892.50 1209.00 Neutral Strong Buy 2735 0.49

BRITISH POLYTHENE INDS. 578.50 358.00 604.00 Neutral Strong Buy 2460 0.80

BUNZL 1345.00 1009.00 1409.00 Neutral Strong Buy 2907 0.53

UK MAIL GROUP 615.00 233.50 615.00 Sell Strong Buy 1735 0.42

CAPITA 1021.00 713.00 1057.00 Neutral Sell 216 0.54

COMMUNISIS 60.50 32.80 68.00 Neutral Strong Buy 504 0.81

COMPASS GROUP 882.50 671.50 910.50 Neutral Strong Buy 2070 0.74

BERENDSEN 840.00 514.00 847.50 Neutral Strong Buy 3508 1.03

DE LA RUE 993.00 891.50 1075.00 Neutral Strong Buy 1492 #NA

DIGNITY 1521.00 900.00 1568.00 Neutral Strong Buy 3223 0.24

DIPLOMA 612.50 420.10 627.50 Neutral Strong Buy 1587 0.96

ELECTROCOMP. 261.00 200.00 278.40 Neutral Strong Buy 969 1.01ESSENTRA PLC 830.00 500.50 830.00 Neutral Strong Buy 1446 1.16

G4S 231.00 207.50 313.50 Neutral Strong Buy 928 0.53

HAYS 105.90 68.20 106.00 Neutral Strong Buy 479 1.06

HOMESERVE 253.00 185.60 293.60 Neutral Strong Buy 1017 0.88

INTERSERVE 519.50 319.00 519.50 Neutral Strong Buy 3835 1.26

INTERTEK GROUP 3167.00 2697.00 3453.00 Neutral Strong Buy 4985 0.80

JOHNSON SERVICE GROUP 47.50 27 .50 50.00 Neutral Strong Buy 123 1.11

MANAGEMENT CNSL.GP. 25.00 21.25 32.00 Neutral Strong Buy 227 0.63

MENZIES (JOHN) 755.00 573.00 801.00 Neutral Strong Buy 1855 1.38

MICHAEL PAGE INTL. 474.40 346.40 474.40 Neutral Strong Buy 878 1.41

MITIE GROUP 275.40 248.00 300.80 Neutral Strong Buy 1107 0.52

OFFICE2OFFICE 38.00 38.00 156.00 Buy Strong Buy 741 0.28

PAYPOINT 1115.00 684.00 1130.00 Neutral Strong Buy 2288 0.73PREMIER FARNELL 229.20 165.50 236.30 Neutral Strong Buy 752 1.42

REGUS 193.40 96.00 193.40 Neutral Sell 58 1.40

RENTOKIL INITIAL 98.05 76.10 100.70 Neutral Strong Buy 283 1.26

REXAM 512.00 420.70 547.50 Neutral Strong Buy 1854 0.85

RICARDO 455.50 340.00 455.50 Neutral Strong Buy 1746 0.89

ROBERT WALTERS 270.25 176.25 270.25 Neutral Strong Buy 1063 1.19

RPC GROUP 465.00 378.00 477.00 Neutral Strong Buy 1596 0.80

RPS GROUP 248.80 195.50 274.20 Neutral Strong Buy 1047 1.51

SERCO GROUP 617.00 535.00 683.50 Neutral Strong Buy 2478 0.59

SHANKS GROUP 89.50 73.00 98.00 Neutral Strong Buy 283 1.49

SPEEDY HIRE 59.00 23.50 64.75 Neutral Strong Buy 324 1.20

TRIBAL GROUP 199.00 85.00 199.75 Neutral Strong Buy 589 0.65

TRIFAST 56.25 40.50 59.25 Neutral Strong Buy 348 0.91

VP 413.50 295.25 415.00 Neutral Strong Buy 2405 0.81

WYG 99.50 42.50 99.50 Sell Strong Buy 645 0.80

Telecommunication Services Over Valued


BT GROUP 326.50 212.50 344.00 Neutral Buy 415 0.88

CABLE & WIRELESS COMMS. 40.09 31.86 46.29 Neutral Strong Buy 78 0.68

INMARSAT 704.50 542.50 749.00 Neutral Sell 264 0.55

KCOM GROUP 84.85 68.25 88.50 Neutral Buy 118 1.21

TELECOM PLUS 1360.00 814.00 1390.00 Neutral Sell 805 0.05

VODAFONE GROUP 196.80 154.45 200.20 Neutral Sell 107 0.51


15/17



Transport Over Valued


BBA AVIATION 300.00 184.50 300.50 Neutral Sell 234 1.24

BRAEMAR SHIPPING SVS. 449.00 350.00 455.00 Neutral Buy 599 1.05

CLARKSON 1889.00 1150.00 1896.00 Neutral Sell 1340 0.85

EASYJET 1383.00 530.00 1448.00 Neutral Sell 870 0.76

FIRST GROUP 111.90 92.00 212.39 Neutral Strong Buy 285 0.91

FISHER(JAMES)& SONS 1043.00 620.00 1110.00 Neutral Sell 786 0.74

GO-AHEAD GROUP 1559.00 1220.00 1595.00 Neutral Strong Buy 2744 0.99

NATIONAL EXPRESS 259.40 164.50 2 59.40 Neutral Neutral 251 1.40

NORTHGATE 386.25 202.00 390.00 Neutral Strong Buy 638 1.34

STAGECOACH GROUP 326.20 265.90 337.60 Neutral Buy 444 0.98

WINCANTON 77.13 43.75 79.50 Neutral Strong Buy 235 0.96

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 391.90 310.80 394.90 Neutral Buy 587 0.52

NATIONAL GRID 769.50 678.00 847.50 Neutral Buy 998 0.46

PENNON GROUP 685.50 598.00 766.50 Neutral Sell 632 0.62

SSE 1581.00 1320.00 1676.00 Neutral Buy 2286 0.41

SEVERN TRENT 1779.00 1513.00 2090.00 Neutral Sell 1531 0.36

UNITED UTILITIES GROUP 717.50 647.00 787.50 Neutral Neutral 760 0.48


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value indicator - uk main market 20130809