value indicator - uk main market 20130508

7/30/2019 value indicator - uk main market 20130508

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08 May 2013

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Intellisys Intelligent Analysis Limited 08 May 2013

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

Contents

Introduction .................................................................................................................................3 Value ...........................................................................................................................................4 Conclusion ..................................................................................................................................4 RISK WARNING Ratings and Targets ....................................................................................4 How to use the report .................................................................................................................5

Aerospace & Defence Over Va lued .....................................................................6 Automobiles & Parts Under Va lued ......................................................................6

Banks Over Va lued .........................................................................................6

Beverages Under Valued ..................................................................................6

Chemicals Under Valued ..................................................................................6

Construction & Building Materials Under Valued ....................................................7

Electronics & Electrical Equipment Over Valued ..................................................7

Engineering & Machinery Over Va lued ...............................................................8

Food & Drug Stores Over Valued .......................................................................8

Food Producers & Processors Under Valued ........................................................8

General Retail Under Valued ..............................................................................9

Heath Over Va lued .........................................................................................9

Household Goods & Textiles Over Valued ..........................................................9

Information Technology & Hardware Over Valued ...............................................9

Insurance Under Va lued

................................................................................... 10 Leisure & Hotels Over Va lued ..................................................................... 10

Life Assurance Over Va lued .................................................................... 10

Media & Entertainment Under Valued ................................................................ 11

Mining Under Va lued ...................................................................................... 11

Oil & Gas Under Va lued ................................................................................... 11

Personal Care & Household Products Over Va lued .......................................... 12

Pharmaceuticals & Biotechnology Over Va lued ................................................ 12

Real Estate Under Valued ............................................................................... 12

Software & Computer Services Under Valued .................................................... 13

Speciality & Other Finance Over Va lued .......................................................... 13 Support Services Over Va lued ..................................................................... 14

Telecommunication Services Over Va lued ....................................................... 15

Transport Under Va lued ................................................................................... 15

Utilities Under Valued ....................................................................................... 15 DISCLAIMER ........................................................................................................................... 16 RISK 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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

1 2 3 4 5 6 7 8 9 10 11 12 1 3 14 1 5 16 1 7 18 19 2 0 21 2 2 23 2 4 25 2 6 27 28 2 9 30 3 1 32 33 3 4 35 3 6 37 38 3 9 4020.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


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Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected] )

RISK WARNING Ratings and Targets

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


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How to use the report

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

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

General Retail Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56TOPPS 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 m onth Hi/Lo forthe share price

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


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Aerospace & Defence Over Va lued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 374.90 270.90 397.30 Neutral Buy 556 0.67

CHEMRING GROUP 280.00 217.00 414.70 Neutral Buy 337 0.66

COBHAM 254.70 190.10 254.70 Neutral Buy 292 0.82

MEGGITT 484.40 364.30 494.20 Neutral Sell 419 1.32

ROLLS-ROYCE HOLDINGS 1140.00 7 80.75 1 140.00 Neu tral Neutra l 1099 1.07

SMITHS GROUP 1255.00 979.50 1328.00 Neutral Sell 1061 0.71

ULTRA ELECTRONICS HDG. 1683.00 1 424.00 1745.00 Neutral Sell 1566 0.51

Automobiles & Parts Under Valued

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

GKN 279.80 173.60 285.00 Neu tral Neutra l 266 2.02INCHCAPE 512.50 305.20 530.00 Neu tral Neutra l 501 1.48

LOOKERS 95.25 56.50 100.50 Neutral Buy 106 1.23

PENDRAGON 22.00 13.50 25.00 Neutral Strong Buy 33 1.11

Banks Over Valued


BARCLAYS 296.10 150.55 327.35 Neutral Sell -809 1.94

HSBC HDG. (ORD $0.50) 713.90 503.20 740.00 Neutral Buy 951 1.17

LLOYDS BANKING GROUP 54.05 25.29 55.68 Sell Sell 6 1.89

ROYAL BANK OF SCTL.GP. 289.80 196.60 367.80 Neutral Sell -177 1.35

STANDARD CHARTERED 1657.00 1228.50 1 837.50 Neutral Strong Buy 3233 1.70

Beverages Under Valued


BARR (AG) 557.00 348.00 572.00 Neu tral Neutra l 593 0.55

DIAGEO 1974.00 1477.00 2085.00 Neutral Sell 1772 0.55

SABMILLER 3549.50 2348.50 3552.50 Neutral Buy 4012 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 290.00 240.00 406.40 Neutral Strong Buy 666 1.23

CARCLO 411.00 345.75 503.00 Neu tral Neutra l 405 0.73

CRODA INTERNATIONAL 2503.00 2094.00 2841.00 Neutral Sell 2060 1.04

ELEMENTIS 247.20 179.00 275.00 Neutral Buy 349 0.99

JOHNSON M ATTHEY 2569 .00 2080 .27 2573 .00 Neutral Strong Buy 11999 1.45

VICTREX 1635.00 1185.00 1736.00 Neutral Sell 1443 1.14

SYNTHOMER 200.60 127.40 235.00 Neu tral Neutra l 219 1.16

ZOTEFOAMS 217.00 157.00 225.00 Neutral Strong Buy 383 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 82.50 61.50 104.00 Neutral Strong Buy 243 0.51

BALFOUR BEATTY 208.60 207.60 320.80 Buy Strong Buy 949 0.80

BARRATT DEVELOPMENTS 316.20 114.00 320.90 Neutral Buy 448 1.58

BELLWAY 1330.00 660.00 1377.00 Neutral Buy 1836 1.15

BE RKE LE Y GROUP HDG.(THE ) 2 09 7.0 0 117 7.0 0 2 14 0.0 0 Neutral Strong Buy 3241 0.66

BOOT (HENRY) 174.00 115.50 181.00 Neutral Strong Buy 337 0.83

BOVIS HOMES GROUP 760.00 399.30 778.50 Neutral Sell 546 1.20

CARILLION 284.50 235.50 331.80 Neutral Strong Buy 762 1.12

CLARKE (T) 51.00 40.00 61.50 Neutral Strong Buy 256 0.82

COSTAIN GROUP 264.75 188.00 306.00 Neutral Strong Buy 535 0.57

CRH 1402.00 1052.00 1540.00 Neutral Sell 806 1.14

GALLIFORD TRY 970.00 579.00 995.50 Neutral Strong Buy 1625 1.01

KELLER 840.00 348.25 863.50 Neutral Strong Buy 2036 1.26

KIER GROUP 1187.00 1106.00 1408.00 Neutral Strong Buy 3216 0.97

LOW & BONAR 69.50 49.00 76.75 Neutral Strong Buy 208 1.07MARSHALLS 124.25 76.00 130.00 Neutral Strong Buy 279 1.39

MORGAN SINDALL GROUP 560.00 508.00 695.00 Neutral Strong Buy 3252 0.87

NORCROS 15.75 9.25 18.25 Neutral Strong Buy 32 1.15

PERSIMMON 1099.00 496.69 1099.00 Neutral Buy 1391 1.20

REDROW 212.00 107.30 214.40 Neutral Buy 279 1.09

SIG 164.50 82.30 164.50 Neutral Strong Buy 491 1.79

SUPERGLASS HOLDINGS 2.00 2.00 15.25 Neutral Strong Buy 48 0.88

TAYLOR WIMPEY 93.65 40.28 96.55 Neutral Buy 125 1.67

TRAVIS PERKINS 1458.00 906.50 1511.00 Neutral Strong Buy 2495 2.01

WOLSELEY 3257.00 2121.32 3337.00 Neutral Strong Buy 5330 1.46

Electronics & Electrical EquipmentOver Value d


DIALIGHT 1295.00 935.00 1364.00 Neutral Sell 783 0.75

DOMINO PRINTING SCIENCES 676.50 509.00 717.00 Neutral Buy 859 1.18

E2V TECHNOLOGIES 115.00 105.50 147.00 Neutral Strong Buy 251 1.29

INVENSYS 393.10 198.90 393.10 Neutral Sell 350 1.41

LAIRD 207.00 177.00 249.30 Neutral Sell 78 2.13

OXFORD INSTRUMENTS 1515.00 1096.00 1752.00 Neutral Sell 1198 1.00

RENISHAW 1684.00 1260.00 2081.00 Neutral Buy 2412 1.26

SPECTRIS 2122.00 1427.00 2470.00 Neu tral Neu tral 2246 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.18 Neutral Strong Buy 0 0.84

TT ELECTRONICS 167.75 114.00 182.50 Neutral Strong Buy 413 1.58

XAAR 507.00 185.00 523.00 Neutral Sell 237 1.11


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Engineering & Machinery Over Value d


AGA RANGEMASTER GROUP 78.50 54.25 91.75 Neutral Buy 94 1.28

BODYCOTE 515.50 310.30 556.50 Neutral Neutral 515 1.60

CASTINGS 348.25 277.75 358.50 Neutral Strong Buy 711 0.99

VESUVIUS 352.70 263.19 402.10 Neutral Buy 502 2.20

FENNER 353.10 329.30 435.20 Neutral Strong Buy 559 1.42

HALMA 512.50 373.10 531.50 Neutral Sell 400 0.75

HILL & SMITH 428.00 297.00 480.00 Neutral Sell 330 1.37

IMI 1282.00 776.00 1347.00 Neutral Neutral 1390 1.41

MOR GAN ADVANCE D MATE RIAL 26 0.0 0 2 20 .3 0 311.0 0 Neutral Strong Buy 545 1.82

ROTORK 2921.00 1859.00 3037.00 Neutral Sell 2228 1.00

SENIOR 254.60 177.00 256.60 Neutral Sell 214 1.64

SEVERFIELD-ROWEN 42.00 35.40 104.11 Neutral Sell 28 0.79

SPIRAX-SARCO 2709.00 1900.00 2734.00 Neutral Sell 2324 0.84

VITEC GROUP 613.00 586.50 740.00 Neutral Neutral 598 1.39

WEIR GROUP 2203.00 1397.00 2474.00 Neutral Sell 2061 1.38

Food & Drug Stores Over Value d


GREGGS 399.80 398.50 523.50 Buy Strong Buy 674 0.47

MORRISON(WM)SPMKTS. 293.00 248.60 296.40 Neutral Sell 189 0.39

SAINSBURY (J) 390.90 283.50 390.90 Neutral Sell 213 0.57

TESCO 367.75 297.05 387.75 Neutral Sell 268 0.68

THORNTONS 78.00 18.88 82.25 Neutral Sell 58 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1934.00 1167.00 1999.00 Neutral Buy 2128 0.62

CRANSWICK 1075.00 732.50 1075.00 Neutral Strong Buy 2102 0.43

DAIRY CREST 467.60 304.00 467.60 Neu tral Neu tral 508 0.94

DEVRO 336.00 278.00 380.00 Neutral Strong Buy 520 0.32

PREMIER FOODS 73.50 54.50 147.00 Neutral Sell -181 1.25

TATE & LYLE 845.00 633.50 870.50 Neutral Strong Buy 1567 0.71

UNILEVER (UK) 2792.00 2007.00 2845.00 Neu tral Neu tral 2804 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.75 20.50 29.50 Neutral Buy 34 0.69

BROWN (N) GROUP 441.60 224.40 449.40 Neutral Sell 371 0.54

BURBERRY GROUP 1378.00 1000.00 1483.00 Neutral Sell 1007 1.27

CARPETRIGHT 643.50 585.00 728.50 Neutral Sell 287 0.95

DIXONS RETAIL 36.98 12.67 3 7.50 Neu tral Neu tral 40 1.51

FINDEL 148.00 55.20 186.00 Neutral Sell 51 1.13

FRENCH CONNECTN.GROUP 27.75 19.50 42.50 Sell Strong Buy 105 0.99

HALFORDS GROUP 361.10 189.00 361.10 Neutral Buy 513 0.68

JD SPORTS FASHION 844 .50 606.50 855 .00 Neutral Strong Buy 1550 0.53

DARTY 51.25 38.00 65.00 Neutral Strong Buy 91 1.25

KINGFISHER 329.70 254.10 329.70 Neutral Buy 399 0.94

MARKS & SPENCER GROUP 414.80 312.20 415.30 Neutral Buy 529 0.65

MOSS BROTHERS GROUP 55.00 42.00 71.00 Neutral Buy 61 1.04

MOTHERCARE 317.00 160.00 362.00 Neutral Buy 378 0.47

NEXT 4425.00 2899.00 4425.00 Neutral Sell 3831 0.67

TED BAKER 1331.00 830.00 1397.00 Neutral Sell 673 0.55

TOPPS TILES 69.00 32.13 70.00 Neutral Sell 51 1.50

Heath Over Value d


BIOQUELL 142.50 126.00 160.00 Neutral Sell 116 0.46

CONSORT MEDICAL 808.00 584.00 831.50 Neutral Sell 579 0.39

OPTOS 163.00 145.75 257.75 Neu tral Neu tral 170 1.18

SMITH & NEPHEW 748.50 580.00 768.50 Neutral Sell 672 0.43

Household Goods & Textiles Over Value d


GAMES WORKSHOP 737.50 557.00 737.50 Neu tral Neu tral 718 0.44

HEADLAM GROUP 330.00 263.00 355.00 Neutral Sell 299 0.92

HORNBY 83.88 55.25 95.00 Neutral Buy 106 0.77

Information Technology & Hardware Over Value d


ARM HOLDINGS 1032.00 469.00 1032.00 Neutral Sell 539 0.74

CSR 507.50 200.30 508.50 Neutral Strong Buy 1243 1.18FILTRONIC 61.00 23.50 83.25 Neutral Sell 46 0.90

IMAGIN AT ION TE CHNOLOGIE S 31 4.9 0 3 14 .9 0 63 2.0 0 Buy Strong Buy 508 1.08

SPIRENT COMMUNICATIONS 128.60 122.00 170.90 Neutral Strong Buy 672 0.94

WOLFSON MICROE LE CTRONICS 20 6.0 0 1 70 .0 0 23 0.0 0 Neutral Sell -486 0.90


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Insurance Under Valued


ADMIRAL GROUP 1259.00 1019.00 1374.00 Neu tral Neu tral 1244 0.53

AMLIN 429.30 312.90 431.50 Neutral Sell 116 0.46

BEAZLEY 225.40 132.50 229.40 Neutral Strong Buy 1279 0.60

CATLIN GROUP 538.00 399.00 540.00 Neutral Strong Buy 1959 0.30

HISCOX 558.00 379.26 574.05 Neutral Strong Buy 2550 0.48

JARDINE LLOYD THOM PSON 856 .50 659.00 868 .00 Neutral Strong Buy 1702 0.31

RSA INSURANCE GROUP 110.80 97.65 136.30 Neutral Strong Buy 920 0.41

NOVAE GROUP 479.00 345.00 484.00 Neutral Strong Buy 2921 0.48

Leisure & Hotels Over Value d


CARNIVAL 2368.00 1944.00 2628.00 Neutral Strong Buy 4010 1.01

ENTERPRISE INNS 100.00 55.50 114.70 Neu tral Neu tral 106 1.61

TUI TRAVEL 324.10 158.00 330.00 Neutral Strong Buy 786 1.01

FULLER SMITH 'A' 792.00 700.00 820.00 Neutral Sell 678 0.39

GREENE KING 737.50 474.30 737.50 Neutral Sell 654 0.93

LADBROKES 198.80 152.70 243.10 Neutral Buy 256 0.93

ICTL.HTLS.GP. 1968.00 1396.63 2039.00 Neutral Sell 1518 1.18

MILLENNIUM & CPTH.HTLS. 551.00 455.40 582.50 Neutral Buy 652 1.40

MITCHELLS & BUTLERS 341.70 217.40 350.10 Neutral Sell 317 1.12

BWIN PARTY DIGITAL ENTM. 136.20 91.90 158.00 Neutral Sell 50 1.25

PUNCH TAVERNS 9.90 5.61 13.12 Neutral Strong Buy 51 1.27

RANK GROUP 170.00 111.00 177.50 Neutral Strong Buy 514 1.00

RESTAURANT GROUP 479.70 269.20 488.10 Neutral Sell 327 0.76

WETHERSPOON (JD) 598.50 371.30 607.50 Neutral Buy 749 0.69

WHITBREAD 2656.00 1786.00 2692.00 Neutral Sell 2016 0.99WILLIAM HILL 425.10 243.75 430.70 Neutral Sell 259 0.87

MARSTON'S 148.20 94.40 148.20 Neutral Sell 18 1.21

Life Assurance Over Value d


AVIVA 316.40 255.30 388.40 Neutral Strong Buy 698 1.25

CHESNARA 232.50 155.25 250.00 Neutral Strong Buy 385 0.70

LEGAL & GENERAL 178.70 106.00 178.70 Neutral Strong Buy 351 1.71

OLD MUTUAL 208.10 138.70 211.40 Neu tral Neu tral 199 1.57

PRUDENTIAL 1155.00 660.00 1155.00 Sell Sell 998 1.71

ST.JAMES'S PLACE 573.00 303.40 573.00 Neutral Strong Buy 1475 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 115.00 102.00 146.50 Neutral Sell -575 0.37

BRITISH SKY BCAST.GROUP 860.00 656.00 899.50 Neutral Strong Buy 1721 0.54

CENTAUR MEDIA 45.25 28.50 60.00 Neutral Strong Buy 154 1.03

DAILY MAIL 'A' 687.00 363.50 722.00 Neutral Strong Buy 4030 1.14

EUR OM ON EY INSTL.IN VE STOR 99 8.5 0 6 72 .5 0 1 00 1.0 0 Neutral Strong Buy 7574 1.00

INFORMA 493.50 340.00 537.00 Neutral Sell -76 1.53

ITE GROUP 276.80 180.00 289.40 Neutral Strong Buy 232 1.45

ITV 123.60 69.45 132.30 Neutral Strong Buy 1248 1.54

JOHNSTON PRESS 16.50 4.88 16.50 Sell Buy 766 1.27

PEARSON 1171.00 1115.00 1294.00 Neutral Buy 310 0.63

PHOTO-ME INTL. 75.50 36.25 82.50 Neutral Strong Buy 2589 0.79

PINEWOOD SHEPPERTON 278.00 265.00 377.50 Neutral Strong Buy 856 0.16

THOMSON REUTERS 34.29 26.85 34.29 Neutral Sell -574 0.50

STV GROUP 133.00 81.50 146.88 Neutral Sell 263 0.79

ST.IVES 136.00 67.50 139.75 Neutral Sell 218 1.50TRINITY MIRROR 88.50 25.50 121.25 Neutral Sell -252 1.59

UBM 730.00 511.00 788.00 Neutral Strong Buy 1727 1.31

WILMINGTON GROUP 155.00 82.00 164.00 Neutral Strong Buy 1335 0.84

WPP 1081.00 743.00 1092.00 Neutral Sell -498 1.35

HIBU 0.39 0.26 3.55 Neutral Strong Buy 800 1.07

Mining Under Valued


ANGLO AMERICAN 1635.50 1553.00 2263.00 Neutral Sell 1212 1.74

ANGLO PACIFIC GROUP 217.50 215.00 304.30 Neu tral Neu tral 225 0.96ANTOFAGASTA 983.00 884.00 1381.00 Neutral Sell 843 1.41

BHP BILLITON 1847.50 1681.00 2236.00 Neutral Strong Buy 2836 1.43

GLENCORE XSTRATA 343.95 293.55 410.25 Buy Strong Buy 989 #NA

LONMIN 286.30 240.84 523.92 Neutral Buy 371 2.03

RANDGOLD RESOURCES 5105.00 4545.00 7 775.00 Neutral Sell 2950 0.34

RIO TINTO 3022.50 2715.50 3757.00 Neutral Sell 2389 1.50

COALFIELD RESOURCES 3.63 17.50 Neutral Strong Buy 164 0.89

VEDANTA RESOURCES 1262.00 832.50 1298.00 Neutral Strong Buy 2085 2.20

Oil & Gas Under Valued


BG GROUP 1151.00 1000.50 1364.00 Neu tral Neu tral 1226 0.80

BP 471.30 391.95 475.90 Neutral Strong Buy 1542 1.03

CAIRN ENERGY 289.10 248.20 325.80 Neutral Sell -13 1.32

FORTUNE OIL 7.98 7.66 12.50 Buy Strong Buy 14 0.82

HUNTING 809.00 688.00 941.00 Neutral Sell 442 1.31

JKX OIL & GAS 68 .50 55 .00 130 .00 Neutral Strong Buy 298 1.36

PREMIER OIL 384.70 321.30 401.20 Neutral Sell 282 1.43

ROYAL DUTCH SHELL B 2296.00 2039.00 2366.50 Neutral Strong Buy 9312 0.84

SOCO INTERNATIONAL 385.00 254.90 404.30 Neutral Sell 246 0.53

TULLOW OIL 1014.00 977.00 1531.00 Neutral Sell 892 1.04

WOOD GROUP (JOHN) 804.50 651.50 879.50 Neu tral Neu tral 784 1.35


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Personal Care & Household Products Over Value d


MCBRIDE 119.00 101.20 144.60 Neutral Strong Buy 256 0.84

PZ CUSSONS 391.70 297.20 415.60 Neutral Sell 323 0.69

RE CKI TT BE NCKISE R GROUP 4 63 6.0 0 33 00 .0 0 4 81 2.0 0 Neu tral Neu tral 4677 0.36

Pharmaceuticals & Biotechnology Over Value d


ARK THERAPEUTICS GP. 0.41 0.36 3.87 Buy Strong Buy 1 1.01

ASTRAZENECA 3339.50 2591.00 3390.00 Neutral Strong Buy 6358 0.47

BTG 351.60 300.30 423.00 Neutral Sell 170 0.58

DECHRA PHARMACEUTICALS 721.00 4 44.50 780.00 Neu tral Neu tral 744 0.25

GLAXOSMITHKLINE 1648.00 1317.50 1687.50 Neutral Sell 1422 0.49

OXFORD BIOMEDICA 2.08 1.55 4.08 Neutral Sell 1 0.64

PHYTOPHARM 1.38 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 1870.00 1727.00 2153.00 Neutral Sell 1345 0.66

SKYEPHARMA 43.75 43.50 101.50 Neutral Sell -142 0.73

VERNALIS 22.75 21.63 27.38 Neutral Strong Buy 39 0.91

Real Estate Under Valued


BIG YELLOW GROUP 416.00 274.50 416.00 Neutral Sell -575 1.18

BRITISH LAND 598.00 475.40 601.00 Neutral Strong Buy 1721 1.06

CAPITAL & REGIONAL 35.00 22.75 35.00 Sell Strong Buy 154 0.85

CLS HOLDINGS 915.00 595.00 930.00 Neutral Strong Buy 4030 0.70

DERWENT LONDON 2363.00 1708.00 2363.00 Neutral Strong Buy 7574 1.24DEVELOPMENT SECS. 146.50 121.75 175.00 Neutral Sell -76 0.99

GRAINGER 142.70 83.10 142.70 Neutral Strong Buy 232 1.58

GREAT PORTLAND ESTATES 540.00 366.00 540.00 Sell Strong Buy 1248 1.10

HAMMERSON 534.50 409.20 534.50 Neutral Buy 766 1.19

HELICAL BAR 257.50 164.00 257.50 Neutral Buy 310 0.77

LAND SECURITIES GROUP 882.00 704.00 886.00 Neutral Strong Buy 2589 1.16

INTU PROPERTIES 342.30 305.00 366.00 Neutral Strong Buy 856 1.09

MCKAY SECURITIES 142.00 127.00 145.00 Neutral Sell -574 0.73

MUCKLOW (A & J) GROUP 385.00 325.00 390.00 Neutral Sell 263 0.42

PRIMARY HEALTH PROPS. 330.00 312.00 364.50 Neutral Sell 218 0.35

QUINTAIN ESTATES & DEV. 65.00 32.50 70.00 Sell Sell -252 1.19

SAVILLS 599.00 300.80 599.00 Neutral Strong Buy 1727 0.77

SHAFTESBURY 616.00 492.00 616.00 Neutral Strong Buy 1335 1.05

SEGRO 270.80 209.40 271.00 Neutral Sell -498 1.73

ST MODWEN PROPS. 270.00 145.50 280.20 Neutral Strong Buy 800 1.59

TOWN CENTRE SECURITIES 204.00 147.00 215.00 Neutral Sell -17 1.01

UNITE GROUP 350.60 180.25 351.10 Neutral Sell 49 1.79

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -1144 1.03

WORKSPACE GROUP 376.90 213.25 378.30 Neutral Strong Buy 1297 1.05


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Software & Computer Services Under Valued


ANITE 122.50 111.00 162.00 Neu tral Neu tral 121 0.73

AVEVA GROUP 2244.00 1469.00 2322.00 Neutral Sell 1301 1.40

COMPUTACENTER 435.80 292.40 567.00 Neutral Strong Buy 1333 1.00KOFAX 318.75 240.00 335.00 Neu tral Neu tral 318 1.11

INNOVATION GROUP 26.50 18.25 26.50 Sell Sell 24 0.85

MICRO FOCUS INTL. 678.00 426.17 706.00 Neutral Buy 967 0.76

PHOENIX IT GROUP 143.00 131.00 224.75 Neutral Strong Buy 306 0.74

RM 75.25 70.25 85.75 Neutral Sell -90 0.52

FIDESSA GROUP 1838.00 1275.00 1970.00 Neutral Buy 2055 0.76

SAGE GROUP 338.60 247.70 352.10 Neutral Buy 412 0.72

Speciality & Other Finance Over Value d


ABERDEEN ASSET MAN. 459.60 237.30 459.60 Sell Sell 140 1.09

BREWIN DOLPHIN 210.00 136.30 222.00 Neutral Sell 116 0.73

CAMELLIA 10200.00 9250.00 11105.00 Neutral Sell 8634 0.84

CHARLES STANLEY GROUP 404.63 247.50 405.00 Neutral Sell 193 0.97

CHARLES TAYLOR 170.00 135.87 190.00 Neutral Sell 123 0.69

CLOSE BROTHERS GROUP 1035.00 673.50 1107.00 Neutral Sell 189 0.86

F&C ASSET MANAGEMENT 98.25 65.90 110.40 Neu tral Neu tral 100 0.89

HELPHIRE GROUP 3.49 0.55 3.70 Sell Strong Buy 25 0.69

HENDERSON GROUP 177.10 9 0.55 1 77.10 Neutral Sell 60 1.44

ICAP 294.70 280.80 376.60 Neutral Sell 220 1.07

INTERMEDIATE CAPITAL GP. 428.60 227.30 428.60 Neutral Sell 151 1.70

INVESTEC 471.00 310.40 513.50 Neutral Sell 104 1.56

LONDON STOCK EX.GROUP 1339.00 930.00 1411.00 Neutral Strong Buy 3491 1.15MAN GROUP 120.00 63.25 120.00 Neutral Strong Buy 497 1.32

RATHBONE BROTHERS 1490.00 1151.00 1551.00 Neutral Sell 1082 0.75

SCHRODERS 2384.00 1166.00 2384.00 Sell Sell 1147 1.30

SCHRODERS NV 1890.00 966.00 1890.00 Sell Strong Buy 3734 1.27


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Support Services Over Value d


ACAL 209.75 157.75 242.50 Neutral Buy 290 0.92

AGGREKO 1723.00 1557.00 2400.00 Neutral Sell 1286 1.05

AMEC 1025.00 923.00 1172.00 Neu tral Neu tral 1123 1.04

ASHTEAD GROUP 587.00 212.20 635.00 Neutral Sell 315 1.63

BABCOCK INTL. 1072.00 793.50 1106.00 Neutral Sell 657 0.48

BRITISH POLYTHENE INDS. 545.50 317.00 557.00 Neutral Buy 793 0.76

BUNZL 1291.00 990.00 1320.00 Neutral Sell 975 0.55

UK MAIL GROUP 422.00 214.00 445.00 Neu tral Neu tral 439 0.39

CAPITA 908.50 602.00 913.50 Neutral Sell 518 0.51

COMMUNISIS 55.50 25.34 55.50 Neutral Buy 67 0.78

COMPASS GROUP 856.50 616.00 856.50 Neutral Sell 600 0.74

BERENDSEN 775.50 462.00 812.00 Neutral Buy 970 1.05

DE LA RUE 940.00 891.50 1075.00 Neutral Sell 594 #NA

DIGNITY 1400.00 803.50 1435.00 Neutral Sell 800 0.22

DIPLOMA 599.50 417.00 627.50 Neutral Sell 482 0.96ELECTROCOMP. 248.60 195.20 265.00 Neutral Buy 318 1.04

FILTRONA 735.50 428.00 744.00 Neutral Sell 344 1.13

G4S 305.50 240.00 313.50 Neutral Sell 289 0.58

HAYS 93.45 66.40 101.20 Neutral Buy 120 1.10

HOMESERVE 208.80 137.50 249.00 Neutral Strong Buy 485 0.94

INTERSERVE 480.50 271.40 510.50 Neutral Buy 680 1.28

INTERTEK GROUP 3278.00 2406.00 3451.00 Neutral Sell 1434 0.78

JOHNSON SERVICE GROUP 43.25 26.50 45.75 Neutral Strong Buy 93 1.17

MANAGEMENT CNSL.GP. 31.00 21.25 36.00 Neutral Strong Buy 55 0.72

MENZIES (JOHN) 743.50 542.00 789.00 Neutral Strong Buy 1281 1.43

MICHAEL PAGE INTL. 378.50 341.40 451.80 Neutral Sell 316 1.42

MITIE GROUP 270.10 253.90 300.80 Neutral Buy 339 0.55

OFFICE2OFFICE 93.00 87.50 156.00 Neutral Strong Buy 236 0.33

PAYPOINT 830.00 605.00 912.50 Neutral Sell 686 0.71

PREMIER FARNELL 221.00 153.20 236.30 Neutral Buy 284 1.33

REGUS 165.00 82.65 169.00 Neutral Sell 106 1.46

RENTOKIL INITIAL 93.35 69.40 100.70 Neutral Sell 54 1.25

REXAM 508.00 394.28 547.50 Neu tral Neu tral 527 0.90

RICARDO 387.25 304.50 431.00 Neutral Buy 467 0.86

ROBERT WALTERS 219.25 176.25 245.00 Neutral Buy 306 1.24

RPC GROUP 399.80 348.30 477.00 Neutral Buy 530 0.78

RPS GROUP 217.80 197.00 274.20 Neutral Buy 245 1.51

SERCO GROUP 623.50 509.50 635.50 Neutral Sell 573 0.60

SHANKS GROUP 82.50 73.00 98.00 Neutral Strong Buy 167 1.46

SPEEDY HIRE 47.50 22.25 50.00 Neu tral Neu tral 52 1.26TRIBAL GROUP 153.00 73.25 153.00 Neutral Sell 50 0.63

TRIFAST 52.25 39.50 59.00 Neutral Buy 61 0.93

VP 330.00 234.75 354.88 Neutral Strong Buy 617 0.86

WYG 75.00 42.00 75.00 Sell Strong Buy 181 0.79


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Telecommunication Services Over Valued


BT GROUP 275.00 200.70 288.70 Neutral Buy 334 0.91

CABLE & WIRELESS COMMS. 43.00 27.28 43.08 Neutral Strong Buy 83 0.70

INMARSAT 685.00 390.80 749.00 Neutral Sell 592 0.53KCOM GROUP 84.10 67.00 85.50 Neutral Strong Buy 131 1.24

TELECOM PLUS 1223.00 695.00 1223.00 Sell Sell 743 0.09

VODAFONE GROUP 193.80 154.45 1 97.20 Neutral Sell 166 0.54

Transport Under Valued


BBA AVIATION 263.00 178.00 269.00 Neutral Sell 177 1.30

BRAEMAR SHIPPING SVS. 395.00 309.50 425.00 Neutral Buy 456 0.98

CLARKSON 1601.00 1150.00 1673.00 Neutral Sell 1475 0.80

EASYJET 1133.00 481.20 1150.00 Neutral Sell 672 0.77

FIRST GROUP 209.40 175.70 260.50 Neutral Strong Buy 561 0.91

FISHER(JAMES)& SONS 994.00 535.00 1110.00 Neutral Sell 396 0.77

GO-AHEAD GROUP 1530.00 1086.00 1558.00 Neutral Buy 1856 0.90

NATIONAL EXPRESS 203.60 164.50 230.50 Neutral Buy 251 1.35

NORTHGATE 334.75 159.60 350.00 Neutral Strong Buy 611 1.41

STAGECOACH GROUP 312.20 230.40 319.60 Neutral Buy 363 0.89

WINCANTON 53.00 31.00 78.50 Sell Sell -44 0.90

Utilities Under Valued


CENTRICA 376.10 306.30 393.10 Neutral Buy 511 0.47

NATIONAL GRID 825.00 641.00 825.50 Neu tral Neutra l 890 0.50

PENNON GROUP 686.00 598.00 796.00 Neutral Buy 827 0.59

SSE 1567.00 1294.00 1567.00 Neutral Buy 1830 0.42

SEVERN TRENT 1815.00 1513.00 1823.00 Neutral Sell 1610 0.35

UNITED UTILITIES GROUP 740.50 617.50 747.50 Neu tral Neutra l 715 0.50


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