value indicator - uk main market 20130529

7/30/2019 value indicator - uk main market 20130529

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29 May 2013

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Intellisys Intelligent Analysis Limited 29 May 2013

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

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Over Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Under Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

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

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

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

Timing

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

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

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

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

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

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Best Buy/Sell Trend


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Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

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


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 415.00 270.90 427.00 Neutral Buy 596 0.67

CHEMRING GROUP 283.50 217.00 414.70 Neutral Buy 343 0.66

COBHAM 287.70 190.10 287.70 Neu tral Neutra l 295 0.82

MEGGITT 534.00 364.30 534.00 Sell Neutral 522 1.32

ROLLS-ROYCE HOLDINGS 1223.00 7 80.75 1 225.00 Neu tral Neutra l 1193 1.07

SMITHS GROUP 1384.00 979.50 1384.00 Neutral Sell 1153 0.71

ULTRA ELECTRONICS HDG. 1822.00 1 424.00 1843.00 Neutral Sell 1696 0.51

Automobiles & Parts Under Valued

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

GKN 303.70 173.60 311.90 Neu tral Neutra l 303 2.02

INCHCAPE 572.00 305.20 577.50 Neu tral Neutra l 576 1.48

LOOKERS 104.25 56.50 110.00 Neu tral Neutra l 102 1.23

PENDRAGON 25.25 13.50 26.50 Neutral Buy 36 1.11

Banks Over Valued


BARCLAYS 325.10 150.55 333.85 Neutral Sell -814 1.94

HSBC HDG. (ORD $0.50) 743.10 503.20 769.90 Neutral Buy 871 1.17

LLOYDS BANKING GROUP 61.32 25.29 62.96 Sell Sell 7 1.89

ROYAL BANK OF SCTL.GP. 332.30 196.60 367.80 Neutral Sell -128 1.35

STANDARD CHARTERED 1550.00 1228.50 1 837.50 Neutral Strong Buy 3410 1.70

Beverages Under Valued


BARR (AG) 574.50 348.00 588.50 Neutral Neutra l 611 0.55

DIAGEO 2047.50 1516.50 2085.00 Neutral Sell 1819 0.55

SABMILLER 3501.00 2348.50 3657.00 Neutral Buy 4028 0.95

Chemicals Under Valued


ALENT 363.40 305.00 397.50 Neutral Strong Buy 3528 #NA

AZ ELECTRONIC MATS.(DI) 322.4 0 2 40.00 406.40 Neutral Strong Buy 505 1.23

CARCLO 382.50 356.00 503.00 Neutral Sell 121 0.73

CRODA INTE RNATIONAL 2571.00 21 25.00 2841.00 Neutral Buy 3479 1.04

ELEMENTIS 244.60 179.00 275.00 Neutral Buy 307 0.99

JOHNSON MATTHEY 2655.00 2080.27 2696.00 Neutral Strong Buy 4571 1.45

VICTREX 1765.00 1185.00 1765.00 Neutral Sell 1406 1.14

SYNTHOMER 197.00 127.40 225.80 Neutral Strong Buy 345 1.16

ZOTEFOAMS 200.00 157.00 225.00 Neutral Buy 258 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 289 0.51

BALFOUR BEATTY 237.30 207.60 320.80 Neutral Strong Buy 850 0.80

BARRATT DEVELOPMENTS 330.00 114.00 346.30 Neutral Strong Buy 641 1.58

BELLWAY 1301.00 676.00 1377.00 Neutral Strong Buy 2934 1.15

BERKELEY GROUP HDG.(THE) 2182.00 1202.00 2207.00 Neutral Strong Buy 3360 0.66

BOOT (HENRY) 193.00 115.50 201.00 Neutral Strong Buy 416 0.83

BOVIS HOMES GROUP 750.50 399.30 778.50 Neutral Buy 1075 1.20

CARILLION 253.80 235.50 331.80 Neutral Strong Buy 1598 1.12

CLARKE (T) 54.25 40.00 61.50 Neutral Strong Buy 474 0.82

COSTAIN GROUP 260.75 188.00 306.00 Neutral Strong Buy 1088 0.57

CRH 1440.00 1052.00 1540.00 Neutral Sell 882 1.14

GALLIFORD TRY 974.50 583.00 999.00 Neutral Strong Buy 3063 1.01

KELLER 954.50 348.25 978.50 Neutral Strong Buy 2499 1.26

KIER GROUP 1239.00 1106.00 1408.00 Neutral Strong Buy 5554 0.97

LOW & BONAR 66.50 49.75 76.75 Neutral Strong Buy 233 1.07MARSHALLS 140.00 76.00 140.00 Neutral Strong Buy 427 1.39

MORGAN SINDALL GROUP 574.00 508.00 695.00 Neutral Strong Buy 4722 0.87

NORCROS 15.88 9.63 18.25 Neutral Strong Buy 62 1.15

PERSIMMON 1280.00 496.69 1280.00 Sell Strong Buy 2037 1.20

REDROW 231.70 107.30 238.10 Neutral Strong Buy 473 1.09

SIG 179.20 82.30 179.20 Neutral Strong Buy 552 1.79

SUPERGLASS HOLDINGS 2.00 1.88 14.50 Sell Strong Buy 38 0.88

TAYLOR WIMPEY 100.80 40.28 103.00 Neutral Strong Buy 233 1.67

TRAVIS PERKINS 1606.00 906.50 1606.00 Sell Strong Buy 4340 2.01

WOLSELEY 3374.00 2121.32 3483.00 Neutral Strong Buy 6260 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1305.00 978.00 1365.00 Neutral Sell 816 0.75

DOMINO PRINTING SCIENCES 672.00 509.00 717.00 Neutral Buy 888 1.18

E2V TECHNOLOGIES 124.00 105.50 144.00 Neutral Strong Buy 260 1.29

INVENSYS 399.40 198.90 402.70 Neutral Sell 349 1.41

LAIRD 208.70 177.00 249.30 Neutral Strong Buy 325 2.13

OXFORD INSTRUMENTS 1600.00 1135.00 1752.00 Neutral Sell 1261 1.00

RENISHAW 1792.00 1260.00 2081.00 Neutral Buy 2630 1.26

SPECTRIS 2112.00 1427.00 2470.00 Neutral Buy 2797 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 173.25 114.00 178.50 Neutral Strong Buy 316 1.58

XAAR 647.00 185.00 695.00 Neutral Sell 235 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.25 54.25 91.75 Neutral Buy 124 1.28

BODYCOTE 563.00 310.30 563.00 Neutral Buy 680 1.60

CASTINGS 341.13 277.75 358.50 Neutral Strong Buy 660 0.99

VESUVIUS 373.50 263.19 402.10 Neutral Strong Buy 966 2.20

FENNER 349.90 329.30 435.20 Neutral Strong Buy 538 1.42

HALMA 528.00 375.00 538.50 Neutral Sell 378 0.75

HILL & SMITH 438.00 297.00 480.00 Neutral Sell 354 1.37

IMI 1338.00 776.00 1359.00 Neutral Sell 764 1.41

MORGAN ADVANCED MATERIAL 291.70 220 .30 305.00 Neutral Buy 387 1.82

ROTORK 2888.00 1859.00 3037.00 Neutral Sell 1536 1.00

SENIOR 274.70 177.00 280.80 Neutral Sell 240 1.64

SEVERFIELD-ROWEN 49.50 35.40 91.10 Neutral Sell 39 0.79

SPIRAX-SARCO 2923.00 1900.00 2923.00 Sell Sell 2079 0.84

VITEC GROUP 601.50 586.50 740.00 Neutral Sell 431 1.39

WEIR GROUP 2375.00 1397.00 2474.00 Neutral Sell 2155 1.38

Food & Drug Stores Over Valued


GREGGS 411.60 398.00 523.50 Neutral Strong Buy 710 0.47

MORRISON(WM)SPMKTS. 281.00 248.60 296.40 Neutral Sell 170 0.39

SAINSBURY (J) 383.20 283.50 396.50 Neutral Sell 205 0.57

TESCO 385.00 297.05 387.75 Neutral Sell 269 0.68

THORNTONS 93.75 18.88 100.50 Neutral Sell 67 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1943.00 1167.00 2031.00 Neutral Buy 2186 0.62

CRANSWICK 1094.00 732.50 1115.00 Neutral Strong Buy 2157 0.43

DAIRY CREST 503.50 312.70 503.50 Sell Neutral 528 0.94

DEVRO 336.00 278.00 380.00 Neutral Strong Buy 533 0.32

PREMIER FOODS 71.00 54.50 125.75 Neutral Sell -180 1.25

TATE & LYLE 875.50 633.50 875.50 Neutral Strong Buy 1606 0.71

UNILEVER (UK) 2883.00 2013.00 2885.00 Neutral Neutral 2852 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 29.00 20.50 29.50 Neutral Buy 34 0.69

BROWN (N) GROUP 465.00 224.40 465.60 Neutral Sell 354 0.54

BURBERRY GROUP 1534.00 1000.00 1541.00 Neutral Sell 963 1.27

CARPETRIGHT 635.50 585.00 728.50 Neutral Sell 288 0.95

DIXONS RETAIL 42.25 12.67 42.90 Neu tral Neu tral 44 1.51

FINDEL 161.00 55.20 186.00 Neutral Sell 60 1.13

FRENCH CONNECTN.GROUP 31.00 19.50 34.00 Sell Strong Buy 106 0.99

HALFORDS GROUP 308.10 189.00 405.20 Neutral Strong Buy 499 0.68

JD SPORTS FASHION 902 .00 606.50 902 .00 Neutral Strong Buy 1532 0.53

DARTY 71.25 38.00 72.50 Neutral Buy 103 1.25

KINGFISHER 330.00 254.10 335.50 Neutral Buy 369 0.94

MARKS & SPENCER GROUP 485.00 312.20 485.00 Sell Neutral 521 0.65

MOSS BROTHERS GROUP 55.50 43.00 71.00 Neutral Buy 63 1.04

MOTHERCARE 351.25 189.25 364.00 Neutral Buy 438 0.47

NEXT 4673.00 2991.00 4749.00 Neu tral Neu tral 4608 0.67

TED BAKER 1490.00 842.00 1490.00 Sell Sell 650 0.55

TOPPS TILES 66.88 35.75 70.00 Neutral Sell 55 1.50

Heath Over Valued


BIOQUELL 141.00 126.50 160.00 Neutral Sell 115 0.46

CONSORT MEDICAL 775.50 584.00 831.50 Neutral Sell 569 0.39

OPTOS 126.50 122.25 222.75 Neutral Buy 157 1.18

SMITH & NEPHEW 787.50 590.50 794.50 Neutral Sell 711 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 722.50 557.00 742.00 Neutral Neutral 703 0.44

HEADLAM GROUP 360.00 263.00 372.50 Neutral Sell 309 0.92

HORNBY 77.00 55.25 88.50 Neutral Buy 105 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 1010.00 469.00 1097.00 Neutral Sell 512 0.74

CSR 554.50 200.30 570.00 Neutral Strong Buy 1612 1.18FILTRONIC 62.00 25.00 83.25 Neutral Sell 26 0.90

IMAGIN AT ION TECHNOLOGIES 363.80 296 .00 624.00 Neu tral Neu tral 387 1.08

SPIRENT COMMUNICATIONS 135.00 122.00 170.90 Neutral Strong Buy 494 0.94

WOLFSON MICROELECTRONICS 218.00 170 .00 230.00 Neutral Sell -648 0.90


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Insurance Under Valued


ADMIRAL GROUP 1312.00 1019.00 1374.00 Neutral Sell -610 0.53

AMLIN 422.00 312.90 435.10 Neutral Strong Buy 1646 0.46

BEAZLEY 241.30 132.50 241.30 Neutral Strong Buy 1022 0.60

CATLIN GROUP 530.00 399.00 552.50 Neutral Sell 475 0.30

HISCOX 580.00 393.97 600.00 Neutral Strong Buy 2042 0.48

JARDINE LLOYD THOMPSON 900 .50 671.00 914 .50 Neutral Buy 1283 0.31

RSA INSURANCE GROUP 114.80 97.65 136.30 Neutral Strong Buy 785 0.41

NOVAE GROUP 491.00 345.00 500.00 Neutral Strong Buy 3705 0.48

Leisure & Hotels Over Valued


CARNIVAL 2254.00 2062.00 2628.00 Neutral Strong Buy 4160 1.01

ENTERPRISE INNS 115.70 55.50 123.80 Neu tral Neu tral 115 1.61

TUI TRAVEL 369.20 158.00 373.20 Neutral Strong Buy 808 1.01

FULLER SMITH 'A' 812.50 700.00 820.00 Neutral Sell 702 0.39

GREENE KING 785.50 478.20 789.50 Neutral Sell 679 0.93

LADBROKES 210.40 152.70 243.10 Neutral Buy 262 0.93

ICTL.HTLS.GP. 1953.00 1439.68 2039.00 Neutral Sell 1534 1.18

MILLENNIUM & CPTH.HTLS. 560.00 455.40 582.50 Neutral Buy 641 1.40

MITCHELLS & BUTLERS 393.10 217.40 408.50 Neutral Sell 331 1.12

BWIN PARTY DIGITAL ENTM. 132.40 91.90 156.00 Neutral Sell 47 1.25

PUNCH TAVERNS 12.00 5 .61 13.12 Neutral Strong Buy 55 1.27

RANK GROUP 147.00 115.00 177.50 Neutral Strong Buy 522 1.00

RESTAURANT GROUP 529.50 279.90 531.00 Neutral Sell 407 0.76

WETHERSPOON (JD) 650.50 385.00 661.50 Neutral Buy 772 0.69

WHITBREAD 2897.00 1824.00 2897.00 Sell Sell 2070 0.99WILLIAM HILL 448.00 246.35 452.80 Neutral Sell 266 0.87

MARSTON'S 152.60 94.70 154.70 Neutral Sell 21 1.21

Life Assurance Under Valued


AVIVA 333.00 255.30 388.40 Neu tral Neu tral 327 1.25

CHESNARA 263.00 155.25 270.00 Neutral Strong Buy 484 0.70

LEGAL & GENERAL 182.20 106.00 187.80 Neutral Strong Buy 465 1.71

OLD MUTUAL 216.60 138.70 221.60 Neutral Strong Buy 412 1.57

PRUDENTIAL 1161.00 660.00 1203.00 Neu tral Neu tral 1174 1.71

ST.JAMES'S PLACE 593.00 306.90 640.00 Neutral Strong Buy 6757 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 132.00 102.00 146.50 Neutral Sell -656 0.37

BRITISH SKY BCAST.GROUP 798.00 656.00 899.50 Neutral Strong Buy 1792 0.54

CENTAUR MEDIA 33.25 28.50 60.00 Neutral Sell -22 1.03

DAILY MAIL 'A' 769.00 363.50 769.00 Neutral Strong Buy 4307 1.14

EUROMONEY INSTL.INVESTOR 937.50 708 .00 1030.00 Neutral Strong Buy 7912 1.00

INFORMA 530.50 340.00 537.00 Neutral Sell -63 1.53

ITE GROUP 296.00 180.00 299.00 Neutral Strong Buy 285 1.45

ITV 133.30 69.45 134.70 Neutral Strong Buy 1334 1.54

JOHNSTON PRESS 17.50 4.88 19.00 Neutral Strong Buy 824 1.27

PEARSON 1241.00 1119.00 1294.00 Neutral Buy 355 0.63

PHOTO-ME INTL. 82.00 36.25 84.50 Neutral Strong Buy 2762 0.79

PINEWOOD SHEPPERTON 274.50 265.00 377.50 Neutral Strong Buy 952 0.16

THOMSON REUTERS 36.45 26.85 36.45 Neutral Sell -642 0.50

STV GROUP 136.50 81.50 146.88 Neutral Sell 276 0.79

ST.IVES 160.00 67.50 166.50 Neutral Sell 261 1.50TRINITY MIRROR 122.25 25.50 122.25 Neutral Sell -300 1.59

UBM 746.50 511.00 788.00 Neutral Strong Buy 1977 1.31

WILMINGTON GROUP 161.00 82.00 164.00 Neutral Strong Buy 1421 0.84

WPP 1190.00 743.00 1190.00 Neutral Sell -536 1.35

HIBU 0.40 0.26 2.18 Neutral Strong Buy 848 1.07

Mining Under Valued


ANGLO AMERICAN 1540.50 1540.50 2215.00 Buy Sell 1161 1.74

ANGLO PACIFIC GROUP 226.25 215.00 290.00 Neu tral Neu tral 230 0.96

ANTOFAGASTA 964.50 884.00 1381.00 Neutral Sell 837 1.41

BHP BILLITON 1938.50 1694.50 2236.00 Neutral Buy 2885 1.43

GLENCORE XSTRATA 331.95 293.55 397.85 Buy Strong Buy 961 #NA

LONMIN 264.90 240.84 421.26 Neutral Buy 347 2.03

RANDGOLD RESOURCES 4945.00 4545.00 7 775.00 Neutral Sell 2984 0.34

RIO TINTO 2880.50 2715.50 3757.00 Neutral Sell 2279 1.50

COALFIELD RESOURCES 3.38 11.25 Neutral Strong Buy 165 0.89

VEDANTA RESOURCES 1291.00 832.50 1335.00 Neutral Strong Buy 2045 2.20

Oil & Gas Under Valued


BG GROUP 1219.00 1000.50 1350.50 Neutral Sell 894 0.80

BP 482.65 394.90 483.30 Neutral Strong Buy 1004 1.03

CAIRN ENERGY 282.80 248.20 309.40 Neutral Sell -16 1.32

FORTUNE OIL 8.02 7.66 12.50 Neutral Buy 11 0.82

HUNTING 891.00 688.00 941.00 Neutral Sell 569 1.31

JKX OIL & GAS 59.00 55.00 120 .00 Neutral Sell -65 1.36

PREMIER OIL 367.60 321.30 401.20 Neutral Buy 409 1.43

ROYAL DUTCH SHELL B 2325.00 2059.00 2366.50 Neutral Strong Buy 8378 0.84

SOCO INTERNATIONAL 393.20 276.50 404.30 Neutral Buy 512 0.53

TULLOW OIL 1039.00 977.00 1531.00 Neutral Sell 710 1.04

WOOD GROUP (JOHN) 845.00 651.50 879.50 Neutral Sell 737 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 105.75 101.20 144.60 Neutral Strong Buy 240 0.84

PZ CUSSONS 378.90 297.20 415.60 Neutral Sell 310 0.69

RECKITT BENCKISER GROUP 4921.00 3300 .00 4926.00 Neutral Neutral 4961 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.41 0.36 3.58 Buy Sell -1 1.01

ASTRAZENECA 3521.50 2592.00 3521.50 Neutral Strong Buy 6609 0.47

BTG 355.00 300.30 423.00 Neutral Sell 173 0.58

DECHRA PHARMACEUTICALS 702.50 4 69.50 780.00 Neu tral Neu tral 751 0.25

GLAXOSMITHKLINE 1782.00 1317.50 1782.00 Neu tral Neu tral 1707 0.49

OXFORD BIOMEDICA 2.30 1.55 2.88 Buy Sell 1 0.64

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

SHIRE 2213.00 1727.00 2213.00 Neutral Sell 1454 0.66

SKYEPHARMA 50.13 43.50 101.50 Neutral Sell 31 0.73

VERNALIS 22.50 21.63 27.38 Neutral Sell 11 0.91

Real Estate Under Valued


BIG YELLOW GROUP 415.80 276.30 426.70 Neutral Sell -656 1.18

BRITISH LAND 638.00 475.40 658.00 Neutral Strong Buy 1792 1.06

CAPITAL & REGIONAL 36.00 22.75 37.00 Sell Sell -22 0.85

CLS HOLDINGS 975.00 595.00 995.00 Neutral Strong Buy 4307 0.70

DERWENT LONDON 2456.00 1740.00 2542.00 Neutral Strong Buy 7912 1.24DEVELOPMENT SECS. 200.00 121.75 200.50 Neutral Sell -63 0.99

GRAINGER 157.00 83.10 157.00 Neutral Strong Buy 285 1.58

GREAT PORTLAND ESTATES 574.00 367.80 598.00 Neutral Strong Buy 1334 1.10

HAMMERSON 525.00 409.20 554.00 Neutral Strong Buy 824 1.19

HELICAL BAR 274.00 166.00 297.50 Neutral Buy 355 0.77

LAND SECURITIES GROUP 971.50 704.00 994.00 Neutral Strong Buy 2762 1.16

INTU PROPERTIES 341.40 305.00 366.00 Neutral Strong Buy 952 1.09

MCKAY SECURITIES 150.00 127.00 153.00 Neutral Sell -642 0.73

MUCKLOW (A & J) GROUP 390.25 325.00 437.50 Neutral Sell 276 0.42

PRIMARY HEALTH PROPS. 320.00 311.17 363.53 Neutral Sell 261 0.35

QUINTAIN ESTATES & DEV. 75.00 32.50 79.25 Sell Sell -300 1.19

SAVILLS 580.50 315.00 601.50 Neutral Strong Buy 1977 0.77

SHAFTESBURY 634.00 492.00 668.00 Neutral Strong Buy 1421 1.05

SEGRO 285.60 209.40 302.80 Neutral Sell -536 1.73

ST MODWEN PROPS. 296.50 145.50 329.10 Neutral Strong Buy 848 1.59

TOWN CENTRE SECURITIES 214.37 147.00 223.00 Neutral Sell 7 1.01

UNITE GROUP 371.50 180.75 387.50 Neutral Strong Buy 2305 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1156 1.03

WORKSPACE GROUP 418.20 217.00 418.20 Neutral Strong Buy 1359 1.05


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Software & Computer Services Under Valued


ANITE 124.80 112.25 162.00 Neu tral Neu tral 127 0.73

AVEVA GROUP 2420.00 1550.00 2420.00 Neutral Sell 1367 1.40

COMPUTACENTER 453.30 292.40 567.00 Neutral Strong Buy 1338 1.00

KOFAX 328.00 242.00 335.00 Neu tral Neu tral 334 1.11

INNOVATION GROUP 27.00 18.25 27.50 Neutral Sell 25 0.85

MICRO FOCUS INTL. 704.00 431.48 710.00 Neutral Buy 1037 0.76

PHOENIX IT GROUP 150.25 130.00 222.00 Neutral Strong Buy 321 0.74

RM 72.00 68.00 85.50 Neutral Sell -99 0.52

FIDESSA GROUP 1932.00 1275.00 2047.00 Neutral Buy 2190 0.76

SAGE GROUP 367.40 247.70 368.10 Neutral Buy 434 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 492.10 237.30 492.10 Sell Strong Buy 1291 1.09

BREWIN DOLPHIN 219.80 136.30 222.00 Neutral Strong Buy 682 0.73

CAMELLIA 9830.50 9250.00 11105.00 Neutral Strong Buy 98829 0.84

CHARLES STANLEY GROUP 389.00 247.50 406.25 Neutral Strong Buy 1341 0.97

CHARLES TAYLOR 179.00 141.00 190.00 Neutral Strong Buy 1189 0.69

CLOSE BROTHERS GROUP 1029.00 673.50 1107.00 Neutral Strong Buy 5234 0.86

F&C ASSET MANAGEMENT 96.50 71.10 110.40 Neutral Sell 76 0.89

HELPHIRE GROUP 3.33 0.55 3.70 Sell Sell -123 0.69

HENDERSON GROUP 173.70 90.55 180.40 Neutral Strong Buy 814 1.44

ICAP 349.30 280.80 376.60 Neutral Strong Buy 1842 1.07

INTERMEDIATE CAPITAL GP. 494.20 241.10 501.50 Neutral Strong Buy 3360 1.70

INVESTEC 493.50 326.50 513.50 Neutral Strong Buy 1850 1.56

LONDON STOCK EX.GROUP 1413.00 930.00 1426.00 Neutral Strong Buy 5502 1.15MAN GROUP 125.40 63.25 134.40 Neutral Sell -4468 1.32

RATHBONE BROTHERS 1530.00 1186.00 1557.00 Neutral Strong Buy 5712 0.75

SCHRODERS 2468.00 1180.00 2560.00 Neutral Strong Buy 8646 1.30

SCHRODERS NV 1941.00 966.00 2000.00 Neutral Strong Buy 11466 1.27


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Support Services Under Valued


ACAL 221.50 157.75 242.50 Neutral Strong Buy 1315 0.92

AGGREKO 1812.00 1557.00 2400.00 Neutral Strong Buy 3578 1.05

AMEC 1059.00 923.00 1172.00 Neutral Strong Buy 3493 1.04

ASHTEAD GROUP 666.00 212.20 671.00 Neutral Buy 940 1.63

BABCOCK INTL. 1205.00 840.50 1205.00 Neutral Strong Buy 2358 0.48

BRITISH POLYTHENE INDS. 564.00 324.00 580.25 Neutral Strong Buy 2104 0.76

BUNZL 1325.00 999.50 1342.00 Neutral Strong Buy 2963 0.55

UK MAIL GROUP 497.00 214.00 525.00 Neutral Strong Buy 1520 0.39

CAPITA 1011.00 605.50 1018.00 Neutral Sell 244 0.51

COMMUNISIS 54.50 25.34 56.50 Neutral Strong Buy 503 0.78

COMPASS GROUP 901.50 622.00 910.50 Neutral Strong Buy 2091 0.74

BERENDSEN 762.50 462.00 812.00 Neutral Strong Buy 3020 1.05

DE LA RUE 986.00 891.50 1075.00 Neutral Strong Buy 1857 #NA

DIGNITY 1345.00 803.50 1462.00 Neutral Strong Buy 2189 0.22

DIPLOMA 563.00 417.10 627.50 Neutral Strong Buy 1457 0.96ELECTROCOMP. 270.30 195.20 278.40 Neutral Strong Buy 1103 1.04

FILTRONA 740.00 428.00 750.00 Neutral Strong Buy 1365 1.13

G4S 249.90 240.00 313.50 Neutral Strong Buy 955 0.58

HAYS 95.30 66.40 101.20 Neutral Strong Buy 448 1.10

HOMESERVE 264.10 137.50 264.10 Neutral Strong Buy 1312 0.94

INTERSERVE 488.00 294.50 513.50 Neutral Strong Buy 3521 1.28

INTERTEK GROUP 3248.00 2558.00 3453.00 Neutral Buy 4707 0.78

JOHNSON SERVICE GROUP 46.88 26.50 47.25 Neutral Strong Buy 369 1.17

MANAGEMENT CNSL.GP. 30.63 21.25 32.00 Neutral Strong Buy 225 0.72

MENZIES (JOHN) 720.00 542.00 801.00 Neutral Strong Buy 2292 1.43

MICHAEL PAGE INTL. 383.00 341.40 451.80 Neutral Strong Buy 857 1.42

MITIE GROUP 262.50 253.90 300.80 Neutral Strong Buy 1342 0.55

OFFICE2OFFICE 86.00 86.00 156.00 Neutral Strong Buy 748 0.33

PAYPOINT 928.00 614.00 928.00 Neutral Strong Buy 1812 0.71

PREMIER FARNELL 224.90 153.20 236.30 Neutral Strong Buy 804 1.33

REGUS 167.50 82.65 177.50 Neutral Sell 68 1.46

RENTOKIL INITIAL 93.75 69.40 100.70 Neutral Strong Buy 330 1.25

REXAM 534.00 395.69 547.50 Neutral Strong Buy 1840 0.90

RICARDO 409.50 304.50 431.00 Neutral Strong Buy 1709 0.86

ROBERT WALTERS 223.00 176.25 232.00 Neutral Strong Buy 1209 1.24

RPC GROUP 411.00 365.40 477.00 Neutral Strong Buy 1938 0.78

RPS GROUP 220.00 197.00 274.20 Neutral Strong Buy 1091 1.51

SERCO GROUP 638.00 516.50 647.50 Neutral Strong Buy 2463 0.60

SHANKS GROUP 86.50 73.00 98.00 Neutral Strong Buy 731 1.46

SPEEDY HIRE 58.75 22.25 61.50 Neutral Strong Buy 268 1.26TRIBAL GROUP 165.25 82.00 166.00 Neutral Strong Buy 572 0.63

TRIFAST 58.75 39.50 59.25 Neutral Strong Buy 347 0.93

VP 343.50 245.50 354.88 Neutral Strong Buy 2132 0.86

WYG 79.88 42.00 80.38 Sell Strong Buy 550 0.79


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Telecommunication Services Under Valued


BT GROUP 312.60 200.70 322.30 Neutral Buy 357 0.91

CABLE & WIRELESS COMMS. 46.29 27.28 46.29 Neutral Strong Buy 90 0.70

INMARSAT 643.00 417.70 749.00 Neutral Sell 498 0.53

KCOM GROUP 86.70 67.00 88.30 Neutral Strong Buy 139 1.24

TELECOM PLUS 1284.00 709.50 1287.00 Neutral Sell 771 0.09

VODAFONE GROUP 197.70 154.45 199.90 Neu tral Neutra l 189 0.54

Transport Under Valued


BBA AVIATION 286.70 178.00 288.40 Sell Sell 184 1.30

BRAEMAR SHIPPING SVS. 425.00 309.50 428.00 Neutral Buy 468 0.98

CLARKSON 1666.00 1150.00 1673.00 Neutral Sell 1192 0.80

EASYJET 1300.00 484.90 1300.00 Neutral Sell 710 0.77

FIRST GROUP 124.20 124.20 260.50 Buy Strong Buy 595 0.91

FISHER(JAMES)& SONS 970.00 545.00 1110.00 Neutral Sell 425 0.77

GO-AHEAD GROUP 1538.00 1086.00 1588.00 Neutral Buy 1912 0.90

NATIONAL EXPRESS 205.00 164.50 230.50 Neutral Buy 267 1.35

NORTHGATE 332.75 159.60 350.00 Neutral Strong Buy 702 1.41

STAGECOACH GROUP 305.90 230.40 319.60 Neutral Buy 391 0.89

WINCANTON 63.75 31.00 78.50 Sell Sell -49 0.90

Utilities Under Valued


CENTRICA 392.70 306.30 394.90 Neutral Strong Buy 614 0.47

NATIONAL GRID 839.50 641.00 847.50 Neutral Buy 932 0.50

PENNON GROUP 701.50 598.00 796.00 Neutral Buy 852 0.59

SSE 1628.00 1294.00 1676.00 Neutral Buy 2278 0.42

SEVERN TRENT 2064.00 1513.00 2090.00 Neutral Sell 1672 0.35

UNITED UTILITIES GROUP 787.00 642.00 787.50 Neu tral Neutra l 762 0.50


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value indicator - uk main market 20130529

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