value indicator - uk main market 20130509

7/30/2019 value indicator - uk main market 20130509

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09 May 2013

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Intellisys Intelligent Analysis Limited 09 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 Over Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over 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 Over Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over 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 Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 382.10 270.90 397.30 Neutral Buy 566 0.67

CHEMRING GROUP 290.00 217.00 414.70 Neutral Buy 346 0.66

COBHAM 264.30 190.10 264.30 Neutral Buy 298 0.82

MEGGITT 496.50 364.30 496.50 Neutral Sell 429 1.32

ROLLS-ROYCE HOLDINGS 1162.00 7 80.75 1 162.00 Neu tral Neutra l 1112 1.07

SMITHS GROUP 1261.00 979.50 1328.00 Neutral Sell 1080 0.71

ULTRA ELECTRONICS HDG. 1684.00 1 424.00 1745.00 Neutral Sell 1592 0.51

Automobiles & Parts Under Valued

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

GKN 289.60 173.60 289.60 Neu tral Neutra l 275 2.02

INCHCAPE 522.00 305.20 530.00 Neu tral Neutra l 514 1.48

LOOKERS 98.50 56.50 100.50 Neutral Buy 109 1.23

PENDRAGON 23.00 13.50 25.00 Neutral Buy 34 1.11

Banks Over Valued


BARCLAYS 308.80 150.55 327.35 Neutral Sell -807 1.94

HSBC HDG. (ORD $0.50) 734.50 503.20 740.00 Neutral Buy 950 1.17

LLOYDS BANKING GROUP 56.08 25.29 56.08 Sell Sell 7 1.89

ROYAL BANK OF SCTL.GP. 285.40 196.60 367.80 Neutral Sell -174 1.35

STANDARD CHARTERED 1625.00 1228.50 1 837.50 Neutral Strong Buy 3232 1.70

Beverages Under Valued


BARR (AG) 555.00 348.00 572.00 Neutral Neutra l 593 0.55

DIAGEO 1987.00 1477.00 2085.00 Neutral Sell 1788 0.55

SABMILLER 3655.50 2348.50 3655.50 Sell Buy 4097 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 297.00 240.00 406.40 Neutral Strong Buy 662 1.23

CARCLO 385.00 345.75 503.00 Neu tral Neutra l 401 0.73

CRODA INTERNATIONAL 2484.00 2094.00 2841.00 Neutral Sell 2081 1.04

ELEMENTIS 254.90 179.00 275.00 Neutral Buy 349 0.99

JOHNSON MATTHEY 2574.00 2080.27 2593.00 Neutral Strong Buy 11944 1.45

VICTREX 1662.00 1185.00 1736.00 Neutral Sell 1459 1.14

SYNTHOMER 201.00 127.40 225.80 Neu tral Neutra l 215 1.16

ZOTEFOAMS 216.50 157.00 225.00 Neutral Strong Buy 381 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 82.50 61.50 104.00 Neutral Strong Buy 240 0.51

BALFOUR BEATTY 215.10 207.60 320.80 Neutral Strong Buy 932 0.80

BARRATT DEVELOPMENTS 320.50 114.00 320.90 Neutral Buy 441 1.58

BELLWAY 1315.00 660.00 1377.00 Neutral Buy 1806 1.15

BERKELEY GROUP HDG.(THE) 2097.00 1180.00 2140.00 Neutral Strong Buy 3223 0.66

BOOT (HENRY) 176.50 115.50 181.00 Neutral Strong Buy 334 0.83

BOVIS HOMES GROUP 757.00 399.30 778.50 Neutral Sell 538 1.20

CARILLION 276.80 235.50 331.80 Neutral Strong Buy 745 1.12

CLARKE (T) 51.50 40.00 61.50 Neutral Strong Buy 252 0.82

COSTAIN GROUP 280.00 188.00 306.00 Neutral Strong Buy 541 0.57

CRH 1384.00 1052.00 1540.00 Neutral Sell 808 1.14

GALLIFORD TRY 970.00 579.00 995.50 Neutral Strong Buy 1594 1.01

KELLER 850.50 348.25 863.50 Neutral Strong Buy 2011 1.26

KIER GROUP 1195.00 1106.00 1408.00 Neutral Strong Buy 3185 0.97

LOW & BONAR 70.75 49.00 76.75 Neutral Strong Buy 207 1.07MARSHALLS 126.00 76.00 130.00 Neutral Strong Buy 275 1.39

MORGAN SINDALL GROUP 560.00 508.00 695.00 Neutral Strong Buy 3202 0.87

NORCROS 15.75 9.25 18.25 Neutral Strong Buy 32 1.15

PERSIMMON 1092.00 496.69 1099.00 Neutral Buy 1369 1.20

REDROW 215.00 107.30 215.00 Neutral Buy 274 1.09

SIG 166.80 82.30 166.80 Neutral Strong Buy 487 1.79

SUPERGLASS HOLDINGS 2.00 2.00 15.25 Neutral Strong Buy 48 0.88

TAYLOR WIMPEY 91.30 40.28 96.55 Neutral Buy 122 1.67

TRAVIS PERKINS 1457.00 906.50 1511.00 Neutral Strong Buy 2450 2.01

WOLSELEY 3267.00 2121.32 3337.00 Neutral Strong Buy 5283 1.46

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1286.00 935.00 1364.00 Neutral Sell 789 0.75

DOMINO PRINTING SCIENCES 671.00 509.00 717.00 Neutral Buy 866 1.18

E2V TECHNOLOGIES 115.00 105.50 144.00 Neutral Strong Buy 253 1.29

INVENSYS 397.50 198.90 397.50 Neutral Sell 353 1.41

LAIRD 201.50 177.00 249.30 Neutral Sell 75 2.13

OXFORD INSTRUMENTS 1559.00 1096.00 1752.00 Neutral Sell 1208 1.00

RENISHAW 1655.00 1260.00 2081.00 Neutral Buy 2429 1.26

SPECTRIS 2127.00 1427.00 2470.00 Neu tral Neu tral 2266 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.16 Neutral Strong Buy 0 0.84

TT ELECTRONICS 174.00 114.00 178.50 Neutral Strong Buy 417 1.58

XAAR 527.00 185.00 527.00 Neutral Sell 239 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 82.00 54.25 91.75 Neutral Buy 97 1.28

BODYCOTE 524.50 310.30 556.50 Neutral Neutral 520 1.60

CASTINGS 345.75 277.75 358.50 Neutral Strong Buy 716 0.99

VESUVIUS 363.20 263.19 402.10 Neutral Buy 508 2.20

FENNER 365.90 329.30 435.20 Neutral Strong Buy 564 1.42

HALMA 516.50 373.10 531.50 Neutral Sell 404 0.75

HILL & SMITH 448.00 297.00 480.00 Neutral Sell 335 1.37

IMI 1278.00 776.00 1347.00 Neutral Neutral 1398 1.41

MORGAN ADVANCED MATERIAL 259.00 220 .30 305.00 Neutral Strong Buy 549 1.82

ROTORK 2929.00 1859.00 3037.00 Neutral Sell 2242 1.00

SENIOR 256.90 177.00 257.40 Neutral Sell 216 1.64

SEVERFIELD-ROWEN 40.25 35.40 104.11 Neutral Sell 29 0.79

SPIRAX-SARCO 2758.00 1900.00 2758.00 Sell Sell 2340 0.84

VITEC GROUP 616.50 586.50 740.00 Neutral Neutral 606 1.39

WEIR GROUP 2211.00 1397.00 2474.00 Neutral Sell 2077 1.38

Food & Drug Stores Over Valued


GREGGS 400.00 398.50 523.50 Buy Strong Buy 682 0.47

MORRISON(WM)SPMKTS. 296.40 248.60 296.40 Neutral Sell 187 0.39

SAINSBURY (J) 381.00 283.50 396.50 Neutral Sell 211 0.57

TESCO 375.25 297.05 387.75 Neutral Sell 268 0.68

THORNTONS 81.50 18.88 82.25 Neutral Sell 60 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1986.00 1167.00 1999.00 Neutral Neutral 2125 0.62

CRANSWICK 1080.00 732.50 1080.00 Neutral Strong Buy 2099 0.43

DAIRY CREST 468.30 304.30 468.30 Neutral Neutral 510 0.94

DEVRO 331.70 278.00 380.00 Neutral Strong Buy 519 0.32

PREMIER FOODS 72.50 54.50 137.75 Neutral Sell -183 1.25

TATE & LYLE 843.00 633.50 870.50 Neutral Strong Buy 1563 0.71

UNILEVER (UK) 2774.00 2007.00 2845.00 Neutral Neutral 2801 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.25 20.50 29.50 Neutral Buy 35 0.69

BROWN (N) GROUP 450.00 224.40 450.00 Neutral Sell 377 0.54

BURBERRY GROUP 1349.00 1000.00 1467.00 Neutral Sell 1020 1.27

CARPETRIGHT 657.00 585.00 728.50 Neutral Sell 291 0.95

DIXONS RETAIL 36.85 12.67 37.50 Neu tral Neu tral 40 1.51

FINDEL 142.00 55.20 186.00 Neutral Sell 51 1.13

FRENCH CONNECTN.GROUP 28.25 19.50 42.50 Sell Strong Buy 106 0.99

HALFORDS GROUP 385.70 189.00 385.70 Neutral Buy 521 0.68

JD SPORTS FASHION 827 .50 606.50 855 .00 Neutral Strong Buy 1571 0.53

DARTY 50.25 38.00 65.00 Neutral Strong Buy 91 1.25

KINGFISHER 321.30 254.10 329.70 Neutral Buy 405 0.94

MARKS & SPENCER GROUP 416.70 312.20 416.70 Neutral Buy 537 0.65

MOSS BROTHERS GROUP 55.00 42.00 71.00 Neutral Buy 62 1.04

MOTHERCARE 319.00 160.00 362.00 Neutral Buy 367 0.47

NEXT 4601.00 2899.00 4601.00 Sell Sell 3895 0.67

TED BAKER 1337.00 830.00 1397.00 Neutral Sell 682 0.55

TOPPS TILES 68.00 32.13 70.00 Neutral Sell 52 1.50

Heath Over Valued


BIOQUELL 141.50 126.00 160.00 Neutral Sell 115 0.46

CONSORT MEDICAL 800.00 584.00 831.50 Neutral Sell 575 0.39

OPTOS 158.00 145.75 257.75 Neu tral Neu tral 168 1.18

SMITH & NEPHEW 759.50 580.00 768.50 Neutral Sell 682 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 742.00 557.00 742.00 Neutral Neutral 723 0.44

HEADLAM GROUP 335.00 263.00 355.00 Neutral Sell 302 0.92

HORNBY 84.13 55.25 95.00 Neutral Buy 107 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 1068.00 469.00 1068.00 Sell Sell 548 0.74

CSR 541.50 200.30 541.50 Neutral Strong Buy 1268 1.18FILTRONIC 61.50 23.50 83.25 Neutral Sell 47 0.90

IMAGIN AT ION TECHNOLOGIES 296.00 296 .00 632.00 Buy Strong Buy 515 1.08

SPIRENT COMMUNICATIONS 133.20 122.00 170.90 Neutral Strong Buy 683 0.94

WOLFSON MICROELECTRONICS 205.00 170 .00 230.00 Neutral Sell -490 0.90


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Insurance Under Valued


ADMIRAL GROUP 1253.00 1019.00 1374.00 Neu tral Neu tral 1243 0.53

AMLIN 422.20 312.90 431.50 Neutral Sell 101 0.46

BEAZLEY 226.50 132.50 229.40 Neutral Strong Buy 1267 0.60

CATLIN GROUP 528.50 399.00 540.00 Neutral Strong Buy 1955 0.30

HISCOX 558.00 379.26 574.05 Neutral Strong Buy 2526 0.48

JARDINE LLOYD THOMPSON 877 .50 659.00 877 .50 Neutral Strong Buy 1690 0.31

RSA INSURANCE GROUP 111.50 97.65 136.30 Neutral Strong Buy 911 0.41

NOVAE GROUP 478.00 345.00 484.00 Neutral Strong Buy 2876 0.48

Leisure & Hotels Over Valued


CARNIVAL 2395.00 1944.00 2628.00 Neutral Strong Buy 4013 1.01

ENTERPRISE INNS 100.00 55.50 114.70 Neu tral Neu tral 105 1.61

TUI TRAVEL 338.20 158.00 338.20 Neutral Strong Buy 785 1.01

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

GREENE KING 737.00 474.30 737.50 Neutral Sell 653 0.93

LADBROKES 199.90 152.70 243.10 Neutral Buy 255 0.93

ICTL.HTLS.GP. 1912.00 1396.63 2039.00 Neutral Sell 1502 1.18

MILLENNIUM & CPTH.HTLS. 551.50 455.40 582.50 Neutral Buy 651 1.40

MITCHELLS & BUTLERS 342.80 217.40 350.10 Neutral Sell 316 1.12

BWIN PARTY DIGITAL ENTM. 134.90 91.90 156.00 Neutral Sell 49 1.25

PUNCH TAVERNS 10.00 5 .61 13.12 Neutral Strong Buy 50 1.27

RANK GROUP 167.40 113.20 177.50 Neutral Strong Buy 511 1.00

RESTAURANT GROUP 481.60 269.60 488.10 Neutral Sell 326 0.76

WETHERSPOON (JD) 594.00 371.30 607.50 Neutral Buy 747 0.69

WHITBREAD 2655.00 1786.00 2692.00 Neutral Sell 2011 0.99WILLIAM HILL 425.80 243.75 430.70 Neutral Sell 259 0.87

MARSTON'S 147.10 94.40 148.20 Neutral Sell 18 1.21

Life Assurance Over Valued


AVIVA 323.90 255.30 388.40 Neutral Strong Buy 707 1.25

CHESNARA 233.75 155.25 250.00 Neutral Strong Buy 391 0.70

LEGAL & GENERAL 181.00 106.00 181.00 Sell Strong Buy 357 1.71

OLD MUTUAL 215.50 138.70 215.50 Neutral Sell 203 1.57

PRUDENTIAL 1166.00 660.00 1166.00 Neutral Sell 1015 1.71

ST.JAMES'S PLACE 581.00 303.40 581.00 Neutral Strong Buy 1505 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 117.50 102.00 146.50 Neutral Sell -594 0.37

BRITISH SKY BCAST.GROUP 862.00 656.00 899.50 Neutral Strong Buy 1769 0.54

CENTAUR MEDIA 47.00 28.50 60.00 Neutral Strong Buy 159 1.03

DAILY MAIL 'A' 704.50 363.50 722.00 Neutral Strong Buy 4134 1.14

EUROMONEY INSTL.INVESTOR 995.00 672 .50 1001.00 Neutral Strong Buy 7760 1.00

INFORMA 497.90 340.00 537.00 Neutral Sell -80 1.53

ITE GROUP 284.10 180.00 289.40 Neutral Strong Buy 238 1.45

ITV 128.10 69.45 132.30 Neutral Strong Buy 1287 1.54

JOHNSTON PRESS 17.50 4.88 17.50 Sell Buy 788 1.27

PEARSON 1178.00 1115.00 1294.00 Neutral Buy 319 0.63

PHOTO-ME INTL. 77.50 36.25 82.50 Neutral Strong Buy 2656 0.79

PINEWOOD SHEPPERTON 278.25 265.00 377.50 Neutral Strong Buy 878 0.16

THOMSON REUTERS 34.16 26.85 34.29 Neutral Sell -592 0.50

STV GROUP 133.00 81.50 146.88 Neutral Sell 269 0.79

ST.IVES 149.50 67.50 149.50 Neutral Sell 226 1.50TRINITY MIRROR 89.25 25.50 121.25 Neutral Sell -259 1.59

UBM 719.50 511.00 788.00 Neutral Strong Buy 1753 1.31

WILMINGTON GROUP 154.00 82.00 164.00 Neutral Strong Buy 1370 0.84

WPP 1119.00 743.00 1119.00 Neutral Sell -515 1.35

HIBU 0.38 0.26 3.50 Neutral Strong Buy 821 1.07

Mining Under Valued


ANGLO AMERICAN 1666.00 1553.00 2215.00 Neutral Sell 1243 1.74

ANGLO PACIFIC GROUP 227.00 215.00 290.30 Neu tral Neu tral 228 0.96

ANTOFAGASTA 941.00 884.00 1381.00 Neutral Sell 849 1.41

BHP BILLITON 1908.50 1681.00 2236.00 Neutral Strong Buy 2866 1.43

GLENCORE XSTRATA 350.15 293.55 397.95 Buy Strong Buy 1010 #NA

LONMIN 299.20 240.84 504.24 Neutral Buy 380 2.03

RANDGOLD RESOURCES 5100.00 4545.00 7 775.00 Neutral Sell 2982 0.34

RIO TINTO 3101.00 2715.50 3757.00 Neutral Sell 2451 1.50

COALFIELD RESOURCES 3.63 17.00 Neutral Strong Buy 166 0.89

VEDANTA RESOURCES 1288.00 832.50 1298.00 Neutral Strong Buy 2127 2.20

Oil & Gas Under Valued


BG GROUP 1184.50 1000.50 1350.50 Neu tral Neu tral 1233 0.80

BP 467.05 391.95 475.90 Neutral Strong Buy 1550 1.03

CAIRN ENERGY 279.00 248.20 314.30 Neutral Sell -16 1.32

FORTUNE OIL 7.88 7.66 12.50 Buy Strong Buy 14 0.82

HUNTING 815.00 688.00 941.00 Neutral Sell 444 1.31

JKX OIL & GAS 69.00 55.00 122 .75 Neutral Strong Buy 300 1.36

PREMIER OIL 392.00 321.30 401.20 Neutral Sell 284 1.43

ROYAL DUTCH SHELL B 2313.00 2039.00 2366.50 Neutral Strong Buy 9367 0.84

SOCO INTERNATIONAL 385.00 254.90 404.30 Neutral Sell 247 0.53

TULLOW OIL 1017.00 977.00 1531.00 Neutral Sell 901 1.04

WOOD GROUP (JOHN) 801.00 651.50 879.50 Neu tral Neu tral 790 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 118.25 101.20 144.60 Neutral Strong Buy 256 0.84

PZ CUSSONS 393.00 297.20 415.60 Neutral Sell 324 0.69

RECKITT BENCKISER GROUP 4639.00 3300 .00 4812.00 Neutral Neutral 4681 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.43 0.36 3.80 Buy Sell 0 1.01

ASTRAZENECA 3318.00 2591.00 3390.00 Neutral Strong Buy 6387 0.47

BTG 355.30 300.30 423.00 Neutral Sell 168 0.58

DECHRA PHARMACEUTICALS 693.00 4 44.50 780.00 Neu tral Neu tral 728 0.25

GLAXOSMITHKLINE 1638.00 1317.50 1687.50 Neutral Sell 1491 0.49

OXFORD BIOMEDICA 2.10 1.55 4.08 Neutral Sell 1 0.64

PHYTOPHARM 1.35 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 1906.00 1727.00 2153.00 Neutral Sell 1348 0.66

SKYEPHARMA 44.00 43.50 101.50 Neutral Sell -136 0.73

VERNALIS 22.75 21.63 27.38 Neutral Strong Buy 37 0.91

Real Estate Under Valued


BIG YELLOW GROUP 417.80 274.50 417.80 Neutral Sell -594 1.18

BRITISH LAND 618.00 475.40 618.00 Neutral Strong Buy 1769 1.06

CAPITAL & REGIONAL 35.50 22.75 35.50 Sell Strong Buy 159 0.85

CLS HOLDINGS 935.50 595.00 935.50 Neutral Strong Buy 4134 0.70

DERWENT LONDON 2382.00 1708.00 2392.00 Neutral Strong Buy 7760 1.24DEVELOPMENT SECS. 151.00 121.75 175.00 Neutral Sell -80 0.99

GRAINGER 145.50 83.10 145.50 Neutral Strong Buy 238 1.58

GREAT PORTLAND ESTATES 559.00 366.00 559.00 Strong Sell Strong Buy 1287 1.10

HAMMERSON 544.00 409.20 545.00 Neutral Buy 788 1.19

HELICAL BAR 259.50 164.00 259.50 Neutral Buy 319 0.77

LAND SECURITIES GROUP 911.00 704.00 911.00 Sell Strong Buy 2656 1.16

INTU PROPERTIES 348.20 305.00 366.00 Neutral Strong Buy 878 1.09

MCKAY SECURITIES 144.50 127.00 145.00 Neutral Sell -592 0.73

MUCKLOW (A & J) GROUP 407.00 325.00 407.00 Neutral Sell 269 0.42

PRIMARY HEALTH PROPS. 335.00 312.00 364.50 Neutral Sell 226 0.35

QUINTAIN ESTATES & DEV. 69.00 32.50 70.00 Sell Sell -259 1.19

SAVILLS 601.50 300.80 601.50 Neutral Strong Buy 1753 0.77

SHAFTESBURY 628.00 492.00 628.00 Neutral Strong Buy 1370 1.05

SEGRO 278.10 209.40 278.10 Neutral Sell -515 1.73

ST MODWEN PROPS. 277.70 145.50 280.20 Neutral Strong Buy 821 1.59

TOWN CENTRE SECURITIES 202.50 147.00 215.00 Neutral Sell -18 1.01

UNITE GROUP 357.00 180.25 360.00 Neutral Sell 52 1.79

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -1173 1.03

WORKSPACE GROUP 390.00 213.25 390.00 Neutral Strong Buy 1330 1.05


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Software & Computer Services Under Valued


ANITE 121.50 111.00 162.00 Neu tral Neu tral 120 0.73

AVEVA GROUP 2208.00 1469.00 2322.00 Neutral Sell 1299 1.40

COMPUTACENTER 442.10 292.40 567.00 Neutral Strong Buy 1328 1.00

KOFAX 317.00 240.00 335.00 Neu tral Neu tral 317 1.11

INNOVATION GROUP 26.00 18.25 26.50 Neutral Sell 24 0.85

MICRO FOCUS INTL. 679.50 426.17 706.00 Neutral Buy 972 0.76

PHOENIX IT GROUP 148.00 131.00 224.00 Neutral Strong Buy 304 0.74

RM 71.50 70.25 85.50 Neutral Sell -93 0.52

FIDESSA GROUP 1823.00 1275.00 1970.00 Neutral Buy 2051 0.76

SAGE GROUP 347.00 247.70 352.10 Neutral Buy 412 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 460.90 237.30 468.00 Neutral Sell 144 1.09

BREWIN DOLPHIN 211.00 136.30 222.00 Neutral Sell 118 0.73

CAMELLIA 10000.00 9250.00 11105.00 Neutral Sell 8949 0.84

CHARLES STANLEY GROUP 404.50 247.50 405.00 Neutral Sell 198 0.97

CHARLES TAYLOR 175.00 135.87 190.00 Neutral Sell 128 0.69

CLOSE BROTHERS GROUP 1042.00 673.50 1107.00 Neutral Sell 209 0.86

F&C ASSET MANAGEMENT 95.40 65.90 110.40 Neu tral Neu tral 101 0.89

HELPHIRE GROUP 3.33 0.55 3.70 Sell Strong Buy 25 0.69

HENDERSON GROUP 173.50 90.55 179.60 Neutral Sell 62 1.44

ICAP 300.00 280.80 376.60 Neutral Sell 228 1.07

INTERMEDIATE CAPITAL GP. 428.20 227.30 428.60 Neutral Sell 154 1.70

INVESTEC 482.40 310.40 513.50 Neutral Sell 112 1.56

LONDON STOCK EX.GROUP 1353.00 930.00 1411.00 Neutral Sell -531 1.15MAN GROUP 123.80 63.25 125.50 Neutral Strong Buy 486 1.32

RATHBONE BROTHERS 1495.00 1151.00 1551.00 Neutral Sell 1099 0.75

SCHRODERS 2415.00 1166.00 2415.00 Sell Sell 1176 1.30

SCHRODERS NV 1887.00 966.00 1897.00 Sell Strong Buy 3776 1.27


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Support Services Over Valued


ACAL 210.25 157.75 242.50 Neutral Buy 289 0.92

AGGREKO 1693.00 1557.00 2400.00 Neutral Sell 1290 1.05

AMEC 1051.00 923.00 1172.00 Neutral Neutral 1124 1.04

ASHTEAD GROUP 590.00 212.20 635.00 Neutral Sell 316 1.63

BABCOCK INTL. 1069.00 793.50 1106.00 Neutral Sell 658 0.48

BRITISH POLYTHENE INDS. 545.00 324.00 557.00 Neutral Buy 795 0.76

BUNZL 1278.00 990.00 1320.00 Neutral Sell 977 0.55

UK MAIL GROUP 435.00 214.00 445.00 Neutral Neutral 439 0.39

CAPITA 909.00 602.00 913.50 Neutral Sell 519 0.51

COMMUNISIS 56.50 25.34 56.50 Neutral Buy 66 0.78

COMPASS GROUP 854.50 616.00 856.50 Neutral Sell 600 0.74

BERENDSEN 768.50 462.00 812.00 Neutral Buy 972 1.05

DE LA RUE 932.50 891.50 1075.00 Neutral Sell 592 #NA

DIGNITY 1425.00 803.50 1435.00 Neutral Sell 810 0.22

DIPLOMA 590.00 417.00 627.50 Neutral Sell 484 0.96ELECTROCOMP. 254.10 195.20 265.00 Neutral Buy 319 1.04

FILTRONA 741.00 428.00 744.00 Neutral Sell 345 1.13

G4S 259.60 240.00 313.50 Buy Buy 289 0.58

HAYS 92.85 66.40 101.20 Neutral Buy 120 1.10

HOMESERVE 213.70 137.50 249.00 Neutral Strong Buy 487 0.94

INTERSERVE 487.60 271.40 510.50 Neutral Buy 680 1.28

INTERTEK GROUP 3301.00 2423.00 3451.00 Neutral Sell 1438 0.78

JOHNSON SERVICE GROUP 43.25 26.50 45.75 Neutral Strong Buy 93 1.17

MANAGEMENT CNSL.GP. 30.88 21.25 36.00 Neutral Strong Buy 55 0.72

MENZIES (JOHN) 777.50 542.00 789.00 Neutral Strong Buy 1285 1.43

MICHAEL PAGE INTL. 380.00 341.40 451.80 Neutral Sell 317 1.42

MITIE GROUP 266.40 253.90 300.80 Neutral Buy 339 0.55

OFFICE2OFFICE 94.00 87.50 156.00 Neutral Strong Buy 236 0.33

PAYPOINT 839.00 605.00 912.50 Neutral Sell 688 0.71

PREMIER FARNELL 223.70 153.20 236.30 Neutral Buy 286 1.33

REGUS 167.30 82.65 169.00 Neutral Sell 106 1.46

RENTOKIL INITIAL 93.00 69.40 100.70 Neutral Sell 54 1.25

REXAM 511.50 394.28 547.50 Neutral Neutral 527 0.90

RICARDO 385.00 304.50 431.00 Neutral Buy 467 0.86

ROBERT WALTERS 214.50 176.25 232.00 Neutral Buy 306 1.24

RPC GROUP 391.20 348.30 477.00 Neutral Buy 530 0.78

RPS GROUP 225.20 197.00 274.20 Neutral Neutral 245 1.51

SERCO GROUP 612.50 509.50 635.50 Neutral Sell 573 0.60

SHANKS GROUP 84.50 73.00 98.00 Neutral Strong Buy 167 1.46

SPEEDY HIRE 47.00 22.25 50.00 Neutral Neutral 52 1.26TRIBAL GROUP 152.00 73.25 153.00 Neutral Sell 50 0.63

TRIFAST 51.50 39.50 59.00 Neutral Buy 60 0.93

VP 331.00 234.75 354.88 Neutral Strong Buy 618 0.86

WYG 75.50 42.00 75.50 Sell Strong Buy 182 0.79


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Telecommunication Services Over Valued


BT GROUP 282.30 200.70 288.70 Neutral Buy 338 0.91

CABLE & WIRELESS COMMS. 42.00 27.28 43.08 Neutral Strong Buy 83 0.70

INMARSAT 661.50 390.80 749.00 Neutral Sell 587 0.53

KCOM GROUP 85.50 67.00 85.50 Neutral Strong Buy 131 1.24

TELECOM PLUS 1224.00 695.00 1224.00 Sell Sell 748 0.09

VODAFONE GROUP 193.05 154.45 197.20 Neutral Sell 167 0.54

Transport Under Valued


BBA AVIATION 259.20 178.00 269.00 Neutral Sell 177 1.30

BRAEMAR SHIPPING SVS. 405.25 309.50 425.00 Neutral Buy 456 0.98

CLARKSON 1611.00 1150.00 1673.00 Neutral Sell 1475 0.80

EASYJET 1150.00 481.20 1150.00 Neutral Sell 671 0.77

FIRST GROUP 216.80 175.70 260.50 Neutral Strong Buy 561 0.91

FISHER(JAMES)& SONS 960.00 535.00 1110.00 Neutral Sell 395 0.77

GO-AHEAD GROUP 1517.00 1086.00 1558.00 Neutral Buy 1855 0.90

NATIONAL EXPRESS 208.20 164.50 230.50 Neutral Buy 251 1.35

NORTHGATE 334.50 159.60 350.00 Neutral Strong Buy 611 1.41

STAGECOACH GROUP 313.00 230.40 319.60 Neutral Buy 364 0.89

WINCANTON 54.00 31.00 78.50 Sell Sell -43 0.90

Utilities Under Valued


CENTRICA 377.50 306.30 393.10 Neutral Buy 510 0.47

NATIONAL GRID 818.00 641.00 825.50 Neu tral Neutra l 888 0.50

PENNON GROUP 677.00 598.00 796.00 Neutral Buy 826 0.59

SSE 1569.00 1294.00 1569.00 Neutral Buy 1833 0.42

SEVERN TRENT 1825.00 1513.00 1828.00 Neutral Sell 1608 0.35

UNITED UTILITIES GROUP 744.00 617.50 747.50 Neu tral Neutra l 715 0.50


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value indicator - uk main market 20130509

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