value indicator - uk main market 20130530

7/28/2019 value indicator - uk main market 20130530

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30 May 2013

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Intellisys Intelligent Analysis Limited 30 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 404.10 270.90 427.00 Neutral Buy 585 0.67

CHEMRING GROUP 280.60 217.00 414.70 Neutral Buy 338 0.66

COBHAM 284.20 190.10 287.70 Neu tral Neutra l 290 0.82

MEGGITT 527.50 364.30 534.00 Neu tral Neutra l 514 1.32

ROLLS-ROYCE HOLDINGS 1191.00 7 80.75 1 225.00 Neu tral Neutra l 1164 1.07

SMITHS GROUP 1342.00 979.50 1384.00 Neutral Sell 1128 0.71

ULTRA ELECTRONICS HDG. 1795.00 1 424.00 1843.00 Neutral Sell 1663 0.51

Automobiles & Parts Under Valued

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

GKN 300.30 173.60 311.90 Neu tral Neutra l 300 2.02

INCHCAPE 558.00 305.20 577.50 Neu tral Neutra l 573 1.48

LOOKERS 105.75 56.50 110.00 Neu tral Neutra l 101 1.23

PENDRAGON 25.25 13.50 26.50 Neutral Buy 36 1.11

Banks Over Valued


BARCLAYS 320.00 150.55 333.85 Neutral Sell -817 1.94

HSBC HDG. (ORD $0.50) 727.60 503.20 769.90 Neutral Buy 865 1.17

LLOYDS BANKING GROUP 60.64 25.29 62.96 Sell Sell 6 1.89

ROYAL BANK OF SCTL.GP. 326.00 196.60 367.80 Neutral Sell -134 1.35

STANDARD CHARTERED 1545.50 1228.50 1 837.50 Neutral Strong Buy 3393 1.70

Beverages Under Valued


BARR (AG) 568.50 348.00 588.50 Neutral Neutra l 601 0.55

DIAGEO 1982.50 1516.50 2085.00 Neutral Sell 1770 0.55

SABMILLER 3396.50 2348.50 3657.00 Neutral Buy 3909 0.95

Chemicals Under Valued


ALENT 361.90 305.00 397.50 Neutral Strong Buy 3472 #NA

AZ ELECTRONIC MATS.(DI) 316.50 240.00 406.40 Neutral Strong Buy 497 1.23

CARCLO 375.50 356.00 503.00 Neutral Sell 120 0.73

CRODA INTERNATIONAL 2539.00 2125.00 2841.00 Neutral Buy 3418 1.04

ELEMENTIS 239.80 179.00 275.00 Neutral Buy 302 0.99

JOHNSON MATTHEY 2595.00 2080.27 2696.00 Neutral Strong Buy 4505 1.45

VICTREX 1730.00 1185.00 1765.00 Neutral Sell 1383 1.14

SYNTHOMER 195.10 127.40 225.80 Neutral Strong Buy 340 1.16

ZOTEFOAMS 200.00 157.00 225.00 Neutral Buy 254 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 282 0.51

BALFOUR BEATTY 237.80 207.60 320.80 Neutral Strong Buy 834 0.80

BARRATT DEVELOPMENTS 323.10 114.00 346.30 Neutral Strong Buy 626 1.58

BELLWAY 1271.00 681.50 1377.00 Neutral Strong Buy 2870 1.15

BERKELEY GROUP HDG.(THE) 2128.00 1202.00 2207.00 Neutral Strong Buy 3280 0.66

BOOT (HENRY) 191.00 115.50 201.00 Neutral Strong Buy 407 0.83

BOVIS HOMES GROUP 735.50 399.30 778.50 Neutral Buy 1051 1.20

CARILLION 254.20 235.50 331.80 Neutral Strong Buy 1564 1.12

CLARKE (T) 55.00 40.00 61.50 Neutral Strong Buy 464 0.82

COSTAIN GROUP 264.25 188.00 306.00 Neutral Strong Buy 1068 0.57

CRH 1398.00 1052.00 1540.00 Neutral Sell 868 1.14

GALLIFORD TRY 970.50 583.00 999.00 Neutral Strong Buy 2999 1.01

KELLER 940.00 348.25 978.50 Neutral Strong Buy 2445 1.26

KIER GROUP 1244.00 1106.00 1408.00 Neutral Strong Buy 5445 0.97

LOW & BONAR 66.75 49.75 76.75 Neutral Strong Buy 228 1.07MARSHALLS 140.00 76.00 140.00 Neutral Strong Buy 417 1.39

MORGAN SINDALL GROUP 573.50 508.00 695.00 Neutral Strong Buy 4621 0.87

NORCROS 16.00 9.75 18.25 Neutral Strong Buy 61 1.15

PERSIMMON 1242.00 496.69 1280.00 Neutral Strong Buy 1991 1.20

REDROW 225.00 107.30 238.10 Neutral Strong Buy 462 1.09

SIG 177.00 82.30 179.20 Neutral Strong Buy 539 1.79

SUPERGLASS HOLDINGS 2.00 1.88 14.50 Sell Strong Buy 37 0.88

TAYLOR WIMPEY 98.90 40.28 103.00 Neutral Strong Buy 228 1.67

TRAVIS PERKINS 1561.00 906.50 1606.00 Neutral Strong Buy 4243 2.01

WOLSELEY 3338.00 2121.32 3483.00 Neutral Strong Buy 6123 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1305.00 978.00 1365.00 Neutral Sell 815 0.75

DOMINO PRINTING SCIENCES 672.00 509.00 717.00 Neutral Buy 887 1.18

E2V TECHNOLOGIES 126.00 105.50 144.00 Neutral Strong Buy 260 1.29

INVENSYS 395.90 198.90 402.70 Neutral Sell 348 1.41

LAIRD 211.50 177.00 249.30 Neutral Strong Buy 325 2.13

OXFORD INSTRUMENTS 1598.00 1135.00 1752.00 Neutral Sell 1259 1.00

RENISHAW 1792.00 1260.00 2081.00 Neutral Buy 2626 1.26

SPECTRIS 2070.00 1427.00 2470.00 Neutral Buy 2793 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 173.75 114.00 178.50 Neutral Strong Buy 316 1.58

XAAR 645.50 185.00 695.00 Neutral Sell 234 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.00 54.25 91.75 Neutral Buy 123 1.28

BODYCOTE 547.50 310.30 563.00 Neutral Buy 664 1.60

CASTINGS 339.00 277.75 358.50 Neutral Strong Buy 651 0.99

VESUVIUS 373.90 263.19 402.10 Neutral Strong Buy 961 2.20

FENNER 343.40 329.30 435.20 Neutral Strong Buy 530 1.42

HALMA 525.00 375.00 538.50 Neutral Sell 372 0.75

HILL & SMITH 426.50 297.00 480.00 Neutral Sell 350 1.37

IMI 1319.00 776.00 1359.00 Neutral Strong Buy 735861 1.41

MORGAN ADVANCED MATERIAL 290.00 220 .30 305.00 Neutral Buy 357 1.82

ROTORK 2840.00 1859.00 3037.00 Neutral Sell 1487 1.00

SENIOR 272.40 177.00 280.80 Neutral Sell 237 1.64

SEVERFIELD-ROWEN 48.50 35.40 91.10 Neutral Sell 39 0.79

SPIRAX-SARCO 2861.00 1900.00 2923.00 Neutral Sell 2045 0.84

VITEC GROUP 605.00 586.50 740.00 Neutral Sell 426 1.39

WEIR GROUP 2307.00 1397.00 2474.00 Neutral Sell 2121 1.38

Food & Drug Stores Over Valued


GREGGS 408.20 398.00 523.50 Neutral Strong Buy 704 0.47

MORRISON(WM)SPMKTS. 278.10 248.60 296.40 Neutral Sell 165 0.39

SAINSBURY (J) 377.00 283.50 396.50 Neutral Sell 199 0.57

TESCO 373.00 297.05 387.75 Neutral Sell 264 0.68

THORNTONS 94.63 18.88 100.50 Neutral Sell 67 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1874.00 1167.00 2031.00 Neutral Buy 2145 0.62

CRANSWICK 1099.00 732.50 1115.00 Neutral Strong Buy 2117 0.43

DAIRY CREST 496.80 312.70 503.50 Sell Neutral 517 0.94

DEVRO 331.00 278.00 380.00 Neutral Strong Buy 523 0.32

PREMIER FOODS 70.50 54.50 125.75 Neutral Sell -179 1.25

TATE & LYLE 849.00 633.50 875.50 Neutral Strong Buy 1576 0.71

UNILEVER (UK) 2828.00 2013.00 2885.00 Neutral Neutral 2801 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.63 20.50 29.50 Neutral Buy 34 0.69

BROWN (N) GROUP 458.50 224.40 465.60 Neutral Sell 348 0.54

BURBERRY GROUP 1504.00 1000.00 1541.00 Neutral Sell 948 1.27

CARPETRIGHT 622.00 585.00 728.50 Neutral Sell 283 0.95

DIXONS RETAIL 41.65 12.67 42.90 Neu tral Neu tral 44 1.51

FINDEL 160.00 55.20 186.00 Neutral Sell 58 1.13

FRENCH CONNECTN.GROUP 31.00 19.50 34.00 Sell Strong Buy 105 0.99

HALFORDS GROUP 300.00 189.00 405.20 Neutral Strong Buy 491 0.68

JD SPORTS FASHION 905 .00 606.50 905 .00 Neutral Strong Buy 1509 0.53

DARTY 72.00 38.00 72.50 Neutral Buy 102 1.25

KINGFISHER 327.80 254.10 335.50 Neutral Buy 363 0.94

MARKS & SPENCER GROUP 472.00 312.20 485.00 Neu tral Neu tral 513 0.65

MOSS BROTHERS GROUP 55.50 43.00 71.00 Neutral Buy 62 1.04

MOTHERCARE 353.75 189.25 364.00 Neutral Buy 439 0.47

NEXT 4638.00 2991.00 4749.00 Neu tral Neu tral 4532 0.67

TED BAKER 1457.00 842.00 1490.00 Neutral Sell 640 0.55

TOPPS TILES 68.00 36.00 70.00 Neutral Sell 54 1.50

Heath Over Valued


BIOQUELL 141.00 126.50 160.00 Neutral Sell 116 0.46

CONSORT MEDICAL 781.50 584.00 831.50 Neutral Sell 571 0.39

OPTOS 123.00 122.25 222.75 Neutral Buy 156 1.18

SMITH & NEPHEW 770.50 590.50 794.50 Neutral Sell 697 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 717.50 557.00 742.00 Neutral Neutral 698 0.44

HEADLAM GROUP 368.38 263.00 372.50 Neutral Sell 314 0.92

HORNBY 77.00 55.25 88.50 Neutral Buy 107 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 977.50 469.00 1097.00 Neutral Sell 501 0.74

CSR 545.00 200.30 570.00 Neutral Strong Buy 1586 1.18FILTRONIC 62.00 25.00 83.25 Neutral Sell 26 0.90

IMAGIN AT ION TECHNOLOGIES 362.70 296 .00 624.00 Neu tral Neu tral 381 1.08

SPIRENT COMMUNICATIONS 132.50 122.00 170.90 Neutral Strong Buy 484 0.94

WOLFSON MICROELECTRONICS 216.00 170 .00 230.00 Neutral Sell -648 0.90


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Insurance Under Valued


ADMIRAL GROUP 1297.00 1019.00 1374.00 Neutral Sell -557 0.53

AMLIN 417.00 312.90 435.10 Neutral Strong Buy 1596 0.46

BEAZLEY 236.20 132.50 241.30 Neutral Strong Buy 991 0.60

CATLIN GROUP 511.00 399.00 552.50 Neutral Sell 470 0.30

HISCOX 560.50 393.97 600.00 Neutral Strong Buy 1981 0.48

JARDINE LLOYD THOMPSON 894 .50 671.00 914 .50 Neutral Buy 1254 0.31

RSA INSURANCE GROUP 114.30 97.65 136.30 Neutral Strong Buy 759 0.41

NOVAE GROUP 507.50 345.00 507.50 Neutral Strong Buy 3585 0.48

Leisure & Hotels Over Valued


CARNIVAL 2236.00 2062.00 2628.00 Neutral Strong Buy 4097 1.01

ENTERPRISE INNS 115.00 55.50 123.80 Neu tral Neu tral 111 1.61

TUI TRAVEL 359.60 158.00 373.20 Neutral Strong Buy 796 1.01

FULLER SMITH 'A' 850.00 700.00 850.00 Neutral Sell 691 0.39

GREENE KING 755.50 478.20 789.50 Neutral Sell 666 0.93

LADBROKES 206.20 152.70 243.10 Neutral Buy 258 0.93

ICTL.HTLS.GP. 1903.00 1439.68 2039.00 Neutral Sell 1510 1.18

MILLENNIUM & CPTH.HTLS. 555.50 455.40 582.50 Neutral Buy 632 1.40

MITCHELLS & BUTLERS 383.10 217.40 408.50 Neutral Sell 325 1.12

BWIN PARTY DIGITAL ENTM. 129.70 91.90 156.00 Neutral Sell 44 1.25

PUNCH TAVERNS 13.25 5 .61 13.25 Neutral Strong Buy 52 1.27

RANK GROUP 150.00 115.00 177.50 Neutral Strong Buy 514 1.00

RESTAURANT GROUP 512.00 279.90 531.00 Neutral Sell 401 0.76

WETHERSPOON (JD) 650.50 385.00 661.50 Neutral Buy 759 0.69

WHITBREAD 2858.00 1824.00 2897.00 Sell Sell 2039 0.99WILLIAM HILL 433.40 246.35 452.80 Neutral Sell 262 0.87

MARSTON'S 143.60 94.70 154.70 Neutral Sell 19 1.21

Life Assurance Under Valued


AVIVA 329.00 255.30 388.40 Neu tral Neu tral 324 1.25

CHESNARA 260.00 155.25 270.00 Neutral Strong Buy 478 0.70

LEGAL & GENERAL 181.10 106.00 187.80 Neutral Strong Buy 458 1.71

OLD MUTUAL 210.50 138.70 221.60 Neutral Strong Buy 405 1.57

PRUDENTIAL 1138.00 660.00 1203.00 Neu tral Neu tral 1155 1.71

ST.JAMES'S PLACE 589.00 306.90 640.00 Neutral Strong Buy 6626 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 130.00 102.00 146.50 Neutral Sell -651 0.37

BRITISH SKY BCAST.GROUP 784.00 656.00 899.50 Neutral Strong Buy 1774 0.54

CENTAUR MEDIA 33.50 28.50 60.00 Neutral Sell -21 1.03

DAILY MAIL 'A' 752.00 363.50 769.00 Neutral Strong Buy 4265 1.14

EUROMONEY INSTL.INVESTOR 923.50 708 .00 1030.00 Neutral Strong Buy 7830 1.00

INFORMA 517.00 340.00 537.00 Neutral Sell -61 1.53

ITE GROUP 293.90 180.00 299.00 Neutral Strong Buy 283 1.45

ITV 130.40 69.45 134.70 Neutral Strong Buy 1320 1.54

JOHNSTON PRESS 17.75 4.88 19.00 Neutral Strong Buy 815 1.27

PEARSON 1225.00 1119.00 1294.00 Neutral Buy 352 0.63

PHOTO-ME INTL. 82.00 36.25 84.50 Neutral Strong Buy 2736 0.79

PINEWOOD SHEPPERTON 274.25 265.00 350.00 Neutral Strong Buy 943 0.16

THOMSON REUTERS 35.90 26.85 36.45 Neutral Sell -637 0.50

STV GROUP 135.50 81.50 146.88 Neutral Sell 273 0.79

ST.IVES 160.25 67.50 166.50 Neutral Sell 258 1.50TRINITY MIRROR 120.50 25.50 122.25 Neutral Sell -298 1.59

UBM 737.00 511.00 788.00 Neutral Strong Buy 1963 1.31

WILMINGTON GROUP 161.75 82.00 164.00 Neutral Strong Buy 1406 0.84

WPP 1148.00 743.00 1190.00 Neutral Sell -531 1.35

HIBU 0.39 0.26 2.18 Neutral Strong Buy 841 1.07

Mining Under Valued


ANGLO AMERICAN 1538.00 1538.00 2215.00 Neutral Sell 1161 1.74

ANGLO PACIFIC GROUP 227.25 215.00 290.00 Neu tral Neu tral 229 0.96

ANTOFAGASTA 946.00 884.00 1381.00 Neutral Sell 833 1.41

BHP BILLITON 1930.00 1694.50 2236.00 Neutral Buy 2865 1.43

GLENCORE XSTRATA 327.75 293.55 397.85 Buy Strong Buy 961 #NA

LONMIN 271.00 240.84 421.26 Neutral Buy 350 2.03

RANDGOLD RESOURCES 4941.00 4545.00 7 775.00 Neutral Sell 2967 0.34

RIO TINTO 2860.50 2715.50 3757.00 Neutral Sell 2281 1.50

COALFIELD RESOURCES 3.38 10.00 Neutral Strong Buy 164 0.89

VEDANTA RESOURCES 1282.00 832.50 1335.00 Neutral Strong Buy 2032 2.20

Oil & Gas Under Valued


BG GROUP 1210.50 1000.50 1350.50 Neutral Sell 881 0.80

BP 477.50 394.90 483.30 Neutral Strong Buy 992 1.03

CAIRN ENERGY 279.40 248.20 309.40 Neutral Sell -13 1.32

FORTUNE OIL 8.10 7.66 12.50 Neutral Buy 10 0.82

HUNTING 881.50 688.00 941.00 Neutral Sell 559 1.31

JKX OIL & GAS 56.50 55.00 120 .00 Neutral Sell -64 1.36

PREMIER OIL 365.10 321.30 401.20 Neutral Buy 404 1.43

ROYAL DUTCH SHELL B 2304.00 2059.00 2366.50 Neutral Strong Buy 8273 0.84

SOCO INTERNATIONAL 386.20 276.50 404.30 Neutral Buy 512 0.53

TULLOW OIL 1029.00 977.00 1531.00 Neutral Sell 701 1.04

WOOD GROUP (JOHN) 833.50 651.50 879.50 Neutral Sell 727 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 101.00 101.00 144.60 Neutral Strong Buy 237 0.84

PZ CUSSONS 376.70 297.20 415.60 Neutral Sell 306 0.69

RECKITT BENCKISER GROUP 4825.00 3300 .00 4926.00 Neutral Neutral 4868 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.43 0.36 3.58 Buy Sell -2 1.01

ASTRAZENECA 3453.50 2592.00 3521.50 Neutral Strong Buy 6570 0.47

BTG 359.40 300.30 423.00 Neutral Sell 170 0.58

DECHRA PHARMACEUTICALS 692.50 4 69.50 780.00 Neu tral Neu tral 751 0.25

GLAXOSMITHKLINE 1726.00 1317.50 1782.00 Neu tral Neu tral 1706 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 2187.00 1727.00 2213.00 Neutral Sell 1457 0.66

SKYEPHARMA 49.63 43.50 101.50 Neutral Sell 32 0.73

VERNALIS 22.50 21.63 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 412.50 276.30 426.70 Neutral Sell -651 1.18

BRITISH LAND 621.50 475.40 658.00 Neutral Strong Buy 1774 1.06

CAPITAL & REGIONAL 35.75 22.75 37.00 Sell Sell -21 0.85

CLS HOLDINGS 990.00 595.00 995.00 Neutral Strong Buy 4265 0.70

DERWENT LONDON 2401.00 1740.00 2542.00 Neutral Strong Buy 7830 1.24DEVELOPMENT SECS. 201.00 121.75 201.00 Neutral Sell -61 0.99

GRAINGER 154.60 83.10 157.00 Neutral Strong Buy 283 1.58

GREAT PORTLAND ESTATES 554.00 367.80 598.00 Neutral Strong Buy 1320 1.10

HAMMERSON 513.50 409.20 554.00 Neutral Strong Buy 815 1.19

HELICAL BAR 272.00 167.50 297.50 Neutral Buy 352 0.77

LAND SECURITIES GROUP 946.00 704.00 994.00 Neutral Strong Buy 2736 1.16

INTU PROPERTIES 330.10 305.00 366.00 Neutral Strong Buy 943 1.09

MCKAY SECURITIES 153.25 127.00 153.25 Neutral Sell -637 0.73

MUCKLOW (A & J) GROUP 385.50 325.00 437.50 Neutral Sell 273 0.42

PRIMARY HEALTH PROPS. 319.25 311.17 363.53 Neutral Sell 258 0.35

QUINTAIN ESTATES & DEV. 75.00 32.50 79.25 Sell Sell -298 1.19

SAVILLS 578.00 315.00 601.50 Neutral Strong Buy 1963 0.77

SHAFTESBURY 622.50 492.00 668.00 Neutral Strong Buy 1406 1.05

SEGRO 282.00 209.40 302.80 Neutral Sell -531 1.73

ST MODWEN PROPS. 290.00 145.50 329.10 Neutral Strong Buy 841 1.59

TOWN CENTRE SECURITIES 211.00 147.00 223.00 Neutral Sell 8 1.01

UNITE GROUP 365.80 180.75 387.50 Neutral Strong Buy 2280 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1141 1.03

WORKSPACE GROUP 411.80 217.00 418.20 Neutral Strong Buy 1346 1.05


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Software & Computer Services Under Valued


ANITE 123.30 112.25 162.00 Neu tral Neu tral 126 0.73

AVEVA GROUP 2385.00 1550.00 2420.00 Neutral Sell 1350 1.40

COMPUTACENTER 453.80 292.40 567.00 Neutral Strong Buy 1329 1.00

KOFAX 325.00 242.00 335.00 Neu tral Neu tral 332 1.11

INNOVATION GROUP 27.25 18.25 27.50 Neutral Sell 25 0.85

MICRO FOCUS INTL. 684.50 431.48 710.00 Neutral Buy 1014 0.76

PHOENIX IT GROUP 153.00 130.00 222.00 Neutral Strong Buy 320 0.74

RM 72.00 68.00 85.50 Neutral Sell -96 0.52

FIDESSA GROUP 1926.00 1275.00 2047.00 Neutral Buy 2165 0.76

SAGE GROUP 361.40 247.70 368.10 Neutral Buy 429 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 472.60 237.30 492.10 Neutral Strong Buy 1285 1.09

BREWIN DOLPHIN 230.30 136.30 230.30 Sell Strong Buy 677 0.73

CAMELLIA 9790.00 9250.00 11105.00 Neutral Strong Buy 98370 0.84

CHARLES STANLEY GROUP 388.50 247.50 406.25 Neutral Strong Buy 1333 0.97

CHARLES TAYLOR 182.00 141.00 190.00 Neutral Strong Buy 1182 0.69

CLOSE BROTHERS GROUP 1006.00 673.50 1107.00 Neutral Strong Buy 5206 0.86

F&C ASSET MANAGEMENT 96.25 71.10 110.40 Neutral Sell 75 0.89

HELPHIRE GROUP 3.29 0.55 3.70 Neutral Sell -123 0.69

HENDERSON GROUP 171.20 90.55 180.40 Neutral Strong Buy 810 1.44

ICAP 349.50 280.80 376.60 Neutral Strong Buy 1831 1.07

INTERMEDIATE CAPITAL GP. 475.40 241.10 501.50 Neutral Strong Buy 3346 1.70

INVESTEC 476.40 326.50 513.50 Neutral Strong Buy 1834 1.56

LONDON STOCK EX.GROUP 1380.00 930.00 1426.00 Neutral Strong Buy 5281 1.15MAN GROUP 122.60 63.25 134.40 Neutral Sell -4457 1.32

RATHBONE BROTHERS 1529.00 1186.00 1557.00 Neutral Strong Buy 5687 0.75

SCHRODERS 2393.00 1180.00 2560.00 Neutral Strong Buy 8607 1.30

SCHRODERS NV 1865.00 966.00 2000.00 Neutral Strong Buy 11405 1.27


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Support Services Under Valued


ACAL 219.25 157.75 242.50 Neutral Strong Buy 1286 0.92

AGGREKO 1800.00 1557.00 2400.00 Neutral Strong Buy 3506 1.05

AMEC 1034.00 923.00 1172.00 Neutral Strong Buy 3421 1.04

ASHTEAD GROUP 649.50 212.20 671.00 Neutral Buy 920 1.63

BABCOCK INTL. 1174.00 840.50 1205.00 Neutral Strong Buy 2307 0.48

BRITISH POLYTHENE INDS. 561.50 324.00 580.25 Neutral Strong Buy 2062 0.76

BUNZL 1302.00 999.50 1342.00 Neutral Strong Buy 2901 0.55

UK MAIL GROUP 497.50 214.00 525.00 Neutral Strong Buy 1488 0.39

CAPITA 991.00 605.50 1018.00 Neutral Sell 240 0.51

COMMUNISIS 54.00 25.34 56.50 Neutral Strong Buy 491 0.78

COMPASS GROUP 876.50 622.00 910.50 Neutral Strong Buy 2046 0.74

BERENDSEN 771.50 462.00 812.00 Neutral Strong Buy 2955 1.05

DE LA RUE 946.00 891.50 1075.00 Neutral Strong Buy 1813 #NA

DIGNITY 1334.00 803.50 1462.00 Neutral Strong Buy 2145 0.22

DIPLOMA 548.00 417.10 627.50 Neutral Strong Buy 1427 0.96ELECTROCOMP. 269.00 195.20 278.40 Neutral Strong Buy 1079 1.04

FILTRONA 712.00 428.00 750.00 Neutral Strong Buy 1336 1.13

G4S 248.60 240.00 313.50 Neutral Strong Buy 933 0.58

HAYS 93.80 66.40 101.20 Neutral Strong Buy 438 1.10

HOMESERVE 265.00 137.50 265.00 Neutral Strong Buy 1285 0.94

INTERSERVE 488.00 294.50 513.50 Neutral Strong Buy 3453 1.28

INTERTEK GROUP 3190.00 2558.00 3453.00 Neutral Buy 4612 0.78

JOHNSON SERVICE GROUP 46.38 26.50 47.25 Neutral Strong Buy 361 1.17

MANAGEMENT CNSL.GP. 30.75 21.25 32.00 Neutral Strong Buy 220 0.72

MENZIES (JOHN) 713.00 542.00 801.00 Neutral Strong Buy 2252 1.43

MICHAEL PAGE INTL. 379.30 341.40 451.80 Neutral Strong Buy 839 1.42

MITIE GROUP 259.40 253.90 300.80 Neutral Strong Buy 1313 0.55

OFFICE2OFFICE 86.00 86.00 156.00 Neutral Strong Buy 731 0.33

PAYPOINT 940.50 614.00 940.50 Neutral Strong Buy 1776 0.71

PREMIER FARNELL 215.60 153.20 236.30 Neutral Strong Buy 789 1.33

REGUS 162.50 82.65 177.50 Neutral Sell 67 1.46

RENTOKIL INITIAL 91.25 69.40 100.70 Neutral Strong Buy 322 1.25

REXAM 522.00 395.69 547.50 Neutral Strong Buy 1801 0.90

RICARDO 400.00 304.50 431.00 Neutral Strong Buy 1672 0.86

ROBERT WALTERS 233.00 176.25 233.00 Neutral Strong Buy 1182 1.24

RPC GROUP 406.80 365.40 477.00 Neutral Strong Buy 1896 0.78

RPS GROUP 217.20 197.00 274.20 Neutral Strong Buy 1067 1.51

SERCO GROUP 625.00 516.50 647.50 Neutral Strong Buy 2410 0.60

SHANKS GROUP 84.75 73.00 98.00 Neutral Strong Buy 715 1.46

SPEEDY HIRE 57.00 22.25 61.50 Neutral Strong Buy 262 1.26TRIBAL GROUP 166.00 82.00 166.00 Neutral Strong Buy 560 0.63

TRIFAST 58.75 39.50 59.25 Neutral Strong Buy 339 0.93

VP 343.88 245.50 354.88 Neutral Strong Buy 2086 0.86

WYG 79.88 42.00 80.38 Sell Strong Buy 539 0.79


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Telecommunication Services Under Valued


BT GROUP 305.40 200.70 322.30 Neutral Buy 356 0.91

CABLE & WIRELESS COMMS. 45.39 27.28 46.29 Neutral Strong Buy 90 0.70

INMARSAT 630.50 419.10 749.00 Neutral Sell 488 0.53

KCOM GROUP 86.40 67.00 88.30 Neutral Strong Buy 139 1.24

TELECOM PLUS 1310.00 733.00 1310.00 Sell Sell 777 0.09

VODAFONE GROUP 192.95 154.45 199.90 Neu tral Neutra l 187 0.54

Transport Under Valued


BBA AVIATION 283.70 178.00 288.40 Neutral Sell 180 1.30

BRAEMAR SHIPPING SVS. 410.00 309.50 428.00 Neutral Buy 458 0.98

CLARKSON 1635.00 1150.00 1673.00 Neutral Sell 1172 0.80

EASYJET 1258.00 484.90 1300.00 Neutral Sell 695 0.77

FIRST GROUP 118.00 118.00 260.50 Buy Strong Buy 578 0.91

FISHER(JAMES)& SONS 964.50 545.00 1110.00 Neutral Sell 415 0.77

GO-AHEAD GROUP 1510.00 1086.00 1588.00 Neutral Buy 1862 0.90

NATIONAL EXPRESS 201.70 164.50 230.50 Neutral Buy 260 1.35

NORTHGATE 328.00 159.60 350.00 Neutral Strong Buy 690 1.41

STAGECOACH GROUP 299.00 230.40 319.60 Neutral Buy 381 0.89

WINCANTON 65.25 31.00 78.50 Sell Sell -47 0.90

Utilities Under Valued


CENTRICA 378.60 306.30 394.90 Neutral Strong Buy 597 0.47

NATIONAL GRID 797.00 641.00 847.50 Neutral Buy 903 0.50

PENNON GROUP 688.00 598.00 796.00 Neutral Buy 825 0.59

SSE 1569.00 1294.00 1676.00 Neutral Buy 2212 0.42

SEVERN TRENT 2035.00 1513.00 2090.00 Neutral Sell 1616 0.35

UNITED UTILITIES GROUP 755.00 642.00 787.50 Neu tral Neutra l 735 0.50


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value indicator - uk main market 20130530

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