value indicator - uk main market 20130618

7/28/2019 value indicator - uk main market 20130618

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18 June 2013

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Intellisys Intelligent Analysis Limited 18 June 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 providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 387.30 277.00 427.00 Neutral Buy 562 0.67

CHEMRING GROUP 265.70 217.00 414.70 Neutral Buy 320 0.66

COBHAM 263.90 190.10 293.40 Neu tral Neutra l 278 0.82

MEGGITT 518.50 366.20 534.50 Neu tral Neutra l 494 1.32

ROLLS-ROYCE HOLDINGS 1167.00 7 99.39 1 225.00 Neu tral Neutra l 1131 1.07

SMITHS GROUP 1306.00 979.50 1390.00 Neutral Sell 1083 0.71

ULTRA ELECTRONICS HDG. 1705.00 1 424.00 1843.00 Neutral Sell 1599 0.51

Automobiles & Parts Under Valued

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

GKN 303.20 173.60 313.40 Neu tral Neutra l 301 2.02

INCHCAPE 526.00 321.00 577.50 Neu tral Neutra l 558 1.48

LOOKERS 104.75 56.50 110.00 Neutral Sell 99 1.23

PENDRAGON 25.00 13.50 26.50 Neutral Buy 34 1.11

Banks Over Valued


BARCLAYS 296.65 150.55 333.85 Neutral Sell -834 1.94

HSBC HDG. (ORD $0.50) 681.50 510.60 769.90 Neutral Buy 829 1.17

LLOYDS BANKING GROUP 61.30 28.76 62.96 Sell Sell 4 1.89

ROYAL BANK OF SCTL.GP. 316.00 196.60 367.80 Neutral Sell -144 1.35

STANDARD CHARTERED 1444.00 1228.50 1 837.50 Neutral Strong Buy 3292 1.70

Beverages Under Valued


BARR (AG) 507.00 399.20 588.50 Neutral Neutra l 549 0.55

DIAGEO 1900.00 1587.00 2085.00 Neutral Sell 1668 0.55

SABMILLER 3222.00 2462.50 3657.00 Neutral Buy 3706 0.95

Chemicals Under Valued


ALENT 338.00 305.00 397.50 Neutral Strong Buy 3408 #NA

AZ ELECTRONIC MATS.(DI) 320.20 240.00 406.40 Neutral Strong Buy 486 1.23

CARCLO 379.00 342.75 503.00 Neutral Sell 124 0.73

CRODA INTERNATIONAL 2389.00 2125.00 2841.00 Neutral Buy 3190 1.04

ELEMENTIS 236.10 179.00 275.00 Neutral Buy 290 0.99

JOHNSON MATTHEY 2609.00 2080.27 2750.00 Neutral Strong Buy 4462 1.45

VICTREX 1608.00 1185.00 1765.00 Neutral Sell 1310 1.14

SYNTHOMER 196.50 127.40 225.80 Neutral Strong Buy 339 1.16

ZOTEFOAMS 205.00 159.50 225.00 Neutral Buy 251 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 256 0.51

BALFOUR BEATTY 223.40 207.60 320.80 Neutral Strong Buy 1277 0.80

BARRATT DEVELOPMENTS 313.30 130.20 346.30 Neutral Strong Buy 602 1.58

BELLWAY 1332.00 777.50 1377.00 Neutral Strong Buy 2884 1.15

BERKELEY GROUP HDG.(THE) 2103.00 1273.00 2207.00 Neutral Strong Buy 3318 0.66

BOOT (HENRY) 170.50 115.50 201.00 Neutral Strong Buy 411 0.83

BOVIS HOMES GROUP 770.00 430.20 778.50 Neutral Buy 1067 1.20

CARILLION 262.20 235.50 331.80 Neutral Strong Buy 1524 1.12

CLARKE (T) 50.25 40.00 61.50 Neutral Strong Buy 455 0.82

COSTAIN GROUP 254.00 202.00 306.00 Neutral Strong Buy 1124 0.57

CRH 1334.00 1078.00 1540.00 Neutral Sell 855 1.14

GALLIFORD TRY 934.00 586.00 999.00 Neutral Strong Buy 2917 1.01

KELLER 949.00 348.25 978.50 Neutral Strong Buy 2309 1.26

KIER GROUP 1178.00 1106.00 1408.00 Neutral Strong Buy 5424 0.97

LOW & BONAR 68.00 50.00 76.75 Neutral Strong Buy 220 1.07MARSHALLS 136.50 76.00 142.00 Neutral Strong Buy 405 1.39

MORGAN SINDALL GROUP 587.00 508.00 695.00 Neutral Strong Buy 4379 0.87

NORCROS 15.37 10.63 18.25 Neutral Strong Buy 61 1.15

PERSIMMON 1218.00 532.17 1280.00 Sell Strong Buy 2018 1.20

REDROW 225.80 113.60 238.10 Neutral Strong Buy 457 1.09

SIG 164.70 88.85 179.20 Neutral Strong Buy 506 1.79

SUPERGLASS HOLDINGS 47.00 46.88 362.50 Neutral Buy 68 0.88

TAYLOR WIMPEY 95.50 42.72 103.00 Neutral Strong Buy 230 1.67

TRAVIS PERKINS 1517.00 916.00 1611.00 Neutral Strong Buy 4147 2.01

WOLSELEY 3138.00 2214.38 3483.00 Neutral Strong Buy 5828 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1130.00 994.50 1365.00 Neutral Sell 795 0.75

DOMINO PRINTING SCIENCES 635.00 509.00 717.00 Neutral Buy 869 1.18

E2V TECHNOLOGIES 116.38 105.50 144.00 Neutral Strong Buy 255 1.29

INVENSYS 410.30 201.84 410.30 Neutral Sell 376 1.41

LAIRD 187.10 177.00 249.30 Neutral Strong Buy 319 2.13

OXFORD INSTRUMENTS 1371.00 1188.00 1752.00 Neutral Sell 1228 1.00

RENISHAW 1708.00 1260.00 2081.00 Neutral Strong Buy 2608 1.26

SPECTRIS 2061.00 1459.00 2470.00 Neutral Buy 2738 1.52

BIOME TECHNOLOGIES 0.08 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 151.75 114.00 178.50 Neutral Strong Buy 310 1.58

XAAR 813.50 185.00 813.50 Sell Sell 231 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 85.25 54.25 91.75 Neutral Buy 124 1.28

BODYCOTE 516.00 310.30 563.00 Neutral Buy 628 1.60

CASTINGS 371.25 277.75 371.25 Neutral Strong Buy 624 0.99

VESUVIUS 378.20 263.19 402.10 Neutral Strong Buy 974 2.20

FENNER 335.80 329.30 435.20 Neutral Strong Buy 510 1.42

HALMA 506.00 380.70 538.50 Neutral Sell 354 0.75

HILL & SMITH 408.25 297.00 480.00 Neutral Sell 341 1.37

IMI 1289.00 776.00 1359.00 Neutral Strong Buy 5395 1.41

MORGAN ADVANCED MATERIAL 275.70 220 .30 305.00 Neutral Strong Buy 3000 1.82

ROTORK 2667.00 1859.00 3037.00 Neutral Sell 1333 1.00

SENIOR 250.40 177.00 280.80 Neutral Sell 228 1.64

SEVERFIELD-ROWEN 48.00 35.40 83.55 Neutral Sell 39 0.79

SPIRAX-SARCO 2683.00 1903.48 2928.35 Neutral Sell 1982 0.84

VITEC GROUP 603.00 586.50 740.00 Neutral Sell 417 1.39

WEIR GROUP 2206.00 1414.00 2474.00 Neutral Sell 2028 1.38

Food & Drug Stores Over Valued


GREGGS 411.00 398.00 523.50 Neutral Strong Buy 678 0.47

MORRISON(WM)SPMKTS. 268.10 248.60 296.40 Neutral Sell 161 0.39

SAINSBURY (J) 375.50 288.00 396.50 Neutral Sell 194 0.57

TESCO 336.50 303.75 387.75 Neutral Sell 257 0.68

THORNTONS 86.00 19.50 100.50 Neutral Sell 61 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1732.00 1224.00 2031.00 Neutral Buy 2052 0.62

CRANSWICK 1156.00 732.50 1156.00 Neutral Strong Buy 2027 0.43

DAIRY CREST 468.90 316.00 503.50 Neutral Neutral 492 0.94

DEVRO 323.60 278.00 380.00 Neutral Strong Buy 500 0.32

PREMIER FOODS 65.50 54.50 125.75 Neutral Sell -180 1.25

TATE & LYLE 819.50 634.50 875.50 Neutral Strong Buy 1509 0.71

UNILEVER (UK) 2655.00 2062.00 2885.00 Neutral Neutral 2705 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.25 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 459.60 241.20 465.60 Neutral Sell 341 0.54

BURBERRY GROUP 1399.00 1000.00 1541.00 Neutral Sell 926 1.27

CARPETRIGHT 603.00 585.00 728.50 Neutral Sell 280 0.95

DIXONS RETAIL 41.92 13.60 42.90 Neu tral Neu tral 45 1.51

FINDEL 175.50 55.20 186.00 Neutral Sell 62 1.13

FRENCH CONNECTN.GROUP 27.50 19.50 34.00 Neutral Strong Buy 105 0.99

HALFORDS GROUP 317.10 189.00 405.20 Neutral Strong Buy 481 0.68

JD SPORTS FASHION 898 .00 625.50 920 .00 Neutral Strong Buy 1490 0.53

DARTY 64.00 38.00 72.50 Neutral Strong Buy 102 1.25

KINGFISHER 353.70 254.10 353.70 Neu tral Neu tral 360 0.94

MARKS & SPENCER GROUP 449.40 312.20 485.00 Neutral Buy 505 0.65

MOSS BROTHERS GROUP 57.00 43.00 71.00 Neu tral Neu tral 63 1.04

MOTHERCARE 410.00 189.25 410.00 Neutral Buy 474 0.47

NEXT 4585.00 3118.00 4749.00 Neu tral Neu tral 4434 0.67

TED BAKER 1478.00 880.00 1490.00 Sell Sell 627 0.55

TOPPS TILES 70.00 38.00 71.00 Neutral Sell 53 1.50

Heath Over Valued


BIOQUELL 136.00 126.50 160.00 Neutral Sell 114 0.46

CONSORT MEDICAL 782.00 628.00 831.50 Neutral Sell 562 0.39

OPTOS 120.75 117.50 222.75 Neutral Buy 153 1.18

SMITH & NEPHEW 758.00 605.50 794.50 Neutral Sell 687 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 735.00 565.00 742.00 Neutral Neutral 716 0.44

HEADLAM GROUP 364.00 263.00 378.75 Neutral Sell 323 0.92

HORNBY 85.00 55.25 88.50 Sell Buy 110 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 830.00 469.00 1097.00 Neutral Sell 435 0.74

CSR 527.50 210.50 570.00 Neutral Strong Buy 1457 1.18FILTRONIC 63.00 27.25 83.25 Neutral Sell 24 0.90

IMAGIN AT ION TECHNOLOGIES 304.70 291 .30 624.00 Neutral Buy 344 1.08

SPIRENT COMMUNICATIONS 127.30 122.00 170.90 Neutral Strong Buy 426 0.94

WOLFSON MICROELECTRONICS 164.00 163 .25 230.00 Neutral Sell -684 0.90


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Insurance Under Valued


ADMIRAL GROUP 1306.00 1019.00 1374.00 Neutral Sell -414 0.53

AMLIN 381.60 333.00 435.10 Neutral Strong Buy 1499 0.46

BEAZLEY 221.00 132.50 241.30 Neutral Strong Buy 934 0.60

CATLIN GROUP 476.50 415.00 552.50 Neutral Sell 452 0.30

HISCOX 533.50 424.92 600.00 Neutral Strong Buy 1869 0.48

JARDINE LLOYD THOMPSON 917 .00 693.50 917 .00 Neutral Buy 1213 0.31

RSA INSURANCE GROUP 117.80 102.00 136.30 Neutral Strong Buy 708 0.41

NOVAE GROUP 469.00 345.00 507.50 Neutral Strong Buy 3354 0.48

Leisure & Hotels Over Valued


CARNIVAL 2229.00 2083.00 2628.00 Neutral Strong Buy 4069 1.01

ENTERPRISE INNS 108.50 55.50 123.80 Neu tral Neu tral 108 1.61

TUI TRAVEL 346.10 163.40 373.20 Neutral Strong Buy 790 1.01

FULLER SMITH 'A' 913.00 700.00 925.00 Neutral Sell 686 0.39

GREENE KING 798.00 495.20 798.00 Sell Sell 661 0.93

LADBROKES 199.90 152.70 243.10 Neutral Buy 253 0.93

ICTL.HTLS.GP. 1818.00 1493.74 2039.00 Neutral Sell 1495 1.18

MILLENNIUM & CPTH.HTLS. 552.50 456.00 582.50 Neutral Buy 627 1.40

MITCHELLS & BUTLERS 373.00 241.90 408.50 Neutral Sell 322 1.12

BWIN PARTY DIGITAL ENTM. 117.50 91.90 156.00 Neutral Sell 42 1.25

PUNCH TAVERNS 12.75 5 .61 13.75 Neutral Strong Buy 51 1.27

RANK GROUP 153.00 115.00 177.50 Neutral Strong Buy 510 1.00

RESTAURANT GROUP 499.00 292.40 531.00 Neutral Sell 399 0.76

WETHERSPOON (JD) 647.00 406.80 661.50 Neutral Buy 753 0.69

WHITBREAD 2925.00 1849.00 2925.00 Neutral Sell 2027 0.99WILLIAM HILL 442.00 250.34 452.80 Neutral Sell 260 0.87

MARSTON'S 146.20 98.05 154.70 Neutral Sell 18 1.21

Life Assurance Under Valued


AVIVA 338.10 260.50 388.40 Neu tral Neu tral 325 1.25

CHESNARA 251.00 163.00 270.00 Neutral Strong Buy 467 0.70

LEGAL & GENERAL 170.60 119.40 187.80 Neutral Strong Buy 443 1.71

OLD MUTUAL 185.50 149.60 221.60 Neutral Strong Buy 376 1.57

PRUDENTIAL 1075.00 705.00 1203.00 Neu tral Neu tral 1086 1.71

ST.JAMES'S PLACE 565.00 318.20 640.00 Neutral Strong Buy 6250 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 126.50 102.00 146.50 Neutral Sell -637 0.37

BRITISH SKY BCAST.GROUP 784.00 656.00 899.50 Neutral Strong Buy 1721 0.54

CENTAUR MEDIA 34.75 29.00 60.00 Neutral Sell -21 1.03

DAILY MAIL 'A' 770.00 379.00 770.00 Sell Strong Buy 4136 1.14

EUROMONEY INSTL.INVESTOR 987.00 708 .00 1030.00 Neutral Strong Buy 7593 1.00

INFORMA 476.20 350.40 537.00 Neutral Sell -60 1.53

ITE GROUP 290.70 183.50 299.00 Neutral Strong Buy 274 1.45

ITV 137.50 70.40 137.50 Neutral Strong Buy 1285 1.54

JOHNSTON PRESS 16.75 4.88 19.00 Neutral Strong Buy 791 1.27

PEARSON 1200.00 1119.00 1294.00 Neutral Buy 341 0.63

PHOTO-ME INTL. 83.00 36.50 84.50 Neutral Strong Buy 2658 0.79

PINEWOOD SHEPPERTON 278.50 265.00 350.00 Neutral Strong Buy 910 0.16

THOMSON REUTERS 34.08 26.85 36.45 Neutral Sell -624 0.50

STV GROUP 137.50 81.50 146.88 Neutral Sell 265 0.79

ST.IVES 149.00 67.50 166.50 Neutral Sell 237 1.50TRINITY MIRROR 112.50 25.50 122.25 Neutral Sell -292 1.59

UBM 675.00 547.00 788.00 Neutral Strong Buy 1907 1.31

WILMINGTON GROUP 160.00 82.00 164.50 Neutral Strong Buy 1366 0.84

WPP 1125.00 743.00 1190.00 Neutral Sell -520 1.35

HIBU 0.38 0.26 2.18 Neutral Strong Buy 817 1.07

Mining Under Valued


ANGLO AMERICAN 1407.00 1371.50 2215.00 Neutral Sell 1129 1.74

ANGLO PACIFIC GROUP 228.75 215.00 290.00 Neu tral Neu tral 223 0.96

ANTOFAGASTA 896.50 879.50 1381.00 Neutral Sell 811 1.41

BHP BILLITON 1815.50 1724.00 2236.00 Neutral Strong Buy 2781 1.43

GLENCORE XSTRATA 312.05 293.55 397.85 Neutral Strong Buy 935 #NA

LONMIN 283.30 240.84 420.20 Neutral Buy 330 2.03

RANDGOLD RESOURCES 4739.00 4545.00 7 775.00 Neutral Sell 2876 0.34

RIO TINTO 2795.50 2690.00 3757.00 Neutral Sell 2196 1.50

COALFIELD RESOURCES 3.38 8.87 Neutral Strong Buy 157 0.89

VEDANTA RESOURCES 1195.00 832.50 1335.00 Neutral Strong Buy 1996 2.20

Oil & Gas Under Valued


BG GROUP 1193.50 1000.50 1350.50 Neutral Sell 841 0.80

BP 458.20 401.60 483.30 Neutral Strong Buy 946 1.03

CAIRN ENERGY 264.80 248.20 309.40 Neutral Sell -8 1.32

FORTUNE OIL 7.71 7.60 12.50 Neutral Buy 10 0.82

HUNTING 778.00 688.00 941.00 Neutral Sell 529 1.31

JKX OIL & GAS 52.50 51.25 120 .00 Neutral Sell -61 1.36

PREMIER OIL 348.10 321.30 401.20 Neutral Buy 387 1.43

ROYAL DUTCH SHELL B 2170.00 2098.00 2366.50 Neutral Strong Buy 7954 0.84

SOCO INTERNATIONAL 371.00 276.50 404.30 Buy Buy 503 0.53

TULLOW OIL 1030.00 977.00 1531.00 Neutral Sell 676 1.04

WOOD GROUP (JOHN) 794.50 651.50 879.50 Neutral Sell 695 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 111.00 101.00 144.60 Neutral Strong Buy 249 0.84

PZ CUSSONS 389.50 297.20 415.60 Neutral Sell 318 0.69

RECKITT BENCKISER GROUP 4679.00 3300 .00 4926.00 Neutral Neutral 4728 0.36

Pharmaceuticals & Biotechnology Under Valued


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

ASTRAZENECA 3246.50 2683.00 3521.50 Neutral Strong Buy 6521 0.47

BTG 372.80 300.30 423.00 Neutral Sell 168 0.58

DECHRA PHARMACEUTICALS 721.50 4 69.50 780.00 Neu tral Neu tral 738 0.25

GLAXOSMITHKLINE 1686.00 1317.50 1782.00 Neu tral Neu tral 1705 0.49

OXFORD BIOMEDICA 1.70 1.55 2.80 Buy Sell 0 0.64

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2095.00 1727.00 2213.00 Neutral Sell 1456 0.66

SKYEPHARMA 54.75 43.50 101.50 Neutral Sell 32 0.73

VERNALIS 21.88 21.75 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 377.60 276.30 426.70 Neutral Sell -637 1.18

BRITISH LAND 597.00 497.10 658.00 Neutral Strong Buy 1721 1.06

CAPITAL & REGIONAL 33.25 22.75 37.00 Sell Sell -21 0.85

CLS HOLDINGS 971.00 622.50 1004.00 Neutral Strong Buy 4136 0.70

DERWENT LONDON 2276.00 1771.00 2542.00 Neutral Strong Buy 7593 1.24DEVELOPMENT SECS. 192.00 125.00 203.00 Neutral Sell -60 0.99

GRAINGER 146.00 83.10 157.00 Neutral Strong Buy 274 1.58

GREAT PORTLAND ESTATES 544.00 376.50 598.00 Neutral Strong Buy 1285 1.10

HAMMERSON 503.00 417.70 554.00 Neutral Strong Buy 791 1.19

HELICAL BAR 258.00 178.00 297.50 Neutral Buy 341 0.77

LAND SECURITIES GROUP 900.00 727.50 994.00 Neutral Strong Buy 2658 1.16

INTU PROPERTIES 327.10 314.50 366.00 Neutral Strong Buy 910 1.09

MCKAY SECURITIES 144.75 127.00 155.00 Neutral Sell -624 0.73

MUCKLOW (A & J) GROUP 379.75 325.00 437.50 Neutral Sell 265 0.42

PRIMARY HEALTH PROPS. 321.00 312.17 363.53 Neutral Sell 237 0.35

QUINTAIN ESTATES & DEV. 76.00 36.00 79.50 Sell Sell -292 1.19

SAVILLS 600.00 333.80 610.00 Neutral Strong Buy 1907 0.77

SHAFTESBURY 610.00 500.00 668.00 Neutral Strong Buy 1366 1.05

SEGRO 279.10 213.70 302.80 Neutral Sell -520 1.73

ST MODWEN PROPS. 280.00 145.50 329.10 Neutral Strong Buy 817 1.59

TOWN CENTRE SECURITIES 196.50 155.00 223.00 Neutral Sell 6 1.01

UNITE GROUP 352.50 180.75 387.50 Neutral Strong Buy 2209 1.79

WARNER ESTATE 1.41 1.00 2.75 Neutral Sell -1104 1.03

WORKSPACE GROUP 408.50 222.75 418.20 Neutral Strong Buy 1306 1.05


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Software & Computer Services Under Valued


ANITE 138.00 113.00 162.00 Neutral Sell 123 0.73

AVEVA GROUP 2252.00 1550.00 2420.00 Neutral Sell 1319 1.40

COMPUTACENTER 445.00 290.91 564.10 Neutral Strong Buy 1376 1.00

KOFAX 325.00 251.00 335.00 Neu tral Neu tral 327 1.11

INNOVATION GROUP 27.75 18.25 28.00 Neutral Sell 25 0.85

MICRO FOCUS INTL. 649.00 437.69 710.00 Neutral Strong Buy 976 0.76

PHOENIX IT GROUP 162.00 130.00 222.00 Neutral Strong Buy 317 0.74

RM 69.50 68.00 85.50 Neutral Sell -93 0.52

FIDESSA GROUP 1888.00 1275.00 2047.00 Neutral Buy 2121 0.76

SAGE GROUP 337.90 249.65 368.18 Neutral Buy 427 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 404.30 244.80 492.10 Neutral Strong Buy 1277 1.09

BREWIN DOLPHIN 231.70 136.30 244.70 Neutral Strong Buy 665 0.73

CAMELLIA 9000.00 9000.00 11105.00 Buy Strong Buy 97443 0.84

CHARLES STANLEY GROUP 405.00 253.25 406.25 Neutral Strong Buy 1312 0.97

CHARLES TAYLOR 186.50 147.00 195.00 Neutral Strong Buy 1164 0.69

CLOSE BROTHERS GROUP 944.00 713.00 1107.00 Neutral Strong Buy 5151 0.86

F&C ASSET MANAGEMENT 96.35 79.50 110.40 Neutral Sell 70 0.89

HELPHIRE GROUP 3.25 0.55 3.70 Sell Sell -125 0.69

HENDERSON GROUP 150.60 90.55 180.40 Neutral Strong Buy 805 1.44

ICAP 364.00 280.80 377.30 Neutral Strong Buy 1804 1.07

INTERMEDIATE CAPITAL GP. 439.80 252.30 501.50 Neutral Strong Buy 3132 1.70

INVESTEC 427.50 358.40 513.50 Neutral Strong Buy 1837 1.56

LONDON STOCK EX.GROUP 1371.00 930.00 1434.00 Neutral Strong Buy 4321 1.15MAN GROUP 89.85 63.25 134.40 Neutral Sell -4478 1.32

RATHBONE BROTHERS 1555.00 1186.00 1577.00 Neutral Strong Buy 5636 0.75

SCHRODERS 2180.00 1255.00 2560.00 Neutral Strong Buy 8535 1.30

SCHRODERS NV 1702.00 1006.00 2000.00 Neutral Strong Buy 11251 1.27


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Support Services Under Valued


ACAL 231.00 157.75 247.50 Neutral Strong Buy 1250 0.92

AGGREKO 1791.00 1557.00 2400.00 Neutral Strong Buy 3436 1.05

AMEC 997.00 933.00 1172.00 Neutral Strong Buy 3337 1.04

ASHTEAD GROUP 615.50 233.20 671.00 Neutral Buy 899 1.63

BABCOCK INTL. 1121.00 842.50 1205.00 Neutral Strong Buy 2248 0.48

BRITISH POLYTHENE INDS. 540.50 348.00 580.25 Neutral Strong Buy 2016 0.76

BUNZL 1271.00 1009.00 1342.00 Neutral Strong Buy 2829 0.55

UK MAIL GROUP 508.00 214.00 525.00 Neutral Strong Buy 1450 0.39

CAPITA 958.50 644.50 1018.00 Neutral Sell 237 0.51

COMMUNISIS 55.00 25.59 56.50 Neutral Strong Buy 477 0.78

COMPASS GROUP 838.50 631.00 910.50 Neutral Strong Buy 1994 0.74

BERENDSEN 769.50 470.00 812.00 Neutral Strong Buy 2883 1.05

DE LA RUE 949.50 891.50 1075.00 Neutral Strong Buy 1767 #NA

DIGNITY 1359.00 803.50 1462.00 Neutral Strong Buy 2105 0.22

DIPLOMA 567.00 417.10 627.50 Neutral Strong Buy 1394 0.96ELECTROCOMP. 256.70 197.70 278.40 Neutral Strong Buy 1053 1.04

FILTRONA 682.50 454.40 750.00 Neutral Strong Buy 1303 1.13

G4S 244.80 235.30 313.50 Neutral Strong Buy 908 0.58

HAYS 90.60 66.40 101.20 Neutral Strong Buy 427 1.10

HOMESERVE 283.80 150.90 283.80 Neutral Strong Buy 1258 0.94

INTERSERVE 490.30 297.20 513.50 Neutral Strong Buy 3376 1.28

INTERTEK GROUP 3101.00 2561.00 3453.00 Neutral Buy 4508 0.78

JOHNSON SERVICE GROUP 44.00 26.50 47.25 Neutral Strong Buy 352 1.17

MANAGEMENT CNSL.GP. 29.25 21.25 32.00 Neutral Strong Buy 214 0.72

MENZIES (JOHN) 718.00 542.00 801.00 Neutral Strong Buy 2203 1.43

MICHAEL PAGE INTL. 380.90 341.40 451.80 Neutral Strong Buy 814 1.42

MITIE GROUP 261.50 248.00 300.80 Neutral Strong Buy 1279 0.55

OFFICE2OFFICE 81.00 81.00 156.00 Neutral Strong Buy 710 0.33

PAYPOINT 1038.00 670.50 1038.00 Neutral Strong Buy 1739 0.71

PREMIER FARNELL 201.40 163.40 236.30 Neutral Strong Buy 771 1.33

REGUS 157.50 82.65 177.50 Neutral Sell 67 1.46

RENTOKIL INITIAL 90.60 69.40 100.70 Neutral Strong Buy 314 1.25

REXAM 492.70 403.43 547.50 Neutral Strong Buy 1757 0.90

RICARDO 407.00 305.00 431.00 Neutral Strong Buy 1630 0.86

ROBERT WALTERS 223.13 176.25 234.00 Neutral Strong Buy 1151 1.24

RPC GROUP 415.00 374.80 477.00 Neutral Strong Buy 1847 0.78

RPS GROUP 206.30 200.00 274.20 Neutral Strong Buy 1038 1.51

SERCO GROUP 603.50 526.00 647.50 Neutral Strong Buy 2350 0.60

SHANKS GROUP 82.00 73.00 98.00 Neutral Strong Buy 695 1.46

SPEEDY HIRE 54.00 22.25 61.50 Neutral Strong Buy 255 1.26TRIBAL GROUP 171.50 82.00 174.00 Neutral Strong Buy 545 0.63

TRIFAST 56.00 40.50 59.25 Neutral Strong Buy 329 0.93

VP 356.00 260.00 356.50 Neutral Strong Buy 2034 0.86

WYG 89.50 42.00 89.50 Sell Strong Buy 528 0.79


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Telecommunication Services Under Valued


BT GROUP 312.00 200.70 322.30 Neutral Buy 361 0.91

CABLE & WIRELESS COMMS. 41.11 28.96 46.29 Neutral Strong Buy 86 0.70

INMARSAT 654.00 468.80 749.00 Neutral Sell 495 0.53

KCOM GROUP 85.50 68.25 88.30 Neutral Strong Buy 136 1.24

TELECOM PLUS 1241.00 790.00 1325.00 Neutral Sell 753 0.09

VODAFONE GROUP 182.70 154.45 199.90 Neu tral Neutra l 190 0.54

Transport Under Valued


BBA AVIATION 284.50 178.00 288.40 Neutral Sell 179 1.30

BRAEMAR SHIPPING SVS. 425.00 317.00 429.75 Neutral Neutra l 454 0.98

CLARKSON 1650.00 1150.00 1716.00 Neutral Sell 1172 0.80

EASYJET 1252.00 511.00 1300.00 Neutral Sell 697 0.77

FIRST GROUP 92.00 92.00 212.39 Neutral Strong Buy 487 0.91

FISHER(JAMES)& SONS 990.00 590.00 1110.00 Neutral Sell 416 0.77

GO-AHEAD GROUP 1433.00 1165.00 1588.00 Neutral Buy 1869 0.90

NATIONAL EXPRESS 214.50 164.50 230.50 Neutral Buy 261 1.35

NORTHGATE 357.50 166.00 357.50 Neutral Strong Buy 706 1.41

STAGECOACH GROUP 300.80 245.90 319.60 Neutral Buy 388 0.89

WINCANTON 67.00 31.00 78.50 Neutral Sell -43 0.90

Utilities Under Valued


CENTRICA 371.90 307.10 394.90 Neutral Strong Buy 569 0.47

NATIONAL GRID 744.50 641.00 847.50 Neutral Buy 846 0.50

PENNON GROUP 659.00 598.00 796.00 Neutral Buy 775 0.59

SSE 1512.00 1294.00 1676.00 Neutral Buy 2114 0.42

SEVERN TRENT 1755.00 1513.00 2090.00 Neutral Sell 1502 0.35

UNITED UTILITIES GROUP 724.50 646.00 787.50 Neutral Sell 682 0.50


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value indicator - uk main market 20130618

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