value indicator - uk main market 20131010

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10 October 2013

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Intellisys Intelligent Analysis Limited 10 October 2013

www.intellisys.uk.com +44 (0)1189 333606 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued ....................................................................6Automobiles & Parts Over Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ...................................................................................6Chemicals Under Valued ..................................................................................7Construction - Building Materials & Fittings Under Valued ......................................7Construction - Heavy Construction Over Valued ..................................................7Construction Home Construction Under Valued ..................................................7Electronics & Electrical Equipment Under Valued ..................................................8Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Under 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 - REIT Under Valued ...................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Over 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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120.0%

Best Buy/Sell Trend


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Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is 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 upon 49valuation metrics

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 BetaAVON RUBBER 523.50 300.25 550.50 Neutral Sell 482 0.86

BAE SYSTEMS 440.00 300.80 468.00 Neutral Buy 592 0.66

CHEMRING GROUP 283.50 217.00 353.30 Neutral Buy 318 0.65

COBHAM 273.00 190.10 307.70 N eutral Neutral 281 0.76

MEGGITT 528.50 366.20 564.00 Neutral Sell 492 1.24

QINETIQ GROUP 184.50 179.00 211.10 Neutral Sell 111 0.63

ROLLS-ROYCE HOLDINGS 1082.00 835.76 1240.00 Neutral Buy 1448 0.95

SENIOR 256.50 185.90 288.40 N eutral Neutral 260 1.63

SMITHS GROUP 1322.00 1018.00 1419.00 Neutral Sell 1158 0.70

ULTRA ELECTRONICS HDG. 18 30.00 1505.0 0 1981.00 Neutral Sell 1638 0.49

Automobiles & Parts Over Valued

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

GKN 343.20 201.00 360.70 Neutral Sell -1793 1.98

INCHCAPE 596.00 353.30 645.00 Neutral Strong Buy 2895 1.35

LOOKERS 122.00 71.50 128.50 Neutral Strong Buy 652 1.17

PENDRAGON 33.75 13.50 35.25 Neutral Strong Buy 257 0.96

TOROTRAK 27.00 23.50 35.50 Neutral Sell 12 0.68

Banks Over Valued


BARCLAYS 267.80 205.07 308.39 Neutral Sell -650 2.12

HSBC HDG. (ORD $0.50) 668.80 589.60 769.90 Neutral Buy 817 1.35

LLOYDS BANKING GROUP 72.92 38.48 78.00 Neutral Sell 6 1.90

ROYAL BANK OF SCTL.GP. 369.70 262.70 373.60 Neutral Sell -100 1.35

STANDARD CHARTERED 1436.00 1380.00 1 837.50 Neutral Strong Buy 3282 1.79

Beverages Under Valued


BARR (AG) 520.00 432.20 588.50 Neutral Sell 410 0.52

BRITVIC 565.00 349.10 592.00 Neutral Buy 794 0.67

DIAGEO 1899.50 1746.50 2136.50 Neutral Buy 2229 0.52

SABMILLER 2968.00 2599.00 3657.00 Neutral Strong Buy 4865 0.92


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Chemicals Under Valued


ALENT 335.70 305.00 397.50 Neutral Strong Buy 3587 #NA

AZ ELECTRONIC MATS.(DI) 282.10 240.00 406.40 Neutral Strong Buy 521 1.11

CARCLO 391.00 342.75 501.00 Neutral Sell 122 0.73

CRODA INTERNATIONAL 2570.00 2164.00 2841.00 Neutral Buy 3089 1.06

ELEMENTIS 230.40 204.20 275.00 Neutral Buy 285 1.01

JOHNSON MATTHEY 2714.00 2190.00 2985.00 Neutral Buy 3869 1.41

VICTREX 1560.00 1380.00 1765.00 Neutral Sell 1277 1.17

SYNTHOMER 227.70 146.00 249.20 Neutral Strong Buy 362 1.05

ZOTEFOAMS 192.50 186.50 225.00 Neutral Buy 277 1.01

Construction - Building Materials & Fittings Under Valued


ALUMASC GROUP 126.00 79.50 137.00 Neutral Strong Buy 429 0.54

CRH 1443.00 1090.00 1540.00 Neutral Sell 1007 0.97

LOW & BONAR 70.00 50.00 80.00 Neutral Strong Buy 531 1.11

MARSHALLS 175.00 85.00 184.00 N eut ral Neutral 170 1.37

NORCROS 20.00 11.75 21.75 Neutral Strong Buy 212 1.02

SIG 179.10 102.00 193.70 Neutral Strong Buy 939 1.61

TITON HOLDINGS 44.00 22.00 45.50 Neutral Sell 38 0.91

TRAVIS PERKINS 1586.00 1060.00 1713.00 Neutral Strong Buy 14655 1.93

TYMAN 206.00 143.13 240.00 N eut ral Neutral 214 1.01

WOLSELEY 3097.00 2636.64 3483.00 Neutral Strong Buy 9888 1.32

Construction - Heavy Construction Over Valued


BALFOUR BEATTY 264.00 207.60 320.80 Neutral Strong Buy 1041 0.68

BOOT (HENRY) 178.50 123.50 201.00 Neutral Sell 108 0.71

CARILLION 299.60 244.80 331.80 Neutral Buy 351 0.98

CLARKE (T) 64.50 40.00 68.50 Neutral Buy 81 0.68

COSTAIN GROUP 260.75 226.25 306.00 Neutral Strong Buy 399 0.50

GALLIFORD TRY 1030.00 678.00 1070.00 Neutral Sell 693 0.76

KELLER 940.00 555.00 1161.00 Neutral Sell 506 1.25

KIER GROUP 1705.00 1106.00 1709.00 Neutral Sell 1535 0.82

MORGAN SINDALL GROUP 789.00 508.00 791.00 Neutral Buy 946 0.60

NORTH MIDLAND CON. 117.50 95.00 147.50 Neutral Strong Buy 252 #NA

POCHIN'S 33.50 20.00 34.00 Sell Sell -12 0.45

Construction Home Construction Under Valued


BARRATT DEVELOPMENTS 320.00 174.50 355.20 Neutral Buy 356 1.60

BELLWAY 1320.00 913.00 1502.00 Neutral Buy 1847 0.93

BERKE LEY GROUP HDG.(THE) 21 37.00 1400 .00 2340.0 0 N eut ral Neutral 2051 0.47

BOVIS HOMES GROUP 717.00 487.00 851.50 Neutral Buy 930 1.05

CREST NICHOLSON HOLDINGS 3 43.50 220 .00 360.0 0 Neutral Sell 265 #NA

GLEESON (MJ) GROUP 332.00 140.25 354.75 Neutral Sell 185 0.49

PERSIMMON 1131.00 685.75 1305.00 Neutral Sell 1039 1.06

REDROW 235.80 152.90 255.10 N eut ral Neutral 248 0.84

TAYLOR WIMPEY 103.80 56.65 113.80 Neutral Buy 120 1.45


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Electronics & Electrical Equipment Under Valued


DIALIGHT 1180.00 999.50 1399.00 Neutral Sell 1058 0.63

DOMINO PRINTING SCIENCES 646.00 522.00 717.00 Neutral Buy 887 0.99

E2V TECHNOLOGIES 142.75 105.50 148.25 Neutral Strong Buy 288 1.29

INVENSYS 496.50 217.33 509.50 Neutral Sell 292 1.33

LAIRD 217.00 171.10 249.30 Neutral Strong Buy 448 1.99

OXFORD INSTRUMENTS 1402.00 1209.00 1752.00 Neutral Sell 1157 1.22

RENISHAW 1727.00 1494.00 2081.00 Neutral Buy 2080 1.31

SPECTRIS 2203.00 1549.00 2470.00 Neutral Buy 2837 1.48

BIOME TECHNOLOGIES 187.50 65.00 303.67 Neutral Sell -424 0.70

TT ELECTRONICS 190.25 114.00 200.00 Neutral Strong Buy 437 1.64

XAAR 797.00 247.50 898.00 Neutral Sell 421 1.00

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 123.25 54.25 128.75 Neutral Buy 145 1.06

BODYCOTE 647.50 345.10 685.00 Neutral Neutral 634 1.51

CASTINGS 419.00 291.00 450.00 Neutral Buy 563 0.93

VESUVIUS 443.60 263.19 487.60 Neutral Strong Buy 1192 2.20

FENNER 380.90 305.90 435.20 Neutral Buy 559 1.44

HALMA 528.00 410.40 578.00 Neutral Sell 408 0.84

HILL & SMITH 447.00 364.00 480.00 Neutral Buy 544 1.25

IMI 1447.00 902.00 1513.00 Neutral Strong Buy 4218 1.31

MORGAN ADVANCE D MATER IAL 2 96.50 220 .30 318.0 0 Neutral Strong Buy 489 1.82

ROTORK 2697.00 2229.00 3037.00 Neutral Buy 3104 0.97

SEVERFIELD-ROWEN 60.50 35.40 76.91 Neutral Sell 50 0.76

SPIRAX-SARCO 2812.00 1932.53 3090.00 Neutral Sell 1764 0.69

VITEC GROUP 676.00 559.00 740.00 Neutral Sell 478 1.33

WEIR GROUP 2233.00 1688.00 2474.00 Neutral Neutral 2203 1.31

Food & Drug Stores Over Valued


GREGGS 438.40 392.10 523.50 Neutral Strong Buy 794 0.40

MORRISON(WM)SPMKTS. 274.40 248.60 302.50 Neutral Buy 380 0.35

SAINSBURY (J) 384.20 321.90 400.80 Neutral Buy 457 0.58

TESCO 354.75 307.90 387.75 Neutral Sell 191 0.74

THORNTONS 96.00 28.63 100.50 Neutral Sell 59 0.83

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1889.00 1315.00 2031.00 Neutral Sell 1602 0.57

CRANSWICK 1061.00 733.00 1189.00 Neutral Strong Buy 1710 0.35

DAIRY CREST 473.90 339.90 528.50 Neutral Sell 389 0.83

DEVRO 304.50 289.90 380.00 Neutral Strong Buy 479 0.37

PREMIER FOODS 153.00 59.75 166.50 Neutral Strong Buy 248 1.22

TATE & LYLE 742.00 688.50 883.00 Neutral Strong Buy 1275 0.62

UNILEVER (UK) 2351.00 2262.00 2885.00 Neutral Sell 2042 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 24.00 24.00 29.50 Neutral Strong Buy 43 0.65

BROWN (N) GROUP 489.00 266.40 577.00 N eut ral Neutral 501 0.56

BURBERRY GROUP 1550.00 1003.00 1667.00 Neutral Sell 1206 1.28

CARPETRIGHT 652.00 585.00 701.50 Neutral Sell 244 0.85

DIXONS RETAIL 44.13 20.36 47.67 N eut ral Neutral 43 1.53

FINDEL 241.25 108.00 253.75 Neutral Sell 141 0.90

FRENCH CONNECTN.GROUP 30.38 23.00 34.00 Sell Sell 12 1.09

HALFORDS GROUP 370.50 299.00 406.00 Neutral Strong Buy 572 0.68

JD SPORTS FASHION 1074.00 670 .00 1074.00 Neutral Strong Buy 2007 0.59

DARTY 69.50 39.00 88.25 Neutral Strong Buy 118 1.10

KINGFISHER 364.80 267.20 420.00 Neutral Buy 534 0.98

MARKS & SPENCER GROUP 468.70 359.00 513.50 Neutral Strong Buy 719 0.50

MOSS BROTHERS GROUP 69.75 53.50 74.88 Neutral Buy 83 0.78

MOTHERCARE 367.50 212.00 492.75 Neutral Sell 130 0.28

NEXT 4940.00 3542.00 5205.00 N eut ral Neutral 5145 0.63TED BAKER 1660.00 920.00 2017.00 Neutral Sell 1014 0.60

TOPPS TILES 80.50 47.00 94.00 N eut ral Neutral 77 1.55

Health Over Valued


BIOQUELL 149.50 130.00 160.00 Neutral Sell 119 0.45

CONSORT MEDICAL 880.00 660.50 881.50 Neutral Sell 676 0.37

OPTOS 152.00 106.75 215.25 Neutral Buy 173 1.09

SMITH & NEPHEW 755.50 638.00 800.00 Neutral Sell 654 0.33

Household Goods & Textiles Under Valued


GAMES WORKSHOP 795.00 601.00 823.50 Neutral Neutral 764 0.29

HEADLAM GROUP 370.00 298.63 415.00 Neutral Buy 445 0.75

HORNBY 78.75 55.25 87.50 Neutral Sell 47 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 945.50 577.50 1097.00 Neutral Sell 417 0.63

CSR 508.00 330.90 607.00 Neutral Strong Buy 1457 1.06

FILTRONIC 66.75 30.75 83.25 N eut ral Neutral 72 1.00

IMAGIN AT ION TECHNOLOGIE S 2 62.10 235 .10 552.0 0 Neutral Sell 217 1.09

SPIRENT COMMUNICATIONS 125.10 118.00 169.20 Neutral Strong Buy 376 0.88

WOLFSON M ICR OELECTR ONICS 1 53.25 140 .00 226.2 5 Neutral Sell -32 0.95


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Insurance Under Valued


ADMIRAL GROUP 1195.00 1019.00 1416.00 Neutral Sell -445 0.58

AMLIN 391.90 364.10 435.10 Neutral Strong Buy 1489 0.47

BEAZLEY 203.50 167.30 242.70 Neutral Strong Buy 923 0.61

CATLIN GROUP 468.00 455.30 552.50 N eut ral Neutral 470 0.29

HISCOX 650.00 463.32 670.00 Neutral Strong Buy 1850 0.43

JARDINE LLOYD THOMPSON 936 .50 723 .00 949 .50 Neutral Buy 1183 0.28

RSA INSURANCE GROUP 116.20 107.70 136.30 Neutral Strong Buy 708 0.36

NOVAE GROUP 502.00 345.00 520.50 Neutral Strong Buy 3340 0.39

Leisure & Hotels Over Valued


CARNIVAL 2030.00 2030.00 2628.00 Neutral Strong Buy 3190 0.96

ENTERPRISE INNS 150.00 63.00 153.80 Sell Sell 90 1.51

TUI TRAVEL 359.20 243.50 401.50 Neutral Strong Buy 675 1.06

FULLER SMITH 'A' 870.50 726.00 969.00 Neutral Sell 553 0.24

GREENE KING 764.00 587.00 897.50 Neutral Sell 563 0.87

LADBROKES 179.80 167.40 243.10 Neutral Buy 242 0.85

ICTL.HTLS.GP. 1785.00 1524.00 2039.00 Neutral Sell 1568 1.10

MILLENNIUM & CPTH.HTLS. 573.00 456.00 582.50 Neutral Sell 542 1.33

MITCHELLS & BUTLERS 390.70 296.00 460.00 Neutral Sell 244 0.89

BWIN PARTY DIGITAL ENTM. 120.80 101.30 156.00 Neutral Sell 58 1.28

PUNCH TAVERNS 14.75 6 .15 15.50 Neutral Strong Buy 62 0.98

RANK GROUP 153.80 137.30 177.50 Neutral Strong Buy 534 1.01

RESTAURANT GROUP 518.00 362.20 575.00 Neutral Sell 361 0.66

WETHERSPOON (JD) 710.50 486.40 767.00 Neutral Sell 635 0.55

WHITBREAD 2992.00 2300.00 3303.00 Neutral Sell 2019 1.05WILLIAM HILL 402.50 302.37 494.50 Neutral Sell 337 0.79

MARSTON'S 144.50 117.70 165.50 Neutral Sell 9 1.08

Life Assurance Under Valued


AVIVA 419.50 294.10 422.60 Sell Sell 381 1.23

CHESNARA 279.75 176.50 283.25 Neutral Strong Buy 533 0.62

LEGAL & GENERAL 186.50 131.40 203.60 Neutral Strong Buy 499 1.82

OLD MUTUAL 184.20 166.10 221.60 Neutral Strong Buy 389 1.54

PRUDENTIAL 1138.00 828.00 1232.00 N eut ral Neutral 1169 1.82

ST.JAMES'S PLACE 601.00 374.80 641.50 Neutral Strong Buy 6619 0.88


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 162.75 102.00 163.00 Neutral Strong Buy 922 0.39

BRITISH SKY BCAST.GROUP 859.50 709.00 899.50 Neutral Strong Buy 1056 0.42

CENTAUR MEDIA 52.38 31.00 60.00 Neutral Sell -42 1.00

DAILY MAIL 'A' 755.50 451.25 835.00 Neutral Strong Buy 3556 1.04

EUROM ON EY IN STL.INVESTOR 10 46.00 747 .50 1209.0 0 Neutral Strong Buy 5566 0.87

INFORMA 510.00 380.50 545.00 Neutral Strong Buy 327 1.51

ITE GROUP 278.40 183.50 307.40 Neutral Buy 201 1.38

ITV 178.90 85.65 183.60 Neutral Strong Buy 1369 1.54

JOHNSTON PRESS 13.37 8.25 19.00 Neutral Buy 720 1.11

PEARSON 1254.00 1119.00 1350.00 N eut ral Neutral 309 0.60

PHOTO-ME INTL. 113.00 46.75 113.00 Neutral Strong Buy 2283 0.81

PINEWOOD SHEPPERTON 297.50 269.00 299.50 Neutral Strong Buy 732 0.06

THOMSON REUTERS 35.23 26.85 36.59 Neutral Strong Buy 346 0.39

STV GROUP 261.00 92.50 262.50 Neutral Sell 240 0.86

ST.IVES 169.00 98.50 180.50 Neutral Sell 159 1.34TRINITY MIRROR 123.50 51.25 128.25 Neutral Sell -289 1.53

UBM 691.00 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 212.62 127.75 217.38 Neutral Strong Buy 1390 0.83

WPP 1215.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1448.50 1207.00 2072.00 Neutral Sell 1201 1.74

ANGLO PACIFIC GROUP 190.75 161.00 289.00 N eut ral Neutral 198 1.03

ANTOFAGASTA 830.50 784.50 1381.00 N eut ral Neutral 804 1.27

BHP BILLITON 1771.50 1666.50 2236.00 Neutral Strong Buy 2777 1.41GLENCORE XSTRATA 322.55 256.85 397.85 Neutral Strong Buy 963 #NA

LONMIN 305.70 240.84 380.10 Neutral Buy 415 1.86

RANDGOLD RESOURCES 4295.00 3972.00 7 745.00 Neutral Sell 2726 0.51

RIO TINTO 2957.50 2582.00 3757.00 Neutral Sell 2359 1.44

VEDANTA RESOURCES 1020.00 992.00 1335.00 Neutral Strong Buy 2629 2.17

Oil & Gas Under Valued


BG GROUP 1157.50 1000.50 1350.50 Neutral Sell 854 0.81

BP 433.45 416.60 483.30 Neutral Strong Buy 947 1.04

CAIRN ENERGY 262.30 251.80 296.10 Neutral Sell -30 1.25

FORTUNE OIL 7.91 5.44 9.51 Neutral Strong Buy 83 0.76

HUNTING 771.00 716.00 941.00 Buy Sell 547 1.25

JKX OIL & GAS 66.00 48.50 80.38 Neutral Sell -60 1.21

PREMIER OIL 324.90 321.30 400.20 Neutral Buy 388 1.45

ROYAL DUTCH SHELL B 2077.50 2077.50 2365.00 Neutral Strong Buy 8000 0.78

SOCO INTERNATIONAL 398.50 290.14 417.00 Neutral Buy 444 0.53

TULLOW OIL 975.50 975.50 1468.00 Neutral Sell 666 1.08

WOOD GROUP (JOHN) 766.00 720.50 915.50 Neutral Sell 692 1.40


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Personal Care & Household Products Over Valued


MCBRIDE 121.00 101.00 144.60 Neutral Buy 161 0.85

PZ CUSSONS 400.40 308.60 432.50 Neutral Sell 358 0.75

RECKITT BENCKISER GROUP 4270.00 3568 .00 4950.00 Neutral Neutral 4390 0.33

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.37 0.32 3.58 Buy Sell -4 0.89

ASTRAZENECA 3113.00 2792.50 3521.50 Neutral Strong Buy 7901 0.47

BTG 368.60 317.50 397.90 Neutral Sell 177 0.38

DECHRA PHARMACEUTICALS 687.50 569.00 780.00 N eut ral Neutral 681 0.18

GLAXOSMITHKLINE 1550.00 1317.50 1782.00 N eut ral Neutral 1671 0.49

OXFORD BIOMEDICA 2.30 1.33 2.83 Buy Sell -3 0.38

PHYTOPHARM 59.00 51.50 568.75 Buy Sell -250 0.79SHIRE 2387.00 1727.00 2593.00 Neutral Sell 1261 0.69

SKYEPHARMA 88.50 43.50 101.75 Neutral Sell 34 0.51

VERNALIS 28.88 19.38 31.00 Neutral Sell 9 0.76

Real Estate - REIT Under Valued


BIG YELLOW GROUP 444.00 322.90 460.00 Neutral Strong Buy 754 1.24

BRITISH LAND 568.00 506.00 658.00 Neutral Strong Buy 865 1.14

DERWENT LONDON 2407.00 1947.00 2542.00 Neutral Strong Buy 5238 1.32

GREAT PORTLAND ESTATES 555.00 442.20 598.00 Neutral Strong Buy 1193 1.07

HAMMERSON 492.00 458.70 554.00 Neutral Buy 583 1.41

INTU PROPERTIES 320.50 300.60 366.00 Neutral Strong Buy 599 1.22

LAND SECURITIES GROUP 916.50 762.50 994.00 Neutral Strong Buy 1862 1.22

LOCAL SHOP.REIT (THE) 28.75 24.25 38.50 Neutral Sell -181 0.78

LONDONMETRIC PROPERTY 120.50 103.20 120.80 Neutral Sell -10 0.33

MCKAY SECURITIES 170.50 131.50 171.00 Neutral Strong Buy 297 0.50

MUCKLOW (A & J) GROUP 470.00 341.50 500.00 Neutral Sell 247 0.57

PRIMARY HEALTH PROPS. 316.00 312.50 363.53 Neutral Sell 114 0.22

REDEFINE INTL.REIT 47.50 30.75 47.50 Neutral Sell -417 0.43

SEGRO 306.80 221.60 313.80 Neutral Sell -339 1.96

SHAFTESBURY 579.50 522.50 668.00 Neutral Strong Buy 896 1.13

TOWN CENTRE SECURITIES 225.00 178.75 230.00 Neutral Sell -2 0.95

WORKSPACE GROUP 456.50 280.70 481.00 Neutral Strong Buy 1454 1.10


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 334.20 221.50 365.60 Neutral Strong Buy 667 0.72

CAPITAL & REGIONAL 39.50 22.75 42.00 Neutral Sell -52 0.55

CLS HOLDINGS 1198.00 656.50 1260.00 Neutral Strong Buy 2878 0.80

DAEJAN HOLDINGS 3913.00 2706.00 4200.00 Neutral Strong Buy 14511 0.56

DEVELOPMENT SECS. 200.50 143.00 209.00 Neutral Neutral 192 1.14

GRAINGER 175.80 105.10 187.50 Neutral Sell 108 1.64

HELICAL BAR 287.00 178.00 302.50 Neutral Sell 202 0.83

LONDON & ASSOCS.PROPS. 35.25 21.50 35.25 Neutral Strong Buy 223 0.60

MOUNTVIEW ESTATES 6400.00 4350.00 6512.50 Neutral Strong Buy 14311 0.69

QUINTAIN ESTATES & DEV. 85.00 51.75 92.00 Sell Sell -209 1.10

RAVEN RUSSIA 78.00 61.50 79.75 Sell Strong Buy 206 1.56

SAVILLS 596.00 391.20 664.50 Neutral Strong Buy 1689 0.68

SMART (J) 85.00 72.50 90.50 Neutral Strong Buy 368 0.42

ST MODWEN PROPS. 328.90 194.00 333.00 Neutral Strong Buy 620 1.68

UNITE GROUP 374.10 260.70 403.00 Neutral Strong Buy 1612 1.93

Software & Computer Services Under Valued


ANITE 109.50 109.50 162.00 Neutral Buy 138 0.66

AVEVA GROUP 2461.00 1975.75 2650.00 Neutral Sell 1456 1.49

COMPUTACENTER 525.50 333.29 564.10 Neutral Strong Buy 1435 0.85

KOFAX 366.50 260.75 388.00 Neutral Sell 336 1.11

INNOVATION GROUP 30.25 20.75 30.50 Sell Sell 26 0.78

MICRO FOCUS INTL. 740.00 543.00 812.50 Neutral Buy 1008 0.84

PHOENIX IT GROUP 153.00 130.00 184.00 Neutral Sell -223 0.59

RM 112.00 64.00 114.25 Neutral Strong Buy 261 0.58

FIDESSA GROUP 1895.00 1275.00 2190.00 Neutral Buy 2105 0.62

SAGE GROUP 312.90 289.36 368.18 Neutral Buy 425 0.70

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 372.90 318.20 492.10 Neutral Strong Buy 1233 1.12

BREWIN DOLPHIN 268.70 169.80 283.00 Neutral Strong Buy 635 0.85

CAMELLIA 8548.00 8000.00 11105.00 Neutral Strong Buy 79633 0.85

CHARLES STANLEY GROUP 454.75 264.00 474.00 Neutral Strong Buy 1388 0.89

CHARLES TAYLOR 215.00 155.00 228.00 Neutral Strong Buy 1601 0.64

CLOSE BROTHERS GROUP 1230.00 830.00 1230.00 Sell Strong Buy 4697 0.78

F&C ASSET MANAGEMENT 95.25 90.00 110.40 Neutral Sell 75 0.77

HELPHIRE GROUP 5.65 0.75 5.70 Neutral Sell -123 0.77

HENDERSON GROUP 186.60 109.10 192.50 Neutral Strong Buy 776 1.44

ICAP 356.60 280.80 422.20 Neutral Strong Buy 805 0.94

INTERMEDIATE CAPITAL GP. 436.30 287.20 501.50 Neutral Strong Buy 2193 1.77

INVESTEC 396.00 358.40 513.50 Neutral Strong Buy 2554 1.54

LONDON STOCK EX.GROUP 1510.00 930.00 1652.00 Neutral Strong Buy 6700 1.32

MAN GROUP 78.90 71.80 134.40 Neutral Sell -4725 1.23

RATHBONE BROTHERS 1510.00 1208.00 1691.00 Neutral Strong Buy 5324 0.83

SCHRODERS 2493.00 1518.00 2631.00 Neutral Strong Buy 7943 1.42

SCHRODERS NV 2116.00 1193.00 2193.00 Neutral Strong Buy 11033 1.38


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Support Services Under Valued


ACAL 280.00 157.75 284.00 Neutral Strong Buy 586 0.79

AGGREKO 1461.00 1442.00 2302.00 Neutral Strong Buy 3040 1.04

AMEC 1050.00 965.50 1127.00 Neutral Strong Buy 3110 0.98

ASHTEAD GROUP 590.00 342.60 730.00 Neutral Strong Buy 913 1.69

BABCOCK INTL. 1160.00 940.00 1218.00 Neutral Strong Buy 2431 0.40

BRITISH POLYTHENE INDS. 630.00 372.50 637.00 Sell Strong Buy 2198 0.84

BUNZL 1295.00 1009.00 1409.00 Neutral Strong Buy 2600 0.49

UK MAIL GROUP 590.00 265.00 645.00 Neutral Strong Buy 1533 0.47

CAPITA 967.50 713.00 1057.00 Neutral Strong Buy 1770 0.57

COMMUNISIS 58.25 34.54 68.00 Neutral Strong Buy 410 0.79

COMPASS GROUP 829.50 671.50 910.50 Neutral Strong Buy 1864 0.78

BERENDSEN 882.00 563.00 939.00 Neutral Strong Buy 3151 1.02

DE LA RUE 928.50 891.50 1075.00 Neutral Strong Buy 2229 #NA

DIGNITY 1383.00 922.31 1567.68 Neutral Buy 1568 0.21

DIPLOMA 616.50 435.00 661.00 Neutral Strong Buy 1245 1.00ELECTROCOMP. 263.40 203.90 282.50 Neutral Strong Buy 831 1.03

ESSENTRA PLC 718.00 508.50 830.00 Neutral Strong Buy 1193 1.13

G4S 239.00 207.50 313.50 Neutral Strong Buy 864 0.42

HAYS 115.60 76.70 118.40 Neutral Strong Buy 375 0.99

HOMESERVE 244.10 185.60 293.60 Neutral Strong Buy 874 0.93

INTERSERVE 568.50 349.10 591.50 Sell Strong Buy 2921 1.15

INTERTEK GROUP 3153.00 2697.00 3453.00 Neutral Buy 4168 0.74

JOHNSON SERVICE GROUP 51.00 33.38 51.75 Neutral Strong Buy 225 1.03

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 175 0.61

MENZIES (JOHN) 793.50 573.00 809.00 Neutral Strong Buy 1936 1.37

MICHAEL PAGE INTL. 478.80 346.40 502.50 Neutral Strong Buy 756 1.19

MITIE GROUP 283.90 248.00 300.80 Neutral Strong Buy 970 0.50

OFFICE2OFFICE 36.00 33.75 132.50 Neutral Strong Buy 614 0.28

PAYPOINT 1030.00 750.00 1185.00 Neutral Strong Buy 1729 0.72

PREMIER FARNELL 209.10 165.50 238.40 Neutral Strong Buy 518 1.40

REGUS 185.00 96.00 195.70 Neutral Sell 69 1.46

RENTOKIL INITIAL 107.00 85.00 111.30 Neutral Strong Buy 431 1.31

REXAM 475.80 432.56 547.50 Neutral Strong Buy 1694 0.90

RICARDO 575.00 349.63 585.00 Neutral Strong Buy 1525 1.04

ROBERT WALTERS 307.00 191.00 335.00 Neutral Strong Buy 894 1.11

RPC GROUP 455.00 378.00 477.80 Neutral Strong Buy 1538 0.72

RPS GROUP 265.60 195.50 274.60 Neutral Strong Buy 854 1.49

SERCO GROUP 522.50 522.50 683.50 Neutral Strong Buy 2107 0.52

SHANKS GROUP 92.00 73.00 98.00 Neutral Strong Buy 346 1.55

SPEEDY HIRE 66.25 29.50 66.25 Neutral Strong Buy 316 1.17

TRIBAL GROUP 185.50 92.25 206.50 Neutral Strong Buy 500 0.64

TRIFAST 66.00 40.50 70.75 Neutral Strong Buy 303 0.81

VP 499.50 313.00 499.50 Sell Strong Buy 2132 0.65

WYG 107.75 50.25 110.00 Neutral Strong Buy 182 0.78


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Telecommunication Services Over Valued


BT GROUP 342.70 212.50 350.90 Neutral Buy 433 0.92

CABLE & WIRELESS COMMS. 40.26 34.31 46.29 Neutral Strong Buy 80 0.66

INMARSAT 705.00 542.50 749.00 Neutral Sell 260 0.52

KCOM GROUP 91.80 68.25 91.85 Neutral Buy 123 0.97

TELECOM PLUS 1403.00 830.00 1403.00 Sell Sell 837 0.05

VODAFONE GROUP 215.00 154.45 222.00 Neutral Sell 129 0.46

Transport Over Valued


BBA AVIATION 296.20 195.70 326.00 Neutral Sell 221 1.17

BRAEMAR SHIPPING SVS. 510.00 350.00 520.00 N eutral Neutral 558 0.91

CLARKSON 2290.00 1150.00 2290.00 Sell Sell 1261 0.77

EASYJET 1216.00 597.50 1448.00 Neutral Sell 841 0.78

FIRST GROUP 122.10 92.00 182.47 Neutral Strong Buy 263 0.85

FISHER(JAMES)& SONS 1132.00 750.00 1148.00 Neutral Sell 791 0.69

GO-AHEAD GROUP 1680.00 1220.00 1697.00 Neutral Strong Buy 2842 0.94

NATIONAL EXPRESS 249.90 164.50 274.90 N eutral Neutral 241 1.33

NORTHGATE 435.00 243.25 441.25 Neutral Sell 345 1.22

STAGECOACH GROUP 322.40 265.90 337.60 Neutral Buy 453 0.87

WINCANTON 102.00 43.75 106.75 Neutral Strong Buy 267 0.83

Utilities Under Valued


CENTRICA 360.80 310.80 402.20 Neutral Strong Buy 561 0.51

NATIONAL GRID 743.50 682.00 847.50 Neutral Buy 955 0.49

PENNON GROUP 679.50 598.00 734.50 Neutral Sell 607 0.66

SSE 1454.00 1364.00 1676.00 Neutral Strong Buy 2217 0.44

SEVERN TRENT 1754.00 1513.00 2090.00 Neutral Sell 1467 0.39

UNITED UTILITIES GROUP 688.50 647.00 787.50 N eutral Neutral 736 0.51


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