value indicator - uk main market 20130403

7/28/2019 value indicator - uk main market 20130403

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03 April 2013

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Intellisys Intelligent Analysis Limited 03 April 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 Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

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

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

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

Timing

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

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

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

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

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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

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Best Buy/Sell Trend


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Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

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


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 396.00 270.90 396.00 Neutral Buy 585 0.66

CHEMRING GROUP 264.20 217.00 414.70 Neutral Buy 327 0.66

COBHAM 247.20 190.10 248.10 Neutral Buy 291 0.83

MEGGITT 494.20 364.30 494.20 Neutral Sell 415 1.32

ROLLS-ROYCE HOLDINGS 1135.00 781.16 1135.00 Neutral Neutral 1113 1.07

SMITHS GROUP 1266.00 979.50 1328.00 Neutral Sell 1064 0.71

ULTRA ELECTRONICS HDG. 17 17.00 1424.00 1763.00 Neutral Sell 1565 0.51

Automobiles & Parts Under Valued

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

GKN 266.70 173.60 285.00 Neutral Neutral 257 2.00

INCHCAPE 507.00 305.20 530.00 Neutral Neutral 502 1.48

LOOKERS 99.00 56.50 100.50 Neutral Neutral 106 1.24

PENDRAGON 22.50 13.25 25.00 Neutral Buy 34 1.12

Banks Over Valued


BARCLAYS 297.50 150.55 327.35 Neutral Sell 57 1.93

HSBC HDG. (ORD $0.50) 711.20 503.20 740.00 Neutral Strong Buy 1244 1.17

LLOYDS BANKING GROUP 49.38 25.29 55.68 Sell Strong Buy 75 1.87

ROYAL BANK OF SCTL.GP. 283.70 196.60 367.80 Neutral Sell 39 1.34

STANDARD CHARTERED 1740.00 1228.50 1837.50 Neutral Sell 1123 1.70

Beverages Under Valued


BARR (AG) 552.00 348.00 572.00 Neutral Neutral 598 0.55

DIAGEO 2084.50 1477.00 2084.50 Neutral Sell 1830 0.55

SABMILLER 3552.50 2348.50 3552.50 Sell Buy 4079 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 391.40 267.60 406.40 Neutral Strong Buy 710 #NA

CARCLO 413.00 345.75 503.00 N eu tra l Neu tral 428 0.74

CRODA INTERNATIONAL 2841.00 2050.00 2841.00 Sell Sell 2255 1.04

ELEMENTIS 268.30 179.00 275.00 Neutral Buy 374 1.00

JOHNSON MATTHE Y 2292.00 2080.27 2573.00 Neutral Strong Buy 12752 1.44

VICTREX 1685.00 1185.00 1736.00 Neutral Sell 1572 1.13

SYNTHOMER 213.50 127.40 245.30 N eu tra l Neu tral 230 1.16

ZOTEFOAMS 224.00 157.00 225.00 Neutral Strong Buy 406 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 90.00 61.50 104.00 Neutral Strong Buy 250 0.51

BALFOUR BEATTY 236.50 234.00 320.80 Buy Strong Buy 1030 0.79

BARRATT DEVELOPMENTS 279.70 114.00 279.70 Sell Strong Buy 475 1.50

BELLWAY 1301.00 660.00 1301.00 Neutral Strong Buy 2030 1.11

BERKELEY GROUP HDG.(THE) 2086.00 1177 .00 2093.00 Neutral Strong Buy 3513 0.64

BOOT (HENRY) 172.00 115.50 174.00 Neutral Strong Buy 363 0.83

BOVIS HOMES GROUP 743.00 399.30 751.00 Neutral Sell 589 1.14

CARILLION 275.10 235.50 331.80 Buy Strong Buy 842 1.10

CLARKE (T) 56.13 40.00 61.50 Neutral Strong Buy 282 0.82

COSTAIN GROUP 278.50 188.00 306.00 Neutral Strong Buy 581 0.57

CRH 1477.00 1052.00 1540.00 Neutral Sell 841 1.14

GALLIFORD TRY 935.00 579.00 965.00 Neutral Strong Buy 1794 0.99

KELLER 809.50 348.25 830.00 Neutral Strong Buy 2143 1.25

KIER GROUP 1186.00 1095.00 1408.00 Neutral Strong Buy 3526 0.94

LOW & BONAR 76.75 49.00 76.75 Neutral Strong Buy 215 1.07MARSHALLS 127.25 76.00 127.25 Neutral Strong Buy 301 1.37

MORGAN SINDALL GROUP 550.00 508.00 695.00 Neutral Strong Buy 3485 0.86

NORCROS 18.00 9.25 18.00 Neutral Strong Buy 37 1.11

PERSIMMON 1073.00 532.00 1073.00 Neutral Buy 1191 1.15

REDROW 192.40 107.30 195.80 Neutral Strong Buy 309 1.05

SIG 160.00 82.30 162.50 Neutral Strong Buy 497 1.74

SUPERGLASS HOLDINGS 3.88 3.88 19.50 Neutral Strong Buy 50 0.89

TAYLOR WIMPEY 93.50 40.28 93.50 Neutral Neutral 100 1.58

TRAVIS PERKINS 1465.00 906.50 1465.00 Neutral Strong Buy 2754 1.97

WOLSELEY 3270.00 2121.32 3337.00 Neutral Strong Buy 5481 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1320.00 925.00 1364.00 Neutral Sell 786 0.78

DOMINO PRINTING SCIENCES 645.00 509.00 717.00 Neutral Buy 864 1.18

E2V TECHNOLOGIES 119.50 105.50 149.50 Neutral Strong Buy 252 1.30

INVENSYS 351.90 186.10 366.80 Neutral Neutral 350 1.42

LAIRD 221.00 177.00 249.30 Neutral Sell 87 2.12

OXFORD INSTRUMENTS 1666.00 1096.00 1 752.00 Neutral Sell 1202 1.01

RENISHAW 1831.00 1260.00 2081.00 Neutral Buy 2434 1.26

SPECTRIS 2466.00 1427.00 2470.00 Neutral Sell 2257 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.21 Neutral Strong Buy 0 0.84

TT ELECTRONICS 176.00 114.00 190.00 Neutral Strong Buy 410 1.59

XAAR 420.00 185.00 425.00 Neutral Sell 237 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.75 54.25 91.75 Neutral Buy 105 1.26

BODYCOTE 538.50 310.30 556.50 Neutral Neutral 516 1.61

CASTINGS 337.00 277.75 358.50 Neutral Strong Buy 715 0.99

VESUVIUS 351.80 263.19 402.10 Neutral Buy 503 2.19

FENNER 397.20 329.30 456.50 Neutral Buy 564 1.42

HALMA 522.00 373.10 531.50 Neutral Sell 403 0.75

HILL & SMITH 450.75 297.00 480.00 Neutral Sell 332 1.37

IMI 1282.00 776.00 1347.00 Neutral Buy 1418 1.40

METALRAX GROUP 3.13 2.93 8.75 Neutral Neutral 3 0.85

MORGAN ADVANCED MATERIAL 292.20 220.30 333.90 Neutral Strong Buy 556 1.82

ROTORK 2922.00 1859.00 3037.00 Neutral Sell 2343 1.00

SENIOR 246.30 177.00 251.80 Neutral Sell 226 1.65

SEVERFIELD-ROWEN 39.50 35.40 104.11 Neutral Buy 55 0.73

SPIRAX-SARCO 2734.00 1900.00 2734.00 Neutral Sell 2345 0.84

VITEC GROUP 641.00 586.50 740.00 Neutral Sell 602 1.39WEIR GROUP 2252.00 1397.00 2474.00 Neutral Sell 2080 1.39

Food & Drug Stores Over Valued


GREGGS 480.00 449.00 526.00 Neutral Buy 708 0.47

MORRISON(WM)SPMKTS. 283.20 248.60 299.20 Neutral Sell 209 0.39

SAINSBURY (J) 385.50 283.50 385.50 Neutral Sell 233 0.58

TESCO 385.50 297.05 385.95 Neutral Sell 294 0.69

THORNTONS 69.00 18.88 78.75 Neutral Sell 49 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1931.00 1167.00 1 931.00 Sell Buy 2134 0.62

CRANSWICK 1013.00 732.50 1023.00 Neutral Strong Buy 2113 0.49

DAIRY CREST 432.10 290.40 444.00 Neutral Buy 498 0.92

DEVRO 353.30 278.00 380.00 Neutral Buy 529 0.31

PREMIER FOODS 77.00 54.50 170.00 Neutral Sell -183 1.25

TATE & LYLE 870.50 633.50 870.50 Sell Strong Buy 1585 0.70

UNILEVER (UK) 2831.00 2005.00 2831.00 Neutral Neutral 2814 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.75 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 410.50 222.40 429.30 Neutral Sell 361 0.53

BURBERRY GROUP 1325.00 1000.00 1586.00 Neutral Sell 973 1.27

CARPETRIGHT 623.00 585.00 728.50 Neutral Sell 280 0.94

DIXONS RETAIL 33.13 12.67 35.00 Neutral Neutral 36 1.50

FINDEL 5.90 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 30.00 19.50 47.00 Sell Strong Buy 110 0.98

HALFORDS GROUP 324.50 189.00 356.80 Neutral Strong Buy 498 0.67

JD SPORTS FASHION 698 .00 606 .50 841 .00 Neutral Strong Buy 1514 0.52

DARTY 42.75 38.00 68.20 Neutral Strong Buy 81 1.24

KINGFISHER 291.00 254.10 313.80 Neutral Buy 390 0.92

MARKS & SPENCER GROUP 393.50 312.20 398.80 Neutral Buy 514 0.64

MOSS BROTHERS GROUP 63.75 42.00 71.00 Buy Sell 60 1.04

MOTHERCARE 320.75 152.00 362.00 Neutral Neutral 317 0.46

NEXT 4408.00 2896.00 4408.00 Neutral Sell 3693 0.66TED BAKER 1285.00 810.50 1354.00 Neutral Sell 654 0.55

TOPPS TILES 64.00 32.13 68.00 Neutral Sell 50 1.48

Heath Over Valued


BIOQUELL 146.50 124.00 160.00 Neutral Sell 117 0.45

CONSORT MEDICAL 780.50 584.00 831.50 Neutral Sell 577 0.40

OPTOS 149.50 149.50 279.25 Buy Buy 166 1.21

SMITH & NEPHEW 768.50 580.00 768.50 Neutral Sell 690 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 642.50 557.00 720.50 Neutral Neutral 629 0.43

HEADLAM GROUP 345.00 263.00 355.00 Neutral Sell 304 0.92

HORNBY 82.00 55.25 97.00 Neutral Buy 107 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 916.00 469.00 971.50 Neutral Sell 563 0.74

CSR 479.70 194.60 492.80 Neutral Strong Buy 1292 1.17FILTRONIC 64.00 23.50 83.25 Neutral Sell 49 0.90

IMAGINATION TECHN OLOGIES 477.30 383.50 713.00 Buy Neutral 517 1.08

SPIRENT COMMUNICATIONS 149.10 1 39.20 174.00 Neutral Strong Buy 662 0.95

WOLFSON MICROELECTR ON ICS 175.00 165.75 230.00 Neutral Sell -516 0.91


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Insurance Under Valued


ADMIRAL GROUP 1374.00 1019.00 1374.00 Neutral Sell -726 0.54

AMLIN 428.40 312.90 431.50 Neutral Sell -3135 0.46

BEAZLEY 215.80 132.50 215.80 Neutral Strong Buy 2646 0.59

CATLIN GROUP 529.00 399.00 540.00 Neutral Buy 769 0.30

HISCOX 568.00 379.26 574.05 Neutral Strong Buy 2138 0.48

JARDINE LLOYD THOMPSON 862 .00 659 .00 864 .50 Neutral Strong Buy 2976 0.31

RSA INSURANCE GROUP 117.80 97.65 136.30 Neutral Strong Buy 1720 0.41

NOVAE GROUP 459.00 345.00 475.75 Neutral Strong Buy 1948 0.47

Leisure & Hotels Over Valued


CARNIVAL 2301.00 1900.00 2628.00 Neutral Strong Buy 3889 1.00

ENTERPRISE INNS 104.30 55.50 114.70 Neutral Sell 83 1.59

TUI TRAVEL 324.00 158.00 330.00 Neutral Strong Buy 785 0.99

FULLER SMITH 'A' 810.00 700.00 820.00 Neutral Sell 657 0.38

GREENE KING 702.00 474.30 723.50 Neutral Sell 620 0.90

LADBROKES 228.00 152.70 243.10 Neutral Sell 182 0.94

ICTL.HTLS.GP. 2039.00 1396.63 2039.00 Neutral Sell 1637 1.17

MILLENNIUM & CPTH.HTLS. 582.50 455.40 582.50 N eutral Neutral 613 1.38

MITCHELLS & BUTLERS 323.80 217.40 350.10 Neutral Sell 303 1.08

BWIN PARTY DIGITAL ENTM. 144.30 91.90 162.60 Neutral Sell 104 1.25

PUNCH TAVERNS 10.25 5 .61 13.12 Neutral Strong Buy 51 1.25

RANK GROUP 165.00 111.00 177.50 Neutral Strong Buy 507 1.00

RESTAURANT GROUP 468.00 269.20 468.00 Neutral Sell 319 0.74

WETHERSPOON (JD) 532.50 371.30 548.50 Neutral Buy 741 0.68

WHITBREAD 2576.00 1786.00 2692.00 Neutral Sell 1936 0.99WILLIAM HILL 380.40 239.02 411.17 Neutral Sell 261 0.86

MARSTON'S 141.50 94.40 143.00 Neutral Sell 30 1.19

Life Assurance Over Valued


AVIVA 301.00 255.30 388.40 Neutral Strong Buy 1178 1.25

CHESNARA 239.00 155.25 239.00 Neutral Buy 356 0.70

LEGAL & GENERAL 175.70 106.00 175.70 Neutral Strong Buy 297 1.70

OLD MUTUAL 206.10 138.70 211.40 Neutral Sell 175 1.57

PRUDENTIAL 1083.00 660.00 1155.00 Neutral Sell 960 1.70

ST.JAMES'S PLACE 510.50 303.40 537.00 Neutral Sell 430 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 114.50 102.00 146.50 Neutral Sell -541 0.35

BRITISH SKY BCAST.GROUP 890.50 635.50 899.50 Neutral Strong Buy 1534 0.54

CENTAUR MEDIA 45.75 28.50 60.00 Neutral Strong Buy 138 1.01

DAILY MAIL 'A' 721.00 363.50 722.00 Sell Strong Buy 2972 1.12

EUROMONEY INSTL.INVESTOR 970.00 672.50 970.00 Neutral Strong Buy 6583 0.98

INFORMA 537.00 340.00 537.00 Neutral Sell -66 1.53

ITE GROUP 275.00 180.00 289.40 Neutral Strong Buy 214 1.44

ITV 129.30 69.45 132.30 Neutral Strong Buy 1179 1.54

JOHNSTON PRESS 14.25 4.88 15.75 Neutral Strong Buy 1553 1.25

PEARSON 1181.00 1111.00 1294.00 Neutral Buy 283 0.63

PHOTO-ME INTL. 74.50 36.25 82.50 Neutral Strong Buy 2330 0.79

PINEWOOD SHEPPERTON 274.00 265.00 377.50 Neutral Strong Buy 784 0.16

THOMSON REUTERS 32.84 26.85 33.32 Neutral Sell -541 0.52

STV GROUP 130.00 81.50 146.88 Neutral Sell 243 0.78

ST.IVES 134.50 67.50 139.25 Neutral Strong Buy 673 1.49TRINITY MIRROR 94.25 25.50 121.25 Neutral Sell -244 1.57

UBM 709.00 511.00 788.00 Neutral Strong Buy 1600 1.31

WILMINGTON GROUP 161.50 82.00 164.00 Neutral Strong Buy 1192 0.85

WPP 1066.00 743.00 1092.00 Neutral Sell -458 1.34

HIBU 0.38 0.26 3.91 Neutral Strong Buy 724 1.06

Mining Under Valued


ANGLO AMERICAN 1674.00 1664.00 2412.00 Buy Strong Buy 2846 1.75

ANGLO PACIFIC GROUP 235.25 221.25 320.00 Neutral Buy 272 0.99ANTOFAGASTA 966.50 966.50 1381.00 Neutral Neutral 934 1.42

BHP BILLITON 1939.50 1681.00 2236.00 Neutral Strong Buy 3395 1.45

LONMIN 286.80 240.84 564.35 Neutral Sell 40 2.04

RANDGOLD RESOURCES 5590.00 4596.00 7775.00 Neutral Sell 2859 0.34

RIO TINTO 3085.00 2715.50 3757.00 Neutral Buy 3410 1.51

COALFIELD RESOURCES 4.75 3.75 22.50 Neutral Strong Buy 163 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Strong Buy 2388 2.21

XSTRATA 1083.00 785.80 1205.00 Neutral Sell 1004 1.87

Oil & Gas Under Valued


BG GROUP 1154.50 1000.50 1481.00 Neutral Neutral 1253 0.81

BP 462.50 391.95 475.90 Neutral Strong Buy 1585 1.05

CAIRN ENERGY 270.90 248.20 349.00 Neutral Sell -44 1.32

FORTUNE OIL 7.91 7.74 12.50 Buy Strong Buy 15 0.91

HUNTING 900.00 688.00 954.00 Neutral Sell 469 1.32

JKX OIL & GAS 77.50 55.00 162 .00 Neutral Strong Buy 308 1.36

PREMIER OIL 389.30 321.30 403.90 Buy Sell 298 1.44

ROYAL DUTCH SHELL B 2211.50 2039.00 2366.50 Neutral Strong Buy 11732 0.86

SOCO INTERNATIONAL 383.00 254.90 404.30 Neutral Sell 257 0.52

TULLOW OIL 1248.00 1138.00 1557.00 Neutral Sell 941 1.06

WOOD GROUP (JOHN) 864.50 651.50 875.50 Neutral Neutral 835 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 118.50 102.70 146.75 Neutral Strong Buy 262 0.83

PZ CUSSONS 403.50 297.20 415.60 Neutral Sell 331 0.69

RECKITT BENCKISER GROUP 4746.00 3 300.00 4812.00 Neutral Neutral 4791 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.45 0.37 3.88 Buy Sell 0 1.01

ASTRAZENECA 3340.00 2591.00 3340.00 Neutral Strong Buy 7198 0.48

BTG 360.10 300.30 423.00 Neutral Sell 169 0.62

DECHRA PHARMACEUTICALS 769.00 418.33 770.00 Neutral Neutral 763 0.26

GLAXOSMITHKLINE 1550.00 1317.50 1550.00 Neutral Neutral 1496 0.49

OXFORD BIOMEDICA 1.55 1.55 5.80 Strong Buy Sell 0 0.64

PHYTOPHARM 1.35 1.35 12.75 Buy Neutral 1 0.94

SHIRE 1987.00 1727.00 2153.00 Neutral Sell 1321 0.65

SKYEPHARMA 47.00 33.50 101.50 Neutral Sell -98 0.72

VERNALIS 22.75 21.63 27.38 Neutral Strong Buy 38 0.89

Real Estate Under Valued


BIG YELLOW GROUP 363.50 274.50 387.50 Neutral Sell -541 1.15

BRITISH LAND 550.00 467.10 585.50 Neutral Strong Buy 1534 1.03

CAPITAL & REGIONAL 32.00 22.75 34.25 Sell Strong Buy 138 0.82

CLS HOLDINGS 852.50 595.00 865.00 Neutral Strong Buy 2972 0.69

DERWENT LONDON 2164.00 1689.00 2239.00 Neutral Strong Buy 6583 1.21DEVELOPMENT SECS. 152.50 121.75 176.00 Neutral Sell -66 0.97

GRAINGER 138.70 83.10 140.60 Neutral Strong Buy 214 1.54

GREAT PORTLAND ESTATES 505.00 345.60 514.00 Sell Strong Buy 1179 1.06

HAMMERSON 497.90 404.50 525.00 Neutral Strong Buy 1553 1.16

HELICAL BAR 234.75 164.00 249.75 Neutral Buy 283 0.75

LAND SECURITIES GROUP 838.00 704.00 849.00 Neutral Strong Buy 2330 1.15

INTU PROPERTIES 333.20 305.00 366.00 Neutral Strong Buy 784 1.08

MCKAY SECURITIES 144.50 125.00 145.00 Neutral Sell -541 0.72

MUCKLOW (A & J) GROUP 372.25 311.25 390.00 Neutral Sell 243 0.42

PRIMARY HEALTH PROPS. 328.25 312.00 364.50 Neutral Strong Buy 673 0.35

QUINTAIN ESTATES & DEV. 66.75 32.50 70.00 Sell Sell -244 1.17

SAVILLS 533.50 300.80 599.00 Neutral Strong Buy 1600 0.74

SHAFTESBURY 587.00 482.20 597.50 Neutral Strong Buy 1192 1.03

SEGRO 254.40 209.40 271.00 Neutral Sell -458 1.70

ST MODWEN PROPS. 260.30 145.50 280.20 Neutral Strong Buy 724 1.55

TOWN CENTRE SECURITIES 198.00 147.00 215.00 Neutral Sell -14 1.04

UNITE GROUP 323.80 180.25 330.00 Neutral Sell 33 1.75

WARNER ESTATE 1.23 1.00 3.00 Sell Sell -1007 1.02

WORKSPACE GROUP 352.00 213.25 363.20 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 125.80 111.00 162.00 Neutral Neutral 124 0.76

AVEVA GROUP 2265.00 1469.00 2322.00 Neutral Sell 1333 1.40

COMPUTACENTER 544.00 292.40 544.00 Neutral Strong Buy 1363 1.00

KOFAX 319.00 240.00 325.75 Neutral Neutral 326 1.12

INNOVATION GROUP 25.25 18.25 25.50 Neutral Neutral 25 0.83

MICRO FOCUS INTL. 706.00 426.17 706.00 Neutral Buy 1000 0.79

PHOENIX IT GROUP 142.00 135.00 231.75 Buy Strong Buy 314 0.74

RM 77.00 70.25 89.00 Neutral Sell -93 0.52

FIDESSA GROUP 1945.00 1275.00 1970.00 Neutral Neutral 2109 0.77

SAGE GROUP 342.30 247.70 352.10 Neutral Buy 422 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 433.60 237.30 441.90 Neutral Sell 167 1.09

BREWIN DOLPHIN 206.00 136.30 222.00 Neutral Sell 122 0.71

CAMELLIA 10600.00 9250.00 11105.00 Neutral Sell 9851 0.83

CHARLES STANLEY GROUP 377.50 247.50 377.50 Neutral Sell 169 0.97

CHARLES TAYLOR 183.00 132.00 190.00 Neutral Sell 99 0.68

CLOSE BROTHERS GROUP 1059.00 673.50 1107.00 Neutral Sell 165 0.87

F&C ASSET MANAGEMENT 105.10 64.75 110.40 Neutral Neutral 101 0.89

HELPHIRE GROUP 3.17 0.55 3.70 Sell Strong Buy 28 0.68

HENDERSON GROUP 162.00 90.55 171.00 Neutral Sell 48 1.44

ICAP 308.10 281.40 396.50 Neutral Sell 194 1.07

INTERMEDIATE CAPITAL GP. 427.60 227.30 427.60 Neutral Sell 200 1.68

INVESTEC 462.00 310.40 513.50 Neutral Sell 87 1.55

LONDON STOCK EX.GROUP 1329.00 930.00 1411.00 Neutral Strong Buy 3883 1.12MAN GROUP 88.55 63.25 130.10 Neutral Neutral 92 1.32

RATHBONE BROTHERS 1482.00 1151.00 1532.00 Neutral Sell 1111 0.74

SCHRODERS 2135.00 1166.00 2160.00 Neutral Sell 1248 1.31

SCHRODERS NV 1744.00 966.00 1744.00 Neutral Strong Buy 4180 1.27


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Support Services Over Valued


ACAL 230.00 157.75 242.50 Neutral Buy 296 0.93

AGGREKO 1780.00 1557.00 2400.00 Neutral Sell 1300 1.04

AMEC 1082.00 923.00 1172.00 Neutral Neutral 1141 1.04

ASHTEAD GROUP 609.00 212.20 609.00 Sell Sell 319 1.61

BABCOCK INTL. 1103.00 793.50 1106.00 Neutral Sell 669 0.48

BRITISH POLYTHENE INDS. 520.00 317.00 530.00 Neutral Strong Buy 808 0.77

BUNZL 1310.00 990.00 1320.00 Neutral Sell 828 0.55

UK MAIL GROUP 374.25 214.00 380.00 Neutral Buy 447 0.38

CAPITA 913.50 602.00 913.50 Neutral Sell 524 0.50

COMMUNISIS 50.50 25.34 53.50 Neutral Buy 68 0.78

COMPASS GROUP 852.50 616.00 852.50 Sell Sell 609 0.74

BERENDSEN 812.00 462.00 812.00 Sell Buy 986 1.04

DE LA RUE 969.50 885.50 1075.00 Neutral Sell 607 #NA

DIGNITY 1406.00 803.50 1435.00 Neutral Sell 798 0.21

DIPLOMA 560.50 417.00 627.50 Neutral Sell 488 0.95ELECTROCOMP. 256.40 195.20 265.00 Neutral Buy 322 1.03

FILTRONA 744.00 428.00 744.00 Sell Sell 348 1.10

G4S 295.60 240.00 307.50 Neutral Neutral 294 0.58

HAYS 97.50 66.40 100.00 Neutral Buy 122 1.10

HOMESERVE 200.90 137.50 252.50 Neutral Strong Buy 489 0.93

INTERSERVE 510.50 270.10 510.50 Neutral Buy 697 1.27

INTERTEK GROUP 3424.00 2406.00 3440.00 Neutral Sell 1456 0.78

JOHNSON SERVICE GROUP 43.38 26.50 44.63 Neutral Strong Buy 95 1.17

MANAGEMENT CNSL.GP. 31.25 21.25 39.38 Neutral Strong Buy 55 0.71

MENZIES (JOHN) 707.00 542.00 789.00 Neutral Strong Buy 1310 1.43

MICHAEL PAGE INTL. 419.50 341.40 485.00 Neutral Sell 320 1.41

MITIE GROUP 282.40 253.90 300.80 Neutral Buy 345 0.55

OFFICE2OFFICE 94.00 91.50 160.50 Neutral Strong Buy 241 0.35

PAYPOINT 883.00 605.00 901.00 Neutral Sell 692 0.70

PREMIER FARNELL 221.00 153.20 236.30 Neutral Buy 285 1.32

REGUS 166.50 82.65 166.50 Neutral Sell 108 1.45

RENTOKIL INITIAL 100.70 69.40 100.70 Neutral Sell 56 1.25

REXAM 547.50 394.28 547.50 Neutral Buy 639 0.91

RICARDO 417.00 304.50 431.00 Neutral Buy 473 0.85

ROBERT WALTERS 228.00 176.25 264.63 Neutral Buy 312 1.23

RPC GROUP 390.00 348.30 477.00 Neutral Buy 539 0.78

RPS GROUP 269.00 197.00 272.40 Neutral Sell 249 1.50

SERCO GROUP 632.00 509.50 634.00 Neutral Sell 583 0.59

SHANKS GROUP 76.00 75.80 98.85 Neutral Strong Buy 170 1.46

SPEEDY HIRE 50.00 22.25 50.00 Sell Neutral 53 1.25TRIBAL GROUP 145.50 70.00 149.00 Neutral Sell 51 0.55

TRIFAST 59.00 39.50 59.00 Neutral Neutral 62 0.92

VP 340.75 234.75 354.88 Neutral Strong Buy 626 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 182 0.78


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Telecommunication Services Over Valued


BT GROUP 281.70 200.70 281.70 Neutral Buy 317 0.90

CABLE & WIRELESS COMMS. 42.29 27.28 42.63 Neutral Strong Buy 79 0.69

INMARSAT 710.50 390.80 710.50 Neutral Sell 595 0.53

KCOM GROUP 81.25 67.00 85.20 Neutral Strong Buy 122 1.24

TELECOM PLUS 1035.00 677.00 1035.00 Neutral Sell 677 0.11

VODAFONE GROUP 192.00 154.45 192.00 Neutral Sell 162 0.54

Transport Under Valued


BBA AVIATION 269.00 178.00 269.00 Neutral Sell 197 1.29

BRAEMAR SHIPPING SVS. 390.00 309.50 425.00 Neutral Buy 452 0.98

CLARKSON 1557.00 1150.00 1557.00 Neutral Sell 1459 0.81

EASYJET 1128.00 471.00 1128.00 Neutral Sell 664 0.74

FIRST GROUP 216.10 175.70 260.50 Neutral Strong Buy 554 0.90

FISHER(JAMES)& SONS 1028.00 535.00 1045.00 Neutral Sell 390 0.77

GO-AHEAD GROUP 1501.00 1086.00 1513.00 Neutral Buy 1842 0.89

NATIONAL EXPRESS 209.10 164.50 237.20 Neutral Buy 248 1.33

NORTHGATE 315.00 159.60 350.00 Neutral Strong Buy 598 1.40

STAGECOACH GROUP 312.80 230.40 319.60 Neutral Buy 360 0.89

WINCANTON 45.00 31.00 78.50 Sell Sell -43 0.90

Utilities Under Valued


CENTRICA 373.80 306.30 373.80 Neutral Buy 493 0.46

NATIONAL GRID 778.00 633.00 778.00 Neutral Neutral 842 0.49

PENNON GROUP 625.00 598.00 796.00 Neutral Buy 784 0.58

SSE 1507.00 1294.00 1507.00 Neutral Buy 1765 0.42

SEVERN TRENT 1700.00 1507.00 1796.00 Neutral Sell 1517 0.34

UNITED UTILITIES GROUP 706.50 594.00 747.50 Neutral Neutral 671 0.50


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value indicator - uk main market 20130403

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