value indicator - uk main market 20130424

7/30/2019 value indicator - uk main market 20130424

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24 April 2013

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Intellisys Intelligent Analysis Limited 24 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 Over 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 Over Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Over 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 Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 382.30 270.90 397.30 Neutral Buy 545 0.66

CHEMRING GROUP 260.20 217.00 414.70 Neutral Buy 322 0.66

COBHAM 243.10 190.10 248.10 Neutral Buy 285 0.83

MEGGITT 472.00 364.30 494.20 Neutral Sell 405 1.32

ROLLS-ROYCE HOLDINGS 1150.00 7 88.92 1 150.00 Neutra l Neu tral 1096 1.08

SMITHS GROUP 1234.00 979.50 1328.00 Neutral Sell 1042 0.71

ULTRA ELECTRONICS HDG. 16 34.00 1424.00 1745.00 Neutral Sell 1539 0.50

Automobiles & Parts Under Valued

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

GKN 263.80 173.60 285.00 Neutra l Neu tral 253 2.00

INCHCAPE 499.00 305.20 530.00 Neutra l Neu tral 492 1.48

LOOKERS 94.75 56.50 100.50 Neutra l Neu tral 104 1.24

PENDRAGON 23.00 13.25 25.00 Neutral Buy 33 1.12

Banks Over Valued


BARCLAYS 298.30 150.55 327.35 Neutral Sell -808 1.93

HSBC HDG. (ORD $0.50) 688.30 503.20 740.00 Neutral Buy 938 1.17

LLOYDS BANKING GROUP 51.08 25.29 55.68 Sell Sell 5 1.87

ROYAL BANK OF SCTL.GP. 293.00 196.60 367.80 Neutral Sell -175 1.34

STANDARD CHARTERED 1628.00 1228.50 1837.50 Neutral Strong Buy 3206 1.70

Beverages Under Valued


BARR (AG) 535.50 348.00 572.00 Neutra l Neu tral 580 0.55

DIAGEO 2007.50 1477.00 2085.00 Neutral Sell 1769 0.55

SABMILLER 3475.50 2348.50 3552.50 Neutral Buy 3969 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 283.20 240.00 406.40 Neutral Strong Buy 630 #NA

CARCLO 374.25 345.75 503.00 Neutra l Neu tral 380 0.74

CRODA INTERNATIONAL 2578.00 2094.00 2841.00 Neutral Sell 2055 1.04

ELEMENTIS 246.30 179.00 275.00 Neutral Buy 338 1.00

JOHNSON MATTHEY 2375.00 2080.27 2573.00 Neutral Strong Buy 11349 1.44

VICTREX 1512.00 1185.00 1736.00 Neutral Sell 1412 1.13

SYNTHOMER 187.40 127.40 238.60 Neutra l Neu tral 206 1.16

ZOTEFOAMS 222.50 157.00 225.00 Neutral Strong Buy 363 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 86.00 61.50 104.00 Neutral Strong Buy 242 0.52

BALFOUR BEATTY 254.10 225.70 320.80 Neutral Strong Buy 998 0.79

BARRATT DEVELOPMENTS 315.30 114.00 315.30 Sell Buy 458 1.50

BELLWAY 1337.00 660.00 1337.00 Neutral Buy 1922 1.10

BERKELEY GROUP HDG.(THE) 2128.00 1177 .00 2128.00 Neutral Strong Buy 3232 0.63

BOOT (HENRY) 175.00 115.50 177.00 Neutral Strong Buy 344 0.83

BOVIS HOMES GROUP 754.00 399.30 754.00 Neutral Sell 565 1.14

CARILLION 287.60 235.50 331.80 Neutral Strong Buy 825 1.10

CLARKE (T) 52.50 40.00 61.50 Neutral Strong Buy 273 0.82

COSTAIN GROUP 282.50 188.00 306.00 Neutral Strong Buy 548 0.56

CRH 1387.00 1052.00 1540.00 Neutral Sell 806 1.14

GALLIFORD TRY 950.00 579.00 965.00 Neutral Strong Buy 1732 0.99

KELLER 836.00 348.25 848.00 Neutral Strong Buy 2078 1.25

KIER GROUP 1265.00 1106.00 1408.00 Neutral Strong Buy 3381 0.94

LOW & BONAR 71.50 49.00 76.75 Neutral Strong Buy 209 1.07MARSHALLS 127.50 76.00 130.00 Neutral Strong Buy 289 1.37

MORGAN SINDALL GROUP 580.00 508.00 695.00 Neutral Strong Buy 3388 0.86

NORCROS 16.00 9.25 18.25 Neutral Strong Buy 35 1.11

PERSIMMON 1068.00 496.69 1068.00 Neutral Buy 1450 1.15

REDROW 208.20 107.30 208.20 Neutral Buy 293 1.05

SIG 149.60 82.30 162.50 Neutral Strong Buy 484 1.74

SUPERGLASS HOLDINGS 5.75 3.88 15.25 Sell Strong Buy 48 0.89

TAYLOR WIMPEY 94.15 40.28 94.15 Neutral Buy 134 1.58

TRAVIS PERKINS 1463.00 906.50 1465.00 Neutral Strong Buy 2625 1.97

WOLSELEY 3214.00 2121.32 3337.00 Neutral Strong Buy 5345 1.43

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1227.00 935.00 1364.00 Neutral Sell 746 0.78

DOMINO PRINTING SCIENCES 652.00 509.00 717.00 Neutral Buy 819 1.18

E2V TECHNOLOGIES 120.00 105.50 149.50 Neutral Strong Buy 239 1.31

INVENSYS 350.50 191.40 366.80 Neutral Neu tral 334 1.42

LAIRD 203.10 177.00 249.30 Neutral Sell 80 2.12

OXFORD INSTRUMENTS 1480.00 1096.00 1 752.00 Neutral Sell 1141 1.01

RENISHAW 1510.00 1260.00 2081.00 Neutral Strong Buy 2301 1.26

SPECTRIS 2007.00 1427.00 2470.00 Neutral Neu tral 2138 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.19 Neutral Strong Buy 0 0.83

TT ELECTRONICS 158.75 114.00 190.00 Neutral Strong Buy 394 1.59

XAAR 508.00 185.00 508.00 Neutral Sell 226 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 78.00 54.25 91.75 Neutral Buy 101 1.26

BODYCOTE 482.40 310.30 556.50 Neutral Neutral 493 1.61

CASTINGS 328.00 277.75 358.50 Neutral Strong Buy 672 0.99

VESUVIUS 337.00 263.19 402.10 Neutral Buy 489 2.19

FENNER 355.00 329.30 450.80 Neutral Buy 532 1.42

HALMA 483.90 373.10 531.50 Neutral Sell 378 0.76

HILL & SMITH 426.75 297.00 480.00 Neutral Sell 323 1.37

IMI 1215.00 776.00 1347.00 Neutral Neutral 1304 1.40

MORGAN ADVANCED MATERIAL 247 .00 220 .30 332 .80 Neutral Strong Buy 514 1.82

ROTORK 2679.00 1859.00 3037.00 Neutral Sell 2063 0.99

SENIOR 239.00 177.00 253.10 Neutral Sell 204 1.65

SEVERFIELD-ROWEN 40.50 35.40 104.11 Neutral Sell 30 0.73

SPIRAX-SARCO 2512.00 1900.00 2734.00 Neutral Sell 2185 0.84

VITEC GROUP 630.00 586.50 740.00 Neutral Sell 581 1.40

WEIR GROUP 2159.00 1397.00 2474.00 Neutral Sell 1944 1.39

Food & Drug Stores Over Valued


GREGGS 471.00 449.00 523.50 Neutral Strong Buy 711 0.47

MORRISON(WM)SPMKTS. 286.60 248.60 296.40 Neutral Sell 202 0.39

SAINSBURY (J) 388.70 283.50 388.70 Neutral Sell 225 0.58

TESCO 373.80 297.05 387.75 Neutral Sell 287 0.69

THORNTONS 75.75 18.88 78.75 Neutral Sell 54 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1999.00 1167.00 1 999.00 Sell Neutral 2120 0.61

CRANSWICK 1045.00 732.50 1057.00 Neutral Strong Buy 2096 0.49

DAIRY CREST 448.40 294.50 451.60 Neutral Buy 504 0.92

DEVRO 316.60 278.00 380.00 Neutral Strong Buy 520 0.31

PREMIER FOODS 73.75 54.50 165.00 Neutral Sell -183 1.25

TATE & LYLE 866.00 633.50 870.50 Neutral Strong Buy 1563 0.70

UNILEVER (UK) 2828.00 2007.00 2831.00 Neutral Neu tral 2774 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.63 20.50 29.50 Neutral Buy 33 0.68

BROWN (N) GROUP 420.10 224.40 429.30 Neutral Sell 361 0.53

BURBERRY GROUP 1326.00 1000.00 1536.00 Neutral Sell 983 1.27

CARPETRIGHT 637.00 585.00 728.50 Neutral Sell 280 0.94

DIXONS RETAIL 37.08 12.67 37.08 Neutral Neu tral 39 1.50

FINDEL 140.50 55.20 186.00 Neutral Sell 46 1.08

FRENCH CONNECTN.GROUP 28.00 19.50 44.25 Sell Strong Buy 103 0.99

HALFORDS GROUP 335.00 189.00 356.80 Neutral Buy 500 0.67

JD SPORTS FASHION 760 .50 606 .50 841 .00 Neutral Strong Buy 1514 0.52

DARTY 49.00 38.00 65.00 Neutral Strong Buy 87 1.24

KINGFISHER 303.50 254.10 303.50 Neutral Buy 389 0.92

MARKS & SPENCER GROUP 410.70 312.20 410.70 Neutral Buy 515 0.64

MOSS BROTHERS GROUP 55.50 42.00 71.00 Buy Neutral 60 1.04

MOTHERCARE 303.50 160.00 362.00 Neutral Buy 363 0.47

NEXT 4394.00 2896.00 4408.00 Neutral Sell 3738 0.66TED BAKER 1300.00 830.00 1354.00 Neutral Sell 656 0.55

TOPPS TILES 67.88 32.13 69.75 Neutral Sell 50 1.48

Heath Over Valued


BIOQUELL 143.00 124.00 160.00 Neutral Sell 114 0.45

CONSORT MEDICAL 775.00 584.00 831.50 Neutral Sell 565 0.40

OPTOS 170.00 145.75 264.00 Neutral Neu tral 169 1.20

SMITH & NEPHEW 737.50 580.00 768.50 Neutral Sell 659 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 673.00 557.00 720.50 Neutral Neu tral 657 0.43

HEADLAM GROUP 330.00 263.00 355.00 Neutral Sell 294 0.92

HORNBY 80.50 55.25 95.00 Neutral Buy 103 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 972.00 469.00 972.00 Neutral Sell 557 0.74

CSR 480.10 200.30 502.50 Neutral Strong Buy 1285 1.16FILTRONIC 66.00 23.50 83.25 Neutral Sell 47 0.90

IMAGINATION TECHN OLOGIES 439.90 383.50 696.00 Neutral Buy 529 1.09

SPIRENT COMMUNICATIONS 122.70 1 22.00 174.00 Buy Strong Buy 692 0.94

WOLFSON MICROELECTRON ICS 195.00 167.00 230.00 Neutral Sell -540 0.91


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Insurance Under Valued


ADMIRAL GROUP 1347.00 1019.00 1374.00 Neutral Neu tral 1362 0.54

AMLIN 427.00 312.90 431.50 Neutral Sell 152 0.46

BEAZLEY 215.80 132.50 219.10 Neutral Strong Buy 1242 0.59

CATLIN GROUP 525.00 399.00 540.00 Neutral Strong Buy 1840 0.29

HISCOX 564.00 379.26 574.05 Neutral Strong Buy 2475 0.48

JARDINE LLOYD THOMPSON 851 .50 659 .00 864 .50 Neutral Strong Buy 1677 0.31

RSA INSURANCE GROUP 111.50 97.65 136.30 Neutral Strong Buy 887 0.40

NOVAE GROUP 454.25 345.00 475.75 Neutral Strong Buy 2842 0.47

Leisure & Hotels Over Valued


CARNIVAL 2298.00 1944.00 2628.00 Neutral Strong Buy 3904 1.00

ENTERPRISE INNS 102.50 55.50 114.70 Neutral Neu tral 99 1.59

TUI TRAVEL 318.30 158.00 330.00 Neutral Strong Buy 770 0.99

FULLER SMITH 'A' 785.00 700.00 820.00 Neutral Sell 660 0.38

GREENE KING 694.00 474.30 723.50 Neutral Sell 633 0.91

LADBROKES 192.90 152.70 243.10 Neutral Buy 249 0.93

ICTL.HTLS.GP. 1880.00 1396.63 2039.00 Neutral Sell 1467 1.17

MILLENNIUM & CPTH.HTLS. 555.50 455.40 582.50 Neutral Buy 635 1.38

MITCHELLS & BUTLERS 327.90 217.40 350.10 Neutral Sell 306 1.09

BWIN PARTY DIGITAL ENTM. 135.90 91.90 158.00 Neutral Sell 51 1.25

PUNCH TAVERNS 10.00 5.61 13.12 Neutral Strong Buy 47 1.25

RANK GROUP 165.00 111.00 177.50 Neutral Strong Buy 500 1.00

RESTAURANT GROUP 475.60 269.20 475.60 Neutral Sell 318 0.74

WETHERSPOON (JD) 552.00 371.30 553.50 Neutral Buy 729 0.69

WHITBREAD 2504.00 1786.00 2692.00 Neutral Sell 1963 0.99WILLIAM HILL 426.70 243.75 426.70 Neutral Sell 252 0.86

MARSTON'S 140.20 94.40 143.00 Neutral Sell 16 1.20

Life Assurance Over Valued


AVIVA 303.30 255.30 388.40 Neutral Strong Buy 649 1.24

CHESNARA 231.50 155.25 250.00 Neutral Strong Buy 369 0.70

LEGAL & GENERAL 174.10 106.00 175.70 Neutral Strong Buy 329 1.70

OLD MUTUAL 205.30 138.70 211.40 N eutral Neutral 195 1.57

PRUDENTIAL 1096.00 660.00 1155.00 Neutral Sell 954 1.70

ST.JAMES'S PLACE 515.00 303.40 537.00 Neutral Strong Buy 1402 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 113.00 102.00 146.50 Neutral Sell -571 0.36

BRITISH SKY BCAST.GROUP 850.00 656.00 899.50 Neutral Strong Buy 1695 0.54

CENTAUR MEDIA 47.00 28.50 60.00 Neutral Strong Buy 151 1.01

DAILY MAIL 'A' 705.50 363.50 722.00 Neutral Strong Buy 3957 1.12

EUROMONEY INSTL.INVESTOR 940.00 672.50 1001.00 Neutral Strong Buy 7471 0.98

INFORMA 488.90 340.00 537.00 Neutral Sell -73 1.53

ITE GROUP 260.00 180.00 289.40 Neutral Strong Buy 233 1.44

ITV 127.60 69.45 132.30 Neutral Strong Buy 1228 1.54

JOHNSTON PRESS 15.12 4.88 16.00 Neutral Buy 755 1.26

PEARSON 1130.00 1115.00 1294.00 Neutral Buy 308 0.62

PHOTO-ME INTL. 76.00 36.25 82.50 Neutral Strong Buy 2559 0.79

PINEWOOD SHEPPERTON 280.00 265.00 377.50 Neutral Strong Buy 849 0.15

THOMSON REUTERS 33.45 26.85 33.45 Neutral Sell -569 0.52

STV GROUP 133.50 81.50 146.88 Neutral Sell 259 0.78

ST.IVES 137.50 67.50 139.25 Neutral Sell 218 1.49TRINITY MIRROR 91.75 25.50 121.25 Neutral Sell -253 1.57

UBM 686.00 511.00 788.00 Neutral Strong Buy 1709 1.31

WILMINGTON GROUP 144.00 82.00 164.00 Neutral Strong Buy 1319 0.85

WPP 1072.00 743.00 1092.00 Neutral Sell -492 1.34

HIBU 0.39 0.26 3.91 Neutral Strong Buy 790 1.07

Mining Over Valued


ANGLO AMERICAN 1595.50 1553.00 2412.00 Neutral Sell 1269 1.75

ANGLO PACIFIC GROUP 216.25 215.00 320.00 Neutral Neu tral 214 0.99ANTOFAGASTA 884.00 884.00 1381.00 Neutral Sell 774 1.43

BHP BILLITON 1780.00 1681.00 2236.00 Neutral Buy 2452 1.45

LONMIN 261.00 240.84 564.35 Neutral Strong Buy 530 2.03

RANDGOLD RESOURCES 4831.00 4545.00 7775.00 Neutral Sell 2202 0.34

RIO TINTO 2909.00 2715.50 3757.00 Neutral Sell 2708 1.51

COALFIELD RESOURCES 5.75 3.75 22.50 Neutral Strong Buy 148 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Buy 1642 2.21

XSTRATA 955.00 785.80 1205.00 Neutral Sell 672 1.88

Oil & Gas Under Valued


BG GROUP 1064.00 1000.50 1451.00 Neutral Buy 1198 0.81

BP 451.65 391.95 475.90 Neutral Strong Buy 1506 1.05

CAIRN ENERGY 281.40 248.20 349.00 Neutral Sell -12 1.32

FORTUNE OIL 8.10 7.66 12.50 Neutral Strong Buy 14 0.90

HUNTING 798.50 688.00 954.00 Neutral Sell 431 1.32

JKX OIL & GAS 66.00 55.00 137 .00 Neutral Strong Buy 292 1.36

PREMIER OIL 365.80 321.30 401.20 Neutral Sell 276 1.45

ROYAL DUTCH SHELL B 2202.00 2039.00 2366.50 Neutral Strong Buy 9100 0.86

SOCO INTERNATIONAL 373.50 254.90 404.30 Neutral Sell 241 0.52

TULLOW OIL 1037.00 982.50 1557.00 Neutral Sell 876 1.05

WOOD GROUP (JOHN) 800.00 651.50 879.50 Neutral Neu tral 768 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 111.00 102.70 146.75 Neutral Strong Buy 256 0.83

PZ CUSSONS 399.00 297.20 415.60 Neutral Sell 325 0.69

RECKITT BENCKISER GROUP 4723.00 3300.00 4812.00 Neutral Neu tral 4769 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.40 0.37 3.88 Buy Sell -4 1.01

ASTRAZENECA 3386.00 2591.00 3386.00 Neutral Strong Buy 7022 0.47

BTG 347.80 300.30 423.00 Neutral Sell 153 0.62

DECHRA PHARMACEUTICALS 750.00 444.50 780.00 Neutral Sell 620 0.26

GLAXOSMITHKLINE 1678.50 1317.50 1678.50 Neutral Buy 2141 0.49

OXFORD BIOMEDICA 1.63 1.55 4.20 Buy Sell -1 0.65

PHYTOPHARM 1.13 1.13 12.75 Strong Buy Strong Buy 2 0.94

SHIRE 2005.00 1727.00 2153.00 Neutral Sell 1425 0.65

SKYEPHARMA 43.50 43.50 101.50 Neutral Sell -102 0.71

VERNALIS 22.50 21.63 27.38 Neutral Buy 25 0.90

Real Estate Under Valued


BIG YELLOW GROUP 389.00 274.50 393.00 Neutral Sell -571 1.15

BRITISH LAND 587.50 475.40 587.50 Neutral Strong Buy 1695 1.03

CAPITAL & REGIONAL 34.00 22.75 34.50 Sell Strong Buy 151 0.82

CLS HOLDINGS 886.00 595.00 895.00 Neutral Strong Buy 3957 0.69

DERWENT LONDON 2308.00 1708.00 2308.00 Neutral Strong Buy 7471 1.20DEVELOPMENT SECS. 153.50 121.75 175.00 Neutral Sell -73 0.97

GRAINGER 139.90 83.10 140.60 Neutral Strong Buy 233 1.54

GREAT PORTLAND ESTATES 525.50 350.10 525.50 Sell Strong Buy 1228 1.06

HAMMERSON 524.50 409.20 525.00 Neutral Buy 755 1.16

HELICAL BAR 247.00 164.00 251.00 Neutral Buy 308 0.75

LAND SECURITIES GROUP 878.00 704.00 878.00 Neutral Strong Buy 2559 1.15

INTU PROPERTIES 343.70 305.00 366.00 Neutral Strong Buy 849 1.08

MCKAY SECURITIES 140.50 127.00 145.00 Neutral Sell -569 0.72

MUCKLOW (A & J) GROUP 373.75 320.00 390.00 Neutral Sell 259 0.41

PRIMARY HEALTH PROPS. 332.00 312.00 364.50 Neutral Sell 218 0.35

QUINTAIN ESTATES & DEV. 65.50 32.50 70.00 Sell Sell -253 1.17

SAVILLS 534.50 300.80 599.00 Neutral Strong Buy 1709 0.74

SHAFTESBURY 608.00 492.00 608.50 Neutral Strong Buy 1319 1.03

SEGRO 260.10 209.40 271.00 Neutral Sell -492 1.70

ST MODWEN PROPS. 266.00 145.50 280.20 Neutral Strong Buy 790 1.55

TOWN CENTRE SECURITIES 202.50 147.00 215.00 Neutral Sell -14 1.05

UNITE GROUP 324.00 180.25 330.00 Neutral Sell 44 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -1123 1.01

WORKSPACE GROUP 373.20 213.25 374.10 Neutral Strong Buy 1281 1.02


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Software & Computer Services Under Valued


ANITE 116.70 111.00 162.00 Neutral Neu tral 120 0.76

AVEVA GROUP 2159.00 1469.00 2322.00 Neutral Sell 1292 1.40

COMPUTACENTER 538.00 292.40 567.00 Neutral Strong Buy 1329 1.01

KOFAX 331.00 240.00 335.00 Neutral Neu tral 317 1.12

INNOVATION GROUP 25.25 18.25 25.50 Neutral Sell 24 0.83

MICRO FOCUS INTL. 676.00 426.17 706.00 Neutral Buy 955 0.79

PHOENIX IT GROUP 148.00 131.00 231.75 Neutral Strong Buy 307 0.74

RM 75.00 70.25 89.00 Neutral Sell -91 0.53

FIDESSA GROUP 1810.00 1275.00 1970.00 Neutral Buy 2047 0.77

SAGE GROUP 341.90 247.70 352.10 Neutral Buy 410 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 416.00 2 37.30 441.90 Neutral Sell 135 1.08

BREWIN DOLPHIN 220.00 136.30 222.00 Neutral Sell 111 0.72

CAMELLIA 10400.00 9250.00 11105.00 Neutral Sell 8303 0.83

CHARLES STANLEY GROUP 404.50 247.50 404.50 Sell Sell 183 0.97

CHARLES TAYLOR 169.00 132.00 190.00 Neutral Sell 116 0.69

CLOSE BROTHERS GROUP 1028.00 673.50 1107.00 Neutral Sell 166 0.87

F&C ASSET MANAGEMENT 95.20 65.90 110.40 Neutral Neu tral 97 0.89

HELPHIRE GROUP 3.00 0.55 3.70 Neutral Strong Buy 24 0.68

HENDERSON GROUP 159.60 90.55 171.00 Neutral Sell 57 1.44

ICAP 286.10 280.80 384.00 Buy Sell 208 1.07

INTERMEDIATE CAPITAL GP. 414.10 227.30 427.60 Neutral Sell 168 1.68

INVESTEC 448.00 310.40 513.50 Neutral Sell 83 1.55

LONDON STOCK EX.GROUP 1310.00 930.00 1411.00 Neutral Buy 1470 1.12MAN GROUP 108.10 63.25 111.10 Neutral Strong Buy 478 1.32

RATHBONE BROTHERS 1451.00 1151.00 1551.00 Neutral Sell 1062 0.73

SCHRODERS 2230.00 1166.00 2230.00 Neutral Sell 1118 1.31

SCHRODERS NV 1787.00 966.00 1787.00 Neutral Strong Buy 3660 1.27


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Support Services Over Valued


ACAL 212.00 157.75 242.50 Neutral Buy 287 0.93

AGGREKO 1784.00 1557.00 2400.00 Neutral Sell 1285 1.03

AMEC 977.00 923.00 1172.00 Neutral Buy 1114 1.04

ASHTEAD GROUP 604.00 212.20 635.00 Neutral Sell 314 1.62

BABCOCK INTL. 1072.00 793.50 1106.00 Neutral Sell 652 0.48

BRITISH POLYTHENE INDS. 534.00 317.00 539.00 Neutral Buy 785 0.78

BUNZL 1278.00 990.00 1320.00 Neutral Sell 966 0.55

UK MAIL GROUP 435.50 214.00 445.00 Neutral Neu tral 435 0.38

CAPITA 874.50 602.00 913.50 Neutral Sell 514 0.50

COMMUNISIS 51.25 25.34 53.50 Neutral Buy 66 0.78

COMPASS GROUP 845.50 616.00 852.50 Neutral Sell 594 0.74

BERENDSEN 774.00 462.00 812.00 Neutral Buy 967 1.04

DE LA RUE 914.50 891.50 1075.00 Neutral Sell 590 #NA

DIGNITY 1394.00 803.50 1435.00 Neutral Sell 794 0.21

DIPLOMA 558.00 417.00 627.50 Neutral Sell 480 0.95ELECTROCOMP. 241.10 195.20 265.00 Neutral Buy 316 1.02

FILTRONA 722.50 428.00 744.00 Neutral Sell 342 1.10

G4S 313.50 240.00 313.50 Neutral Sell 286 0.58

HAYS 92.75 66.40 101.20 Neutral Buy 119 1.09

HOMESERVE 195.90 137.50 252.50 Neutral Strong Buy 484 0.93

INTERSERVE 475.60 271.40 510.50 Neutral Buy 672 1.27

INTERTEK GROUP 3418.00 2406.00 3451.00 Neutral Sell 1426 0.77

JOHNSON SERVICE GROUP 43.75 26.50 45.75 Neutral Strong Buy 93 1.18

MANAGEMENT CNSL.GP. 31.50 21.25 39.25 Neutral Strong Buy 54 0.72

MENZIES (JOHN) 686.00 542.00 789.00 Neutral Strong Buy 1269 1.43

MICHAEL PAGE INTL. 368.90 341.40 451.80 Neutral Sell 314 1.41

MITIE GROUP 279.60 253.90 300.80 Neutral Buy 336 0.55

OFFICE2OFFICE 92.00 91.00 156.00 Neutral Strong Buy 234 0.34

PAYPOINT 865.00 605.00 912.50 Neutral Sell 682 0.70

PREMIER FARNELL 212.20 153.20 236.30 Neutral Buy 281 1.32

REGUS 160.70 82.65 169.00 Neutral Sell 105 1.44

RENTOKIL INITIAL 96.40 69.40 100.70 Neutral Sell 54 1.24

REXAM 522.00 394.28 547.50 Neutral Neu tral 523 0.91

RICARDO 380.00 304.50 431.00 Neutral Buy 464 0.85

ROBERT WALTERS 226.87 176.25 259.50 Neutral Buy 304 1.23

RPC GROUP 390.80 348.30 477.00 Neutral Buy 525 0.77

RPS GROUP 247.70 197.00 274.20 Neutral Neu tral 244 1.50

SERCO GROUP 610.00 509.50 635.50 Neutral Sell 568 0.59

SHANKS GROUP 74.00 73.00 98.00 Neutral Strong Buy 166 1.46

SPEEDY HIRE 49.25 22.25 50.00 Neutral Neu tral 51 1.25TRIBAL GROUP 147.00 73.25 149.00 Neutral Sell 50 0.56

TRIFAST 53.13 39.50 59.00 Neutral Buy 60 0.92

VP 334.00 234.75 354.88 Neutral Strong Buy 614 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 180 0.79


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Telecommunication Services Over Valued


BT GROUP 283.70 200.70 283.70 Neutral Buy 337 0.90

CABLE & WIRELESS COMMS. 42.26 27.28 42.81 Neutral Strong Buy 83 0.69

INMARSAT 716.50 390.80 716.50 Neutral Sell 606 0.53

KCOM GROUP 82.00 67.00 85.20 Neutral Strong Buy 130 1.24

TELECOM PLUS 1188.00 682.50 1199.00 Neutral Sell 733 0.11

VODAFONE GROUP 195.05 154.45 195.05 Neutral Sell 169 0.54

Transport Under Valued


BBA AVIATION 252.30 178.00 269.00 Neutral Sell 181 1.30

BRAEMAR SHIPPING SVS. 390.00 309.50 425.00 Neutral Buy 465 0.99

CLARKSON 1673.00 1150.00 1673.00 Sell Sell 1501 0.81

EASYJET 1150.00 481.20 1150.00 Neutral Sell 686 0.74

FIRST GROUP 217.20 175.70 260.50 Neutral Strong Buy 574 0.90

FISHER(JAMES)& SONS 1097.00 535.00 1110.00 Neutral Sell 405 0.77

GO-AHEAD GROUP 1546.00 1086.00 1546.00 Neutral Buy 1900 0.89

NATIONAL EXPRESS 200.50 164.50 230.50 Neutral Buy 258 1.34

NORTHGATE 313.00 159.60 350.00 Neutral Strong Buy 625 1.41

STAGECOACH GROUP 301.40 230.40 319.60 Neutral Buy 363 0.90

WINCANTON 54.50 31.00 78.50 Sell Sell -44 0.90

Utilities Under Valued


CENTRICA 393.10 306.30 393.10 Neutral Buy 513 0.46

NATIONAL GRID 807.50 641.00 807.50 Neutral Buy 888 0.49

PENNON GROUP 670.50 598.00 796.00 Neutral Buy 823 0.58

SSE 1548.00 1294.00 1548.00 Neutral Buy 1834 0.42

SEVERN TRENT 1799.00 1513.00 1799.00 Neutral Sell 1603 0.34

UNITED UTILITIES GROUP 746.50 617.00 747.50 N eutral Neutral 710 0.50


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