value indicator - uk main market 20130524

7/30/2019 value indicator - uk main market 20130524

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24 May 2013

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Intellisys Intelligent Analysis Limited 24 May 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................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 Over 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 415.20 270.90 427.00 Neutral Buy 594 0.67

CHEMRING GROUP 286.10 217.00 414.70 Neutral Buy 361 0.66

COBHAM 282.00 190.10 287.20 Neutral Buy 313 0.82

MEGGITT 522.00 364.30 532.50 Neutral Sell 449 1.32

ROLLS-ROYCE HOLDINGS 1190.00 7 80.75 1 225.00 Neu tral Neutra l 1182 1.07

SMITHS GROUP 1335.00 979.50 1370.00 Neutral Sell 1142 0.71

ULTRA ELECTRONICS HDG. 1810.00 1 424.00 1843.00 Neutral Sell 1679 0.51

Automobiles & Parts Under Valued

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

GKN 299.20 173.60 311.90 Neu tral Neutra l 286 2.02

INCHCAPE 548.50 305.20 577.50 Neu tral Neutra l 542 1.48

LOOKERS 106.25 56.50 110.00 Neu tral Neutra l 115 1.23

PENDRAGON 25.00 13.50 26.50 Neutral Buy 37 1.11

Banks Over Valued


BARCLAYS 321.45 150.55 333.85 Neutral Sell -797 1.94

HSBC HDG. (ORD $0.50) 741.80 503.20 769.90 Neutral Buy 928 1.17

LLOYDS BANKING GROUP 60.62 25.29 62.96 Sell Sell 8 1.89

ROYAL BANK OF SCTL.GP. 337.20 196.60 367.80 Neutral Sell -136 1.35

STANDARD CHARTERED 1539.00 1228.50 1 837.50 Neutral Strong Buy 3185 1.70

Beverages Under Valued


BARR (AG) 570.50 348.00 588.50 Neutral Neutra l 605 0.55

DIAGEO 2013.00 1498.00 2085.00 Neutral Sell 1794 0.55

SABMILLER 3462.00 2348.50 3657.00 Neutral Buy 3977 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 323.70 240.00 406.40 Neutral Strong Buy 645 1.23

CARCLO 368.00 356.00 503.00 Neu tral Neutra l 387 0.73

CRODA INTERNATIONAL 2538.00 2125.00 2841.00 Neutral Sell 2096 1.04

ELEMENTIS 241.60 179.00 275.00 Neutral Buy 344 0.99

JOHNSON MATTHEY 2637.00 2080.27 2696.00 Neutral Strong Buy 11550 1.45

VICTREX 1639.00 1185.00 1736.00 Neutral Sell 1455 1.14

SYNTHOMER 192.50 127.40 225.80 Neu tral Neutra l 208 1.16

ZOTEFOAMS 198.50 157.00 225.00 Neutral Strong Buy 370 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 245 0.51

BALFOUR BEATTY 236.20 207.60 320.80 Neutral Strong Buy 939 0.80

BARRATT DEVELOPMENTS 330.70 114.00 346.30 Neutral Buy 448 1.58

BELLWAY 1301.00 660.00 1377.00 Neutral Buy 1826 1.15

BERKELEY GROUP HDG.(THE) 2157.00 1190.00 2207.00 Neutral Strong Buy 3295 0.66

BOOT (HENRY) 183.75 115.50 201.00 Neutral Strong Buy 339 0.83

BOVIS HOMES GROUP 755.00 399.30 778.50 Neutral Sell 544 1.20

CARILLION 251.20 235.50 331.80 Buy Strong Buy 747 1.12

CLARKE (T) 53.50 40.00 61.50 Neutral Strong Buy 253 0.82

COSTAIN GROUP 271.25 188.00 306.00 Neutral Strong Buy 551 0.57

CRH 1399.00 1052.00 1540.00 Neutral Sell 842 1.14

GALLIFORD TRY 970.00 579.00 999.00 Neutral Strong Buy 1602 1.01

KELLER 969.00 348.25 978.50 Neutral Strong Buy 2043 1.26

KIER GROUP 1241.00 1106.00 1408.00 Neutral Strong Buy 3215 0.97

LOW & BONAR 65.00 49.75 76.75 Neutral Strong Buy 211 1.07MARSHALLS 139.00 76.00 139.00 Neutral Strong Buy 279 1.39

MORGAN SINDALL GROUP 557.00 508.00 695.00 Neutral Strong Buy 3231 0.87

NORCROS 15.63 9.25 18.25 Neutral Strong Buy 32 1.15

PERSIMMON 1233.00 496.69 1272.00 Neutral Buy 1385 1.20

REDROW 228.80 107.30 238.10 Neutral Buy 276 1.09

SIG 173.40 82.30 174.00 Neutral Strong Buy 497 1.79

SUPERGLASS HOLDINGS 2.00 1.88 14.50 Sell Strong Buy 50 0.88

TAYLOR WIMPEY 99.55 40.28 103.00 Neutral Buy 123 1.67

TRAVIS PERKINS 1582.00 906.50 1604.00 Sell Strong Buy 2473 2.01

WOLSELEY 3346.00 2121.32 3483.00 Neutral Strong Buy 5384 1.46

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1320.00 972.00 1365.00 Neutral Sell 826 0.75

DOMINO PRINTING SCIENCES 670.00 509.00 717.00 Neutral Buy 906 1.18

E2V TECHNOLOGIES 125.00 105.50 144.00 Neutral Strong Buy 266 1.29

INVENSYS 390.60 198.90 402.70 Neutral Sell 370 1.41

LAIRD 208.40 177.00 249.30 Neutral Sell 77 2.13

OXFORD INSTRUMENTS 1589.00 1120.00 1752.00 Neutral Sell 1265 1.00

RENISHAW 1732.00 1260.00 2081.00 Neutral Buy 2535 1.26

SPECTRIS 2068.00 1427.00 2470.00 Neutral Buy 2383 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.14 Neutral Strong Buy 0 0.84

TT ELECTRONICS 173.00 114.00 178.50 Neutral Strong Buy 440 1.58

XAAR 630.00 185.00 695.00 Neutral Sell 252 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 82.00 54.25 91.75 Neutral Buy 108 1.28

BODYCOTE 554.50 310.30 560.50 Neutral Neutral 532 1.60

CASTINGS 337.50 277.75 358.50 Neutral Strong Buy 724 0.99

VESUVIUS 370.10 263.19 402.10 Neutral Buy 530 2.20

FENNER 345.80 329.30 435.20 Neutral Strong Buy 575 1.42

HALMA 529.00 375.00 538.50 Neutral Sell 408 0.75

HILL & SMITH 456.75 297.00 480.00 Neutral Sell 351 1.37

IMI 1325.00 776.00 1359.00 Neutral Neutral 1411 1.41

MORGAN ADVANCED MATERIAL 290.00 220 .30 305.00 Neutral Strong Buy 558 1.82

ROTORK 2828.00 1859.00 3037.00 Neutral Sell 2230 1.00

SENIOR 273.50 177.00 280.80 Neutral Sell 220 1.64

SEVERFIELD-ROWEN 44.50 35.40 91.10 Neutral Sell 33 0.79

SPIRAX-SARCO 2804.00 1900.00 2865.00 Neutral Sell 2357 0.84

VITEC GROUP 601.00 586.50 740.00 Neutral Neutral 628 1.39

WEIR GROUP 2320.00 1397.00 2474.00 Neutral Sell 2108 1.38

Food & Drug Stores Over Valued


GREGGS 412.00 398.00 523.50 Neutral Strong Buy 710 0.47

MORRISON(WM)SPMKTS. 281.30 248.60 296.40 Neutral Sell 180 0.39

SAINSBURY (J) 382.30 283.50 396.50 Neutral Sell 198 0.57

TESCO 383.30 297.05 387.75 Neutral Sell 263 0.68

THORNTONS 96.13 18.88 100.50 Sell Sell 69 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1940.00 1167.00 2031.00 Neutral Buy 2165 0.62

CRANSWICK 1100.00 732.50 1115.00 Neutral Strong Buy 2139 0.43

DAIRY CREST 470.00 312.70 480.70 Neutral Neutral 516 0.94

DEVRO 336.60 278.00 380.00 Neutral Strong Buy 530 0.32

PREMIER FOODS 72.50 54.50 125.75 Neutral Sell -183 1.25

TATE & LYLE 871.00 633.50 874.00 Neutral Strong Buy 1597 0.71

UNILEVER (UK) 2866.00 2013.00 2885.00 Neutral Neutral 2832 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.25 20.50 29.50 Neutral Buy 36 0.69

BROWN (N) GROUP 460.40 224.40 465.60 Neutral Sell 393 0.54

BURBERRY GROUP 1522.00 1000.00 1541.00 Neutral Sell 1059 1.27

CARPETRIGHT 644.00 585.00 728.50 Neutral Sell 302 0.95

DIXONS RETAIL 42.25 12.67 42.90 Neu tral Neu tral 43 1.51

FINDEL 153.00 55.20 186.00 Neutral Sell 59 1.13

FRENCH CONNECTN.GROUP 31.00 19.50 34.00 Sell Strong Buy 110 0.99

HALFORDS GROUP 333.30 189.00 405.20 Neutral Strong Buy 542 0.68

JD SPORTS FASHION 880 .00 606.50 900 .00 Neutral Strong Buy 1630 0.53

DARTY 67.00 38.00 72.50 Neutral Buy 99 1.25

KINGFISHER 327.40 254.10 335.50 Neutral Buy 421 0.94

MARKS & SPENCER GROUP 472.10 312.20 475.20 Sell Buy 560 0.65

MOSS BROTHERS GROUP 55.50 42.75 71.00 Neutral Buy 64 1.04

MOTHERCARE 355.00 189.25 364.00 Neutral Buy 406 0.47

NEXT 4691.00 2976.00 4749.00 Sell Sell 4023 0.67

TED BAKER 1468.00 840.00 1470.00 Sell Sell 709 0.55

TOPPS TILES 65.25 32.13 70.00 Neutral Sell 54 1.50

Heath Over Valued


BIOQUELL 141.00 126.50 160.00 Neutral Sell 115 0.46

CONSORT MEDICAL 774.50 584.00 831.50 Neutral Sell 567 0.39

OPTOS 132.25 122.25 222.75 Neutral Buy 159 1.18

SMITH & NEPHEW 785.00 590.50 794.50 Neutral Sell 708 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 722.50 557.00 742.00 Neutral Neutral 704 0.44

HEADLAM GROUP 372.50 263.00 372.50 Neutral Sell 315 0.92

HORNBY 79.50 55.25 90.00 Neutral Buy 111 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 995.00 469.00 1097.00 Neutral Sell 542 0.74

CSR 550.00 200.30 570.00 Neutral Strong Buy 1276 1.18FILTRONIC 61.50 25.00 83.25 Neutral Sell 47 0.90

IMAGIN AT ION TECHNOLOGIES 350.00 296 .00 624.00 Neutral Buy 509 1.08

SPIRENT COMMUNICATIONS 134.40 122.00 170.90 Neutral Strong Buy 677 0.94

WOLFSON MICROELECTRONICS 221.50 170 .00 230.00 Neutral Sell -481 0.90


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Insurance Under Valued


ADMIRAL GROUP 1286.00 1019.00 1374.00 Neu tral Neu tral 1236 0.53

AMLIN 421.20 312.90 435.10 Neutral Sell 59 0.46

BEAZLEY 235.00 132.50 240.80 Neutral Strong Buy 1297 0.60

CATLIN GROUP 533.00 399.00 552.50 Neutral Strong Buy 2041 0.30

HISCOX 573.50 386.10 600.00 Neutral Strong Buy 2585 0.48

JARDINE LLOYD THOMPSON 898 .00 671.00 914 .50 Neutral Strong Buy 1727 0.31

RSA INSURANCE GROUP 114.20 97.65 136.30 Neutral Strong Buy 935 0.41

NOVAE GROUP 494.75 345.00 500.00 Neutral Strong Buy 2904 0.48

Leisure & Hotels Over Valued


CARNIVAL 2233.00 2061.00 2628.00 Neutral Strong Buy 4224 1.01

ENTERPRISE INNS 117.40 55.50 123.80 Neu tral Neu tral 118 1.61

TUI TRAVEL 362.60 158.00 373.20 Neutral Strong Buy 813 1.01

FULLER SMITH 'A' 820.00 700.00 820.00 Neutral Sell 712 0.39

GREENE KING 780.00 478.20 789.50 Neutral Sell 688 0.93

LADBROKES 209.40 152.70 243.10 Neutral Buy 264 0.93

ICTL.HTLS.GP. 1918.00 1407.64 2039.00 Neutral Sell 1539 1.18

MILLENNIUM & CPTH.HTLS. 551.00 455.40 582.50 Neutral Buy 679 1.40

MITCHELLS & BUTLERS 395.20 217.40 408.50 Sell Sell 336 1.12

BWIN PARTY DIGITAL ENTM. 133.90 91.90 156.00 Neutral Sell 45 1.25

PUNCH TAVERNS 11.25 5 .61 13.12 Neutral Strong Buy 55 1.27

RANK GROUP 152.50 115.00 177.50 Neutral Strong Buy 526 1.00

RESTAURANT GROUP 531.00 279.90 531.00 Neutral Sell 338 0.76

WETHERSPOON (JD) 646.50 385.00 661.50 Neutral Buy 778 0.69

WHITBREAD 2855.00 1821.00 2887.00 Sell Sell 2090 0.99WILLIAM HILL 445.30 246.35 452.80 Neutral Sell 269 0.87

MARSTON'S 152.50 94.70 154.70 Neutral Sell 21 1.21

Life Assurance Over Valued


AVIVA 329.50 255.30 388.40 Neutral Strong Buy 707 1.25

CHESNARA 255.25 155.25 270.00 Neutral Strong Buy 398 0.70

LEGAL & GENERAL 182.60 106.00 187.80 Neutral Strong Buy 358 1.71

OLD MUTUAL 214.90 138.70 221.60 Neu tral Neu tral 208 1.57

PRUDENTIAL 1158.00 660.00 1203.00 Neutral Sell 1027 1.71

ST.JAMES'S PLACE 573.00 303.40 640.00 Neutral Strong Buy 1527 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 121.00 102.00 146.50 Neutral Sell -618 0.37

BRITISH SKY BCAST.GROUP 791.50 656.00 899.50 Neutral Strong Buy 1837 0.54

CENTAUR MEDIA 33.00 28.50 60.00 Neutral Strong Buy 164 1.03

DAILY MAIL 'A' 766.00 363.50 768.00 Sell Strong Buy 4341 1.14

EUROMONEY INSTL.INVESTOR 921.00 693 .50 1030.00 Neutral Strong Buy 8087 1.00

INFORMA 522.50 340.00 537.00 Neutral Sell -78 1.53

ITE GROUP 296.00 180.00 299.00 Neutral Strong Buy 260 1.45

ITV 132.40 69.45 134.70 Neutral Strong Buy 1341 1.54

JOHNSTON PRESS 17.75 4.88 19.00 Neutral Strong Buy 824 1.27

PEARSON 1217.00 1119.00 1294.00 Neutral Buy 338 0.63

PHOTO-ME INTL. 78.50 36.25 84.50 Neutral Strong Buy 2779 0.79

PINEWOOD SHEPPERTON 272.50 265.00 377.50 Neutral Strong Buy 929 0.16

THOMSON REUTERS 36.10 26.85 36.21 Neutral Sell -615 0.50

STV GROUP 136.50 81.50 146.88 Neutral Sell 281 0.79

ST.IVES 161.50 67.50 166.50 Neutral Sell 239 1.50TRINITY MIRROR 108.25 25.50 121.25 Neutral Sell -273 1.59

UBM 731.00 511.00 788.00 Neutral Strong Buy 1816 1.31

WILMINGTON GROUP 160.00 82.00 164.00 Neutral Strong Buy 1433 0.84

WPP 1162.00 743.00 1178.00 Neutral Sell -529 1.35

HIBU 0.40 0.26 2.18 Neutral Strong Buy 856 1.07

Mining Under Valued


ANGLO AMERICAN 1570.00 1544.00 2215.00 Neutral Sell 1180 1.74

ANGLO PACIFIC GROUP 225.50 215.00 290.00 Neu tral Neu tral 229 0.96

ANTOFAGASTA 958.00 884.00 1381.00 Neutral Sell 853 1.41

BHP BILLITON 1942.50 1694.50 2236.00 Neutral Buy 2876 1.43

GLENCORE XSTRATA 336.90 293.55 397.85 Buy Strong Buy 976 #NA

LONMIN 270.00 240.84 421.26 Neutral Buy 348 2.03

RANDGOLD RESOURCES 5030.00 4545.00 7 775.00 Neutral Sell 2981 0.34

RIO TINTO 2913.00 2715.50 3757.00 Neutral Sell 2311 1.50

COALFIELD RESOURCES 3.38 13.00 Neutral Strong Buy 166 0.89

VEDANTA RESOURCES 1286.00 832.50 1335.00 Neutral Strong Buy 2087 2.20

Oil & Gas Under Valued


BG GROUP 1216.50 1000.50 1350.50 Neu tral Neu tral 1248 0.80

BP 477.50 394.90 483.30 Neutral Strong Buy 1574 1.03

CAIRN ENERGY 281.30 248.20 309.40 Neutral Sell -22 1.32

FORTUNE OIL 7.90 7.66 12.50 Buy Strong Buy 14 0.82

HUNTING 868.00 688.00 941.00 Neutral Sell 452 1.31

JKX OIL & GAS 56.00 55.00 120 .00 Neutral Strong Buy 303 1.36

PREMIER OIL 365.30 321.30 401.20 Neutral Sell 288 1.43

ROYAL DUTCH SHELL B 2312.50 2059.00 2366.50 Neutral Strong Buy 9505 0.84

SOCO INTERNATIONAL 392.70 270.30 404.30 Neutral Sell 249 0.53

TULLOW OIL 1038.00 977.00 1531.00 Neutral Sell 911 1.04

WOOD GROUP (JOHN) 838.00 651.50 879.50 Neu tral Neu tral 809 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 108.25 101.20 144.60 Neutral Strong Buy 244 0.84

PZ CUSSONS 379.70 297.20 415.60 Neutral Sell 312 0.69

RECKITT BENCKISER GROUP 4869.00 3300 .00 4926.00 Neutral Neutral 4903 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.41 0.36 3.58 Buy Sell 0 1.01

ASTRAZENECA 3426.50 2592.00 3485.50 Neutral Strong Buy 6672 0.47

BTG 339.50 300.30 423.00 Neutral Sell 172 0.58

DECHRA PHARMACEUTICALS 711.50 4 68.75 780.00 Neu tral Neu tral 739 0.25

GLAXOSMITHKLINE 1742.00 1317.50 1773.00 Neutral Sell 1608 0.49

OXFORD BIOMEDICA 2.30 1.55 3.15 Buy Sell 1 0.64

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

SHIRE 2134.00 1727.00 2155.00 Neutral Sell 1395 0.66

SKYEPHARMA 49.13 43.50 101.50 Neutral Sell -136 0.73

VERNALIS 22.50 21.63 27.38 Neutral Strong Buy 37 0.91

Real Estate Under Valued


BIG YELLOW GROUP 405.90 274.50 426.70 Neutral Sell -618 1.18

BRITISH LAND 632.00 475.40 658.00 Neutral Strong Buy 1837 1.06

CAPITAL & REGIONAL 36.25 22.75 37.00 Sell Strong Buy 164 0.85

CLS HOLDINGS 980.00 595.00 995.00 Neutral Strong Buy 4341 0.70

DERWENT LONDON 2449.00 1740.00 2542.00 Neutral Strong Buy 8087 1.24DEVELOPMENT SECS. 186.50 121.75 192.00 Neutral Sell -78 0.99

GRAINGER 155.60 83.10 156.50 Neutral Strong Buy 260 1.58

GREAT PORTLAND ESTATES 566.00 367.80 598.00 Neutral Strong Buy 1341 1.10

HAMMERSON 521.50 409.20 554.00 Neutral Strong Buy 824 1.19

HELICAL BAR 272.00 164.00 297.50 Neutral Buy 338 0.77

LAND SECURITIES GROUP 967.00 704.00 994.00 Neutral Strong Buy 2779 1.16

INTU PROPERTIES 345.80 305.00 366.00 Neutral Strong Buy 929 1.09

MCKAY SECURITIES 150.12 127.00 153.00 Neutral Sell -615 0.73

MUCKLOW (A & J) GROUP 399.00 325.00 437.50 Neutral Sell 281 0.42

PRIMARY HEALTH PROPS. 324.00 311.17 363.53 Neutral Sell 239 0.35

QUINTAIN ESTATES & DEV. 74.00 32.50 79.25 Sell Sell -273 1.19

SAVILLS 575.00 303.00 601.50 Neutral Strong Buy 1816 0.77

SHAFTESBURY 642.00 492.00 668.00 Neutral Strong Buy 1433 1.05

SEGRO 288.70 209.40 302.80 Neutral Sell -529 1.73

ST MODWEN PROPS. 299.10 145.50 329.10 Neutral Strong Buy 856 1.59

TOWN CENTRE SECURITIES 216.50 147.00 223.00 Neutral Sell -9 1.01

UNITE GROUP 370.90 180.75 387.50 Neutral Sell 52 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1213 1.03

WORKSPACE GROUP 415.00 215.50 415.00 Neutral Strong Buy 1391 1.05


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Software & Computer Services Under Valued


ANITE 126.00 112.25 162.00 Neu tral Neu tral 125 0.73

AVEVA GROUP 2303.00 1481.00 2324.00 Neutral Sell 1345 1.40

COMPUTACENTER 442.10 292.40 567.00 Neutral Strong Buy 1379 1.00

KOFAX 326.00 242.00 335.00 Neu tral Neu tral 329 1.11

INNOVATION GROUP 27.25 18.25 27.50 Sell Sell 25 0.85

MICRO FOCUS INTL. 699.00 431.48 710.00 Neutral Buy 1011 0.76

PHOENIX IT GROUP 150.00 130.00 222.00 Neutral Strong Buy 317 0.74

RM 74.00 68.00 85.50 Neutral Sell -95 0.52

FIDESSA GROUP 1924.00 1275.00 2047.00 Neutral Buy 2126 0.76

SAGE GROUP 364.20 247.70 368.10 Neutral Buy 427 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 475.00 237.30 484.10 Neutral Sell 152 1.09

BREWIN DOLPHIN 211.80 136.30 222.00 Neutral Sell 123 0.73

CAMELLIA 9825.50 9250.00 11105.00 Neu tral Neu tral 9408 0.84

CHARLES STANLEY GROUP 388.50 247.50 406.25 Neutral Sell 207 0.97

CHARLES TAYLOR 175.00 141.00 190.00 Neutral Sell 136 0.69

CLOSE BROTHERS GROUP 1090.00 673.50 1107.00 Neutral Sell 238 0.86

F&C ASSET MANAGEMENT 95.50 70.00 110.40 Neu tral Neu tral 103 0.89

HELPHIRE GROUP 3.30 0.55 3.70 Sell Strong Buy 25 0.69

HENDERSON GROUP 173.70 90.55 180.40 Neutral Sell 66 1.44

ICAP 346.50 280.80 376.60 Neutral Sell 240 1.07

INTERMEDIATE CAPITAL GP. 488.00 241.10 501.50 Neutral Sell 179 1.70

INVESTEC 493.70 325.90 513.50 Neutral Sell 133 1.56

LONDON STOCK EX.GROUP 1398.00 930.00 1426.00 Neutral Strong Buy 4355 1.15MAN GROUP 124.90 63.25 134.40 Neutral Strong Buy 486 1.32

RATHBONE BROTHERS 1525.00 1183.00 1557.00 Neutral Sell 1125 0.75

SCHRODERS 2449.00 1180.00 2560.00 Neutral Sell 1215 1.30

SCHRODERS NV 1906.00 966.00 2000.00 Neutral Strong Buy 3859 1.27


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Support Services Over Valued


ACAL 223.50 157.75 242.50 Neutral Buy 301 0.92

AGGREKO 1758.00 1557.00 2400.00 Neutral Sell 1335 1.05

AMEC 1056.00 923.00 1172.00 Neutral Neutral 1162 1.04

ASHTEAD GROUP 639.50 212.20 671.00 Neutral Sell 329 1.63

BABCOCK INTL. 1154.00 839.50 1182.00 Neutral Sell 684 0.48

BRITISH POLYTHENE INDS. 560.00 324.00 580.25 Neutral Buy 819 0.76

BUNZL 1309.00 999.50 1342.00 Neutral Sell 1010 0.55

UK MAIL GROUP 510.00 214.00 510.00 Neutral Sell 454 0.39

CAPITA 1007.00 605.50 1018.00 Neutral Sell 539 0.51

COMMUNISIS 54.25 25.34 56.50 Neutral Buy 70 0.78

COMPASS GROUP 893.00 622.00 910.50 Neutral Sell 623 0.74

BERENDSEN 762.00 462.00 812.00 Neutral Buy 1011 1.05

DE LA RUE 986.00 891.50 1075.00 Neutral Sell 622 #NA

DIGNITY 1370.00 803.50 1462.00 Neutral Sell 818 0.22

DIPLOMA 573.00 417.10 627.50 Neutral Sell 500 0.96ELECTROCOMP. 265.50 195.20 278.40 Neutral Buy 331 1.04

FILTRONA 730.00 428.00 750.00 Neutral Sell 358 1.13

G4S 245.40 240.00 313.50 Neutral Buy 302 0.58

HAYS 93.30 66.40 101.20 Neutral Buy 124 1.10

HOMESERVE 256.00 137.50 256.20 Neutral Strong Buy 503 0.94

INTERSERVE 488.90 277.60 513.50 Neutral Buy 705 1.28

INTERTEK GROUP 3216.00 2551.00 3453.00 Neutral Sell 1488 0.78

JOHNSON SERVICE GROUP 47.25 26.50 47.25 Neutral Strong Buy 98 1.17

MANAGEMENT CNSL.GP. 30.38 21.25 32.00 Neutral Strong Buy 57 0.72

MENZIES (JOHN) 737.00 542.00 801.00 Neutral Strong Buy 1310 1.43

MICHAEL PAGE INTL. 380.10 341.40 451.80 Neutral Sell 327 1.42

MITIE GROUP 261.70 253.90 300.80 Neutral Buy 353 0.55

OFFICE2OFFICE 86.00 86.00 156.00 Neutral Strong Buy 246 0.33

PAYPOINT 914.50 606.00 914.50 Neutral Sell 710 0.71

PREMIER FARNELL 224.10 153.20 236.30 Neutral Buy 292 1.33

REGUS 164.20 82.65 177.50 Neutral Sell 110 1.46

RENTOKIL INITIAL 92.75 69.40 100.70 Neutral Sell 56 1.25

REXAM 526.00 394.28 547.50 Neutral Neutral 548 0.90

RICARDO 404.00 304.50 431.00 Neutral Buy 485 0.86

ROBERT WALTERS 213.63 176.25 232.00 Neutral Buy 318 1.24

RPC GROUP 401.80 365.40 477.00 Neutral Buy 551 0.78

RPS GROUP 222.70 197.00 274.20 Neutral Buy 256 1.51

SERCO GROUP 627.50 516.50 647.50 Neutral Neutral 597 0.60

SHANKS GROUP 85.25 73.00 98.00 Neutral Strong Buy 174 1.46

SPEEDY HIRE 58.25 22.25 61.50 Neutral Sell 54 1.26TRIBAL GROUP 165.50 78.75 166.00 Neutral Sell 53 0.63

TRIFAST 57.88 39.50 59.25 Neutral Neutral 64 0.93

VP 343.50 237.00 354.88 Neutral Strong Buy 642 0.86

WYG 80.38 42.00 80.38 Sell Strong Buy 187 0.79


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Telecommunication Services Over Valued


BT GROUP 314.10 200.70 322.30 Neutral Buy 353 0.91

CABLE & WIRELESS COMMS. 42.71 27.28 45.00 Neutral Strong Buy 84 0.70

INMARSAT 672.50 397.00 749.00 Neutral Sell 606 0.53

KCOM GROUP 86.70 67.00 88.30 Neutral Strong Buy 135 1.24

TELECOM PLUS 1250.00 703.00 1285.00 Neutral Sell 770 0.09

VODAFONE GROUP 193.55 154.45 199.90 Neutral Sell 173 0.54

Transport Under Valued


BBA AVIATION 286.50 178.00 288.40 Sell Sell 177 1.30

BRAEMAR SHIPPING SVS. 417.50 309.50 428.00 Neutral Neutra l 454 0.98

CLARKSON 1600.00 1150.00 1673.00 Neutral Sell 1479 0.80

EASYJET 1266.00 484.90 1285.00 Neutral Sell 676 0.77

FIRST GROUP 134.60 134.60 260.50 Neutral Strong Buy 566 0.91

FISHER(JAMES)& SONS 970.00 540.50 1110.00 Neutral Sell 398 0.77

GO-AHEAD GROUP 1538.00 1086.00 1588.00 Neutral Buy 1862 0.90

NATIONAL EXPRESS 210.00 164.50 230.50 Neutral Buy 253 1.35

NORTHGATE 325.75 159.60 350.00 Neutral Strong Buy 622 1.41

STAGECOACH GROUP 308.90 230.40 319.60 Neutral Buy 363 0.89

WINCANTON 58.25 31.00 78.50 Sell Sell -41 0.90

Utilities Under Valued


CENTRICA 391.50 306.30 394.90 Neutral Buy 530 0.47

NATIONAL GRID 829.50 641.00 847.50 Neutral Buy 937 0.50

PENNON GROUP 704.00 598.00 796.00 Neutral Buy 869 0.59

SSE 1624.00 1294.00 1676.00 Neutral Buy 1909 0.42

SEVERN TRENT 2042.00 1513.00 2090.00 Neutral Sell 1706 0.35

UNITED UTILITIES GROUP 787.50 637.00 787.50 Neu tral Neutra l 759 0.50


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value indicator - uk main market 20130524

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