uk trading & value indicator 20120120

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20 January 2012

UK Trading & Value

Indicator



Intellisys www.intellisys.uk.com 20 January 2012

of 25 © Intellisys 20 January 2012

ContentsMarket Pictures - Indices ......................................................................... 5

FTSE 100 ................................................................................................ 5 FTSE 250 ................................................................................................ 6 FTSE All Share Index ................................................................................ 7 FTSE AIM All Share .................................................................................. 8

Market Pictures – Interest Rates .................. ....................... ................... 10 UK Bank Lending Rates ........................................................................... 10 Eurozone Lending Rates .......................................................................... 11 US Federal Funds Rate ........................................................................... 12

Market Pictures – Exchange Rates ......................................................... 13 Market Pictures - Oil ............................................................................... 15 Aerospace & Defence ............................................. Over Valued 16 Automobiles & Parts .............................................. Over Valued 16 Banks ............................................................. Over Valued 16 Beverages ........................................................ Over Valued 16 Chemicals ........................................................ Over Valued 16 Construction & Building Materials .............................. Over Valued 17 Electronics & Electrical Equipment ............................. Under Valued 17 Engineering & Machinery ........................................ Over Valued 17 Food & Drug Stores ............................................... Under Valued 18 Food Producers & Processors ................................... Over Valued 18 General Retail ..................................................... Over Valued 18 Health .............................................................. Over Valued 18 Household Goods & Textiles .................................... Under Valued 18 Information Technology & Hardware .......................... Over Valued 19

Insurance ........................................................ Over Valued 19 Leisure & Hotels .................................................. Under Valued 19 Life Assurance .................................................. Over Valued 19 Media & Entertainment .......................................... Over Valued 20 Mining .............................................................. Under Valued 20 Oil & Gas ........................................................... Under Valued 20 Personal Care & Household Products .......................... Over Valued 20 Pharmaceuticals & Biotechnology .............................. Under Valued 21 Software & Computer Services ................................. Under Valued 21

Speciality & Other Finance

......................................Over Valued

21

Support Services .................................................. Under Valued 22 Telecommunication Services .................................... Under Valued 22 Transport ........................................................ Over Valued 23 Utilities ............................................................. Under Valued 23 DISCLAIMER ............................................................................................. 24





IntroductionThe overriding purpose of this daily report is to provide users with a quick guidethat will identify those shares that merit their investment attention in anincreasingly time critical and information noisy trading environment.

The report is published daily and delivered to the subscriber’s personal email box,typically, before the official open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of aninvestment are the two primary drivers behind a successful portfolio performance.

TimingIntellisys has invested considerably in identifying what it believes are the keyfactors that influence investment timing. Having identified the key parameters,these have been established as rules that reflect market dynamics and cutthrough the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimentalfactors as well as the daily pressures exerted upon primary stock promoters(analysts and traders) to find stories for their investment meetings.

From an analysis of a year’s data for 40 stocks within Intellisys’ stock coverage,the trading indicators appear to be, on average, about 77% accurate inidentifying good trading points as well as some 74% accurate for overall trendcorrelation.

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

Individual Stock Recommendation & Trend Accuracy Scores

Source: Intellisys

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

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 4020.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend





ValueA similar discipline has been applied to the process of establishing ‘Target Prices’.On a daily basis, Intellisys analyses as broad an array of historic data from notonly the Profit & Loss Account but also the Balance Sheet and CashflowStatement and then utilises this data within its proprietary valuation models.

Intellisys’ architect, Philip Morrish, has successfully applied these disciplines to hisinvestment research for the last 15+ years. Additionally, these investmentvaluation 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 as possible.

Nevertheless, Intellisys recognises that ‘Target Price’ delivery is not only afunction of market levels but a management team’s ability to establish andmaintain a value generating operating environment set against a constantlychanging global background.

The typical investment analyst’s approach to determining ‘target prices’ is to startwith a modest range of some 6 – 10 valuation measures and remove those thatare not providing the ‘intuitive’ result. Intellysis’ approach is the opposite we useas many valuation methodologies as possible.

Further, Intellisys recognises that some target prices may appear strange orextreme. However, subscribers should not dismiss these outcomes but use themas starting points to challenge their established or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assistinvestors from ‘falling in love’ with a stock or becoming mesmerised by

‘management cults’.

ConclusionNo investment methodology is 100% successful and like all trading andinvestment systems active position monitoring is critical for maximisedinvestment performance.

Therefore, Intellisys recommends that its products should be used in conjunctionwith, and not separate from subscriber’s existing investment systems as well asdiscussing investment options with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING – Recommendations and Target PricesIntellisys does not make personal recommendations. The information in thispublication is provided solely to enable you to make your own investmentdecisions.If you are unsure about dealing in shares and other equity investments, youshould 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 denominatedin a foreign currency, fluctuations in the exchange rate will also affect the valueof stocks and shares and the income from them. Past performance is notnecessarily a guide to future performance.





Market Pictures - Indices

FTSE 100

Index PE

3,512.1

3,512.1

4,944.4

5,741.2

6,091.3

6,091.3

6,732.4

2000 4000 6000 8000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100

7.0

7.0

7.9

10.4

14.1

18.2

18.2

5 10 15 20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 PE

% change % change

1M 7.0 ; 3M 5.3 ; 12M -3.9 1M 7.0 ; 3M 20.0 ; 12M -15.7

Yield RSI

2.9

2.9

2.9

3.5

3.9

6.0

6.2

1.0 3.0 5.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 DY

11.1

68.3

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE 100 RSI

% change

1M -6.4 ; 3M -2.2 ; 12M 17.9






FTSE 250

Index PE

5,491.5

5,769.8

9,425.9

10,808.3

12,167.8

12,167.8

12,220.2

500 5500 10500 15500

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250

7.1

7.1

7.1

16.4

19.3

27.8

27.8

5 10 15 20 25 30

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250 PE

% change % change

1M 10.9 ; 3M 5.6 ; 12M -7.8 1M 11.2 ; 3M 9.2 ; 12M -14.0

Yield RSI

1.9

2.2

2.2

2.9

3.3

5.1

5.7

1.0 2.0 3.0 4.0 5.0 6.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250 DY

7.9

81.9

81.9

0 20 40 60 80 100

Lo

Last Close

Hi

FTSE 250 RSI

% change

1M -9.3 ; 3M 0.3 ; 12M 33.9






FTSE All Share Index

Index PE

1,781.6

1,781.6

2,557.8

2,959.4

3,160.9

3,160.9

3,479.0

500 1500 2500 3500 4500

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE

7.4

7.4

8.5

11.0

14.6

19.5

19.5

5 10 15 20 25

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE PE

% change % change

1M 7.5 ; 3M 5.3 ; 12M -4.7 1M 7.5 ; 3M 19.0 ; 12M -15.9

Yield RSI

2.7

2.8

2.8

3.4

3.8

5.8

6.1

1.0 3.0 5.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE DY

10.4

71.4

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE ALL SHARE RSI

% change

1M -7.1 ; 3M -2.0 ; 12M 19.3






FTSE AIM All Share

Index PE

373.8

373.8

657.8

753.3

968.3

968.3

1,236.6

200 700 1200 1700

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL- SHARE

-203,906.0

-203,906.0

-203,906.0

101.0

211.5

1,240.8

1,439.5

-250000 -200000 -150000 -100000 -50000 0 50000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM AL L-SHARE PE

% change % change

1M 11.9 ; 3M 5.7 ; 12M -21.7 1M 4.5 ; 3M 29.9 ; 12M -168.2

Yield RSI

0.4

0.5

0.5

0.7

0.8

2.1

2.1

0.2 0.7 1.2 1.7 2.2

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE DY

6.9

89.6

89.6

0 50 100

Lo

Last Close

Hi

FTSE AIM ALL-SHARE RSI

% change

1M -12.2 ; 3M -9.7 ; 12M 22.6






S&P 500

Index PE

676.5

676.5

1,099.2

1,314.5

1,363.6

1,363.6

1,565.2

400 900 1400 1900

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE

13.4

13.4

13.4

14.9

18.4

146.3

146.3

10 60 110 160

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE PE

% change % change

1M 9.1 ; 3M 8.7 ; 12M 2.5 1M 5.5 ; 3M 1.8 ; 12M -16.7

Yield RSI

1.8

1.8

1.8

2.2

2.4

3.2

3.4

0.5 1.5 2.5 3.5 4.5

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE DY

11.2

76.4

76.4

0 20 40 60 80 100

Lo

Last Close

Hi

S&P 500 COMPOSITE RSI

% change

1M -4.8 ; 3M -1.8 ; 12M 17.3





Market Pictures – Interest Rates

UK Bank Lending Rates

UK

0.50

0.50

0.50

0.50

0.50

1.50

5.75

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

UK CLEARING BANKS BASE RATE

% change

1M 0.0 ; 3M 0.0 ; 12M 0.0

UK Lending PE

200.0200.0

200.0

200.0

200.0

66.7

17.4

10 60 110 160 210

5Y Hi3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

UK CLEARING BANKS BASE RATE PE





Market Pictures – Interest Rates

Eurozone Lending Rates

Eurozone

1.75

1.75

1.75

1.75

2.25

3.00

5.25

0.00 1.00 2.00 3.00 4.00 5.00 6.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

EUROZONE MARGINAL LENDING RATE

% change

1M 0.0 ; 3M -22.2 ; 12M 0.0

Eurozone Lending PE

57.157.1

57.1

57.1

44.4

33.3

19.0

10 20 30 40 50 60

5Y Hi3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

EUROZONE MARGINAL LENDING RATE - PE





Market Pictures – Exchange Rates

US$/£

1.37

1.37

1.53

1.55

1.67

1.70

2.11

1.00 1.20 1.40 1.60 1.80 2.00 2.20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US$/£

% change

1M -0.4 ; 3M -2.3 ; 12M -3.2

€/£

1.02

1.06

1.11

1.20

1.21

1.24

1.53

1.00 1.10 1.20 1.30 1.40 1.50 1.60

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

EURO/£

% change

1M 0.6 ; 3M 4.6 ; 12M 1.3





Market Pictures – Exchange Rates

US$/ €

1.19

1.19

1.27

1.30

1.48

1.51

1.60

0.80 1.00 1.20 1.40 1.60 1.80

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US$/EURO

% change

1M -0.2 ; 3M -5.8 ; 12M -3.7

¥ /£

117.1

117.1

117.1

119.2

139.4

162.5

250.1

100.0 150.0 200.0 250.0 300.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

YEN/£

% change

1M -1.5 ; 3M -1.9 ; 12M -9.1





Market Pictures - Oil

Brent – Monthly FOB US$/bbl

34.6

39.1

95.9

110.6

126.6

126.6

145.6

0 50 100 150 200

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

Oil (Brent) Monthly FOB U$/bbl

% change

1M 5.50 ; 3M -2.24 ; 12M 11.53

RISK WARNING – Recommendations and Target PricesIntellisys does not make personal recommendations. The information in thispublication is provided solely to enable you to make your own investmentdecisions.

If you are unsure about dealing in shares and other equity 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 denominatedin a foreign currency, fluctuations in the exchange rate will also affect the valueof stocks and shares and the income from them. Past performance is notnecessarily a guide to future performance.





Construction & Building Materials Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBALFOUR BEATTY 288.20 214.60 357.30 Neutra l Neutra l 288 0.85BARRATT DEVELOPMENTS 113.30 67.50 119.00 Sell Sell 61 1.39BELLWAY 744.00 540.50 776.50 Neutral Sell 660 1.00BERKELEY GROUP HDG.(THE) 1296.00 884.50 1360.00 Neutra l Neutra l 1290 0.69BOVIS HOMES GROUP 468.60 326.50 499.60 Neutral Sell 200 1.07CARILLION 324.60 281.00 403.20 Neutral Buy 462 1.10

CLARKE (T) 39.38 35.50 105.00 Neutral Strong Buy 193 0.84COSTAIN GROUP 193.75 180.00 265.00 Neutral Strong Buy 746 0.58GALLIFORD TRY 485.30 307.50 530.00 Neutral Buy 542 1.02KELLER 340.00 239.25 675.50 Neutral Buy 391 1.26KIER GROUP 1380.00 1097.00 1458.00 Neutral Strong Buy 3039 1.05LOW & BONAR 44.00 38.00 76.75 Neutral Buy 58 1.04MARSHALLS 96.50 83.25 124.50 Neutral Sell 66 1.35MORGA N S INDA LL GROUP 660.00 510.00 720.00 Neutral Strong Buy 1383 0.88PERSIMMON 521.50 374.00 522.50 Neutral Buy 621 1.05REDROW 122.70 103.50 136.20 Neutral Sell 84 0.95SIG 99.55 76.95 153.50 Neutral Sell 3 1.56TAYLOR WIMPEY 43.78 28.71 43.78 Sell Sell 12 1.48TRAVIS PERKINS 876.00 715.00 1090.00 Neutral Buy 1052 1.85WOLSELEY 2250.00 1404.00 2261.00 Neutral Sell 1709 1.41

Electronics & Electrical Equipment Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaDIALIGHT 791.50 540.00 847.00 Neutral Sell 406 0.73DOMINO PRINTING SCIENCES 550.00 434.30 705.00 Neutra l Neutra l 574 1.15E2V TECHNOLOGIES 119.00 86.75 146.00 Sell Buy 141 1.30INVENSYS 200.00 180.90 357.80 Neutral Strong Buy 341 1.51LAIRD 162.50 127.90 207.00 Neutra l Neutra l 168 2.20OXFORD INSTRUMENTS 934.00 600.50 1010.00 Neutral Sell 726 0.97RENISHAW 1108.00 800.00 1886.00 Neutral Strong Buy 1685 1.22SPECTRIS 1557.00 1039.00 1679.00 Sell Sell 1093 1.37BIOME TECHNOLOGIES 0.15 0.14 0.34 Buy Strong Buy 0 0.65TT ELECTRONICS 166.00 120.50 208.00 Neutral Buy 222 1.55XAAR 253.50 207.50 295.00 Neutral Sell 116 1.13

Engineering & Machinery Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAGA RANGEMASTER GROUP 81.00 62.50 138.00 Neutral Strong Buy 291 1.31BODYCOTE 303.60 225.60 397.70 Neutral Buy 345 1.56CASTINGS 257.50 250.50 358.00 Neutral Strong Buy 497 0.96COOKSON GROUP 566.00 395.80 724.50 Neutral Buy 750 2.26FENNER 449.70 280.00 462.00 Neutral Sell 275 1.39HALMA 354.20 306.30 429.60 Sell Neutral 353 0.74HILL & SMITH 278.75 235.00 393.50 Neutral Strong Buy 567 1.36IMI 875.00 636.50 1119.00 Neutral Buy 1309 1.40METALRAX GROUP 7.75 7.37 12.00 Neutral Neutral 8 0.85MORGAN C RUCIBLE 302.40 224.00 357.10 Neutral Neutral 330 1.73ROTORK 1945.00 1501.00 1979.00 Neutral Sell 1702 1.01SENIOR 180.80 132.60 190.60 Neutral Neutral 180 1.75SEVERFIELD-ROWEN 178.25 150.00 295.75 Neutral Sell 166 1.03SPIRAX-SARCO 1946.00 1649.00 2063.00 Sell Buy 2162 0.84VITEC GROUP 555.50 488.00 661.75 Neutral Buy 712 1.51WEIR GROUP 2079.00 1375.00 2218.00 Neutral Sell 776 1.41





Food & Drug Stores Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaGREGGS 509.50 445.00 550.50 Neutral Sell -135 0.54MORRISON(WM)SPMKTS. 291.10 262.70 328.00 Neutral Buy 327 0.50SAINSBURY (J) 287.90 263.50 391.20 Neutral Strong Buy 488 0.65TESCO 327.00 312.35 420.05 Neutral Buy 387 0.81THORNTONS 10.25 9.50 100.75 Neutral Buy 13 0.80

Food Producers & Processors Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaASSOCIATED BRIT.FOODS 1159.00 940.00 1159.00 Neutral Sell 549 0.59CRANSWICK 730.50 588.50 862.00 Neutra l Neutra l 724 0.58DAIRY CREST 322.80 315.00 409.70 Neutra l Neutra l 354 0.96DEVRO 264.00 223.50 296.90 Neutral Strong Buy 412 0.31PREMIER FOODS 7.90 3.29 35.12 Sell Sell -3 1.43ROBERT WISEMAN DAIRIES 387.75 233.25 388.25 Neutral Buy 513 0.38TATE & LYLE 682.00 520.00 720.50 Neutral Sell 397 0.65UNILEVER (UK) 2041.00 1793.00 2189.00 Neutral Sell 1816 0.63

General Retail Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaASHLEY(LAURA) HOLDINGS 21.50 16.00 25.25 Neutra l Neutra l 22 0.73BROWN (N) GROUP 232.00 227.00 304.50 Neutral Sell 191 0.50BURBERRY GROUP 1352.00 1030.00 1600.00 Neutral Sell 431 1.34CARPETRIGHT 548.00 375.00 801.00 Sell Sell 150 0.98CLINTON CARDS 10.50 7.50 27.00 Sell Sell 7 0.64DIXONS RETAIL 13.58 9.36 22.31 Sell Strong Buy 23 1.40FINDEL 3.50 2.20 10.72 Neutral Sell 1 0.96FRENC H C ONNEC TN.GROUP 46.25 36.00 134.00 Neutral Strong Buy 84 0.91GAME GROUP 3.26 3.26 73.25 Neutral Strong Buy 133 0.91HALFORDS GROUP 311.20 269.50 416.00 Neutra l Neutra l 312 0.62JJB SPORTS 12.63 5.20 52.70 Sell Strong Buy 1123 0.86

JD SPORTS FASHION 714.50 570.00 1030.00 Neutral Buy 991 0.46KESA ELEC TRICALS 73.00 60.20 151.40 Neutral Strong Buy 231 1.27KINGFISHER 258.10 217.00 287.10 Neutral Sell 229 0.98MA RKS & S PENC ER G ROUP 327.00 301.80 402.20 Neutral Sell 295 0.73MOSS BROTHERS GROUP 34.75 23.75 40.00 Neutral Sell 19 1.02MOTHERCARE 183.00 127.30 542.00 Neutral Buy 269 0.51NEXT 2629.00 1868.00 2810.00 Neutral Sell 1729 0.81TED BAKER 742.00 572.50 830.00 Neutral Sell 370 0.52TOPPS TILES 32.50 21.50 84.50 Neutral Sell 21 1.30

Health Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

CONSORT MEDICAL 530.00 498.00 590.00 Neutral Sell 474 0.39CORIN GROUP 44.00 36.50 59.00 Neutral Sell 41 0.70SMITH & NEPHEW 599.50 521.00 742.00 Neutra l Neutra l 612 0.39

Household Goods & Textiles Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaHARVARD INTL. 37.25 21.75 40.00 Neutral Sell 31 0.47GAMES WORKSHOP 520.00 347.50 547.50 Neutral Sell 468 0.34HEADLAM GROUP 272.50 233.25 345.00 Neutral Buy 344 0.91HORNBY 127.50 105.00 145.00 Neutral Buy 144 0.70





Information Technology & Hardware Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaARM HOLDINGS 580.50 464.00 651.00 Neutral Strong Buy 1491 0.77CSR 224.50 154.10 447.00 Sell Strong Buy 6166 1.13FILTRONIC 25.00 14.50 43.00 Sell Sell -234 0.59IMAGINATION TEC HNOLOGIES 566.50 296.90 575.50 Neutral Strong Buy 1300 0.96PSION 46.50 43.88 102.75 Neutral Strong Buy 2820 1.19SPIRENT COMMUNIC ATIONS 125.00 105.80 160.00 Neutral Strong Buy 1366 1.01

WOLFSON MIC ROELECTRONIC S 160.25 96.00 312.00 Neutral Sell 24 1.02

Insurance Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaADMIRAL GROUP 879.00 787.00 1754.00 Neutral Sell 339 0.50AMLIN 347.40 270.60 427.00 Sell Strong Buy 2418 0.45BEAZLEY 137.20 109.60 139.20 Neutral Strong Buy 1261 0.51CATLIN GROUP 417.00 334.00 421.40 Sell Sell 68 0.32HISCOX 389.90 340.50 424.70 Neutral Strong Buy 2394 0.49JARDINE LLOYD THOMPSON 690.50 576.00 764.50 Neutral Strong Buy 1895 0.32RSA INSURANCE GROUP 108.20 99.60 143.50 Neutral Strong Buy 1016 0.45NOVAE GROUP 344.50 285.00 410.00 Neutral Strong Buy 2312 0.49

Leisure & Hotels Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaARENA LEISURE 44.00 26.00 44.00 Neutral Sell 18 0.76CARNIVAL 2017.00 1742.00 3000.00 Neutral Strong Buy 3870 1.13ENTERPRISE INNS 31.50 26.50 109.50 Neutral Strong Buy 104 1.69TUI TRAVEL 190.00 136.70 271.90 Neutral Strong Buy 602 0.95FULLER SMITH 'A' 697.00 590.00 752.00 Neutral Neutral 767 0.45GREENE KING 520.50 410.00 520.50 Neutral Buy 779 0.87LADBROKES 137.90 114.00 155.30 Neutral Strong Buy 249 0.99ICTL.HTLS.GP. 1307.00 955.00 1435.00 Neutral Sell 895 1.29MILLENNIUM & C PTH.HTLS. 422.50 371.20 600.50 Neutral Buy 542 1.39

MITCHELLS & BUTLERS 261.10 215.60 357.00 Sell Sell 110 1.02BWIN PARTY DIGITAL ENTM. 164.60 100.60 205.90 Neutral Sell 141 1.29PUNC H TAVERNS 10.25 9.14 15.70 Neutral Sell -172 1.28RANK GROUP 130.00 109.50 153.70 Neutral Strong Buy 205 0.97RESTAURANT GROUP 294.70 254.90 335.00 Neutral Buy 357 0.88WETHERSPOON (JD) 407.90 380.50 468.30 Neutral Strong Buy 745 0.75WHITBREAD 1663.00 1409.00 1863.00 Neutral Buy 1921 1.04WILLIAM HILL 223.00 176.80 244.10 Neutral Buy 320 0.93MARSTON'S 93.70 84.60 112.00 Neutral Strong Buy 182 1.24

Life Assurance Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

AVIVA 342.00 275.30 477.90 Neutral Strong Buy 435 1.22CHESNARA 186.00 161.75 264.00 Neutral Neutral 177 0.60LEGAL & GENERAL 115.50 89.80 123.80 Sell Buy 83 1.65OLD MUTUAL 146.70 98.05 146.70 Neutral Sell 160 1.62PRUDENTIAL 700.00 509.00 777.00 Sell Sell 316 1.72ST.JAMES'S PLACE 348.00 281.00 376.00 Neutral Strong Buy 121 0.79





Media & Entertainment Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAEGIS GROUP 152.80 116.17 159.08 Neutral Sell 87 1.30BLOOMSBURY PBL. 103.00 91.25 138.00 Neutral Buy 120 0.48BRITISH SKY BCAST.GROUP 666.50 618.50 850.00 Neutra l Neutra l 648 0.64CENTAUR MEDIA 34.00 32.50 73.00 Neutral Sell -56 1.00DAILY MAIL 'A' 428.60 343.40 594.50 Neutral Buy 552 1.08EUROMONEY INSTL.INVESTOR 685.00 522.50 736.00 Neutral Sell 637 1.04

INFORMA 386.30 313.90 461.10 Neutral Sell 310 1.50ITE GROUP 216.20 157.70 258.20 Neutral Sell 148 1.39ITV 74.00 51.65 93.45 Neutra l Neutra l 77 1.49JOHNSTON PRESS 6.25 4.11 12.75 Neutral Strong Buy 59 1.45PEARSON 1230.00 1013.00 1255.00 Neutral Sell 1041 0.70PHOTO-ME INTL. 53.00 39.50 67.00 Neutral Strong Buy 85 0.86PINEWOOD SHEPPERTON 272.50 132.75 292.00 Neutral Sell 144 0.37THOMSON REUTERS 29.16 26.21 41.49 Neutral Sell 25 0.52STV GROUP 98.13 76.25 168.00 Neutral Buy 109 0.77ST.IVES 76.00 68.50 108.50 Neutral Strong Buy 214 1.31TRINITY MIRROR 47.25 37.50 89.50 Neutral Strong Buy 454 1.58UBM 534.00 416.00 725.00 Neutral Strong Buy 1606 1.28WILMINGTON GROUP 84.00 81.75 183.00 Neutral Buy 106 0.86WPP 748.00 578.00 846.50 Neutra l Neutra l 799 1.27YELL GROUP 5.43 3.35 12.25 Neutral Strong Buy 44 1.32

Mining Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaANGLO AMERIC AN 2647.50 2138.50 3437.00 Neutral Strong Buy 6689 1.74ANGLO PAC IFIC GROUP 288.00 237.90 369.25 Neutral Buy 381 0.92ANTOFAGASTA 1364.00 900.50 1524.00 Neutral Sell 1123 1.38BHP BILLITON 2158.50 1667.00 2631.50 Neutral Strong Buy 4795 1.40LONMIN 1029.00 941.00 1880.00 Neutral Sell 870 1.90RANDGOLD RESOURCES 7175.00 4425.00 7555.00 Neutral Sell 1925 0.30RIO TINTO 3728.00 2712.50 4712.00 Neutral Buy 5506 1.41UK COAL 29.50 28.50 51.00 Neutral Sell -77 1.05VEDANTA RESOURC ES 928.00 2518.00 Neutral Strong Buy 5566 2.05XSTRATA 1089.50 764.00 1550.00 Neutral Buy 1235 1.76

Oil & Gas Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBG GROUP 1490.00 1144.00 1564.50 Neutral Buy 1900 0.70BP 482.45 363.20 497.50 Neutral Strong Buy 1264 1.06CAIRN ENERGY 292.50 257.80 469.70 Neutral Buy 343 1.34FORTUNE OIL 12.13 9.00 14.75 Neutral Strong Buy 23 0.87HUNTING 833.00 530.00 833.00 Neutral Buy 932 1.31JKX OIL & GAS 152.00 120.50 335.10 Sell Strong Buy 364 1.35MELROSE RESOURC ES 117.50 95.25 297.00 Neutral Strong Buy 631 1.12PREMIER OIL 425.40 310.00 535.00 Neutral Buy 523 1.34ROYAL DUTCH SHELL A(LON) 2282.50 1883.50 2402.00 Neutral Strong Buy 6429 0.94ROYAL DUTC H S HELL B 2367.50 1890.50 2 489.00 Neutral Strong Buy 6492 0.95SOC O INTERNATIONAL 294.90 278.00 400.00 Neutral Sell 196 0.50TULLOW OIL 1383.00 945.50 1493.00 Neutral Sell 459 1.07WOOD GROUP (JOHN) 685.00 469.90 715.75 Neutral Buy 772 1.34

Personal Care & Household Products Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaMCBRIDE 112.00 110.75 152.13 Neutral Sell 97 0.85PZ CUSSONS 319.00 308.70 387.90 Neutral Buy 353 0.80RECKITT BENCKISER GROUP 3399.00 3015.00 3578.00 Neutral Sell 3199 0.32





Pharmaceuticals & Biotechnology Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaARK THERAPEUTICS GP. 3.38 3.13 5.50 Buy Strong Buy 11 0.92ASTRAZENECA 3070.00 2543.50 3194.00 Neutral Strong Buy 10895 0.46BTG 315.60 210.10 331.30 Neutral Sell 124 0.72DECHRA PHARMACEUTICALS 530.50 433.00 532.00 Neutral Strong Buy 1030 0.32GLAXOSMITHKLINE 1437.50 1127.50 1497.00 Neutra l Neutra l 1504 0.49OXFORD BIOMEDICA 3.15 2.91 7.20 Buy Sell -1 0.60

PHYTOPHARM 9.42 6.40 9.75 Neutral Sell -2 0.89SHIRE 2165.00 1634.00 2243.00 Neutral Sell 1429 0.64SKYEPHARMA 35.50 31.50 66.13 Neutral Strong Buy 305 0.71VERNALIS 19.75 18.75 50.00 Neutral Sell -16 0.81

Software & Computer Services Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaTIMEWEAVE 24.38 21.50 27.00 Neutral Strong Buy 45 0.73ANITE 93.25 57.75 96.00 Neutral Sell 56 0.82AVEVA GROUP 1571.00 1298.00 1799.00 Neutral Sell 902 1.44COMPUTACENTER 384.70 324.70 490.00 Neutral Strong Buy 853 1.07KOFAX 268.50 225.00 535.00 Neutra l Neutra l 257 1.05

INNOVATION GROUP 20.13 15.25 23.00 Neutral Sell 16 0.91LOGICA 79.25 58.95 147.20 Neutral Strong Buy 173 1.33MIC RO FOC US INTL. 437.00 242.90 437.00 Neutral Sell 410 0.71MISYS 292.10 214.90 420.20 Neutral Buy 359 1.29PHOENIX IT GROUP 166.75 154.75 290.00 Neutral Strong Buy 431 0.85RM 65.25 41.50 175.00 Neutral Strong Buy 351 0.39FIDESSA GROUP 1680.00 1444.00 2109.00 Neutral Sell 1582 0.79SAGE GROUP 306.00 231.70 306.00 Neutra l Neutra l 297 0.65

Speciality & Other Finance Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaABERDEEN ASSET MAN. 226.10 167.80 240.00 Neutral Sell 96 1.07

BREWIN DOLPHIN 146.50 113.70 185.40 Neutral Sell 138 0.70CAMELLIA 9601.00 8800.00 10950.00 Neutral Strong Buy 17049 0.87CHARLES STANLEY GROUP 266.50 240.00 350.00 Neutral Neutral 286 0.94CHARLES TAYLOR C NSL. 138.50 115.63 165.00 Neutral Buy 206 0.70CLOSE BROTHERS GROUP 658.50 590.00 875.00 Neutral Sell 336 0.80F&C ASSET MANAGEMENT 65.50 56.05 91.45 Neutral Buy 84 0.91HELPHIRE GROUP 1.85 1.36 17.38 Neutral Buy 3 0.64HENDERSON GROUP 113.60 95.05 173.10 Neutral Sell 93 1.41ICAP 322.60 311.60 559.00 Neutral Neutral 308 1.08INTERMEDIATE C APITAL GP. 273.50 197.90 354.70 Neutral Neutral 262 1.62INVESTEC 374.60 318.40 522.00 Neutral Sell 253 1.53LONDON STOCK EX.GROUP 883.50 756.50 1076.00 Neutral Sell 733 1.15MAN GROUP 119.50 104.50 311.00 Neutral Buy 177 1.27RATHBONE BROTHERS 1160.00 977.00 1257.00 Neutral Neutral 1180 0.73SCHRODERS 1437.00 1183.00 1906.00 Neutral Buy 1595 1.30SCHRODERS NV 1192.00 970.00 1554.00 Neutral Buy 1595 1.29





Support Services Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaACAL 184.00 166.25 367.50 Neutral Strong Buy 329 0.93AGGREKO 2085.00 1394.48 2131.00 Neutral Sell 1221 1.18AMEC 997.00 740.50 1251.00 Neutral Buy 1233 1.01ASHTEAD GROUP 230.20 99.40 230.20 Neutral Sell 121 1.50BABCOCK INTL. 758.00 542.00 758.00 Neutral Sell 672 0.56BRITISH POLYTHENE INDS. 345.00 230.00 357.00 Neutral Strong Buy 1038 0.70

BUNZL 865.50 676.50 906.50 Neutral Buy 971 0.55UK MAIL GROUP 221.75 192.25 318.50 Neutral Strong Buy 524 0.28CAPITA 637.00 611.50 786.50 Neutra l Neutra l 677 0.42COMMUNISIS 27.13 23.75 37.00 Neutral Strong Buy 93 0.72COMPASS GROUP 613.00 512.50 619.50 Neutral Buy 704 0.75BERENDSEN 431.60 402.70 568.00 Neutral Strong Buy 679 1.03DE LA RUE 957.50 667.00 962.50 Neutra l Neutra l 1018 #NADIGNITY 817.50 648.50 854.50 Neutral Buy 941 0.22DIPLOMA 383.60 263.50 414.25 Neutral Sell 312 0.98ELECTROCOMP. 218.10 182.20 294.90 Neutral Strong Buy 360 0.99FILTRONA 394.60 273.10 404.50 Neutra l Neutra l 416 1.13G4S 269.60 219.90 291.00 Neutral Buy 373 0.60HAYS 69.75 58.85 130.00 Neutral Strong Buy 138 0.95HOMESERVE 308.10 218.50 532.00 Neutral Buy 456 0.67INTERSERVE 311.80 239.75 341.25 Neutral Strong Buy 763 1.40INTERTEK GROUP 2145.00 1715.00 2148.00 Neutral Sell 1575 0.86JOHNSON SERVIC E GROUP 25.75 25.25 36.00 Neutral Strong Buy 65 1.16MANAGEMENT C NSL.GP. 32.38 27.75 45.50 Neutral Strong Buy 54 0.67MENZIES (JOHN) 530.00 425.00 550.00 Neutral Strong Buy 1177 1.44MIC HAEL PAGE INTL. 394.60 323.00 567.00 Sell Neutral 426 1.33MITIE GROUP 264.00 195.90 271.00 Neutral Buy 388 0.60MOUCHEL GROUP 7.60 4.75 154.75 Sell Sell -274 0.84OFFICE2OFFIC E 134.50 112.50 166.50 Neutral Strong Buy 272 0.36PAYPOINT 585.00 327.25 585.00 Neutral Buy 715 0.76PREMIER FARNELL 203.80 144.50 308.80 Neutral Strong Buy 342 1.18REGUS 88.75 64.00 119.00 Neutral Sell 68 1.39RENTOKIL INITIAL 74.20 58.20 104.70 Neutral Sell 49 1.29REXAM 374.90 299.80 400.00 Neutral Buy 508 0.87RICARDO 357.50 314.00 410.00 Neutral Buy 526 0.83ROBERT WALTERS 191.50 158.25 341.00 Neutral Strong Buy 339 1.18RPC GROUP 380.00 231.50 387.90 Neutral Buy 427 0.81RPS GROUP 206.50 156.60 253.00 Neutral Buy 285 1.55SERC O GROUP 516.00 458.00 618.50 Neutral Buy 648 0.57SHANKS GROUP 98.50 90.80 130.90 Neutral Strong Buy 158 1.44SPEEDY HIRE 21.50 18.50 34.00 Neutral Sell -7 1.27TRIBAL GROUP 60.25 36.25 61.25 Neutral Sell -277 0.54TRIFAST 41.00 36.25 52.88 Sell Buy 60 0.86VP 216.50 191.00 253.75 Neutral Strong Buy 563 0.89WYG 49.50 48.38 1200.00 Neutral Sell -8175 0.77WSP GROUP 251.50 160.00 385.00 Neutral Strong Buy 553 0.92

Telecommunication Services Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBT GROUP 203.10 161.00 207.60 Neutral Buy 257 0.92CABLE & WIRELESS COMMS. 40.79 31.25 51.20 Neutral Strong Buy 136 0.65INMARSAT 406.90 389.30 719.50 Neutral Sell 355 0.52KCOM GROUP 69.00 57.50 84.00 Neutral Buy 83 1.27TELEC OM PLUS 695.00 440.00 802.00 Neutral Sell 477 0.06VODAFONE GROUP 174.50 155.05 182.75 Neutral Neutral 186 0.65





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