uk trading & value indicator 20120319

8/2/2019 uk trading & value indicator 20120319

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19 March 2012

UK Trading &

ValueIndicator


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Intellisys www.intellisys.uk.com 19 March 2012

Page 2 of 25 Intellisys 19 March 2012

Contents

Market Pictures - Indices ......................................................................... 5FTSE 100 ................................................................................................ 5FTSE 250 ................................................................................................ 6FTSE All Share Index ................................................................................ 7FTSE AIM All Share .................................................................................. 8

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

Market Pictures Exchange Rates ......................................................... 13Market Pictures - Oil............................................................................... 15Aerospace & Defence ............................................... Over Valued 16Automobiles & Parts ................................................ Over Valued 16Banks ............................................................... Over Valued 16Beverages .......................................................... Over Valued 16Chemicals .......................................................... Under Valued 16Construction & Building Materials ................................ Over Valued 17Electronics & Electrical Equipment ............................... Over Valued 17Engineering & Machinery .......................................... Over Valued 17Food & Drug Stores ................................................. Under Valued 18Food Producers & Processors ..................................... Under Valued 18General Retail ....................................................... Over Valued 18Health ................................................................ Over Valued 18Household Goods & Textiles ...................................... Under Valued 18Information Technology & Hardware ............................ Over Valued 19Insurance .......................................................... Over Valued 19Leisure & Hotels .................................................... Under Valued 19Life Assurance .................................................... Over Valued 19Media & Entertainment ............................................ Under Valued 20Mining ................................................................ Under Valued 20Oil & Gas ............................................................. Under Valued 20Personal Care & Household Products ............................ Over Valued 20Pharmaceuticals & Biotechnology ................................ Under Valued 21Software & Computer Services

...................................

Under Valued

21

Speciality & Other Finance ........................................ Over Valued 21Support Services .................................................... Under Valued 22Telecommunication Services ...................................... Under Valued 22Transport .......................................................... Under Valued 23Utilities ............................................................. Under Valued 23DISCLAIMER ............................................................................................. 24


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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 subscribers 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 key

factors 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 years 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 trend

correlation.

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 40

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


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Value

A 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 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 for the 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 as possible.

Nevertheless, Intellisys recognises that Target Price delivery is not only a

function of market levels but a management teams ability to establish andmaintain a value generating operating environment set against a constantlychanging global background.

The typical investment analysts approach to determining target prices is to startwith a modest range of some 6 10 valuation measures and remove those that

are 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 them

as starting points to challenge their established or perceived valuation opinion ofa stock.

In short, this disciplined approach provides an investment reality check to assist

investors from falling in love with a stock or becoming mesmerised bymanagement 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 subscribers existing investment systems as well asdiscussing investment options with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING Recommendations and Target Prices

Intellisys 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 denominated

in 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.


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Market Pictures - Indices

FTSE 100

Index PE

3,512.1

3,762.9

4,944.4

5,965.6

6,082.9

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

7.8

7.9

10.2

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 1.4; 3M 10.7; 12M 6.6 1M 2.5; 3M 6.2; 12M -22.6

Yield RSI

2.9

2.9

3.0

3.5

3.9

5.5

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

25.5

61.9

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE 100 RSI

% change

1M 3.0; 3M -7.2; 12M 7.5


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FTSE 250

Index PE

5,491.5

6,191.7

9,425.9

11,792.9

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

17.7

18.1

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 5.3; 3M 20.3; 12M 6.9 1M 3.6; 3M 16.7; 12M 6.3

Yield RSI

1.9

2.2

2.3

2.7

3.3

4.3

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

25.6

68.0

83.4

0 20 40 60 80 100

Lo

Last Close

Hi

FTSE 250 RSI

% change

1M -2.2; 3M -15.9; 12M 9.4


7/25




FTSE All Share Index

Index PE

1,781.6

1,906.8

2,557.8

3,098.1

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

8.2

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 1.9; 3M 12.1; 12M 6.5 1M 3.4; 3M 8.5; 12M -19.6

Yield RSI

2.7

2.8

2.9

3.3

3.8

5.3

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

25.4

63.3

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE ALL SHARE RSI

% change

1M 2.1; 3M -8.5; 12M 7.4


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FTSE AIM All Share

Index PE

373.8

382.1

657.8

807.2

921.6

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

266.8

304.6

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 ALL-SHARE PE

% change % change

1M 0.8; 3M 19.3; 12M -6.5 1M 167.2; 3M 152.7; 12M -238.6

Yield RSI

0.4

0.5

0.6

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

16.5

50.8

91.9

0 50 100

Lo

Last Close

Hi

FTSE AIM ALL-SHARE RSI

% change

1M 8.2; 3M -13.2; 12M 8.2


9/25




S&P 500

Index PE

676.5

768.5

1,099.2

1,404.2

1,404.2

1,404.2

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

16.1

17.5

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 3.4; 3M 15.1; 12M 11.7 1M 3.8; 3M 14.0; 12M -1.5

Yield RSI

1.8

1.8

1.9

2.1

2.4

3.0

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

30.0

74.0

81.6

0 20 40 60 80 100

Lo

Last Close

Hi

S&P 500 COMPOSITE RSI

% change

1M -1.9; 3M -9.2; 12M 6.2


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Market Pictures Interest Rates

UK Bank Lending Rates

UK

0.50

0.50

0.50

0.50

0.50

0.50

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

200.0

200.0

200.0

200.0

200.0

200.0

17.4

10 60 110 160 210

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

UK CLEARING BANKS BASE RATE PE


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Eurozone Lending Rates

Eurozone

1.75

1.75

1.75

1.75

2.25

2.50

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 0.0; 12M 0.0

Eurozone Lending PE

57.1

57.1

57.1

57.1

44.4

40.0

19.0

10 20 30 40 50 60

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

EUROZONE MARGINAL LENDING RATE - PE


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US Federal Funds Rate

US

0.04

0.04

0.04

0.14

0.17

0.25

5.41

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

US FEDERAL FUNDS RATE

% change

1M 27.3; 3M 100.0; 12M 0.0

US Lending PE

2,500.0

2,500.0

2,500.0

714.3

588.2

400.0

18.5

10 510 1010 1510 2010 2510 3010

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

US FEDERAL FUNDS RATE - PE


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Market Pictures Exchange Rates

US$/

1.37

1.40

1.53

1.58

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 0.6; 3M 2.0; 12M -1.2

/

1.02

1.06

1.11

1.20

1.21

1.24

1.50

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 -0.4; 3M 1.1; 12M 4.5


14/25



Market Pictures Exchange Rates

US$/

1.19

1.19

1.27

1.32

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 0.3; 3M 1.1; 12M -5.2

/

117.1

117.1

117.1

132.0

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 6.3; 3M 9.4; 12M 2.7


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Market Pictures - Oil

Brent Monthly FOB US$/bbl

34.6

45.8

104.0

123.4

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 2.71; 3M 17.56; 12M 11.26


Intellisys 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.


16/25



Aerospace & Defence Over Valued

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

BAE SYSTEMS 316.50 248.10 340.80 Neutral Strong Buy 607 0.65

CHEMRING GROUP 440.00 368.80 736.50 Neutral Buy 600 0.53

COBHAM 221.90 165.90 236.50 Neutral Neutral 244 0.92

MEGGITT 408.30 305.00 408.30 Neutral Sell 356 1.34

ROLLS-ROYCE HOLDINGS 842.50 552.19 842.50 Neutral Sell 676 1.10

SMITHS GROUP 1071.00 869.50 1340.00 Neutral Neutral 1105 0.72

ULTRA ELECTRONICS HDG. 1779.00 1305.00 1779.00 Neutral Sell 1371 0.60

UMECO 347.00 243.50 499.88 Neutral Neutral 332 0.79

Automobiles & Parts Over Valued


GKN 217.20 157.00 245.00 Neutral Sell 174 1.98

INCHCAPE 399.40 268.60 425.40 Neutral Sell 334 1.42

LOOKERS 61.75 47.00 72.75 Neutral Buy 75 1.36

PENDRAGON 13.75 6.80 19.71 Neutral Buy 15 1.14

Banks Over Valued


BARCLAYS 254.00 138.85 308.85 Neutral Sell 161 1.85

HSBC HDG. (ORD $0.50) 580.40 463.50 667.20 Neutral Strong Buy 949 1.13

LLOYDS BANKING GROUP 37.50 21.84 62.36 Sell Strong Buy 164 1.76

ROYAL BANK OF SCTL.GP. 28.14 17.34 44.43 Sell Sell -18 1.28

STANDARD CHARTERED 1662.50 1169.50 1690.00 Neutral Sell 1167 1.70

Beverages Over Valued


BARR (AG) 1245.00 1031.00 1395.00 Neutral Neutral 1285 0.41

DIAGEO 1524.50 1112.00 1553.00 Neutral Sell 1368 0.55SABMILLER 2608.00 1979.00 2660.00 Neutral Buy 2996 0.98

Chemicals Under Valued


CRODA INTERNATIONAL 2238.00 1593.00 2238.00 Neutral Sell 1746 1.08

ELEMENTIS 187.80 107.50 196.10 Neutral Neutral 180 1.08

JOHNSON MATTHEY 2397.00 1523.00 2403.00 Neutral Neutral 2473 1.47

VICTREX 1360.00 1025.00 1590.00 Neutral Neutral 1420 1.23

YULE CATTO 251.00 148.00 253.00 Sell Buy 357 1.28

ZOTEFOAMS 173.00 109.00 173.00 Neutral Buy 239 1.04


17/25



Construction & Building Materials Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BALFOUR BEATTY 289.00 214.60 348.60 Neutral Neutral 305 0.85

BARRATT DEVELOPMENTS 146.00 67.50 149.30 Neutral Sell 70 1.43

BELLWAY 851.00 540.50 851.00 Neutral Sell 708 1.02

BERKELEY GROUP HDG.(THE) 1394.00 1004.00 1414.00 Neutral Neutral 1401 0.69

BOVIS HOMES GROUP 512.00 326.50 518.50 Neutral Sell 215 1.08

CARILLION 309.30 281.00 403.20 Neutral Strong Buy 495 1.10

CLARKE (T) 41.00 35.50 105.00 Neutral Strong Buy 207 0.83COSTAIN GROUP 226.00 180.00 262.00 Neutral Strong Buy 818 0.59

GALLIFORD TRY 620.00 332.75 623.00 Neutral Sell 574 1.05

KELLER 420.00 239.25 671.50 Neutral Neutral 415 1.33

KIER GROUP 1205.00 1097.00 1489.00 Neutral Strong Buy 3305 1.04

LOW & BONAR 61.00 38.00 76.75 Neutral Strong Buy 155 1.10

MARSHALLS 99.75 83.25 124.50 Neutral Sell 68 1.35

MORGAN SINDALL GROUP 665.00 510.00 725.00 Neutral Strong Buy 1487 0.89

PERSIMMON 678.50 374.00 706.50 Neutral Neutral 662 1.10

REDROW 135.30 103.50 136.20 Neutral Sell 91 0.97

SIG 123.20 76.95 153.50 Neutral Sell 16 1.60

TAYLOR WIMPEY 52.15 28.71 52.75 Neutral Sell 13 1.51

TRAVIS PERKINS 1112.00 715.00 1112.00 Neutral Neutral 1133 1.89

WOLSELEY 2526.00 1404.00 2529.00 Neutral Sell 1814 1.42

Electronics & Electrical Equipment Over Valued


DIALIGHT 910.00 643.50 921.00 Neutral Sell 457 0.75

DOMINO PRINTING SCIENCES 556.00 434.30 701.50 Neutral Buy 709 1.18

E2V TECHNOLOGIES 132.00 86.75 146.50 Neutral Buy 159 1.34

INVENSYS 209.80 180.90 357.30 Neutral Strong Buy 390 1.47

LAIRD 213.60 127.90 213.60 Neutral Sell 193 2.21

OXFORD INSTRUMENTS 1262.00 619.50 1262.00 Sell Sell 829 0.98

RENISHAW 1427.00 800.00 1886.00 Neutral Buy 1946 1.28

SPECTRIS 1770.00 1039.00 1823.00 Neutral Sell 1232 1.43

BIOME TECHNOLOGIES 0.15 0.14 0.28 Buy Strong Buy 0 0.63

TT ELECTRONICS 185.00 120.50 208.00 Neutral Buy 247 1.60XAAR 264.75 212.00 295.00 Neutral Sell 128 1.12

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 89.00 62.50 129.00 Neutral Strong Buy 289 1.33

BODYCOTE 422.80 225.60 426.50 Neutral Sell 343 1.60

CASTINGS 310.00 252.50 358.00 Neutral Strong Buy 491 0.98

COOKSON GROUP 720.00 395.80 724.50 Neutral Neutral 748 2.29

FENNER 473.80 280.00 483.70 Neutral Sell 442 1.41

HALMA 397.50 306.30 429.60 Neutral Sell 347 0.76

HILL & SMITH 337.75 235.00 393.50 Neutral Strong Buy 564 1.42

IMI 1022.00 636.50 1119.00 Neutral Buy 1281 1.42METALRAX GROUP 8.95 7.25 12.00 Neutral Sell 8 0.86

MORGAN C RUCIBLE 341.00 224.00 360.00 Neutral Neutral 329 1.76

ROTORK 1985.00 1501.00 2099.00 Neutral Sell 1647 1.00

SENIOR 199.00 135.00 201.00 Neutral Sell 178 1.77

SEVERFIELD-ROWEN 194.25 150.00 272.00 Neutral Sell 171 1.06

SPIRAX-SARCO 2162.00 1649.00 2184.00 Sell Neutral 2110 0.86

VITEC GROUP 641.00 488.00 661.75 Neutral Buy 717 1.52

WEIR GROUP 2001.00 1375.00 2236.00 Neutral Sell 1506 1.39


18/25



Food & Drug Stores Under Valued


GREGGS 543.50 445.00 558.00 Neutral Sell 350 0.53

MORRISON(WM)SPMKTS. 299.30 268.50 328.00 Neutral Buy 363 0.46

SAINSBURY (J) 303.00 263.50 362.80 Neutral Strong Buy 551 0.65

TESCO 328.50 310.45 420.05 Neutral Buy 422 0.74

THORNTONS 23.88 9.50 88.25 Neutral Sell 22 0.78

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1196.00 963.50 1228.00 Neutral Sell 599 0.60

CRANSWICK 822.00 588.50 842.50 Neutral Neutral 790 0.59

DAIRY CREST 351.00 311.00 409.70 Neutral Buy 390 0.94

DEVRO 323.50 232.00 332.20 Neutral Buy 465 0.32

PREMIER FOODS 12.00 3.29 35.12 Neutral Sell -1 1.42

TATE & LYLE 710.00 535.50 720.50 Neutral Sell 440 0.63

UNILEVER (UK) 2085.00 1804.00 2189.00 Neutral Neutral 2023 0.61

General Retail Over Valued


ASHLEY(LAURA) HOLDINGS 21.25 16.00 25.25 Neutral Buy 30 0.72

BROWN (N) GROUP 239.80 227.00 304.50 Neutral Neutral 259 0.49

BURBERRY GROUP 1555.00 1092.00 1600.00 Neutral Sell 542 1.36

CARPETRIGHT 687.00 375.00 749.00 Sell Sell 208 1.03

CLINTON CARDS 10.88 7.50 24.38 Sell Sell 9 0.65

DIXONS RETAIL 17.00 9.36 19.91 Neutral Strong Buy 27 1.46

FINDEL 3.35 2.20 8.70 Neutral Sell 3 0.97

FRENCH CONNECTN.GROUP 52.25 36.00 117.50 Neutral Strong Buy 101 0.93

HALFORDS GROUP 295.80 269.50 405.90 Neutral Buy 421 0.64

JJB SPORTS 10.63 5.20 31.00 Sell Strong Buy 1158 0.87

JD SPORTS FASHION 768.50 570.00 1030.00 Neutral Strong Buy 1217 0.49

KESA ELECTRICALS 77.15 60.20 151.40 Neutral Strong Buy 292 1.27KINGFISHER 302.30 217.00 302.30 Sell Neutral 291 0.99

MARKS & SPENCER GROUP 381.00 301.80 402.20 Neutral Neutral 399 0.74

MOSS BROTHERS GROUP 46.88 25.50 47.75 Neutral Sell 21 1.05

MOTHERCARE 201.75 127.30 495.00 Neutral Strong Buy 369 0.55

NEXT 2935.00 1937.00 2935.00 Neutral Sell 2178 0.80

TED BAKER 775.00 572.50 830.00 Neutral Sell 480 0.55

TOPPS TILES 41.00 21.50 77.00 Neutral Sell 23 1.34

Health Over Valued


CONSORT MEDICAL 611.50 498.00 617.00 Neutral Sell 517 0.40CORIN GROUP 45.25 36.50 59.00 Neutral Neutral 45 0.75

SMITH & NEPHEW 631.00 521.00 715.00 Neutral Neutral 659 0.37

Household Goods & Textiles Under Valued


HARVARD INTL. 38.75 21.75 40.00 Neutral Sell 30 0.47

GAMES WORKSHOP 540.00 365.00 547.50 Neutral Sell 461 0.38

HEADLAM GROUP 292.50 233.25 310.00 Neutral Buy 338 0.93

HORNBY 97.00 97.00 145.00 Neutral Buy 140 0.65


19/25



Information Technology & Hardware Over Valued


ARM HOLDINGS 576.50 464.00 645.00 Neutral Strong Buy 1746 0.76

CSR 258.00 154.10 391.40 Neutral Strong Buy 7245 1.18

FILTRONIC 33.00 14.50 35.00 Sell Sell -275 0.65

IMAGINATION TEC HNOLOGIES 701.00 296.90 701.00 Neutral Strong Buy 1521 0.97

PSION 60.50 41.00 102.75 Neutral Strong Buy 3315 1.20

SPIRENT COMMUNICATIONS 160.30 105.80 160.30 Neutral Strong Buy 1594 1.02

WOLFSON MIC ROELECTRONIC S 189.00 96.00 260.00 Neutral Sell 29 1.06

Insurance Over Valued


ADMIRAL GROUP 1207.00 787.00 1754.00 Neutral Sell 607 0.54

AMLIN 349.90 270.60 427.00 Neutral Strong Buy 2470 0.47

BEAZLEY 139.90 109.60 151.80 Neutral Strong Buy 1302 0.52

CATLIN GROUP 423.30 336.00 449.00 Neutral Sell 69 0.31

HISCOX 413.60 340.50 424.70 Neutral Strong Buy 2464 0.50

JARDINE LLOYD THOMPSON 700.50 576.00 764.50 Neutral Strong Buy 1984 0.33

RSA INSURANCE GROUP 115.40 99.60 139.80 Neutral Strong Buy 1021 0.44

NOVAE GROUP 345.00 285.00 385.25 Neutral Strong Buy 2288 0.51

Leisure & Hotels Under Valued


ARENA LEISURE 44.00 26.25 44.25 Neutral Sell 17 0.79

CARNIVAL 2048.00 1742.00 2642.00 Neutral Strong Buy 3826 1.07

ENTERPRISE INNS 51.25 26.50 96.15 Neutral Strong Buy 92 1.74

TUI TRAVEL 190.50 136.70 250.00 Neutral Strong Buy 593 0.97

FULLER SMITH 'A' 691.00 595.00 752.00 Neutral Neutral 688 0.45

GREENE KING 517.50 410.00 521.50 Neutral Buy 721 0.87

LADBROKES 156.10 114.00 161.80 Neutral Strong Buy 255 0.99

ICTL.HTLS.GP. 1477.00 955.00 1497.00 Neutral Sell 961 1.31

MILLENNIUM & CPTH.HTLS. 513.00 371.20 540.00 Neutral Neutral 508 1.41

MITCHELLS & BUTLERS 280.90 215.60 336.80 Neutral Strong Buy 440 1.04BWIN PARTY DIGITAL ENTM. 152.80 100.60 204.00 Neutral Sell 138 1.30

PUNCH TAVERNS 10.75 9.14 15.70 Neutral Sell -154 1.30

RANK GROUP 129.80 109.50 153.70 Neutral Strong Buy 206 0.98

RESTAURANT GROUP 300.60 254.90 335.00 Neutral Buy 363 0.87

WETHERSPOON (JD) 420.40 380.50 468.30 Neutral Strong Buy 701 0.73

WHITBREAD 1714.00 1409.00 1737.00 Neutral Buy 1886 1.05

WILLIAM HILL 253.20 176.80 253.20 Neutral Buy 314 0.95

MARSTON'S 99.55 84.60 112.00 Neutral Strong Buy 200 1.25

Life Assurance Over Valued


AVIVA 379.20 275.30 452.70 Neutral Strong Buy 435 1.24CHESNARA 185.00 161.75 264.00 Neutral Neutral 177 0.59

LEGAL & GENERAL 135.00 89.80 135.00 Neutral Buy 83 1.67

OLD MUTUAL 163.20 98.05 164.60 Neutral Sell 160 1.64

PRUDENTIAL 791.50 509.00 791.50 Sell Sell 316 1.73

ST.JAMES'S PLACE 370.50 294.00 376.00 Neutral Strong Buy 121 0.81


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Media & Entertainment Under Valued


AEGIS GROUP 185.80 116.17 185.80 Neutral Strong Buy 592 1.32

BLOOMSBURY PBL. 111.00 91.25 138.00 Neutral Strong Buy 319 0.50

BRITISH SKY BCAST.GROUP 691.00 618.50 850.00 Neutral Strong Buy 11160 0.61

CENTAUR MEDIA 40.75 32.50 57.50 Neutral Sell -526 1.03

DAILY MAIL 'A' 447.00 343.40 516.00 Neutral Strong Buy 7485 1.09

EUROMONEY INSTL.INVESTOR 809.50 522.50 809.50 Sell Strong Buy 8927 1.06

INFORMA 443.60 313.90 446.00 Neutral Strong Buy 3371 1.52ITE GROUP 236.40 157.70 258.20 Neutral Sell 32 1.40

ITV 89.90 51.65 89.90 Neutral Strong Buy 1182 1.52

JOHNSTON PRESS 7.38 4.11 9.03 Neutral Strong Buy 781 1.47

PEARSON 1226.00 1038.00 1255.00 Neutral Strong Buy 9845 0.68

PHOTO-ME INTL. 45.25 39.50 67.00 Neutral Strong Buy 1052 0.84

PINEWOOD SHEPPERTON 260.00 152.50 292.00 Sell Strong Buy 1910 0.35

THOMSON REUTERS 29.18 26.21 39.25 Neutral Strong Buy 234 0.51

STV GROUP 110.25 76.25 168.00 Neutral Strong Buy 1518 0.80

ST.IVES 82.50 68.50 104.50 Neutral Strong Buy 2113 1.45

TRINITY MIRROR 35.25 35.25 54.25 Neutral Strong Buy 6488 1.57

UBM 616.00 416.00 620.50 Neutral Strong Buy 18668 1.31

WILMINGTON GROUP 96.75 78.50 157.00 Neutral Strong Buy 906 0.87

WPP 860.00 578.00 860.00 Neutral Strong Buy 7358 1.29

YELL GROUP 4.02 3.35 11.00 Neutral Strong Buy 728 1.31

Mining Under Valued


ANGLO AMERICAN 2618.00 2138.50 3344.00 Neutral Strong Buy 6469 1.76

ANGLO PACIFIC GROUP 338.80 237.90 339.25 Neutral Buy 387 0.95

ANTOFAGASTA 1229.00 900.50 1491.00 Neutral Sell 1100 1.39

BHP BILLITON 2035.00 1667.00 2631.50 Neutral Strong Buy 4672 1.41

LONMIN 1107.00 941.00 1760.00 Neutral Sell 1016 1.92

RANDGOLD RESOURCES 6490.00 4490.00 7565.00 Neutral Sell 1785 0.31

RIO TINTO 3578.50 2712.50 4595.00 Neutral Buy 5310 1.43

UK COAL 21.50 19.50 47.00 Neutral Sell -69 0.96

VEDANTA RESOURCES 1417.00 928.00 2518.00 Neutral Strong Buy 5393 2.10XSTRATA 1167.00 764.00 1550.00 Neutral Neutral 1181 1.79

Oil & Gas Under Valued


BG GROUP 1547.00 1144.00 1564.50 Neutral Buy 2061 0.71

BP 490.15 363.20 504.60 Neutral Strong Buy 1430 1.06

CAIRN ENERGY 333.10 291.86 531.75 Neutral Buy 411 1.35

FORTUNE OIL 10.75 9.00 14.75 Neutral Strong Buy 25 0.85

HUNTING 968.00 530.00 968.00 Neutral Neutral 998 1.33

JKX OIL & GAS 171.75 120.50 335.10 Neutral Strong Buy 391 1.36

MELROSE RESOURC ES 131.50 95.25 297.00 Neutral Strong Buy 695 1.13

PREMIER OIL 419.40 310.00 520.50 Neutral Buy 568 1.36ROYAL DUTCH SHELL A(LON) 2257.50 1883.50 2402.00 Neutral Strong Buy 6831 0.91

ROYAL DUTCH SHELL B 2285.00 1890.50 2489.00 Neutral Strong Buy 6895 0.92

SOCO INTERNATIONAL 331.10 278.00 400.00 Neutral Sell 214 0.51

TULLOW OIL 1528.00 945.50 1601.00 Neutral Sell 502 1.06

WOOD GROUP (JOHN) 747.50 469.90 763.50 Neutral Neutral 819 1.34

Personal Care & Household Products Over Valued


MCBRIDE 124.75 108.75 151.06 Neutral Sell 103 0.88

PZ CUSSONS 320.00 285.00 387.90 Neutral Buy 369 0.75

RECKITT BENCKISER GROUP 3565.00 3020.00 3597.00 Neutral Sell 3296 0.34


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Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 3.98 3.13 5.35 Neutral Sell -6 0.95

ASTRAZENECA 2835.00 2543.50 3194.00 Neutral Strong Buy 11232 0.45

BTG 348.60 210.30 365.00 Neutral Sell 233 0.72

DECHRA PHARMACEUTICALS 504.50 433.00 579.00 Neutral Strong Buy 1972 0.30

GLAXOSMITHKLINE 1423.50 1142.00 1497.00 Neutral Strong Buy 2268 0.48

OXFORD BIOMEDICA 3.16 2.88 7.20 Buy Strong Buy 17 0.60

PHYTOPHARM 8.62 6.40 9.50 Buy Sell 2 0.92SHIRE 2177.00 1784.00 2300.00 Neutral Neutral 2077 0.62

SKYEPHARMA 39.38 31.00 66.13 Neutral Strong Buy 305 0.72

VERNALIS 24.00 18.75 49.00 Neutral Strong Buy 103 0.82

Software & Computer Services Under Valued


TIMEWEAVE 23.25 21.75 27.00 Neutral Strong Buy 50 0.72

ANITE 118.50 57.75 118.50 Sell Sell 65 0.84

AVEVA GROUP 1681.00 1298.00 1799.00 Neutral Sell 991 1.46

COMPUTACENTER 461.90 324.70 490.00 Neutral Strong Buy 1136 1.09

KOFAX 304.50 225.00 535.00 Neutral Neutral 302 1.09

INNOVATION GROUP 20.00 15.50 23.00 Neutral Neutral 20 0.90LOGICA 103.50 58.95 144.80 Sell Strong Buy 223 1.37

MIC RO FOC US INTL. 455.10 242.90 471.20 Neutral Neutral 488 0.74

MISYS 329.50 214.90 420.20 Neutral Buy 439 1.33

PHOENIX IT GROUP 203.00 154.75 262.75 Neutral Strong Buy 510 0.88

RM 87.50 41.50 157.25 Neutral Sell -16 0.47

FIDESSA GROUP 1674.00 1444.00 2109.00 Neutral Neutral 1793 0.81

SAGE GROUP 299.30 231.70 312.40 Neutral Buy 329 0.64

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 253.40 167.80 265.80 Neutral Sell 182 1.09

BREWIN DOLPHIN 172.20 113.70 176.50 Neutral Sell 134 0.72CAMELLIA 9700.00 8800.00 10950.00 Neutral Strong Buy 18735 0.86

CHARLES STANLEY GROUP 283.25 240.00 350.00 Neutral Buy 317 0.95

CHARLES TAYLOR CNSL. 135.75 115.63 165.00 Neutral Strong Buy 233 0.72

CLOSE BROTHERS GROUP 812.00 590.00 865.50 Neutral Sell 406 0.82

F&C ASSET MANAGEMENT 70.25 56.05 81.70 Neutral Buy 89 0.92

HELPHIRE GROUP 1.90 1.36 16.00 Neutral Sell -0 0.67

HENDERSON GROUP 124.30 95.05 173.10 Neutral Sell 104 1.43

ICAP 431.50 311.60 541.50 Neutral Sell 349 1.08

INTERMEDIATE CAPITAL GP. 292.90 197.90 345.00 Neutral Neutral 305 1.65

INVESTEC 399.80 318.40 522.00 Neutral Sell 320 1.56

LONDON STOCK EX.GROUP 1014.00 756.50 1076.00 Neutral Sell 828 1.17

MAN GROUP 145.00 104.50 259.60 Neutral Buy 196 1.27

RATHBONE BROTHERS 1316.00 977.00 1316.00 Neutral Sell 1250 0.75

SCHRODERS 1615.00 1183.00 1906.00 Neutral Neutral 1730 1.33SCHRODERS NV 1287.00 970.00 1554.00 Neutral Buy 1730 1.32


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Support Services Under Valued


ACAL 204.50 166.25 344.00 Neutral Strong Buy 365 0.93

AGGREKO 2310.00 1481.82 2316.00 Neutral Sell 1361 1.18

AMEC 1165.00 740.50 1207.00 Neutral Buy 1379 1.03

ASHTEAD GROUP 270.80 99.40 270.80 Sell Sell 138 1.50

BABCOCK INTL. 746.50 562.50 764.50 Neutral Neutral 763 0.55

BRITISH POLYTHENE INDS. 345.00 250.00 392.50 Neutral Strong Buy 1168 0.72

BUNZL 1002.00 676.50 1002.00 Neutral Neutral 1099 0.56UK MAIL GROUP 255.00 192.25 318.50 Neutral Strong Buy 585 0.32

CAPITA 753.00 611.50 767.00 Neutral Neutral 767 0.45

COMMUNISIS 36.38 23.75 39.75 Neutral Strong Buy 105 0.75

COMPASS GROUP 668.00 512.50 668.00 Neutral Buy 838 0.74

BERENDSEN 534.00 402.70 568.00 Neutral Buy 763 1.04

DE LA RUE 910.50 730.00 1001.00 Neutral Buy 1109 #NA

DIGNITY 845.00 690.00 854.50 Neutral Buy 1075 0.21

DIPLOMA 427.90 284.00 427.90 Sell Buy 519 1.01

ELECTROCOMP. 263.00 182.20 294.90 Neutral Strong Buy 405 1.03

FILTRONA 465.70 293.00 467.20 Neutral Neutral 467 1.13

G4S 276.30 219.90 292.10 Neutral Strong Buy 422 0.60

HAYS 91.50 58.85 119.60 Neutral Strong Buy 155 0.99

HOMESERVE 254.90 214.70 532.00 Neutral Strong Buy 510 0.65

INTERSERVE 291.00 252.75 341.25 Neutral Strong Buy 859 1.36

INTERTEK GROUP 2521.00 1744.00 2521.00 Neutral Sell 1766 0.87

JOHNSON SERVICE GROUP 30.25 25.25 36.00 Neutral Strong Buy 73 1.16

MANAGEMENT C NSL.GP. 38.50 27.75 45.50 Neutral Strong Buy 61 0.67

MENZIES (JOHN) 570.00 445.50 614.00 Neutral Strong Buy 1317 1.46

MICHAEL PAGE INTL. 496.00 323.00 567.00 Neutral Neutral 475 1.37

MITIE GROUP 286.00 196.10 287.20 Neutral Strong Buy 437 0.61

MOUCHEL GROUP 17.50 4.75 149.00 Sell Sell -316 0.92

OFFICE2OFFICE 162.00 116.00 166.50 Neutral Strong Buy 309 0.38

PAYPOINT 610.00 395.00 610.00 Neutral Buy 796 0.75

PREMIER FARNELL 218.00 144.50 301.00 Neutral Strong Buy 384 1.20

REGUS 115.20 64.00 119.00 Neutral Sell 75 1.42

RENTOKIL INITIAL 85.45 58.20 100.90 Neutral Sell 55 1.31

REXAM 426.80 299.80 427.00 Neutral Buy 572 0.88

RICARDO 361.00 325.00 410.00 Neutral Strong Buy 592 0.82

ROBERT WALTERS 250.25 158.25 326.00 Neutral Strong Buy 376 1.23

RPC GROUP 383.50 234.60 393.20 Neutral Buy 485 0.82

RPS GROUP 243.80 156.60 253.00 Neutral Buy 322 1.59

SERCO GROUP 544.50 458.00 597.50 Neutral Buy 728 0.59

SHANKS GROUP 102.20 90.80 130.90 Neutral Strong Buy 178 1.47

SPEEDY HIRE 30.25 18.50 34.00 Neutral Sell -9 1.31

TRIBAL GROUP 77.75 36.25 77.75 Neutral Sell -343 0.62

TRIFAST 48.75 36.25 52.88 Sell Buy 68 0.88

VP 258.00 191.00 258.00 Neutral Strong Buy 633 0.90

WYG 54.00 47.00 1075.00 Sell Sell -9699 0.77

WSP GROUP 263.75 160.00 385.00 Neutral Strong Buy 620 0.96

Telecommunication Services Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BT GROUP 215.60 161.00 218.80 Neutral Buy 258 0.93

CABLE & WIRELESS COMMS. 32.11 31.25 50.50 Buy Strong Buy 138 0.65

INMARSAT 473.80 389.30 628.50 Neutral Sell 370 0.53

KCOM GROUP 70.00 58.50 84.00 Neutral Buy 83 1.26

TELECOM PLUS 685.00 452.00 802.00 Neutral Sell 467 0.04

VODAFONE GROUP 166.35 155.05 182.70 Neutral Buy 188 0.62


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Transport Under Valued


BBA AVIATION 217.20 156.00 223.40 Neutral Sell 177 1.40

BRAEMAR SHIPPING SVS. 401.00 282.00 505.00 Neutral Strong Buy 690 0.95

CLARKSON 1295.00 1015.00 1355.00 Neutral Buy 1668 0.82

EASYJET 450.30 302.54 478.53 Neutral Buy 573 0.78

FIRST GROUP 292.90 282.50 370.20 Neutral Strong Buy 452 1.08

FISHER(JAMES)& SONS 595.50 440.50 595.50 Neutral Sell 362 0.82

GO-AHEAD GROUP 1319.00 1190.00 1598.00 Neutral Buy 1883 0.95NATIONAL EXPRESS 251.60 201.60 270.20 Neutral Sell 194 1.30

NORTHGATE 221.00 190.90 346.70 Neutral Strong Buy 407 1.38

STAGECOACH GROUP 267.30 203.52 287.40 Neutral Sell 221 0.90

WINCANTON 81.50 56.00 127.50 Neutral Strong Buy 178 0.84

Utilities Under Valued


CENTRICA 314.90 278.80 333.00 Neutral Neutral 331 0.50

NATIONAL GRID 644.00 552.50 659.00 Neutral Buy 818 0.56

PENNON GROUP 728.00 601.50 737.50 Neutral Sell 617 0.61

SEVERN TRENT 1592.00 1375.00 1610.00 Neutral Sell 1412 0.47

UNITED UTILITIES GROUP 615.00 560.00 637.00 Neutral Neutral 631 0.58


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uk trading & value indicator 20120319

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