value indicator - uk main market 20130215

7/29/2019 value indicator - uk main market 20130215

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15 February 2013

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Intellisys Intelligent Analysis Limited 15 February 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 Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Over 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 330.00 270.90 363.60 Neutral Strong Buy 539 0.65

CHEMRING GROUP 284.50 217.00 442.00 Neutral Strong Buy 571 0.65

COBHAM 219.60 186.30 239.50 Neutral Buy 265 0.83

MEGGITT 448.50 364.30 448.70 Neutral Sell 377 1.32

ROLLS-ROYCE HOLDINGS 1017.00 770.89 1017.00 Sell Sell 639 1.08

SMITHS GROUP 1236.00 979.50 1246.00 Neutral Sell 940 0.70

ULTRA ELECTRONICS HDG. 16 01.00 1424.00 1780.00 Neutral Sell 1410 0.50

Automobiles & Parts Under Valued

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

GKN 256.70 173.60 260.40 Neutral Neutral 244 1.99

INCHCAPE 484.50 305.20 495.70 Neutral Neutral 467 1.46

LOOKERS 84.00 56.50 84.00 Neutral Buy 97 1.23

PENDRAGON 22.25 11.50 23.00 Neutral Buy 31 1.11

Banks Over Valued


BARCLAYS 319.00 150.55 327.35 Neutral Sell 228 1.92

HSBC HDG. (ORD $0.50) 724.20 503.20 730.90 Neutral Strong Buy 1106 1.16

LLOYDS BANKING GROUP 54.88 25.29 55.45 Sell Buy 63 1.86

ROYAL BANK OF SCTL.GP. 347.90 196.60 367.80 Sell Sell -100 1.34

STANDARD CHARTERED 1727.50 1228.50 1727.50 Neutral Sell 1466 1.70

Beverages Under Valued


BARR (AG) 502.50 348.00 557.00 Neutral Neutral 548 0.54

DIAGEO 1929.50 1477.00 1929.50 Neutral Sell 1676 0.55

SABMILLER 3200.00 2348.50 3209.50 Neutral Buy 3710 0.96

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 376.20 267.60 390.00 Neutral Strong Buy 688 #NA

CARCLO 444.00 330.00 503.00 Neutral Sell 420 0.73

CRODA INTERNATIONAL 2520.00 2026.00 2520.00 Neutral Sell 1991 1.01

ELEMENTIS 225.40 158.30 240.30 Neutral Strong Buy 351 0.97

JOHNSON MATTHE Y 2299.00 2080.27 2573.00 Neutral Strong Buy 12336 1.44

VICTREX 1585.00 1185.00 1649.00 Neutral Sell 1430 1.12

SYNTHOMER 206.80 127.40 251.00 Neutral Buy 231 1.14

ZOTEFOAMS 201.50 136.50 225.00 Neutral Strong Buy 395 0.96


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Construction & Building Materials Under Valued


ALUMASC GROUP 101.00 61.50 130.00 Neutral Strong Buy 236 0.49

BALFOUR BEATTY 273.40 237.90 320.80 Neutral Strong Buy 992 0.79

BARRATT DEVELOPMENTS 229.30 114.00 231.10 Neutral Strong Buy 454 1.49

BELLWAY 1164.00 660.00 1175.00 Neutral Strong Buy 1920 1.10

BERKELEY GROUP HDG.(THE) 1848.00 1177 .00 1855.00 Neutral Strong Buy 3171 0.64

BOOT (HENRY) 160.00 115.50 165.25 Neutral Strong Buy 333 0.83

BOVIS HOMES GROUP 660.50 399.30 660.50 Neutral Sell 562 1.15

CARILLION 306.70 235.50 344.00 Neutral Strong Buy 818 1.08

CLARKE (T) 61.13 39.50 61.50 Neutral Strong Buy 272 0.82

COSTAIN GROUP 275.00 188.00 275.00 Neutral Strong Buy 556 0.58

CRH 1409.00 1052.00 1420.00 Neutral Sell 748 1.14

GALLIFORD TRY 883.50 499.50 892.00 Neutral Strong Buy 1731 1.00

KELLER 765.00 348.25 765.00 Neutral Strong Buy 2054 1.23

KIER GROUP 1356.00 1095.00 1489.00 Neutral Strong Buy 3381 0.93

LOW & BONAR 68.25 49.00 68.25 Neutral Strong Buy 205 1.04MARSHALLS 107.50 76.00 110.00 Neutral Strong Buy 287 1.36

MORGAN SINDALL GROUP 580.00 508.00 717.50 Neutral Strong Buy 3359 0.84

NORCROS 15.50 9.25 16.75 Neutral Strong Buy 35 1.13

PERSIMMON 869.50 532.00 888.50 Neutral Buy 1133 1.15

REDROW 185.20 107.30 195.10 Neutral Strong Buy 293 1.05

SIG 139.50 82.30 139.50 Neutral Strong Buy 473 1.74

SUPERGLASS HOLDINGS 10.25 4.50 22.50 Sell Strong Buy 44 0.86

TAYLOR WIMPEY 77.10 40.28 77.25 Neutral Buy 96 1.58

TRAVIS PERKINS 1283.00 906.50 1297.00 Neutral Strong Buy 2614 1.97

WOLSELEY 3054.00 2121.32 3084.00 Neutral Strong Buy 5265 1.44

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1150.00 781.50 1244.00 Neutral Sell 720 0.74

DOMINO PRINTING SCIENCES 674.00 509.00 684.00 Neutral Buy 888 1.17

E2V TECHNOLOGIES 119.50 105.50 149.50 Neutral Strong Buy 229 1.29

INVENSYS 346.90 186.10 351.60 Neutral Sell 317 1.41

LAIRD 239.10 164.80 243.90 Neutral Sell 74 2.11

OXFORD INSTRUMENTS 1732.00 1087.00 1 752.00 Neutral Sell 1102 1.00

RENISHAW 1912.00 1260.00 2081.00 Neutral Buy 2356 1.25

SPECTRIS 2397.00 1427.00 2415.00 Neutral Sell 2047 1.50

BIOME TECHNOLOGIES 0.13 0.08 0.22 Neutral Neutral 0 0.84

TT ELECTRONICS 169.00 114.00 203.50 Neutral Strong Buy 354 1.58

XAAR 285.00 185.00 292.00 Neutral Sell 206 1.09


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 77.50 54.25 92.00 Neutral Buy 111 1.26

BODYCOTE 504.50 310.30 513.00 Neutral Neutral 503 1.60

CASTINGS 344.00 277.75 358.50 Neutral Strong Buy 681 0.98

VESUVIUS 385.00 263.19 391.50 Neutral Buy 491 2.17

FENNER 418.80 329.30 483.70 Neutral Buy 544 1.40

HALMA 481.50 373.10 481.50 Neutral Sell 382 0.76

HILL & SMITH 468.00 297.00 471.50 Neutral Sell 335 1.35

IMI 1180.00 776.00 1199.00 Neutral Buy 1320 1.40

METALRAX GROUP 3.08 2.93 9.00 Neutral Neutral 3 0.83

MORGAN CRUCIBLE 287.90 220.30 360.00 Neutral Strong Buy 527 1.80

ROTORK 2836.00 1859.00 2836.00 Sell Sell 2017 0.97

SENIOR 208.00 177.00 215.00 Neutral Neutral 218 1.64

SEVERFIELD-ROWEN 81.50 73.25 219.50 Neutral Sell 76 0.71

SPIRAX-SARCO 2365.00 1900.00 2395.00 Neutral Sell 2208 0.83

VITEC GROUP 625.50 560.00 740.00 Neutral Neutral 601 1.37WEIR GROUP 2170.00 1397.00 2236.00 Neutral Sell 1979 1.38

Food & Drug Stores Over Valued


GREGGS 486.00 449.00 558.00 Neutral Buy 657 0.47

MORRISON(WM)SPMKTS. 260.50 248.60 305.70 Neutral Sell 207 0.39

SAINSBURY (J) 335.80 283.50 361.10 Neutral Sell 231 0.60

TESCO 370.55 297.05 374.25 Neutral Sell 287 0.69

THORNTONS 45.75 18.88 45.75 Sell Sell 32 0.81

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1803.00 1167.00 1 804.00 Sell Sell 1436 0.62

CRANSWICK 1000.00 732.50 1001.00 Neutral Buy 1408 0.51

DAIRY CREST 413.10 290.40 424.50 Neutral Sell 385 0.92

DEVRO 370.00 278.00 370.00 Sell Sell 331 0.32

PREMIER FOODS 87.00 54.50 180.00 Neutral Sell -163 1.27

TATE & LYLE 801.50 633.50 834.00 Neutral Buy 1020 0.69

UNILEVER (UK) 2583.00 2005.00 2603.00 Neutral Buy 3464 0.58


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General Retail Under Valued


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

BROWN (N) GROUP 397.90 222.40 397.90 Neutral Sell 354 0.53

BURBERRY GROUP 1360.00 1000.00 1586.00 Neutral Sell 961 1.28

CARPETRIGHT 660.00 585.00 728.50 Neutral Sell 275 0.96

DIXONS RETAIL 27.46 12.67 29.80 Neutral Buy 36 1.51

FINDEL 7.30 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 27.00 19.50 55.75 Neutral Strong Buy 108 0.98

HALFORDS GROUP 330.20 189.00 356.80 Neutral Buy 491 0.68

JD SPORTS FASHION 796 .00 606 .50 863 .00 Neutral Strong Buy 1490 0.51

DARTY 49.75 38.00 85.70 Neutral Strong Buy 82 1.26

KINGFISHER 275.70 254.10 313.80 Neutral Buy 383 0.95

MARKS & SPENCER GROUP 389.50 312.20 398.80 Neutral Buy 506 0.65

MOSS BROTHERS GROUP 69.00 38.50 71.00 Neutral Sell 59 1.03

MOTHERCARE 301.25 152.00 362.00 Neutral Buy 333 0.46

NEXT 4182.00 2708.00 4182.00 Sell Sell 3632 0.69TED BAKER 1182.00 766.00 1210.00 Neutral Sell 643 0.56

TOPPS TILES 67.50 31.25 68.00 Neutral Sell 50 1.48

Heath Over Valued


BIOQUELL 142.50 119.00 160.00 Neutral Sell 102 0.44

CONSORT MEDICAL 660.50 565.00 831.50 Neutral Sell 556 0.39

OPTOS 208.75 160.00 279.25 Neutral Sell 176 1.19

SMITH & NEPHEW 702.50 580.00 734.00 Neutral Sell 637 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 645.00 487.50 720.50 Neutral Neutral 632 0.43

HEADLAM GROUP 348.25 263.00 355.00 Neutral Sell 311 0.93

HORNBY 85.50 55.25 110.25 Neutral Buy 109 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 925.00 469.00 932.50 Neutral Sell 582 0.78

CSR 385.60 194.60 389.80 Neutral Strong Buy 1256 1.20FILTRONIC 63.00 23.50 68.00 Neutral Sell 48 0.88

IMAGINATION TECHN OLOGIES 518.00 383.50 717.00 N eutral Neutral 530 1.08

SPIRENT COMMUNICATIONS 167.70 1 29.60 174.00 Neutral Strong Buy 689 0.94

WOLFSON MICROELECTR ON ICS 200.00 165.75 230.00 Neutral Sell -503 0.93


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Insurance Under Valued


ADMIRAL GROUP 1273.00 962.50 1277.00 Neutral Sell 425 0.54

AMLIN 410.50 312.90 412.20 Neutral Sell -2774 0.45

BEAZLEY 210.70 132.50 210.90 Neutral Strong Buy 1438 0.59

CATLIN GROUP 513.50 399.00 540.00 Neutral Buy 733 0.30

HISCOX 480.80 371.30 489.40 Neutral Strong Buy 1948 0.48

JARDINE LLOYD THOMPSON 794 .00 659 .00 816 .00 Neutral Strong Buy 3007 0.30

RSA INSURANCE GROUP 133.40 97.65 134.30 Neutral Strong Buy 1608 0.42

NOVAE GROUP 439.00 340.00 440.00 Neutral Strong Buy 1813 0.46

Leisure & Hotels Over Valued


CARNIVAL 2500.00 1841.00 2628.00 Neutral Strong Buy 4342 1.02

ENTERPRISE INNS 103.40 49.00 105.10 Neutral Sell 74 1.59

TUI TRAVEL 316.70 158.00 316.70 Neutral Strong Buy 769 0.98

FULLER SMITH 'A' 779.50 680.00 798.00 Neutral Sell 634 0.38

GREENE KING 705.50 474.30 707.50 Neutral Sell 597 0.92

LADBROKES 223.60 145.90 224.30 Neutral Sell 177 0.93

ICTL.HTLS.GP. 1944.00 1381.61 1947.00 Sell Sell 1577 1.17

MILLENNIUM & CPTH.HTLS. 555.00 455.40 568.50 N eutral Neutral 597 1.36

MITCHELLS & BUTLERS 337.60 217.40 339.20 Neutral Sell 289 1.08

BWIN PARTY DIGITAL ENTM. 142.20 91.90 169.00 Neutral Sell 88 1.24

PUNCH TAVERNS 11.25 5 .61 13.12 Neutral Strong Buy 45 1.25

RANK GROUP 155.80 111.00 156.50 Neutral Strong Buy 486 0.99

RESTAURANT GROUP 383.30 269.20 392.00 Neutral Sell 310 0.76

WETHERSPOON (JD) 503.00 371.30 548.50 Neutral Buy 717 0.70

WHITBREAD 2651.00 1637.00 2692.00 Neutral Sell 1878 0.99WILLIAM HILL 400.00 222.40 403.30 Neutral Sell 269 0.87

MARSTON'S 139.70 94.25 140.20 Neutral Sell 25 1.20

Life Assurance Over Valued


AVIVA 362.10 255.30 388.40 Neutral Strong Buy 1106 1.25

CHESNARA 230.00 155.25 230.00 Neutral Buy 335 0.70

LEGAL & GENERAL 150.40 106.00 153.10 Neutral Strong Buy 274 1.70

OLD MUTUAL 196.00 138.70 196.50 Neutral Sell 166 1.57

PRUDENTIAL 945.50 660.00 973.00 Neutral Sell 875 1.70

ST.JAMES'S PLACE 460.20 303.40 469.00 Neutral Sell 405 0.85


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Media & Entertainment Over Valued


AEGIS GROUP 238.30 153.20 238.50 Neutral Sell -601 1.28

BLOOMSBURY PBL. 110.13 104.00 146.50 Buy Strong Buy 1540 0.35

BRITISH SKY BCAST.GROUP 831.00 635.50 838.00 Neutral Strong Buy 149 0.54

CENTAUR MEDIA 58.50 28.50 60.00 Neutral Strong Buy 3136 0.98

DAILY MAIL 'A' 666.50 363.50 666.50 Sell Strong Buy 5502 1.12

EUROMONEY INSTL.INVESTOR 932.00 672.50 951.50 Neutral Sell -31 1.00

INFORMA 485.70 340.00 491.40 Neutral Strong Buy 269 1.54

ITE GROUP 267.00 180.00 273.40 Neutral Strong Buy 1212 1.42

ITV 113.40 69.45 118.40 Neutral Strong Buy 1494 1.54

JOHNSTON PRESS 13.00 4.88 15.00 Neutral Buy 340 1.25

PEARSON 1207.00 1111.00 1294.00 Neutral Strong Buy 2360 0.64

PHOTO-ME INTL. 71.50 36.25 77.75 Neutral Buy 511 0.76

PINEWOOD SHEPPERTON 274.00 237.62 377.50 Neutral Sell -592 0.15

THOMSON REUTERS 30.23 26.85 31.04 Neutral Sell 285 0.51

STV GROUP 129.50 81.50 130.00 Neutral Strong Buy 726 0.78ST.IVES 120.00 67.50 125.00 Neutral Sell -293 1.49

TRINITY MIRROR 115.25 25.50 115.25 Neutral Strong Buy 2243 1.58

UBM 756.00 511.00 788.00 Neutral Strong Buy 1157 1.31

WILMINGTON GROUP 157.00 82.00 160.00 Neutral Sell 209 0.84

WPP 1019.00 743.00 1025.00 Neutral Strong Buy 835 1.34

HIBU 0.44 0.26 4.68 Neutral Sell 26 1.08

Mining Under Valued


ANGLO AMERICAN 2013.00 1664.00 2715.50 Neutral Strong Buy 3316 1.72

ANGLO PACIFIC GROUP 289.00 221.25 340.00 Neutral Neutral 316 0.99ANTOFAGASTA 1116.00 991.00 1381.00 Neutral Neutral 1067 1.39

BHP BILLITON 2225.00 1681.00 2225.00 Neutral Strong Buy 3946 1.44

LONMIN 368.00 240.84 599.98 Neutral Sell 56 2.01

RANDGOLD RESOURCES 5800.00 4596.00 7775.00 Neutral Sell 3311 0.33

RIO TINTO 3745.50 2715.50 3757.00 Neutral Neutral 3978 1.51

COALFIELD RESOURCES 6.09 3.75 31.50 Neutral Strong Buy 188 0.89

VEDANTA RESOURCES 832.50 1502.00 Neutral Strong Buy 2892 2.18

XSTRATA 1185.00 785.80 1221.50 Neutral Neutral 1178 1.86

Oil & Gas Under Valued


BG GROUP 1137.50 1000.50 1547.00 Neutral Neutral 1227 0.80

BP 450.05 391.95 504.60 Neutral Strong Buy 1546 1.05

CAIRN ENERGY 285.10 248.20 360.00 Neutral Sell -28 1.32

FORTUNE OIL 10.50 7.86 12.50 Neutral Buy 15 0.90

HUNTING 861.50 688.00 968.00 Neutral Sell 524 1.29

JKX OIL & GAS 64.00 55.00 187 .75 Neutral Strong Buy 297 1.34

PREMIER OIL 389.20 321.30 449.70 Neutral Sell 294 1.44

ROYAL DUTCH SHELL B 2171.50 2039.00 2366.50 Neutral Strong Buy 10957 0.86

SOCO INTERNATIONAL 365.90 254.90 400.00 Buy Sell 252 0.52

TULLOW OIL 1240.00 1138.00 1601.00 Neutral Sell 797 1.05

WOOD GROUP (JOHN) 804.50 651.50 875.50 Neutral Neutral 840 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 144.50 102.70 144.50 Neutral Strong Buy 272 0.84

PZ CUSSONS 397.80 296.10 415.60 Neutral Sell 337 0.70

RECKITT BENCKISER GROUP 4410.00 3 300.00 4419.00 Neutral Neutral 4449 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.99 0.99 3.98 Buy Strong Buy 155 1.01

ASTRAZENECA 2927.50 2591.00 3168.00 Neutral Sell -40117 0.49

BTG 323.80 300.30 423.00 Neutral Strong Buy 916 0.62

DECHRA PHARMACEUTICALS 650.00 418.33 658.00 Neutral Strong Buy 5808 0.25

GLAXOSMITHKLINE 1465.00 1317.50 1507.50 Neutral Sell -18124 0.50

OXFORD BIOMEDICA 2.37 2.05 5.80 Buy Strong Buy 67 0.62

PHYTOPHARM 9.88 5.88 12.75 Buy Sell 7 0.88

SHIRE 2027.00 1727.00 2300.00 Neutral Sell -3913 0.64

SKYEPHARMA 67.13 31.00 101.50 Neutral Sell -943 0.71

VERNALIS 23.63 21.63 27.38 Neutral Strong Buy 486 0.83

Real Estate Under Valued


BIG YELLOW GROUP 371.90 274.50 382.10 Neutral Sell -601 1.14

BRITISH LAND 580.50 466.10 582.00 Neutral Strong Buy 1540 1.04

CAPITAL & REGIONAL 29.50 22.75 34.25 Sell Strong Buy 149 0.81

CLS HOLDINGS 806.00 595.00 806.00 Neutral Strong Buy 3136 0.71

DERWENT LONDON 2154.00 1684.00 2205.00 Neutral Strong Buy 5502 1.20DEVELOPMENT SECS. 159.00 121.75 176.00 Neutral Sell -31 0.98

GRAINGER 133.20 83.10 139.40 Neutral Strong Buy 269 1.53

GREAT PORTLAND ESTATES 482.40 345.60 502.00 Sell Strong Buy 1212 1.06

HAMMERSON 486.80 385.70 497.70 Neutral Strong Buy 1494 1.16

HELICAL BAR 236.00 164.00 247.00 Neutral Buy 340 0.76

LAND SECURITIES GROUP 829.00 672.50 832.50 Neutral Strong Buy 2360 1.15

CAPITAL SHOPCTS.GROUP 361.10 305.00 366.00 Neutral Buy 511 1.10

MCKAY SECURITIES 142.00 120.25 144.00 Neutral Sell -592 0.71

MUCKLOW (A & J) GROUP 367.50 310.00 390.00 Neutral Sell 285 0.41

PRIMARY HEALTH PROPS. 362.75 311.00 364.50 Neutral Strong Buy 726 0.37

QUINTAIN ESTATES & DEV. 66.25 32.50 66.25 Sell Sell -293 1.17

SAVILLS 534.50 300.80 568.50 Neutral Strong Buy 2243 0.73

SHAFTESBURY 573.00 482.20 582.00 Neutral Strong Buy 1157 1.02

SEGRO 251.50 209.40 259.20 Neutral Sell 209 1.69

ST MODWEN PROPS. 257.60 145.50 260.00 Neutral Strong Buy 835 1.55

TOWN CENTRE SECURITIES 194.00 147.00 194.00 Neutral Sell 26 1.04

UNITE GROUP 301.50 180.25 303.00 Neutral Sell 67 1.75

WARNER ESTATE 1.88 1.00 4.00 Sell Sell -1070 1.00

WORKSPACE GROUP 335.00 213.25 344.90 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 157.80 101.25 159.70 Neutral Sell 123 0.75

AVEVA GROUP 2213.00 1469.00 2232.00 Neutral Sell 1320 1.40

COMPUTACENTER 475.00 292.40 507.00 Neutral Strong Buy 1363 0.99

KOFAX 260.75 240.00 325.75 Neutral Buy 324 1.09

INNOVATION GROUP 25.00 18.25 25.50 Neutral Sell 22 0.83

MICRO FOCUS INTL. 657.50 426.17 657.50 Neutral Buy 979 0.80

PHOENIX IT GROUP 157.00 135.00 231.75 Neutral Strong Buy 314 0.74

RM 72.50 70.25 92.25 Neutral Sell -92 0.51

FIDESSA GROUP 1820.00 1275.00 1820.00 Neutral Buy 2094 0.73

SAGE GROUP 333.60 247.70 343.20 Neutral Buy 417 0.73

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 426.40 237.30 426.40 Neutral Sell 167 1.09

BREWIN DOLPHIN 204.70 136.30 222.00 Neutral Sell 124 0.70

CAMELLIA 10900.00 9175.00 11105.00 Neutral Sell 10209 0.83

CHARLES STANLEY GROUP 356.25 247.50 356.25 Neutral Sell 177 0.97

CHARLES TAYLOR 171.50 128.50 189.75 Neutral Sell 106 0.68

CLOSE BROTHERS GROUP 1027.00 673.50 1030.00 Neutral Sell 204 0.91

F&C ASSET MANAGEMENT 102.00 64.75 110.00 Neutral Neutral 102 0.89

HELPHIRE GROUP 3.65 0.77 3.65 Sell Strong Buy 42 0.70

HENDERSON GROUP 160.50 90.55 165.60 Neutral Sell 50 1.45

ICAP 350.90 281.40 431.50 Neutral Sell 209 1.08

INTERMEDIATE CAPITAL GP. 375.10 227.30 375.10 Neutral Sell 205 1.68

INVESTEC 493.60 310.40 495.80 Neutral Sell 96 1.56

LONDON STOCK EX.GROUP 1341.00 880.00 1341.00 Neutral Strong Buy 3535 1.15MAN GROUP 111.10 63.25 152.50 Neutral Sell 95 1.32

RATHBONE BROTHERS 1450.00 1151.00 1472.00 Neutral Sell 1128 0.74

SCHRODERS 1969.00 1166.00 1999.00 Neutral Sell 1278 1.32

SCHRODERS NV 1548.00 966.00 1594.00 Neutral Strong Buy 4276 1.28


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Support Services Over Valued


ACAL 205.00 157.75 219.50 Neutral Buy 287 0.91

AGGREKO 1641.00 1557.00 2400.00 Neutral Sell 1179 1.02

AMEC 1042.00 923.00 1172.00 Neutral Neutral 1003 1.03

ASHTEAD GROUP 484.50 212.20 485.70 Neutral Sell 285 1.61

BABCOCK INTL. 1043.00 721.50 1052.00 Neutral Sell 611 0.47

BRITISH POLYTHENE INDS. 442.00 317.00 445.00 Neutral Strong Buy 743 0.76

BUNZL 1183.00 908.50 1183.00 Neutral Sell 762 0.53

UK MAIL GROUP 369.50 214.00 375.00 Neutral Buy 415 0.37

CAPITA 820.00 602.00 831.00 Neutral Sell 475 0.50

COMMUNISIS 43.25 25.50 50.50 Neutral Strong Buy 68 0.77

COMPASS GROUP 780.00 616.00 780.50 Neutral Sell 561 0.73

BERENDSEN 620.50 456.60 634.00 Neutral Buy 890 1.04

DE LA RUE 946.50 885.50 1075.00 Neutral Sell 559 #NA

DIGNITY 1240.00 755.50 1250.00 Neutral Sell 717 0.21

DIPLOMA 565.00 385.00 587.00 Neutral Sell 448 0.95ELECTROCOMP. 255.10 195.20 263.00 Neutral Buy 295 1.04

FILTRONA 569.00 400.00 597.00 Neutral Sell 326 1.09

G4S 284.30 240.00 292.10 Neutral Sell 267 0.58

HAYS 94.85 66.40 95.50 Neutral Buy 112 1.09

HOMESERVE 239.00 137.50 255.70 Neutral Strong Buy 447 0.91

INTERSERVE 469.70 270.10 471.50 Neutral Buy 646 1.26

INTERTEK GROUP 3236.00 2236.00 3236.00 Neutral Sell 1328 0.77

JOHNSON SERVICE GROUP 41.75 26.50 42.00 Neutral Strong Buy 86 1.16

MANAGEMENT CNSL.GP. 28.00 21.25 39.50 Neutral Strong Buy 50 0.69

MENZIES (JOHN) 709.50 542.00 755.00 Neutral Strong Buy 1224 1.42

MICHAEL PAGE INTL. 409.10 341.40 497.00 Neutral Sell 297 1.40

MITIE GROUP 287.90 253.90 300.80 Neutral Buy 317 0.54

OFFICE2OFFICE 101.00 91.50 163.75 Neutral Strong Buy 221 0.33

PAYPOINT 835.00 565.00 893.50 Neutral Sell 640 0.69

PREMIER FARNELL 215.00 153.20 228.80 Neutral Buy 261 1.31

REGUS 126.50 82.65 127.80 Neutral Sell 100 1.42

RENTOKIL INITIAL 89.00 69.40 97.95 Neutral Sell 50 1.27

REXAM 471.00 378.11 473.50 Neutral Buy 564 0.90

RICARDO 403.50 304.50 412.00 Neutral Neutral 435 0.84

ROBERT WALTERS 206.25 176.25 264.63 Neutral Buy 289 1.19

RPC GROUP 437.00 348.30 447.00 Neutral Buy 493 0.76

RPS GROUP 235.00 197.00 256.60 Neutral Neutral 227 1.48

SERCO GROUP 562.00 509.50 602.00 Neutral Sell 533 0.59

SHANKS GROUP 82.00 75.80 107.20 Neutral Strong Buy 153 1.44

SPEEDY HIRE 42.00 22.25 42.00 Sell Buy 48 1.24TRIBAL GROUP 124.75 70.00 129.00 Neutral Sell 47 0.53

TRIFAST 57.75 39.50 57.75 Neutral Neutral 56 0.92

VP 329.38 234.75 354.88 Neutral Strong Buy 567 0.85

WYG 71.50 42.00 75.00 Neutral Strong Buy 169 0.78


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Telecommunication Services Over Valued


BT GROUP 273.70 200.70 275.90 Neutral Neutral 295 0.92

CABLE & WIRELESS COMMS. 41.50 27.28 41.74 Neutral Strong Buy 74 0.68

INMARSAT 649.00 390.80 661.00 Neutral Sell 549 0.52

KCOM GROUP 78.90 67.00 85.20 Neutral Buy 116 1.24

TELECOM PLUS 1000.00 612.00 1000.00 Neutral Sell 652 0.10

VODAFONE GROUP 167.55 154.45 191.25 Neutral Sell 147 0.55

Transport Under Valued


BBA AVIATION 225.90 178.00 232.80 Neutral Sell 177 1.29

BRAEMAR SHIPPING SVS. 384.50 309.50 425.00 Neutral Neutral 411 0.97

CLARKSON 1436.00 1150.00 1440.00 Neutral Neutral 1371 0.80

EASYJET 991.50 431.70 1002.00 Neutral Sell 600 0.75

FIRST GROUP 191.30 175.70 303.90 Neutral Strong Buy 482 0.92

FISHER(JAMES)& SONS 933.00 535.00 933.00 Neutral Sell 346 0.75

GO-AHEAD GROUP 1370.00 1086.00 1393.00 Neutral Buy 1622 0.91

NATIONAL EXPRESS 212.00 164.50 252.00 Neutral Neutral 219 1.33

NORTHGATE 317.75 159.60 336.00 Neutral Strong Buy 558 1.40

STAGECOACH GROUP 297.50 230.40 319.60 Neutral Buy 330 0.90

WINCANTON 66.00 31.00 90.50 Sell Sell -32 0.90

Utilities Under Valued


CENTRICA 344.50 292.10 353.10 Neutral Buy 466 0.47

NATIONAL GRID 686.50 626.00 717.50 Neutral Buy 805 0.50

PENNON GROUP 655.00 598.00 796.00 Neutral Buy 750 0.59

SSE 1409.00 1276.00 1466.00 Neutral Buy 1697 0.43

SEVERN TRENT 1579.00 1507.00 1796.00 Neutral Sell 1449 0.35

UNITED UTILITIES GROUP 718.50 594.00 747.50 Neutral Sell 643 0.51


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