value indicator - uk main market 20130422

7/28/2019 value indicator - uk main market 20130422

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Intellisys Intelligent Analysis Limited 22 April 2013

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

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued .....................................................................6Automobiles & Parts Under Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Over Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

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

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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Best Buy/Sell Trend


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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 380.20 270.90 397.30 Neutral Buy 539 0.66

CHEMRING GROUP 257.70 217.00 414.70 Neutral Buy 321 0.66

COBHAM 239.70 190.10 248.10 Neutral Buy 282 0.83

MEGGITT 475.90 364.30 494.20 Neutral Sell 403 1.32

ROLLS-ROYCE HOLDINGS 1123.00 788.92 1135.00 Neutral Neutral 1079 1.08

SMITHS GROUP 1229.00 979.50 1328.00 Neutral Sell 1029 0.71

ULTRA ELECTRONICS HDG. 15 91.00 1424.00 1745.00 Neutral Neutral 1520 0.50

Automobiles & Parts Under Valued

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

GKN 256.20 173.60 285.00 Neutral Neutral 247 2.00

INCHCAPE 498.00 305.20 530.00 Neutral Neutral 485 1.48

LOOKERS 93.00 56.50 100.50 Neutral Neutral 102 1.24

PENDRAGON 22.00 13.25 25.00 Neutral Buy 32 1.12

Banks Over Valued


BARCLAYS 286.35 150.55 327.35 Neutral Sell -814 1.93

HSBC HDG. (ORD $0.50) 679.20 503.20 740.00 Neutral Buy 932 1.17

LLOYDS BANKING GROUP 47.49 25.29 55.68 Sell Sell 4 1.87

ROYAL BANK OF SCTL.GP. 280.50 196.60 367.80 Neutral Sell -187 1.34

STANDARD CHARTERED 1598.00 1228.50 1837.50 Neutral Strong Buy 3190 1.70

Beverages Under Valued


BARR (AG) 540.50 348.00 572.00 Neutral Neutral 580 0.55

DIAGEO 1975.00 1477.00 2085.00 Neutral Sell 1746 0.55

SABMILLER 3382.50 2348.50 3552.50 Neutral Buy 3883 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 287.90 240.00 406.40 Neutral Strong Buy 620 #NA

CARCLO 374.00 345.75 503.00 N eu tra l Neu tral 368 0.74

CRODA INTERNATIONAL 2548.00 2094.00 2841.00 Neutral Sell 2064 1.04

ELEMENTIS 247.50 179.00 275.00 Neutral Buy 336 1.00

JOHNSON MATTHE Y 2389.00 2080.27 2573.00 Neutral Strong Buy 10987 1.44

VICTREX 1523.00 1185.00 1736.00 Neutral Sell 1416 1.13

SYNTHOMER 177.40 127.40 238.60 Neutral Buy 204 1.16

ZOTEFOAMS 222.50 157.00 225.00 Neutral Strong Buy 357 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 86.00 61.50 104.00 Neutral Strong Buy 232 0.52

BALFOUR BEATTY 246.60 225.70 320.80 Neutral Strong Buy 955 0.79

BARRATT DEVELOPMENTS 298.50 114.00 298.50 Sell Buy 438 1.50

BELLWAY 1309.00 660.00 1327.00 Neutral Buy 1843 1.10

BERKELEY GROUP HDG.(THE) 2066.00 1177 .00 2093.00 Neutral Strong Buy 3123 0.63

BOOT (HENRY) 177.00 115.50 177.00 Neutral Strong Buy 331 0.83

BOVIS HOMES GROUP 739.50 399.30 751.00 Neutral Sell 542 1.14

CARILLION 279.10 235.50 331.80 Neutral Strong Buy 788 1.10

CLARKE (T) 53.50 40.00 61.50 Neutral Strong Buy 261 0.82

COSTAIN GROUP 284.00 188.00 306.00 Neutral Strong Buy 541 0.56

CRH 1318.00 1052.00 1540.00 Neutral Sell 788 1.14

GALLIFORD TRY 940.00 579.00 965.00 Neutral Strong Buy 1658 0.99

KELLER 822.00 348.25 848.00 Neutral Strong Buy 1993 1.25

KIER GROUP 1256.00 1106.00 1408.00 Neutral Strong Buy 3264 0.94

LOW & BONAR 68.50 49.00 76.75 Neutral Strong Buy 201 1.07MARSHALLS 128.25 76.00 130.00 Neutral Strong Buy 277 1.37

MORGAN SINDALL GROUP 575.00 508.00 695.00 Neutral Strong Buy 3249 0.86

NORCROS 16.00 9.25 18.25 Neutral Strong Buy 33 1.11

PERSIMMON 1130.00 532.00 1132.00 Neutral Buy 1390 1.15

REDROW 197.80 107.30 206.00 Neutral Buy 279 1.05

SIG 146.40 82.30 162.50 Neutral Strong Buy 466 1.74

SUPERGLASS HOLDINGS 5.88 3.88 17.75 Sell Strong Buy 47 0.89

TAYLOR WIMPEY 90.15 40.28 93.50 Neutral Buy 128 1.58

TRAVIS PERKINS 1441.00 906.50 1465.00 Neutral Strong Buy 2510 1.97

WOLSELEY 3133.00 2121.32 3337.00 Neutral Strong Buy 5142 1.43

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1228.00 935.00 1364.00 Neutral Sell 744 0.78

DOMINO PRINTING SCIENCES 634.00 509.00 717.00 Neutral Buy 816 1.18

E2V TECHNOLOGIES 118.00 105.50 149.50 Neutral Strong Buy 238 1.31

INVENSYS 347.30 186.10 366.80 Neutral Neutral 333 1.42

LAIRD 198.00 177.00 249.30 Neutral Sell 75 2.12

OXFORD INSTRUMENTS 1534.00 1096.00 1 752.00 Neutral Sell 1138 1.01

RENISHAW 1551.00 1260.00 2081.00 Neutral Buy 2297 1.26

SPECTRIS 1908.00 1427.00 2470.00 Neutral Buy 2128 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.19 Neutral Strong Buy 0 0.83

TT ELECTRONICS 157.00 114.00 190.00 Neutral Strong Buy 391 1.59

XAAR 500.00 185.00 500.00 Neutral Sell 225 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 78.00 54.25 91.75 Neutral Buy 101 1.26

BODYCOTE 474.10 310.30 556.50 Neutral Neutral 490 1.61

CASTINGS 331.00 277.75 358.50 Neutral Strong Buy 668 0.99

VESUVIUS 322.10 263.19 402.10 Neutral Strong Buy 487 2.19

FENNER 354.50 329.30 450.80 Neutral Buy 529 1.42

HALMA 473.50 373.10 531.50 Neutral Sell 375 0.76

HILL & SMITH 429.50 297.00 480.00 Neutral Sell 321 1.37

IMI 1174.00 776.00 1347.00 Neutral Buy 1292 1.40

MORGAN ADVANCED MATERIAL 247.50 220.30 332.80 Neutral Strong Buy 510 1.82

ROTORK 2680.00 1859.00 3037.00 Neutral Sell 2042 0.99

SENIOR 241.40 177.00 253.10 Neutral Sell 202 1.65

SEVERFIELD-ROWEN 41.00 35.40 104.11 Neutral Sell 30 0.73

SPIRAX-SARCO 2505.00 1900.00 2734.00 Neutral Sell 2169 0.84

VITEC GROUP 637.00 586.50 740.00 Neutral Sell 578 1.40

WEIR GROUP 2131.00 1397.00 2474.00 Neutral Sell 1929 1.39

Food & Drug Stores Over Valued


GREGGS 464.50 449.00 523.50 Neutral Strong Buy 698 0.47

MORRISON(WM)SPMKTS. 281.10 248.60 296.40 Neutral Sell 198 0.39

SAINSBURY (J) 377.80 283.50 387.20 Neutral Sell 219 0.58

TESCO 363.00 297.05 387.75 Neutral Sell 281 0.69

THORNTONS 74.00 18.88 78.75 Neutral Sell 52 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1847.00 1167.00 1 931.00 Neutral Buy 2074 0.61

CRANSWICK 1032.00 732.50 1057.00 Neutral Strong Buy 2051 0.49

DAIRY CREST 447.20 290.40 447.20 Neutral Neutral 491 0.92

DEVRO 317.20 278.00 380.00 Neutral Strong Buy 509 0.31

PREMIER FOODS 73.00 54.50 167.50 Neutral Sell -179 1.25

TATE & LYLE 837.50 633.50 870.50 Neutral Strong Buy 1530 0.70

UNILEVER (UK) 2776.00 2007.00 2831.00 Neutral Neutral 2718 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.75 20.50 29.50 Neutral Buy 33 0.68

BROWN (N) GROUP 414.00 224.40 429.30 Neutral Sell 354 0.53

BURBERRY GROUP 1299.00 1000.00 1536.00 Neutral Sell 967 1.27

CARPETRIGHT 627.00 585.00 728.50 Neutral Sell 275 0.94

DIXONS RETAIL 35.29 12.67 35.45 Neutral Buy 39 1.50

FINDEL 150.00 55.20 186.00 Neutral Sell 45 1.08

FRENCH CONNECTN.GROUP 27.75 19.50 44.25 Sell Strong Buy 101 0.99

HALFORDS GROUP 325.30 189.00 356.80 Neutral Strong Buy 491 0.67

JD SPORTS FASHION 736 .00 606 .50 841 .00 Neutral Strong Buy 1489 0.52

DARTY 48.00 38.00 65.00 Neutral Strong Buy 87 1.24

KINGFISHER 288.20 254.10 304.00 Neutral Buy 382 0.92

MARKS & SPENCER GROUP 398.20 312.20 400.40 Neutral Buy 506 0.64

MOSS BROTHERS GROUP 57.50 42.00 71.00 Buy Neutral 59 1.04

MOTHERCARE 298.50 160.00 362.00 Neutral Buy 369 0.47

NEXT 4320.00 2896.00 4408.00 Neutral Sell 3677 0.66TED BAKER 1285.00 830.00 1354.00 Neutral Sell 645 0.55

TOPPS TILES 68.75 32.13 68.75 Neutral Sell 49 1.48

Heath Over Valued


BIOQUELL 146.50 124.00 160.00 Neutral Sell 117 0.45

CONSORT MEDICAL 785.00 584.00 831.50 Neutral Sell 576 0.40

OPTOS 161.00 145.75 264.00 Neutral Neutral 168 1.20

SMITH & NEPHEW 720.00 580.00 768.50 Neutral Sell 644 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 667.50 557.00 720.50 Neutral Neutral 652 0.43

HEADLAM GROUP 344.00 263.00 355.00 Neutral Sell 302 0.92

HORNBY 80.75 55.25 95.63 Neutral Buy 106 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 872.50 469.00 971.50 Neutral Sell 528 0.74

CSR 477.20 194.60 502.50 Neutral Strong Buy 1271 1.16FILTRONIC 66.50 23.50 83.25 Neutral Sell 46 0.90

IMAGINATION TECHN OLOGIES 431.30 383.50 696.00 Neutral Buy 501 1.09

SPIRENT COMMUNICATIONS 122.00 1 22.00 174.00 Buy Strong Buy 653 0.94

WOLFSON MICROELECTR ON ICS 194.00 165.75 230.00 Neutral Sell -543 0.91


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Insurance Under Valued


ADMIRAL GROUP 1331.00 1019.00 1374.00 N eutral Neutral 1313 0.54

AMLIN 411.90 312.90 431.50 Neutral Sell 116 0.46

BEAZLEY 209.40 132.50 219.10 Neutral Strong Buy 1216 0.59

CATLIN GROUP 509.00 399.00 540.00 Neutral Strong Buy 1838 0.29

HISCOX 544.50 379.26 574.05 Neutral Strong Buy 2425 0.48

JARDINE LLOYD THOMPSON 843 .00 659 .00 864 .50 Neutral Strong Buy 1644 0.31

RSA INSURANCE GROUP 108.10 97.65 136.30 Neutral Strong Buy 870 0.40

NOVAE GROUP 455.00 345.00 475.75 Neutral Strong Buy 2756 0.47

Leisure & Hotels Over Valued


CARNIVAL 2294.00 1944.00 2628.00 Neutral Strong Buy 3836 1.00

ENTERPRISE INNS 102.80 55.50 114.70 Neutral Sell 95 1.59

TUI TRAVEL 303.80 158.00 330.00 Neutral Strong Buy 760 0.99

FULLER SMITH 'A' 810.00 700.00 820.00 Neutral Sell 649 0.38

GREENE KING 666.50 474.30 723.50 Neutral Sell 620 0.91

LADBROKES 188.00 152.70 243.10 Neutral Buy 245 0.93

ICTL.HTLS.GP. 1866.00 1396.63 2039.00 Neutral Sell 1444 1.17

MILLENNIUM & CPTH.HTLS. 560.00 455.40 582.50 Neutral Buy 625 1.38

MITCHELLS & BUTLERS 315.90 217.40 350.10 Neutral Sell 300 1.09

BWIN PARTY DIGITAL ENTM. 136.00 91.90 158.40 Neutral Sell 51 1.25

PUNCH TAVERNS 9.90 5.61 13.12 Neutral Strong Buy 45 1.25

RANK GROUP 159.20 111.00 177.50 Neutral Strong Buy 492 1.00

RESTAURANT GROUP 468.80 269.20 474.80 Neutral Sell 314 0.74

WETHERSPOON (JD) 549.50 371.30 549.50 Neutral Buy 717 0.69

WHITBREAD 2450.00 1786.00 2692.00 Neutral Sell 1932 0.99WILLIAM HILL 409.10 243.75 411.17 Neutral Sell 248 0.86

MARSTON'S 136.00 94.40 143.00 Neutral Sell 15 1.20

Life Assurance Over Valued


AVIVA 295.60 255.30 388.40 Neutral Strong Buy 630 1.24

CHESNARA 227.00 155.25 250.00 Neutral Strong Buy 357 0.70

LEGAL & GENERAL 168.90 106.00 175.70 Neutral Strong Buy 317 1.70

OLD MUTUAL 199.80 138.70 211.40 Neutral Sell 189 1.57

PRUDENTIAL 1036.00 660.00 1155.00 Neutral Sell 916 1.70

ST.JAMES'S PLACE 496.40 303.40 537.00 Neutral Strong Buy 1363 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 113.12 102.00 146.50 Neutral Sell -571 0.36

BRITISH SKY BCAST.GROUP 839.50 656.00 899.50 Neutral Strong Buy 1688 0.54

CENTAUR MEDIA 46.50 28.50 60.00 Neutral Strong Buy 151 1.01

DAILY MAIL 'A' 691.50 363.50 722.00 Neutral Strong Buy 3934 1.12

EUROMONEY INSTL.INVESTOR 940.00 672.50 1001.00 Neutral Strong Buy 7427 0.98

INFORMA 482.50 340.00 537.00 Neutral Sell -74 1.53

ITE GROUP 259.70 180.00 289.40 Neutral Strong Buy 232 1.44

ITV 123.20 69.45 132.30 Neutral Strong Buy 1224 1.54

JOHNSTON PRESS 15.50 4.88 16.00 Neutral Buy 752 1.26

PEARSON 1120.00 1111.00 1294.00 Neutral Buy 307 0.62

PHOTO-ME INTL. 75.75 36.25 82.50 Neutral Strong Buy 2547 0.79

PINEWOOD SHEPPERTON 277.50 265.00 377.50 Neutral Strong Buy 844 0.15

THOMSON REUTERS 33.23 26.85 33.35 Neutral Sell -569 0.52

STV GROUP 133.50 81.50 146.88 Neutral Sell 258 0.78

ST.IVES 134.75 67.50 139.25 Neutral Sell 216 1.49TRINITY MIRROR 92.00 25.50 121.25 Neutral Sell -252 1.57

UBM 670.00 511.00 788.00 Neutral Strong Buy 1699 1.31

WILMINGTON GROUP 152.00 82.00 164.00 Neutral Strong Buy 1313 0.85

WPP 1047.00 743.00 1092.00 Neutral Sell -493 1.34

HIBU 0.38 0.26 3.91 Neutral Strong Buy 786 1.07

Mining Over Valued


ANGLO AMERICAN 1596.50 1553.00 2412.00 Neutral Sell 1273 1.75

ANGLO PACIFIC GROUP 219.00 215.00 320.00 Neutral Neutral 214 0.99ANTOFAGASTA 902.50 889.50 1381.00 Neutral Sell 771 1.43

BHP BILLITON 1782.50 1681.00 2236.00 Neutral Buy 2441 1.45

LONMIN 266.90 240.84 564.35 Neutral Strong Buy 532 2.03

RANDGOLD RESOURCES 4664.00 4545.00 7775.00 Neutral Sell 2196 0.34

RIO TINTO 2920.00 2715.50 3757.00 Neutral Sell 2717 1.51

COALFIELD RESOURCES 5.63 3.75 22.50 Neutral Strong Buy 147 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Buy 1639 2.21

XSTRATA 957.00 785.80 1205.00 Neutral Sell 670 1.88

Oil & Gas Under Valued


BG GROUP 1038.00 1000.50 1451.00 Buy Buy 1194 0.81

BP 446.70 391.95 475.90 Neutral Strong Buy 1497 1.05

CAIRN ENERGY 284.90 248.20 349.00 Neutral Sell -10 1.32

FORTUNE OIL 8.00 7.66 12.50 Neutral Strong Buy 14 0.90

HUNTING 799.00 688.00 954.00 Buy Sell 428 1.32

JKX OIL & GAS 67.75 55.00 137 .00 Neutral Strong Buy 291 1.36

PREMIER OIL 355.40 321.30 401.20 Neutral Sell 275 1.45

ROYAL DUTCH SHELL B 2148.00 2039.00 2366.50 Neutral Strong Buy 9066 0.86

SOCO INTERNATIONAL 376.80 254.90 404.30 Neutral Sell 240 0.52

TULLOW OIL 1048.00 982.50 1557.00 Neutral Sell 875 1.05

WOOD GROUP (JOHN) 803.50 651.50 879.50 Neutral Sell 763 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 109.00 102.70 146.75 Neutral Strong Buy 251 0.83

PZ CUSSONS 390.50 297.20 415.60 Neutral Sell 318 0.69

RECKITT BENCKISER GROUP 4709.00 3 300.00 4812.00 Neutral Neutral 4752 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.41 0.37 3.88 Buy Sell -3 1.01

ASTRAZENECA 3346.00 2591.00 3346.00 Neutral Strong Buy 6791 0.47

BTG 344.50 300.30 423.00 Neutral Sell 157 0.62

DECHRA PHARMACEUTICALS 749.00 444.50 780.00 Neutral Sell 651 0.26

GLAXOSMITHKLINE 1652.00 1317.50 1658.00 Neutral Buy 1925 0.49

OXFORD BIOMEDICA 1.63 1.55 4.28 Buy Sell -1 0.65

PHYTOPHARM 1.20 1.20 12.75 Strong Buy Strong Buy 2 0.94

SHIRE 1967.00 1727.00 2153.00 Neutral Sell 1394 0.65

SKYEPHARMA 45.25 44.25 101.50 Neutral Sell -114 0.71

VERNALIS 22.50 21.63 27.38 Neutral Buy 29 0.90

Real Estate Under Valued


BIG YELLOW GROUP 389.10 274.50 393.00 Neutral Sell -571 1.15

BRITISH LAND 572.50 475.40 586.00 Neutral Strong Buy 1688 1.03

CAPITAL & REGIONAL 34.50 22.75 34.50 Sell Strong Buy 151 0.82

CLS HOLDINGS 880.00 595.00 880.00 Neutral Strong Buy 3934 0.69

DERWENT LONDON 2285.00 1708.00 2285.00 Neutral Strong Buy 7427 1.20DEVELOPMENT SECS. 151.00 121.75 175.00 Neutral Sell -74 0.97

GRAINGER 137.30 83.10 140.60 Neutral Strong Buy 232 1.54

GREAT PORTLAND ESTATES 523.00 345.60 523.00 Sell Strong Buy 1224 1.06

HAMMERSON 514.00 408.00 525.00 Neutral Buy 752 1.16

HELICAL BAR 248.25 164.00 251.00 Neutral Buy 307 0.75

LAND SECURITIES GROUP 863.00 704.00 863.00 Neutral Strong Buy 2547 1.15

INTU PROPERTIES 343.60 305.00 366.00 Neutral Strong Buy 844 1.08

MCKAY SECURITIES 142.00 127.00 145.00 Neutral Sell -569 0.72

MUCKLOW (A & J) GROUP 380.00 320.00 390.00 Neutral Sell 258 0.41

PRIMARY HEALTH PROPS. 336.00 312.00 364.50 Neutral Sell 216 0.35

QUINTAIN ESTATES & DEV. 65.00 32.50 70.00 Sell Sell -252 1.17

SAVILLS 521.50 300.80 599.00 Neutral Strong Buy 1699 0.74

SHAFTESBURY 607.00 492.00 608.50 Neutral Strong Buy 1313 1.03

SEGRO 253.90 209.40 271.00 Neutral Sell -493 1.70

ST MODWEN PROPS. 264.40 145.50 280.20 Neutral Strong Buy 786 1.55

TOWN CENTRE SECURITIES 205.00 147.00 215.00 Neutral Sell -15 1.05

UNITE GROUP 313.00 180.25 330.00 Neutral Sell 44 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -1113 1.01

WORKSPACE GROUP 373.40 213.25 374.10 Neutral Strong Buy 1274 1.02


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Software & Computer Services Under Valued


ANITE 117.00 111.00 162.00 Neutral Neutral 119 0.76

AVEVA GROUP 2085.00 1469.00 2322.00 Neutral Sell 1274 1.40

COMPUTACENTER 535.00 292.40 567.00 Neutral Strong Buy 1317 1.01

KOFAX 333.75 240.00 335.00 Neutral Sell 314 1.12

INNOVATION GROUP 25.25 18.25 25.50 Neutral Sell 24 0.83

MICRO FOCUS INTL. 667.00 426.17 706.00 Neutral Buy 932 0.79

PHOENIX IT GROUP 145.00 131.00 231.75 Neutral Strong Buy 305 0.74

RM 80.00 70.25 89.00 Neutral Sell -87 0.53

FIDESSA GROUP 1776.00 1275.00 1970.00 Neutral Buy 2021 0.77

SAGE GROUP 340.60 247.70 352.10 Neutral Buy 404 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 400.30 237.30 441.90 Neutral Sell 131 1.08

BREWIN DOLPHIN 220.00 136.30 222.00 Neutral Sell 108 0.72

CAMELLIA 10355.50 9250.00 11105.00 Neutral Sell 8022 0.83

CHARLES STANLEY GROUP 401.50 247.50 404.00 Sell Sell 179 0.97

CHARLES TAYLOR 173.00 132.00 190.00 Neutral Sell 112 0.69

CLOSE BROTHERS GROUP 1026.00 673.50 1107.00 Neutral Sell 150 0.87

F&C ASSET MANAGEMENT 95.55 65.90 110.40 Neutral Neutral 96 0.89

HELPHIRE GROUP 3.17 0.55 3.70 Sell Strong Buy 24 0.68

HENDERSON GROUP 155.40 90.55 171.00 Neutral Sell 55 1.44

ICAP 286.20 281.40 384.00 Neutral Sell 201 1.07

INTERMEDIATE CAPITAL GP. 403.80 227.30 427.60 Neutral Sell 158 1.68

INVESTEC 439.90 310.40 513.50 Neutral Sell 72 1.55

LONDON STOCK EX.GROUP 1296.00 930.00 1411.00 Neutral Neutral 1380 1.12MAN GROUP 106.70 63.25 111.10 Neutral Strong Buy 479 1.32

RATHBONE BROTHERS 1478.00 1151.00 1551.00 Neutral Sell 1048 0.73

SCHRODERS 2155.00 1166.00 2212.00 Neutral Sell 1095 1.31

SCHRODERS NV 1721.00 966.00 1785.00 Neutral Strong Buy 3608 1.27


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Support Services Over Valued


ACAL 218.00 157.75 242.50 Neutral Buy 286 0.93

AGGREKO 1769.00 1557.00 2400.00 Neutral Sell 1272 1.03

AMEC 999.50 923.00 1172.00 Neutral Buy 1106 1.04

ASHTEAD GROUP 610.00 212.20 635.00 Neutral Sell 311 1.62

BABCOCK INTL. 1040.00 793.50 1106.00 Neutral Sell 647 0.48

BRITISH POLYTHENE INDS. 535.00 317.00 539.00 Neutral Buy 779 0.78

BUNZL 1256.00 990.00 1320.00 Neutral Sell 958 0.55

UK MAIL GROUP 444.00 214.00 445.00 Neutral Neutral 433 0.38

CAPITA 853.00 602.00 913.50 Neutral Sell 508 0.50

COMMUNISIS 51.88 25.34 53.50 Neutral Buy 66 0.78

COMPASS GROUP 824.00 616.00 852.50 Neutral Sell 590 0.74

BERENDSEN 754.00 462.00 812.00 Neutral Buy 959 1.04

DE LA RUE 922.50 891.50 1075.00 Neutral Sell 590 #NA

DIGNITY 1359.00 803.50 1435.00 Neutral Sell 776 0.21

DIPLOMA 556.00 417.00 627.50 Neutral Sell 476 0.95ELECTROCOMP. 229.30 195.20 265.00 Neutral Buy 313 1.02

FILTRONA 715.00 428.00 744.00 Neutral Sell 339 1.10

G4S 301.90 240.00 307.50 Neutral Sell 284 0.58

HAYS 90.85 66.40 101.20 Neutral Buy 118 1.09

HOMESERVE 191.90 137.50 252.50 Neutral Strong Buy 479 0.93

INTERSERVE 462.50 271.40 510.50 Neutral Buy 668 1.27

INTERTEK GROUP 3349.00 2406.00 3451.00 Neutral Sell 1413 0.77

JOHNSON SERVICE GROUP 43.50 26.50 45.75 Neutral Strong Buy 92 1.18

MANAGEMENT CNSL.GP. 32.00 21.25 39.25 Neutral Strong Buy 54 0.72

MENZIES (JOHN) 672.00 542.00 789.00 Neutral Strong Buy 1257 1.43

MICHAEL PAGE INTL. 356.00 341.40 451.80 Neutral Sell 311 1.41

MITIE GROUP 270.80 253.90 300.80 Neutral Buy 334 0.55

OFFICE2OFFICE 92.00 91.00 156.00 Neutral Strong Buy 233 0.34

PAYPOINT 881.00 605.00 912.50 Neutral Sell 676 0.70

PREMIER FARNELL 204.70 153.20 236.30 Neutral Buy 277 1.32

REGUS 159.90 82.65 169.00 Neutral Sell 105 1.44

RENTOKIL INITIAL 94.40 69.40 100.70 Neutral Sell 54 1.24

REXAM 513.00 394.28 547.50 Neutral Neutral 519 0.91

RICARDO 409.00 304.50 431.00 Neutral Buy 461 0.85

ROBERT WALTERS 232.00 176.25 259.50 Neutral Buy 302 1.23

RPC GROUP 393.00 348.30 477.00 Neutral Buy 522 0.77

RPS GROUP 250.40 197.00 274.20 Neutral Neutral 242 1.50

SERCO GROUP 606.50 509.50 635.50 Neutral Sell 564 0.59

SHANKS GROUP 74.50 74.50 98.00 Neutral Strong Buy 164 1.46

SPEEDY HIRE 47.50 22.25 50.00 Neutral Neutral 51 1.25TRIBAL GROUP 145.00 73.25 149.00 Neutral Sell 49 0.56

TRIFAST 53.38 39.50 59.00 Neutral Buy 60 0.92

VP 337.00 234.75 354.88 Neutral Strong Buy 609 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 178 0.79


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Telecommunication Services Over Valued


BT GROUP 277.60 200.70 281.70 Neutral Buy 334 0.90

CABLE & WIRELESS COMMS. 41.58 27.28 42.81 Neutral Strong Buy 82 0.69

INMARSAT 689.00 390.80 710.50 Neutral Sell 592 0.53

KCOM GROUP 81.85 67.00 85.20 Neutral Strong Buy 130 1.24

TELECOM PLUS 1197.00 682.50 1197.00 Sell Sell 732 0.11

VODAFONE GROUP 193.25 154.45 193.25 Neutral Sell 167 0.54

Transport Under Valued


BBA AVIATION 248.20 178.00 269.00 Neutral Sell 178 1.30

BRAEMAR SHIPPING SVS. 390.00 309.50 425.00 Neutral Buy 459 0.99

CLARKSON 1660.00 1150.00 1660.00 Sell Sell 1490 0.81

EASYJET 1109.00 481.20 1149.00 Neutral Sell 677 0.74

FIRST GROUP 211.30 175.70 260.50 Neutral Strong Buy 565 0.90

FISHER(JAMES)& SONS 1108.00 535.00 1108.00 Neutral Sell 399 0.77

GO-AHEAD GROUP 1519.00 1086.00 1540.00 Neutral Buy 1871 0.89

NATIONAL EXPRESS 197.70 164.50 230.50 Neutral Buy 254 1.34

NORTHGATE 313.25 159.60 350.00 Neutral Strong Buy 621 1.41

STAGECOACH GROUP 296.80 230.40 319.60 Neutral Buy 358 0.90

WINCANTON 57.25 31.00 78.50 Sell Sell -42 0.90

Utilities Under Valued


CENTRICA 382.50 306.30 383.00 Neutral Buy 506 0.46

NATIONAL GRID 795.50 641.00 803.00 Neutral Buy 877 0.49

PENNON GROUP 655.50 598.00 796.00 Neutral Buy 813 0.58

SSE 1532.00 1294.00 1536.00 Neutral Buy 1810 0.42

SEVERN TRENT 1795.00 1513.00 1796.00 Neutral Sell 1583 0.34

UNITED UTILITIES GROUP 742.50 614.50 747.50 Neutral Sell 701 0.50


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