value indicator - uk main market 20130430

7/30/2019 value indicator - uk main market 20130430

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30 April 2013

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Intellisys Intelligent Analysis Limited 30 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 Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Over 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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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

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110.0%

120.0%

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 379.00 270.90 397.30 Neutral Buy 551 0.66

CHEMRING GROUP 276.50 217.00 414.70 Neutral Buy 333 0.66

COBHAM 248.30 190.10 250.80 Neutral Buy 288 0.83

MEGGITT 476.60 364.30 494.20 Neutral Sell 412 1.32

ROLLS-ROYCE HOLDINGS 1130.00 7 80.75 1 138.10 Neu tral Neutra l 1086 1.08

SMITHS GROUP 1245.00 979.50 1328.00 Neutral Sell 1050 0.71

ULTRA ELECTRONICS HDG. 1652.00 1 424.00 1745.00 Neutral Sell 1549 0.50

Automobiles & Parts Under Valued

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

GKN 274.70 173.60 285.00 Neu tral Neutra l 262 2.00

INCHCAPE 510.00 305.20 530.00 Neu tral Neutra l 501 1.48

LOOKERS 95.00 56.50 100.50 Neutral Buy 106 1.24

PENDRAGON 23.75 13.50 25.00 Neutral Buy 34 1.12

Banks Over Valued


BARCLAYS 289.90 150.55 327.35 Neutral Sell -811 1.93

HSBC HDG. (ORD $0.50) 703.60 503.20 740.00 Neutral Buy 943 1.17

LLOYDS BANKING GROUP 53.50 25.29 55.68 Sell Sell 6 1.87

ROYAL BANK OF SCTL.GP. 294.00 196.60 367.80 Neutral Sell -176 1.34

STANDARD CHARTERED 1636.00 1228.50 1 837.50 Neutral Strong Buy 3216 1.70

Beverages Under Valued


BARR (AG) 545.00 348.00 572.00 Neutral Neutra l 582 0.55

DIAGEO 1957.00 1477.00 2085.00 Neutral Sell 1749 0.55

SABMILLER 3486.50 2348.50 3552.50 Neutral Buy 3951 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 289.30 240.00 406.40 Neutral Strong Buy 659 #NA

CARCLO 413.00 345.75 503.00 Neu tral Neutra l 400 0.74

CRODA INTERNATIONAL 2449.00 2094.00 2841.00 Neutral Sell 2024 1.04

ELEMENTIS 263.20 179.00 275.00 Neutral Buy 346 1.00

JOHNSON MATTHEY 2462.00 2080.27 2573.00 Neutral Strong Buy 11851 1.44

VICTREX 1568.00 1185.00 1736.00 Neutral Sell 1421 1.13

SYNTHOMER 196.60 127.40 238.60 Neutral Buy 219 1.16

ZOTEFOAMS 217.00 157.00 225.00 Neutral Strong Buy 380 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 85.00 61.50 104.00 Neutral Strong Buy 245 0.52

BALFOUR BEATTY 222.90 222.90 320.80 Buy Strong Buy 983 0.79

BARRATT DEVELOPMENTS 320.90 114.00 320.90 Sell Buy 458 1.50

BELLWAY 1377.00 660.00 1377.00 Neutral Buy 1906 1.10

BERKELEY GROUP HDG.(THE) 2134.00 1177.00 2140.00 Neutral Strong Buy 3293 0.63

BOOT (HENRY) 177.50 115.50 179.00 Neutral Strong Buy 346 0.83

BOVIS HOMES GROUP 778.50 399.30 778.50 Neutral Sell 562 1.14

CARILLION 272.70 235.50 331.80 Buy Strong Buy 802 1.10

CLARKE (T) 52.00 40.00 61.50 Neutral Strong Buy 268 0.82

COSTAIN GROUP 277.00 188.00 306.00 Neutral Strong Buy 552 0.56

CRH 1416.00 1052.00 1540.00 Neutral Sell 818 1.14

GALLIFORD TRY 995.50 579.00 995.50 Neutral Strong Buy 1696 0.99

KELLER 842.00 348.25 848.00 Neutral Strong Buy 2082 1.25

KIER GROUP 1185.00 1106.00 1408.00 Neutral Strong Buy 3338 0.94

LOW & BONAR 71.63 49.00 76.75 Neutral Strong Buy 211 1.07MARSHALLS 125.75 76.00 130.00 Neutral Strong Buy 288 1.37

MORGAN SINDALL GROUP 570.00 508.00 695.00 Neutral Strong Buy 3353 0.86

NORCROS 16.00 9.25 18.25 Neutral Strong Buy 34 1.11

PERSIMMON 1097.00 496.69 1097.00 Neutral Buy 1443 1.15

REDROW 213.00 107.30 214.40 Neutral Buy 290 1.05

SIG 159.80 82.30 162.50 Neutral Strong Buy 493 1.74

SUPERGLASS HOLDINGS 5.75 3.88 15.25 Sell Strong Buy 49 0.89

TAYLOR WIMPEY 95.95 40.28 96.55 Neutral Buy 131 1.58

TRAVIS PERKINS 1459.00 906.50 1511.00 Neutral Strong Buy 2593 1.97

WOLSELEY 3235.00 2121.32 3337.00 Neutral Strong Buy 5401 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1273.00 935.00 1364.00 Neutral Sell 764 0.78

DOMINO PRINTING SCIENCES 662.50 509.00 717.00 Neutral Buy 838 1.18

E2V TECHNOLOGIES 118.50 105.50 148.00 Neutral Strong Buy 245 1.31

INVENSYS 364.80 198.90 366.80 Neutral Sell 343 1.42

LAIRD 214.90 177.00 249.30 Neutral Sell 87 2.12

OXFORD INSTRUMENTS 1520.00 1096.00 1752.00 Neutral Sell 1169 1.01

RENISHAW 1558.00 1260.00 2081.00 Neutral Strong Buy 2348 1.26

SPECTRIS 2100.00 1427.00 2470.00 Neutral Neutral 2192 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.18 Neutral Strong Buy 0 0.83

TT ELECTRONICS 159.25 114.00 190.00 Neutral Strong Buy 404 1.59

XAAR 509.50 185.00 523.00 Neutral Sell 232 1.11


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Insurance Under Valued


ADMIRAL GROUP 1325.00 1019.00 1374.00 Neu tral Neu tral 1336 0.54

AMLIN 426.30 312.90 431.50 Neutral Sell 150 0.46

BEAZLEY 223.60 132.50 225.80 Neutral Strong Buy 1263 0.59

CATLIN GROUP 535.50 399.00 540.00 Neutral Strong Buy 1878 0.29

HISCOX 562.50 379.26 574.05 Neutral Strong Buy 2516 0.48

JARDINE LLOYD THOMPSON 842 .00 659.00 868 .00 Neutral Strong Buy 1696 0.31

RSA INSURANCE GROUP 112.30 97.65 136.30 Neutral Strong Buy 904 0.40

NOVAE GROUP 462.00 345.00 475.75 Neutral Strong Buy 2896 0.47

Leisure & Hotels Over Valued


CARNIVAL 2353.00 1944.00 2628.00 Neutral Strong Buy 3978 1.00

ENTERPRISE INNS 98.10 55.50 114.70 Neu tral Neu tral 103 1.59

TUI TRAVEL 318.70 158.00 330.00 Neutral Strong Buy 781 0.99

FULLER SMITH 'A' 800.00 700.00 820.00 Neutral Sell 672 0.38

GREENE KING 722.50 474.30 723.50 Neutral Sell 646 0.91

LADBROKES 191.00 152.70 243.10 Neutral Buy 253 0.93

ICTL.HTLS.GP. 1889.00 1396.63 2039.00 Neutral Sell 1487 1.17

MILLENNIUM & CPTH.HTLS. 561.00 455.40 582.50 Neutral Buy 645 1.38

MITCHELLS & BUTLERS 341.40 217.40 350.10 Neutral Sell 313 1.09

BWIN PARTY DIGITAL ENTM. 135.00 91.90 158.00 Neutral Sell 50 1.25

PUNCH TAVERNS 10.00 5 .61 13.12 Neutral Strong Buy 49 1.25

RANK GROUP 170.00 111.00 177.50 Neutral Strong Buy 507 1.00

RESTAURANT GROUP 488.10 269.20 488.10 Neutral Sell 323 0.74

WETHERSPOON (JD) 585.50 371.30 585.50 Neutral Buy 741 0.69

WHITBREAD 2611.00 1786.00 2692.00 Neutral Sell 1994 0.99WILLIAM HILL 430.50 243.75 430.70 Neutral Sell 257 0.86

MARSTON'S 144.80 94.40 144.80 Neutral Sell 18 1.20

Life Assurance Over Valued


AVIVA 308.40 255.30 388.40 Neutral Strong Buy 676 1.24

CHESNARA 237.25 155.25 250.00 Neutral Strong Buy 377 0.70

LEGAL & GENERAL 168.30 106.00 175.70 Neutral Strong Buy 339 1.70

OLD MUTUAL 205.30 138.70 211.40 Neu tral Neu tral 196 1.57

PRUDENTIAL 1109.00 660.00 1155.00 Neutral Sell 967 1.70

ST.JAMES'S PLACE 549.50 303.40 550.50 Neutral Strong Buy 1433 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 114.00 102.00 146.50 Neutral Sell -569 0.36

BRITISH SKY BCAST.GROUP 846.00 656.00 899.50 Neutral Strong Buy 1702 0.54

CENTAUR MEDIA 45.88 28.50 60.00 Neutral Strong Buy 152 1.01

DAILY MAIL 'A' 696.50 363.50 722.00 Neutral Strong Buy 3991 1.12

EUROMONEY INSTL.INVESTOR 963.50 672 .50 1001.00 Neutral Strong Buy 7505 0.98

INFORMA 478.40 340.00 537.00 Neutral Sell -74 1.53

ITE GROUP 261.00 180.00 289.40 Neutral Strong Buy 230 1.44

ITV 127.10 69.45 132.30 Neutral Strong Buy 1232 1.54

JOHNSTON PRESS 15.37 4.88 16.00 Neutral Buy 757 1.26

PEARSON 1150.00 1115.00 1294.00 Neutral Buy 307 0.62

PHOTO-ME INTL. 76.63 36.25 82.50 Neutral Strong Buy 2563 0.79

PINEWOOD SHEPPERTON 278.38 265.00 377.50 Neutral Strong Buy 847 0.15

THOMSON REUTERS 34.10 26.85 34.10 Neutral Sell -568 0.52

STV GROUP 134.00 81.50 146.88 Neutral Sell 260 0.78

ST.IVES 138.38 67.50 139.25 Neutral Sell 216 1.49TRINITY MIRROR 90.00 25.50 121.25 Neutral Sell -251 1.57

UBM 742.50 511.00 788.00 Neutral Strong Buy 1713 1.31

WILMINGTON GROUP 147.00 82.00 164.00 Neutral Strong Buy 1322 0.85

WPP 1060.00 743.00 1092.00 Neutral Sell -493 1.34

HIBU 0.40 0.26 3.90 Neutral Strong Buy 792 1.07

Mining Over Valued


ANGLO AMERICAN 1609.00 1553.00 2412.00 Neutral Sell 1322 1.75

ANGLO PACIFIC GROUP 219.75 215.00 320.00 Neu tral Neu tral 224 0.99

ANTOFAGASTA 910.00 884.00 1381.00 Neutral Sell 811 1.43

BHP BILLITON 1832.00 1681.00 2236.00 Neutral Buy 2599 1.45

LONMIN 285.30 240.84 564.35 Neutral Strong Buy 540 2.03

RANDGOLD RESOURCES 5275.00 4545.00 7 775.00 Neutral Sell 2307 0.34

RIO TINTO 2972.00 2715.50 3757.00 Neutral Sell 2805 1.51

COALFIELD RESOURCES 5.13 3.75 22.50 Neutral Strong Buy 156 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Buy 1778 2.21

XSTRATA 989.60 785.80 1205.00 Neutral Sell 712 1.88

Oil & Gas Under Valued


BG GROUP 1083.00 1000.50 1451.00 Neutral Buy 1205 0.81

BP 456.75 391.95 475.90 Neutral Strong Buy 1516 1.05

CAIRN ENERGY 287.40 248.20 349.00 Neutral Sell -11 1.32

FORTUNE OIL 7.98 7.66 12.50 Buy Strong Buy 14 0.90

HUNTING 814.00 688.00 951.00 Neutral Sell 434 1.32

JKX OIL & GAS 68.00 55.00 137 .00 Neutral Strong Buy 294 1.36

PREMIER OIL 368.90 321.30 401.20 Neutral Sell 277 1.45

ROYAL DUTCH SHELL B 2243.00 2039.00 2366.50 Neutral Strong Buy 9154 0.86

SOCO INTERNATIONAL 378.00 254.90 404.30 Neutral Sell 242 0.52

TULLOW OIL 1021.00 982.50 1557.00 Neutral Sell 877 1.05

WOOD GROUP (JOHN) 797.00 651.50 879.50 Neu tral Neu tral 773 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 115.50 101.20 144.60 Neutral Strong Buy 257 0.83

PZ CUSSONS 396.00 297.20 415.60 Neutral Sell 325 0.69

RECKITT BENCKISER GROUP 4731.00 3300 .00 4812.00 Neutral Neutral 4774 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.42 0.36 3.88 Buy Sell -0 1.01

ASTRAZENECA 3362.50 2591.00 3390.00 Neutral Strong Buy 6579 0.47

BTG 352.40 300.30 423.00 Neutral Sell 168 0.62

DECHRA PHARMACEUTICALS 715.50 4 44.50 780.00 Neu tral Neu tral 724 0.26

GLAXOSMITHKLINE 1687.50 1317.50 1687.50 Neutral Sell 1596 0.49

OXFORD BIOMEDICA 1.66 1.55 4.08 Buy Sell 0 0.65

PHYTOPHARM 1.33 1.05 12.75 Buy Strong Buy 2 0.94

SHIRE 2017.00 1727.00 2153.00 Neutral Sell 1376 0.65

SKYEPHARMA 43.88 43.50 101.50 Neutral Sell -135 0.71

VERNALIS 22.75 21.63 27.38 Neutral Strong Buy 36 0.90

Real Estate Under Valued


BIG YELLOW GROUP 407.90 274.50 407.90 Neutral Sell -569 1.15

BRITISH LAND 601.00 475.40 601.00 Neutral Strong Buy 1702 1.03

CAPITAL & REGIONAL 34.25 22.75 34.50 Sell Strong Buy 152 0.82

CLS HOLDINGS 918.00 595.00 930.00 Neutral Strong Buy 3991 0.69

DERWENT LONDON 2307.00 1708.00 2327.00 Neutral Strong Buy 7505 1.20DEVELOPMENT SECS. 147.25 121.75 175.00 Neutral Sell -74 0.97

GRAINGER 142.00 83.10 142.00 Neutral Strong Buy 230 1.54

GREAT PORTLAND ESTATES 528.00 360.10 534.50 Sell Strong Buy 1232 1.06

HAMMERSON 526.00 409.20 528.50 Neutral Buy 757 1.16

HELICAL BAR 247.75 164.00 251.00 Neutral Buy 307 0.75

LAND SECURITIES GROUP 886.00 704.00 886.00 Neutral Strong Buy 2563 1.15

INTU PROPERTIES 341.80 305.00 366.00 Neutral Strong Buy 847 1.08

MCKAY SECURITIES 142.00 127.00 145.00 Neutral Sell -568 0.72

MUCKLOW (A & J) GROUP 377.00 325.00 390.00 Neutral Sell 260 0.41

PRIMARY HEALTH PROPS. 328.00 312.00 364.50 Neutral Sell 216 0.35

QUINTAIN ESTATES & DEV. 65.00 32.50 70.00 Sell Sell -251 1.17

SAVILLS 569.50 300.80 599.00 Neutral Strong Buy 1713 0.74

SHAFTESBURY 599.00 492.00 611.00 Neutral Strong Buy 1322 1.03

SEGRO 264.90 209.40 271.00 Neutral Sell -493 1.70

ST MODWEN PROPS. 270.50 145.50 280.20 Neutral Strong Buy 792 1.55

TOWN CENTRE SECURITIES 199.00 147.00 215.00 Neutral Sell -16 1.05

UNITE GROUP 338.90 180.25 338.90 Neutral Sell 47 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -1132 1.01

WORKSPACE GROUP 370.00 213.25 374.10 Neutral Strong Buy 1285 1.02


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Software & Computer Services Under Valued


ANITE 123.60 111.00 162.00 Neu tral Neu tral 121 0.76

AVEVA GROUP 2225.00 1469.00 2322.00 Neutral Sell 1297 1.40

COMPUTACENTER 457.10 292.40 567.00 Neutral Strong Buy 1333 1.01

KOFAX 325.00 240.00 335.00 Neu tral Neu tral 318 1.12

INNOVATION GROUP 26.25 18.25 26.25 Sell Sell 24 0.83

MICRO FOCUS INTL. 671.00 426.17 706.00 Neutral Buy 963 0.79

PHOENIX IT GROUP 144.37 131.00 231.75 Neutral Strong Buy 306 0.74

RM 74.00 70.25 89.00 Neutral Sell -90 0.53

FIDESSA GROUP 1798.00 1275.00 1970.00 Neutral Buy 2052 0.77

SAGE GROUP 340.50 247.70 352.10 Neutral Buy 411 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 450.50 237.30 450.50 Sell Sell 138 1.08

BREWIN DOLPHIN 208.40 136.30 222.00 Neutral Sell 113 0.72

CAMELLIA 10250.00 9250.00 11105.00 Neutral Sell 8405 0.83

CHARLES STANLEY GROUP 404.50 247.50 405.00 Neutral Sell 185 0.97

CHARLES TAYLOR 171.00 134.75 190.00 Neutral Sell 117 0.69

CLOSE BROTHERS GROUP 1037.00 673.50 1107.00 Neutral Sell 171 0.87

F&C ASSET MANAGEMENT 97.40 65.90 110.40 Neu tral Neu tral 98 0.89

HELPHIRE GROUP 3.30 0.55 3.70 Sell Strong Buy 24 0.68

HENDERSON GROUP 165.60 90.55 171.00 Neutral Sell 58 1.44

ICAP 290.20 280.80 384.00 Neutral Sell 211 1.07

INTERMEDIATE CAPITAL GP. 420.10 227.30 427.60 Neutral Sell 258 1.68

INVESTEC 454.70 310.40 513.50 Neutral Sell 96 1.55

LONDON STOCK EX.GROUP 1343.00 930.00 1411.00 Neutral Strong Buy 3016 1.12MAN GROUP 103.10 63.25 111.10 Neutral Strong Buy 485 1.32

RATHBONE BROTHERS 1460.00 1151.00 1551.00 Neutral Sell 1069 0.73

SCHRODERS 2338.00 1166.00 2338.00 Sell Sell 1124 1.31

SCHRODERS NV 1839.00 966.00 1839.00 Sell Strong Buy 3683 1.27


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Support Services Over Valued


ACAL 210.13 157.75 242.50 Neutral Buy 289 0.93

AGGREKO 1779.00 1557.00 2400.00 Neutral Sell 1285 1.03

AMEC 1012.00 923.00 1172.00 Neutral Buy 1118 1.04

ASHTEAD GROUP 596.50 212.20 635.00 Neutral Sell 315 1.62

BABCOCK INTL. 1073.00 793.50 1106.00 Neutral Sell 654 0.48

BRITISH POLYTHENE INDS. 542.50 317.00 545.00 Neutral Buy 788 0.78

BUNZL 1274.00 990.00 1320.00 Neutral Sell 970 0.55

UK MAIL GROUP 430.00 214.00 445.00 Neutral Neutral 437 0.38

CAPITA 907.00 602.00 913.50 Neutral Sell 515 0.50

COMMUNISIS 51.75 25.34 53.50 Neutral Buy 66 0.78

COMPASS GROUP 855.00 616.00 855.00 Neutral Sell 597 0.74

BERENDSEN 778.50 462.00 812.00 Neutral Buy 969 1.04

DE LA RUE 943.00 891.50 1075.00 Neutral Sell 596 #NA

DIGNITY 1388.00 803.50 1435.00 Neutral Sell 792 0.21

DIPLOMA 574.50 417.00 627.50 Neutral Sell 481 0.95ELECTROCOMP. 244.60 195.20 265.00 Neutral Buy 317 1.02

FILTRONA 702.00 428.00 744.00 Neutral Sell 343 1.10

G4S 313.50 240.00 313.50 Neutral Sell 287 0.58

HAYS 94.00 66.40 101.20 Neutral Buy 119 1.09

HOMESERVE 206.80 137.50 252.50 Neutral Strong Buy 485 0.93

INTERSERVE 471.00 271.40 510.50 Neutral Buy 675 1.27

INTERTEK GROUP 3306.00 2406.00 3451.00 Neutral Sell 1430 0.77

JOHNSON SERVICE GROUP 42.88 26.50 45.75 Neutral Strong Buy 93 1.18

MANAGEMENT CNSL.GP. 31.38 21.25 38.50 Neutral Strong Buy 54 0.72

MENZIES (JOHN) 724.00 542.00 789.00 Neutral Strong Buy 1274 1.43

MICHAEL PAGE INTL. 374.90 341.40 451.80 Neutral Sell 315 1.41

MITIE GROUP 280.10 253.90 300.80 Neutral Buy 338 0.55

OFFICE2OFFICE 88.00 87.50 156.00 Neutral Strong Buy 235 0.34

PAYPOINT 839.00 605.00 912.50 Neutral Sell 684 0.70

PREMIER FARNELL 212.80 153.20 236.30 Neutral Buy 281 1.32

REGUS 165.00 82.65 169.00 Neutral Sell 106 1.44

RENTOKIL INITIAL 96.00 69.40 100.70 Neutral Sell 54 1.24

REXAM 513.50 394.28 547.50 Neutral Neutral 524 0.91

RICARDO 377.00 304.50 431.00 Neutral Buy 465 0.85

ROBERT WALTERS 226.50 176.25 255.50 Neutral Buy 305 1.23

RPC GROUP 394.90 348.30 477.00 Neutral Buy 527 0.77

RPS GROUP 253.00 197.00 274.20 Neutral Neutral 244 1.50

SERCO GROUP 614.50 509.50 635.50 Neutral Sell 571 0.59

SHANKS GROUP 79.75 73.00 98.00 Neutral Strong Buy 166 1.46

SPEEDY HIRE 49.50 22.25 50.00 Neutral Neutral 52 1.25TRIBAL GROUP 144.13 73.25 149.00 Neutral Sell 50 0.56

TRIFAST 54.63 39.50 59.00 Neutral Buy 60 0.92

VP 334.13 234.75 354.88 Neutral Strong Buy 615 0.86

WYG 75.00 42.00 75.00 Sell Strong Buy 180 0.79


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Telecommunication Services Over Valued


BT GROUP 280.90 200.70 288.70 Neutral Buy 342 0.90

CABLE & WIRELESS COMMS. 42.44 27.28 42.91 Neutral Strong Buy 84 0.69

INMARSAT 728.00 390.80 728.00 Neutral Sell 614 0.53

KCOM GROUP 84.50 67.00 85.20 Neutral Strong Buy 132 1.24

TELECOM PLUS 1212.00 683.50 1212.00 Neutral Sell 745 0.11

VODAFONE GROUP 196.85 154.45 197.20 Neutral Sell 172 0.54

Transport Under Valued


BBA AVIATION 250.40 178.00 269.00 Neutral Sell 177 1.30

BRAEMAR SHIPPING SVS. 395.00 309.50 425.00 Neutral Buy 457 0.99

CLARKSON 1619.00 1150.00 1673.00 Neutral Sell 1475 0.81

EASYJET 1135.00 481.20 1150.00 Neutral Sell 672 0.74

FIRST GROUP 220.10 175.70 260.50 Neutral Strong Buy 560 0.90

FISHER(JAMES)& SONS 1015.00 535.00 1110.00 Neutral Sell 395 0.77

GO-AHEAD GROUP 1558.00 1086.00 1558.00 Neutral Buy 1855 0.89

NATIONAL EXPRESS 193.90 164.50 230.50 Neutral Buy 251 1.34

NORTHGATE 318.50 159.60 350.00 Neutral Strong Buy 609 1.41

STAGECOACH GROUP 306.90 230.40 319.60 Neutral Buy 359 0.90

WINCANTON 53.88 31.00 78.50 Sell Sell -45 0.90

Utilities Under Valued


CENTRICA 379.60 306.30 393.10 Neutral Buy 511 0.46

NATIONAL GRID 817.00 641.00 817.00 Neu tral Neutra l 890 0.49

PENNON GROUP 686.00 598.00 796.00 Neutral Buy 826 0.58

SSE 1562.00 1294.00 1562.00 Neutral Buy 1832 0.42

SEVERN TRENT 1818.00 1513.00 1818.00 Neutral Sell 1610 0.34

UNITED UTILITIES GROUP 741.00 617.50 747.50 Neu tral Neutra l 714 0.50


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