value indicator - uk main market 20130521

7/30/2019 value indicator - uk main market 20130521

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21 May 2013

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Intellisys Intelligent Analysis Limited 21 May 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 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 413.00 270.90 413.00 Neutral Buy 598 0.67

CHEMRING GROUP 293.20 217.00 414.70 Neutral Buy 365 0.66

COBHAM 280.70 190.10 282.10 Neutral Buy 314 0.82

MEGGITT 523.50 364.30 523.50 Neutral Sell 452 1.32

ROLLS-ROYCE HOLDINGS 1197.00 7 80.75 1 225.00 Neu tral Neutra l 1185 1.07

SMITHS GROUP 1352.00 979.50 1352.00 Neutral Sell 1149 0.71

ULTRA ELECTRONICS HDG. 1827.00 1 424.00 1827.00 Neutral Sell 1689 0.51

Automobiles & Parts Under Valued

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

GKN 309.30 173.60 309.30 Sell Neutral 295 2.02

INCHCAPE 565.50 305.20 565.50 Neu tral Neutra l 553 1.48

LOOKERS 106.50 56.50 108.25 Neutral Buy 117 1.23

PENDRAGON 25.00 13.50 25.00 Neutral Strong Buy 38 1.11

Banks Over Valued


BARCLAYS 326.20 150.55 327.35 Neutral Sell -788 1.94

HSBC HDG. (ORD $0.50) 769.90 503.20 769.90 Neutral Buy 957 1.17

LLOYDS BANKING GROUP 62.20 25.29 62.84 Sell Sell 10 1.89

ROYAL BANK OF SCTL.GP. 351.90 196.60 367.80 Neutral Sell -127 1.35

STANDARD CHARTERED 1626.00 1228.50 1 837.50 Neutral Strong Buy 3246 1.70

Beverages Under Valued


BARR (AG) 570.00 348.00 572.00 Neutral Neutra l 608 0.55

DIAGEO 2045.00 1477.00 2085.00 Neutral Sell 1823 0.55

SABMILLER 3586.00 2348.50 3657.00 Neutral Buy 4087 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 330.00 240.00 406.40 Neutral Strong Buy 658 1.23

CARCLO 379.00 345.75 503.00 Neu tral Neutra l 396 0.73

CRODA INTERNATIONAL 2603.00 2125.00 2841.00 Neutral Sell 2138 1.04

ELEMENTIS 245.00 179.00 275.00 Neutral Buy 351 0.99

JOHNSON MATTHEY 2650.00 2080.27 2650.00 Neutral Strong Buy 11819 1.45

VICTREX 1673.00 1185.00 1736.00 Neutral Sell 1481 1.14

SYNTHOMER 198.00 127.40 225.80 Neu tral Neutra l 211 1.16

ZOTEFOAMS 194.00 157.00 225.00 Neutral Strong Buy 378 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 94.00 61.50 104.00 Neutral Strong Buy 255 0.51

BALFOUR BEATTY 226.30 207.60 320.80 Neutral Strong Buy 994 0.80

BARRATT DEVELOPMENTS 342.50 114.00 346.30 Sell Buy 470 1.58

BELLWAY 1362.00 660.00 1377.00 Neutral Buy 1924 1.15

BERKELEY GROUP HDG.(THE) 2203.00 1180.00 2207.00 Neutral Strong Buy 3396 0.66

BOOT (HENRY) 196.00 115.50 201.00 Neutral Strong Buy 354 0.83

BOVIS HOMES GROUP 778.00 399.30 778.50 Neutral Sell 572 1.20

CARILLION 254.20 235.50 331.80 Neutral Strong Buy 800 1.12

CLARKE (T) 53.25 40.00 61.50 Neutral Strong Buy 268 0.82

COSTAIN GROUP 269.50 188.00 306.00 Neutral Strong Buy 550 0.57

CRH 1456.00 1052.00 1540.00 Neutral Sell 862 1.14

GALLIFORD TRY 986.50 579.00 995.50 Neutral Strong Buy 1702 1.01

KELLER 975.00 348.25 975.00 Neutral Strong Buy 2134 1.26

KIER GROUP 1200.00 1106.00 1408.00 Neutral Strong Buy 3350 0.97

LOW & BONAR 70.00 49.00 76.75 Neutral Strong Buy 218 1.07MARSHALLS 128.00 76.00 130.00 Neutral Strong Buy 293 1.39

MORGAN SINDALL GROUP 551.50 508.00 695.00 Neutral Strong Buy 3399 0.87

NORCROS 15.88 9.25 18.25 Neutral Strong Buy 34 1.15

PERSIMMON 1245.00 496.69 1272.00 Sell Buy 1458 1.20

REDROW 231.90 107.30 232.40 Neutral Buy 293 1.09

SIG 171.50 82.30 172.60 Neutral Strong Buy 513 1.79

SUPERGLASS HOLDINGS 1.88 1.88 14.50 Neutral Strong Buy 51 0.88

TAYLOR WIMPEY 103.00 40.28 103.00 Neutral Buy 131 1.67

TRAVIS PERKINS 1542.00 906.50 1543.00 Neutral Strong Buy 2620 2.01

WOLSELEY 3473.00 2121.32 3473.00 Neutral Strong Buy 5573 1.46

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1352.00 935.00 1364.00 Neutral Sell 845 0.75

DOMINO PRINTING SCIENCES 677.00 509.00 717.00 Neutral Buy 926 1.18

E2V TECHNOLOGIES 126.50 105.50 144.00 Neutral Strong Buy 272 1.29

INVENSYS 402.70 198.90 402.70 Neutral Sell 379 1.41

LAIRD 208.60 177.00 249.30 Neutral Sell 76 2.13

OXFORD INSTRUMENTS 1630.00 1096.00 1752.00 Neutral Sell 1294 1.00

RENISHAW 1761.00 1260.00 2081.00 Neutral Buy 2589 1.26

SPECTRIS 2112.00 1427.00 2470.00 Neutral Buy 2441 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.14 Neutral Strong Buy 0 0.84

TT ELECTRONICS 176.00 114.00 178.50 Neutral Strong Buy 450 1.58

XAAR 649.00 185.00 695.00 Neutral Sell 257 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 86.50 54.25 91.75 Neutral Buy 106 1.28

BODYCOTE 550.50 310.30 556.50 Neutral Neutral 532 1.60

CASTINGS 339.00 277.75 358.50 Neutral Strong Buy 726 0.99

VESUVIUS 366.60 263.19 402.10 Neutral Buy 528 2.20

FENNER 357.90 329.30 435.20 Neutral Strong Buy 576 1.42

HALMA 529.50 374.00 531.50 Neutral Sell 410 0.75

HILL & SMITH 462.00 297.00 480.00 Neutral Sell 350 1.37

IMI 1342.00 776.00 1347.00 Neutral Neutral 1419 1.41

MORGAN ADVANCED MATERIAL 285.00 220 .30 305.00 Neutral Strong Buy 560 1.82

ROTORK 2837.00 1859.00 3037.00 Neutral Sell 2255 1.00

SENIOR 269.50 177.00 269.60 Neutral Sell 221 1.64

SEVERFIELD-ROWEN 41.75 35.40 96.69 Neutral Sell 32 0.79

SPIRAX-SARCO 2811.00 1900.00 2822.00 Sell Sell 2368 0.84

VITEC GROUP 590.00 586.50 740.00 Neutral Neutral 627 1.39

WEIR GROUP 2386.00 1397.00 2474.00 Neutral Sell 2116 1.38

Food & Drug Stores Over Valued


GREGGS 410.70 398.00 523.50 Neutral Strong Buy 717 0.47

MORRISON(WM)SPMKTS. 289.30 248.60 296.40 Neutral Sell 178 0.39

SAINSBURY (J) 377.20 283.50 396.50 Neutral Sell 195 0.57

TESCO 383.10 297.05 387.75 Neutral Sell 262 0.68

THORNTONS 100.50 18.88 100.50 Sell Sell 72 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1926.00 1167.00 2031.00 Neutral Buy 2168 0.62

CRANSWICK 1115.00 732.50 1115.00 Neutral Strong Buy 2142 0.43

DAIRY CREST 472.00 311.10 477.60 Neutral Neutral 517 0.94

DEVRO 347.20 278.00 380.00 Neutral Strong Buy 531 0.32

PREMIER FOODS 73.75 54.50 130.25 Neutral Sell -182 1.25

TATE & LYLE 855.00 633.50 874.00 Neutral Strong Buy 1600 0.71

UNILEVER (UK) 2853.00 2007.00 2853.00 Neutral Neutral 2845 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.38 20.50 29.50 Neutral Buy 36 0.69

BROWN (N) GROUP 465.60 224.40 465.60 Sell Sell 394 0.54

BURBERRY GROUP 1463.00 1000.00 1463.00 Neutral Sell 1059 1.27

CARPETRIGHT 662.50 585.00 728.50 Neutral Sell 303 0.95

DIXONS RETAIL 42.20 12.67 42.20 Neu tral Neu tral 42 1.51

FINDEL 140.50 55.20 186.00 Neutral Sell 58 1.13

FRENCH CONNECTN.GROUP 32.00 19.50 34.00 Sell Strong Buy 110 0.99

HALFORDS GROUP 401.70 189.00 405.20 Neutral Buy 545 0.68

JD SPORTS FASHION 865 .00 606.50 869 .00 Neutral Strong Buy 1635 0.53

DARTY 66.50 38.00 66.50 Neutral Buy 98 1.25

KINGFISHER 330.50 254.10 330.60 Neutral Buy 423 0.94

MARKS & SPENCER GROUP 440.50 312.20 451.00 Neutral Buy 563 0.65

MOSS BROTHERS GROUP 56.25 42.00 71.00 Neutral Buy 64 1.04

MOTHERCARE 348.00 161.50 362.00 Neutral Buy 385 0.47

NEXT 4675.00 2930.00 4693.00 Neutral Sell 4020 0.67

TED BAKER 1425.00 840.00 1425.00 Sell Sell 712 0.55

TOPPS TILES 67.00 32.13 70.00 Neutral Sell 55 1.50

Heath Over Valued


BIOQUELL 146.00 126.50 160.00 Neutral Sell 118 0.46

CONSORT MEDICAL 782.50 584.00 831.50 Neutral Sell 581 0.39

OPTOS 127.25 122.25 222.75 Neutral Buy 160 1.18

SMITH & NEPHEW 788.50 581.50 788.50 Neutral Sell 711 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 725.00 557.00 742.00 Neutral Neutral 706 0.44

HEADLAM GROUP 337.75 263.00 355.00 Neutral Sell 299 0.92

HORNBY 80.50 55.25 90.00 Neutral Buy 105 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 1096.00 469.00 1097.00 Neutral Sell 569 0.74

CSR 562.50 200.30 562.50 Neutral Strong Buy 1312 1.18FILTRONIC 63.00 24.25 83.25 Neutral Sell 49 0.90

IMAGIN AT ION TECHNOLOGIES 336.90 296 .00 624.00 Neutral Strong Buy 536 1.08

SPIRENT COMMUNICATIONS 133.70 122.00 170.90 Neutral Strong Buy 712 0.94

WOLFSON MICROELECTRONICS 222.00 170 .00 230.00 Neutral Sell -496 0.90


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Insurance Under Valued


ADMIRAL GROUP 1275.00 1019.00 1374.00 Neu tral Neu tral 1236 0.53

AMLIN 426.20 312.90 434.00 Neutral Sell 65 0.46

BEAZLEY 237.60 132.50 237.60 Neutral Strong Buy 1296 0.60

CATLIN GROUP 532.50 399.00 543.00 Neutral Strong Buy 2038 0.30

HISCOX 576.00 385.08 577.00 Neutral Strong Buy 2583 0.48

JARDINE LLOYD THOMPSON 902 .50 659.00 914 .50 Neutral Strong Buy 1726 0.31

RSA INSURANCE GROUP 115.90 97.65 136.30 Neutral Strong Buy 934 0.41

NOVAE GROUP 494.00 345.00 500.00 Neutral Strong Buy 2907 0.48

Leisure & Hotels Over Valued


CARNIVAL 2410.00 1992.00 2628.00 Neutral Strong Buy 4305 1.01

ENTERPRISE INNS 120.00 55.50 120.00 Neu tral Neu tral 122 1.61

TUI TRAVEL 372.20 158.00 372.20 Neutral Strong Buy 826 1.01

FULLER SMITH 'A' 800.00 700.00 820.00 Neutral Sell 725 0.39

GREENE KING 784.50 474.30 788.50 Neutral Sell 704 0.93

LADBROKES 214.20 152.70 243.10 Neutral Buy 269 0.93

ICTL.HTLS.GP. 1962.00 1401.63 2039.00 Neutral Sell 1565 1.18

MILLENNIUM & CPTH.HTLS. 556.50 455.40 582.50 Neutral Buy 690 1.40

MITCHELLS & BUTLERS 406.60 217.40 406.60 Sell Sell 344 1.12

BWIN PARTY DIGITAL ENTM. 143.30 91.90 156.00 Neutral Sell 47 1.25

PUNCH TAVERNS 10.75 5 .61 13.12 Neutral Strong Buy 58 1.27

RANK GROUP 163.00 115.00 177.50 Neutral Strong Buy 533 1.00

RESTAURANT GROUP 531.00 278.80 531.00 Neutral Sell 344 0.76

WETHERSPOON (JD) 661.50 379.90 661.50 Neutral Buy 793 0.69

WHITBREAD 2837.00 1794.00 2837.00 Sell Sell 2124 0.99WILLIAM HILL 450.00 246.35 450.00 Neutral Sell 273 0.87

MARSTON'S 153.00 94.70 153.80 Neutral Sell 23 1.21

Life Assurance Over Valued


AVIVA 339.40 255.30 388.40 Neutral Strong Buy 758 1.25

CHESNARA 270.00 155.25 270.00 Neutral Strong Buy 417 0.70

LEGAL & GENERAL 185.60 106.00 186.40 Neutral Strong Buy 380 1.71

OLD MUTUAL 216.80 138.70 221.60 Neu tral Neu tral 213 1.57

PRUDENTIAL 1180.00 660.00 1193.00 Neutral Sell 1066 1.71

ST.JAMES'S PLACE 635.00 303.40 635.00 Sell Strong Buy 1591 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 110.25 102.00 146.50 Neutral Sell -616 0.37

BRITISH SKY BCAST.GROUP 806.50 656.00 899.50 Neutral Strong Buy 1854 0.54

CENTAUR MEDIA 32.00 28.50 60.00 Buy Strong Buy 165 1.03

DAILY MAIL 'A' 765.00 363.50 766.00 Neutral Strong Buy 4368 1.14

EUROMONEY INSTL.INVESTOR 998.00 672 .50 1030.00 Neutral Strong Buy 8156 1.00

INFORMA 528.50 340.00 537.00 Neutral Sell -77 1.53

ITE GROUP 298.90 180.00 298.90 Neutral Strong Buy 260 1.45

ITV 130.70 69.45 132.30 Neutral Strong Buy 1354 1.54

JOHNSTON PRESS 18.00 4.88 19.00 Neutral Strong Buy 832 1.27

PEARSON 1220.00 1115.00 1294.00 Neutral Buy 340 0.63

PHOTO-ME INTL. 84.50 36.25 84.50 Neutral Strong Buy 2800 0.79

PINEWOOD SHEPPERTON 272.50 265.00 377.50 Neutral Strong Buy 935 0.16

THOMSON REUTERS 35.51 26.85 35.51 Neutral Sell -614 0.50

STV GROUP 133.88 81.50 146.88 Neutral Sell 286 0.79

ST.IVES 161.00 67.50 161.00 Neutral Sell 252 1.50TRINITY MIRROR 109.50 25.50 121.25 Neutral Sell -272 1.59

UBM 742.50 511.00 788.00 Neutral Strong Buy 1827 1.31

WILMINGTON GROUP 157.00 82.00 164.00 Neutral Strong Buy 1444 0.84

WPP 1165.00 743.00 1165.00 Neutral Sell -528 1.35

HIBU 0.43 0.26 3.16 Neutral Strong Buy 862 1.07

Mining Under Valued


ANGLO AMERICAN 1553.00 1544.00 2215.00 Buy Sell 1165 1.74

ANGLO PACIFIC GROUP 234.25 215.00 290.00 Neu tral Neu tral 228 0.96

ANTOFAGASTA 926.00 884.00 1381.00 Neutral Sell 842 1.41

BHP BILLITON 1925.00 1681.00 2236.00 Neutral Buy 2833 1.43

GLENCORE XSTRATA 334.95 293.55 397.85 Buy Strong Buy 962 #NA

LONMIN 264.10 240.84 421.26 Neutral Buy 342 2.03

RANDGOLD RESOURCES 4696.00 4545.00 7 775.00 Neutral Sell 2948 0.34

RIO TINTO 2903.50 2715.50 3757.00 Neutral Sell 2283 1.50

COALFIELD RESOURCES 3.38 13.00 Neutral Strong Buy 163 0.89

VEDANTA RESOURCES 1283.00 832.50 1299.00 Neutral Strong Buy 2055 2.20

Oil & Gas Under Valued


BG GROUP 1232.00 1000.50 1350.50 Neu tral Neu tral 1272 0.80

BP 472.55 393.90 475.90 Neutral Strong Buy 1599 1.03

CAIRN ENERGY 287.20 248.20 309.40 Neutral Sell -22 1.32

FORTUNE OIL 8.40 7.66 12.50 Neutral Strong Buy 15 0.82

HUNTING 887.00 688.00 941.00 Neutral Sell 460 1.31

JKX OIL & GAS 59.25 55.00 120 .00 Neutral Strong Buy 309 1.36

PREMIER OIL 379.10 321.30 401.20 Neutral Sell 294 1.43

ROYAL DUTCH SHELL B 2304.50 2039.00 2366.50 Neutral Strong Buy 9657 0.84

SOCO INTERNATIONAL 401.80 264.70 404.30 Neutral Sell 254 0.53

TULLOW OIL 1054.00 977.00 1531.00 Neutral Sell 933 1.04

WOOD GROUP (JOHN) 830.00 651.50 879.50 Neu tral Neu tral 820 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 109.75 101.20 144.60 Neutral Strong Buy 248 0.84

PZ CUSSONS 385.30 297.20 415.60 Neutral Sell 316 0.69

RECKITT BENCKISER GROUP 4770.00 3300 .00 4812.00 Neutral Neutral 4809 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.42 0.36 3.58 Buy Sell 0 1.01

ASTRAZENECA 3390.50 2591.00 3390.50 Neutral Strong Buy 6620 0.47

BTG 338.60 300.30 423.00 Neutral Sell 171 0.58

DECHRA PHARMACEUTICALS 719.00 4 63.00 780.00 Neu tral Neu tral 735 0.25

GLAXOSMITHKLINE 1721.50 1317.50 1721.50 Neutral Sell 1595 0.49

OXFORD BIOMEDICA 2.33 1.55 3.40 Neutral Sell 1 0.64

PHYTOPHARM 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2086.00 1727.00 2153.00 Neutral Sell 1387 0.66

SKYEPHARMA 53.25 43.50 101.50 Neutral Sell -135 0.73

VERNALIS 22.25 21.63 27.38 Neutral Strong Buy 37 0.91

Real Estate Under Valued


BIG YELLOW GROUP 418.00 274.50 426.70 Neutral Sell -616 1.18

BRITISH LAND 658.00 475.40 658.00 Neutral Strong Buy 1854 1.06

CAPITAL & REGIONAL 37.00 22.75 37.00 Sell Strong Buy 165 0.85

CLS HOLDINGS 995.00 595.00 995.00 Neutral Strong Buy 4368 0.70

DERWENT LONDON 2530.00 1728.00 2530.00 Sell Strong Buy 8156 1.24DEVELOPMENT SECS. 180.00 121.75 180.00 Neutral Sell -77 0.99

GRAINGER 156.30 83.10 156.30 Neutral Strong Buy 260 1.58

GREAT PORTLAND ESTATES 598.00 367.80 598.00 Sell Strong Buy 1354 1.10

HAMMERSON 554.00 409.20 554.00 Neutral Strong Buy 832 1.19

HELICAL BAR 297.50 164.00 297.50 Neutral Buy 340 0.77

LAND SECURITIES GROUP 994.00 704.00 994.00 Neutral Strong Buy 2800 1.16

INTU PROPERTIES 357.90 305.00 366.00 Neutral Strong Buy 935 1.09

MCKAY SECURITIES 149.50 127.00 149.50 Neutral Sell -614 0.73

MUCKLOW (A & J) GROUP 402.50 325.00 437.50 Neutral Sell 286 0.42

PRIMARY HEALTH PROPS. 332.00 312.00 364.50 Neutral Sell 252 0.35

QUINTAIN ESTATES & DEV. 79.25 32.50 79.25 Sell Sell -272 1.19

SAVILLS 596.50 300.80 601.50 Neutral Strong Buy 1827 0.77

SHAFTESBURY 663.50 492.00 664.00 Neutral Strong Buy 1444 1.05

SEGRO 302.80 209.40 302.80 Sell Sell -528 1.73

ST MODWEN PROPS. 321.00 145.50 329.10 Neutral Strong Buy 862 1.59

TOWN CENTRE SECURITIES 219.50 147.00 219.50 Neutral Sell -9 1.01

UNITE GROUP 380.00 180.75 387.50 Neutral Sell 55 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1227 1.03

WORKSPACE GROUP 408.90 215.50 410.00 Neutral Strong Buy 1402 1.05


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Software & Computer Services Under Valued


ANITE 127.70 111.25 162.00 Neu tral Neu tral 126 0.73

AVEVA GROUP 2308.00 1481.00 2322.00 Neutral Sell 1357 1.40

COMPUTACENTER 453.90 292.40 567.00 Neutral Strong Buy 1385 1.00

KOFAX 323.38 242.00 335.00 Neu tral Neu tral 331 1.11

INNOVATION GROUP 27.25 18.25 27.50 Sell Sell 25 0.85

MICRO FOCUS INTL. 710.00 431.48 710.00 Neutral Buy 1036 0.76

PHOENIX IT GROUP 143.00 130.00 222.00 Neutral Strong Buy 317 0.74

RM 70.88 68.00 85.50 Neutral Sell -97 0.52

FIDESSA GROUP 2004.00 1275.00 2004.00 Neu tral Neu tral 2141 0.76

SAGE GROUP 368.10 247.70 368.10 Neutral Buy 431 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 471.70 237.30 476.40 Neutral Sell 154 1.09

BREWIN DOLPHIN 209.70 136.30 222.00 Neutral Sell 125 0.73

CAMELLIA 9900.00 9250.00 11105.00 Neu tral Neu tral 9602 0.84

CHARLES STANLEY GROUP 395.00 247.50 406.25 Neutral Sell 211 0.97

CHARLES TAYLOR 175.00 140.00 190.00 Neutral Sell 139 0.69

CLOSE BROTHERS GROUP 1078.00 673.50 1107.00 Neutral Sell 252 0.86

F&C ASSET MANAGEMENT 93.40 70.00 110.40 Neutral Buy 103 0.89

HELPHIRE GROUP 3.40 0.55 3.70 Sell Strong Buy 25 0.69

HENDERSON GROUP 179.10 90.55 179.60 Neutral Sell 68 1.44

ICAP 343.80 280.80 376.60 Neutral Sell 246 1.07

INTERMEDIATE CAPITAL GP. 460.50 227.30 460.50 Neutral Sell 172 1.70

INVESTEC 490.80 312.00 513.50 Neutral Sell 137 1.56

LONDON STOCK EX.GROUP 1426.00 930.00 1426.00 Neutral Sell -27660 1.15MAN GROUP 131.90 63.25 131.90 Neutral Strong Buy 479 1.32

RATHBONE BROTHERS 1520.00 1151.00 1551.00 Neutral Sell 1136 0.75

SCHRODERS 2532.00 1166.00 2560.00 Neutral Sell 1234 1.30

SCHRODERS NV 1987.00 966.00 2000.00 Sell Strong Buy 3877 1.27


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Support Services Over Valued


ACAL 220.50 157.75 242.50 Neutral Buy 301 0.92

AGGREKO 1788.00 1557.00 2400.00 Neutral Sell 1346 1.05

AMEC 1048.00 923.00 1172.00 Neutral Buy 1167 1.04

ASHTEAD GROUP 658.50 212.20 658.50 Sell Sell 332 1.63

BABCOCK INTL. 1145.00 830.00 1163.00 Neutral Sell 687 0.48

BRITISH POLYTHENE INDS. 575.00 324.00 580.25 Neutral Buy 824 0.76

BUNZL 1336.00 993.50 1336.00 Neutral Sell 1016 0.55

UK MAIL GROUP 452.50 214.00 465.00 Neutral Neutral 456 0.39

CAPITA 949.00 602.00 949.00 Neutral Sell 543 0.51

COMMUNISIS 55.50 25.34 56.50 Neutral Buy 70 0.78

COMPASS GROUP 898.00 620.50 898.00 Sell Sell 625 0.74

BERENDSEN 775.00 462.00 812.00 Neutral Buy 1019 1.05

DE LA RUE 995.50 891.50 1075.00 Neutral Sell 623 #NA

DIGNITY 1435.00 803.50 1462.00 Neutral Sell 835 0.22

DIPLOMA 583.50 417.00 627.50 Neutral Sell 503 0.96ELECTROCOMP. 271.90 195.20 271.90 Neutral Buy 332 1.04

FILTRONA 748.50 428.00 750.00 Neutral Sell 360 1.13

G4S 251.00 240.00 313.50 Neutral Buy 303 0.58

HAYS 95.35 66.40 101.20 Neutral Buy 125 1.10

HOMESERVE 227.00 137.50 248.00 Neutral Strong Buy 507 0.94

INTERSERVE 513.50 271.40 513.50 Neutral Buy 707 1.28

INTERTEK GROUP 3327.00 2500.00 3453.00 Neutral Sell 1500 0.78

JOHNSON SERVICE GROUP 45.38 26.50 45.75 Neutral Strong Buy 98 1.17

MANAGEMENT CNSL.GP. 30.38 21.25 32.25 Neutral Strong Buy 57 0.72

MENZIES (JOHN) 760.00 542.00 801.00 Neutral Strong Buy 1322 1.43

MICHAEL PAGE INTL. 393.40 341.40 451.80 Neutral Sell 329 1.42

MITIE GROUP 267.40 253.90 300.80 Neutral Buy 354 0.55

OFFICE2OFFICE 89.50 87.50 156.00 Neutral Strong Buy 247 0.33

PAYPOINT 898.00 605.00 912.50 Neutral Sell 714 0.71

PREMIER FARNELL 226.00 153.20 236.30 Neutral Buy 296 1.33

REGUS 171.50 82.65 177.50 Neutral Sell 110 1.46

RENTOKIL INITIAL 93.70 69.40 100.70 Neutral Sell 57 1.25

REXAM 536.50 394.28 547.50 Neutral Neutral 551 0.90

RICARDO 417.50 304.50 431.00 Neutral Buy 487 0.86

ROBERT WALTERS 214.00 176.25 232.00 Neutral Buy 318 1.24

RPC GROUP 399.80 365.40 477.00 Neutral Buy 553 0.78

RPS GROUP 228.90 197.00 274.20 Neutral Buy 256 1.51

SERCO GROUP 637.00 509.50 637.50 Neutral Sell 599 0.60

SHANKS GROUP 84.50 73.00 98.00 Neutral Strong Buy 175 1.46

SPEEDY HIRE 55.00 22.25 55.00 Sell Neutral 54 1.26TRIBAL GROUP 162.25 74.00 162.25 Neutral Sell 53 0.63

TRIFAST 59.25 39.50 59.25 Neutral Neutral 64 0.93

VP 339.63 237.00 354.88 Neutral Strong Buy 646 0.86

WYG 78.88 42.00 78.88 Sell Strong Buy 188 0.79


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Telecommunication Services Over Valued


BT GROUP 322.20 200.70 322.20 Sell Buy 359 0.91

CABLE & WIRELESS COMMS. 43.95 27.28 44.30 Neutral Strong Buy 86 0.70

INMARSAT 666.00 394.90 749.00 Neutral Sell 610 0.53

KCOM GROUP 87.60 67.00 87.60 Neutral Strong Buy 138 1.24

TELECOM PLUS 1285.00 695.00 1285.00 Sell Sell 786 0.09

VODAFONE GROUP 197.60 154.45 197.70 Neutral Sell 174 0.54

Transport Under Valued


BBA AVIATION 281.70 178.00 281.70 Sell Sell 180 1.30

BRAEMAR SHIPPING SVS. 425.25 309.50 425.25 Neutral Neutra l 461 0.98

CLARKSON 1650.00 1150.00 1673.00 Neutral Sell 1498 0.80

EASYJET 1235.00 481.20 1235.00 Neutral Sell 685 0.77

FIRST GROUP 155.60 155.60 260.50 Neutral Strong Buy 577 0.91

FISHER(JAMES)& SONS 979.00 540.00 1110.00 Neutral Sell 405 0.77

GO-AHEAD GROUP 1549.00 1086.00 1588.00 Neutral Buy 1896 0.90

NATIONAL EXPRESS 216.00 164.50 230.50 Neutral Buy 257 1.35

NORTHGATE 334.50 159.60 350.00 Neutral Strong Buy 629 1.41

STAGECOACH GROUP 315.30 230.40 319.60 Neutral Buy 371 0.89

WINCANTON 55.00 31.00 78.50 Sell Sell -43 0.90

Utilities Under Valued


CENTRICA 393.10 306.30 393.10 Neutral Buy 535 0.47

NATIONAL GRID 847.50 641.00 847.50 Neutral Buy 946 0.50

PENNON GROUP 719.50 598.00 796.00 Neutral Buy 878 0.59

SSE 1646.00 1294.00 1646.00 Neutral Buy 1925 0.42

SEVERN TRENT 2051.00 1513.00 2090.00 Neutral Sell 1723 0.35

UNITED UTILITIES GROUP 784.50 617.50 784.50 Neu tral Neutra l 767 0.50


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value indicator - uk main market 20130521

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