value indicator - uk main market 20130603

7/28/2019 value indicator - uk main market 20130603

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03 June 2013

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Intellisys Intelligent Analysis Limited 03 June 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 Under Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................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 Over Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under 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 Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Under 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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 405.10 270.90 427.00 Neutral Buy 588 0.67

CHEMRING GROUP 282.40 217.00 414.70 Neutral Buy 339 0.66

COBHAM 285.80 190.10 293.40 Neu tral Neutra l 291 0.82

MEGGITT 532.50 364.30 534.50 Neu tral Neutra l 518 1.32

ROLLS-ROYCE HOLDINGS 1205.00 7 80.75 1 225.00 Neu tral Neutra l 1174 1.07

SMITHS GROUP 1379.00 979.50 1390.00 Neutral Sell 1136 0.71

ULTRA ELECTRONICS HDG. 1758.00 1 424.00 1843.00 Neu tral Neutra l 1673 0.51

Automobiles & Parts Under Valued

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

GKN 298.90 173.60 311.90 Neu tral Neutra l 298 2.02

INCHCAPE 549.00 305.20 577.50 Neu tral Neutra l 566 1.48

LOOKERS 103.75 56.50 110.00 Neu tral Neutra l 100 1.23

PENDRAGON 25.50 13.50 26.50 Neutral Buy 35 1.11

Banks Over Valued


BARCLAYS 320.45 150.55 333.85 Neutral Sell -817 1.94

HSBC HDG. (ORD $0.50) 725.90 503.20 769.90 Neutral Buy 862 1.17

LLOYDS BANKING GROUP 62.11 25.72 62.96 Sell Sell 6 1.89

ROYAL BANK OF SCTL.GP. 336.60 196.60 367.80 Neutral Sell -125 1.35

STANDARD CHARTERED 1537.00 1228.50 1 837.50 Neutral Strong Buy 3384 1.70

Beverages Under Valued


BARR (AG) 555.00 348.00 588.50 Neutral Neutra l 588 0.55

DIAGEO 1951.00 1516.50 2085.00 Neutral Sell 1737 0.55

SABMILLER 3330.00 2348.50 3657.00 Neutral Buy 3836 0.95

Chemicals Under Valued


ALENT 370.60 305.00 397.50 Neutral Strong Buy 3448 #NA

AZ ELECTRONIC MATS.(DI) 320.10 240.00 406.40 Neutral Strong Buy 494 1.23

CARCLO 370.00 356.00 503.00 Neutral Sell 121 0.73

CRODA INTERNATIONAL 2463.00 2125.00 2841.00 Neutral Buy 3348 1.04

ELEMENTIS 235.20 179.00 275.00 Neutral Buy 298 0.99

JOHNSON MATTHEY 2561.00 2080.27 2696.00 Neutral Strong Buy 4481 1.45

VICTREX 1702.00 1185.00 1765.00 Neutral Sell 1359 1.14

SYNTHOMER 204.50 127.40 225.80 Neutral Strong Buy 339 1.16

ZOTEFOAMS 200.00 157.00 225.00 Neutral Buy 253 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 282 0.51

BALFOUR BEATTY 233.10 207.60 320.80 Neutral Strong Buy 829 0.80

BARRATT DEVELOPMENTS 319.80 114.00 346.30 Neutral Strong Buy 626 1.58

BELLWAY 1277.00 693.00 1377.00 Neutral Strong Buy 2869 1.15

BERKELEY GROUP HDG.(THE) 2117.00 1205.00 2207.00 Neutral Strong Buy 3276 0.66

BOOT (HENRY) 189.00 115.50 201.00 Neutral Strong Buy 407 0.83

BOVIS HOMES GROUP 751.50 399.30 778.50 Neutral Buy 1051 1.20

CARILLION 256.90 235.50 331.80 Neutral Strong Buy 1564 1.12

CLARKE (T) 54.25 40.00 61.50 Neutral Strong Buy 464 0.82

COSTAIN GROUP 255.50 188.00 306.00 Neutral Strong Buy 1067 0.57

CRH 1396.00 1052.00 1540.00 Neutral Sell 869 1.14

GALLIFORD TRY 956.00 583.00 999.00 Neutral Strong Buy 2998 1.01

KELLER 948.00 348.25 978.50 Neutral Strong Buy 2446 1.26

KIER GROUP 1239.00 1106.00 1408.00 Neutral Strong Buy 5440 0.97

LOW & BONAR 67.00 50.00 76.75 Neutral Strong Buy 228 1.07MARSHALLS 141.00 76.00 141.00 Neutral Strong Buy 417 1.39

MORGAN SINDALL GROUP 568.00 508.00 695.00 Neutral Strong Buy 4621 0.87

NORCROS 16.75 10.38 18.25 Neutral Strong Buy 61 1.15

PERSIMMON 1220.00 496.69 1280.00 Neutral Strong Buy 1990 1.20

REDROW 224.10 107.30 238.10 Neutral Strong Buy 462 1.09

SIG 176.60 82.30 179.20 Neutral Strong Buy 539 1.79

SUPERGLASS HOLDINGS 1.88 1.88 14.50 Neutral Strong Buy 37 0.88

TAYLOR WIMPEY 99.15 40.28 103.00 Neutral Strong Buy 228 1.67

TRAVIS PERKINS 1611.00 906.50 1611.00 Sell Strong Buy 4242 2.01

WOLSELEY 3378.00 2121.32 3483.00 Neutral Strong Buy 6124 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1294.00 978.00 1365.00 Neutral Sell 820 0.75

DOMINO PRINTING SCIENCES 680.00 509.00 717.00 Neutral Buy 892 1.18

E2V TECHNOLOGIES 127.13 105.50 144.00 Neutral Strong Buy 261 1.29

INVENSYS 397.80 198.90 402.70 Neutral Sell 351 1.41

LAIRD 210.60 177.00 249.30 Neutral Strong Buy 328 2.13

OXFORD INSTRUMENTS 1683.00 1135.00 1752.00 Neutral Sell 1266 1.00

RENISHAW 1750.00 1260.00 2081.00 Neutral Strong Buy 2635 1.26

SPECTRIS 2087.00 1427.00 2470.00 Neutral Buy 2809 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 173.00 114.00 178.50 Neutral Strong Buy 319 1.58

XAAR 652.00 185.00 695.00 Neutral Sell 236 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.38 54.25 91.75 Neutral Buy 125 1.28

BODYCOTE 550.00 310.30 563.00 Neutral Buy 656 1.60

CASTINGS 339.00 277.75 358.50 Neutral Strong Buy 651 0.99

VESUVIUS 380.60 263.19 402.10 Neutral Strong Buy 975 2.20

FENNER 345.00 329.30 435.20 Neutral Strong Buy 532 1.42

HALMA 517.00 375.00 538.50 Neutral Sell 370 0.75

HILL & SMITH 434.00 297.00 480.00 Neutral Sell 353 1.37

IMI 1293.00 776.00 1359.00 Neutral Strong Buy 6355 1.41

MORGAN ADVANCED MATERIAL 293.00 220 .30 305.00 Neutral Sell 146 1.82

ROTORK 2860.00 1859.00 3037.00 Neutral Sell 1437 1.00

SENIOR 274.40 177.00 280.80 Neutral Sell 238 1.64

SEVERFIELD-ROWEN 50.13 35.40 89.40 Neutral Sell 39 0.79

SPIRAX-SARCO 2835.00 1900.00 2923.00 Neutral Sell 2040 0.84

VITEC GROUP 604.00 586.50 740.00 Neutral Sell 430 1.39

WEIR GROUP 2331.00 1397.00 2474.00 Neutral Sell 2123 1.38

Food & Drug Stores Over Valued


GREGGS 407.20 398.00 523.50 Neutral Strong Buy 700 0.47

MORRISON(WM)SPMKTS. 273.80 248.60 296.40 Neutral Sell 162 0.39

SAINSBURY (J) 374.30 283.50 396.50 Neutral Sell 195 0.57

TESCO 365.45 299.25 387.75 Neutral Sell 260 0.68

THORNTONS 94.63 18.88 100.50 Neutral Sell 67 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1812.00 1167.00 2031.00 Neutral Buy 2106 0.62

CRANSWICK 1127.00 732.50 1127.00 Neutral Strong Buy 2079 0.43

DAIRY CREST 486.30 316.00 503.50 Neutral Neutral 508 0.94

DEVRO 325.00 278.00 380.00 Neutral Strong Buy 513 0.32

PREMIER FOODS 72.00 54.50 125.75 Neutral Sell -177 1.25

TATE & LYLE 816.50 633.50 875.50 Neutral Strong Buy 1546 0.71

UNILEVER (UK) 2775.00 2013.00 2885.00 Neutral Neutral 2750 0.58


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General Retail Over Valued


ASHLEY(LAURA) HOLDINGS 29.00 20.50 29.50 Neutral Buy 34 0.69

BROWN (N) GROUP 458.50 224.40 465.60 Neutral Sell 346 0.54

BURBERRY GROUP 1453.00 1000.00 1541.00 Neutral Sell 944 1.27

CARPETRIGHT 612.00 585.00 728.50 Neutral Sell 281 0.95

DIXONS RETAIL 41.52 12.67 42.90 Neu tral Neu tral 44 1.51

FINDEL 164.00 55.20 186.00 Neutral Sell 58 1.13

FRENCH CONNECTN.GROUP 32.50 19.50 34.00 Sell Strong Buy 105 0.99

HALFORDS GROUP 329.00 189.00 405.20 Neutral Buy 490 0.68

JD SPORTS FASHION 911 .50 606.50 911 .50 Neutral Strong Buy 1504 0.53

DARTY 71.25 38.00 72.50 Neutral Buy 102 1.25

KINGFISHER 345.60 254.10 349.70 Neu tral Neu tral 363 0.94

MARKS & SPENCER GROUP 470.90 312.20 485.00 Neu tral Neu tral 512 0.65

MOSS BROTHERS GROUP 55.50 43.00 71.00 Neutral Buy 62 1.04

MOTHERCARE 349.75 189.25 364.00 Neutral Buy 442 0.47

NEXT 4619.00 2991.00 4749.00 Sell Neutral 4511 0.67

TED BAKER 1425.00 855.00 1490.00 Neutral Sell 642 0.55

TOPPS TILES 68.50 38.00 70.00 Neutral Sell 53 1.50

Heath Over Valued


BIOQUELL 141.00 126.50 160.00 Neutral Sell 117 0.46

CONSORT MEDICAL 792.00 585.00 831.50 Neutral Sell 575 0.39

OPTOS 126.37 122.25 222.75 Neutral Buy 158 1.18

SMITH & NEPHEW 771.50 590.50 794.50 Neutral Sell 698 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 717.50 562.50 742.00 Neutral Neutral 698 0.44

HEADLAM GROUP 375.00 263.00 375.00 Neutral Sell 317 0.92

HORNBY 77.00 55.25 88.50 Neutral Buy 108 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 988.00 469.00 1097.00 Neutral Sell 501 0.74

CSR 552.00 200.30 570.00 Neutral Strong Buy 1589 1.18FILTRONIC 62.00 25.00 83.25 Neutral Sell 26 0.90

IMAGIN AT ION TECHNOLOGIES 351.40 296 .00 624.00 Neu tral Neu tral 381 1.08

SPIRENT COMMUNICATIONS 134.10 122.00 170.90 Neutral Strong Buy 484 0.94

WOLFSON MICROELECTRONICS 213.50 170 .00 230.00 Neutral Sell -650 0.90


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Insurance Under Valued


ADMIRAL GROUP 1338.00 1019.00 1374.00 Neutral Sell -497 0.53

AMLIN 417.30 312.90 435.10 Neutral Strong Buy 1576 0.46

BEAZLEY 236.20 132.50 241.30 Neutral Strong Buy 978 0.60

CATLIN GROUP 503.00 399.00 552.50 Neutral Sell 464 0.30

HISCOX 554.50 398.36 600.00 Neutral Strong Buy 1957 0.48

JARDINE LLOYD THOMPSON 888 .00 671.00 914 .50 Neutral Buy 1252 0.31

RSA INSURANCE GROUP 115.20 97.65 136.30 Neutral Strong Buy 747 0.41

NOVAE GROUP 494.25 345.00 507.50 Neutral Strong Buy 3527 0.48

Leisure & Hotels Over Valued


CARNIVAL 2245.00 2062.00 2628.00 Neutral Strong Buy 4126 1.01

ENTERPRISE INNS 113.10 55.50 123.80 Neu tral Neu tral 112 1.61

TUI TRAVEL 358.50 158.00 373.20 Neutral Strong Buy 799 1.01

FULLER SMITH 'A' 855.00 700.00 855.00 Neutral Sell 696 0.39

GREENE KING 764.00 478.20 789.50 Neutral Sell 671 0.93

LADBROKES 206.80 152.70 243.10 Neutral Buy 259 0.93

ICTL.HTLS.GP. 1907.00 1471.72 2039.00 Neutral Sell 1517 1.18

MILLENNIUM & CPTH.HTLS. 560.00 455.40 582.50 Neutral Buy 635 1.40

MITCHELLS & BUTLERS 380.00 217.40 408.50 Neutral Sell 328 1.12

BWIN PARTY DIGITAL ENTM. 128.50 91.90 156.00 Neutral Sell 43 1.25

PUNCH TAVERNS 13.25 5 .61 13.75 Neutral Strong Buy 53 1.27

RANK GROUP 148.80 115.00 177.50 Neutral Strong Buy 517 1.00

RESTAURANT GROUP 518.50 280.80 531.00 Neutral Sell 403 0.76

WETHERSPOON (JD) 658.50 385.00 661.50 Neutral Buy 764 0.69

WHITBREAD 2883.00 1824.00 2897.00 Sell Sell 2051 0.99WILLIAM HILL 442.70 246.35 452.80 Neutral Sell 264 0.87

MARSTON'S 143.00 94.70 154.70 Neutral Sell 19 1.21

Life Assurance Under Valued


AVIVA 333.80 255.30 388.40 Neu tral Neu tral 325 1.25

CHESNARA 256.25 155.25 270.00 Neutral Strong Buy 476 0.70

LEGAL & GENERAL 179.00 106.00 187.80 Neutral Strong Buy 454 1.71

OLD MUTUAL 205.40 138.70 221.60 Neutral Strong Buy 397 1.57

PRUDENTIAL 1117.00 660.00 1203.00 Neu tral Neu tral 1141 1.71

ST.JAMES'S PLACE 587.50 307.50 640.00 Neutral Strong Buy 6508 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 130.00 102.00 146.50 Neutral Sell -661 0.37

BRITISH SKY BCAST.GROUP 780.50 656.00 899.50 Neutral Strong Buy 1787 0.54

CENTAUR MEDIA 33.75 28.50 60.00 Neutral Sell -22 1.03

DAILY MAIL 'A' 765.00 363.50 770.00 Sell Strong Buy 4291 1.14

EUROMONEY INSTL.INVESTOR 942.00 708 .00 1030.00 Neutral Strong Buy 7876 1.00

INFORMA 508.00 340.00 537.00 Neutral Sell -64 1.53

ITE GROUP 293.60 180.00 299.00 Neutral Strong Buy 284 1.45

ITV 131.10 69.45 134.70 Neutral Strong Buy 1335 1.54

JOHNSTON PRESS 17.25 4.88 19.00 Neutral Strong Buy 822 1.27

PEARSON 1229.00 1119.00 1294.00 Neutral Buy 354 0.63

PHOTO-ME INTL. 80.00 36.25 84.50 Neutral Strong Buy 2754 0.79

PINEWOOD SHEPPERTON 274.25 265.00 350.00 Neutral Strong Buy 949 0.16

THOMSON REUTERS 34.50 26.85 36.45 Neutral Sell -647 0.50

STV GROUP 135.50 81.50 146.88 Neutral Sell 274 0.79

ST.IVES 161.00 67.50 166.50 Neutral Sell 259 1.50TRINITY MIRROR 122.00 25.50 122.25 Neutral Sell -302 1.59

UBM 728.50 511.00 788.00 Neutral Strong Buy 1961 1.31

WILMINGTON GROUP 163.50 82.00 164.00 Neutral Strong Buy 1416 0.84

WPP 1128.00 743.00 1190.00 Neutral Sell -540 1.35

HIBU 0.35 0.26 2.18 Neutral Strong Buy 847 1.07

Mining Under Valued


ANGLO AMERICAN 1526.50 1526.50 2215.00 Neutral Sell 1192 1.74

ANGLO PACIFIC GROUP 245.75 215.00 290.00 Neu tral Neu tral 236 0.96

ANTOFAGASTA 945.50 884.00 1381.00 Neutral Sell 857 1.41

BHP BILLITON 1915.50 1694.50 2236.00 Neutral Strong Buy 2959 1.43

GLENCORE XSTRATA 323.10 293.55 397.85 Buy Strong Buy 994 #NA

LONMIN 295.00 240.84 421.26 Neutral Buy 357 2.03

RANDGOLD RESOURCES 5230.00 4545.00 7 775.00 Neutral Sell 3044 0.34

RIO TINTO 2857.00 2715.50 3757.00 Neutral Sell 2330 1.50

COALFIELD RESOURCES 3.38 10.00 Neutral Strong Buy 168 0.89

VEDANTA RESOURCES 1262.00 832.50 1335.00 Neutral Strong Buy 2128 2.20

Oil & Gas Under Valued


BG GROUP 1213.00 1000.50 1350.50 Neutral Sell 896 0.80

BP 473.45 401.60 483.30 Neutral Strong Buy 1008 1.03

CAIRN ENERGY 273.10 248.20 309.40 Buy Sell -21 1.32

FORTUNE OIL 7.97 7.66 12.50 Neutral Buy 11 0.82

HUNTING 869.00 688.00 941.00 Neutral Sell 573 1.31

JKX OIL & GAS 60.75 55.00 120 .00 Neutral Sell -60 1.36

PREMIER OIL 359.90 321.30 401.20 Neutral Buy 409 1.43

ROYAL DUTCH SHELL B 2280.50 2068.00 2366.50 Neutral Strong Buy 8361 0.84

SOCO INTERNATIONAL 386.10 276.50 404.30 Neutral Buy 496 0.53

TULLOW OIL 1045.00 977.00 1531.00 Neutral Sell 706 1.04

WOOD GROUP (JOHN) 851.50 651.50 879.50 Neutral Sell 738 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 103.00 101.00 144.60 Neutral Strong Buy 237 0.84

PZ CUSSONS 373.70 297.20 415.60 Neutral Sell 305 0.69

RECKITT BENCKISER GROUP 4722.00 3300 .00 4926.00 Neutral Neutral 4765 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.41 0.36 3.58 Buy Sell -1 1.01

ASTRAZENECA 3388.00 2592.00 3521.50 Neutral Strong Buy 6511 0.47

BTG 359.50 300.30 423.00 Neutral Sell 169 0.58

DECHRA PHARMACEUTICALS 684.00 4 69.50 780.00 Neu tral Neu tral 746 0.25

GLAXOSMITHKLINE 1713.50 1317.50 1782.00 Neu tral Neu tral 1691 0.49

OXFORD BIOMEDICA 2.30 1.55 2.88 Buy Sell 1 0.64

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2170.00 1727.00 2213.00 Neutral Sell 1448 0.66

SKYEPHARMA 50.00 43.50 101.50 Neutral Sell 32 0.73

VERNALIS 22.38 21.75 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 413.60 276.30 426.70 Neutral Sell -661 1.18

BRITISH LAND 609.00 475.40 658.00 Neutral Strong Buy 1787 1.06

CAPITAL & REGIONAL 35.50 22.75 37.00 Sell Sell -22 0.85

CLS HOLDINGS 970.00 595.00 995.00 Neutral Strong Buy 4291 0.70

DERWENT LONDON 2388.00 1740.00 2542.00 Neutral Strong Buy 7876 1.24DEVELOPMENT SECS. 203.00 121.75 203.00 Neutral Sell -64 0.99

GRAINGER 154.50 83.10 157.00 Neutral Strong Buy 284 1.58

GREAT PORTLAND ESTATES 554.00 367.80 598.00 Neutral Strong Buy 1335 1.10

HAMMERSON 513.00 409.20 554.00 Neutral Strong Buy 822 1.19

HELICAL BAR 265.00 173.00 297.50 Neutral Buy 354 0.77

LAND SECURITIES GROUP 933.50 706.00 994.00 Neutral Strong Buy 2754 1.16

INTU PROPERTIES 338.90 305.00 366.00 Neutral Strong Buy 949 1.09

MCKAY SECURITIES 153.88 127.00 153.88 Neutral Sell -647 0.73

MUCKLOW (A & J) GROUP 397.50 325.00 437.50 Neutral Sell 274 0.42

PRIMARY HEALTH PROPS. 322.00 311.17 363.53 Neutral Sell 259 0.35

QUINTAIN ESTATES & DEV. 75.00 32.50 79.25 Sell Sell -302 1.19

SAVILLS 593.50 315.80 601.50 Neutral Strong Buy 1961 0.77

SHAFTESBURY 615.50 492.00 668.00 Neutral Strong Buy 1416 1.05

SEGRO 279.40 209.40 302.80 Neutral Sell -540 1.73

ST MODWEN PROPS. 288.00 145.50 329.10 Neutral Strong Buy 847 1.59

TOWN CENTRE SECURITIES 212.50 147.00 223.00 Neutral Sell 6 1.01

UNITE GROUP 361.20 180.75 387.50 Neutral Strong Buy 2293 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1147 1.03

WORKSPACE GROUP 402.40 220.00 418.20 Neutral Strong Buy 1354 1.05


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Software & Computer Services Under Valued


ANITE 128.70 112.25 162.00 Neu tral Neu tral 127 0.73

AVEVA GROUP 2418.00 1550.00 2420.00 Neutral Sell 1366 1.40

COMPUTACENTER 462.70 292.40 567.00 Neutral Strong Buy 1346 1.00

KOFAX 330.00 242.00 335.00 Neu tral Neu tral 336 1.11

INNOVATION GROUP 27.50 18.25 27.50 Sell Sell 25 0.85

MICRO FOCUS INTL. 686.00 431.48 710.00 Neutral Strong Buy 1036 0.76

PHOENIX IT GROUP 152.37 130.00 222.00 Neutral Strong Buy 323 0.74

RM 68.75 68.00 85.50 Neutral Sell -98 0.52

FIDESSA GROUP 1951.00 1275.00 2047.00 Neutral Buy 2192 0.76

SAGE GROUP 365.10 247.70 368.10 Neutral Buy 435 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 466.00 237.30 492.10 Neutral Strong Buy 1288 1.09

BREWIN DOLPHIN 244.70 136.30 244.70 Sell Strong Buy 679 0.73

CAMELLIA 9815.00 9250.00 11105.00 Neutral Strong Buy 98539 0.84

CHARLES STANLEY GROUP 385.00 247.50 406.25 Neutral Strong Buy 1334 0.97

CHARLES TAYLOR 187.00 141.00 190.00 Neutral Strong Buy 1183 0.69

CLOSE BROTHERS GROUP 992.00 673.50 1107.00 Neutral Strong Buy 5215 0.86

F&C ASSET MANAGEMENT 96.35 71.50 110.40 Neutral Sell 75 0.89

HELPHIRE GROUP 3.10 0.55 3.70 Neutral Sell -124 0.69

HENDERSON GROUP 168.20 90.55 180.40 Neutral Strong Buy 812 1.44

ICAP 367.50 280.80 376.60 Neutral Strong Buy 1833 1.07

INTERMEDIATE CAPITAL GP. 468.00 241.10 501.50 Neutral Strong Buy 3383 1.70

INVESTEC 465.20 326.50 513.50 Neutral Strong Buy 1842 1.56

LONDON STOCK EX.GROUP 1406.00 930.00 1434.00 Neutral Strong Buy 3524 1.15MAN GROUP 115.50 63.25 134.40 Neutral Sell -4464 1.32

RATHBONE BROTHERS 1550.00 1186.00 1557.00 Neutral Strong Buy 5695 0.75

SCHRODERS 2368.00 1180.00 2560.00 Neutral Strong Buy 8620 1.30

SCHRODERS NV 1840.00 966.00 2000.00 Neutral Strong Buy 11431 1.27


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Support Services Under Valued


ACAL 221.50 157.75 242.50 Neutral Strong Buy 1292 0.92

AGGREKO 1787.00 1557.00 2400.00 Neutral Strong Buy 3503 1.05

AMEC 1025.00 923.00 1172.00 Neutral Strong Buy 3434 1.04

ASHTEAD GROUP 631.00 212.20 671.00 Neutral Buy 920 1.63

BABCOCK INTL. 1160.00 840.50 1205.00 Neutral Strong Buy 2315 0.48

BRITISH POLYTHENE INDS. 555.00 324.00 580.25 Neutral Strong Buy 2068 0.76

BUNZL 1284.00 999.50 1342.00 Neutral Strong Buy 2912 0.55

UK MAIL GROUP 507.50 214.00 525.00 Neutral Strong Buy 1495 0.39

CAPITA 962.00 605.50 1018.00 Neutral Sell 239 0.51

COMMUNISIS 54.50 25.34 56.50 Neutral Strong Buy 493 0.78

COMPASS GROUP 866.50 622.00 910.50 Neutral Strong Buy 2055 0.74

BERENDSEN 763.50 462.00 812.00 Neutral Strong Buy 2960 1.05

DE LA RUE 955.00 891.50 1075.00 Neutral Strong Buy 1827 #NA

DIGNITY 1353.00 803.50 1462.00 Neutral Strong Buy 2134 0.22

DIPLOMA 532.00 417.10 627.50 Neutral Strong Buy 1429 0.96ELECTROCOMP. 269.30 195.20 278.40 Neutral Strong Buy 1083 1.04

FILTRONA 697.50 428.00 750.00 Neutral Strong Buy 1339 1.13

G4S 246.60 240.00 313.50 Neutral Strong Buy 937 0.58

HAYS 93.90 66.40 101.20 Neutral Strong Buy 440 1.10

HOMESERVE 264.70 137.50 265.50 Neutral Strong Buy 1285 0.94

INTERSERVE 488.40 296.00 513.50 Neutral Strong Buy 3460 1.28

INTERTEK GROUP 3215.00 2558.00 3453.00 Neutral Buy 4618 0.78

JOHNSON SERVICE GROUP 47.00 26.50 47.25 Neutral Strong Buy 362 1.17

MANAGEMENT CNSL.GP. 30.38 21.25 32.00 Neutral Strong Buy 220 0.72

MENZIES (JOHN) 727.00 542.00 801.00 Neutral Strong Buy 2256 1.43

MICHAEL PAGE INTL. 384.80 341.40 451.80 Neutral Strong Buy 843 1.42

MITIE GROUP 259.90 253.90 300.80 Neutral Strong Buy 1318 0.55

OFFICE2OFFICE 86.00 86.00 156.00 Neutral Strong Buy 735 0.33

PAYPOINT 970.00 642.00 970.00 Neutral Strong Buy 1779 0.71

PREMIER FARNELL 213.10 153.20 236.30 Neutral Strong Buy 787 1.33

REGUS 167.80 82.65 177.50 Neutral Sell 67 1.46

RENTOKIL INITIAL 90.90 69.40 100.70 Neutral Strong Buy 325 1.25

REXAM 530.00 395.69 547.50 Neutral Strong Buy 1805 0.90

RICARDO 404.00 304.50 431.00 Neutral Strong Buy 1678 0.86

ROBERT WALTERS 232.00 176.25 233.00 Neutral Strong Buy 1188 1.24

RPC GROUP 401.30 365.40 477.00 Neutral Strong Buy 1903 0.78

RPS GROUP 210.00 197.00 274.20 Neutral Strong Buy 1070 1.51

SERCO GROUP 612.00 516.50 647.50 Neutral Strong Buy 2419 0.60

SHANKS GROUP 86.50 73.00 98.00 Neutral Strong Buy 717 1.46

SPEEDY HIRE 57.25 22.25 61.50 Neutral Strong Buy 263 1.26TRIBAL GROUP 165.00 82.00 166.00 Neutral Strong Buy 562 0.63

TRIFAST 57.00 39.50 59.25 Neutral Strong Buy 340 0.93

VP 348.00 245.50 354.88 Neutral Strong Buy 2091 0.86

WYG 81.00 42.00 81.00 Sell Strong Buy 540 0.79


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Telecommunication Services Under Valued


BT GROUP 302.10 200.70 322.30 Neutral Buy 359 0.91

CABLE & WIRELESS COMMS. 43.48 27.30 46.29 Neutral Strong Buy 89 0.70

INMARSAT 613.00 436.00 749.00 Neutral Sell 483 0.53

KCOM GROUP 83.85 67.00 88.30 Neutral Strong Buy 139 1.24

TELECOM PLUS 1325.00 735.00 1325.00 Sell Sell 778 0.09

VODAFONE GROUP 191.95 154.45 199.90 Neu tral Neutra l 183 0.54

Transport Under Valued


BBA AVIATION 280.40 178.00 288.40 Neutral Sell 184 1.30

BRAEMAR SHIPPING SVS. 429.75 309.50 429.75 Neutral Neutra l 467 0.98

CLARKSON 1716.00 1150.00 1716.00 Sell Sell 1196 0.80

EASYJET 1266.00 484.90 1300.00 Neutral Sell 709 0.77

FIRST GROUP 124.90 118.00 260.50 Neutral Strong Buy 591 0.91

FISHER(JAMES)& SONS 975.50 545.00 1110.00 Neutral Sell 425 0.77

GO-AHEAD GROUP 1537.00 1110.00 1588.00 Neutral Buy 1898 0.90

NATIONAL EXPRESS 200.90 164.50 230.50 Neutral Buy 266 1.35

NORTHGATE 340.75 159.60 350.00 Neutral Strong Buy 710 1.41

STAGECOACH GROUP 295.80 230.40 319.60 Neutral Buy 386 0.89

WINCANTON 71.00 31.00 78.50 Sell Sell -46 0.90

Utilities Under Valued


CENTRICA 380.00 306.30 394.90 Neutral Strong Buy 597 0.47

NATIONAL GRID 784.50 641.00 847.50 Neutral Buy 901 0.50

PENNON GROUP 683.50 598.00 796.00 Neutral Buy 822 0.59

SSE 1554.00 1294.00 1676.00 Neutral Buy 2201 0.42

SEVERN TRENT 2052.00 1513.00 2090.00 Neutral Sell 1613 0.35

UNITED UTILITIES GROUP 756.00 646.00 787.50 Neu tral Neutra l 733 0.50


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value indicator - uk main market 20130603

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