value indicator - uk main market 20130708

7/28/2019 value indicator - uk main market 20130708

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08 July 2013

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Intellisys Intelligent Analysis Limited 08 July 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 Over 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 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 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 providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and 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 408.00 292.90 427.00 Neutral Buy 588 0.68

CHEMRING GROUP 288.40 217.00 414.70 Neutral Buy 344 0.66

COBHAM 283.40 190.10 293.40 Neu tral Neutra l 292 0.83

MEGGITT 543.00 366.20 550.00 Neu tral Neutra l 519 1.30

ROLLS-ROYCE HOLDINGS 1193.00 7 99.39 1 225.00 Neu tral Neutra l 1162 1.01

SMITHS GROUP 1346.00 1011.00 1390.00 Neutral Sell 1132 0.77

ULTRA ELECTRONICS HDG. 1768.00 1 424.00 1843.00 Neutral Sell 1672 0.51

Automobiles & Parts Under Valued

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

GKN 319.30 200.70 322.10 Neu tral Neutra l 312 1.96

INCHCAPE 512.50 344.70 577.50 Neu tral Neutra l 550 1.42

LOOKERS 107.50 64.00 110.00 Neutral Sell 95 1.23

PENDRAGON 26.00 13.50 26.75 Neutral Buy 37 1.11

Banks Over Valued


BARCLAYS 291.50 150.55 333.85 Neutral Sell -839 1.94

HSBC HDG. (ORD $0.50) 712.50 510.60 769.90 Neutral Buy 841 1.16

LLOYDS BANKING GROUP 64.63 28.76 65.86 Sell Sell 5 1.86

ROYAL BANK OF SCTL.GP. 276.70 196.60 367.80 Neutral Sell -168 1.37

STANDARD CHARTERED 1470.00 1228.50 1 837.50 Neutral Strong Buy 3320 1.65

Beverages Under Valued


BARR (AG) 535.50 413.50 588.50 Neutral Sell 476 0.58

DIAGEO 1961.50 1648.50 2085.00 Neutral Neutra l 2139 0.53

SABMILLER 3212.00 2599.00 3657.00 Neutral Buy 4255 0.93

Chemicals Under Valued


ALENT 348.40 305.00 397.50 Neutral Buy 432 #NA

AZ ELECTRONIC MATS.(DI) 333.00 240.00 406.40 Neutral Strong Buy 536 1.21

CARCLO 353.00 342.75 503.00 Neutral Sell 143 0.76

CRODA INTERNATIONAL 2528.00 2164.00 2841.00 Neutral Buy 3277 1.06

ELEMENTIS 221.40 179.00 275.00 Neutral Buy 306 1.04

JOHNSON MATTHEY 2761.00 2080.27 2786.00 Neutral Strong Buy 4372 1.44

VICTREX 1555.00 1185.00 1765.00 Neutral Sell 1357 1.19

SYNTHOMER 189.00 127.40 225.80 Neutral Strong Buy 373 1.11

ZOTEFOAMS 204.50 161.00 225.00 Neutral Buy 286 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 92.00 61.50 104.00 Neutral Strong Buy 265 0.52

BALFOUR BEATTY 215.90 207.60 320.80 Neutral Strong Buy 1081 0.83

BARRATT DEVELOPMENTS 330.70 132.20 346.30 Neutral Strong Buy 581 1.61

BELLWAY 1364.00 801.50 1377.00 Neutral Strong Buy 2732 1.00

BERKELEY GROUP HDG.(THE) 2226.00 1343.00 2231.00 Neutral Strong Buy 3350 0.57

BOOT (HENRY) 175.50 115.50 201.00 Neutral Strong Buy 348 0.76

BOVIS HOMES GROUP 775.00 451.00 778.50 Neutral Buy 1001 1.11

CARILLION 263.10 235.50 331.80 Neutral Strong Buy 1470 1.10

CLARKE (T) 51.50 40.00 61.50 Neutral Strong Buy 370 0.80

COSTAIN GROUP 283.00 202.00 306.00 Neutral Strong Buy 1080 0.51

CRH 1315.00 1090.00 1540.00 Neutral Sell 861 1.05

GALLIFORD TRY 1000.00 606.00 1000.00 Neutral Strong Buy 2815 0.95

KELLER 1031.00 368.50 1031.00 Neutral Strong Buy 2278 1.26

KIER GROUP 1268.00 1106.00 1408.00 Neutral Strong Buy 5361 0.94

LOW & BONAR 66.00 50.00 76.75 Neutral Strong Buy 215 1.05MARSHALLS 138.50 76.00 142.00 Neutral Buy 194 1.32

MORGAN SINDALL GROUP 616.00 508.00 695.00 Neutral Strong Buy 4334 0.69

NORCROS 16.50 10.63 18.25 Neutral Strong Buy 58 1.07

PERSIMMON 1256.00 565.78 1280.00 Neutral Strong Buy 1915 1.04

REDROW 245.60 125.00 245.60 Sell Strong Buy 435 0.89

SIG 170.30 88.85 179.20 Neutral Strong Buy 504 1.72

SUPERGLASS HOLDINGS 44.00 44.00 325.00 Neutral Strong Buy 4075 0.88

TAYLOR WIMPEY 102.80 42.72 103.80 Neutral Strong Buy 217 1.62

TRAVIS PERKINS 1556.00 970.50 1611.00 Neutral Strong Buy 4209 1.92

WOLSELEY 3152.00 2237.39 3483.00 Neutral Strong Buy 5734 1.37

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1116.00 994.50 1365.00 Neutral Sell 1014 0.69

DOMINO PRINTING SCIENCES 641.50 522.00 717.00 Neutral Buy 772 1.16

E2V TECHNOLOGIES 118.50 105.50 138.25 Neutral Strong Buy 220 1.27

INVENSYS 421.10 217.33 426.30 Neutral Sell 319 1.36

LAIRD 179.00 171.10 249.30 Neutral Buy 243 2.12

OXFORD INSTRUMENTS 1236.00 1200.00 1752.00 Neutral Sell 1082 1.11

RENISHAW 1540.00 1260.00 2081.00 Neutral Strong Buy 2420 1.30

SPECTRIS 1991.00 1459.00 2470.00 Neutral Buy 2408 1.52

BIOME TECHNOLOGIES 0.08 0.07 0.13 Neutral Sell -0 0.75

TT ELECTRONICS 164.00 114.00 178.50 Neutral Buy 238 1.61

XAAR 840.00 226.75 840.00 Sell Sell 368 1.09


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 85.00 54.25 91.75 Neutral Buy 119 1.18

BODYCOTE 536.00 310.30 563.00 Neutral Buy 612 1.58

CASTINGS 386.50 291.00 394.75 Neutral Strong Buy 634 0.94

VESUVIUS 379.50 263.19 402.10 Neutral Strong Buy 902 2.23

FENNER 305.90 305.90 435.20 Neutral Strong Buy 512 1.46

HALMA 524.50 395.50 538.50 Neutral Sell 362 0.77

HILL & SMITH 442.00 297.00 480.00 Neutral Buy 487 1.36

IMI 1308.00 776.00 1359.00 Neutral Strong Buy 6815 1.40

MORGAN ADVANCED MATERIAL 265.80 220 .30 305.00 Neutral Sell 129 1.87

ROTORK 2797.00 2038.00 3037.00 Neutral Sell 1436 1.03

SENIOR 270.70 177.00 280.80 Neutral Sell 229 1.66

SEVERFIELD-ROWEN 49.00 35.40 80.68 Neutral Sell 37 0.75

SPIRAX-SARCO 2774.00 1903.48 2928.35 Neutral Sell 2027 0.84

VITEC GROUP 576.50 574.50 740.00 Neutral Sell 415 1.41

WEIR GROUP 2080.00 1491.00 2474.00 Neutral Neutral 2048 1.47

Food & Drug Stores Over Valued


GREGGS 423.00 398.00 523.50 Neutral Strong Buy 779 0.43

MORRISON(WM)SPMKTS. 272.50 248.60 296.40 Neutral Buy 366 0.36

SAINSBURY (J) 372.50 306.50 396.50 Neutral Buy 438 0.54

TESCO 341.15 307.90 387.75 Neutral Sell 184 0.66

THORNTONS 99.50 22.50 100.50 Sell Sell 62 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1816.00 1243.00 2031.00 Neutral Neutral 1814 0.59

CRANSWICK 1152.00 732.50 1178.00 Neutral Strong Buy 1960 0.35

DAIRY CREST 473.00 327.30 503.50 Neutral Sell 104 0.89

DEVRO 292.00 278.00 380.00 Neutral Strong Buy 512 0.34

PREMIER FOODS 61.25 54.50 125.75 Neutral Strong Buy 371 1.22

TATE & LYLE 849.00 634.50 875.50 Neutral Strong Buy 1365 0.68

UNILEVER (UK) 2730.00 2127.00 2885.00 Neutral Sell 1699 0.52


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.38 20.50 29.50 Neutral Buy 33 0.67

BROWN (N) GROUP 487.60 260.00 487.60 Sell Sell 376 0.47

BURBERRY GROUP 1404.00 1000.00 1541.00 Neutral Sell 1030 1.27

CARPETRIGHT 630.00 585.00 701.50 Neutral Sell 297 0.89

DIXONS RETAIL 41.89 14.97 42.90 Neutral Buy 48 1.46

FINDEL 180.00 55.20 186.00 Neutral Sell 67 1.05

FRENCH CONNECTN.GROUP 28.00 19.50 34.00 Sell Strong Buy 110 1.00

HALFORDS GROUP 312.40 189.00 405.20 Neutral Strong Buy 522 0.68

JD SPORTS FASHION 899 .75 651.00 920 .00 Neutral Strong Buy 1606 0.51

DARTY 70.00 38.00 72.50 Neutral Buy 101 1.19

KINGFISHER 366.80 254.10 368.60 Neu tral Neu tral 394 0.87

MARKS & SPENCER GROUP 462.70 312.20 485.00 Sell Buy 528 0.61

MOSS BROTHERS GROUP 57.00 43.00 71.00 Neutral Buy 67 0.98

MOTHERCARE 456.75 190.50 456.75 Neu tral Neu tral 482 0.38

NEXT 4740.00 3169.00 4749.00 Sell Neutral 4642 0.59

TED BAKER 1750.00 880.00 1789.00 Sell Sell 805 0.54

TOPPS TILES 72.00 39.00 73.00 Neutral Sell 55 1.50

Heath Over Valued


BIOQUELL 135.00 129.50 160.00 Neutral Sell 117 0.39

CONSORT MEDICAL 817.00 660.50 839.00 Neutral Sell 574 0.38

OPTOS 124.50 106.75 222.75 Neutral Buy 161 1.23

SMITH & NEPHEW 756.00 638.00 794.50 Neutral Sell 650 0.44

Household Goods & Textiles Over Valued


GAMES WORKSHOP 770.00 571.50 770.00 Neutral Neutral 749 0.38

HEADLAM GROUP 362.13 265.00 378.75 Neutral Sell 315 0.89

HORNBY 80.50 55.25 88.50 Neutral Buy 108 0.71

Information Technology & Hardware Over Valued


ARM HOLDINGS 841.00 469.00 1097.00 Neutral Sell 424 0.70

CSR 586.50 218.30 586.50 Neutral Strong Buy 1425 1.12FILTRONIC 58.00 28.38 83.25 Neutral Sell 22 0.94

IMAGIN AT ION TECHNOLOGIES 284.70 282 .80 624.00 Neutral Buy 328 1.09

SPIRENT COMMUNICATIONS 123.80 122.00 170.90 Neutral Strong Buy 412 0.94

WOLFSON MICROELECTRONICS 154.00 152 .00 230.00 Neutral Sell -629 0.96


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Insurance Under Valued


ADMIRAL GROUP 1340.00 1019.00 1374.00 Neutral Sell -548 0.50

AMLIN 408.10 352.50 435.10 Neutral Strong Buy 1618 0.39

BEAZLEY 233.80 142.00 241.30 Neutral Strong Buy 1006 0.52

CATLIN GROUP 517.50 423.10 552.50 Neutral Sell 473 0.22

HISCOX 585.00 425.94 600.00 Neutral Strong Buy 2009 0.41

JARDINE LLOYD THOMPSON 899 .00 693.50 917 .00 Neutral Buy 1277 0.33

RSA INSURANCE GROUP 123.00 107.30 136.30 Neutral Strong Buy 769 0.39

NOVAE GROUP 500.00 345.00 507.50 Neutral Strong Buy 3632 0.41

Leisure & Hotels Over Valued


CARNIVAL 2402.00 2083.00 2628.00 Neutral Buy 3483 0.92

ENTERPRISE INNS 116.00 55.50 123.80 Neutral Sell 108 1.62

TUI TRAVEL 370.10 165.20 373.20 Neutral Strong Buy 713 0.96

FULLER SMITH 'A' 894.00 700.50 925.00 Neutral Sell 601 0.25

GREENE KING 811.00 556.50 815.00 Neutral Sell 616 0.85

LADBROKES 204.50 153.80 243.10 Neutral Buy 259 0.87

ICTL.HTLS.GP. 1908.00 1503.75 2039.00 Neutral Sell 1659 1.12

MILLENNIUM & CPTH.HTLS. 564.00 456.00 582.50 Neu tral Neu tral 577 1.37

MITCHELLS & BUTLERS 380.00 250.50 408.50 Neutral Sell 271 0.96

BWIN PARTY DIGITAL ENTM. 128.80 91.90 156.00 Neutral Sell 61 1.23

PUNCH TAVERNS 13.37 5 .61 13.75 Neutral Strong Buy 72 1.18

RANK GROUP 157.50 115.00 177.50 Neutral Strong Buy 567 0.97

RESTAURANT GROUP 517.00 302.60 531.00 Neutral Sell 386 0.70

WETHERSPOON (JD) 665.50 416.60 666.00 Neu tral Neu tral 684 0.56

WHITBREAD 3106.00 2038.00 3195.00 Neutral Sell 2162 0.99WILLIAM HILL 457.80 257.85 458.30 Neutral Sell 254 0.79

MARSTON'S 146.20 104.20 154.70 Neutral Sell 10 1.15

Life Assurance Under Valued


AVIVA 349.30 268.30 388.40 Neu tral Neu tral 333 1.17

CHESNARA 250.00 163.00 270.00 Neutral Strong Buy 478 0.67

LEGAL & GENERAL 182.00 123.30 187.80 Sell Strong Buy 454 1.70

OLD MUTUAL 186.60 151.90 221.60 Neutral Strong Buy 380 1.52

PRUDENTIAL 1101.00 729.50 1203.00 Neu tral Neu tral 1102 1.66

ST.JAMES'S PLACE 557.50 318.20 640.00 Neutral Strong Buy 6395 0.82


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 128.25 102.00 146.50 Neutral Strong Buy 1100 0.38

BRITISH SKY BCAST.GROUP 815.00 677.50 899.50 Neutral Strong Buy 1265 0.47

CENTAUR MEDIA 36.00 29.00 60.00 Neutral Sell -14 1.02

DAILY MAIL 'A' 787.00 431.50 787.00 Neutral Strong Buy 4050 1.07

EUROMONEY INSTL.INVESTOR 1011.00 714 .00 1040.00 Neutral Strong Buy 5739 0.98

INFORMA 509.50 350.40 537.00 Neutral Sell -37 1.61

ITE GROUP 302.50 183.50 307.40 Neutral Strong Buy 317 1.49

ITV 149.50 70.40 151.20 Neutral Strong Buy 1419 1.44

JOHNSTON PRESS 16.00 4.94 19.00 Neutral Strong Buy 877 1.22

PEARSON 1209.00 1119.00 1294.00 Neutral Strong Buy 422 0.60

PHOTO-ME INTL. 90.50 36.50 90.50 Neutral Strong Buy 2726 0.87

PINEWOOD SHEPPERTON 278.50 265.00 350.00 Neutral Strong Buy 979 0.12

THOMSON REUTERS 34.40 26.85 36.45 Neutral Strong Buy 481 0.51

STV GROUP 137.50 81.50 146.88 Neutral Sell 295 0.82

ST.IVES 151.50 67.50 166.50 Neutral Sell 285 1.48TRINITY MIRROR 112.50 26.00 122.25 Neutral Sell -400 1.60

UBM 656.50 580.50 788.00 Neutral Strong Buy 2525 1.31

WILMINGTON GROUP 163.00 82.00 166.50 Neutral Strong Buy 1286 0.86

WPP 1155.00 784.50 1190.00 Neutral Sell -641 1.28

HIBU 0.33 0.26 2.18 Neutral Strong Buy 970 0.98

Mining Under Valued


ANGLO AMERICAN 1217.00 1207.00 2104.00 Buy Sell 1030 1.84

ANGLO PACIFIC GROUP 175.25 161.00 290.00 Neu tral Neu tral 171 1.07

ANTOFAGASTA 784.50 784.50 1381.00 Neutral Sell 648 1.43

BHP BILLITON 1666.50 1666.50 2236.00 Neutral Buy 2134 1.49

GLENCORE XSTRATA 256.85 256.85 397.85 Buy Strong Buy 806 #NA

LONMIN 270.70 240.84 411.96 Neutral Buy 338 2.08

RANDGOLD RESOURCES 4050.00 3972.00 7 775.00 Buy Sell 2195 0.42

RIO TINTO 2636.00 2582.00 3757.00 Neutral Sell 2006 1.54

COALFIELD RESOURCES 2.90 8.85 Neutral Strong Buy 119 0.94

VEDANTA RESOURCES 992.00 832.50 1335.00 Neutral Strong Buy 2033 2.25

Oil & Gas Under Valued


BG GROUP 1132.00 1000.50 1350.50 Neutral Sell 838 0.86

BP 454.00 416.60 483.30 Neutral Strong Buy 953 1.05

CAIRN ENERGY 261.30 251.80 309.40 Neutral Sell -7 1.35

FORTUNE OIL 7.53 7.15 12.50 Buy Strong Buy 97 0.87

HUNTING 820.00 704.50 941.00 Neutral Sell 529 1.37

JKX OIL & GAS 53.00 48.50 109 .00 Neutral Sell -57 1.43

PREMIER OIL 341.70 321.30 401.20 Neutral Buy 385 1.47

ROYAL DUTCH SHELL B 2192.50 2098.00 2366.50 Neutral Strong Buy 7799 0.86

SOCO INTERNATIONAL 350.00 310.60 404.30 Neutral Buy 485 0.57

TULLOW OIL 1048.00 977.00 1468.00 Neutral Sell 666 1.08

WOOD GROUP (JOHN) 854.50 716.50 879.50 Neutral Sell 684 1.45


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Personal Care & Household Products Over Valued


MCBRIDE 118.50 101.00 144.60 Neutral Strong Buy 255 0.79

PZ CUSSONS 393.60 297.20 415.60 Neutral Sell 324 0.68

RECKITT BENCKISER GROUP 4780.00 3417 .00 4926.00 Neutral Neutral 4826 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.42 0.36 3.58 Buy Sell -2 0.89

ASTRAZENECA 3213.50 2792.50 3521.50 Neutral Strong Buy 6406 0.49

BTG 379.50 300.30 423.00 Neutral Sell 196 0.73

DECHRA PHARMACEUTICALS 734.00 4 73.00 780.00 Neu tral Neu tral 717 0.20

GLAXOSMITHKLINE 1712.00 1317.50 1782.00 Neu tral Neu tral 1678 0.51

OXFORD BIOMEDICA 1.58 1.55 2.80 Buy Sell 0 0.60

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.96

SHIRE 2157.00 1727.00 2213.00 Neutral Sell 1426 0.66

SKYEPHARMA 68.50 43.50 101.50 Neutral Sell 27 0.68

VERNALIS 19.88 19.50 27.38 Neutral Sell 10 0.88

Real Estate Under Valued


BIG YELLOW GROUP 421.00 290.40 426.70 Neutral Strong Buy 1100 1.15

BRITISH LAND 591.50 506.00 658.00 Neutral Strong Buy 1265 1.05

CAPITAL & REGIONAL 34.25 22.75 37.00 Sell Sell -14 0.68

CLS HOLDINGS 989.00 641.00 1004.00 Neutral Strong Buy 4050 0.72

DERWENT LONDON 2440.00 1871.00 2542.00 Sell Strong Buy 5739 1.21DEVELOPMENT SECS. 190.00 135.75 203.00 Neutral Sell -37 0.92

GRAINGER 158.80 85.50 158.80 Neutral Strong Buy 317 1.54

GREAT PORTLAND ESTATES 567.00 404.60 598.00 Neutral Strong Buy 1419 1.05

HAMMERSON 513.50 448.00 554.00 Neutral Strong Buy 877 1.24

HELICAL BAR 270.00 178.00 297.50 Neutral Strong Buy 422 0.77

LAND SECURITIES GROUP 939.00 755.50 994.00 Neutral Strong Buy 2726 1.14

INTU PROPERTIES 319.30 300.60 366.00 Neutral Strong Buy 979 1.12

MCKAY SECURITIES 145.00 130.50 155.00 Neutral Strong Buy 481 0.66

MUCKLOW (A & J) GROUP 361.75 325.00 437.50 Neutral Sell 295 0.36

PRIMARY HEALTH PROPS. 320.00 312.50 363.53 Neutral Sell 285 0.30

QUINTAIN ESTATES & DEV. 82.75 43.75 83.25 Sell Sell -400 1.04

SAVILLS 595.00 355.40 610.00 Neutral Strong Buy 2525 0.73

SHAFTESBURY 622.50 516.00 668.00 Neutral Strong Buy 1286 1.02

SEGRO 280.30 221.60 302.80 Neutral Sell -641 1.80

ST MODWEN PROPS. 295.00 172.00 329.10 Neutral Strong Buy 970 1.57

TOWN CENTRE SECURITIES 188.00 156.00 223.00 Neutral Sell 27 1.03

UNITE GROUP 382.00 201.25 387.50 Neutral Strong Buy 2151 1.78

WARNER ESTATE 1.00 1.00 2.75 Buy Sell -1210 0.96

WORKSPACE GROUP 440.00 235.50 440.00 Neutral Strong Buy 1513 0.98


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Software & Computer Services Under Valued


ANITE 134.00 113.00 162.00 Neutral Sell 127 0.73

AVEVA GROUP 2282.00 1706.00 2420.00 Neutral Sell 1459 1.49

COMPUTACENTER 489.50 298.77 564.10 Neutral Strong Buy 1378 0.88

KOFAX 333.00 251.00 340.00 Neu tral Neu tral 333 1.07

INNOVATION GROUP 28.00 18.25 28.25 Neutral Sell 25 0.78

MICRO FOCUS INTL. 728.50 529.08 736.50 Neutral Buy 1061 0.80

PHOENIX IT GROUP 157.00 130.00 222.00 Neutral Strong Buy 318 0.71

RM 64.63 64.00 85.50 Neutral Sell -107 0.49

FIDESSA GROUP 1991.00 1275.00 2047.00 Neutral Buy 2198 0.79

SAGE GROUP 357.60 276.06 368.18 Neutral Buy 441 0.71

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 387.30 244.80 492.10 Neutral Strong Buy 1195 1.12

BREWIN DOLPHIN 249.50 144.00 249.50 Sell Strong Buy 636 0.69

CAMELLIA 8911.00 8000.00 11105.00 Neutral Strong Buy 92495 0.85

CHARLES STANLEY GROUP 404.00 256.00 410.88 Neutral Strong Buy 1387 0.96

CHARLES TAYLOR 175.00 147.00 195.00 Neutral Strong Buy 1065 0.68

CLOSE BROTHERS GROUP 1016.00 729.00 1107.00 Neutral Strong Buy 4687 0.85

F&C ASSET MANAGEMENT 96.15 79.55 110.40 Neutral Sell 69 0.88

HELPHIRE GROUP 3.81 0.55 3.81 Sell Sell -124 0.65

HENDERSON GROUP 154.70 90.55 180.40 Neutral Strong Buy 780 1.44

ICAP 389.20 280.80 389.20 Neutral Strong Buy 796 1.04

INTERMEDIATE CAPITAL GP. 443.60 252.30 501.50 Neutral Strong Buy 2088 1.69

INVESTEC 420.40 358.40 513.50 Neutral Strong Buy 1628 1.56

LONDON STOCK EX.GROUP 1456.00 930.00 1466.00 Neutral Strong Buy 9531 1.08MAN GROUP 84.65 63.65 134.40 Neutral Sell -4687 1.39

RATHBONE BROTHERS 1624.00 1208.00 1634.00 Neutral Strong Buy 5347 0.75

SCHRODERS 2260.00 1266.00 2560.00 Neutral Strong Buy 7981 1.27

SCHRODERS NV 1779.00 1016.00 2000.00 Neutral Strong Buy 11036 1.25


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Support Services Under Valued


ACAL 226.50 157.75 247.50 Neutral Strong Buy 846 0.90

AGGREKO 1729.00 1557.00 2400.00 Neutral Strong Buy 4157 1.16

AMEC 1023.00 965.50 1172.00 Neutral Strong Buy 3322 1.10

ASHTEAD GROUP 682.00 240.50 695.50 Neutral Buy 988 1.65

BABCOCK INTL. 1133.00 844.50 1205.00 Neutral Strong Buy 2620 0.48

BRITISH POLYTHENE INDS. 536.50 348.00 580.25 Neutral Strong Buy 2077 0.80

BUNZL 1373.00 1009.00 1373.00 Sell Strong Buy 2793 0.52

UK MAIL GROUP 530.00 215.00 530.00 Neutral Strong Buy 1436 0.41

CAPITA 1018.00 677.50 1018.00 Neutral Sell 204 0.53

COMMUNISIS 53.25 26.83 56.50 Neutral Strong Buy 481 0.78

COMPASS GROUP 872.50 647.50 910.50 Neutral Strong Buy 1981 0.74

BERENDSEN 785.00 496.30 812.00 Neutral Strong Buy 3358 1.04

DE LA RUE 949.00 891.50 1075.00 Neutral Buy 1415 #NA

DIGNITY 1483.00 806.00 1483.00 Sell Strong Buy 3054 0.22

DIPLOMA 600.50 417.10 627.50 Sell Strong Buy 1520 0.97ELECTROCOMP. 241.90 199.70 278.40 Neutral Strong Buy 926 1.02

ESSENTRA PLC 725.00 454.40 750.00 Neutral Strong Buy 1384 1.14

G4S 226.30 224.60 313.50 Buy Strong Buy 884 0.54

HAYS 91.95 66.40 101.20 Neutral Strong Buy 457 1.05

HOMESERVE 281.60 160.20 290.40 Neutral Strong Buy 973 0.91

INTERSERVE 516.00 317.30 516.00 Neutral Strong Buy 3687 1.30

INTERTEK GROUP 3014.00 2659.00 3453.00 Neutral Strong Buy 4799 0.81

JOHNSON SERVICE GROUP 47.63 27.13 47.63 Neutral Strong Buy 116 1.10

MANAGEMENT CNSL.GP. 27.00 21.25 32.00 Neutral Strong Buy 217 0.68

MENZIES (JOHN) 709.00 573.00 801.00 Neutral Strong Buy 1810 1.40

MICHAEL PAGE INTL. 388.80 341.40 451.80 Neutral Strong Buy 840 1.37

MITIE GROUP 264.00 248.00 300.80 Neutral Strong Buy 1056 0.50

OFFICE2OFFICE 43.00 42.50 156.00 Neutral Strong Buy 703 0.28

PAYPOINT 1080.00 670.50 1093.00 Neutral Strong Buy 2194 0.72

PREMIER FARNELL 208.70 165.50 236.30 Neutral Strong Buy 719 1.40

REGUS 178.50 82.65 179.60 Neutral Sell 55 1.40

RENTOKIL INITIAL 93.90 70.35 100.70 Neutral Strong Buy 268 1.29

REXAM 483.10 420.70 547.50 Neutral Strong Buy 1775 0.86

RICARDO 389.75 334.00 431.00 Neutral Strong Buy 1671 0.87

ROBERT WALTERS 216.00 176.25 234.00 Neutral Strong Buy 1012 1.19

RPC GROUP 394.20 378.00 477.00 Neutral Strong Buy 1525 0.79

RPS GROUP 221.30 195.50 274.20 Neutral Strong Buy 1001 1.51

SERCO GROUP 674.00 535.00 674.00 Neutral Strong Buy 2373 0.60

SHANKS GROUP 79.75 73.00 98.00 Neutral Strong Buy 279 1.50

SPEEDY HIRE 62.25 22.25 62.25 Sell Strong Buy 309 1.23TRIBAL GROUP 172.25 82.00 177.25 Neutral Strong Buy 562 0.64

TRIFAST 57.50 40.50 59.25 Neutral Strong Buy 332 0.94

VP 374.38 280.75 375.00 Neutral Strong Buy 2116 0.80

WYG 89.50 42.00 89.50 Neutral Strong Buy 613 0.82


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Telecommunication Services Over Valued


BT GROUP 329.30 210.20 329.30 Sell Buy 393 0.89

CABLE & WIRELESS COMMS. 41.58 29.64 46.29 Neutral Strong Buy 77 0.69

INMARSAT 665.00 468.90 749.00 Neutral Sell 168 0.57

KCOM GROUP 81.30 68.25 88.50 Neutral Buy 108 1.23

TELECOM PLUS 1320.00 790.00 1350.00 Neutral Sell 615 0.03

VODAFONE GROUP 191.75 154.45 199.90 Neutral Sell 37 0.51

Transport Under Valued


BBA AVIATION 284.50 178.00 291.00 Neutral Sell 196 1.25

BRAEMAR SHIPPING SVS. 405.00 347.00 430.00 Neutral Buy 518 1.06

CLARKSON 1710.00 1150.00 1717.00 Neutral Sell 1250 0.84

EASYJET 1340.00 530.00 1367.00 Neutral Sell 735 0.74

FIRST GROUP 96.60 92.00 212.39 Neutral Strong Buy 215 0.91

FISHER(JAMES)& SONS 1010.00 590.00 1110.00 Neutral Sell 749 0.75

GO-AHEAD GROUP 1509.00 1220.00 1588.00 Neutral Buy 2067 1.00

NATIONAL EXPRESS 233.80 164.50 236.00 Neutral Buy 276 1.40

NORTHGATE 330.00 195.50 369.50 Neutral Strong Buy 672 1.33

STAGECOACH GROUP 329.40 265.90 329.40 Neutral Buy 407 0.97

WINCANTON 68.50 31.00 78.50 Neutral Sell -51 0.94

Utilities Under Valued


CENTRICA 374.80 310.80 394.90 Neutral Buy 525 0.50

NATIONAL GRID 749.00 641.00 847.50 Neutral Buy 871 0.45

PENNON GROUP 672.00 598.00 796.00 Neu tral Neutra l 730 0.61

SSE 1579.00 1294.00 1676.00 Neutral Buy 2113 0.41

SEVERN TRENT 1735.00 1513.00 2090.00 Neutral Sell 1450 0.34

UNITED UTILITIES GROUP 702.50 647.00 787.50 Neu tral Neutra l 689 0.48


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sell or offer to purchase or sell such securities from time to time, subject to restrictions imposed by internalrules.

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value indicator - uk main market 20130708

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