uk trading & value indicator 20120202

8/3/2019 uk trading & value indicator 20120202

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02 February 2012

UK Trading &

ValueIndicator


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Intellisys www.intellisys.uk.com 02 February 2012

Page 2 of 25 Intellisys 02 February 2012

Contents

Market Pictures - Indices ......................................................................... 5FTSE 100 ................................................................................................ 5FTSE 250 ................................................................................................ 6FTSE All Share Index ................................................................................ 7FTSE AIM All Share .................................................................................. 8

Market Pictures Interest Rates ............................................................ 10UK Bank Lending Rates ........................................................................... 10Eurozone Lending Rates .......................................................................... 11US Federal Funds Rate ........................................................................... 12

Market Pictures Exchange Rates ......................................................... 13Market Pictures - Oil............................................................................... 15Aerospace & Defence ............................................. Over Valued 16Automobiles & Parts .............................................. Over Valued 16Banks ............................................................. Over Valued 16Beverages ........................................................ Over Valued 16Chemicals ........................................................ Over Valued 16Construction & Building Materials .............................. Over Valued 17Electronics & Electrical Equipment ............................. Under Valued 17Engineering & Machinery ........................................ Over Valued 17Food & Drug Stores ............................................... Under Valued 18Food Producers & Processors ................................... Over Valued 18General Retail ..................................................... Over Valued 18Health .............................................................. Over Valued 18Household Goods & Textiles .................................... Under Valued 18Information Technology & Hardware .......................... Over Valued 19Insurance ........................................................ Over Valued 19Leisure & Hotels .................................................. Under Valued 19Life Assurance .................................................. Over Valued 19Media & Entertainment .......................................... Over Valued 20Mining .............................................................. Under Valued 20Oil & Gas ........................................................... Under Valued 20Personal Care & Household Products .......................... Over Valued 20Pharmaceuticals & Biotechnology .............................. Under Valued 21Software & Computer Services ................................. Under Valued 21Speciality & Other Finance

......................................

Over Valued21

Support Services .................................................. Under Valued 22Telecommunication Services .................................... Under Valued 22Transport ........................................................ Over Valued 23Utilities ............................................................. Under Valued 23DISCLAIMER ............................................................................................. 24


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IntroductionThe overriding purpose of this daily report is to provide users with a quick guidethat will identify those shares that merit their investment attention in an

increasingly time critical and information noisy trading environment.

The report is published daily and delivered to the subscribers personal email box,

typically, before the official open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of aninvestment are the two primary drivers behind a successful portfolio performance.

TimingIntellisys has invested considerably in identifying what it believes are the key

factors that influence investment timing. Having identified the key parameters,these have been established as rules that reflect market dynamics and cutthrough the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimentalfactors as well as the daily pressures exerted upon primary stock promoters(analysts and traders) to find stories for their investment meetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage,the trading indicators appear to be, on average, about 77% accurate inidentifying 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 40stocks analysed.

Individual Stock Recommendation & Trend Accuracy Scores

Source: Intellisys

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Prices.On a daily basis, Intellisys analyses as broad an array of historic data from notonly the Profit & Loss Account but also 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 for the 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 as possible.

Nevertheless, Intellisys recognises that Target Price delivery is not only a

function of market levels but a management teams ability to establish andmaintain a value generating operating environment set against a constantlychanging global background.

The typical investment analysts approach to determining target prices is to startwith a modest range of some 6 10 valuation measures and remove those that

are not providing the intuitive result. Intellysis approach is the opposite we useas many valuation methodologies as possible.

Further, Intellisys recognises that some target prices may appear strange orextreme. However, subscribers should not dismiss these outcomes but use them

as starting points to challenge their established or perceived valuation opinion ofa stock.

In short, this disciplined approach provides an investment reality check to assist

investors from falling in love with a stock or becoming mesmerised bymanagement cults.

ConclusionNo investment methodology is 100% successful and like all trading andinvestment systems active position monitoring is critical for maximisedinvestment performance.

Therefore, Intellisys recommends that its products should be used in conjunctionwith, and not separate from subscribers existing investment systems as well asdiscussing investment options with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING Recommendations and Target Prices

Intellisys does not make personal recommendations. The information in thispublication is provided solely to enable you to make your own investmentdecisions.If you are unsure about dealing in shares and other equity 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 denominatedin a foreign currency, fluctuations in the exchange rate will also affect the valueof stocks and shares and the income from them. Past performance is notnecessarily a guide to future performance.


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Market Pictures - Indices

FTSE 100

Index PE

3,512.1

3,512.1

4,944.4

5,790.7

6,091.3

6,091.3

6,732.4

2000 4000 6000 8000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100

7.0

7.0

7.9

10.5

14.1

18.2

18.2

5 10 15 20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 PE

% change % change

1M 3.9; 3M 6.8; 12M -2.8 1M 4.0; 3M 6.8; 12M -14.6

Yield RSI

2.9

2.9

2.9

3.4

3.9

6.0

6.2

1.0 3.0 5.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 DY

11.1

61.6

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE 100 RSI

% change

1M -5.9; 3M -3.7; 12M 15.8


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FTSE 250

Index PE

5,491.5

5,769.8

9,425.9

11,021.0

12,167.8

12,167.8

12,220.2

500 5500 10500 15500

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250

7.1

7.1

7.1

16.7

19.3

27.8

27.8

5 10 15 20 25 30

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250 PE

% change % change

1M 9.1; 3M 8.4; 12M -5.1 1M 9.6; 3M 12.1; 12M -11.7

Yield RSI

1.9

2.2

2.2

2.8

3.3

5.1

5.7

1.0 2.0 3.0 4.0 5.0 6.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250 DY

7.9

70.6

83.4

0 20 40 60 80 100

Lo

Last Close

Hi

FTSE 250 RSI

% change

1M -10.3; 3M -5.4; 12M 26.8


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FTSE All Share Index

Index PE

1,781.6

1,781.6

2,557.8

2,990.3

3,160.9

3,160.9

3,479.0

500 1500 2500 3500 4500

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE

7.4

7.4

8.5

11.1

14.6

19.5

19.5

5 10 15 20 25

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE PE

% change % change

1M 4.6; 3M 7.0; 12M -3.3 1M 4.6; 3M 7.4; 12M -14.7

Yield RSI

2.7

2.8

2.8

3.3

3.8

5.8

6.1

1.0 3.0 5.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE DY

10.4

63.4

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE ALL SHARE RSI

% change

1M -6.3; 3M -3.5; 12M 17.0


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FTSE AIM All Share

Index PE

373.8

373.8

657.8

766.4

968.3

968.3

1,236.6

200 700 1200 1700

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL- SHARE

-203,906.0

-203,906.0

-203,906.0

103.3

211.5

1,240.8

1,439.5

-250000 -200000 -150000 -100000 -50000 0 50000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE PE

% change % change

1M 10.6; 3M 8.2; 12M -19.0 1M 7.4; 3M 15.7; 12M -157.6

Yield RSI

0.4

0.5

0.5

0.6

0.8

2.1

2.1

0.2 0.7 1.2 1.7 2.2

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE DY

6.9

75.6

91.9

0 50 100

Lo

Last Close

Hi

FTSE AIM ALL-SHARE RSI

% change

1M -13.7; 3M -13.7; 12M 16.7


9/25




S&P 500

Index PE

676.5

676.5

1,099.2

1,324.1

1,363.6

1,363.6

1,565.2

400 900 1400 1900

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE

13.4

13.4

13.4

15.1

18.4

146.3

146.3

10 60 110 160

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE PE

% change % change

1M 5.3; 3M 8.7; 12M 1.3 1M 3.9; 3M 3.2; 12M -16.2

Yield RSI

1.8

1.8

1.8

2.1

2.4

3.2

3.4

0.5 1.5 2.5 3.5 4.5

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE DY

11.2

70.2

79.9

0 20 40 60 80 100

Lo

Last Close

Hi

S&P 500 COMPOSITE RSI

% change

1M -3.6; 3M -3.2; 12M 16.9


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Market Pictures Interest Rates

UK Bank Lending Rates

UK

0.50

0.50

0.50

0.50

0.50

1.50

5.75

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

UK CLEARING BANKS BASE RATE

% change

1M 0.0; 3M 0.0; 12M 0.0

UK Lending PE

200.0

200.0

200.0

200.0

200.0

66.7

17.4

10 60 110 160 210

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

UK CLEARING BANKS BASE RATE PE


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Eurozone Lending Rates

Eurozone

1.75

1.75

1.75

1.75

2.25

3.00

5.25

0.00 1.00 2.00 3.00 4.00 5.00 6.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

EUROZONE MARGINAL LENDING RATE

% change

1M 0.0; 3M -22.2; 12M 0.0

Eurozone Lending PE

57.1

57.1

57.1

57.1

44.4

33.3

19.0

10 20 30 40 50 60

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

EUROZONE MARGINAL LENDING RATE - PE


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US Federal Funds Rate

US

0.04

0.04

0.04

0.11

0.18

0.25

5.41

0.00 1.00 2.00 3.00 4.00 5.00 6.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US FEDERAL FUNDS RATE

% change

1M 175.0; 3M 37.5; 12M -38.9

US Lending PE

2,500.0

2,500.0

2,500.0

909.1

555.6

400.0

18.5

10 510 1010 1510 2010 2510 3010

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

US FEDERAL FUNDS RATE - PE


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Market Pictures Exchange Rates

US$/

1.37

1.38

1.53

1.59

1.67

1.70

2.11

1.00 1.20 1.40 1.60 1.80 2.00 2.20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US$/

% change

1M 2.0; 3M -0.5; 12M -1.8

/

1.02

1.06

1.11

1.20

1.21

1.24

1.52

1.00 1.10 1.20 1.30 1.40 1.50 1.60

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

EURO/

% change

1M 0.4; 3M 3.1; 12M 2.6


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Market Pictures Exchange Rates

US$/

1.19

1.19

1.27

1.32

1.48

1.51

1.60

0.80 1.00 1.20 1.40 1.60 1.80

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US$/EURO

% change

1M 1.8; 3M -3.9; 12M -4.9

/

117.1

117.1

117.1

120.7

139.4

162.5

250.1

100.0 150.0 200.0 250.0 300.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

YEN/

% change

1M 1.0; 3M -3.3; 12M -8.3


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Market Pictures - Oil

Brent Monthly FOB US$/bbl

34.6

39.1

100.0

112.0

126.6

126.6

145.6

0 50 100 150 200

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

Oil (Brent) Monthly FOB U$/bbl

% change

1M 3.44; 3M 2.57; 12M 11.31


Intellisys does not make personal recommendations. The information in thispublication is provided solely to enable you to make your own investmentdecisions.

If you are unsure about dealing in shares and other equity 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 denominatedin a foreign currency, fluctuations in the exchange rate will also affect the valueof stocks and shares and the income from them. Past performance is notnecessarily a guide to future performance.


16/25



Aerospace & Defence Over Valued

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

BAE SYSTEMS 313.30 248.10 356.50 Neutral Strong Buy 601 0.63

CHEMRING GROUP 390.10 368.80 736.50 Neutral Buy 460 0.53

COBHAM 186.70 165.90 236.50 Neutral Buy 233 0.94

MEGGITT 365.00 305.00 397.60 Neutral Sell 324 1.34

ROLLS-ROYCE HOLDINGS 770.50 552.19 770.50 Neutral Sell 590 1.09

SMITHS GROUP 960.00 869.50 1429.00 Neutral Neutral 986 0.71

ULTRA ELECTRONICS HDG. 1565.00 1305.00 1830.00 Neutral Sell 1199 0.59

UMECO 358.50 243.50 512.50 Neutral Neutral 364 0.80

Automobiles & Parts Over Valued


GKN 215.50 157.00 245.00 Neutral Sell 169 1.93

INCHCAPE 350.20 268.60 425.40 Neutral Sell 305 1.40

LOOKERS 51.63 47.00 72.75 Neutral Buy 68 1.34

PENDRAGON 11.50 6.80 19.71 Sell Sell 11 1.08

Banks Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BARCLAYS 224.10 138.85 333.55 Neutral Sell 90 1.81

HSBC HDG. (ORD $0.50) 541.90 463.50 730.90 Neutral Strong Buy 882 1.12

LLOYDS BANKING GROUP 32.20 21.84 69.30 Sell Strong Buy 152 1.72

ROYAL BANK OF SCTL.GP. 27.74 17.34 49.00 Sell Sell -23 1.23

STANDARD CHARTERED 1565.00 1169.50 1712.50 Neutral Sell 1402 1.69

Beverages Over Valued


BARR (AG) 1250.00 1031.00 1395.00 Neutral Neutral 1263 0.42

DIAGEO 1432.00 1112.00 1432.00 Neutral Sell 1299 0.55

SABMILLER 2462.00 1979.00 2462.00 Neutral Buy 2849 0.97

Chemicals Over Valued


CRODA INTERNATIONAL 1950.00 1456.00 2081.00 Neutral Sell 1705 1.06

ELEMENTIS 161.10 107.50 187.40 Sell Neutral 161 1.06

JOHNSON MATTHEY 2159.00 1523.00 2159.00 Neutral Sell 1808 1.43

VICTREX 1349.00 1025.00 1590.00 Neutral Sell 1224 1.20

YULE CATTO 197.50 148.00 253.00 Neutral Strong Buy 316 1.25

ZOTEFOAMS 133.50 109.00 158.00 Neutral Strong Buy 210 1.01


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Construction & Building Materials Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BALFOUR BEATTY 280.00 214.60 357.30 Neutral Neutral 282 0.85

BARRATT DEVELOPMENTS 114.50 67.50 119.00 Neutral Sell 61 1.39

BELLWAY 758.00 540.50 776.50 Neutral Sell 663 1.00

BERKELEY GROUP HDG.(THE) 1286.00 885.00 1360.00 Neutral Neutral 1327 0.69

BOVIS HOMES GROUP 470.10 326.50 499.60 Neutral Sell 200 1.07

CARILLION 314.60 281.00 403.20 Neutral Buy 460 1.10

CLARKE (T) 39.00 35.50 105.00 Neutral Strong Buy 193 0.84COSTAIN GROUP 195.25 180.00 265.00 Neutral Strong Buy 757 0.58

GALLIFORD TRY 486.00 309.00 530.00 Neutral Buy 538 1.02

KELLER 365.00 239.25 673.00 Neutral Neutral 375 1.26

KIER GROUP 1391.00 1097.00 1458.00 Neutral Strong Buy 3062 1.05

LOW & BONAR 52.00 38.00 76.75 Neutral Buy 58 1.04

MARSHALLS 94.50 83.25 124.50 Neutral Sell 64 1.35

MORGAN SINDALL GROUP 670.00 510.00 720.00 Neutral Strong Buy 1374 0.88

PERSIMMON 533.00 374.00 533.00 Neutral Buy 632 1.05

REDROW 126.80 103.50 136.20 Neutral Sell 84 0.95

SIG 103.60 76.95 153.50 Neutral Sell 4 1.56

TAYLOR WIMPEY 43.60 28.71 43.78 Sell Sell 13 1.48

TRAVIS PERKINS 920.00 715.00 1090.00 Neutral Buy 1058 1.85

WOLSELEY 2245.00 1404.00 2274.00 Neutral Sell 1700 1.41

Electronics & Electrical Equipment Under Valued


DIALIGHT 747.50 549.00 847.00 Neutral Sell 426 0.73

DOMINO PRINTING SCIENCES 601.50 434.30 705.00 Neutral Neutral 608 1.15

E2V TECHNOLOGIES 120.38 86.75 146.00 Neutral Buy 148 1.30

INVENSYS 203.60 180.90 357.80 Neutral Strong Buy 359 1.51

LAIRD 168.90 127.90 207.00 Neutral Neutral 161 2.20

OXFORD INSTRUMENTS 927.00 600.50 1010.00 Neutral Sell 763 0.97

RENISHAW 1447.00 800.00 1886.00 Neutral Buy 1803 1.22

SPECTRIS 1605.00 1039.00 1679.00 Neutral Sell 1146 1.37

BIOME TECHNOLOGIES 0.14 0.14 0.34 Buy Strong Buy 0 0.65

TT ELECTRONICS 167.75 120.50 208.00 Neutral Buy 224 1.55

XAAR 239.00 207.50 295.00 Neutral Sell 119 1.13

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 80.00 62.50 138.00 Neutral Strong Buy 303 1.31

BODYCOTE 320.40 225.60 397.70 Neutral Buy 359 1.56

CASTINGS 268.00 252.50 358.00 Neutral Strong Buy 508 0.96

COOKSON GROUP 598.00 395.80 724.50 Neutral Buy 782 2.26

FENNER 459.20 280.00 462.00 Neutral Sell 287 1.39

HALMA 366.00 306.30 429.60 Neutral Neutral 358 0.74

HILL & SMITH 300.00 235.00 393.50 Neutral Strong Buy 584 1.36

IMI 874.00 636.50 1119.00 Neutral Strong Buy 1318 1.40

METALRAX GROUP 7.87 7.37 12.00 Neutral Buy 9 0.85

MORGAN C RUCIBLE 320.60 224.00 357.10 Neutral Neutral 341 1.73

ROTORK 1935.00 1501.00 1979.00 Neutral Sell 1699 1.01

SENIOR 188.10 132.60 190.60 Neutral Neutral 184 1.75

SEVERFIELD-ROWEN 204.00 150.00 272.00 Neutral Sell 177 1.03

SPIRAX-SARCO 2035.00 1649.00 2063.00 Sell Neutral 2183 0.84

VITEC GROUP 570.00 488.00 661.75 Neutral Buy 739 1.51

WEIR GROUP 2022.00 1375.00 2218.00 Neutral Sell 789 1.41


18/25



Food & Drug Stores Under Valued


GREGGS 520.00 445.00 550.50 Neutral Buy 646 0.54

MORRISON(WM)SPMKTS. 286.10 268.50 328.00 Neutral Buy 335 0.50

SAINSBURY (J) 294.00 263.50 391.20 Neutral Strong Buy 502 0.65

TESCO 321.45 312.35 420.05 Neutral Buy 395 0.81

THORNTONS 13.75 9.50 100.75 Neutral Buy 15 0.80

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1175.00 940.00 1175.00 Neutral Sell 550 0.59

CRANSWICK 805.00 588.50 862.00 Neutral Sell 734 0.58

DAIRY CREST 323.70 311.00 409.70 Neutral Neutral 356 0.96

DEVRO 275.40 223.50 296.90 Neutral Strong Buy 429 0.31

PREMIER FOODS 12.75 3.29 35.12 Sell Sell -2 1.43

ROBERT WISEMAN DAIRIES 388.50 233.25 388.50 Neutral Buy 521 0.38

TATE & LYLE 679.00 520.00 720.50 Neutral Sell 402 0.65

UNILEVER (UK) 2085.00 1793.00 2189.00 Neutral Sell 1875 0.63

General Retail Over Valued


ASHLEY(LAURA) HOLDINGS 20.38 16.00 25.25 Neutral Buy 24 0.73

BROWN (N) GROUP 232.80 227.00 304.50 Neutral Sell 204 0.50

BURBERRY GROUP 1407.00 1092.00 1600.00 Neutral Sell 452 1.34

CARPETRIGHT 602.50 375.00 770.50 Neutral Sell 159 0.98

CLINTON CARDS 11.00 7.50 27.00 Sell Sell 7 0.64

DIXONS RETAIL 13.60 9.36 22.25 Neutral Strong Buy 23 1.40

FINDEL 3.46 2.20 10.21 Neutral Sell 1 0.96

FRENCH CONNECTN.GROUP 56.00 36.00 134.00 Neutral Strong Buy 87 0.91

GAME GROUP 5.13 3.26 73.25 Neutral Strong Buy 139 0.91

HALFORDS GROUP 324.50 269.50 411.40 Neutral Neutral 332 0.62

JJB SPORTS 11.50 5.20 52.70 Sell Strong Buy 1113 0.86

JD SPORTS FASHION 723.00 570.00 1030.00 Neutral Buy 1034 0.46KESA ELECTRICALS 70.70 60.20 151.40 Neutral Strong Buy 240 1.27

KINGFISHER 266.40 217.00 287.10 Neutral Sell 240 0.98

MARKS & SPENCER GROUP 332.60 301.80 402.20 Neutral Sell 314 0.73

MOSS BROTHERS GROUP 35.00 23.75 40.00 Neutral Sell 19 1.02

MOTHERCARE 193.25 127.30 530.50 Neutral Buy 284 0.51

NEXT 2682.00 1868.00 2810.00 Neutral Sell 1817 0.81

TED BAKER 735.50 572.50 830.00 Neutral Sell 390 0.52

TOPPS TILES 31.75 21.50 82.00 Neutral Sell 23 1.30

Health Over Valued


CONSORT MEDICAL 581.50 498.00 590.00 Neutral Sell 502 0.39CORIN GROUP 46.75 36.50 59.00 Neutral Neutral 45 0.70

SMITH & NEPHEW 612.50 521.00 742.00 Neutral Neutral 635 0.39

Household Goods & Textiles Under Valued


HARVARD INTL. 37.25 21.75 40.00 Neutral Sell 30 0.47

GAMES WORKSHOP 507.50 357.50 547.50 Neutral Sell 444 0.34

HEADLAM GROUP 282.75 233.25 330.00 Neutral Buy 330 0.91

HORNBY 103.62 99.00 145.00 Neutral Buy 136 0.70


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Information Technology & Hardware Over Valued


ARM HOLDINGS 592.50 464.00 651.00 Neutral Strong Buy 1478 0.77

CSR 231.00 154.10 447.00 Neutral Strong Buy 6099 1.13

FILTRONIC 25.00 14.50 37.25 Sell Sell -229 0.59

IMAGINATION TEC HNOLOGIES 591.00 296.90 591.00 Neutral Strong Buy 1290 0.96

PSION 42.50 42.25 102.75 Neutral Strong Buy 2789 1.19

SPIRENT COMMUNICATIONS 120.70 105.80 160.00 Neutral Strong Buy 1358 1.01

WOLFSON MIC ROELECTRONIC S 158.00 96.00 312.00 Neutral Sell 24 1.02

Insurance Over Valued


ADMIRAL GROUP 933.00 787.00 1754.00 Neutral Sell 373 0.50

AMLIN 339.10 270.60 427.00 Neutral Strong Buy 2383 0.45

BEAZLEY 143.90 109.60 143.90 Neutral Strong Buy 1245 0.51

CATLIN GROUP 407.50 334.00 421.40 Neutral Sell 67 0.32

HISCOX 381.00 340.50 424.70 Neutral Strong Buy 2362 0.49

JARDINE LLOYD THOMPSON 688.50 576.00 764.50 Neutral Strong Buy 1878 0.32

RSA INSURANCE GROUP 108.50 99.60 143.50 Neutral Strong Buy 997 0.45

NOVAE GROUP 370.00 285.00 410.00 Neutral Strong Buy 2259 0.49

Leisure & Hotels Under Valued


ARENA LEISURE 43.75 26.25 44.00 Neutral Sell 19 0.76

CARNIVAL 1906.00 1742.00 2983.00 Neutral Strong Buy 3942 1.13

ENTERPRISE INNS 38.50 26.50 108.00 Neutral Strong Buy 109 1.69

TUI TRAVEL 194.50 136.70 250.00 Neutral Strong Buy 609 0.95

FULLER SMITH 'A' 721.00 590.00 752.00 Neutral Neutral 780 0.45

GREENE KING 510.50 410.00 520.50 Neutral Strong Buy 795 0.87

LADBROKES 144.10 114.00 155.30 Neutral Strong Buy 254 0.99

ICTL.HTLS.GP. 1334.00 955.00 1435.00 Neutral Sell 914 1.29

MILLENNIUM & CPTH.HTLS. 457.00 371.20 600.50 Neutral Buy 551 1.39

MITCHELLS & BUTLERS 262.40 215.60 348.70 Neutral Sell 114 1.02BWIN PARTY DIGITAL ENTM. 161.90 100.60 204.00 Neutral Sell 143 1.29

PUNCH TAVERNS 11.00 9.14 15.70 Neutral Sell -171 1.28

RANK GROUP 138.00 109.50 153.70 Neutral Strong Buy 209 0.97

RESTAURANT GROUP 305.90 254.90 335.00 Neutral Buy 364 0.88

WETHERSPOON (JD) 411.70 380.50 468.30 Neutral Strong Buy 759 0.75

WHITBREAD 1664.00 1409.00 1863.00 Neutral Buy 1957 1.04

WILLIAM HILL 229.20 176.80 244.10 Neutral Buy 326 0.93

MARSTON'S 98.25 84.60 112.00 Neutral Strong Buy 186 1.24

Life Assurance Over Valued


AVIVA 357.00 275.30 477.90 Neutral Strong Buy 435 1.22CHESNARA 178.00 161.75 264.00 Neutral Neutral 177 0.60

LEGAL & GENERAL 117.70 89.80 123.80 Neutral Buy 83 1.65

OLD MUTUAL 151.40 98.05 151.40 Neutral Sell 160 1.62

PRUDENTIAL 719.00 509.00 777.00 Neutral Sell 316 1.72

ST.JAMES'S PLACE 358.60 294.00 376.00 Neutral Strong Buy 121 0.79


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Media & Entertainment Over Valued


AEGIS GROUP 159.90 116.17 161.50 Neutral Sell 87 1.30

BLOOMSBURY PBL. 110.00 91.25 138.00 Neutral Neutral 121 0.48

BRITISH SKY BCAST.GROUP 682.00 618.50 850.00 Neutral Sell 642 0.64

CENTAUR MEDIA 35.75 32.50 73.00 Neutral Sell -57 1.00

DAILY MAIL 'A' 451.30 343.40 594.50 Neutral Buy 552 1.08

EUROMONEY INSTL.INVESTOR 705.50 522.50 736.00 Neutral Sell 631 1.04

INFORMA 404.00 313.90 461.10 Neutral Sell 309 1.50ITE GROUP 206.90 157.70 258.20 Neutral Sell 146 1.39

ITV 75.30 51.65 93.45 Neutral Neutral 76 1.49

JOHNSTON PRESS 6.02 4.11 12.75 Neutral Strong Buy 58 1.45

PEARSON 1186.00 1013.00 1255.00 Neutral Sell 1040 0.70

PHOTO-ME INTL. 47.00 39.50 67.00 Neutral Strong Buy 84 0.86

PINEWOOD SHEPPERTON 243.00 132.75 292.00 Neutral Sell 143 0.37

THOMSON REUTERS 27.57 26.21 41.49 Buy Sell 25 0.52

STV GROUP 91.00 76.25 168.00 Neutral Buy 107 0.77

ST.IVES 81.50 68.50 108.50 Neutral Strong Buy 213 1.31

TRINITY MIRROR 46.75 37.50 89.50 Neutral Strong Buy 452 1.58

UBM 563.00 416.00 725.00 Neutral Strong Buy 1600 1.28

WILMINGTON GROUP 79.25 78.50 183.00 Neutral Buy 106 0.86

WPP 760.50 578.00 846.50 Neutral Neutral 797 1.27

YELL GROUP 6.00 3.35 11.00 Neutral Strong Buy 43 1.32

Mining Under Valued


ANGLO AMERICAN 2733.00 2138.50 3437.00 Neutral Strong Buy 6846 1.74

ANGLO PACIFIC GROUP 297.00 237.90 369.25 Neutral Buy 390 0.92

ANTOFAGASTA 1330.00 900.50 1524.00 Neutral Sell 1147 1.38

BHP BILLITON 2174.50 1667.00 2631.50 Neutral Strong Buy 4899 1.40

LONMIN 1060.00 941.00 1880.00 Neutral Sell 892 1.90

RANDGOLD RESOURCES 7300.00 4425.00 7555.00 Neutral Sell 1972 0.30

RIO TINTO 3912.00 2712.50 4712.00 Neutral Buy 5629 1.41

UK COAL 33.00 28.50 49.50 Neutral Sell -77 1.05

VEDANTA RESOURCES 928.00 2518.00 Neutral Strong Buy 5692 2.05

XSTRATA 1119.50 764.00 1550.00 Neutral Buy 1264 1.76

Oil & Gas Under Valued


BG GROUP 1445.50 1144.00 1564.50 Neutral Buy 1894 0.70

BP 483.00 363.20 497.50 Neutral Strong Buy 1268 1.06

CAIRN ENERGY 292.00 257.80 469.70 Neutral Buy 339 1.34

FORTUNE OIL 10.75 9.00 14.75 Neutral Strong Buy 23 0.87

HUNTING 815.50 530.00 843.00 Neutral Buy 928 1.31

JKX OIL & GAS 141.50 120.50 335.10 Neutral Strong Buy 363 1.35

MELROSE RESOURC ES 125.50 95.25 297.00 Neutral Strong Buy 633 1.12

PREMIER OIL 409.10 310.00 535.00 Neutral Buy 522 1.34

ROYAL DUTCH SHELL A(LON) 2268.50 1883.50 2402.00 Neutral Strong Buy 6329 0.94

ROYAL DUTCH SHELL B 2326.00 1890.50 2489.00 Neutral Strong Buy 6390 0.95

SOCO INTERNATIONAL 300.20 278.00 400.00 Neutral Sell 198 0.50

TULLOW OIL 1416.00 945.50 1493.00 Neutral Sell 460 1.07

WOOD GROUP (JOHN) 664.50 469.90 715.75 Neutral Buy 759 1.34

Personal Care & Household Products Over Valued


MCBRIDE 118.50 108.75 151.06 Neutral Sell 99 0.85

PZ CUSSONS 312.40 285.00 387.90 Neutral Buy 356 0.80

RECKITT BENCKISER GROUP 3431.00 3015.00 3578.00 Neutral Sell 3186 0.32


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Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 3.53 3.13 5.48 Buy Strong Buy 10 0.92

ASTRAZENECA 3089.50 2543.50 3194.00 Neutral Strong Buy 10985 0.46

BTG 338.00 210.10 338.00 Neutral Sell 125 0.72

DECHRA PHARMACEUTICALS 528.50 433.00 532.00 Neutral Strong Buy 1028 0.32

GLAXOSMITHKLINE 1424.50 1127.50 1497.00 Neutral Neutral 1506 0.49

OXFORD BIOMEDICA 3.43 2.91 7.20 Neutral Sell -1 0.60

PHYTOPHARM 9.10 6.40 9.75 Buy Sell -2 0.89SHIRE 2106.00 1634.00 2243.00 Neutral Sell 1442 0.64

SKYEPHARMA 34.50 31.50 66.13 Neutral Strong Buy 304 0.71

VERNALIS 19.50 18.75 49.00 Neutral Sell -17 0.81

Software & Computer Services Under Valued


TIMEWEAVE 23.25 21.50 27.00 Neutral Strong Buy 45 0.73

ANITE 97.25 57.75 98.75 Neutral Sell 58 0.82

AVEVA GROUP 1638.00 1298.00 1799.00 Neutral Sell 915 1.44

COMPUTACENTER 412.60 324.70 490.00 Neutral Strong Buy 887 1.07

KOFAX 267.50 225.00 535.00 Neutral Neutral 264 1.05

INNOVATION GROUP 20.00 15.25 23.00 Neutral Sell 17 0.91LOGICA 76.35 58.95 147.20 Neutral Strong Buy 180 1.33

MIC RO FOC US INTL. 442.30 242.90 455.00 Neutral Sell 415 0.71

MISYS 321.20 214.90 420.20 Neutral Buy 371 1.29

PHOENIX IT GROUP 185.00 154.75 290.00 Neutral Strong Buy 445 0.85

RM 77.00 41.50 175.00 Neutral Strong Buy 362 0.39

FIDESSA GROUP 1674.00 1444.00 2109.00 Neutral Neutral 1613 0.79

SAGE GROUP 296.60 231.70 310.10 Neutral Neutral 302 0.65

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 250.00 167.80 250.00 Neutral Sell 102 1.07

BREWIN DOLPHIN 152.30 113.70 185.40 Neutral Neutral 145 0.70CAMELLIA 9696.00 8800.00 10950.00 Neutral Strong Buy 17812 0.87

CHARLES STANLEY GROUP 262.50 240.00 350.00 Neutral Buy 300 0.94

CHARLES TAYLOR CNSL. 126.50 115.63 165.00 Neutral Strong Buy 219 0.70

CLOSE BROTHERS GROUP 684.00 590.00 875.00 Neutral Sell 369 0.80

F&C ASSET MANAGEMENT 68.80 56.05 91.00 Neutral Buy 87 0.91

HELPHIRE GROUP 2.32 1.36 17.38 Neutral Neutral 2 0.64

HENDERSON GROUP 113.00 95.05 173.10 Neutral Sell 97 1.41

ICAP 362.00 311.60 556.50 Neutral Sell 326 1.08

INTERMEDIATE CAPITAL GP. 292.60 197.90 354.70 Neutral Neutral 280 1.62

INVESTEC 394.60 318.40 522.00 Neutral Sell 283 1.53

LONDON STOCK EX.GROUP 917.00 756.50 1076.00 Neutral Sell 780 1.15

MAN GROUP 121.70 104.50 311.00 Neutral Strong Buy 185 1.27

RATHBONE BROTHERS 1189.00 977.00 1257.00 Neutral Neutral 1210 0.73

SCHRODERS 1576.00 1183.00 1906.00 Neutral Neutral 1653 1.30

SCHRODERS NV 1260.00 970.00 1554.00 Neutral Buy 1653 1.29


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Support Services Under Valued


ACAL 172.00 166.25 367.50 Neutral Strong Buy 338 0.93

AGGREKO 2123.00 1394.48 2139.00 Neutral Sell 1263 1.18

AMEC 1021.00 740.50 1228.00 Neutral Buy 1276 1.01

ASHTEAD GROUP 243.00 99.40 243.00 Neutral Sell 126 1.50

BABCOCK INTL. 740.50 542.00 758.00 Neutral Sell 697 0.56

BRITISH POLYTHENE INDS. 364.63 230.00 364.88 Neutral Strong Buy 1071 0.70

BUNZL 873.00 676.50 906.50 Neutral Buy 1005 0.55UK MAIL GROUP 234.00 192.25 318.50 Neutral Strong Buy 540 0.28

CAPITA 625.00 611.50 786.50 Neutral Buy 701 0.42

COMMUNISIS 28.88 23.75 37.00 Neutral Strong Buy 97 0.72

COMPASS GROUP 601.00 512.50 619.50 Neutral Buy 728 0.75

BERENDSEN 467.50 402.70 568.00 Neutral Strong Buy 702 1.03

DE LA RUE 941.00 679.50 968.00 Neutral Buy 1043 #NA

DIGNITY 789.50 648.50 854.50 Neutral Buy 974 0.22

DIPLOMA 425.50 263.50 425.50 Sell Sell 324 0.98

ELECTROCOMP. 228.00 182.20 294.90 Neutral Strong Buy 372 0.99

FILTRONA 386.10 280.00 404.50 Neutral Buy 431 1.13

G4S 270.80 219.90 291.00 Neutral Buy 386 0.60

HAYS 74.10 58.85 130.00 Neutral Strong Buy 142 0.95

HOMESERVE 292.40 218.50 532.00 Neutral Strong Buy 473 0.67

INTERSERVE 296.70 239.75 341.25 Neutral Strong Buy 788 1.40

INTERTEK GROUP 2152.00 1738.00 2152.00 Neutral Sell 1629 0.86

JOHNSON SERVICE GROUP 26.25 25.25 36.00 Neutral Strong Buy 67 1.16

MANAGEMENT C NSL.GP. 30.88 27.75 45.50 Neutral Strong Buy 56 0.67

MENZIES (JOHN) 585.00 425.00 585.00 Sell Strong Buy 1211 1.44

MICHAEL PAGE INTL. 418.40 323.00 567.00 Neutral Neutral 439 1.33

MITIE GROUP 258.40 195.90 271.00 Neutral Strong Buy 401 0.60

MOUCHEL GROUP 8.25 4.75 154.75 Sell Sell -286 0.84

OFFICE2OFFICE 132.50 112.50 166.50 Neutral Strong Buy 281 0.36

PAYPOINT 570.50 327.25 585.00 Neutral Buy 738 0.76

PREMIER FARNELL 216.20 144.50 308.80 Neutral Strong Buy 353 1.18

REGUS 99.35 64.00 119.00 Neutral Sell 70 1.39

RENTOKIL INITIAL 75.05 58.20 103.40 Neutral Sell 50 1.29

REXAM 380.10 299.80 400.00 Neutral Buy 527 0.87

RICARDO 354.50 325.00 410.00 Neutral Strong Buy 546 0.83

ROBERT WALTERS 206.25 158.25 336.00 Neutral Strong Buy 348 1.18

RPC GROUP 381.20 231.50 392.00 Neutral Buy 443 0.81

RPS GROUP 220.10 156.60 253.00 Neutral Buy 297 1.55

SERCO GROUP 514.00 458.00 618.50 Neutral Buy 669 0.57

SHANKS GROUP 99.85 90.80 130.90 Neutral Strong Buy 164 1.44

SPEEDY HIRE 27.00 18.50 34.00 Neutral Sell -8 1.27

TRIBAL GROUP 63.75 36.25 64.00 Neutral Sell -298 0.54

TRIFAST 41.50 36.25 52.88 Neutral Strong Buy 63 0.86

VP 230.63 191.00 253.75 Neutral Strong Buy 585 0.89

WYG 49.88 48.38 1125.00 Neutral Sell -8482 0.77

WSP GROUP 256.25 160.00 385.00 Neutral Strong Buy 571 0.92

Telecommunication Services Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BT GROUP 206.50 161.00 208.80 Neutral Buy 261 0.92

CABLE & WIRELESS COMMS. 44.84 31.25 51.20 Neutral Strong Buy 138 0.65

INMARSAT 402.00 389.30 719.50 Neutral Sell 360 0.52

KCOM GROUP 74.25 57.50 84.00 Neutral Buy 84 1.27

TELECOM PLUS 688.00 440.00 802.00 Neutral Sell 486 0.06

VODAFONE GROUP 170.55 155.05 182.75 Neutral Buy 188 0.65


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Transport Over Valued


BBA AVIATION 193.90 156.00 240.80 Neutral Sell 177 1.40

BRAEMAR SHIPPING SVS. 389.00 282.00 505.00 Neutral Strong Buy 684 0.90

CLARKSON 1188.00 1015.00 1355.00 Neutral Buy 1626 0.81

EASYJET 447.40 301.00 452.10 Neutral Sell 389 0.76

FIRST GROUP 316.50 301.80 379.10 Neutral Buy 454 1.10

FISHER(JAMES)& SONS 511.50 440.50 574.00 Neutral Sell 361 0.83

GO-AHEAD GROUP 1289.00 1190.00 1598.00 Neutral Buy 1861 0.97NATIONAL EXPRESS 222.90 201.60 270.20 Neutral Sell 196 1.30

NORTHGATE 241.30 190.90 346.70 Sell Strong Buy 401 1.34

STAGECOACH GROUP 287.40 199.97 287.40 Neutral Sell 218 0.90

WINCANTON 84.00 56.00 150.00 Sell Strong Buy 180 0.86

Utilities Under Valued


CENTRICA 297.20 278.80 345.80 Neutral Neutral 302 0.50

NATIONAL GRID 634.00 543.50 649.50 Neutral Buy 789 0.57

PENNON GROUP 703.00 584.50 737.50 Neutral Sell 628 0.63

SEVERN TRENT 1557.00 1375.00 1600.00 Neutral Sell 1360 0.47

UNITED UTILITIES GROUP 609.00 550.00 637.00 Neutral Neutral 619 0.60


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uk trading & value indicator 20120202

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Transcript of uk trading & value indicator 20120202