uk trading & value indicator 20120420

8/2/2019 uk trading & value indicator 20120420

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20 April 2012

UK Trading &

ValueIndicator


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Intellisys www.intellisys.uk.com 20 April 2012

Page 2 of 25 Intellisys 20 April 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 ............................................................. Under Valued 16Beverages ........................................................ Over Valued 16Chemicals ........................................................ Over Valued 16Construction & Building Materials .............................. Over Valued 17Electronics & Electrical Equipment ............................. Over Valued 17Engineering & Machinery ........................................ Over Valued 17Food & Drug Stores ............................................... Under Valued 18Food Producers & Processors ................................... Over Valued 18General Retail ..................................................... Over Valued 18Health .............................................................. Under 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 anincreasingly 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 denominated

in 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

3,987.5

4,944.4

5,744.6

6,082.9

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

7.9

7.9

9.7

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 -3.6; 3M 0.1; 12M -2.6 1M -3.7; 3M -6.2; 12M -28.6

Yield RSI

2.9

2.9

3.0

3.6

3.9

5.2

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

25.5

49.6

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE 100 RSI

% change

1M 4.6; 3M 3.7; 12M 18.3


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FTSE 250

Index PE

5,491.5

6,987.3

9,425.9

11,423.0

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

18.5

19.5

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 -3.1; 3M 5.7; 12M -1.3 1M -1.9; 3M 13.0; 12M 7.5

Yield RSI

1.9

2.2

2.3

2.8

3.3

3.8

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

25.6

50.3

83.4

0 20 40 60 80 100

Lo

Last Close

Hi

FTSE 250 RSI

% change

1M 6.0; 3M -3.4; 12M 17.5


7/25




FTSE All Share Index

Index PE

1,781.6

2,038.4

2,557.8

2,987.8

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

8.5

8.5

10.5

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 -3.5; 3M 1.0; 12M -2.4 1M -3.9; 3M -4.2; 12M -25.6

Yield RSI

2.7

2.8

2.9

3.5

3.8

5.0

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

25.4

49.7

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE ALL SHARE RSI

% change

1M 4.8; 3M 2.7; 12M 17.5


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FTSE AIM All Share

Index PE

373.8

448.9

657.8

782.7

921.6

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

-354.3

304.6

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 -3.1; 3M 3.9; 12M -13.6 1M -336.2; 3M -450.7; 12M -90.2

Yield RSI

0.4

0.5

0.6

0.7

0.8

1.7

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

23.6

46.7

91.9

0 50 100

Lo

Last Close

Hi

FTSE AIM ALL-SHARE RSI

% change

1M 10.9; 3M 9.2; 12M 18.3


9/25




S&P 500

Index PE

676.5

832.4

1,099.2

1,376.9

1,419.0

1,419.0

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

16.0

17.5

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 -2.3; 3M 4.8; 12M 4.9 1M -0.4; 3M 7.6; 12M -5.8

Yield RSI

1.8

1.8

1.9

2.2

2.4

2.6

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

28.5

45.2

81.6

0 20 40 60 80 100

Lo

Last Close

Hi

S&P 500 COMPOSITE RSI

% change

1M 5.8; 3M 0.9; 12M 12.9


10/25



Market Pictures Interest Rates

UK Bank Lending Rates

UK

0.50

0.50

0.50

0.50

0.50

0.50

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

200.0

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

2.25

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 0.0; 12M -12.5

Eurozone Lending PE

57.1

57.1

57.1

57.1

44.4

44.4

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

0.15

0.17

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 0.0; 3M 50.0; 12M 36.4

US Lending PE

2,500.0

2,500.0

2,500.0

666.7

588.2

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


13/25



Market Pictures Exchange Rates

US$/

1.37

1.43

1.53

1.61

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 1.1; 3M 3.8; 12M -1.6

/

1.02

1.07

1.11

1.22

1.22

1.24

1.50

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 1.8; 3M 1.8; 12M 7.2


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Market Pictures Exchange Rates

US$/

1.19

1.19

1.27

1.31

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 -0.8; 3M 1.3; 12M -8.4

/

117.1

117.1

117.1

131.0

136.6

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 -1.1; 3M 9.8; 12M -2.7


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Market Pictures - Oil

Brent Monthly FOB US$/bbl

34.6

48.3

104.0

118.8

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 -5.58; 3M 7.38; 12M -2.01


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 291.40 248.10 340.80 Neutral Strong Buy 678 0.65

CHEMRING GROUP 370.30 368.80 677.00 Neutral Strong Buy 630 0.52

COBHAM 239.50 165.90 239.50 Neutral Buy 264 0.91

MEGGITT 407.30 305.00 412.00 Neutral Sell 374 1.34

ROLLS-ROYCE HOLDINGS 844.00 552.19 844.00 Neutral Sell 754 1.10

SMITHS GROUP 1045.00 869.50 1340.00 Neutral Neutral 1030 0.73

ULTRA ELECTRONICS HDG. 1680.00 1305.00 1780.00 Neutral Sell 1170 0.60

UMECO 569.00 243.50 569.00 Sell Sell 431 0.80

Automobiles & Parts Over Valued


GKN 206.90 157.00 245.00 Neutral Sell 163 1.98

INCHCAPE 361.60 268.60 425.40 Neutral Sell 307 1.42

LOOKERS 64.00 47.00 72.75 Neutral Neutral 64 1.34

PENDRAGON 13.50 6.80 19.71 Neutral Strong Buy 21 1.14

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

BARCLAYS 212.30 138.85 301.85 Neutral Strong Buy 399 1.86

HSBC HDG. (ORD $0.50) 554.60 463.50 662.50 Neutral Strong Buy 1056 1.14

LLOYDS BANKING GROUP 29.29 21.84 60.39 Sell Strong Buy 84 1.77

ROYAL BANK OF SCTL.GP. 23.84 17.34 42.91 Sell Sell 8 1.29

STANDARD CHARTERED 1522.00 1169.50 1672.00 Neutral Sell 750 1.71

Beverages Over Valued


BARR (AG) 1169.00 1031.00 1395.00 Neutral Neutral 1246 0.43

DIAGEO 1589.00 1112.00 1589.00 Sell Sell 1394 0.55

SABMILLER 2602.50 1979.00 2660.00 Neutral Buy 3000 0.99

Chemicals Over Valued


CRODA INTERNATIONAL 2257.00 1597.00 2257.00 Sell Sell 1819 1.08

ELEMENTIS 201.00 107.50 206.00 Neutral Sell 183 1.07

JOHNSON MATTHEY 2364.00 1523.00 2408.00 Neutral Neutral 2393 1.47

VICTREX 1508.00 1025.00 1590.00 Neutral Neutral 1524 1.22

YULE CATTO 239.50 148.00 253.00 Neutral Strong Buy 364 1.29

ZOTEFOAMS 171.00 109.00 186.50 Neutral Buy 242 1.01


17/25



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

BALFOUR BEATTY 271.00 214.60 333.70 Neutral Buy 323 0.84

BARRATT DEVELOPMENTS 134.70 67.50 151.50 Neutral Sell 70 1.45

BELLWAY 796.00 540.50 859.50 Neutral Sell 698 1.01

BERKELEY GROUP HDG.(THE) 1283.00 1025.00 1414.00 Neutral Neutral 1296 0.68

BOVIS HOMES GROUP 473.20 326.50 518.50 Neutral Sell 215 1.07

CARILLION 274.20 274.20 403.20 Neutral Buy 384 1.09

CLARKE (T) 50.25 35.50 101.00 Neutral Strong Buy 205 0.80COSTAIN GROUP 221.00 180.00 247.50 Neutral Strong Buy 789 0.56

GALLIFORD TRY 625.00 383.75 630.00 Neutral Sell 587 1.05

KELLER 440.00 239.25 671.50 Neutral Neutral 458 1.32

KIER GROUP 1136.00 1095.00 1489.00 Neutral Strong Buy 3243 1.04

LOW & BONAR 60.50 38.00 76.75 Neutral Strong Buy 147 1.11

MARSHALLS 96.13 83.25 124.50 Neutral Sell 73 1.35

MORGAN SINDALL GROUP 680.00 510.00 725.00 Neutral Strong Buy 1514 0.89

PERSIMMON 650.00 374.00 706.50 Neutral Neutral 633 1.10

REDROW 122.30 103.50 135.30 Neutral Sell 91 0.97

SIG 109.40 76.95 153.50 Neutral Sell 11 1.59

TAYLOR WIMPEY 50.75 28.71 52.75 Neutral Sell 13 1.50

TRAVIS PERKINS 1063.00 715.00 1125.00 Neutral Neutral 1116 1.89

WOLSELEY 2411.00 1404.00 2558.00 Neutral Sell 1842 1.44

Electronics & Electrical Equipment Over Valued


DIALIGHT 1090.00 643.50 1090.00 Sell Sell 474 0.76

DOMINO PRINTING SCIENCES 617.00 434.30 701.50 Neutral Buy 736 1.18

E2V TECHNOLOGIES 139.00 86.75 146.50 Neutral Buy 164 1.35

INVENSYS 190.80 180.90 340.60 Neutral Strong Buy 404 1.47

LAIRD 221.10 128.50 222.00 Neutral Sell 199 2.17

OXFORD INSTRUMENTS 1275.00 714.00 1280.00 Neutral Sell 857 0.99

RENISHAW 1450.00 800.00 1886.00 Neutral Buy 2037 1.29

SPECTRIS 1857.00 1039.00 1857.00 Sell Sell 1270 1.43

BIOME TECHNOLOGIES 0.20 0.14 0.28 Neutral Strong Buy 1 0.64

TT ELECTRONICS 179.75 120.50 208.00 Neutral Buy 253 1.60

XAAR 229.00 212.00 295.00 Neutral Sell 130 1.13

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.50 62.50 124.00 Neutral Strong Buy 266 1.32

BODYCOTE 412.80 225.60 426.50 Neutral Sell 321 1.59

CASTINGS 300.00 252.50 358.00 Neutral Strong Buy 484 0.98

COOKSON GROUP 747.50 395.80 747.50 Neutral Sell 694 2.29

FENNER 456.50 280.00 483.70 Neutral Sell 427 1.41

HALMA 406.90 306.30 429.60 Sell Sell 348 0.76

HILL & SMITH 320.00 235.00 393.50 Neutral Strong Buy 543 1.41

IMI 974.00 636.50 1119.00 Neutral Buy 1311 1.40

METALRAX GROUP 7.87 7.25 12.00 Neutral Sell 5 0.86

MORGAN C RUCIBLE 329.60 224.00 360.00 Neutral Neutral 314 1.77

ROTORK 2219.00 1501.00 2219.00 Sell Sell 1723 0.99

SENIOR 202.50 135.60 204.80 Neutral Buy 224 1.77

SEVERFIELD-ROWEN 176.00 150.00 250.00 Neutral Sell 150 1.07

SPIRAX-SARCO 2290.00 1649.00 2290.00 Sell Sell 2147 0.85

VITEC GROUP 656.00 488.00 690.00 Neutral Neutral 678 1.52

WEIR GROUP 1752.00 1375.00 2236.00 Neutral Sell 1500 1.39


18/25



Food & Drug Stores Under Valued


GREGGS 514.50 445.00 558.00 Neutral Sell 304 0.52

MORRISON(WM)SPMKTS. 294.20 277.00 328.00 Neutral Buy 364 0.45

SAINSBURY (J) 311.20 263.50 362.80 Neutral Strong Buy 559 0.64

TESCO 320.05 310.45 420.05 Buy Buy 419 0.73

THORNTONS 27.75 9.50 81.50 Neutral Neutral 27 0.77

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1226.00 977.00 1233.00 Neutral Sell 1006 0.60

CRANSWICK 813.50 588.50 841.00 Neutral Strong Buy 1510 0.60

DAIRY CREST 302.20 302.20 409.70 Neutral Strong Buy 722 0.93

DEVRO 313.00 232.00 332.20 Neutral Strong Buy 665 0.33

PREMIER FOODS 16.75 3.29 35.12 Neutral Sell -30 1.40

TATE & LYLE 685.00 544.50 720.50 Neutral Buy 816 0.63

UNILEVER (UK) 2069.00 1892.00 2189.00 Neutral Sell 1001 0.58

General Retail Over Valued


ASHLEY(LAURA) HOLDINGS 23.00 16.00 23.75 Neutral Buy 29 0.71

BROWN (N) GROUP 225.40 222.40 304.50 Neutral Buy 251 0.49

BURBERRY GROUP 1489.00 1092.00 1600.00 Neutral Sell 528 1.36

CARPETRIGHT 601.00 375.00 741.00 Neutral Sell 203 1.03

CLINTON CARDS 8.00 7.50 18.00 Neutral Buy 10 0.65

DIXONS RETAIL 17.95 9.36 19.91 Neutral Strong Buy 28 1.45

FINDEL 3.35 2.20 8.70 Neutral Sell 3 0.97

FRENCH CONNECTN.GROUP 43.00 36.00 106.00 Neutral Strong Buy 100 0.93

HALFORDS GROUP 288.80 269.50 405.90 Neutral Buy 408 0.64

JJB SPORTS 13.75 5.20 31.00 Sell Strong Buy 1170 0.88

JD SPORTS FASHION 791.50 570.00 1030.00 Neutral Buy 1186 0.48

KESA ELECTRICALS 54.15 54.15 151.40 Buy Strong Buy 287 1.28KINGFISHER 305.70 217.00 313.80 Neutral Sell 284 0.97

MARKS & SPENCER GROUP 355.60 301.80 402.20 Neutral Neutral 387 0.74

MOSS BROTHERS GROUP 51.00 26.00 51.00 Neutral Sell 22 1.07

MOTHERCARE 174.75 127.30 448.50 Neutral Strong Buy 360 0.56

NEXT 3013.00 2153.00 3060.00 Neutral Sell 2112 0.78

TED BAKER 902.00 633.00 902.00 Sell Sell 467 0.56

TOPPS TILES 38.63 21.50 77.00 Neutral Sell 23 1.33

Health Under Valued


CONSORT MEDICAL 653.50 498.00 658.00 Neutral Sell 422 0.39CORIN GROUP 38.50 36.50 59.00 Neutral Buy 49 0.76

SMITH & NEPHEW 608.00 521.00 694.00 Neutral Buy 769 0.36

Household Goods & Textiles Under Valued


HARVARD INTL. 43.88 21.75 44.00 Neutral Sell 32 0.48

GAMES WORKSHOP 569.50 405.00 577.50 Neutral Sell 463 0.38

HEADLAM GROUP 295.00 233.25 310.00 Neutral Buy 359 0.93

HORNBY 94.13 93.00 145.00 Neutral Strong Buy 148 0.65


19/25



Information Technology & Hardware Over Valued


ARM HOLDINGS 607.50 464.00 645.00 Neutral Sell 419 0.76

CSR 203.90 154.10 391.40 Neutral Strong Buy 610 1.20

FILTRONIC 30.00 14.50 35.00 Sell Strong Buy 58 0.66

IMAGINATION TEC HNOLOGIES 705.00 296.90 717.00 Neutral Sell 270 0.96

PSION 55.88 41.00 101.50 Neutral Strong Buy 352 1.16

SPIRENT COMMUNICATIONS 167.20 105.80 172.80 Neutral Strong Buy 394 1.01

WOLFSON MIC ROELECTRONIC S 178.50 96.00 244.50 Neutral Sell 79 1.06

Insurance Over Valued


ADMIRAL GROUP 1209.00 787.00 1754.00 Neutral Sell -8529 0.51

AMLIN 328.10 270.60 427.00 Neutral Strong Buy 7236 0.49

BEAZLEY 141.50 109.60 151.80 Neutral Strong Buy 2355 0.51

CATLIN GROUP 422.10 336.00 449.00 Neutral Sell 85 0.31

HISCOX 402.30 340.50 424.70 Neutral Strong Buy 6529 0.50

JARDINE LLOYD THOMPSON 676.00 576.00 764.50 Neutral Strong Buy 4511 0.32

RSA INSURANCE GROUP 103.80 99.60 139.80 Neutral Strong Buy 2785 0.43

NOVAE GROUP 372.00 285.00 385.25 Neutral Strong Buy 6261 0.50

Leisure & Hotels Under Valued


CARNIVAL 1995.00 1742.00 2642.00 Neutral Strong Buy 3147 1.08

ENTERPRISE INNS 60.25 26.50 96.15 Neutral Sell 30 1.73

TUI TRAVEL 192.60 136.70 250.00 Neutral Strong Buy 678 0.95

FULLER SMITH 'A' 718.50 609.00 752.00 Neutral Sell 571 0.44

GREENE KING 518.00 410.00 523.50 Neutral Neutral 561 0.86

LADBROKES 173.40 114.00 173.40 Neutral Sell 163 1.00

ICTL.HTLS.GP. 1474.00 955.00 1497.00 Neutral Buy 1675 1.31

MILLENNIUM & CPTH.HTLS. 481.20 371.20 535.50 Neutral Sell 425 1.41

MITCHELLS & BUTLERS 265.10 215.60 336.80 Neutral Buy 338 1.02

BWIN PARTY DIGITAL ENTM. 156.20 100.60 174.00 Neutral Sell 118 1.26PUNCH TAVERNS 10.25 9.14 15.57 Neutral Sell -204 1.30

RANK GROUP 122.00 109.50 153.70 Neutral Buy 178 0.99

RESTAURANT GROUP 285.10 254.90 335.00 Neutral Neutral 310 0.85

WETHERSPOON (JD) 417.20 380.50 468.30 Neutral Buy 583 0.72

WHITBREAD 1835.00 1409.00 1872.00 Neutral Sell 1576 1.02

WILLIAM HILL 266.80 183.30 266.80 Neutral Neutral 269 0.94

MARSTON'S 98.40 84.60 112.00 Neutral Strong Buy 154 1.26

Life Assurance Over Valued


AVIVA 299.60 275.30 450.30 Neutral Strong Buy 435 1.26CHESNARA 182.25 161.75 255.00 Neutral Neutral 177 0.58

LEGAL & GENERAL 118.60 89.80 135.00 Neutral Buy 83 1.67

OLD MUTUAL 148.90 98.05 164.60 Neutral Sell 160 1.66

PRUDENTIAL 755.50 509.00 797.50 Neutral Sell 316 1.72

ST.JAMES'S PLACE 340.80 294.00 376.00 Neutral Strong Buy 121 0.81


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Media & Entertainment Over Valued


AEGIS GROUP 179.30 116.17 187.40 Neutral Sell 99 1.31

BLOOMSBURY PBL. 109.87 91.25 138.00 Neutral Buy 140 0.51

BRITISH SKY BCAST.GROUP 665.50 618.50 850.00 Neutral Neutral 663 0.61

CENTAUR MEDIA 34.25 32.50 56.25 Neutral Sell -79 1.04

DAILY MAIL 'A' 423.60 343.40 505.50 Neutral Buy 501 1.09

EUROMONEY INSTL.INVESTOR 784.00 522.50 809.50 Neutral Sell 614 1.05

INFORMA 432.10 313.90 451.00 Neutral Sell 351 1.52ITE GROUP 227.50 157.70 258.00 Neutral Sell 185 1.42

ITV 88.10 51.65 89.90 Neutral Sell 82 1.52

JOHNSTON PRESS 5.50 4.11 8.18 Neutral Strong Buy 70 1.46

PEARSON 1113.00 1038.00 1255.00 Neutral Neutral 1170 0.66

PHOTO-ME INTL. 46.00 41.50 67.00 Neutral Strong Buy 90 0.86

PINEWOOD SHEPPERTON 316.00 198.25 316.00 Sell Sell 170 0.35

THOMSON REUTERS 28.27 26.21 39.25 Neutral Sell 9 0.51

STV GROUP 114.50 76.25 168.00 Neutral Sell 29 0.81

ST.IVES 73.25 68.50 102.25 Neutral Strong Buy 235 1.45

TRINITY MIRROR 31.00 31.00 54.25 Neutral Strong Buy 514 1.57

UBM 598.00 416.00 641.50 Neutral Strong Buy 1766 1.30

WILMINGTON GROUP 91.25 78.50 151.00 Neutral Buy 120 0.86

WPP 855.50 578.00 880.00 Neutral Neutral 899 1.29

YELL GROUP 3.40 3.35 11.00 Neutral Strong Buy 55 1.32

Mining Under Valued


ANGLO AMERICAN 2307.00 2138.50 3181.00 Neutral Strong Buy 5829 1.75

ANGLO PACIFIC GROUP 310.20 237.90 340.00 Neutral Neutral 326 0.95

ANTOFAGASTA 1170.00 900.50 1491.00 Neutral Sell 1036 1.38

BHP BILLITON 1940.00 1667.00 2560.00 Neutral Strong Buy 4347 1.40

LONMIN 1009.00 941.00 1646.00 Neutral Sell 892 1.92

RANDGOLD RESOURCES 5445.00 4580.00 7565.00 Neutral Sell 1625 0.33

RIO TINTO 3512.50 2712.50 4595.00 Neutral Buy 4858 1.42

UK COAL 14.75 14.75 47.00 Neutral Sell -60 0.94

VEDANTA RESOURCES 1200.00 928.00 2366.00 Neutral Strong Buy 4840 2.10

XSTRATA 1140.00 764.00 1550.00 Neutral Sell 1053 1.78

Oil & Gas Under Valued


BG GROUP 1412.50 1144.00 1547.00 Neutral Buy 1930 0.70

BP 440.05 363.20 504.60 Neutral Strong Buy 1301 1.06

CAIRN ENERGY 341.40 291.86 515.11 Neutral Buy 419 1.36

FORTUNE OIL 10.75 9.00 14.75 Neutral Strong Buy 24 0.86

HUNTING 916.00 530.00 968.00 Neutral Sell 794 1.30

JKX OIL & GAS 141.00 120.50 314.00 Neutral Strong Buy 371 1.36

MELROSE RESOURC ES 115.50 95.25 288.00 Buy Strong Buy 642 1.14

PREMIER OIL 384.10 310.00 500.75 Neutral Buy 535 1.36

ROYAL DUTCH SHELL A(LON) 2122.50 1883.50 2402.00 Neutral Strong Buy 6565 0.91

ROYAL DUTCH SHELL B 2183.00 1890.50 2489.00 Neutral Strong Buy 6625 0.92

SOCO INTERNATIONAL 288.90 278.00 397.50 Buy Sell 200 0.47

TULLOW OIL 1502.00 945.50 1601.00 Neutral Sell 465 1.06

WOOD GROUP (JOHN) 723.00 469.90 763.50 Neutral Neutral 794 1.36

Personal Care & Household Products Over Valued


MCBRIDE 128.50 108.75 151.06 Neutral Sell 107 0.87

PZ CUSSONS 331.30 285.00 387.90 Neutral Buy 379 0.74

RECKITT BENCKISER GROUP 3660.00 3100.00 3660.00 Neutral Sell 3392 0.34


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Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 3.38 3.13 5.35 Strong Buy Sell -7 0.97

ASTRAZENECA 2823.50 2543.50 3194.00 Neutral Strong Buy 10978 0.45

BTG 381.70 236.80 381.70 Neutral Sell 230 0.73

DECHRA PHARMACEUTICALS 510.00 433.00 579.00 Neutral Strong Buy 1969 0.32

GLAXOSMITHKLINE 1454.00 1205.00 1497.00 Neutral Buy 2018 0.49

OXFORD BIOMEDICA 4.16 2.88 7.20 Buy Strong Buy 15 0.61

PHYTOPHARM 8.02 6.40 9.50 Buy Sell 1 0.92SHIRE 1995.00 1818.00 2300.00 Neutral Neutral 2037 0.63

SKYEPHARMA 41.38 31.00 66.13 Neutral Strong Buy 295 0.70

VERNALIS 24.25 18.75 49.00 Neutral Strong Buy 97 0.82

Software & Computer Services Under Valued


TIMEWEAVE 21.88 21.75 27.00 Neutral Strong Buy 49 0.73

ANITE 126.25 57.75 129.75 Neutral Sell 64 0.84

AVEVA GROUP 1676.00 1298.00 1799.00 Neutral Sell 978 1.48

COMPUTACENTER 407.00 324.70 490.00 Neutral Strong Buy 1123 1.09

KOFAX 299.00 225.00 503.50 Neutral Neutral 299 1.11

INNOVATION GROUP 20.50 16.63 23.00 Neutral Neutral 20 0.92LOGICA 79.70 58.95 144.80 Neutral Strong Buy 219 1.36

MIC RO FOC US INTL. 463.50 242.90 476.70 Neutral Neutral 481 0.75

MISYS 348.60 214.90 420.20 Neutral Buy 436 1.33

PHOENIX IT GROUP 190.00 154.75 262.75 Neutral Strong Buy 501 0.88

RM 82.00 41.50 156.63 Neutral Sell -22 0.48

FIDESSA GROUP 1522.00 1444.00 2109.00 Neutral Buy 1767 0.82

SAGE GROUP 284.70 231.70 312.40 Neutral Buy 324 0.65

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 274.40 167.80 274.40 Neutral Sell 172 1.07

BREWIN DOLPHIN 169.70 113.70 177.00 Neutral Sell 126 0.72CAMELLIA 9752.50 8800.00 10950.00 Neutral Strong Buy 17923 0.87

CHARLES STANLEY GROUP 290.00 240.00 350.00 Neutral Neutral 298 0.96

CHARLES TAYLOR CNSL. 140.00 115.63 160.00 Neutral Strong Buy 216 0.70

CLOSE BROTHERS GROUP 750.50 590.00 820.00 Neutral Sell 362 0.83

F&C ASSET MANAGEMENT 66.50 56.05 81.70 Neutral Buy 86 0.91

HELPHIRE GROUP 1.61 1.36 14.00 Neutral Sell 0 0.67

HENDERSON GROUP 124.00 95.05 163.70 Neutral Sell 98 1.42

ICAP 376.50 311.60 524.00 Neutral Sell 324 1.06

INTERMEDIATE CAPITAL GP. 257.90 197.90 345.00 Neutral Buy 288 1.65

INVESTEC 355.40 318.40 522.00 Neutral Sell 283 1.56

LONDON STOCK EX.GROUP 1076.00 756.50 1093.00 Neutral Sell 800 1.17

MAN GROUP 93.40 93.40 259.60 Buy Strong Buy 156 1.27

RATHBONE BROTHERS 1296.00 977.00 1316.00 Neutral Sell 1210 0.74

SCHRODERS 1446.00 1183.00 1906.00 Neutral Buy 1667 1.31

SCHRODERS NV 1115.00 970.00 1554.00 Neutral Buy 1667 1.30


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Support Services Under Valued


ACAL 191.00 166.25 344.00 Neutral Strong Buy 359 0.94

AGGREKO 2288.00 1522.00 2316.00 Neutral Sell 1309 1.16

AMEC 1117.00 740.50 1207.00 Neutral Buy 1354 1.01

ASHTEAD GROUP 261.60 99.40 271.10 Neutral Sell 133 1.52

BABCOCK INTL. 839.50 570.50 839.50 Neutral Sell 741 0.56

BRITISH POLYTHENE INDS. 357.50 270.00 392.50 Neutral Strong Buy 1140 0.73

BUNZL 1029.00 676.50 1029.00 Neutral Neutral 1038 0.54UK MAIL GROUP 232.00 192.25 318.50 Neutral Strong Buy 571 0.34

CAPITA 744.00 611.50 767.00 Neutral Neutral 742 0.43

COMMUNISIS 32.00 23.75 39.75 Neutral Strong Buy 102 0.77

COMPASS GROUP 657.50 512.50 671.00 Neutral Buy 816 0.71

BERENDSEN 531.50 402.70 568.00 Neutral Strong Buy 1110 1.02

DE LA RUE 894.50 730.00 1001.00 Neutral Buy 1073 #NA

DIGNITY 840.00 727.00 854.50 Neutral Buy 1033 0.20

DIPLOMA 443.50 284.00 453.00 Neutral Buy 502 1.01

ELECTROCOMP. 231.90 182.20 294.90 Neutral Strong Buy 393 1.01

FILTRONA 478.50 296.30 484.50 Neutral Sell 452 1.11

G4S 287.90 219.90 292.10 Neutral Buy 410 0.58

HAYS 92.45 58.85 119.60 Neutral Strong Buy 151 0.98

HOMESERVE 235.60 214.70 532.00 Neutral Strong Buy 492 0.65

INTERSERVE 289.10 261.00 341.25 Neutral Strong Buy 840 1.35

INTERTEK GROUP 2605.00 1744.00 2605.00 Sell Sell 1709 0.86

JOHNSON SERVICE GROUP 29.63 25.25 36.00 Neutral Strong Buy 71 1.14

MANAGEMENT C NSL.GP. 39.38 27.75 45.50 Neutral Strong Buy 60 0.68

MENZIES (JOHN) 612.00 445.50 623.00 Neutral Strong Buy 1290 1.47

MICHAEL PAGE INTL. 438.00 323.00 567.00 Neutral Neutral 461 1.35

MITIE GROUP 290.00 206.80 290.00 Neutral Buy 426 0.61

MOUCHEL GROUP 8.00 4.75 78.00 Sell Sell -314 0.91

OFFICE2OFFICE 147.50 122.00 166.50 Neutral Strong Buy 303 0.39

PAYPOINT 654.00 450.00 670.00 Neutral Buy 770 0.72

PREMIER FARNELL 213.50 144.50 301.00 Neutral Strong Buy 372 1.18

REGUS 112.70 64.00 117.50 Neutral Sell 73 1.40

RENTOKIL INITIAL 89.00 58.20 100.90 Neutral Sell 53 1.30

REXAM 431.30 299.80 438.00 Neutral Buy 555 0.87

RICARDO 359.00 325.00 410.00 Neutral Strong Buy 575 0.82

ROBERT WALTERS 257.00 158.25 326.00 Neutral Buy 368 1.25

RPC GROUP 369.40 300.50 393.20 Neutral Buy 472 0.84

RPS GROUP 233.20 156.60 253.00 Neutral Buy 312 1.58

SERCO GROUP 563.50 458.00 597.50 Neutral Buy 709 0.57

SHANKS GROUP 93.25 90.80 130.90 Neutral Strong Buy 173 1.46

SPEEDY HIRE 26.75 18.50 34.00 Neutral Sell -9 1.31

TRIBAL GROUP 74.25 38.50 79.75 Neutral Sell -347 0.63

TRIFAST 45.38 36.25 52.88 Neutral Buy 66 0.88

VP 245.00 191.00 258.00 Neutral Strong Buy 612 0.90

WYG 54.00 47.00 956.25 Sell Sell -9790 0.77

WSP GROUP 236.25 160.00 363.50 Neutral Strong Buy 605 0.95

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

BT GROUP 216.30 161.00 232.10 Neutral Buy 256 0.92

CABLE & WIRELESS COMMS. 30.50 30.07 48.92 Neutral Strong Buy 135 0.65

INMARSAT 421.70 389.30 620.00 Neutral Sell 351 0.53

KCOM GROUP 71.00 59.75 84.00 Neutral Buy 82 1.27

TELECOM PLUS 692.00 472.00 802.00 Neutral Sell 470 0.04

VODAFONE GROUP 172.35 155.05 182.70 Neutral Neutral 186 0.63


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Transport Over Valued


BBA AVIATION 199.60 156.00 223.40 Neutral Sell 161 1.41

BRAEMAR SHIPPING SVS. 392.50 282.00 505.00 Neutral Strong Buy 645 0.94

CLARKSON 1341.00 1015.00 1367.00 Neutral Buy 1635 0.81

EASYJET 489.40 302.54 495.80 Neutral Neutral 535 0.77

FIRST GROUP 195.80 195.80 370.20 Buy Strong Buy 405 1.08

FISHER(JAMES)& SONS 581.00 440.50 615.00 Neutral Sell 331 0.83

GO-AHEAD GROUP 1150.00 1125.00 1598.00 Neutral Strong Buy 1754 0.94NATIONAL EXPRESS 223.50 201.60 270.20 Neutral Sell 174 1.28

NORTHGATE 196.00 190.00 342.00 Neutral Strong Buy 382 1.38

STAGECOACH GROUP 244.80 219.96 287.40 Neutral Sell 205 0.88

WINCANTON 60.75 56.00 123.25 Neutral Strong Buy 158 0.85

Utilities Under Valued


CENTRICA 317.40 278.80 333.00 Neutral Neutral 337 0.49

NATIONAL GRID 648.00 569.00 659.00 Neutral Buy 826 0.55

PENNON GROUP 735.50 623.50 737.50 Neutral Sell 623 0.59

SEVERN TRENT 1659.00 1375.00 1659.00 Neutral Sell 1426 0.46

UNITED UTILITIES GROUP 605.00 560.00 637.00 Neutral Neutral 635 0.58


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uk trading & value indicator 20120420

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