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    11 March 2013

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    Intellisys Intelligent Analysis Limited 11 March 2013

    www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

    Contents

    Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued .....................................................................6Automobiles & Parts Over Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Over Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17

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    Introduction

    The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

    The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

    Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

    Timing

    Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

    Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

    From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

    The following chart provides an indication the accuracy scores for each of the 40 stocks analysed.

    Individual Stock Rating & Trend Accuracy Scores

    Source: Intellisys

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    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

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    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 Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

    models.

    Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

    The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

    Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

    The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

    Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

    In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

    Conclusion

    No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

    Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

    Philip Morrish ([email protected])

    RISK WARNING Ratings and Targets

    Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity investments, you should contact your financial adviser as these types of investments may not besuitable for everyone. The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.

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    How to use the report

    This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

    We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

    General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

    ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

    BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

    BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

    CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

    DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

    FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

    FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

    HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

    JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

    JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

    DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

    KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

    MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

    MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

    MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

    NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

    TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

    TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

    Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

    the market. This can be summarised as:

    eta 1.0 Share should move by more than market (i.e., higher risk/higher reward)

    Sector

    Closing price

    Todays action

    Longer term action basedupon implied target price

    Implied target

    price based upon49 valuation

    Company Latest 12 month Hi/Lo forthe share price

    eta measures a sharesvolatility/risk relative tomarket (see below)

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    Aerospace & Defence Over Valued

    Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 367.10 270.90 367.10 Neutral Strong Buy 572 0.66

    CHEMRING GROUP 271.70 217.00 442.00 Neutral Strong Buy 600 0.66

    COBHAM 235.10 190.10 239.50 Neutral Buy 279 0.83

    MEGGITT 480.00 364.30 490.10 Neutral Sell 394 1.32

    ROLLS-ROYCE HOLDINGS 1052.00 781.16 1062.00 Neutral Sell 671 1.07

    SMITHS GROUP 1290.00 979.50 1300.00 Neutral Sell 995 0.71

    ULTRA ELECTRONICS HDG. 17 18.00 1424.00 1780.00 Neutral Sell 1490 0.51

    Automobiles & Parts Over Valued

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

    GKN 282.90 173.60 285.00 Neutral Sell 268 2.00

    INCHCAPE 530.00 305.20 530.00 Neutral Neutral 506 1.48

    LOOKERS 91.25 56.50 91.75 Neutral Buy 106 1.24

    PENDRAGON 23.00 13.25 23.50 Neutral Buy 34 1.12

    Banks Over Valued

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

    BARCLAYS 318.60 150.55 327.35 Neutral Sell 235 1.93

    HSBC HDG. (ORD $0.50) 737.00 503.20 737.00 Neutral Strong Buy 1122 1.17

    LLOYDS BANKING GROUP 50.07 25.29 55.68 Neutral Buy 60 1.87

    ROYAL BANK OF SCTL.GP. 306.20 196.60 367.80 Neutral Sell -130 1.34

    STANDARD CHARTERED 1800.00 1228.50 1837.50 Neutral Sell 1516 1.70

    Beverages Under Valued

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

    BARR (AG) 507.00 348.00 557.00 Neutral Buy 558 0.55

    DIAGEO 1994.00 1477.00 2000.50 Neutral Sell 1736 0.55

    SABMILLER 3405.00 2348.50 3405.00 Neutral Buy 3898 0.95

    Chemicals Under Valued

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

    AZ ELECTRONIC MATS.(DI) 386.10 267.60 390.00 Neutral Strong Buy 722 #NA

    CARCLO 461.00 330.00 503.00 N eu tra l Neu tral 438 0.74

    CRODA INTERNATIONAL 2676.00 2050.00 2676.00 Neutral Sell 2165 1.04

    ELEMENTIS 264.70 179.00 264.70 Neutral Buy 373 1.00

    JOHNSON MATTHE Y 2329.00 2080.27 2573.00 Neutral Strong Buy 12932 1.44

    VICTREX 1717.00 1185.00 1717.00 Neutral Sell 1539 1.13

    SYNTHOMER 217.00 127.40 251.00 N eu tra l Neu tral 238 1.16

    ZOTEFOAMS 199.50 157.00 225.00 Neutral Strong Buy 413 0.99

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    Construction & Building Materials Under Valued

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

    ALUMASC GROUP 99.00 61.50 104.00 Neutral Strong Buy 250 0.51

    BALFOUR BEATTY 279.90 237.90 320.80 Neutral Strong Buy 1027 0.79

    BARRATT DEVELOPMENTS 241.60 114.00 244.90 Neutral Strong Buy 474 1.50

    BELLWAY 1149.00 660.00 1175.00 Neutral Strong Buy 1974 1.11

    BERKELEY GROUP HDG.(THE) 1947.00 1177 .00 1966.00 Neutral Strong Buy 3300 0.64

    BOOT (HENRY) 167.50 115.50 167.50 Neutral Strong Buy 345 0.83

    BOVIS HOMES GROUP 673.00 399.30 681.50 Neutral Sell 582 1.14

    CARILLION 290.20 235.50 331.80 Buy Strong Buy 844 1.10

    CLARKE (T) 54.75 40.00 61.50 Neutral Strong Buy 279 0.82

    COSTAIN GROUP 286.00 188.00 295.00 Neutral Strong Buy 551 0.57

    CRH 1490.00 1052.00 1514.00 Neutral Sell 777 1.14

    GALLIFORD TRY 964.00 579.00 964.00 Neutral Strong Buy 1780 0.99

    KELLER 830.00 348.25 830.00 Neutral Strong Buy 2142 1.25

    KIER GROUP 1286.00 1095.00 1408.00 Neutral Strong Buy 3451 0.94

    LOW & BONAR 72.50 49.00 73.00 Neutral Strong Buy 211 1.07MARSHALLS 110.00 76.00 110.00 Neutral Strong Buy 298 1.37

    MORGAN SINDALL GROUP 542.00 508.00 695.00 Neutral Strong Buy 3481 0.86

    NORCROS 15.00 9.25 16.75 Neutral Strong Buy 36 1.11

    PERSIMMON 950.00 532.00 956.50 Neutral Buy 1166 1.15

    REDROW 173.00 107.30 195.80 Neutral Strong Buy 303 1.05

    SIG 148.70 82.30 148.70 Neutral Strong Buy 500 1.74

    SUPERGLASS HOLDINGS 5.13 4.50 21.50 Neutral Strong Buy 45 0.89

    TAYLOR WIMPEY 84.80 40.28 84.80 Neutral Buy 99 1.58

    TRAVIS PERKINS 1335.00 906.50 1335.00 Neutral Strong Buy 2701 1.97

    WOLSELEY 3281.00 2121.32 3281.00 Neutral Strong Buy 5506 1.43

    Electronics & Electrical EquipmentOver Valued

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

    DIALIGHT 1328.00 888.00 1345.00 Neutral Sell 781 0.78

    DOMINO PRINTING SCIENCES 717.00 509.00 717.00 Neutral Buy 861 1.18

    E2V TECHNOLOGIES 117.50 105.50 149.50 Neutral Strong Buy 249 1.30

    INVENSYS 364.80 186.10 366.80 Neutral Sell 346 1.42

    LAIRD 237.40 177.00 249.30 Neutral Sell 88 2.12

    OXFORD INSTRUMENTS 1738.00 1096.00 1 752.00 Neutral Sell 1194 1.01

    RENISHAW 1898.00 1260.00 2081.00 Neutral Buy 2460 1.26

    SPECTRIS 2374.00 1427.00 2459.00 Neutral Sell 2234 1.52

    BIOME TECHNOLOGIES 0.09 0.08 0.22 Neutral Buy 0 0.84

    TT ELECTRONICS 173.75 114.00 203.50 Neutral Strong Buy 399 1.59

    XAAR 343.88 185.00 343.88 Neutral Sell 231 1.11

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    Engineering & Machinery Over Valued

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

    AGA RANGEMASTER GROUP 86.00 54.25 92.00 Neutral Buy 111 1.26

    BODYCOTE 555.00 310.30 556.50 Neutral Neutral 529 1.61

    CASTINGS 342.00 277.75 358.50 Neutral Strong Buy 723 0.99

    VESUVIUS 392.50 263.19 395.30 Neutral Buy 514 2.19

    FENNER 415.00 329.30 481.00 Neutral Buy 576 1.42

    HALMA 514.00 373.10 514.00 Sell Sell 407 0.75

    HILL & SMITH 464.25 297.00 480.00 Neutral Sell 350 1.37

    IMI 1327.00 776.00 1327.00 Sell Neutral 1414 1.40

    METALRAX GROUP 3.05 2.93 8.95 Neutral Buy 3 0.85

    MORGAN CRUCIBLE 297.20 220.30 351.40 Neutral Strong Buy 563 1.82

    ROTORK 2933.00 1859.00 2937.00 Neutral Sell 2187 1.00

    SENIOR 248.90 177.00 248.90 Neutral Sell 231 1.65

    SEVERFIELD-ROWEN 71.00 68.00 203.50 Neutral Neutral 77 0.73

    SPIRAX-SARCO 2615.00 1900.00 2630.00 Neutral Sell 2356 0.84

    VITEC GROUP 630.00 586.50 740.00 Neutral Neutral 627 1.39WEIR GROUP 2416.00 1397.00 2417.00 Neutral Sell 2112 1.39

    Food & Drug Stores Over Valued

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

    GREGGS 506.00 449.00 558.00 Neutral Buy 694 0.47

    MORRISON(WM)SPMKTS. 263.00 248.60 305.70 Buy Sell 207 0.39

    SAINSBURY (J) 342.00 283.50 361.10 Neutral Sell 227 0.58

    TESCO 379.95 297.05 379.95 Neutral Sell 290 0.69

    THORNTONS 59.25 18.88 62.25 Neutral Sell 40 0.83

    Food Producers & Processors Under Valued

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

    ASSOCIATED BRIT.FOODS 1868.00 1167.00 1 868.00 Neutral Sell 1456 0.62

    CRANSWICK 1000.00 732.50 1011.00 Neutral Buy 1425 0.49

    DAIRY CREST 438.00 290.40 438.00 Neutral Sell 397 0.92

    DEVRO 343.00 278.00 380.00 Neutral Neutral 332 0.31

    PREMIER FOODS 86.00 54.50 180.00 Neutral Sell -162 1.25

    TATE & LYLE 830.00 633.50 840.00 Neutral Buy 1027 0.70

    UNILEVER (UK) 2744.00 2005.00 2744.00 Neutral Buy 3479 0.57

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    General Retail Under Valued

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

    ASHLEY(LAURA) HOLDINGS 29.25 20.50 29.50 Neutral Buy 33 0.69

    BROWN (N) GROUP 398.00 222.40 405.90 Neutral Sell 358 0.53

    BURBERRY GROUP 1417.00 1000.00 1586.00 Neutral Sell 971 1.27

    CARPETRIGHT 668.00 585.00 728.50 Neutral Sell 278 0.94

    DIXONS RETAIL 31.77 12.67 31.91 Neutral Buy 36 1.50

    FINDEL 6.72 2.76 9.30 Neutral Sell 3 1.08

    FRENCH CONNECTN.GROUP 25.00 19.50 55.75 Neutral Strong Buy 109 0.98

    HALFORDS GROUP 313.60 189.00 356.80 Neutral Strong Buy 495 0.67

    JD SPORTS FASHION 820 .00 606 .50 841 .00 Neutral Strong Buy 1505 0.52

    DARTY 48.50 38.00 77.25 Neutral Strong Buy 81 1.24

    KINGFISHER 289.80 254.10 313.80 Neutral Buy 386 0.92

    MARKS & SPENCER GROUP 362.40 312.20 398.80 Neutral Buy 511 0.64

    MOSS BROTHERS GROUP 67.00 42.00 71.00 Neutral Sell 59 1.04

    MOTHERCARE 291.50 152.00 362.00 Neutral Buy 322 0.46

    NEXT 4173.00 2721.00 4247.00 Neutral Sell 3672 0.66TED BAKER 1243.00 775.00 1263.00 Neutral Sell 650 0.55

    TOPPS TILES 63.00 32.13 68.00 Neutral Sell 50 1.48

    Heath Over Valued

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

    BIOQUELL 139.00 119.00 160.00 Neutral Sell 107 0.45

    CONSORT MEDICAL 751.00 584.00 831.50 Neutral Sell 592 0.40

    OPTOS 196.00 160.00 279.25 Buy Sell 176 1.21

    SMITH & NEPHEW 725.00 580.00 734.00 Neutral Sell 665 0.41

    Household Goods & Textiles Over Valued

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

    GAMES WORKSHOP 630.00 530.00 720.50 Neutral Neutral 616 0.43

    HEADLAM GROUP 336.00 263.00 355.00 Neutral Sell 295 0.92

    HORNBY 78.63 55.25 104.00 Neutral Buy 103 0.75

    Information Technology & Hardware Over Valued

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

    ARM HOLDINGS 945.50 469.00 971.50 Neutral Sell 620 0.74

    CSR 487.60 194.60 487.60 Neutral Strong Buy 1523 1.17FILTRONIC 83.25 23.50 83.25 Sell Sell 55 0.90

    IMAGINATION TECHN OLOGIES 521.50 383.50 717.00 Neutral Buy 576 1.08

    SPIRENT COMMUNICATIONS 153.10 1 39.20 174.00 Neutral Strong Buy 709 0.95

    WOLFSON MICROELECTR ON ICS 197.00 165.75 230.00 Neutral Sell -688 0.91

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    Insurance Under Valued

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

    ADMIRAL GROUP 1353.00 1019.00 1356.00 Neutral Sell -786 0.54

    AMLIN 424.60 312.90 431.20 Neutral Sell -3156 0.46

    BEAZLEY 211.20 132.50 215.40 Neutral Strong Buy 2633 0.59

    CATLIN GROUP 522.00 399.00 540.00 Neutral Strong Buy 799 0.30

    HISCOX 558.00 371.30 558.00 Neutral Strong Buy 2101 0.48

    JARDINE LLOYD THOMPSON 812 .50 659 .00 818 .00 Neutral Strong Buy 2959 0.31

    RSA INSURANCE GROUP 120.10 97.65 136.30 Neutral Strong Buy 1718 0.41

    NOVAE GROUP 475.75 340.00 475.75 Neutral Strong Buy 1931 0.47

    Leisure & Hotels Over Valued

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

    CARNIVAL 2529.00 1900.00 2628.00 Neutral Strong Buy 3890 1.00

    ENTERPRISE INNS 111.50 50.25 111.50 Neutral Sell 82 1.59

    TUI TRAVEL 309.00 158.00 330.00 Neutral Strong Buy 792 0.99

    FULLER SMITH 'A' 805.50 680.00 810.00 Neutral Sell 658 0.38

    GREENE KING 705.00 474.30 711.00 Neutral Sell 622 0.90

    LADBROKES 225.20 152.50 235.60 Neutral Sell 182 0.94

    ICTL.HTLS.GP. 1971.00 1396.63 1989.00 Neutral Sell 1616 1.17

    MILLENNIUM & CPTH.HTLS. 550.00 455.40 568.50 Neutral Buy 616 1.38

    MITCHELLS & BUTLERS 338.50 217.40 349.70 Neutral Sell 303 1.08

    BWIN PARTY DIGITAL ENTM. 155.80 91.90 164.50 Neutral Sell 91 1.25

    PUNCH TAVERNS 10.50 5 .61 13.12 Neutral Strong Buy 49 1.25

    RANK GROUP 165.00 111.00 167.40 Neutral Strong Buy 499 1.00

    RESTAURANT GROUP 437.80 269.20 444.10 Neutral Sell 319 0.74

    WETHERSPOON (JD) 503.00 371.30 548.50 Neutral Buy 740 0.68

    WHITBREAD 2579.00 1686.00 2692.00 Neutral Sell 1935 0.99WILLIAM HILL 424.60 239.20 443.30 Neutral Sell 278 0.86

    MARSTON'S 142.40 94.40 143.00 Neutral Sell 28 1.19

    Life Assurance Over Valued

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

    AVIVA 324.80 255.30 388.40 Neutral Strong Buy 1206 1.25

    CHESNARA 228.75 155.25 233.50 Neutral Strong Buy 356 0.70

    LEGAL & GENERAL 166.50 106.00 166.50 Neutral Strong Buy 300 1.70

    OLD MUTUAL 210.10 138.70 211.40 Neutral Sell 171 1.57

    PRUDENTIAL 1016.00 660.00 1016.00 Sell Sell 940 1.70

    ST.JAMES'S PLACE 537.00 303.40 537.00 Sell Sell 436 0.85

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    Media & Entertainment Over Valued

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

    AEGIS GROUP 238.80 153.20 238.80 Neutral Sell -580 1.28

    BLOOMSBURY PBL. 108.50 102.00 146.50 Neutral Strong Buy 1627 0.35

    BRITISH SKY BCAST.GROUP 860.00 635.50 888.50 Neutral Strong Buy 142 0.54

    CENTAUR MEDIA 47.00 28.50 60.00 Neutral Strong Buy 3128 1.01

    DAILY MAIL 'A' 707.50 363.50 722.00 Neutral Strong Buy 6631 1.12

    EUROMONEY INSTL.INVESTOR 910.00 672.50 951.50 Neutral Sell -66 0.98

    INFORMA 520.00 340.00 520.00 Neutral Strong Buy 241 1.53

    ITE GROUP 283.00 180.00 283.00 Neutral Strong Buy 1254 1.44

    ITV 129.00 69.45 129.00 Neutral Strong Buy 1608 1.54

    JOHNSTON PRESS 12.75 4.88 15.00 Neutral Buy 303 1.25

    PEARSON 1165.00 1111.00 1294.00 Neutral Strong Buy 2432 0.63

    PHOTO-ME INTL. 76.25 36.25 80.00 Neutral Buy 448 0.79

    PINEWOOD SHEPPERTON 274.13 257.50 377.50 Neutral Sell -578 0.16

    THOMSON REUTERS 31.61 26.85 31.71 Neutral Sell 262 0.52

    STV GROUP 146.88 81.50 146.88 Neutral Strong Buy 714 0.78ST.IVES 121.75 67.50 125.00 Neutral Sell -271 1.49

    TRINITY MIRROR 121.00 25.50 121.25 Neutral Strong Buy 1642 1.57

    UBM 749.50 511.00 788.00 Neutral Strong Buy 1238 1.31

    WILMINGTON GROUP 159.50 82.00 164.00 Neutral Sell 173 0.85

    WPP 1088.00 743.00 1088.00 Neutral Strong Buy 780 1.34

    HIBU 0.36 0.26 4.15 Neutral Sell 1 1.06

    Mining Under Valued

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

    ANGLO AMERICAN 1850.50 1664.00 2618.00 Neutral Strong Buy 3096 1.75

    ANGLO PACIFIC GROUP 263.75 221.25 340.00 Neutral Buy 295 0.99ANTOFAGASTA 1069.00 991.00 1381.00 Neutral Sell 1002 1.42

    BHP BILLITON 2097.00 1681.00 2236.00 Neutral Strong Buy 3678 1.45

    LONMIN 336.90 240.84 599.98 Neutral Sell 48 2.04

    RANDGOLD RESOURCES 5445.00 4596.00 7775.00 Neutral Sell 3102 0.34

    RIO TINTO 3425.50 2715.50 3757.00 Neutral Neutral 3704 1.51

    COALFIELD RESOURCES 4.33 3.75 30.75 Buy Strong Buy 176 0.89

    VEDANTA RESOURCES 832.50 1430.00 Neutral Strong Buy 2650 2.21

    XSTRATA 1160.50 785.80 1205.00 Neutral Sell 1096 1.87

    Oil & Gas Under Valued

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

    BG GROUP 1169.00 1000.50 1547.00 Neutral Neutral 1268 0.81

    BP 450.70 391.95 499.05 Neutral Strong Buy 1599 1.05

    CAIRN ENERGY 292.50 248.20 349.00 Neutral Sell -38 1.32

    FORTUNE OIL 10.38 7.86 12.50 Neutral Buy 15 0.91

    HUNTING 929.00 688.00 968.00 Neutral Sell 546 1.32

    JKX OIL & GAS 72.50 55.00 187 .75 Sell Strong Buy 307 1.36

    PREMIER OIL 397.30 321.30 429.00 Neutral Sell 306 1.44

    ROYAL DUTCH SHELL B 2271.00 2039.00 2366.50 Neutral Strong Buy 11328 0.86

    SOCO INTERNATIONAL 377.00 254.90 400.00 Neutral Sell 259 0.52

    TULLOW OIL 1248.00 1138.00 1570.00 Neutral Sell 819 1.06

    WOOD GROUP (JOHN) 866.50 651.50 875.50 Neutral Neutral 882 1.36

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    Personal Care & Household Products Over Valued

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

    MCBRIDE 146.00 102.70 146.75 Neutral Strong Buy 281 0.83

    PZ CUSSONS 413.40 296.10 415.60 Neutral Sell 348 0.69

    RECKITT BENCKISER GROUP 4635.00 3 300.00 4635.00 Neutral Neutral 4677 0.36

    Pharmaceuticals & Biotechnology Over Valued

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

    ARK THERAPEUTICS GP. 0.92 0.60 3.98 Buy Strong Buy 7 1.01

    ASTRAZENECA 3040.00 2591.00 3168.00 Neutral Strong Buy 4570 0.48

    BTG 342.40 300.30 423.00 Neutral Sell 189 0.62

    DECHRA PHARMACEUTICALS 727.00 418.33 743.00 Neutral Buy 932 0.26

    GLAXOSMITHKLINE 1486.00 1317.50 1507.50 Neutral Sell 757 0.49

    OXFORD BIOMEDICA 2.08 2.05 5.80 Buy Strong Buy 4 0.64

    PHYTOPHARM 1.70 1.70 12.75 Buy Buy 2 0.94

    SHIRE 2054.00 1727.00 2247.00 Neutral Sell 1024 0.65

    SKYEPHARMA 59.00 33.50 101.50 Neutral Sell -121 0.72

    VERNALIS 23.63 21.63 27.38 Neutral Strong Buy 58 0.89

    Real Estate Under Valued

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

    BIG YELLOW GROUP 379.00 274.50 387.50 Neutral Sell -580 1.15

    BRITISH LAND 584.50 467.10 585.50 Neutral Strong Buy 1627 1.03

    CAPITAL & REGIONAL 28.75 22.75 34.25 Sell Strong Buy 142 0.82

    CLS HOLDINGS 845.00 595.00 856.50 Neutral Strong Buy 3128 0.69

    DERWENT LONDON 2220.00 1689.00 2239.00 Neutral Strong Buy 6631 1.21DEVELOPMENT SECS. 155.50 121.75 176.00 Neutral Sell -66 0.97

    GRAINGER 136.00 83.10 139.40 Neutral Strong Buy 241 1.54

    GREAT PORTLAND ESTATES 509.50 345.60 514.00 Sell Strong Buy 1254 1.06

    HAMMERSON 518.00 404.50 525.00 Neutral Strong Buy 1608 1.16

    HELICAL BAR 246.00 164.00 249.75 Neutral Buy 303 0.75

    LAND SECURITIES GROUP 847.50 704.00 849.00 Neutral Strong Buy 2432 1.15

    INTU PROPERTIES 328.70 305.00 366.00 Neutral Buy 448 1.08

    MCKAY SECURITIES 143.75 125.00 144.50 Neutral Sell -578 0.72

    MUCKLOW (A & J) GROUP 367.75 310.00 390.00 Neutral Sell 262 0.42

    PRIMARY HEALTH PROPS. 343.75 311.00 364.50 Neutral Strong Buy 714 0.35

    QUINTAIN ESTATES & DEV. 67.00 32.50 70.00 Sell Sell -271 1.17

    SAVILLS 547.50 300.80 568.50 Neutral Strong Buy 1642 0.74

    SHAFTESBURY 590.50 482.20 590.50 Neutral Strong Buy 1238 1.03

    SEGRO 268.50 209.40 268.50 Neutral Sell 173 1.70

    ST MODWEN PROPS. 257.00 145.50 280.20 Neutral Strong Buy 780 1.55

    TOWN CENTRE SECURITIES 202.00 147.00 215.00 Neutral Sell 1 1.04

    UNITE GROUP 310.00 180.25 310.00 Neutral Sell 28 1.75

    WARNER ESTATE 1.68 1.00 3.35 Sell Sell -967 1.02

    WORKSPACE GROUP 360.00 213.25 363.20 Neutral Sell 0 1.02

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    Software & Computer Services Under Valued

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

    ANITE 155.00 110.75 162.00 Neutral Sell 128 0.76

    AVEVA GROUP 2274.00 1469.00 2322.00 Neutral Sell 1370 1.40

    COMPUTACENTER 486.60 292.40 514.50 Neutral Strong Buy 1410 1.00

    KOFAX 294.75 240.00 325.75 Neutral Buy 336 1.12

    INNOVATION GROUP 25.00 18.25 25.50 Neutral Sell 23 0.83

    MICRO FOCUS INTL. 700.50 426.17 700.50 Neutral Buy 1029 0.79

    PHOENIX IT GROUP 157.00 135.00 231.75 Neutral Strong Buy 326 0.74

    RM 75.00 70.25 92.25 Neutral Sell -97 0.52

    FIDESSA GROUP 1966.00 1275.00 1970.00 Neutral Buy 2172 0.77

    SAGE GROUP 349.40 247.70 352.10 Neutral Buy 434 0.72

    Speciality & Other Finance Over Valued

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

    ABERDEEN ASSET MAN. 430.10 237.30 441.90 Neutral Sell 165 1.09

    BREWIN DOLPHIN 198.50 136.30 222.00 Neutral Sell 122 0.71

    CAMELLIA 10400.00 9250.00 11105.00 Neutral Sell 9681 0.83

    CHARLES STANLEY GROUP 368.63 247.50 371.50 Neutral Sell 169 0.97

    CHARLES TAYLOR 177.50 132.00 189.75 Neutral Sell 99 0.68

    CLOSE BROTHERS GROUP 1089.00 673.50 1089.00 Sell Sell 165 0.87

    F&C ASSET MANAGEMENT 109.50 64.75 110.40 Neutral Sell 102 0.89

    HELPHIRE GROUP 3.04 0.55 3.30 Sell Strong Buy 40 0.68

    HENDERSON GROUP 169.10 90.55 169.10 Neutral Sell 48 1.44

    ICAP 342.60 281.40 431.50 Neutral Sell 197 1.07

    INTERMEDIATE CAPITAL GP. 403.50 227.30 403.50 Neutral Sell 195 1.68

    INVESTEC 509.00 310.40 509.00 Neutral Sell 90 1.55

    LONDON STOCK EX.GROUP 1383.00 930.00 1396.00 Neutral Strong Buy 3845 1.12MAN GROUP 99.50 63.25 145.00 Neutral Sell 91 1.32

    RATHBONE BROTHERS 1437.00 1151.00 1472.00 Neutral Sell 1109 0.74

    SCHRODERS 2128.00 1166.00 2128.00 Sell Sell 1245 1.31

    SCHRODERS NV 1700.00 966.00 1700.00 Sell Strong Buy 4224 1.27

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    Support Services Over Valued

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

    ACAL 236.00 157.75 236.00 Neutral Buy 306 0.93

    AGGREKO 1879.00 1557.00 2400.00 Neutral Sell 1293 1.04

    AMEC 1050.00 923.00 1172.00 Neutral Neutral 1080 1.04

    ASHTEAD GROUP 591.50 212.20 591.50 Sell Sell 317 1.61

    BABCOCK INTL. 1079.00 743.50 1104.00 Neutral Sell 667 0.48

    BRITISH POLYTHENE INDS. 502.50 317.00 508.00 Neutral Strong Buy 806 0.77

    BUNZL 1306.00 990.00 1320.00 Neutral Sell 826 0.55

    UK MAIL GROUP 375.00 214.00 380.00 Neutral Buy 445 0.38

    CAPITA 894.00 602.00 904.50 Neutral Sell 524 0.50

    COMMUNISIS 52.25 25.34 53.50 Neutral Buy 68 0.78

    COMPASS GROUP 834.50 616.00 834.50 Neutral Sell 608 0.74

    BERENDSEN 718.00 462.00 721.50 Neutral Buy 979 1.04

    DE LA RUE 898.50 885.50 1075.00 Neutral Sell 589 #NA

    DIGNITY 1366.00 803.50 1366.00 Sell Sell 814 0.21

    DIPLOMA 620.00 395.30 627.50 Neutral Sell 487 0.95ELECTROCOMP. 265.00 195.20 265.00 Neutral Buy 322 1.03

    FILTRONA 659.00 428.00 660.50 Neutral Sell 357 1.10

    G4S 300.50 240.00 300.50 Neutral Neutral 292 0.58

    HAYS 98.00 66.40 100.00 Neutral Buy 122 1.10

    HOMESERVE 244.00 137.50 255.70 Neutral Strong Buy 488 0.93

    INTERSERVE 495.80 270.10 500.50 Neutral Buy 694 1.27

    INTERTEK GROUP 3436.00 2406.00 3440.00 Neutral Sell 1454 0.78

    JOHNSON SERVICE GROUP 43.25 26.50 43.25 Neutral Strong Buy 94 1.17

    MANAGEMENT CNSL.GP. 28.63 21.25 39.50 Neutral Strong Buy 55 0.71

    MENZIES (JOHN) 773.00 542.00 785.00 Neutral Strong Buy 1314 1.43

    MICHAEL PAGE INTL. 451.80 341.40 497.00 Neutral Sell 322 1.41

    MITIE GROUP 293.00 253.90 300.80 Neutral Buy 343 0.55

    OFFICE2OFFICE 99.00 91.50 163.75 Neutral Strong Buy 240 0.35

    PAYPOINT 847.00 573.50 901.00 Neutral Sell 694 0.70

    PREMIER FARNELL 232.00 153.20 232.00 Neutral Buy 289 1.32

    REGUS 150.20 82.65 150.80 Neutral Sell 107 1.45

    RENTOKIL INITIAL 91.35 69.40 97.95 Neutral Sell 55 1.25

    REXAM 522.50 394.28 522.50 Neutral Buy 637 0.91

    RICARDO 409.00 304.50 412.00 Neutral Buy 472 0.85

    ROBERT WALTERS 213.00 176.25 264.63 Neutral Buy 310 1.23

    RPC GROUP 467.50 348.30 467.50 Neutral Buy 536 0.78

    RPS GROUP 258.00 197.00 258.00 Neutral Neutral 248 1.50

    SERCO GROUP 626.50 509.50 630.50 Neutral Sell 581 0.59

    SHANKS GROUP 82.50 75.80 102.20 Neutral Strong Buy 169 1.46

    SPEEDY HIRE 45.50 22.25 45.50 Neutral Buy 52 1.25TRIBAL GROUP 129.62 70.00 133.75 Neutral Sell 51 0.55

    TRIFAST 56.00 39.50 59.00 Neutral Neutral 61 0.92

    VP 335.00 234.75 354.88 Neutral Strong Buy 622 0.86

    WYG 71.00 42.00 75.00 Neutral Strong Buy 184 0.78

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    Telecommunication Services Over Valued

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

    BT GROUP 267.00 200.70 281.00 Neutral Buy 297 0.90

    CABLE & WIRELESS COMMS. 41.94 27.28 42.63 Neutral Strong Buy 76 0.69

    INMARSAT 650.50 390.80 667.00 Neutral Sell 558 0.53

    KCOM GROUP 80.25 67.00 85.20 Neutral Buy 117 1.24

    TELECOM PLUS 1000.00 629.50 1010.00 Neutral Sell 655 0.11

    VODAFONE GROUP 184.35 154.45 191.25 Neutral Sell 151 0.54

    Transport Under Valued

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

    BBA AVIATION 256.00 178.00 262.00 Neutral Sell 185 1.29

    BRAEMAR SHIPPING SVS. 385.00 309.50 425.00 Neutral Buy 428 0.98

    CLARKSON 1485.00 1150.00 1488.00 Neutral Neutral 1411 0.81

    EASYJET 1058.00 435.80 1058.00 Neutral Sell 626 0.74

    FIRST GROUP 193.50 175.70 297.00 Neutral Strong Buy 510 0.90

    FISHER(JAMES)& SONS 920.50 535.00 933.00 Neutral Sell 364 0.77

    GO-AHEAD GROUP 1455.00 1086.00 1460.00 Neutral Buy 1707 0.89

    NATIONAL EXPRESS 206.50 164.50 252.00 Neutral Buy 231 1.33

    NORTHGATE 338.25 159.60 338.25 Neutral Strong Buy 577 1.40

    STAGECOACH GROUP 302.10 230.40 319.60 Neutral Buy 340 0.89

    WINCANTON 58.25 31.00 81.50 Sell Sell -38 0.90

    Utilities Under Valued

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

    CENTRICA 352.10 306.30 361.40 Neutral Buy 478 0.46

    NATIONAL GRID 734.50 626.00 735.50 Neutral Buy 821 0.49

    PENNON GROUP 650.00 598.00 796.00 Neutral Buy 766 0.58

    SSE 1466.00 1294.00 1469.00 Neutral Buy 1732 0.42

    SEVERN TRENT 1621.00 1507.00 1796.00 Neutral Sell 1481 0.34

    UNITED UTILITIES GROUP 711.50 594.00 747.50 Neutral Sell 657 0.50

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