value indicator - uk main market 20130416

7/28/2019 value indicator - uk main market 20130416

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16 April 2013

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Intellisys Intelligent Analysis Limited 16 April 2013

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

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued .....................................................................6Automobiles & Parts Under Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail 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 Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance 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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90.0%

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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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110.0%

120.0%

Best Buy/Sell Trend


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 397.30 270.90 397.30 Neutral Buy 582 0.66

CHEMRING GROUP 275.30 217.00 414.70 Neutral Buy 329 0.66

COBHAM 241.10 190.10 248.10 Neutral Buy 288 0.83

MEGGITT 485.90 364.30 494.20 Neutral Sell 411 1.32

ROLLS-ROYCE HOLDINGS 1131.00 788.92 1135.00 Neutral Neutral 1086 1.08

SMITHS GROUP 1254.00 979.50 1328.00 Neutral Sell 1051 0.71

ULTRA ELECTRONICS HDG. 16 48.00 1424.00 1745.00 Neutral Sell 1545 0.50

Automobiles & Parts Under Valued

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

GKN 266.00 173.60 285.00 Neutral Neutral 256 2.00

INCHCAPE 513.50 305.20 530.00 Neutral Neutral 498 1.48

LOOKERS 95.25 56.50 100.50 Neutral Neutral 105 1.24

PENDRAGON 22.25 13.25 25.00 Neutral Buy 33 1.12

Banks Over Valued


BARCLAYS 303.90 150.55 327.35 Neutral Sell 57 1.93

HSBC HDG. (ORD $0.50) 692.00 503.20 740.00 Neutral Strong Buy 1215 1.17

LLOYDS BANKING GROUP 48.68 25.29 55.68 Sell Strong Buy 76 1.87

ROYAL BANK OF SCTL.GP. 287.20 196.60 367.80 Neutral Sell 43 1.34

STANDARD CHARTERED 1654.50 1228.50 1837.50 Neutral Sell 1056 1.70

Beverages Under Valued


BARR (AG) 555.00 348.00 572.00 Neutral Neutral 593 0.55

DIAGEO 2001.50 1477.00 2085.00 Neutral Sell 1776 0.55

SABMILLER 3445.50 2348.50 3552.50 Neutral Buy 3951 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 280.00 240.00 406.40 Neutral Strong Buy 646 #NA

CARCLO 384.75 345.75 503.00 N eu tra l Neu tral 389 0.74

CRODA INTERNATIONAL 2714.00 2094.00 2841.00 Neutral Sell 2159 1.04

ELEMENTIS 258.90 179.00 275.00 Neutral Buy 349 1.00

JOHNSON MATTHE Y 2351.00 2080.27 2573.00 Neutral Strong Buy 11681 1.44

VICTREX 1586.00 1185.00 1736.00 Neutral Sell 1470 1.13

SYNTHOMER 193.90 127.40 239.50 N eu tra l Neu tral 208 1.16

ZOTEFOAMS 220.50 157.00 225.00 Neutral Strong Buy 372 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 88.00 61.50 104.00 Neutral Strong Buy 243 0.52

BALFOUR BEATTY 250.50 225.70 320.80 Neutral Strong Buy 1006 0.79

BARRATT DEVELOPMENTS 286.80 114.00 286.80 Sell Strong Buy 463 1.50

BELLWAY 1321.00 660.00 1321.00 Neutral Strong Buy 1985 1.10

BERKELEY GROUP HDG.(THE) 2064.00 1177 .00 2093.00 Neutral Strong Buy 3443 0.63

BOOT (HENRY) 170.00 115.50 175.00 Neutral Strong Buy 354 0.83

BOVIS HOMES GROUP 729.50 399.30 751.00 Neutral Sell 576 1.14

CARILLION 287.30 235.50 331.80 Neutral Strong Buy 820 1.10

CLARKE (T) 54.00 40.00 61.50 Neutral Strong Buy 276 0.82

COSTAIN GROUP 287.00 188.00 306.00 Neutral Strong Buy 580 0.56

CRH 1430.00 1052.00 1540.00 Neutral Sell 834 1.14

GALLIFORD TRY 932.00 579.00 965.00 Neutral Strong Buy 1754 0.99

KELLER 835.00 348.25 844.00 Neutral Strong Buy 2092 1.25

KIER GROUP 1196.00 1106.00 1408.00 Neutral Strong Buy 3471 0.94

LOW & BONAR 69.75 49.00 76.75 Neutral Strong Buy 210 1.07MARSHALLS 123.50 76.00 127.25 Neutral Strong Buy 294 1.37

MORGAN SINDALL GROUP 551.00 508.00 695.00 Neutral Strong Buy 3407 0.86

NORCROS 16.63 9.25 18.25 Neutral Strong Buy 36 1.11

PERSIMMON 1098.00 532.00 1098.00 Neutral Neutral 1164 1.15

REDROW 200.30 107.30 200.30 Neutral Strong Buy 301 1.05

SIG 157.00 82.30 162.50 Neutral Strong Buy 485 1.74

SUPERGLASS HOLDINGS 5.00 3.88 19.50 Sell Strong Buy 50 0.89

TAYLOR WIMPEY 90.85 40.28 93.50 Neutral Neutral 97 1.58

TRAVIS PERKINS 1463.00 906.50 1465.00 Neutral Strong Buy 2689 1.97

WOLSELEY 3201.00 2121.32 3337.00 Neutral Strong Buy 5356 1.43

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1265.00 935.00 1364.00 Neutral Sell 787 0.78

DOMINO PRINTING SCIENCES 649.00 509.00 717.00 Neutral Buy 864 1.18

E2V TECHNOLOGIES 116.00 105.50 149.50 Neutral Strong Buy 252 1.31

INVENSYS 358.30 186.10 366.80 Neutral Neutral 352 1.42

LAIRD 217.40 177.00 249.30 Neutral Sell 84 2.12

OXFORD INSTRUMENTS 1660.00 1096.00 1 752.00 Neutral Sell 1204 1.01

RENISHAW 1744.00 1260.00 2081.00 Neutral Buy 2425 1.26

SPECTRIS 2351.00 1427.00 2470.00 Neutral Neutral 2261 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.21 Neutral Strong Buy 0 0.83

TT ELECTRONICS 167.00 114.00 190.00 Neutral Strong Buy 414 1.59

XAAR 490.00 185.00 490.00 Sell Sell 238 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.50 54.25 91.75 Neutral Buy 95 1.26

BODYCOTE 516.00 310.30 556.50 Neutral Neutral 508 1.61

CASTINGS 332.50 277.75 358.50 Neutral Strong Buy 705 0.99

VESUVIUS 343.20 263.19 402.10 Neutral Buy 499 2.19

FENNER 379.90 329.30 456.50 Neutral Buy 552 1.42

HALMA 510.50 373.10 531.50 Neutral Sell 399 0.76

HILL & SMITH 436.00 297.00 480.00 Neutral Sell 323 1.37

IMI 1269.00 776.00 1347.00 Neutral Buy 1414 1.40

MORGAN ADVANCED MATERIAL 281.60 220.30 333.90 Neutral Strong Buy 547 1.82

ROTORK 2809.00 1859.00 3037.00 Neutral Sell 2582 0.99

SENIOR 252.70 177.00 252.70 Neutral Sell 211 1.65

SEVERFIELD-ROWEN 43.00 35.40 104.11 Neutral Buy 47 0.73

SPIRAX-SARCO 2669.00 1900.00 2734.00 Neutral Sell 2324 0.84

VITEC GROUP 632.00 586.50 740.00 Neutral Sell 586 1.40

WEIR GROUP 2361.00 1397.00 2474.00 Neutral Sell 2047 1.39

Food & Drug Stores Over Valued


GREGGS 474.00 449.00 523.50 Neutral Strong Buy 714 0.47

MORRISON(WM)SPMKTS. 280.50 248.60 298.30 Neutral Sell 203 0.39

SAINSBURY (J) 384.10 283.50 385.50 Neutral Sell 226 0.58

TESCO 385.40 297.05 385.95 Neutral Sell 288 0.69

THORNTONS 76.00 18.88 78.75 Neutral Sell 54 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1841.00 1167.00 1 931.00 Neutral Buy 2108 0.61

CRANSWICK 1057.00 732.50 1057.00 Neutral Strong Buy 2087 0.49

DAIRY CREST 439.60 290.40 444.00 Neutral Buy 494 0.92

DEVRO 349.00 278.00 380.00 Neutral Buy 521 0.31

PREMIER FOODS 73.25 54.50 170.00 Neutral Sell -182 1.25

TATE & LYLE 842.00 633.50 870.50 Neutral Strong Buy 1564 0.70

UNILEVER (UK) 2792.00 2005.00 2831.00 Neutral Neutral 2791 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.63 20.50 29.50 Neutral Buy 36 0.68

BROWN (N) GROUP 416.50 222.40 429.30 Neutral Sell 367 0.53

BURBERRY GROUP 1318.00 1000.00 1586.00 Neutral Sell 980 1.27

CARPETRIGHT 620.50 585.00 728.50 Neutral Sell 308 0.94

DIXONS RETAIL 33.20 12.67 35.00 Neutral Strong Buy 78 1.50

FINDEL 127.00 55.20 186.00 Neutral Sell -23 1.08

FRENCH CONNECTN.GROUP 29.88 19.50 44.63 Sell Strong Buy 130 0.99

HALFORDS GROUP 334.50 189.00 356.80 Neutral Strong Buy 530 0.67

JD SPORTS FASHION 727 .50 606 .50 841 .00 Neutral Strong Buy 1678 0.52

DARTY 46.25 38.00 65.15 Neutral Strong Buy 258 1.24

KINGFISHER 297.20 254.10 305.70 Neutral Buy 442 0.92

MARKS & SPENCER GROUP 400.40 312.20 400.40 Neutral Buy 583 0.64

MOSS BROTHERS GROUP 59.00 42.00 71.00 Buy Buy 83 1.04

MOTHERCARE 315.75 160.00 362.00 Neutral Strong Buy 1267 0.47

NEXT 4336.00 2896.00 4408.00 Neutral Neutral 4122 0.66TED BAKER 1324.00 830.00 1354.00 Neutral Sell 661 0.55

TOPPS TILES 66.75 32.13 68.00 Neutral Sell 52 1.48

Heath Over Valued


BIOQUELL 147.00 124.00 160.00 Neutral Sell 118 0.45

CONSORT MEDICAL 795.00 584.00 831.50 Neutral Sell 583 0.40

OPTOS 150.00 145.75 264.00 Neutral Buy 167 1.20

SMITH & NEPHEW 754.00 580.00 768.50 Neutral Sell 677 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 651.50 557.00 720.50 Neutral Neutral 637 0.43

HEADLAM GROUP 340.00 263.00 355.00 Neutral Sell 300 0.92

HORNBY 80.50 55.25 97.00 Neutral Buy 105 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 899.50 469.00 971.50 Neutral Sell 537 0.74

CSR 500.00 194.60 500.00 Neutral Strong Buy 1248 1.16FILTRONIC 59.63 23.50 83.25 Neutral Sell 48 0.90

IMAGINATION TECHN OLOGIES 458.60 383.50 705.00 N eutral Neutral 495 1.09

SPIRENT COMMUNICATIONS 130.20 1 29.40 174.00 Neutral Strong Buy 636 0.94

WOLFSON MICROELECTR ON ICS 179.00 165.75 230.00 Neutral Sell -472 0.91


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Insurance Under Valued


ADMIRAL GROUP 1347.00 1019.00 1374.00 Neutral Sell -726 0.54

AMLIN 415.70 312.90 431.50 Neutral Sell -3085 0.46

BEAZLEY 215.00 132.50 219.10 Neutral Strong Buy 2595 0.59

CATLIN GROUP 519.00 399.00 540.00 Neutral Buy 761 0.29

HISCOX 544.50 379.26 574.05 Neutral Strong Buy 2095 0.48

JARDINE LLOYD THOMPSON 838 .00 659 .00 864 .50 Neutral Strong Buy 2919 0.31

RSA INSURANCE GROUP 110.90 97.65 136.30 Neutral Strong Buy 1688 0.40

NOVAE GROUP 458.00 345.00 475.75 Neutral Strong Buy 1907 0.47

Leisure & Hotels Over Valued


CARNIVAL 2267.00 1942.00 2628.00 Neutral Strong Buy 3818 1.00

ENTERPRISE INNS 104.20 55.50 114.70 Neutral Sell 79 1.59

TUI TRAVEL 313.20 158.00 330.00 Neutral Strong Buy 770 0.99

FULLER SMITH 'A' 800.00 700.00 820.00 Neutral Sell 645 0.38

GREENE KING 676.00 474.30 723.50 Neutral Sell 606 0.91

LADBROKES 211.00 152.70 243.10 Neutral Sell 179 0.93

ICTL.HTLS.GP. 1952.00 1396.63 2039.00 Neutral Sell 1605 1.17

MILLENNIUM & CPTH.HTLS. 573.00 455.40 582.50 N eutral Neutral 602 1.38

MITCHELLS & BUTLERS 330.00 217.40 350.10 Neutral Sell 296 1.09

BWIN PARTY DIGITAL ENTM. 138.00 91.90 160.10 Neutral Sell 98 1.25

PUNCH TAVERNS 10.75 5 .61 13.12 Neutral Strong Buy 48 1.25

RANK GROUP 163.10 111.00 177.50 Neutral Strong Buy 497 1.00

RESTAURANT GROUP 470.90 269.20 470.90 Neutral Sell 313 0.74

WETHERSPOON (JD) 545.50 371.30 548.50 Neutral Buy 726 0.69

WHITBREAD 2466.00 1786.00 2692.00 Neutral Sell 1901 0.99WILLIAM HILL 395.20 239.02 411.17 Neutral Sell 257 0.86

MARSTON'S 134.10 94.40 143.00 Neutral Sell 27 1.20

Life Assurance Over Valued


AVIVA 306.50 255.30 388.40 Neutral Strong Buy 1153 1.24

CHESNARA 237.00 155.25 250.00 Neutral Buy 351 0.70

LEGAL & GENERAL 171.60 106.00 175.70 Neutral Strong Buy 290 1.70

OLD MUTUAL 202.90 138.70 211.40 Neutral Sell 174 1.57

PRUDENTIAL 1081.00 660.00 1155.00 Neutral Sell 947 1.70

ST.JAMES'S PLACE 492.50 303.40 537.00 Neutral Sell 422 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 115.00 102.00 146.50 Neutral Sell -536 0.36

BRITISH SKY BCAST.GROUP 864.00 647.00 899.50 Neutral Strong Buy 1533 0.54

CENTAUR MEDIA 44.00 28.50 60.00 Neutral Strong Buy 137 1.01

DAILY MAIL 'A' 703.50 363.50 722.00 Neutral Strong Buy 2980 1.12

EUROMONEY INSTL.INVESTOR 994.50 672.50 994.50 Neutral Strong Buy 6573 0.98

INFORMA 513.50 340.00 537.00 Neutral Sell -63 1.53

ITE GROUP 276.50 180.00 289.40 Neutral Strong Buy 218 1.44

ITV 126.70 69.45 132.30 Neutral Strong Buy 1176 1.54

JOHNSTON PRESS 16.00 4.88 16.00 Neutral Strong Buy 1554 1.26

PEARSON 1155.00 1111.00 1294.00 Neutral Buy 285 0.62

PHOTO-ME INTL. 75.00 36.25 82.50 Neutral Strong Buy 2334 0.79

PINEWOOD SHEPPERTON 274.00 265.00 377.50 Neutral Strong Buy 788 0.15

THOMSON REUTERS 33.18 26.85 33.32 Neutral Sell -537 0.52

STV GROUP 133.50 81.50 146.88 Neutral Sell 247 0.78

ST.IVES 136.00 67.50 139.25 Neutral Strong Buy 676 1.49TRINITY MIRROR 95.25 25.50 121.25 Neutral Sell -244 1.57

UBM 718.50 511.00 788.00 Neutral Strong Buy 1620 1.31

WILMINGTON GROUP 156.00 82.00 164.00 Neutral Strong Buy 1193 0.85

WPP 1080.00 743.00 1092.00 Neutral Sell -453 1.34

HIBU 0.39 0.26 3.91 Neutral Strong Buy 726 1.07

Mining Under Valued


ANGLO AMERICAN 1671.00 1639.50 2412.00 Neutral Strong Buy 2873 1.75

ANGLO PACIFIC GROUP 232.00 221.25 320.00 Neutral Buy 273 0.99ANTOFAGASTA 1015.00 952.50 1381.00 Neutral Sell 936 1.43

BHP BILLITON 1933.00 1681.00 2236.00 Neutral Strong Buy 3405 1.45

LONMIN 291.00 240.84 564.35 Neutral Sell 28 2.03

RANDGOLD RESOURCES 5195.00 4596.00 7775.00 Neutral Sell 2889 0.34

RIO TINTO 3140.00 2715.50 3757.00 Neutral Neutral 3425 1.51

COALFIELD RESOURCES 4.50 3.75 22.50 Neutral Strong Buy 164 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Strong Buy 2379 2.21

XSTRATA 1060.50 785.80 1205.00 Neutral Neutral 1010 1.88

Oil & Gas Under Valued


BG GROUP 1124.00 1000.50 1451.00 Neutral Buy 1238 0.81

BP 451.70 391.95 475.90 Neutral Strong Buy 1572 1.05

CAIRN ENERGY 296.10 248.20 349.00 Neutral Sell -38 1.32

FORTUNE OIL 8.30 7.66 12.50 Neutral Strong Buy 14 0.90

HUNTING 893.50 688.00 954.00 Neutral Sell 465 1.32

JKX OIL & GAS 72.50 55.00 148 .75 Neutral Strong Buy 304 1.36

PREMIER OIL 397.80 321.30 401.20 Neutral Sell 295 1.45

ROYAL DUTCH SHELL B 2182.50 2039.00 2366.50 Neutral Strong Buy 11601 0.86

SOCO INTERNATIONAL 392.20 254.90 404.30 Neutral Sell 254 0.52

TULLOW OIL 1169.00 1138.00 1557.00 Neutral Sell 916 1.05

WOOD GROUP (JOHN) 865.50 651.50 879.50 Neutral Neutral 824 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 115.00 102.70 146.75 Neutral Strong Buy 258 0.83

PZ CUSSONS 397.90 297.20 415.60 Neutral Sell 325 0.69

RECKITT BENCKISER GROUP 4657.00 3 300.00 4812.00 Neutral Neutral 4702 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.40 0.37 3.88 Buy Sell -0 1.01

ASTRAZENECA 3324.50 2591.00 3340.00 Neutral Strong Buy 7411 0.47

BTG 354.80 300.30 423.00 Neutral Sell 164 0.62

DECHRA PHARMACEUTICALS 777.50 444.50 780.00 Neutral Sell 727 0.26

GLAXOSMITHKLINE 1565.50 1317.50 1565.50 Neutral Neutral 1610 0.49

OXFORD BIOMEDICA 1.63 1.55 5.80 Buy Sell 0 0.65

PHYTOPHARM 1.30 1.30 12.75 Buy Neutral 1 0.94

SHIRE 1962.00 1727.00 2153.00 Neutral Sell 1340 0.65

SKYEPHARMA 45.50 37.00 101.50 Neutral Sell -95 0.71

VERNALIS 22.50 21.63 27.38 Neutral Strong Buy 35 0.90

Real Estate Under Valued


BIG YELLOW GROUP 369.00 274.50 387.50 Neutral Sell -536 1.15

BRITISH LAND 580.50 470.10 585.50 Neutral Strong Buy 1533 1.03

CAPITAL & REGIONAL 33.50 22.75 34.25 Sell Strong Buy 137 0.82

CLS HOLDINGS 856.00 595.00 870.00 Neutral Strong Buy 2980 0.69

DERWENT LONDON 2235.00 1689.00 2239.00 Neutral Strong Buy 6573 1.20DEVELOPMENT SECS. 153.75 121.75 175.00 Neutral Sell -63 0.97

GRAINGER 135.70 83.10 140.60 Neutral Strong Buy 218 1.54

GREAT PORTLAND ESTATES 512.00 345.60 514.00 Sell Strong Buy 1176 1.06

HAMMERSON 510.50 404.50 525.00 Neutral Strong Buy 1554 1.16

HELICAL BAR 249.00 164.00 249.75 Neutral Buy 285 0.75

LAND SECURITIES GROUP 858.50 704.00 858.50 Neutral Strong Buy 2334 1.15

INTU PROPERTIES 340.90 305.00 366.00 Neutral Strong Buy 788 1.08

MCKAY SECURITIES 142.00 126.00 145.00 Neutral Sell -537 0.72

MUCKLOW (A & J) GROUP 370.00 315.00 390.00 Neutral Sell 247 0.41

PRIMARY HEALTH PROPS. 337.00 312.00 364.50 Neutral Strong Buy 676 0.35

QUINTAIN ESTATES & DEV. 65.25 32.50 70.00 Sell Sell -244 1.17

SAVILLS 517.50 300.80 599.00 Neutral Strong Buy 1620 0.74

SHAFTESBURY 601.00 482.20 601.00 Neutral Strong Buy 1193 1.03

SEGRO 259.00 209.40 271.00 Neutral Sell -453 1.70

ST MODWEN PROPS. 268.50 145.50 280.20 Neutral Strong Buy 726 1.55

TOWN CENTRE SECURITIES 200.00 147.00 215.00 Neutral Sell -10 1.05

UNITE GROUP 321.20 180.25 330.00 Neutral Sell 34 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -996 1.01

WORKSPACE GROUP 369.20 213.25 369.20 Neutral Sell 0 1.02


13/17



Software & Computer Services Under Valued


ANITE 122.00 111.00 162.00 Neutral Neutral 120 0.76

AVEVA GROUP 2137.00 1469.00 2322.00 Neutral Sell 1295 1.40

COMPUTACENTER 567.00 292.40 567.00 Sell Strong Buy 1328 1.01

KOFAX 314.25 240.00 325.75 Neutral Neutral 318 1.12

INNOVATION GROUP 25.25 18.25 25.50 Neutral Sell 24 0.83

MICRO FOCUS INTL. 685.50 426.17 706.00 Neutral Buy 965 0.79

PHOENIX IT GROUP 131.00 131.00 231.75 Buy Strong Buy 306 0.74

RM 77.50 70.25 89.00 Neutral Sell -89 0.53

FIDESSA GROUP 1900.00 1275.00 1970.00 Neutral Neutral 2049 0.77

SAGE GROUP 341.50 247.70 352.10 Neutral Buy 409 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 424.00 237.30 441.90 Neutral Sell 175 1.08

BREWIN DOLPHIN 220.00 136.30 222.00 Neutral Sell 127 0.72

CAMELLIA 10351.00 9250.00 11105.00 Neutral Neutral 10535 0.83

CHARLES STANLEY GROUP 385.00 247.50 385.00 Neutral Sell 180 0.97

CHARLES TAYLOR 170.00 132.00 190.00 Neutral Sell 109 0.69

CLOSE BROTHERS GROUP 1057.00 673.50 1107.00 Neutral Sell 205 0.87

F&C ASSET MANAGEMENT 97.40 65.45 110.40 Neutral Neutral 101 0.89

HELPHIRE GROUP 3.10 0.55 3.70 Sell Strong Buy 27 0.68

HENDERSON GROUP 164.70 90.55 171.00 Neutral Sell 52 1.44

ICAP 300.00 281.40 384.00 Neutral Sell 208 1.07

INTERMEDIATE CAPITAL GP. 416.20 227.30 427.60 Neutral Sell 223 1.68

INVESTEC 458.30 310.40 513.50 Neutral Sell 101 1.55

LONDON STOCK EX.GROUP 1310.00 930.00 1411.00 Neutral Strong Buy 3898 1.12MAN GROUP 104.30 63.25 115.40 Neutral Sell 98 1.32

RATHBONE BROTHERS 1505.00 1151.00 1532.00 Neutral Sell 1145 0.73

SCHRODERS 2212.00 1166.00 2212.00 Neutral Sell 1304 1.31

SCHRODERS NV 1785.00 966.00 1785.00 Sell Strong Buy 4235 1.27


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Support Services Over Valued


ACAL 220.00 157.75 242.50 Neutral Buy 296 0.93

AGGREKO 1761.00 1557.00 2400.00 Neutral Sell 1275 1.03

AMEC 1069.00 923.00 1172.00 Neutral Neutral 1131 1.04

ASHTEAD GROUP 615.00 212.20 635.00 Neutral Sell 312 1.62

BABCOCK INTL. 1083.00 793.50 1106.00 Neutral Sell 661 0.48

BRITISH POLYTHENE INDS. 535.00 317.00 535.00 Neutral Buy 798 0.78

BUNZL 1297.00 990.00 1320.00 Neutral Sell 821 0.55

UK MAIL GROUP 445.00 214.00 445.00 Neutral Neutral 444 0.38

CAPITA 878.50 602.00 913.50 Neutral Sell 515 0.50

COMMUNISIS 50.50 25.34 53.50 Neutral Buy 68 0.78

COMPASS GROUP 821.00 616.00 852.50 Neutral Sell 604 0.74

BERENDSEN 748.50 462.00 812.00 Neutral Buy 971 1.04

DE LA RUE 959.00 891.50 1075.00 Neutral Sell 602 #NA

DIGNITY 1328.00 803.50 1435.00 Neutral Sell 768 0.21

DIPLOMA 556.50 417.00 627.50 Neutral Sell 480 0.95ELECTROCOMP. 244.70 195.20 265.00 Neutral Buy 318 1.02

FILTRONA 709.00 428.00 744.00 Neutral Sell 343 1.10

G4S 298.00 240.00 307.50 Neutral Neutral 291 0.58

HAYS 101.20 66.40 101.20 Neutral Buy 120 1.09

HOMESERVE 200.00 137.50 252.50 Neutral Strong Buy 479 0.93

INTERSERVE 478.00 271.40 510.50 Neutral Buy 687 1.27

INTERTEK GROUP 3426.00 2406.00 3451.00 Neutral Sell 1434 0.77

JOHNSON SERVICE GROUP 43.38 26.50 45.50 Neutral Strong Buy 94 1.18

MANAGEMENT CNSL.GP. 32.00 21.25 39.38 Neutral Strong Buy 55 0.72

MENZIES (JOHN) 733.50 542.00 789.00 Neutral Strong Buy 1298 1.43

MICHAEL PAGE INTL. 408.00 341.40 453.00 Neutral Sell 316 1.41

MITIE GROUP 272.70 253.90 300.80 Neutral Buy 341 0.55

OFFICE2OFFICE 91.00 91.00 160.50 Neutral Strong Buy 239 0.34

PAYPOINT 900.00 605.00 912.50 Neutral Sell 682 0.70

PREMIER FARNELL 212.00 153.20 236.30 Neutral Buy 278 1.32

REGUS 169.00 82.65 169.00 Neutral Sell 107 1.44

RENTOKIL INITIAL 100.40 69.40 100.70 Neutral Sell 56 1.24

REXAM 525.50 394.28 547.50 Neutral Buy 630 0.91

RICARDO 420.00 304.50 431.00 Neutral Buy 467 0.85

ROBERT WALTERS 225.62 176.25 264.63 Neutral Buy 310 1.23

RPC GROUP 387.40 348.30 477.00 Neutral Buy 533 0.77

RPS GROUP 255.30 197.00 274.20 Neutral Neutral 246 1.50

SERCO GROUP 620.50 509.50 635.50 Neutral Sell 577 0.59

SHANKS GROUP 76.50 74.50 98.00 Neutral Strong Buy 168 1.46

SPEEDY HIRE 50.00 22.25 50.00 Sell Neutral 52 1.25TRIBAL GROUP 147.00 71.25 149.00 Neutral Sell 51 0.56

TRIFAST 56.50 39.50 59.00 Neutral Neutral 61 0.92

VP 332.00 234.75 354.88 Neutral Strong Buy 616 0.86

WYG 74.50 42.00 75.00 Sell Strong Buy 179 0.79


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Telecommunication Services Over Valued


BT GROUP 279.50 200.70 281.70 Neutral Buy 324 0.90

CABLE & WIRELESS COMMS. 42.50 27.28 42.81 Neutral Strong Buy 81 0.69

INMARSAT 687.50 390.80 710.50 Neutral Sell 588 0.53

KCOM GROUP 82.50 67.00 85.20 Neutral Strong Buy 126 1.24

TELECOM PLUS 1128.00 677.00 1128.00 Sell Sell 709 0.11

VODAFONE GROUP 189.80 154.45 192.00 Neutral Sell 162 0.54

Transport Under Valued


BBA AVIATION 253.70 178.00 269.00 Neutral Sell 196 1.30

BRAEMAR SHIPPING SVS. 390.00 309.50 425.00 Neutral Buy 450 0.99

CLARKSON 1580.00 1150.00 1585.00 Sell Sell 1462 0.81

EASYJET 1108.00 480.10 1128.00 Neutral Sell 659 0.74

FIRST GROUP 217.90 175.70 260.50 Neutral Strong Buy 544 0.90

FISHER(JAMES)& SONS 1045.00 535.00 1055.00 Neutral Sell 386 0.77

GO-AHEAD GROUP 1533.00 1086.00 1533.00 Neutral Buy 1810 0.89

NATIONAL EXPRESS 203.30 164.50 230.70 Neutral Buy 245 1.34

NORTHGATE 314.00 159.60 350.00 Neutral Strong Buy 602 1.41

STAGECOACH GROUP 300.20 230.40 319.60 Neutral Buy 350 0.90

WINCANTON 58.75 31.00 78.50 Sell Sell -40 0.90

Utilities Under Valued


CENTRICA 376.40 306.30 378.10 Neutral Buy 499 0.46

NATIONAL GRID 786.50 641.00 787.00 Neutral Neutral 856 0.49

PENNON GROUP 656.50 598.00 796.00 Neutral Buy 796 0.58

SSE 1529.00 1294.00 1535.00 Neutral Buy 1793 0.42

SEVERN TRENT 1703.00 1513.00 1796.00 Neutral Sell 1543 0.34

UNITED UTILITIES GROUP 719.50 594.00 747.50 Neutral Neutral 684 0.50


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value indicator - uk main market 20130416

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