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    10 May 2013

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    Intellisys Intelligent Analysis Limited 10 May 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 Under Va lued ......................................................................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 Under 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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    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 381.30 270.90 397.30 Neutral Buy 570 0.67

    CHEMRING GROUP 287.30 217.00 414.70 Neutral Buy 347 0.66

    COBHAM 270.50 190.10 270.50 Neutral Buy 301 0.82

    MEGGITT 499.60 364.30 499.60 Neutral Sell 433 1.32

    ROLLS-ROYCE HOLDINGS 1172.00 7 80.75 1 172.00 Neu tral Neutra l 1131 1.07

    SMITHS GROUP 1286.00 979.50 1328.00 Neutral Sell 1092 0.71

    ULTRA ELECTRONICS HDG. 1710.00 1 424.00 1745.00 Neutral Sell 1610 0.51

    Automobiles & Parts Under Valued

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

    GKN 290.10 173.60 290.10 Neu tral Neutra l 277 2.02

    INCHCAPE 521.00 305.20 530.00 Neu tral Neutra l 519 1.48

    LOOKERS 102.00 56.50 102.00 Neu tral Neutra l 110 1.23

    PENDRAGON 23.25 13.50 25.00 Neutral Strong Buy 35 1.11

    Banks Over Valued

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

    BARCLAYS 310.00 150.55 327.35 Neutral Sell -808 1.94

    HSBC HDG. (ORD $0.50) 730.50 503.20 740.00 Neutral Buy 936 1.17

    LLOYDS BANKING GROUP 58.06 25.29 58.06 Sell Sell 7 1.89

    ROYAL BANK OF SCTL.GP. 293.80 196.60 367.80 Neutral Sell -168 1.35

    STANDARD CHARTERED 1584.00 1228.50 1 837.50 Neutral Strong Buy 3205 1.70

    Beverages Under Valued

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

    BARR (AG) 550.50 348.00 572.00 Neutral Neutra l 590 0.55

    DIAGEO 1993.50 1477.00 2085.00 Neutral Sell 1782 0.55

    SABMILLER 3581.00 2348.50 3655.50 Neutral Buy 4045 0.95

    Chemicals Under Valued

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

    AZ ELECTRONIC MATS.(DI) 295.00 240.00 406.40 Neutral Strong Buy 663 1.23

    CARCLO 383.75 345.75 503.00 Neu tral Neutra l 408 0.73

    CRODA INTERNATIONAL 2468.00 2094.00 2841.00 Neutral Sell 2025 1.04

    ELEMENTIS 256.00 179.00 275.00 Neutral Buy 346 0.99

    JOHNSON MATTHEY 2576.00 2080.27 2593.00 Neutral Strong Buy 12131 1.45

    VICTREX 1574.00 1185.00 1736.00 Neutral Sell 1423 1.14

    SYNTHOMER 206.60 127.40 225.80 Neu tral Neutra l 216 1.16

    ZOTEFOAMS 216.50 157.00 225.00 Neutral Strong Buy 383 1.00

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    Construction & Building Materials Under Valued

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

    ALUMASC GROUP 82.50 61.50 104.00 Neutral Strong Buy 239 0.51

    BALFOUR BEATTY 213.40 207.60 320.80 Neutral Strong Buy 915 0.80

    BARRATT DEVELOPMENTS 319.90 114.00 320.90 Neutral Buy 436 1.58

    BELLWAY 1310.00 660.00 1377.00 Neutral Buy 1780 1.15

    BERKELEY GROUP HDG.(THE) 2120.00 1180.00 2140.00 Neutral Strong Buy 3221 0.66

    BOOT (HENRY) 181.00 115.50 181.00 Neutral Strong Buy 332 0.83

    BOVIS HOMES GROUP 764.50 399.30 778.50 Neutral Sell 530 1.20

    CARILLION 278.60 235.50 331.80 Neutral Strong Buy 727 1.12

    CLARKE (T) 51.38 40.00 61.50 Neutral Strong Buy 247 0.82

    COSTAIN GROUP 278.25 188.00 306.00 Neutral Strong Buy 543 0.57

    CRH 1370.00 1052.00 1540.00 Neutral Sell 815 1.14

    GALLIFORD TRY 949.00 579.00 995.50 Neutral Strong Buy 1561 1.01

    KELLER 890.00 348.25 890.00 Neutral Strong Buy 1991 1.26

    KIER GROUP 1195.00 1106.00 1408.00 Neutral Strong Buy 3143 0.97

    LOW & BONAR 70.00 49.00 76.75 Neutral Strong Buy 206 1.07MARSHALLS 127.00 76.00 130.00 Neutral Strong Buy 272 1.39

    MORGAN SINDALL GROUP 543.00 508.00 695.00 Neutral Strong Buy 3152 0.87

    NORCROS 16.25 9.25 18.25 Neutral Strong Buy 31 1.15

    PERSIMMON 1109.00 496.69 1109.00 Neutral Buy 1351 1.20

    REDROW 215.90 107.30 215.90 Neutral Buy 269 1.09

    SIG 170.20 82.30 170.20 Neutral Strong Buy 485 1.79

    SUPERGLASS HOLDINGS 2.00 2.00 15.25 Neutral Strong Buy 49 0.88

    TAYLOR WIMPEY 94.05 40.28 96.55 Neutral Buy 120 1.67

    TRAVIS PERKINS 1459.00 906.50 1511.00 Neutral Strong Buy 2408 2.01

    WOLSELEY 3310.00 2121.32 3337.00 Neutral Strong Buy 5254 1.46

    Electronics & Electrical EquipmentOver Valued

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

    DIALIGHT 1295.00 935.00 1364.00 Neutral Sell 799 0.75

    DOMINO PRINTING SCIENCES 670.00 509.00 717.00 Neutral Buy 876 1.18

    E2V TECHNOLOGIES 116.50 105.50 144.00 Neutral Strong Buy 256 1.29

    INVENSYS 399.00 198.90 399.00 Neutral Sell 357 1.41

    LAIRD 203.50 177.00 249.30 Neutral Sell 75 2.13

    OXFORD INSTRUMENTS 1565.00 1096.00 1752.00 Neutral Sell 1222 1.00

    RENISHAW 1710.00 1260.00 2081.00 Neutral Buy 2459 1.26

    SPECTRIS 2136.00 1427.00 2470.00 Neu tral Neu tral 2296 1.52

    BIOME TECHNOLOGIES 0.07 0.07 0.16 Neutral Strong Buy 0 0.84

    TT ELECTRONICS 174.00 114.00 178.50 Neutral Strong Buy 422 1.58

    XAAR 540.00 185.00 540.00 Sell Sell 242 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 86.13 54.25 91.75 Neutral Buy 98 1.28

    BODYCOTE 537.50 310.30 556.50 Neutral Neutral 527 1.60

    CASTINGS 344.50 277.75 358.50 Neutral Strong Buy 726 0.99

    VESUVIUS 369.10 263.19 402.10 Neutral Buy 517 2.20

    FENNER 367.40 329.30 435.20 Neutral Strong Buy 573 1.42

    HALMA 520.00 373.10 531.50 Neutral Sell 409 0.75

    HILL & SMITH 448.00 297.00 480.00 Neutral Sell 342 1.37

    IMI 1337.00 776.00 1347.00 Neutral Neutral 1423 1.41

    MORGAN ADVANCED MATERIAL 271.90 220 .30 305.00 Neutral Strong Buy 559 1.82

    ROTORK 2952.00 1859.00 3037.00 Neutral Sell 2276 1.00

    SENIOR 263.30 177.00 263.30 Sell Sell 219 1.64

    SEVERFIELD-ROWEN 40.50 35.40 104.11 Neutral Sell 30 0.79

    SPIRAX-SARCO 2753.00 1900.00 2758.00 Sell Sell 2374 0.84

    VITEC GROUP 617.00 586.50 740.00 Neutral Neutral 616 1.39

    WEIR GROUP 2290.00 1397.00 2474.00 Neutral Sell 2112 1.38

    Food & Drug Stores Over Valued

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

    GREGGS 400.10 398.50 523.50 Buy Strong Buy 680 0.47

    MORRISON(WM)SPMKTS. 288.40 248.60 296.40 Neutral Sell 186 0.39

    SAINSBURY (J) 378.80 283.50 396.50 Neutral Sell 208 0.57

    TESCO 376.65 297.05 387.75 Neutral Sell 266 0.68

    THORNTONS 81.50 18.88 82.25 Neutral Sell 60 0.84

    Food Producers & Processors Under Valued

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

    ASSOCIATED BRIT.FOODS 1986.00 1167.00 1999.00 Neutral Neutral 2122 0.62

    CRANSWICK 1070.00 732.50 1080.00 Neutral Strong Buy 2095 0.43

    DAIRY CREST 467.90 307.00 468.30 Neutral Neutral 510 0.94

    DEVRO 330.70 278.00 380.00 Neutral Strong Buy 518 0.32

    PREMIER FOODS 74.00 54.50 135.00 Neutral Sell -181 1.25

    TATE & LYLE 857.50 633.50 870.50 Neutral Strong Buy 1561 0.71

    UNILEVER (UK) 2758.00 2007.00 2845.00 Neutral Neutral 2800 0.58

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    General Retail Under Valued

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

    ASHLEY(LAURA) HOLDINGS 27.75 20.50 29.50 Neutral Buy 35 0.69

    BROWN (N) GROUP 450.00 224.40 450.00 Neutral Sell 378 0.54

    BURBERRY GROUP 1377.00 1000.00 1467.00 Neutral Sell 1023 1.27

    CARPETRIGHT 659.50 585.00 728.50 Neutral Sell 292 0.95

    DIXONS RETAIL 37.21 12.67 37.50 Neu tral Neu tral 40 1.51

    FINDEL 141.75 55.20 186.00 Neutral Sell 51 1.13

    FRENCH CONNECTN.GROUP 29.50 19.50 42.50 Sell Strong Buy 106 0.99

    HALFORDS GROUP 390.00 189.00 390.00 Neutral Buy 523 0.68

    JD SPORTS FASHION 835 .00 606.50 855 .00 Neutral Strong Buy 1576 0.53

    DARTY 51.00 38.00 65.00 Neutral Strong Buy 91 1.25

    KINGFISHER 320.80 254.10 329.70 Neutral Buy 406 0.94

    MARKS & SPENCER GROUP 421.60 312.20 421.60 Neutral Buy 539 0.65

    MOSS BROTHERS GROUP 55.00 42.00 71.00 Neutral Buy 62 1.04

    MOTHERCARE 314.75 160.00 362.00 Neutral Buy 366 0.47

    NEXT 4560.00 2899.00 4601.00 Neutral Sell 3904 0.67

    TED BAKER 1340.00 830.00 1397.00 Neutral Sell 685 0.55

    TOPPS TILES 67.88 32.13 70.00 Neutral Sell 52 1.50

    Heath Over Valued

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

    BIOQUELL 141.50 126.00 160.00 Neutral Sell 115 0.46

    CONSORT MEDICAL 794.00 584.00 831.50 Neutral Sell 573 0.39

    OPTOS 157.62 145.75 257.75 Neu tral Neu tral 167 1.18

    SMITH & NEPHEW 765.50 580.00 768.50 Neutral Sell 688 0.43

    Household Goods & Textiles Over Valued

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

    GAMES WORKSHOP 740.00 557.00 742.00 Neutral Neutral 721 0.44

    HEADLAM GROUP 326.50 263.00 355.00 Neutral Sell 297 0.92

    HORNBY 84.00 55.25 95.00 Neutral Buy 105 0.77

    Information Technology & Hardware Over Valued

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

    ARM HOLDINGS 1069.00 469.00 1069.00 Neutral Sell 559 0.74

    CSR 538.00 200.30 541.50 Neutral Strong Buy 1296 1.18FILTRONIC 64.00 23.50 83.25 Neutral Sell 48 0.90

    IMAGIN AT ION TECHNOLOGIES 315.20 296 .00 632.00 Neutral Strong Buy 526 1.08

    SPIRENT COMMUNICATIONS 138.00 122.00 170.90 Neutral Strong Buy 695 0.94

    WOLFSON MICROELECTRONICS 200.00 170 .00 230.00 Neutral Sell -516 0.90

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    Insurance Under Valued

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

    ADMIRAL GROUP 1261.00 1019.00 1374.00 Neu tral Neu tral 1242 0.53

    AMLIN 425.40 312.90 431.50 Neutral Sell 96 0.46

    BEAZLEY 230.50 132.50 230.50 Neutral Strong Buy 1287 0.60

    CATLIN GROUP 536.50 399.00 540.00 Neutral Strong Buy 1991 0.30

    HISCOX 566.00 385.08 574.05 Neutral Strong Buy 2565 0.48

    JARDINE LLOYD THOMPSON 880 .00 659.00 880 .00 Neutral Strong Buy 1713 0.31

    RSA INSURANCE GROUP 112.30 97.65 136.30 Neutral Strong Buy 926 0.41

    NOVAE GROUP 485.00 345.00 485.00 Neutral Strong Buy 2918 0.48

    Leisure & Hotels Over Valued

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

    CARNIVAL 2388.00 1962.00 2628.00 Neutral Strong Buy 4036 1.01

    ENTERPRISE INNS 98.00 55.50 114.70 Neu tral Neu tral 107 1.61

    TUI TRAVEL 340.60 158.00 340.60 Neutral Strong Buy 789 1.01

    FULLER SMITH 'A' 800.00 700.00 820.00 Neutral Sell 682 0.39

    GREENE KING 741.00 474.30 741.00 Neutral Sell 657 0.93

    LADBROKES 205.10 152.70 243.10 Neutral Buy 256 0.93

    ICTL.HTLS.GP. 1909.00 1396.63 2039.00 Neutral Sell 1502 1.18

    MILLENNIUM & CPTH.HTLS. 555.50 455.40 582.50 Neutral Buy 654 1.40

    MITCHELLS & BUTLERS 349.00 217.40 350.10 Neutral Sell 318 1.12

    BWIN PARTY DIGITAL ENTM. 136.80 91.90 156.00 Neutral Sell 50 1.25

    PUNCH TAVERNS 10.50 5 .61 13.12 Neutral Strong Buy 50 1.27

    RANK GROUP 165.80 115.00 177.50 Neutral Strong Buy 512 1.00

    RESTAURANT GROUP 482.40 272.70 488.10 Neutral Sell 327 0.76

    WETHERSPOON (JD) 597.50 371.30 607.50 Neutral Buy 751 0.69

    WHITBREAD 2671.00 1786.00 2692.00 Neutral Sell 2019 0.99WILLIAM HILL 425.30 245.24 430.70 Neutral Sell 260 0.87

    MARSTON'S 148.80 94.40 148.80 Neutral Sell 19 1.21

    Life Assurance Over Valued

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

    AVIVA 322.90 255.30 388.40 Neutral Strong Buy 710 1.25

    CHESNARA 235.00 155.25 250.00 Neutral Strong Buy 394 0.70

    LEGAL & GENERAL 180.50 106.00 181.00 Neutral Strong Buy 359 1.71

    OLD MUTUAL 220.40 138.70 220.40 Sell Sell 206 1.57

    PRUDENTIAL 1177.00 660.00 1177.00 Sell Sell 1024 1.71

    ST.JAMES'S PLACE 585.00 303.40 585.00 Neutral Strong Buy 1503 0.85

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    Media & Entertainment Under Valued

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

    BLOOMSBURY PBL. 117.50 102.00 146.50 Neutral Sell -598 0.37

    BRITISH SKY BCAST.GROUP 809.00 656.00 899.50 Neutral Strong Buy 1780 0.54

    CENTAUR MEDIA 46.50 28.50 60.00 Neutral Strong Buy 160 1.03

    DAILY MAIL 'A' 732.00 363.50 732.00 Sell Strong Buy 4158 1.14

    EUROMONEY INSTL.INVESTOR 1002.00 672 .50 1002.00 Neutral Strong Buy 7808 1.00

    INFORMA 504.00 340.00 537.00 Neutral Sell -82 1.53

    ITE GROUP 291.10 180.00 291.10 Neutral Strong Buy 238 1.45

    ITV 128.00 69.45 132.30 Neutral Strong Buy 1295 1.54

    JOHNSTON PRESS 17.25 4.88 17.50 Sell Buy 792 1.27

    PEARSON 1186.00 1115.00 1294.00 Neutral Buy 320 0.63

    PHOTO-ME INTL. 79.25 36.25 82.50 Neutral Strong Buy 2670 0.79

    PINEWOOD SHEPPERTON 277.50 265.00 377.50 Neutral Strong Buy 882 0.16

    THOMSON REUTERS 34.42 26.85 34.42 Neutral Sell -596 0.50

    STV GROUP 133.50 81.50 146.88 Neutral Sell 270 0.79

    ST.IVES 149.75 67.50 149.75 Neutral Sell 226 1.50TRINITY MIRROR 90.25 25.50 121.25 Neutral Sell -260 1.59

    UBM 724.50 511.00 788.00 Neutral Strong Buy 1757 1.31

    WILMINGTON GROUP 154.00 82.00 164.00 Neutral Strong Buy 1377 0.84

    WPP 1108.00 743.00 1119.00 Neutral Sell -519 1.35

    HIBU 0.39 0.26 3.50 Neutral Strong Buy 825 1.07

    Mining Under Valued

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

    ANGLO AMERICAN 1667.00 1553.00 2215.00 Neutral Sell 1246 1.74

    ANGLO PACIFIC GROUP 225.25 215.00 290.30 Neu tral Neu tral 229 0.96

    ANTOFAGASTA 931.50 884.00 1381.00 Neutral Sell 854 1.41

    BHP BILLITON 1927.50 1681.00 2236.00 Neutral Buy 2888 1.43

    GLENCORE XSTRATA 355.05 293.55 397.85 Buy Strong Buy 1014 #NA

    LONMIN 300.20 240.84 504.24 Neutral Buy 379 2.03

    RANDGOLD RESOURCES 5225.00 4545.00 7 775.00 Neutral Sell 2999 0.34

    RIO TINTO 3091.00 2715.50 3757.00 Neutral Sell 2457 1.50

    COALFIELD RESOURCES 3.63 16.25 Neutral Strong Buy 167 0.89

    VEDANTA RESOURCES 1298.00 832.50 1298.00 Neutral Strong Buy 2142 2.20

    Oil & Gas Under Valued

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

    BG GROUP 1202.00 1000.50 1350.50 Neu tral Neu tral 1251 0.80

    BP 465.50 391.95 475.90 Neutral Strong Buy 1568 1.03

    CAIRN ENERGY 282.90 248.20 314.30 Neutral Sell -16 1.32

    FORTUNE OIL 7.80 7.66 12.50 Buy Strong Buy 14 0.82

    HUNTING 826.00 688.00 941.00 Neutral Sell 449 1.31

    JKX OIL & GAS 71.00 55.00 120 .00 Neutral Strong Buy 304 1.36

    PREMIER OIL 397.70 321.30 401.20 Neutral Sell 288 1.43

    ROYAL DUTCH SHELL B 2321.00 2039.00 2366.50 Neutral Strong Buy 9490 0.84

    SOCO INTERNATIONAL 391.90 254.90 404.30 Neutral Sell 251 0.53

    TULLOW OIL 1038.00 977.00 1531.00 Neutral Sell 918 1.04

    WOOD GROUP (JOHN) 811.50 651.50 879.50 Neu tral Neu tral 798 1.35

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    Personal Care & Household Products Over Valued

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

    MCBRIDE 117.00 101.20 144.60 Neutral Strong Buy 256 0.84

    PZ CUSSONS 392.50 297.20 415.60 Neutral Sell 323 0.69

    RECKITT BENCKISER GROUP 4625.00 3300 .00 4812.00 Neutral Neutral 4668 0.36

    Pharmaceuticals & Biotechnology Over Valued

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

    ARK THERAPEUTICS GP. 0.44 0.36 3.80 Buy Sell -0 1.01

    ASTRAZENECA 3326.50 2591.00 3390.00 Neutral Strong Buy 6445 0.47

    BTG 353.20 300.30 423.00 Neutral Sell 166 0.58

    DECHRA PHARMACEUTICALS 692.50 4 44.50 780.00 Neu tral Neu tral 719 0.25

    GLAXOSMITHKLINE 1644.50 1317.50 1687.50 Neutral Sell 1552 0.49

    OXFORD BIOMEDICA 2.10 1.55 4.08 Neutral Sell 1 0.64

    PHYTOPHARM 1.33 1.05 12.75 Buy Strong Buy 2 0.95

    SHIRE 1934.00 1727.00 2153.00 Neutral Sell 1356 0.66

    SKYEPHARMA 43.63 43.50 101.50 Neutral Sell -133 0.73

    VERNALIS 22.75 21.63 27.38 Neutral Strong Buy 36 0.91

    Real Estate Under Valued

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

    BIG YELLOW GROUP 417.50 274.50 417.80 Neutral Sell -598 1.18

    BRITISH LAND 623.50 475.40 623.50 Neutral Strong Buy 1780 1.06

    CAPITAL & REGIONAL 35.50 22.75 35.50 Sell Strong Buy 160 0.85

    CLS HOLDINGS 959.50 595.00 959.50 Neutral Strong Buy 4158 0.70

    DERWENT LONDON 2401.00 1708.00 2401.00 Neutral Strong Buy 7808 1.24DEVELOPMENT SECS. 151.75 121.75 175.00 Neutral Sell -82 0.99

    GRAINGER 147.80 83.10 147.80 Neutral Strong Buy 238 1.58

    GREAT PORTLAND ESTATES 565.00 367.00 565.00 Strong Sell Strong Buy 1295 1.10

    HAMMERSON 540.00 409.20 545.00 Neutral Buy 792 1.19

    HELICAL BAR 260.00 164.00 260.00 Neutral Buy 320 0.77

    LAND SECURITIES GROUP 920.00 704.00 920.00 Sell Strong Buy 2670 1.16

    INTU PROPERTIES 344.30 305.00 366.00 Neutral Strong Buy 882 1.09

    MCKAY SECURITIES 144.50 127.00 145.00 Neutral Sell -596 0.73

    MUCKLOW (A & J) GROUP 409.00 325.00 409.00 Sell Sell 270 0.42

    PRIMARY HEALTH PROPS. 333.00 312.00 364.50 Neutral Sell 226 0.35

    QUINTAIN ESTATES & DEV. 68.50 32.50 70.00 Sell Sell -260 1.19

    SAVILLS 580.00 300.80 601.50 Neutral Strong Buy 1757 0.77

    SHAFTESBURY 630.00 492.00 630.00 Neutral Strong Buy 1377 1.05

    SEGRO 281.20 209.40 281.20 Neutral Sell -519 1.73

    ST MODWEN PROPS. 285.90 145.50 285.90 Neutral Strong Buy 825 1.59

    TOWN CENTRE SECURITIES 202.00 147.00 215.00 Neutral Sell -19 1.01

    UNITE GROUP 363.90 180.25 363.90 Neutral Sell 52 1.79

    WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1182 1.03

    WORKSPACE GROUP 388.00 213.25 390.00 Neutral Strong Buy 1338 1.05

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    Software & Computer Services Under Valued

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

    ANITE 129.20 111.00 162.00 Neutral Sell 122 0.73

    AVEVA GROUP 2244.00 1469.00 2322.00 Neutral Sell 1316 1.40

    COMPUTACENTER 445.30 292.40 567.00 Neutral Strong Buy 1353 1.00

    KOFAX 324.75 240.00 335.00 Neu tral Neu tral 323 1.11

    INNOVATION GROUP 26.50 18.25 26.50 Sell Sell 24 0.85

    MICRO FOCUS INTL. 679.50 431.48 706.00 Neutral Buy 981 0.76

    PHOENIX IT GROUP 147.00 131.00 222.00 Neutral Strong Buy 311 0.74

    RM 74.00 70.25 85.50 Neutral Sell -91 0.52

    FIDESSA GROUP 1846.00 1275.00 1970.00 Neutral Buy 2081 0.76

    SAGE GROUP 348.00 247.70 352.10 Neutral Buy 418 0.72

    Speciality & Other Finance Over Valued

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

    ABERDEEN ASSET MAN. 465.10 237.30 468.00 Neutral Sell 140 1.09

    BREWIN DOLPHIN 209.00 136.30 222.00 Neutral Sell 117 0.73

    CAMELLIA 9900.00 9250.00 11105.00 Neutral Sell 8666 0.84

    CHARLES STANLEY GROUP 406.25 247.50 406.25 Neutral Sell 196 0.97

    CHARLES TAYLOR 175.00 135.87 190.00 Neutral Sell 125 0.69

    CLOSE BROTHERS GROUP 1060.00 673.50 1107.00 Neutral Sell 195 0.86

    F&C ASSET MANAGEMENT 100.80 65.90 110.40 Neu tral Neu tral 102 0.89

    HELPHIRE GROUP 3.26 0.55 3.70 Sell Strong Buy 26 0.69

    HENDERSON GROUP 174.20 90.55 179.60 Neutral Sell 60 1.44

    ICAP 301.00 280.80 376.60 Neutral Sell 224 1.07

    INTERMEDIATE CAPITAL GP. 430.50 227.30 430.50 Neutral Sell 144 1.70

    INVESTEC 494.10 310.40 513.50 Neutral Sell 110 1.56

    LONDON STOCK EX.GROUP 1352.00 930.00 1411.00 Neutral Sell -362 1.15MAN GROUP 124.10 63.25 125.50 Neutral Strong Buy 512 1.32

    RATHBONE BROTHERS 1511.00 1151.00 1551.00 Neutral Sell 1085 0.75

    SCHRODERS 2436.00 1166.00 2436.00 Sell Sell 1153 1.30

    SCHRODERS NV 1910.00 966.00 1910.00 Sell Strong Buy 3774 1.27

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    Support Services Over Valued

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

    ACAL 211.00 157.75 242.50 Neutral Buy 291 0.92

    AGGREKO 1756.00 1557.00 2400.00 Neutral Sell 1303 1.05

    AMEC 1067.00 923.00 1172.00 Neutral Neutral 1133 1.04

    ASHTEAD GROUP 596.00 212.20 635.00 Neutral Sell 320 1.63

    BABCOCK INTL. 1071.00 793.50 1106.00 Neutral Sell 663 0.48

    BRITISH POLYTHENE INDS. 552.00 324.00 557.00 Neutral Buy 801 0.76

    BUNZL 1283.00 990.00 1320.00 Neutral Sell 985 0.55

    UK MAIL GROUP 425.00 214.00 445.00 Neutral Neutral 442 0.39

    CAPITA 913.50 602.00 913.50 Neutral Sell 524 0.51

    COMMUNISIS 56.00 25.34 56.50 Neutral Buy 67 0.78

    COMPASS GROUP 840.00 616.00 856.50 Neutral Sell 605 0.74

    BERENDSEN 754.50 462.00 812.00 Neutral Buy 981 1.05

    DE LA RUE 939.50 891.50 1075.00 Neutral Sell 595 #NA

    DIGNITY 1436.00 803.50 1436.00 Neutral Sell 822 0.22

    DIPLOMA 596.50 417.00 627.50 Neutral Sell 488 0.96ELECTROCOMP. 257.30 195.20 265.00 Neutral Buy 322 1.04

    FILTRONA 750.00 428.00 750.00 Sell Sell 348 1.13

    G4S 255.00 240.00 313.50 Buy Buy 291 0.58

    HAYS 95.00 66.40 101.20 Neutral Buy 121 1.10

    HOMESERVE 214.30 137.50 249.00 Neutral Strong Buy 492 0.94

    INTERSERVE 492.80 271.40 510.50 Neutral Buy 684 1.28

    INTERTEK GROUP 3342.00 2440.00 3451.00 Neutral Sell 1452 0.78

    JOHNSON SERVICE GROUP 43.50 26.50 45.75 Neutral Strong Buy 94 1.17

    MANAGEMENT CNSL.GP. 30.63 21.25 36.00 Neutral Strong Buy 55 0.72

    MENZIES (JOHN) 776.50 542.00 789.00 Neutral Strong Buy 1293 1.43

    MICHAEL PAGE INTL. 385.20 341.40 451.80 Neutral Sell 320 1.42

    MITIE GROUP 272.70 253.90 300.80 Neutral Buy 342 0.55

    OFFICE2OFFICE 93.50 87.50 156.00 Neutral Strong Buy 238 0.33

    PAYPOINT 841.50 605.00 912.50 Neutral Sell 694 0.71

    PREMIER FARNELL 224.80 153.20 236.30 Neutral Buy 289 1.33

    REGUS 170.20 82.65 170.20 Neutral Sell 107 1.46

    RENTOKIL INITIAL 92.20 69.40 100.70 Neutral Sell 55 1.25

    REXAM 522.50 394.28 547.50 Neutral Neutral 532 0.90

    RICARDO 387.25 304.50 431.00 Neutral Buy 471 0.86

    ROBERT WALTERS 218.87 176.25 232.00 Neutral Buy 308 1.24

    RPC GROUP 398.00 351.00 477.00 Neutral Buy 534 0.78

    RPS GROUP 232.00 197.00 274.20 Neutral Neutral 247 1.51

    SERCO GROUP 620.50 509.50 635.50 Neutral Sell 578 0.60

    SHANKS GROUP 83.50 73.00 98.00 Neutral Strong Buy 168 1.46

    SPEEDY HIRE 47.00 22.25 50.00 Neutral Buy 52 1.26TRIBAL GROUP 150.12 73.25 153.00 Neutral Sell 51 0.63

    TRIFAST 51.25 39.50 59.00 Neutral Buy 61 0.93

    VP 333.00 234.75 354.88 Neutral Strong Buy 623 0.86

    WYG 78.88 42.00 78.88 Sell Strong Buy 184 0.79

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    Telecommunication Services Over Valued

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

    BT GROUP 275.70 200.70 288.70 Neutral Buy 337 0.91

    CABLE & WIRELESS COMMS. 42.75 27.28 43.08 Neutral Strong Buy 83 0.70

    INMARSAT 670.00 390.80 749.00 Neutral Sell 588 0.53

    KCOM GROUP 86.50 67.00 86.50 Neutral Strong Buy 132 1.24

    TELECOM PLUS 1239.00 695.00 1239.00 Sell Sell 752 0.09

    VODAFONE GROUP 192.40 154.45 197.20 Neutral Sell 167 0.54

    Transport Under Valued

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

    BBA AVIATION 260.90 178.00 269.00 Neutral Sell 177 1.30

    BRAEMAR SHIPPING SVS. 409.50 309.50 425.00 Neutral Buy 457 0.98

    CLARKSON 1600.00 1150.00 1673.00 Neutral Sell 1477 0.80

    EASYJET 1153.00 481.20 1153.00 Neutral Sell 673 0.77

    FIRST GROUP 216.00 175.70 260.50 Neutral Strong Buy 563 0.91

    FISHER(JAMES)& SONS 960.00 535.00 1110.00 Neutral Sell 397 0.77

    GO-AHEAD GROUP 1515.00 1086.00 1558.00 Neutral Buy 1861 0.90

    NATIONAL EXPRESS 214.90 164.50 230.50 Neutral Buy 252 1.35

    NORTHGATE 331.00 159.60 350.00 Neutral Strong Buy 611 1.41

    STAGECOACH GROUP 311.70 230.40 319.60 Neutral Buy 364 0.89

    WINCANTON 54.50 31.00 78.50 Sell Sell -43 0.90

    Utilities Under Valued

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

    CENTRICA 378.00 306.30 393.10 Neutral Buy 511 0.47

    NATIONAL GRID 821.00 641.00 825.50 Neu tral Neutra l 889 0.50

    PENNON GROUP 679.00 598.00 796.00 Neutral Buy 827 0.59

    SSE 1576.00 1294.00 1576.00 Neutral Buy 1838 0.42

    SEVERN TRENT 1821.00 1513.00 1828.00 Neutral Sell 1610 0.35

    UNITED UTILITIES GROUP 743.50 617.50 747.50 Neu tral Neutra l 715 0.50

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