value indicator - uk main market 20130702

7/28/2019 value indicator - uk main market 20130702

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02 July 2013

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Intellisys Intelligent Analysis Limited 02 July 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 Va lued ......................................................................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 Over 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 Under 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 Under Valued .......................................................... 13Support Services Under 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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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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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 providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and 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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 397.40 290.70 427.00 Neutral Buy 578 0.67

CHEMRING GROUP 286.60 217.00 414.70 Neutral Buy 338 0.66

COBHAM 269.90 190.10 293.40 Neu tral Neutra l 287 0.82

MEGGITT 533.00 366.20 534.50 Neu tral Neutra l 508 1.32

ROLLS-ROYCE HOLDINGS 1164.00 7 99.39 1 225.00 Neu tral Neutra l 1137 1.07

SMITHS GROUP 1343.00 1011.00 1390.00 Neutral Sell 1109 0.71

ULTRA ELECTRONICS HDG. 1744.00 1 424.00 1843.00 Neutral Sell 1640 0.51

Automobiles & Parts Under Valued

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

GKN 305.20 181.70 313.40 Neu tral Neutra l 299 2.02

INCHCAPE 514.50 343.50 577.50 Neu tral Neutra l 549 1.48

LOOKERS 109.75 63.25 110.00 Neutral Sell 95 1.23

PENDRAGON 24.50 13.50 26.75 Neutral Strong Buy 37 1.11

Banks Over Valued


BARCLAYS 284.50 150.55 333.85 Neutral Sell -842 1.94

HSBC HDG. (ORD $0.50) 694.70 510.60 769.90 Neutral Buy 835 1.17

LLOYDS BANKING GROUP 64.03 28.76 64.03 Sell Sell 5 1.89

ROYAL BANK OF SCTL.GP. 281.90 196.60 367.80 Neutral Sell -168 1.35

STANDARD CHARTERED 1468.00 1228.50 1 837.50 Neutral Strong Buy 3304 1.70

Beverages Under Valued


BARR (AG) 514.50 405.00 588.50 Neutral Sell 461 0.55

DIAGEO 1933.50 1648.50 2085.00 Neutral Neutra l 2094 0.55

SABMILLER 3191.00 2574.50 3657.00 Neutral Buy 4187 0.95

Chemicals Under Valued


ALENT 341.10 305.00 397.50 Neutral Buy 435 #NA

AZ ELECTRONIC MATS.(DI) 323.00 240.00 406.40 Neutral Strong Buy 540 1.23

CARCLO 372.50 342.75 503.00 Neutral Sell 145 0.73

CRODA INTERNATIONAL 2501.00 2164.00 2841.00 Neutral Buy 3258 1.04

ELEMENTIS 221.30 179.00 275.00 Neutral Buy 307 0.99

JOHNSON MATTHEY 2686.00 2080.27 2750.00 Neutral Strong Buy 4402 1.45

VICTREX 1565.00 1185.00 1765.00 Neutral Sell 1348 1.14

SYNTHOMER 195.00 127.40 225.80 Neutral Strong Buy 377 1.16

ZOTEFOAMS 204.50 161.00 225.00 Neutral Buy 288 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 92.00 61.50 104.00 Neutral Strong Buy 267 0.51

BALFOUR BEATTY 230.00 207.60 320.80 Neutral Strong Buy 1074 0.80

BARRATT DEVELOPMENTS 327.10 132.20 346.30 Sell Strong Buy 588 1.58

BELLWAY 1315.00 801.50 1377.00 Neutral Strong Buy 2763 1.15

BERKELEY GROUP HDG.(THE) 2185.00 1343.00 2207.00 Neutral Strong Buy 3387 0.66

BOOT (HENRY) 169.00 115.50 201.00 Neutral Strong Buy 352 0.83

BOVIS HOMES GROUP 770.00 451.00 778.50 Neutral Buy 1011 1.20

CARILLION 282.60 235.50 331.80 Neutral Strong Buy 1484 1.12

CLARKE (T) 50.50 40.00 61.50 Neutral Strong Buy 373 0.82

COSTAIN GROUP 275.50 202.00 306.00 Neutral Strong Buy 1087 0.57

CRH 1358.00 1090.00 1540.00 Neutral Sell 843 1.14

GALLIFORD TRY 960.00 606.00 999.00 Neutral Strong Buy 2842 1.01

KELLER 993.00 357.25 1011.00 Neutral Strong Buy 2297 1.26

KIER GROUP 1147.00 1106.00 1408.00 Neutral Strong Buy 5406 0.97

LOW & BONAR 66.00 50.00 76.75 Neutral Strong Buy 217 1.07MARSHALLS 134.75 76.00 142.00 Neutral Buy 195 1.39

MORGAN SINDALL GROUP 590.00 508.00 695.00 Neutral Strong Buy 4374 0.87

NORCROS 16.50 10.63 18.25 Neutral Strong Buy 58 1.15

PERSIMMON 1240.00 565.78 1280.00 Sell Strong Buy 1937 1.20

REDROW 221.90 125.00 238.10 Neutral Strong Buy 441 1.09

SIG 172.60 88.85 179.20 Neutral Strong Buy 509 1.79

SUPERGLASS HOLDINGS 44.00 44.00 325.00 Neutral Strong Buy 4155 0.88

TAYLOR WIMPEY 100.20 42.72 103.00 Neutral Strong Buy 220 1.67

TRAVIS PERKINS 1531.00 970.50 1611.00 Neutral Strong Buy 4253 2.01

WOLSELEY 3127.00 2237.39 3483.00 Neutral Strong Buy 5788 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1152.00 994.50 1365.00 Neutral Sell 1007 0.75

DOMINO PRINTING SCIENCES 637.50 522.00 717.00 Neutral Buy 764 1.18

E2V TECHNOLOGIES 119.25 105.50 140.00 Neutral Strong Buy 218 1.29

INVENSYS 419.80 217.33 419.80 Neutral Sell 315 1.41

LAIRD 176.50 171.10 249.30 Neutral Buy 236 2.13

OXFORD INSTRUMENTS 1221.00 1200.00 1752.00 Neutral Sell 1070 1.00

RENISHAW 1591.00 1260.00 2081.00 Neutral Strong Buy 2408 1.26

SPECTRIS 1971.00 1459.00 2470.00 Neutral Buy 2381 1.52

BIOME TECHNOLOGIES 0.08 0.07 0.13 Neutral Sell -0 0.84

TT ELECTRONICS 152.00 114.00 178.50 Neutral Strong Buy 231 1.58

XAAR 786.00 223.25 813.50 Neutral Sell 364 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 82.50 54.25 91.75 Neutral Buy 119 1.28

BODYCOTE 539.00 310.30 563.00 Neutral Buy 608 1.60

CASTINGS 382.50 291.00 385.00 Neutral Strong Buy 627 0.99

VESUVIUS 376.50 263.19 402.10 Neutral Strong Buy 911 2.20

FENNER 318.70 307.00 435.20 Neutral Strong Buy 507 1.42

HALMA 512.00 395.50 538.50 Neutral Sell 358 0.75

HILL & SMITH 437.50 297.00 480.00 Neutral Buy 482 1.37

IMI 1287.00 776.00 1359.00 Neutral Strong Buy 6667 1.41

MORGAN ADVANCED MATERIAL 264.40 220 .30 305.00 Neutral Sell 137 1.82

ROTORK 2727.00 1998.00 3037.00 Neutral Sell 1416 1.00

SENIOR 256.10 177.00 280.80 Neutral Sell 226 1.64

SEVERFIELD-ROWEN 47.75 35.40 83.42 Neutral Sell 37 0.79

SPIRAX-SARCO 2750.00 1903.48 2928.35 Neutral Sell 2004 0.84

VITEC GROUP 576.50 575.00 740.00 Neutral Sell 413 1.39

WEIR GROUP 2181.00 1491.00 2474.00 Neutral Sell 2025 1.38

Food & Drug Stores Over Valued


GREGGS 416.60 398.00 523.50 Neutral Strong Buy 759 0.47

MORRISON(WM)SPMKTS. 260.20 248.60 296.40 Neutral Buy 356 0.39

SAINSBURY (J) 358.80 304.50 396.50 Neutral Buy 426 0.57

TESCO 333.00 307.90 387.75 Neutral Sell 177 0.68

THORNTONS 95.00 19.63 100.50 Sell Sell 59 0.84

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1751.00 1243.00 2031.00 Neutral Neutral 1777 0.62

CRANSWICK 1157.00 732.50 1178.00 Neutral Strong Buy 1924 0.43

DAIRY CREST 456.00 327.30 503.50 Neutral Sell 96 0.94

DEVRO 290.60 278.00 380.00 Neutral Strong Buy 504 0.32

PREMIER FOODS 62.00 54.50 125.75 Neutral Strong Buy 360 1.25

TATE & LYLE 822.00 634.50 875.50 Neutral Strong Buy 1340 0.71

UNILEVER (UK) 2675.00 2127.00 2885.00 Neutral Sell 1678 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.75 20.50 29.50 Neutral Buy 32 0.69

BROWN (N) GROUP 466.00 248.50 466.00 Sell Sell 367 0.54

BURBERRY GROUP 1365.00 1000.00 1541.00 Neutral Sell 1009 1.27

CARPETRIGHT 613.00 585.00 701.50 Neutral Sell 291 0.95

DIXONS RETAIL 42.00 14.97 42.90 Neutral Buy 47 1.51

FINDEL 181.50 55.20 186.00 Neutral Sell 65 1.13

FRENCH CONNECTN.GROUP 27.75 19.50 34.00 Sell Strong Buy 108 0.99

HALFORDS GROUP 322.30 189.00 405.20 Neutral Strong Buy 511 0.68

JD SPORTS FASHION 874 .75 651.00 920 .00 Neutral Strong Buy 1576 0.53

DARTY 59.50 38.00 72.50 Neutral Strong Buy 98 1.25

KINGFISHER 351.70 254.10 355.10 Neu tral Neu tral 387 0.94

MARKS & SPENCER GROUP 442.10 312.20 485.00 Neutral Buy 517 0.65

MOSS BROTHERS GROUP 56.50 43.00 71.00 Neutral Buy 66 1.04

MOTHERCARE 448.75 190.50 448.75 Sell Neutral 479 0.47

NEXT 4648.00 3169.00 4749.00 Neu tral Neu tral 4556 0.67

TED BAKER 1707.00 880.00 1789.00 Neutral Sell 789 0.55

TOPPS TILES 70.00 38.75 71.75 Neutral Sell 54 1.50

Heath Over Valued


BIOQUELL 135.00 127.50 160.00 Neutral Sell 119 0.46

CONSORT MEDICAL 830.00 660.50 839.00 Neutral Sell 577 0.39

OPTOS 115.75 106.75 222.75 Neutral Buy 159 1.18

SMITH & NEPHEW 742.50 637.50 794.50 Neutral Sell 642 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 765.00 568.00 765.00 Neutral Neutral 744 0.44

HEADLAM GROUP 369.25 265.00 378.75 Neutral Sell 321 0.92

HORNBY 81.50 55.25 88.50 Neutral Buy 110 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 805.50 469.00 1097.00 Neutral Sell 429 0.74

CSR 561.50 218.30 570.00 Neutral Strong Buy 1444 1.18FILTRONIC 61.00 28.38 83.25 Neutral Sell 23 0.90

IMAGIN AT ION TECHNOLOGIES 293.80 287 .40 624.00 Neutral Buy 334 1.08

SPIRENT COMMUNICATIONS 141.40 122.00 170.90 Neutral Strong Buy 418 0.94

WOLFSON MICROELECTRONICS 160.00 158 .50 230.00 Neutral Sell -661 0.90


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Insurance Under Valued


ADMIRAL GROUP 1314.00 1019.00 1374.00 Neutral Sell -531 0.53

AMLIN 400.00 352.20 435.10 Neutral Strong Buy 1589 0.46

BEAZLEY 231.60 141.40 241.30 Neutral Strong Buy 988 0.60

CATLIN GROUP 508.50 422.00 552.50 Neutral Sell 467 0.30

HISCOX 554.00 425.94 600.00 Neutral Strong Buy 1975 0.48

JARDINE LLOYD THOMPSON 910 .00 693.50 917 .00 Neutral Buy 1258 0.31

RSA INSURANCE GROUP 120.30 107.30 136.30 Neutral Strong Buy 755 0.41

NOVAE GROUP 499.50 345.00 507.50 Neutral Strong Buy 3569 0.48

Leisure & Hotels Over Valued


CARNIVAL 2328.00 2083.00 2628.00 Neutral Buy 3465 1.01

ENTERPRISE INNS 109.40 55.50 123.80 Neu tral Neu tral 106 1.61

TUI TRAVEL 364.90 165.20 373.20 Neutral Strong Buy 708 1.01

FULLER SMITH 'A' 897.50 700.50 925.00 Neutral Sell 598 0.39

GREENE KING 804.50 553.00 804.50 Sell Sell 610 0.93

LADBROKES 204.50 153.80 243.10 Neutral Buy 257 0.93

ICTL.HTLS.GP. 1874.00 1503.75 2039.00 Neutral Sell 1638 1.18

MILLENNIUM & CPTH.HTLS. 565.50 456.00 582.50 Neu tral Neu tral 573 1.40

MITCHELLS & BUTLERS 376.50 248.50 408.50 Neutral Sell 269 1.12

BWIN PARTY DIGITAL ENTM. 124.50 91.90 156.00 Neutral Sell 60 1.25

PUNCH TAVERNS 13.00 5 .61 13.75 Neutral Strong Buy 71 1.27

RANK GROUP 152.00 115.00 177.50 Neutral Strong Buy 561 1.00

RESTAURANT GROUP 510.00 302.60 531.00 Neutral Sell 383 0.76

WETHERSPOON (JD) 665.00 416.60 666.00 Neu tral Neu tral 679 0.69

WHITBREAD 3160.00 2038.00 3160.00 Sell Sell 2144 0.99WILLIAM HILL 456.90 257.85 456.90 Neutral Sell 251 0.87

MARSTON'S 142.00 104.00 154.70 Neutral Sell 9 1.21

Life Assurance Under Valued


AVIVA 347.30 268.30 388.40 Neu tral Neu tral 331 1.25

CHESNARA 250.00 163.00 270.00 Neutral Strong Buy 475 0.70

LEGAL & GENERAL 176.30 123.30 187.80 Neutral Strong Buy 451 1.71

OLD MUTUAL 185.60 151.90 221.60 Neutral Strong Buy 377 1.57

PRUDENTIAL 1100.00 729.50 1203.00 Neu tral Neu tral 1089 1.71

ST.JAMES'S PLACE 548.50 318.20 640.00 Neutral Strong Buy 6381 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 124.50 102.00 146.50 Neutral Strong Buy 1059 0.37

BRITISH SKY BCAST.GROUP 801.00 677.50 899.50 Neutral Strong Buy 1217 0.54

CENTAUR MEDIA 34.00 29.00 60.00 Neutral Sell -13 1.03

DAILY MAIL 'A' 784.00 431.00 785.00 Sell Strong Buy 3874 1.14

EUROMONEY INSTL.INVESTOR 1040.00 714 .00 1040.00 Neutral Strong Buy 5470 1.00

INFORMA 499.30 350.40 537.00 Neutral Sell -36 1.53

ITE GROUP 306.10 183.50 306.10 Sell Strong Buy 304 1.45

ITV 144.40 70.40 144.40 Neutral Strong Buy 1354 1.54

JOHNSTON PRESS 16.75 4.94 19.00 Neutral Strong Buy 844 1.27

PEARSON 1162.00 1119.00 1294.00 Neutral Strong Buy 406 0.63

PHOTO-ME INTL. 87.50 36.50 88.75 Neutral Strong Buy 2620 0.79

PINEWOOD SHEPPERTON 278.50 265.00 350.00 Neutral Strong Buy 940 0.16

THOMSON REUTERS 34.32 26.85 36.45 Neutral Strong Buy 463 0.50

STV GROUP 136.50 81.50 146.88 Neutral Sell 285 0.79

ST.IVES 150.00 67.50 166.50 Neutral Sell 271 1.50TRINITY MIRROR 112.50 26.00 122.25 Neutral Sell -389 1.59

UBM 659.50 580.50 788.00 Neutral Strong Buy 2427 1.31

WILMINGTON GROUP 166.50 82.00 166.50 Neutral Strong Buy 1234 0.84

WPP 1152.00 784.50 1190.00 Neutral Sell -623 1.35

HIBU 0.32 0.26 2.18 Neutral Strong Buy 934 1.07

Mining Under Valued


ANGLO AMERICAN 1292.00 1256.00 2163.00 Neutral Sell 1061 1.74

ANGLO PACIFIC GROUP 171.50 169.75 290.00 Neu tral Neu tral 175 0.96

ANTOFAGASTA 832.50 795.00 1381.00 Neutral Sell 665 1.41

BHP BILLITON 1714.50 1673.00 2236.00 Neutral Buy 2205 1.43

GLENCORE XSTRATA 279.70 272.15 397.85 Neutral Strong Buy 826 #NA

LONMIN 263.00 240.84 411.96 Neutral Buy 347 2.03

RANDGOLD RESOURCES 4183.00 3972.00 7 775.00 Neutral Sell 2261 0.34

RIO TINTO 2734.50 2582.00 3757.00 Neutral Sell 2075 1.50

COALFIELD RESOURCES 3.25 8.85 Neutral Strong Buy 124 0.89

VEDANTA RESOURCES 1067.00 832.50 1335.00 Neutral Strong Buy 2108 2.20

Oil & Gas Under Valued


BG GROUP 1130.00 1000.50 1350.50 Neutral Sell 843 0.80

BP 457.95 416.60 483.30 Neutral Strong Buy 957 1.03

CAIRN ENERGY 256.20 251.80 309.40 Neutral Sell -13 1.32

FORTUNE OIL 7.65 7.15 12.50 Neutral Strong Buy 100 0.82

HUNTING 798.00 704.50 941.00 Neutral Sell 535 1.31

JKX OIL & GAS 56.00 48.50 115 .00 Neutral Sell -55 1.36

PREMIER OIL 339.00 321.30 401.20 Neutral Buy 385 1.43

ROYAL DUTCH SHELL B 2185.00 2098.00 2366.50 Neutral Strong Buy 7796 0.84

SOCO INTERNATIONAL 349.10 309.40 404.30 Neutral Buy 469 0.53

TULLOW OIL 1049.00 977.00 1531.00 Neutral Sell 665 1.04

WOOD GROUP (JOHN) 824.00 701.50 879.50 Neutral Sell 687 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 112.00 101.00 144.60 Neutral Strong Buy 231 0.84

PZ CUSSONS 355.00 297.20 415.60 Neutral Sell 297 0.69

RECKITT BENCKISER GROUP 4709.00 3417 .00 4926.00 Neutral Neutral 4739 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.46 0.36 3.58 Buy Sell -2 1.01

ASTRAZENECA 3151.00 2792.50 3521.50 Neutral Strong Buy 6194 0.47

BTG 379.60 300.30 423.00 Neutral Sell 192 0.58

DECHRA PHARMACEUTICALS 711.50 4 73.00 780.00 Neu tral Neu tral 707 0.25

GLAXOSMITHKLINE 1658.50 1317.50 1782.00 Neu tral Neu tral 1619 0.49

OXFORD BIOMEDICA 1.63 1.55 2.80 Buy Sell 1 0.64

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2088.00 1727.00 2213.00 Neutral Sell 1386 0.66

SKYEPHARMA 60.00 43.50 101.50 Neutral Sell 26 0.73

VERNALIS 21.75 21.63 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 398.00 290.40 426.70 Neutral Strong Buy 1059 1.18

BRITISH LAND 573.00 506.00 658.00 Neutral Strong Buy 1217 1.06

CAPITAL & REGIONAL 33.50 22.75 37.00 Sell Sell -13 0.85

CLS HOLDINGS 977.00 640.50 1004.00 Neutral Strong Buy 3874 0.70

DERWENT LONDON 2297.00 1871.00 2542.00 Neutral Strong Buy 5470 1.24DEVELOPMENT SECS. 180.00 135.75 203.00 Neutral Sell -36 0.99

GRAINGER 147.00 85.50 157.00 Neutral Strong Buy 304 1.58

GREAT PORTLAND ESTATES 529.50 398.30 598.00 Neutral Strong Buy 1354 1.10

HAMMERSON 495.10 448.00 554.00 Neutral Strong Buy 844 1.19

HELICAL BAR 252.00 178.00 297.50 Neutral Strong Buy 406 0.77

LAND SECURITIES GROUP 892.00 750.50 994.00 Neutral Strong Buy 2620 1.16

INTU PROPERTIES 316.00 300.60 366.00 Neutral Strong Buy 940 1.09

MCKAY SECURITIES 146.50 129.00 155.00 Neutral Strong Buy 463 0.73

MUCKLOW (A & J) GROUP 356.75 325.00 437.50 Neutral Sell 285 0.42

PRIMARY HEALTH PROPS. 322.50 312.50 363.53 Neutral Sell 271 0.35

QUINTAIN ESTATES & DEV. 77.50 37.50 79.50 Sell Sell -389 1.19

SAVILLS 590.00 355.40 610.00 Neutral Strong Buy 2427 0.77

SHAFTESBURY 590.00 516.00 668.00 Neutral Strong Buy 1234 1.05

SEGRO 273.50 218.80 302.80 Neutral Sell -623 1.73

ST MODWEN PROPS. 275.00 172.00 329.10 Neutral Strong Buy 934 1.59

TOWN CENTRE SECURITIES 180.00 155.00 223.00 Neutral Sell 24 1.01

UNITE GROUP 360.90 195.00 387.50 Neutral Strong Buy 2055 1.79

WARNER ESTATE 1.00 1.00 2.75 Buy Sell -1155 1.03

WORKSPACE GROUP 385.00 235.50 418.20 Neutral Strong Buy 1443 1.05


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Software & Computer Services Under Valued


ANITE 139.00 113.00 162.00 Neutral Sell 126 0.73

AVEVA GROUP 2262.00 1659.00 2420.00 Neutral Sell 1443 1.40

COMPUTACENTER 465.20 298.77 564.10 Neutral Strong Buy 1371 1.00

KOFAX 340.00 251.00 340.00 Neu tral Neu tral 330 1.11

INNOVATION GROUP 27.75 18.25 28.25 Neutral Sell 25 0.85

MICRO FOCUS INTL. 709.00 529.08 711.00 Neutral Buy 1038 0.76

PHOENIX IT GROUP 158.00 130.00 222.00 Neutral Strong Buy 316 0.74

RM 65.00 65.00 85.50 Neutral Sell -103 0.52

FIDESSA GROUP 1918.00 1275.00 2047.00 Neutral Buy 2176 0.76

SAGE GROUP 351.50 276.06 368.18 Neutral Buy 436 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 391.60 244.80 492.10 Neutral Strong Buy 1163 1.09

BREWIN DOLPHIN 237.80 141.70 244.70 Sell Strong Buy 620 0.73

CAMELLIA 8260.00 8000.00 11105.00 Neutral Strong Buy 90063 0.84

CHARLES STANLEY GROUP 404.00 256.00 410.88 Neutral Strong Buy 1351 0.97

CHARLES TAYLOR 181.00 147.00 195.00 Neutral Strong Buy 1037 0.69

CLOSE BROTHERS GROUP 998.00 729.00 1107.00 Neutral Strong Buy 4557 0.86

F&C ASSET MANAGEMENT 93.40 79.55 110.40 Neutral Sell 68 0.89

HELPHIRE GROUP 3.79 0.55 3.79 Sell Sell -120 0.69

HENDERSON GROUP 154.10 90.55 180.40 Neutral Strong Buy 758 1.44

ICAP 373.60 280.80 386.80 Neutral Strong Buy 777 1.07

INTERMEDIATE CAPITAL GP. 436.10 252.30 501.50 Neutral Strong Buy 1819 1.70

INVESTEC 431.30 358.40 513.50 Neutral Strong Buy 1563 1.56

LONDON STOCK EX.GROUP 1376.00 930.00 1434.00 Neutral Strong Buy 7153 1.15MAN GROUP 85.70 63.25 134.40 Neutral Sell -4551 1.32

RATHBONE BROTHERS 1617.00 1208.00 1619.00 Sell Strong Buy 5220 0.75

SCHRODERS 2259.00 1266.00 2560.00 Neutral Strong Buy 7787 1.30

SCHRODERS NV 1751.00 1016.00 2000.00 Neutral Strong Buy 10808 1.27


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Support Services Under Valued


ACAL 230.50 157.75 247.50 Neutral Strong Buy 808 0.92

AGGREKO 1682.00 1557.00 2400.00 Neutral Strong Buy 3933 1.05

AMEC 1014.00 965.50 1172.00 Neutral Strong Buy 3200 1.04

ASHTEAD GROUP 664.50 240.50 671.00 Neutral Buy 942 1.63

BABCOCK INTL. 1124.00 844.50 1205.00 Neutral Strong Buy 2515 0.48

BRITISH POLYTHENE INDS. 545.00 348.00 580.25 Neutral Strong Buy 1999 0.76

BUNZL 1312.00 1009.00 1342.00 Neutral Strong Buy 2690 0.55

UK MAIL GROUP 526.50 214.00 530.00 Neutral Strong Buy 1380 0.39

CAPITA 981.00 658.50 1018.00 Neutral Sell 199 0.51

COMMUNISIS 53.75 26.83 56.50 Neutral Strong Buy 458 0.78

COMPASS GROUP 863.00 647.50 910.50 Neutral Strong Buy 1903 0.74

BERENDSEN 765.00 496.30 812.00 Neutral Strong Buy 3203 1.05

DE LA RUE 982.50 891.50 1075.00 Neutral Buy 1374 #NA

DIGNITY 1393.00 806.00 1462.00 Neutral Strong Buy 2835 0.22

DIPLOMA 565.00 417.10 627.50 Neutral Strong Buy 1457 0.96ELECTROCOMP. 249.60 199.70 278.40 Neutral Strong Buy 889 1.04

ESSENTRA PLC 710.50 454.40 750.00 Neutral Strong Buy 1326 1.13

G4S 228.30 228.30 313.50 Buy Strong Buy 845 0.58

HAYS 92.00 66.40 101.20 Neutral Strong Buy 438 1.10

HOMESERVE 284.70 153.60 290.40 Neutral Strong Buy 932 0.94

INTERSERVE 506.00 315.20 513.50 Neutral Strong Buy 3554 1.28

INTERTEK GROUP 2986.00 2659.00 3453.00 Neutral Strong Buy 4612 0.78

JOHNSON SERVICE GROUP 45.75 27.13 47.25 Neutral Strong Buy 109 1.17

MANAGEMENT CNSL.GP. 28.00 21.25 32.00 Neutral Strong Buy 207 0.72

MENZIES (JOHN) 705.00 573.00 801.00 Neutral Strong Buy 1762 1.43

MICHAEL PAGE INTL. 388.60 341.40 451.80 Neutral Strong Buy 807 1.42

MITIE GROUP 250.90 248.00 300.80 Neutral Strong Buy 1011 0.55

OFFICE2OFFICE 83.50 81.00 156.00 Neutral Strong Buy 672 0.33

PAYPOINT 1063.00 670.50 1093.00 Neutral Strong Buy 2105 0.71

PREMIER FARNELL 204.50 165.50 236.30 Neutral Strong Buy 690 1.33

REGUS 165.00 82.65 177.50 Neutral Sell 55 1.46

RENTOKIL INITIAL 91.50 70.35 100.70 Neutral Strong Buy 255 1.25

REXAM 496.00 420.70 547.50 Neutral Strong Buy 1699 0.90

RICARDO 391.00 321.50 431.00 Neutral Strong Buy 1601 0.86

ROBERT WALTERS 222.50 176.25 234.00 Neutral Strong Buy 967 1.24

RPC GROUP 407.00 378.00 477.00 Neutral Strong Buy 1460 0.78

RPS GROUP 207.50 195.50 274.20 Neutral Strong Buy 957 1.51

SERCO GROUP 625.00 535.00 647.50 Neutral Strong Buy 2275 0.60

SHANKS GROUP 80.75 73.00 98.00 Neutral Strong Buy 263 1.46

SPEEDY HIRE 60.50 22.25 61.50 Neutral Strong Buy 294 1.26TRIBAL GROUP 176.25 82.00 177.25 Neutral Strong Buy 537 0.63

TRIFAST 58.13 40.50 59.25 Neutral Strong Buy 316 0.93

VP 363.50 266.50 367.00 Neutral Strong Buy 2022 0.86

WYG 89.50 42.00 89.50 Neutral Strong Buy 588 0.79


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Telecommunication Services Over Valued


BT GROUP 317.50 210.20 322.30 Neutral Buy 386 0.91

CABLE & WIRELESS COMMS. 41.36 29.45 46.29 Neutral Strong Buy 76 0.70

INMARSAT 695.00 468.90 749.00 Neutral Sell 181 0.53

KCOM GROUP 81.00 68.25 88.50 Neutral Buy 107 1.24

TELECOM PLUS 1258.00 790.00 1325.00 Neutral Sell 601 0.09

VODAFONE GROUP 188.60 154.45 199.90 Neutral Sell 36 0.54

Transport Under Valued


BBA AVIATION 291.00 178.00 291.00 Neutral Sell 197 1.30

BRAEMAR SHIPPING SVS. 415.00 330.00 430.00 Neutral Buy 520 0.98

CLARKSON 1695.00 1150.00 1716.00 Neutral Sell 1252 0.80

EASYJET 1347.00 530.00 1347.00 Neutral Sell 737 0.77

FIRST GROUP 97.15 92.00 212.39 Neutral Strong Buy 217 0.91

FISHER(JAMES)& SONS 988.00 590.00 1110.00 Neutral Sell 748 0.77

GO-AHEAD GROUP 1495.00 1215.00 1588.00 Neutral Buy 2077 0.90

NATIONAL EXPRESS 229.00 164.50 230.50 Neutral Buy 277 1.35

NORTHGATE 336.00 195.50 369.50 Neutral Strong Buy 671 1.41

STAGECOACH GROUP 315.20 265.90 319.60 Neutral Buy 401 0.89

WINCANTON 65.50 31.00 78.50 Neutral Sell -52 0.90

Utilities Under Valued


CENTRICA 360.10 310.80 394.90 Neutral Buy 511 0.47

NATIONAL GRID 744.00 641.00 847.50 Neutral Buy 849 0.50

PENNON GROUP 653.00 598.00 796.00 Neu tral Neutra l 711 0.59

SSE 1528.00 1294.00 1676.00 Neutral Buy 2062 0.42

SEVERN TRENT 1680.00 1513.00 2090.00 Neutral Sell 1409 0.35

UNITED UTILITIES GROUP 685.00 647.00 787.50 Neu tral Neutra l 670 0.50


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value indicator - uk main market 20130702

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