value indicator - uk main market 20130703

7/28/2019 value indicator - uk main market 20130703

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03 July 2013

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Intellisys Intelligent Analysis Limited 03 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 398.40 290.70 427.00 Neutral Buy 577 0.67

CHEMRING GROUP 286.40 217.00 414.70 Neutral Buy 336 0.66

COBHAM 265.90 190.10 293.40 Neu tral Neutra l 285 0.82

MEGGITT 527.50 366.20 534.50 Neu tral Neutra l 505 1.32

ROLLS-ROYCE HOLDINGS 1161.00 7 99.39 1 225.00 Neu tral Neutra l 1133 1.07

SMITHS GROUP 1354.00 1011.00 1390.00 Neutral Sell 1106 0.71

ULTRA ELECTRONICS HDG. 1728.00 1 424.00 1843.00 Neutral Sell 1635 0.51

Automobiles & Parts Under Valued

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

GKN 302.00 183.60 313.40 Neu tral Neutra l 296 2.02

INCHCAPE 502.50 344.70 577.50 Neu tral Neutra l 539 1.48

LOOKERS 106.25 64.00 110.00 Neutral Sell 94 1.23

PENDRAGON 25.00 13.50 26.75 Neutral Buy 36 1.11

Banks Over Valued


BARCLAYS 283.00 150.55 333.85 Neutral Sell -842 1.94

HSBC HDG. (ORD $0.50) 694.80 510.60 769.90 Neutral Buy 834 1.17

LLOYDS BANKING GROUP 62.95 28.76 64.03 Sell Sell 4 1.89

ROYAL BANK OF SCTL.GP. 274.30 196.60 367.80 Neutral Sell -173 1.35

STANDARD CHARTERED 1463.50 1228.50 1 837.50 Neutral Strong Buy 3303 1.70

Beverages Under Valued


BARR (AG) 506.50 413.50 588.50 Neutral Sell 455 0.55

DIAGEO 1920.00 1648.50 2085.00 Neutral Neutra l 2074 0.55

SABMILLER 3165.00 2599.00 3657.00 Neutral Buy 4147 0.95

Chemicals Under Valued


ALENT 344.30 305.00 397.50 Neutral Buy 430 #NA

AZ ELECTRONIC MATS.(DI) 318.00 240.00 406.40 Neutral Strong Buy 531 1.23

CARCLO 362.75 342.75 503.00 Neutral Sell 143 0.73

CRODA INTERNATIONAL 2501.00 2164.00 2841.00 Neutral Buy 3223 1.04

ELEMENTIS 224.00 179.00 275.00 Neutral Buy 303 0.99

JOHNSON MATTHEY 2682.00 2080.27 2750.00 Neutral Strong Buy 4360 1.45

VICTREX 1528.00 1185.00 1765.00 Neutral Sell 1336 1.14

SYNTHOMER 186.80 127.40 225.80 Neutral Strong Buy 372 1.16

ZOTEFOAMS 204.50 161.00 225.00 Neutral Buy 284 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 92.00 61.50 104.00 Neutral Strong Buy 266 0.51

BALFOUR BEATTY 221.30 207.60 320.80 Neutral Strong Buy 1064 0.80

BARRATT DEVELOPMENTS 319.10 132.20 346.30 Neutral Strong Buy 586 1.58

BELLWAY 1297.00 801.50 1377.00 Neutral Strong Buy 2750 1.15

BERKELEY GROUP HDG.(THE) 2146.00 1343.00 2207.00 Neutral Strong Buy 3367 0.66

BOOT (HENRY) 174.00 115.50 201.00 Neutral Strong Buy 350 0.83

BOVIS HOMES GROUP 762.00 451.00 778.50 Neutral Buy 1006 1.20

CARILLION 275.00 235.50 331.80 Neutral Strong Buy 1478 1.12

CLARKE (T) 52.00 40.00 61.50 Neutral Strong Buy 372 0.82

COSTAIN GROUP 279.25 202.00 306.00 Neutral Strong Buy 1083 0.57

CRH 1354.00 1090.00 1540.00 Neutral Sell 837 1.14

GALLIFORD TRY 956.00 606.00 999.00 Neutral Strong Buy 2829 1.01

KELLER 987.00 358.50 1011.00 Neutral Strong Buy 2287 1.26

KIER GROUP 1171.00 1106.00 1408.00 Neutral Strong Buy 5381 0.97

LOW & BONAR 64.25 50.00 76.75 Neutral Strong Buy 216 1.07MARSHALLS 135.75 76.00 142.00 Neutral Buy 195 1.39

MORGAN SINDALL GROUP 605.00 508.00 695.00 Neutral Strong Buy 4356 0.87

NORCROS 16.25 10.63 18.25 Neutral Strong Buy 58 1.15

PERSIMMON 1224.00 565.78 1280.00 Neutral Strong Buy 1928 1.20

REDROW 223.00 125.00 238.10 Neutral Strong Buy 439 1.09

SIG 172.30 88.85 179.20 Neutral Strong Buy 507 1.79

SUPERGLASS HOLDINGS 44.00 44.00 325.00 Neutral Strong Buy 4128 0.88

TAYLOR WIMPEY 98.40 42.72 103.00 Neutral Strong Buy 219 1.67

TRAVIS PERKINS 1502.00 970.50 1611.00 Neutral Strong Buy 4233 2.01

WOLSELEY 3095.00 2237.39 3483.00 Neutral Strong Buy 5767 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1102.00 994.50 1365.00 Neutral Sell 997 0.75

DOMINO PRINTING SCIENCES 635.00 522.00 717.00 Neutral Buy 757 1.18

E2V TECHNOLOGIES 120.75 105.50 140.00 Neutral Strong Buy 215 1.29

INVENSYS 416.80 217.33 419.80 Neutral Sell 312 1.41

LAIRD 173.60 171.10 249.30 Neutral Buy 234 2.13

OXFORD INSTRUMENTS 1236.00 1200.00 1752.00 Neutral Sell 1060 1.00

RENISHAW 1549.00 1260.00 2081.00 Neutral Strong Buy 2384 1.26

SPECTRIS 1963.00 1459.00 2470.00 Neutral Buy 2357 1.52

BIOME TECHNOLOGIES 0.08 0.07 0.13 Neutral Sell -0 0.84

TT ELECTRONICS 151.25 114.00 178.50 Neutral Strong Buy 230 1.58

XAAR 789.00 226.75 813.50 Neutral Sell 360 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 82.50 54.25 91.75 Neutral Buy 118 1.28

BODYCOTE 536.00 310.30 563.00 Neutral Buy 611 1.60

CASTINGS 394.75 291.00 394.75 Neutral Strong Buy 629 0.99

VESUVIUS 375.50 263.19 402.10 Neutral Strong Buy 899 2.20

FENNER 315.70 307.00 435.20 Neutral Strong Buy 507 1.42

HALMA 509.50 395.50 538.50 Neutral Sell 359 0.75

HILL & SMITH 433.50 297.00 480.00 Neutral Buy 482 1.37

IMI 1303.00 776.00 1359.00 Neutral Strong Buy 7517 1.41

MORGAN ADVANCED MATERIAL 260.00 220 .30 305.00 Neutral Sell 218 1.82

ROTORK 2756.00 2038.00 3037.00 Neutral Sell 1433 1.00

SENIOR 259.00 177.00 280.80 Neutral Sell 227 1.64

SEVERFIELD-ROWEN 48.25 35.40 83.42 Neutral Sell 37 0.79

SPIRAX-SARCO 2740.00 1903.48 2928.35 Neutral Sell 2011 0.84

VITEC GROUP 574.50 574.50 740.00 Neutral Sell 411 1.39

WEIR GROUP 2159.00 1491.00 2474.00 Neutral Sell 2029 1.38

Food & Drug Stores Over Valued


GREGGS 411.10 398.00 523.50 Neutral Strong Buy 764 0.47

MORRISON(WM)SPMKTS. 263.80 248.60 296.40 Neutral Buy 355 0.39

SAINSBURY (J) 361.80 306.40 396.50 Neutral Buy 424 0.57

TESCO 333.35 307.90 387.75 Neutral Sell 178 0.68

THORNTONS 100.00 20.00 100.50 Sell Sell 62 0.84

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1754.00 1243.00 2031.00 Neutral Neutral 1785 0.62

CRANSWICK 1147.00 732.50 1178.00 Neutral Strong Buy 1929 0.43

DAIRY CREST 468.90 327.30 503.50 Neutral Sell 102 0.94

DEVRO 289.90 278.00 380.00 Neutral Strong Buy 503 0.32

PREMIER FOODS 61.75 54.50 125.75 Neutral Strong Buy 364 1.25

TATE & LYLE 817.50 634.50 875.50 Neutral Strong Buy 1341 0.71

UNILEVER (UK) 2684.00 2127.00 2885.00 Neutral Sell 1657 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.13 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 471.10 259.00 471.10 Sell Sell 369 0.54

BURBERRY GROUP 1405.00 1000.00 1541.00 Neutral Sell 1015 1.27

CARPETRIGHT 615.00 585.00 701.50 Neutral Sell 292 0.95

DIXONS RETAIL 41.89 14.97 42.90 Neutral Buy 47 1.51

FINDEL 181.00 55.20 186.00 Neutral Sell 65 1.13

FRENCH CONNECTN.GROUP 27.88 19.50 34.00 Sell Strong Buy 109 0.99

HALFORDS GROUP 316.90 189.00 405.20 Neutral Strong Buy 514 0.68

JD SPORTS FASHION 880 .25 651.00 920 .00 Neutral Strong Buy 1581 0.53

DARTY 64.25 38.00 72.50 Neutral Strong Buy 99 1.25

KINGFISHER 352.60 254.10 355.10 Neutral Buy 388 0.94

MARKS & SPENCER GROUP 439.60 312.20 485.00 Neutral Buy 519 0.65

MOSS BROTHERS GROUP 56.50 43.00 71.00 Neutral Buy 66 1.04

MOTHERCARE 444.50 190.50 448.75 Neu tral Neu tral 480 0.47

NEXT 4633.00 3169.00 4749.00 Neu tral Neu tral 4578 0.67

TED BAKER 1710.00 880.00 1789.00 Neutral Sell 793 0.55

TOPPS TILES 69.50 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 828.50 660.50 839.00 Neutral Sell 577 0.39

OPTOS 115.75 106.75 222.75 Neutral Buy 159 1.18

SMITH & NEPHEW 739.50 637.50 794.50 Neutral Sell 639 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 765.00 571.50 765.00 Neutral Neutral 744 0.44

HEADLAM GROUP 354.25 265.00 378.75 Neutral Sell 313 0.92

HORNBY 81.50 55.25 88.50 Neutral Buy 107 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 807.50 469.00 1097.00 Neutral Sell 422 0.74

CSR 579.00 218.30 579.00 Sell Strong Buy 1434 1.18FILTRONIC 61.00 28.38 83.25 Neutral Sell 23 0.90

IMAGIN AT ION TECHNOLOGIES 282.80 282 .80 624.00 Neutral Buy 330 1.08

SPIRENT COMMUNICATIONS 134.40 122.00 170.90 Neutral Strong Buy 412 0.94

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


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Insurance Under Valued


ADMIRAL GROUP 1325.00 1019.00 1374.00 Neutral Sell -537 0.53

AMLIN 399.90 352.20 435.10 Neutral Strong Buy 1601 0.46

BEAZLEY 232.10 141.40 241.30 Neutral Strong Buy 996 0.60

CATLIN GROUP 513.00 423.10 552.50 Neutral Sell 468 0.30

HISCOX 562.00 425.94 600.00 Neutral Strong Buy 1990 0.48

JARDINE LLOYD THOMPSON 910 .00 693.50 917 .00 Neutral Buy 1266 0.31

RSA INSURANCE GROUP 119.60 107.30 136.30 Neutral Strong Buy 761 0.41

NOVAE GROUP 495.00 345.00 507.50 Neutral Strong Buy 3596 0.48

Leisure & Hotels Over Valued


CARNIVAL 2345.00 2083.00 2628.00 Neutral Buy 3421 1.01

ENTERPRISE INNS 106.90 55.50 123.80 Neu tral Neu tral 104 1.61

TUI TRAVEL 356.10 165.20 373.20 Neutral Strong Buy 703 1.01

FULLER SMITH 'A' 893.00 700.50 925.00 Neutral Sell 591 0.39

GREENE KING 798.00 556.50 804.50 Neutral Sell 604 0.93

LADBROKES 202.60 153.80 243.10 Neutral Buy 256 0.93

ICTL.HTLS.GP. 1890.00 1503.75 2039.00 Neutral Sell 1641 1.18

MILLENNIUM & CPTH.HTLS. 554.00 456.00 582.50 Neu tral Neu tral 568 1.40

MITCHELLS & BUTLERS 372.00 248.50 408.50 Neutral Sell 265 1.12

BWIN PARTY DIGITAL ENTM. 127.70 91.90 156.00 Neutral Sell 60 1.25

PUNCH TAVERNS 13.12 5 .61 13.75 Neutral Strong Buy 70 1.27

RANK GROUP 153.50 115.00 177.50 Neutral Strong Buy 561 1.00

RESTAURANT GROUP 500.50 302.60 531.00 Neutral Sell 380 0.76

WETHERSPOON (JD) 663.00 416.60 666.00 Neu tral Neu tral 673 0.69

WHITBREAD 3151.00 2038.00 3160.00 Sell Sell 2131 0.99WILLIAM HILL 452.30 257.85 456.90 Neutral Sell 250 0.87

MARSTON'S 142.50 104.00 154.70 Neutral Sell 9 1.21

Life Assurance Under Valued


AVIVA 344.10 268.30 388.40 Neu tral Neu tral 329 1.25

CHESNARA 249.50 163.00 270.00 Neutral Strong Buy 473 0.70

LEGAL & GENERAL 176.20 123.30 187.80 Neutral Strong Buy 450 1.71

OLD MUTUAL 184.30 151.90 221.60 Neutral Strong Buy 378 1.57

PRUDENTIAL 1100.00 729.50 1203.00 Neu tral Neu tral 1091 1.71

ST.JAMES'S PLACE 555.00 318.20 640.00 Neutral Strong Buy 6380 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 125.00 102.00 146.50 Neutral Strong Buy 1096 0.37

BRITISH SKY BCAST.GROUP 813.00 677.50 899.50 Neutral Strong Buy 1261 0.54

CENTAUR MEDIA 36.00 29.00 60.00 Neutral Sell -16 1.03

DAILY MAIL 'A' 785.50 431.50 785.50 Sell Strong Buy 4020 1.14

EUROMONEY INSTL.INVESTOR 990.00 714 .00 1040.00 Neutral Strong Buy 5666 1.00

INFORMA 502.00 350.40 537.00 Neutral Sell -41 1.53

ITE GROUP 307.40 183.50 307.40 Sell Strong Buy 314 1.45

ITV 144.40 70.40 144.40 Neutral Strong Buy 1405 1.54

JOHNSTON PRESS 16.75 4.94 19.00 Neutral Strong Buy 875 1.27

PEARSON 1192.00 1119.00 1294.00 Neutral Strong Buy 420 0.63

PHOTO-ME INTL. 87.25 36.50 88.75 Neutral Strong Buy 2714 0.79

PINEWOOD SHEPPERTON 278.50 265.00 350.00 Neutral Strong Buy 973 0.16

THOMSON REUTERS 34.36 26.85 36.45 Neutral Strong Buy 477 0.50

STV GROUP 136.50 81.50 146.88 Neutral Sell 292 0.79

ST.IVES 152.25 67.50 166.50 Neutral Sell 282 1.50TRINITY MIRROR 114.00 26.00 122.25 Neutral Sell -403 1.59

UBM 665.00 580.50 788.00 Neutral Strong Buy 2489 1.31

WILMINGTON GROUP 163.25 82.00 166.50 Neutral Strong Buy 1279 0.84

WPP 1143.00 784.50 1190.00 Neutral Sell -651 1.35

HIBU 0.33 0.26 2.18 Neutral Strong Buy 967 1.07

Mining Under Valued


ANGLO AMERICAN 1280.00 1256.00 2163.00 Neutral Sell 1048 1.74

ANGLO PACIFIC GROUP 167.00 167.00 290.00 Neu tral Neu tral 173 0.96

ANTOFAGASTA 825.50 795.00 1381.00 Neutral Sell 656 1.41

BHP BILLITON 1711.00 1673.00 2236.00 Neutral Buy 2170 1.43

GLENCORE XSTRATA 276.00 272.15 397.85 Buy Strong Buy 816 #NA

LONMIN 262.50 240.84 411.96 Neutral Buy 345 2.03

RANDGOLD RESOURCES 4149.00 3972.00 7 775.00 Neutral Sell 2229 0.34

RIO TINTO 2693.50 2582.00 3757.00 Neutral Sell 2052 1.50

COALFIELD RESOURCES 3.20 8.85 Neutral Strong Buy 122 0.89

VEDANTA RESOURCES 1039.00 832.50 1335.00 Neutral Strong Buy 2066 2.20

Oil & Gas Under Valued


BG GROUP 1124.50 1000.50 1350.50 Neutral Sell 836 0.80

BP 455.65 416.60 483.30 Neutral Strong Buy 949 1.03

CAIRN ENERGY 256.40 251.80 309.40 Neutral Sell -11 1.32

FORTUNE OIL 7.42 7.15 12.50 Buy Strong Buy 99 0.82

HUNTING 807.50 704.50 941.00 Neutral Sell 530 1.31

JKX OIL & GAS 55.00 48.50 115 .00 Neutral Sell -56 1.36

PREMIER OIL 338.50 321.30 401.20 Neutral Buy 383 1.43

ROYAL DUTCH SHELL B 2183.50 2098.00 2366.50 Neutral Strong Buy 7757 0.84

SOCO INTERNATIONAL 351.80 310.60 404.30 Neutral Buy 471 0.53

TULLOW OIL 1033.00 977.00 1531.00 Neutral Sell 661 1.04

WOOD GROUP (JOHN) 823.00 716.50 879.50 Neutral Sell 682 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 112.75 101.00 144.60 Neutral Strong Buy 241 0.84

PZ CUSSONS 373.00 297.20 415.60 Neutral Sell 309 0.69

RECKITT BENCKISER GROUP 4732.00 3417 .00 4926.00 Neutral Neutral 4770 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.47 0.36 3.58 Buy Sell -2 1.01

ASTRAZENECA 3173.00 2792.50 3521.50 Neutral Strong Buy 6228 0.47

BTG 378.70 300.30 423.00 Neutral Sell 192 0.58

DECHRA PHARMACEUTICALS 698.00 4 73.00 780.00 Neu tral Neu tral 705 0.25

GLAXOSMITHKLINE 1670.00 1317.50 1782.00 Neu tral Neu tral 1628 0.49

OXFORD BIOMEDICA 1.60 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 2121.00 1727.00 2213.00 Neutral Sell 1392 0.66

SKYEPHARMA 60.50 43.50 101.50 Neutral Sell 26 0.73

VERNALIS 20.50 20.50 27.38 Buy Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 404.00 290.40 426.70 Neutral Strong Buy 1096 1.18

BRITISH LAND 580.00 506.00 658.00 Neutral Strong Buy 1261 1.06

CAPITAL & REGIONAL 33.50 22.75 37.00 Sell Sell -16 0.85

CLS HOLDINGS 995.50 640.50 1004.00 Neutral Strong Buy 4020 0.70

DERWENT LONDON 2349.00 1871.00 2542.00 Neutral Strong Buy 5666 1.24DEVELOPMENT SECS. 189.00 135.75 203.00 Neutral Sell -41 0.99

GRAINGER 155.00 85.50 157.00 Neutral Strong Buy 314 1.58

GREAT PORTLAND ESTATES 549.50 403.20 598.00 Neutral Strong Buy 1405 1.10

HAMMERSON 506.00 448.00 554.00 Neutral Strong Buy 875 1.19

HELICAL BAR 260.00 178.00 297.50 Neutral Strong Buy 420 0.77

LAND SECURITIES GROUP 903.00 751.50 994.00 Neutral Strong Buy 2714 1.16

INTU PROPERTIES 315.40 300.60 366.00 Neutral Strong Buy 973 1.09

MCKAY SECURITIES 146.38 129.00 155.00 Neutral Strong Buy 477 0.73

MUCKLOW (A & J) GROUP 378.75 325.00 437.50 Neutral Sell 292 0.42

PRIMARY HEALTH PROPS. 323.00 312.50 363.53 Neutral Sell 282 0.35

QUINTAIN ESTATES & DEV. 83.25 37.50 83.25 Sell Sell -403 1.19

SAVILLS 595.00 355.40 610.00 Neutral Strong Buy 2489 0.77

SHAFTESBURY 602.00 516.00 668.00 Neutral Strong Buy 1279 1.05

SEGRO 276.00 221.60 302.80 Neutral Sell -651 1.73

ST MODWEN PROPS. 286.00 172.00 329.10 Neutral Strong Buy 967 1.59

TOWN CENTRE SECURITIES 184.50 155.00 223.00 Neutral Sell 22 1.01

UNITE GROUP 369.20 195.00 387.50 Neutral Strong Buy 2134 1.79

WARNER ESTATE 1.00 1.00 2.75 Buy Sell -1204 1.03

WORKSPACE GROUP 411.20 235.50 418.20 Neutral Strong Buy 1495 1.05


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Software & Computer Services Under Valued


ANITE 133.00 113.00 162.00 Neutral Sell 125 0.73

AVEVA GROUP 2251.00 1678.00 2420.00 Neutral Sell 1430 1.40

COMPUTACENTER 476.00 298.77 564.10 Neutral Strong Buy 1355 1.00

KOFAX 338.50 251.00 340.00 Neu tral Neu tral 327 1.11

INNOVATION GROUP 27.75 18.25 28.25 Neutral Sell 25 0.85

MICRO FOCUS INTL. 712.00 529.08 712.00 Neutral Buy 1025 0.76

PHOENIX IT GROUP 150.00 130.00 222.00 Neutral Strong Buy 312 0.74

RM 66.50 65.00 85.50 Neutral Sell -102 0.52

FIDESSA GROUP 1872.00 1275.00 2047.00 Neutral Buy 2155 0.76

SAGE GROUP 351.10 276.06 368.18 Neutral Buy 431 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 382.40 244.80 492.10 Neutral Strong Buy 1182 1.09

BREWIN DOLPHIN 232.30 143.00 244.70 Neutral Strong Buy 629 0.73

CAMELLIA 8210.00 8000.00 11105.00 Neutral Strong Buy 91745 0.84

CHARLES STANLEY GROUP 404.00 256.00 410.88 Neutral Strong Buy 1376 0.97

CHARLES TAYLOR 177.00 147.00 195.00 Neutral Strong Buy 1055 0.69

CLOSE BROTHERS GROUP 1003.00 729.00 1107.00 Neutral Strong Buy 4643 0.86

F&C ASSET MANAGEMENT 95.80 79.55 110.40 Neutral Sell 68 0.89

HELPHIRE GROUP 3.75 0.55 3.79 Sell Sell -124 0.69

HENDERSON GROUP 150.80 90.55 180.40 Neutral Strong Buy 772 1.44

ICAP 374.00 280.80 386.80 Neutral Strong Buy 788 1.07

INTERMEDIATE CAPITAL GP. 432.20 252.30 501.50 Neutral Strong Buy 1888 1.70

INVESTEC 421.50 358.40 513.50 Neutral Strong Buy 1587 1.56

LONDON STOCK EX.GROUP 1396.00 930.00 1434.00 Neutral Strong Buy 7264 1.15MAN GROUP 85.20 63.25 134.40 Neutral Sell -4668 1.32

RATHBONE BROTHERS 1590.00 1208.00 1619.00 Neutral Strong Buy 5309 0.75

SCHRODERS 2264.00 1266.00 2560.00 Neutral Strong Buy 7924 1.30

SCHRODERS NV 1782.00 1016.00 2000.00 Neutral Strong Buy 10932 1.27


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Support Services Under Valued


ACAL 231.00 157.75 247.50 Neutral Strong Buy 802 0.92

AGGREKO 1698.00 1557.00 2400.00 Neutral Strong Buy 3926 1.05

AMEC 1017.00 965.50 1172.00 Neutral Strong Buy 3180 1.04

ASHTEAD GROUP 661.00 240.50 671.00 Neutral Buy 939 1.63

BABCOCK INTL. 1115.00 844.50 1205.00 Neutral Strong Buy 2501 0.48

BRITISH POLYTHENE INDS. 540.00 348.00 580.25 Neutral Strong Buy 1991 0.76

BUNZL 1315.00 1009.00 1342.00 Neutral Strong Buy 2674 0.55

UK MAIL GROUP 520.00 215.00 530.00 Neutral Strong Buy 1371 0.39

CAPITA 994.00 666.00 1018.00 Neutral Sell 199 0.51

COMMUNISIS 53.75 26.83 56.50 Neutral Strong Buy 454 0.78

COMPASS GROUP 858.50 647.50 910.50 Neutral Strong Buy 1891 0.74

BERENDSEN 784.00 496.30 812.00 Neutral Strong Buy 3190 1.05

DE LA RUE 985.00 891.50 1075.00 Neutral Buy 1362 #NA

DIGNITY 1407.00 806.00 1462.00 Neutral Strong Buy 2838 0.22

DIPLOMA 574.50 417.10 627.50 Neutral Strong Buy 1451 0.96ELECTROCOMP. 243.50 199.70 278.40 Neutral Strong Buy 884 1.04

ESSENTRA PLC 721.00 454.40 750.00 Sell Strong Buy 1319 1.13

G4S 224.60 224.60 313.50 Buy Strong Buy 839 0.58

HAYS 92.30 66.40 101.20 Neutral Strong Buy 435 1.10

HOMESERVE 285.60 159.70 290.40 Neutral Strong Buy 927 0.94

INTERSERVE 511.00 315.70 513.50 Neutral Strong Buy 3540 1.28

INTERTEK GROUP 2938.00 2659.00 3453.00 Neutral Strong Buy 4594 0.78

JOHNSON SERVICE GROUP 46.75 27.13 47.25 Neutral Strong Buy 107 1.17

MANAGEMENT CNSL.GP. 28.75 21.25 32.00 Neutral Strong Buy 205 0.72

MENZIES (JOHN) 700.00 573.00 801.00 Neutral Strong Buy 1753 1.43

MICHAEL PAGE INTL. 384.60 341.40 451.80 Neutral Strong Buy 803 1.42

MITIE GROUP 251.90 248.00 300.80 Neutral Strong Buy 1004 0.55

OFFICE2OFFICE 83.50 81.00 156.00 Neutral Strong Buy 666 0.33

PAYPOINT 1065.00 670.50 1093.00 Neutral Strong Buy 2098 0.71

PREMIER FARNELL 205.30 165.50 236.30 Neutral Strong Buy 688 1.33

REGUS 160.80 82.65 177.50 Neutral Sell 55 1.46

RENTOKIL INITIAL 92.00 70.35 100.70 Neutral Strong Buy 252 1.25

REXAM 483.40 420.70 547.50 Neutral Strong Buy 1691 0.90

RICARDO 393.00 330.00 431.00 Neutral Strong Buy 1591 0.86

ROBERT WALTERS 221.88 176.25 234.00 Neutral Strong Buy 960 1.24

RPC GROUP 405.70 378.00 477.00 Neutral Strong Buy 1450 0.78

RPS GROUP 216.40 195.50 274.20 Neutral Strong Buy 951 1.51

SERCO GROUP 665.50 535.00 665.50 Neutral Strong Buy 2262 0.60

SHANKS GROUP 81.75 73.00 98.00 Neutral Strong Buy 261 1.46

SPEEDY HIRE 60.00 22.25 61.50 Neutral Strong Buy 292 1.26TRIBAL GROUP 176.00 82.00 177.25 Neutral Strong Buy 533 0.63

TRIFAST 56.75 40.50 59.25 Neutral Strong Buy 314 0.93

VP 370.00 266.50 370.00 Neutral Strong Buy 2011 0.86

WYG 89.50 42.00 89.50 Neutral Strong Buy 586 0.79


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Telecommunication Services Over Valued


BT GROUP 316.20 210.20 322.30 Neutral Buy 382 0.91

CABLE & WIRELESS COMMS. 41.01 29.45 46.29 Neutral Strong Buy 75 0.70

INMARSAT 663.50 468.90 749.00 Neutral Sell 172 0.53

KCOM GROUP 81.00 68.25 88.50 Neutral Buy 106 1.24

TELECOM PLUS 1265.00 790.00 1325.00 Neutral Sell 601 0.09

VODAFONE GROUP 189.90 154.45 199.90 Neutral Sell 37 0.54

Transport Under Valued


BBA AVIATION 282.80 178.00 291.00 Neutral Sell 195 1.30

BRAEMAR SHIPPING SVS. 406.50 330.00 430.00 Neutral Buy 515 0.98

CLARKSON 1717.00 1150.00 1717.00 Neutral Sell 1245 0.80

EASYJET 1331.00 530.00 1347.00 Neutral Sell 731 0.77

FIRST GROUP 96.10 92.00 212.39 Neutral Strong Buy 214 0.91

FISHER(JAMES)& SONS 980.00 590.00 1110.00 Neutral Sell 744 0.77

GO-AHEAD GROUP 1480.00 1215.00 1588.00 Neutral Buy 2056 0.90

NATIONAL EXPRESS 231.70 164.50 231.70 Neutral Buy 274 1.35

NORTHGATE 336.00 195.50 369.50 Neutral Strong Buy 668 1.41

STAGECOACH GROUP 318.00 265.90 319.60 Neutral Buy 401 0.89

WINCANTON 66.00 31.00 78.50 Neutral Sell -51 0.90

Utilities Under Valued


CENTRICA 364.50 310.80 394.90 Neutral Buy 515 0.47

NATIONAL GRID 746.00 641.00 847.50 Neutral Buy 856 0.50

PENNON GROUP 661.50 598.00 796.00 Neu tral Neutra l 718 0.59

SSE 1550.00 1294.00 1676.00 Neutral Buy 2083 0.42

SEVERN TRENT 1685.00 1513.00 2090.00 Neutral Sell 1423 0.35

UNITED UTILITIES GROUP 695.00 647.00 787.50 Neu tral Neutra l 677 0.50


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value indicator - uk main market 20130703

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