value indicator - uk main market 20130815

7/27/2019 value indicator - uk main market 20130815

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15 August 2013

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Intellisys Intelligent Analysis Limited 15 August 2013

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

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued .....................................................................6Automobiles & Parts Under Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health 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 - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 14Transport 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 449.90 300.80 455.40 Neutral Buy 615 0.71

CHEMRING GROUP 314.00 217.00 414.70 Neutral Buy 372 0.66

COBHAM 291.80 190.10 307.70 N eu tra l Neu tral 303 0.85

MEGGITT 537.50 366.20 562.00 N eu tra l Neu tral 530 1.28

ROLLS-ROYCE HOLDINGS 1147.00 7 99.39 1 240.00 N eu tra l Neu tral 1155 1.00

SMITHS GROUP 1311.00 1011.00 1397.00 Neutral Sell 1169 0.77

ULTRA ELECTRONICS HDG. 1981.00 1 505.00 1981.00 Neutral Sell 1730 0.52

Automobiles & Parts Under Valued

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

GKN 348.50 201.00 354.00 N eu tra l Neu tral 343 1.97

INCHCAPE 628.00 353.30 645.00 N eu tra l Neu tral 644 1.42

LOOKERS 123.75 68.50 128.50 Neutral Sell 113 1.22

PENDRAGON 30.75 13.50 30.75 Neutral Buy 44 1.09

Banks Over Valued


BARCLAYS 285.45 181.25 333.85 Neutral Sell -835 1.95

HSBC HDG. (ORD $0.50) 715.90 541.00 769.90 Neutral Buy 886 1.18

LLOYDS BANKING GROUP 77.14 31.96 77.14 Sell Sell 2 1.86

ROYAL BANK OF SCTL.GP. 344.70 220.70 367.80 Neutral Sell -117 1.39

STANDARD CHARTERED 1587.50 1364.00 1 837.50 Neutral Strong Buy 3488 1.64

Beverages Under Valued


BARR (AG) 574.50 415.00 588.50 Neutral Sell 506 0.58

DIAGEO 2077.50 1672.50 2136.50 Neutra l Neutral 2257 0.54

SABMILLER 3176.00 2599.00 3657.00 Neutral Buy 4353 0.91

Chemicals Under Valued


ALENT 343.40 305.00 397.50 Neutral Buy 461 #NA

AZ ELECTRONIC MATS.(DI) 317.30 240.00 406.40 Neutral Strong Buy 564 1.12

CARCLO 366.50 342.75 503.00 Neutral Sell 146 0.74

CRODA INTERNATIONAL 2579.00 2164.00 2841.00 Neutral Buy 3260 1.05

ELEMENTIS 264.90 204.20 275.00 Neutral Buy 316 1.07

JOHNSON MATTHEY 2805.00 2190.00 2887.00 Neutral Strong Buy 4382 1.43

VICTREX 1556.00 1309.00 1765.00 Neutral Sell 1367 1.16

SYNTHOMER 227.00 141.80 227.00 Neutral Strong Buy 404 1.10

ZOTEFOAMS 200.00 178.00 225.00 Neutral Strong Buy 303 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 116.00 71.00 118.50 Neutral Strong Buy 287 0.56

BALFOUR BEATTY 233.10 207.60 320.80 Neutral Strong Buy 1141 0.83

BARRATT DEVELOPMENTS 324.30 145.90 355.20 Neutral Strong Buy 632 1.70

BELLWAY 1431.00 869.00 1502.00 Neutral Strong Buy 2957 1.02

BERKELEY GROUP HDG.(THE) 2229.00 1387.00 2340.00 Neutral Strong Buy 3591 0.58

BOOT (HENRY) 189.00 123.50 201.00 Neutral Strong Buy 376 0.75

BOVIS HOMES GROUP 780.50 473.20 851.50 Neutral Strong Buy 1486 1.11

CARILLION 290.20 244.80 331.80 Neutral Strong Buy 1594 1.09

CLARKE (T) 59.25 40.00 61.50 Sell Strong Buy 400 0.80

COSTAIN GROUP 283.75 219.75 306.00 Neutral Strong Buy 1167 0.52

CRH 1470.00 1090.00 1540.00 Neutral Sell 912 1.04

GALLIFORD TRY 1000.00 621.00 1020.00 Neutral Strong Buy 3050 0.97

KELLER 1070.00 491.00 1161.00 Neutral Strong Buy 2465 1.29

KIER GROUP 1528.00 1106.00 1528.00 Neutral Strong Buy 5508 1.01

LOW & BONAR 69.00 50.00 76.75 Neutral Strong Buy 233 1.06MARSHALLS 154.75 81.00 155.00 Neutral Buy 212 1.33

MORGAN SINDALL GROUP 675.00 508.00 695.00 Neutral Strong Buy 4690 0.71

NORCROS 17.38 11.25 18.25 Neutral Strong Buy 63 1.05

PERSIMMON 1184.00 637.20 1305.00 Neutral Strong Buy 2066 1.02

REDROW 239.30 135.30 255.10 Neutral Strong Buy 472 0.90

SIG 188.00 94.15 188.00 Neutral Strong Buy 547 1.70

SUPERGLASS HOLDINGS 46.50 43.00 287.50 Sell Strong Buy 4378 0.89

TAYLOR WIMPEY 107.40 50.25 113.80 Neutral Strong Buy 235 1.61

TRAVIS PERKINS 1628.00 1013.00 1713.00 Neutral Strong Buy 4561 1.95

WOLSELEY 3263.00 2477.54 3483.00 Neutral Strong Buy 6217 1.35

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1325.00 999.50 1365.00 Neutral Sell 1095 0.69

DOMINO PRINTING SCIENCES 695.00 522.00 717.00 Neutral Buy 918 1.14

E2V TECHNOLOGIES 132.00 105.50 137.75 Neutral Strong Buy 285 1.27

INVENSYS 497.10 217.33 509.50 Neutral Sell 283 1.40

LAIRD 216.00 171.10 249.30 Neutral Strong Buy 460 2.10

OXFORD INSTRUMENTS 1500.00 1209.00 1752.00 Neutral Sell 1345 1.11

RENISHAW 1730.00 1494.00 2081.00 Neutral Buy 2159 1.29

SPECTRIS 2270.00 1549.00 2470.00 Neutral Buy 2930 1.53

BIOME TECHNOLOGIES 85.00 65.00 303.67 Neutral Sell -490 0.77

TT ELECTRONICS 189.25 114.00 191.50 Neutral Strong Buy 444 1.61

XAAR 849.00 227.00 898.00 Neutral Sell 436 1.06


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 100.00 54.25 102.25 Neutral Buy 136 1.19

BODYCOTE 638.00 337.60 644.00 Neutral Neutral 638 1.60

CASTINGS 433.25 291.00 443.50 Neutral Strong Buy 680 0.95

VESUVIUS 460.00 263.19 480.00 Neutral Strong Buy 1082 2.23

FENNER 367.90 305.90 435.20 Neutral Strong Buy 558 1.45

HALMA 576.00 405.80 578.00 Neutral Sell 418 0.78

HILL & SMITH 419.00 322.00 480.00 Neutral Buy 539 1.32

IMI 1445.00 837.50 1445.00 Sell Strong Buy 4670 1.41

MORGAN ADVANCED MATERIAL 313 .50 220 .30 318 .00 Neutral Strong Buy 524 1.90

ROTORK 2929.00 2157.00 3037.00 Neutral Sell 653 1.00

SENIOR 280.80 185.90 284.90 Neutral Sell 249 1.66

SEVERFIELD-ROWEN 57.00 35.40 80.16 Neutral Sell 44 0.79

SPIRAX-SARCO 2981.00 1932.53 2981.00 Neutral Sell 2158 0.84

VITEC GROUP 596.00 559.00 740.00 Neutral Sell 470 1.37

WEIR GROUP 2292.00 1566.00 2474.00 Neutral Neutral 2218 1.44

Food & Drug Stores Over Valued


GREGGS 404.90 392.10 523.50 Neutral Strong Buy 781 0.44

MORRISON(WM)SPMKTS. 291.30 248.60 296.40 Neutral Buy 390 0.39

SAINSBURY (J) 390.30 321.90 398.50 Neutral Buy 476 0.56

TESCO 374.50 307.90 387.75 Neutral Sell 197 0.68

THORNTONS 86.75 23.50 100.50 Neutral Sell 56 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1922.00 1267.00 2 031.00 Neutral Sell 1667 0.61

CRANSWICK 1155.00 732.50 1178.00 Neutral Strong Buy 1804 0.33

DAIRY CREST 522.00 332.90 528.50 Neutral Sell 384 0.91

DEVRO 318.30 289.90 380.00 Neutral Strong Buy 521 0.37

PREMIER FOODS 98.00 54.50 125.75 Neutral Strong Buy 253 1.26

TATE & LYLE 831.00 634.50 883.00 Neutral Strong Buy 1377 0.67

UNILEVER (UK) 2608.00 2235.00 2885.00 Neutral Sell 2221 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 27.13 22.13 29.50 Neutral Buy 39 0.66

BROWN (N) GROUP 540.00 266.40 542.50 Sell Sell 464 0.51

BURBERRY GROUP 1593.00 1000.00 1593.00 Neutral Sell 1246 1.29

CARPETRIGHT 664.00 585.00 701.50 Neutral Sell 355 0.90

DIXONS RETAIL 42.90 16.61 46.33 Neutral Buy 47 1.46

FINDEL 220.00 74.60 220.00 Neutral Sell 62 1.06

FRENCH CONNECTN.GROUP 31.00 20.63 34.00 Sell Strong Buy 112 1.01

HALFORDS GROUP 369.90 234.50 405.20 Neutral Buy 519 0.71

JD SPORTS FASHION 963.00 651.00 963.00 Neutral Strong Buy 1780 0.49

DARTY 75.00 39.00 81.75 Neutral Buy 111 1.23

KINGFISHER 394.30 262.20 404.90 Neutral Buy 453 0.91

MARKS & SPENCER GROUP 467.30 352.70 488.80 Neutral Buy 649 0.60

MOSS BROTHERS GROUP 64.50 44.75 71.00 Neutral Buy 75 0.97

MOTHERCARE 434.25 202.00 492.75 Neutral Sell 159 0.38

NEXT 4859.00 3320.00 5030.00 Neutral Buy 5390 0.61

TED BAKER 1925.00 899.00 1973.00 Neutral Sell 982 0.56

TOPPS TILES 87.75 46.00 89.75 Neutral Sell 77 1.51

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 113 0.39

CONSORT MEDICAL 823.50 660.50 839.00 Neutral Sell 575 0.35

OPTOS 167.50 106.75 222.75 Neu tral Neu tral 174 1.17

SMITH & NEPHEW 792.50 638.00 800.00 Neutral Sell 673 0.45

Household Goods & Textiles Over Valued


GAMES WORKSHOP 788.00 601.00 794.50 Neutral Neutral 772 0.42

HEADLAM GROUP 414.50 290.00 415.00 Neutral Sell 343 0.88

HORNBY 81.50 55.25 88.50 Neutral Buy 117 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 897.00 528.00 1097.00 Neutral Sell 296 0.73

CSR 512.00 308.10 607.00 Neutral Strong Buy 1595 1.13FILTRONIC 65.00 29.50 83.25 Neutral Sell 56 0.94

IMAGIN AT ION TECHNOLOGIES 286 .00 235 .10 624 .00 Neutral Buy 333 1.04

SPIRENT COMMUNICATIONS 137.50 118.00 170.00 Neutral Strong Buy 256 0.94

WOLFSON M ICR OELECTR ONICS 163 .00 140 .00 230 .00 Neutral Sell -199 0.94


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Insurance Under Valued


ADMIRAL GROUP 1267.00 1019.00 1416.00 Neutral Sell -478 0.52

AMLIN 392.40 364.10 435.10 Neutral Strong Buy 1541 0.40

BEAZLEY 214.80 162.20 242.70 Neutral Strong Buy 957 0.50

CATLIN GROUP 486.00 450.10 552.50 Neu tral Neu tral 473 0.22

HISCOX 652.00 459.54 660.00 Neutral Strong Buy 1915 0.46

JARDINE LLOYD THOMPSON 912.00 723.00 921.50 Neutral Buy 1229 0.32

RSA INSURANCE GROUP 123.00 107.70 136.30 Neutral Strong Buy 731 0.39

NOVAE GROUP 500.00 345.00 507.50 Neutral Strong Buy 3451 0.38

Leisure & Hotels Over Valued


CARNIVAL 2478.00 2092.00 2628.00 Neutral Buy 3581 0.95

ENTERPRISE INNS 150.80 55.75 152.20 Neutral Sell 115 1.64

TUI TRAVEL 383.70 205.30 401.50 Neutral Strong Buy 731 0.96

FULLER SMITH 'A' 947.50 700.50 965.00 Neutral Sell 618 0.26

GREENE KING 835.00 556.50 897.50 Neutral Sell 637 0.88

LADBROKES 192.70 168.90 243.10 Neutral Buy 266 0.87

ICTL.HTLS.GP. 1985.00 1524.00 2039.00 Neutral Sell 1696 1.10

MILLENNIUM & CPTH.HTLS. 549.50 456.00 582.50 Neu tral Neu tral 592 1.34

MITCHELLS & BUTLERS 421.60 262.70 430.40 Sell Sell 281 1.00

BWIN PARTY DIGITAL ENTM. 137.20 91.90 156.00 Neutral Sell 63 1.24

PUNCH TAVERNS 13.25 6 .15 13.75 Neutral Strong Buy 77 1.16

RANK GROUP 161.00 121.00 177.50 Neutral Strong Buy 579 0.96

RESTAURANT GROUP 533.00 320.00 570.00 Neutral Sell 395 0.70

WETHERSPOON (JD) 720.50 447.90 767.00 Neu tral Neu tral 704 0.57

WHITBREAD 3160.00 2096.00 3303.00 Neutral Sell 2213 0.97WILLIAM HILL 438.60 271.02 494.50 Neutral Sell 260 0.80

MARSTON'S 156.60 109.90 164.50 Neutral Sell 14 1.16

Life Assurance Under Valued


AVIVA 404.90 294.10 404.90 Sell Sell 369 1.18

CHESNARA 259.75 169.00 270.00 Neutral Strong Buy 533 0.64

LEGAL & GENERAL 200.00 128.00 201.90 Neutral Strong Buy 508 1.69

OLD MUTUAL 198.00 165.10 221.60 Neutral Strong Buy 414 1.52

PRUDENTIAL 1219.00 770.00 1232.00 Neu tral Neu tral 1226 1.66

ST.JAMES'S PLACE 629.00 336.20 641.50 Neutral Strong Buy 7067 0.84


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 139.75 102.00 146.50 Neutral Strong Buy 922 0.42

BRITISH SKY BCAST.GROUP 844.00 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 40.50 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 817.00 451.25 835.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1104.00 747 .50 1105.00 Neutral Strong Buy 5566 0.96

INFORMA 528.00 380.50 541.50 Neutral Strong Buy 327 1.63

ITE GROUP 286.00 183.50 307.40 Neutral Buy 201 1.44

ITV 164.10 82.00 168.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 17.25 5.20 19.00 Neutral Buy 720 1.20

PEARSON 1332.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 98.50 42.75 99.00 Neutral Strong Buy 2283 0.86

PINEWOOD SHEPPERTON 286.50 269.00 288.50 Neutral Strong Buy 732 0.13

THOMSON REUTERS 36.14 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 157.50 81.50 157.50 Neutral Sell 240 0.82

ST.IVES 165.75 73.25 170.00 Neutral Sell 159 1.48TRINITY MIRROR 117.75 36.75 122.25 Neutral Sell -289 1.59

UBM 712.00 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 190.00 103.00 190.00 Neutral Strong Buy 1390 0.85

WPP 1189.00 788.00 1210.00 Neutral Sell -827 1.27

Mining Under Valued


ANGLO AMERICAN 1545.00 1207.00 2084.00 Neutral Sell 1321 1.84

ANGLO PACIFIC GROUP 201.75 161.00 290.00 Neu tral Neu tral 220 1.07

ANTOFAGASTA 971.00 784.50 1381.00 Neutral Sell 885 1.42

BHP BILLITON 1994.50 1666.50 2236.00 Neutral Strong Buy 3101 1.48

GLENCORE XSTRATA 308.20 256.85 397.85 Neutral Strong Buy 1071 #NA

LONMIN 353.40 240.84 380.10 Sell Buy 461 2.08

RANDGOLD RESOURCES 4943.00 3972.00 7 775.00 Neutral Sell 3020 0.47

RIO TINTO 3193.50 2582.00 3757.00 Neutral Sell 2590 1.53

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2952 2.24

Oil & Gas Under Valued


BG GROUP 1206.50 1000.50 1350.50 Neutral Sell 907 0.84

BP 446.25 416.60 483.30 Neutral Strong Buy 1020 1.02

CAIRN ENERGY 282.60 251.80 300.20 Neutral Sell -29 1.33

FORTUNE OIL 8.41 7.15 12.50 Neutral Strong Buy 115 0.84

HUNTING 889.50 716.00 941.00 Neutral Sell 584 1.35

JKX OIL & GAS 68.00 48.50 89.75 Neutral Sell -61 1.35

PREMIER OIL 367.00 321.30 400.20 Neutral Buy 412 1.45

ROYAL DUTCH SHELL B 2150.50 2098.00 2365.00 Neutral Strong Buy 8368 0.83

SOCO INTERNATIONAL 372.00 319.90 404.30 Neutral Buy 468 0.53

TULLOW OIL 1061.00 977.00 1468.00 Neutral Sell 706 1.05

WOOD GROUP (JOHN) 903.00 720.50 915.50 Neutral Sell 738 1.44


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13/17



Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 339.90 210.50 365.60 Neutral Strong Buy 778 0.70

CAPITAL & REGIONAL 38.75 22.75 38.75 Neutral Sell -53 0.64

CLS HOLDINGS 1260.00 656.50 1260.00 Neutral Strong Buy 3052 0.75

DAEJAN HOLDINGS 4000.00 2706.00 4179.00 Neutral Strong Buy 7354 0.48

DEVELOPMENT SECS. 198.50 143.00 209.00 Neutral Neutral 200 0.96

GRAINGER 183.90 97.45 187.50 Neutral Sell 116 1.57

HELICAL BAR 290.00 178.00 302.50 Neutral Sell 208 0.82

LONDON & ASSOCS.PROPS. 25.75 20.50 29.75 Neutral Strong Buy 239 0.64

MOUNTVIEW ESTATES 6412.50 4350.00 6412.50 Sell Strong Buy 15038 0.69

QUINTAIN ESTATES & DEV. 91.75 51.00 92.00 Sell Sell -204 1.04

RAVEN RUSSIA 69.00 61.50 79.75 Neutral Strong Buy 218 1.48

SAVILLS 639.50 377.90 664.50 Neutral Strong Buy 2245 0.74

SMART (J) 90.50 71.50 90.50 Neutral Strong Buy 393 0.33

ST MODWEN PROPS. 321.50 193.10 333.00 Neutral Strong Buy 641 1.60

UNITE GROUP 385.60 214.75 403.00 Neutral Strong Buy 1716 1.77

Software & Computer Services Under Valued


ANITE 128.60 113.00 162.00 Neutral Neutral 129 0.67

AVEVA GROUP 2486.00 1776.97 2588.15 Neutral Sell 1521 1.49

COMPUTACENTER 509.50 333.29 564.10 Neutral Strong Buy 1179 0.89

KOFAX 340.00 260.75 347.25 Neutral Sell 310 1.06

INNOVATION GROUP 29.50 19.25 30.25 Neutral Sell 22 0.78

MICRO FOCUS INTL. 791.50 541.11 812.50 Neutral Buy 920 0.82

PHOENIX IT GROUP 160.00 130.00 222.00 Neutral Strong Buy 249 0.69

RM 83.00 64.00 85.50 Neutral Strong Buy 241 0.54

FIDESSA GROUP 2100.00 1275.00 2156.00 Neutral Neutral 2221 0.79

SAGE GROUP 359.50 289.36 368.18 Neutral Buy 447 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 384.30 274.60 492.10 Neutral Strong Buy 1319 1.11

BREWIN DOLPHIN 270.60 144.60 283.00 Neutral Strong Buy 700 0.70

CAMELLIA 9027.00 8000.00 11105.00 Neutral Strong Buy 102682 0.84

CHARLES STANLEY GROUP 472.00 260.00 472.00 Sell Strong Buy 1537 0.96

CHARLES TAYLOR 193.50 155.00 195.00 Neutral Strong Buy 1729 0.67

CLOSE BROTHERS GROUP 1082.00 771.00 1107.00 Neutral Strong Buy 5204 0.86

F&C ASSET MANAGEMENT 109.60 88.90 110.40 Neutral Sell 70 0.84

HELPHIRE GROUP 4.43 0.55 4.57 Sell Sell -143 0.63

HENDERSON GROUP 178.90 101.70 180.40 Neutral Strong Buy 873 1.46

ICAP 385.90 280.80 406.80 Neutral Strong Buy 872 1.04

INTERMEDIATE CAPITAL GP. 465.40 28 0.00 501.50 Neutral Strong Buy 2439 1.69

INVESTEC 443.10 358.40 513.50 Neutral Strong Buy 1824 1.57

LONDON STOCK EX.GROUP 1 57 3.00 93 0.00 1 622 .0 0 Neutral Strong Buy 6418 1.11

MAN GROUP 87.85 71.30 134.40 Neutral Sell -5377 1.36

RATHBONE BROTHERS 1635.00 1208.00 1691.00 Neutral Strong Buy 5886 0.73

SCHRODERS 2450.00 1407.00 2560.00 Neutral Strong Buy 8785 1.30

SCHRODERS NV 1937.00 1131.00 2000.00 Neutral Strong Buy 11517 1.28


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Transport Under Valued


BBA AVIATION 304.10 186.30 307.50 Neutral Sell 233 1.24

BRAEMAR SHIPPING SVS. 460.00 350.00 460.00 Neutral Buy 594 1.05

CLARKSON 1909.00 1150.00 1909.00 Sell Sell 1330 0.85

EASYJET 1310.00 530.00 1448.00 Neutral Sell 864 0.76

FIRST GROUP 118.10 92.00 212.39 Neutral Strong Buy 283 0.91

FISHER(JAMES)& SONS 1010.00 625.00 1110.00 Neutral Sell 779 0.74

GO-AHEAD GROUP 1500.00 1220.00 1595.00 Neutral Strong Buy 2726 0.99

NATIONAL EXPRESS 260.50 164.50 2 60.50 Neutral Neutral 249 1.40

NORTHGATE 388.50 210.25 395.75 Neutral Strong Buy 632 1.34

STAGECOACH GROUP 321.50 265.90 337.60 Neutral Buy 441 0.98

WINCANTON 80.25 43.75 80.25 Neutral Strong Buy 236 0.96

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 391.90 310.80 394.90 Neutral Buy 582 0.52

NATIONAL GRID 749.00 678.00 847.50 Neutral Buy 985 0.46

PENNON GROUP 675.00 598.00 764.00 Neutral Sell 622 0.62

SSE 1566.00 1332.00 1676.00 Neutral Buy 2262 0.41

SEVERN TRENT 1763.00 1513.00 2090.00 Neutral Sell 1508 0.36

UNITED UTILITIES GROUP 705.00 647.00 787.50 Neutral Neutral 748 0.48


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value indicator - uk main market 20130815

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