value indicator - uk main market 20131028

7/27/2019 value indicator - uk main market 20131028

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28 October 2013

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Intellisys Intelligent Analysis Limited 28 October 2013

www.intellisys.uk.com +44 (0)1189 333606 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued ....................................................................6Automobiles & Parts Over Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ...................................................................................6Chemicals Under Valued ..................................................................................7Construction - Building Materials & Fittings Under Valued ......................................7Construction - Heavy Construction Over Valued ..................................................7Construction Home Construction Under Valued ..................................................7Electronics & Electrical Equipment Under Valued ..................................................8Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Under 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 ....................................................... 15Transport Over Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

The following chart provides an indication the accuracy scores for each of the 40 stocks analysed.

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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90.0%

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110.0%

120.0%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

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60.0%

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110.0%

120.0%

Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is 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 upon 49valuation metrics

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 549.50 316.50 550.50 Neutral Sell 507 0.86

BAE SYSTEMS 451.70 300.80 468.00 Neutral Buy 612 0.66

CHEMRING GROUP 223.20 210.70 321.10 Neutral Buy 327 0.65

COBHAM 282.90 190.10 307.70 N eu tral Neutral 292 0.76

MEGGITT 561.50 366.20 564.00 Neutral Sell 512 1.24

QINETIQ GROUP 200.30 179.00 211.10 Neutral Sell 123 0.63

ROLLS-ROYCE HOLDINGS 1171.00 829.44 1230.62 Neutral Buy 1528 0.95

SENIOR 289.10 185.90 289.10 Neutral Sell 271 1.63

SMITHS GROUP 1415.00 1018.00 1455.00 Neutral Sell 1206 0.70

ULTR A ELECT RONICS HDG. 1916.00 1505 .00 19 81.00 Neutral Sell 1700 0.49

Automobiles & Parts Over Valued

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

GKN 372.20 201.00 376.20 Neutral Sell -1817 1.98

INCHCAPE 640.50 391.60 645.00 Neutral Strong Buy 2998 1.35

LOOKERS 127.00 71.50 128.50 Neutral Strong Buy 674 1.17

PENDRAGON 38.50 13.50 38.50 Neutral Strong Buy 266 0.96

TOROTRAK 27.63 23.50 35.50 Neutral Sell 13 0.68

Banks Over Valued


BARCLAYS 267.90 210.15 308.39 Neutral Sell -651 2.12

HSBC HDG. (ORD $0.50) 680.00 595.80 769.90 Neutral Buy 832 1.35

LLOYDS BANKING GROUP 80.37 40.46 80.37 Sell Sell 9 1.90

ROYAL BANK OF SCTL.GP. 368.40 266.10 384.90 Neutral Sell -98 1.35

STANDARD CHARTERED 1525.50 1395.00 1837.50 Neutral Strong Buy 3323 1.79

Beverages Under Valued


BARR (AG) 520.00 432.20 588.50 Neutral Sell 425 0.52

BRITVIC 610.50 358.60 617.50 Neutral Buy 836 0.67

DIAGEO 2017.50 1769.00 2136.50 Sell Buy 2333 0.52

SABMILLER 3250.00 2619.00 3657.00 Neutral Strong Buy 5173 0.92


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Chemicals Under Valued


ALENT 341.50 305.00 397.50 Neutral Strong Buy 3736 #NA

AZ ELECTRONIC MATS.(DI) 277.90 240.00 406.40 Neutral Strong Buy 542 1.11

CARCLO 386.00 342.75 501.00 Neutral Sell 123 0.73

CRODA INTERNATIONAL 2597.00 2164.00 2841.00 Neutral Buy 3306 1.06

ELEMENTIS 266.40 204.20 275.00 Sell Buy 299 1.01

JOHNSON MATTHEY 2958.00 2190.00 2997.00 Neutral Buy 3973 1.41

VICTREX 1672.00 1413.00 1765.00 Neutral Sell 1347 1.17

SYNTHOMER 255.60 146.00 257.80 Neutral Buy 373 1.05

ZOTEFOAMS 182.00 180.50 224.00 Neutral Strong Buy 286 1.01

Construction - Building Materials & Fittings Under Valued


ALUMASC GROUP 136.50 81.00 137.00 Neutral Strong Buy 454 0.54

CRH 1513.00 1090.00 1580.00 Neutral Sell 1074 0.97

LOW & BONAR 73.00 50.00 80.00 Neutral Strong Buy 559 1.11

MARSHALLS 178.00 87.50 184.00 N eutra l Neutral 180 1.37

NORCROS 20.25 11.75 21.75 Neutral Strong Buy 223 1.02

SIG 197.70 102.00 200.10 Neutral Strong Buy 990 1.61

TITON HOLDINGS 42.50 22.00 45.50 Neutral Sell 37 0.91

TRAVIS PERKINS 1804.00 1060.00 1815.00 Neutral Strong Buy 15409 1.93

TYMAN 238.25 143.13 240.00 N eutra l Neutral 230 1.01

WOLSELEY 3301.00 2636.64 3483.00 Neutral Strong Buy 10422 1.32

Construction - Heavy Construction Over Valued


BALFOUR BEATTY 285.20 207.60 320.80 Neutral Strong Buy 1100 0.68

BOOT (HENRY) 187.00 123.50 201.00 Neutral Sell 115 0.71

CARILLION 305.40 244.80 331.80 Neutral Buy 375 0.98

CLARKE (T) 67.00 40.00 72.25 Neutral Buy 86 0.68

COSTAIN GROUP 281.25 226.25 306.00 Neutral Buy 422 0.50

GALLIFORD TRY 1131.00 678.00 1157.00 Neutral Sell 737 0.76

KELLER 1030.00 565.00 1161.00 Neutral Sell 542 1.25

KIER GROUP 1785.00 1106.00 1797.00 Neutral Sell 1630 0.82

MORGAN SINDALL GROUP 816.50 508.00 828.00 Neutral Buy 1005 0.60

NORTH MIDLAND CON. 121.00 95.00 147.50 Neutral Strong Buy 268 #NA

POCHIN'S 39.50 20.00 39.50 Sell Sell -9 0.45

Construction Home Construction Under Valued


BARRATT DEVELOPMENTS 334.20 181.30 355.20 Neutra l Neutral 366 1.60

BELLWAY 1508.00 951.00 1534.00 Neutral Buy 1983 0.93

BERKELEY GROUP HDG.(THE) 2400.00 1482.00 2442.00 Neutra l Neutral 2387 0.47

BOVIS HOMES GROUP 782.00 489.30 851.50 Neutral Buy 993 1.05

CRE ST NICHOLSON HOLDINGS 382.0 0 22 0.00 385.00 Neutral Sell 304 #NA

GLEESON (MJ) GROUP 324.00 148.00 354.75 Neutral Sell 191 0.49

PERSIMMON 1243.00 695.55 1305.00 Neutral Sell 1114 1.06

REDROW 254.10 154.00 257.10 Neutra l Neutral 260 0.84

TAYLOR WIMPEY 111.20 56.65 113.90 Neutral Buy 129 1.45


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Electronics & Electrical Equipment Under Valued


DIALIGHT 1149.00 999.50 1399.00 Neutral Sell 1063 0.63

DOMINO PRINTING SCIENCES 692.50 522.00 717.00 Neutral Buy 894 0.99

E2V TECHNOLOGIES 144.50 105.50 148.25 Neutral Strong Buy 290 1.29

INVENSYS 504.50 217.33 509.50 Neutral Sell 297 1.33

LAIRD 246.00 171.10 249.30 Neutral Strong Buy 455 1.99

OXFORD INSTRUMENTS 1293.00 1209.00 1752.00 Neutral Sell 1166 1.22

RENISHAW 1621.00 1494.00 2081.00 Neutral Buy 2091 1.31

SPECTRIS 2296.00 1703.00 2470.00 Neutral Buy 2856 1.48

BIOME TECHNOLOGIES 188.50 65.00 303.67 Neutral Sell -444 0.70

TT ELECTRONICS 202.00 114.00 202.00 Neutral Strong Buy 442 1.64

XAAR 813.50 258.00 898.00 Neutral Sell 423 1.00

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 132.00 54.38 135.75 Neutral Buy 152 1.06

BODYCOTE 663.00 362.70 685.00 Neutral Neutral 658 1.51

CASTINGS 422.50 291.00 450.00 Neutral Buy 587 0.93

VESUVIUS 485.00 280.31 490.60 Neutral Strong Buy 1251 2.20

FENNER 409.00 305.90 435.20 Neutral Buy 585 1.44

HALMA 553.00 411.50 578.00 Neutral Sell 422 0.84

HILL & SMITH 483.75 372.00 483.75 Neutral Buy 571 1.25

IMI 1509.00 929.00 1537.00 Neutral Strong Buy 4268 1.31

MOR GAN ADVANCED MATER IAL 298.9 0 24 0.30 318.00 Neutral Strong Buy 505 1.82

ROTORK 2860.00 2229.00 3037.00 Neutral Sell 2078 0.97

SEVERFIELD-ROWEN 63.50 35.40 76.91 Neutral Sell 53 0.76

SPIRAX-SARCO 2908.00 1933.53 3090.00 Neutral Sell 1849 0.69

VITEC GROUP 710.00 559.00 721.25 Neutral Sell 503 1.33

WEIR GROUP 2318.00 1710.00 2474.00 Neutral Neutral 2304 1.31

Food & Drug Stores Over Valued


GREGGS 447.40 392.10 523.50 Neutral Strong Buy 826 0.40

MORRISON(WM)SPMKTS. 282.00 248.60 302.50 Buy Buy 392 0.35

SAINSBURY (J) 396.80 321.90 400.80 Neutral Buy 471 0.58

TESCO 370.15 315.00 387.75 Neutral Sell 199 0.74

THORNTONS 107.25 28.63 111.75 Neutral Sell 67 0.83

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 2133.0 0 136 5.00 2 133.00 Sell Sell 1729 0.57

CRANSWICK 1079.00 733.00 1189.00 Neutral Strong Buy 1836 0.35

DAIRY CREST 522.00 342.90 528.50 Sell Sell 438 0.83

DEVRO 308.90 289.90 380.00 Neutral Strong Buy 503 0.37

PREMIER FOODS 180.50 59.75 185.50 Neutral Strong Buy 283 1.22

TATE & LYLE 791.00 723.50 883.00 Neutral Strong Buy 1352 0.62

UNILEVER (UK) 2493.00 2290.00 2885.00 Neutral Sell 2123 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.50 24.00 29.50 Neutral Strong Buy 46 0.65

BROWN (N) GROUP 517.00 325.30 577.00 N eutra l Neutral 528 0.56

BURBERRY GROUP 1532.00 1153.00 1667.00 Neutral Sell 1264 1.28

CARPETRIGHT 620.00 585.00 701.50 Neutral Sell 254 0.85

DIXONS RETAIL 47.34 20.36 48.28 Neutral Sell 44 1.53

FINDEL 258.25 108.00 258.25 Neutral Sell 153 0.90

FRENCH CONNECTN.GROUP 37.50 23.00 37.50 Sell Sell 9 1.09

HALFORDS GROUP 410.00 299.00 410.00 Neutral Buy 604 0.68

JD SPORTS FASHION 1135.00 670 .00 1185.00 Neutral Strong Buy 2115 0.59

DARTY 84.00 39.00 88.25 Neutral Buy 125 1.10

KINGFISHER 370.10 268.90 420.00 Neutral Strong Buy 562 0.98

MARKS & SPENCER GROUP 475.80 359.00 513.50 Neutral Strong Buy 761 0.50

MOSS BROTHERS GROUP 74.25 53.50 75.00 Neutral Buy 87 0.78

MOTHERCARE 389.25 271.00 492.75 Neutral Sell 131 0.28

NEXT 5205.00 3542.00 5250.00 N eutra l Neutral 5393 0.63TED BAKER 1720.00 935.00 2017.00 Neutral Sell 1061 0.60

TOPPS TILES 87.50 47.00 94.00 Neutral Sell 82 1.55

Health Over Valued


BIOQUELL 149.50 130.00 160.00 Neutral Sell 118 0.45

CONSORT MEDICAL 885.00 660.50 902.50 Neutral Sell 685 0.37

OPTOS 159.25 106.75 215.25 Neutral Buy 177 1.09

SMITH & NEPHEW 798.00 638.00 803.00 Neutral Sell 686 0.33

Household Goods & Textiles Under Valued


GAMES WORKSHOP 789.00 601.00 823.50 Neutra l Neutral 764 0.29

HEADLAM GROUP 384.00 302.50 415.00 Neutral Buy 450 0.75

HORNBY 79.75 55.25 87.50 Neutral Sell 48 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 983.00 656.50 1097.00 Neutral Sell 431 0.63

CSR 540.50 332.00 607.00 Neutral Strong Buy 1489 1.06

FILTRONIC 65.25 30.75 83.25 N eu tra l Neu tral 71 1.00

IMAGINATION TECHNOLOGIES 290.8 0 23 5.10 552.00 Neutral Sell 217 1.09

SPIRENT COMMUNICATIONS 116.50 116.50 169.20 Buy Strong Buy 389 0.88

WOLFSON M ICR OE LE CTR ON ICS 1 47 .0 0 1 40 .0 0 2 26 .2 5 Neutral Sell -34 0.95


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Insurance Under Valued


ADMIRAL GROUP 1240.00 1019.00 1416.00 Neutral Sell -539 0.58

AMLIN 427.00 364.10 435.10 Neutral Strong Buy 1614 0.47

BEAZLEY 217.20 167.30 242.70 Neutral Strong Buy 999 0.61

CATLIN GROUP 508.00 455.30 552.50 N eu tra l Neu tral 494 0.29

HISCOX 675.00 463.32 686.00 Neutral Strong Buy 1998 0.43

JARDINE LLOYD THOMPSON 1006 .00 723.00 1007 .00 Neutral Buy 1263 0.28

RSA INSURANCE GROUP 126.80 107.70 136.30 Neutral Strong Buy 770 0.36

NOVAE GROUP 536.00 345.00 537.00 Neutral Strong Buy 3621 0.39

Leisure & Hotels Over Valued


CARNIVAL 2207.00 2030.00 2628.00 Neutral Strong Buy 3385 0.96

ENTERPRISE INNS 155.90 65.75 157.80 Neutral Sell 101 1.51

TUI TRAVEL 385.20 246.70 401.50 Neutral Strong Buy 706 1.06

FULLER SMITH 'A' 893.50 726.00 969.00 Neutral Sell 585 0.24

GREENE KING 839.00 589.00 897.50 Neutral Sell 600 0.87

LADBROKES 189.80 167.40 243.10 Neutral Buy 253 0.85

ICTL.HTLS.GP. 1865.00 1524.00 2039.00 Neutral Sell 1626 1.10

MILLENNIUM & CPTH.HTLS. 580.00 456.00 615.50 N eutra l Neutral 569 1.33

MITCHELLS & BUTLERS 400.50 296.00 460.00 Neutral Sell 263 0.89

BWIN PARTY DIGITAL ENTM. 122.00 101.30 156.00 Neutral Sell 61 1.28

PUNCH TAVERNS 14.00 6 .16 15.50 Neutral Strong Buy 68 0.98

RANK GROUP 150.50 137.30 177.50 Neutral Strong Buy 554 1.01

RESTAURANT GROUP 572.50 364.00 575.00 Neutral Sell 378 0.66

WETHERSPOON (JD) 729.00 493.80 767.00 Neutral Sell 669 0.55

WHITBREAD 3372.00 2301.00 3372.00 Neutral Sell 2114 1.05WILLIAM HILL 391.40 305.06 494.50 Neutral Sell 352 0.79

MARSTON'S 155.00 118.80 165.50 Neutral Sell 12 1.08

Life Assurance Under Valued


AVIVA 438.60 294.10 441.70 Neutral Sell 400 1.23

CHESNARA 294.50 176.50 296.00 Neutral Strong Buy 574 0.62

LEGAL & GENERAL 212.90 132.50 214.10 Sell Strong Buy 543 1.82

OLD MUTUAL 204.60 166.10 221.60 Neutral Strong Buy 435 1.54

PRUDENTIAL 1270.00 834.50 1276.00 Sell Neutral 1309 1.82

ST.JAMES'S PLACE 670.50 377.40 679.00 Neutral Strong Buy 7379 0.88


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 177.75 102.00 177.75 Neutral Strong Buy 922 0.39

BRITISH SKY BCAST.GROUP 928.50 709.00 950.00 Neutral Strong Buy 1056 0.42

CENTAUR MEDIA 55.75 31.00 60.00 Neutral Sell -42 1.00

DAILY MAIL 'A' 797.50 451.25 835.00 Neutral Strong Buy 3556 1.04

EUR OM ONE Y IN STL.INV ESTOR 1028.0 0 74 7.50 1 209.00 Neutral Strong Buy 5566 0.87

INFORMA 550.50 380.50 554.00 Neutral Strong Buy 327 1.51

ITE GROUP 316.10 183.50 316.10 Neutral Buy 201 1.38

ITV 191.80 85.65 195.10 Neutral Strong Buy 1369 1.54

JOHNSTON PRESS 13.00 9.88 19.00 Neutral Buy 720 1.11

PEARSON 1364.00 1119.00 1364.00 N eutra l Neutral 309 0.60

PHOTO-ME INTL. 131.50 49.00 133.00 Neutral Strong Buy 2283 0.81

PINEWOOD SHEPPERTON 302.50 269.00 302.50 Neutral Strong Buy 732 0.06

THOMSON REUTERS 36.97 26.85 36.97 Neutral Strong Buy 346 0.39

STV GROUP 321.50 100.00 321.50 Neutral Sell 240 0.86

ST.IVES 185.00 98.50 187.00 Neutral Sell 159 1.34TRINITY MIRROR 132.00 51.25 132.25 Neutral Sell -289 1.53

UBM 681.00 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 219.50 127.75 219.50 Neutral Strong Buy 1390 0.83

WPP 1344.00 788.00 1344.00 Sell Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1508.00 1207.00 2072.00 Neutral Sell 1306 1.74

ANGLO PACIFIC GROUP 231.50 161.00 289.00 N eutra l Neutral 221 1.03

ANTOFAGASTA 875.50 784.50 1381.00 N eutra l Neutral 891 1.27

BHP BILLITON 1953.00 1666.50 2236.00 Neutral Strong Buy 3126 1.41GLENCORE XSTRATA 342.50 256.85 397.85 Neutral Strong Buy 1060 #NA

LONMIN 327.20 240.84 380.10 Sell Buy 431 1.86

RANDGOLD RESOURCES 4639.00 3972.00 7 435.00 Neutral Sell 3022 0.51

RIO TINTO 3222.50 2582.00 3757.00 Neutral Sell 2539 1.44

VEDANTA RESOURCES 1068.00 992.00 1335.00 Neutral Strong Buy 3013 2.17

Oil & Gas Under Valued


BG GROUP 1254.50 1000.50 1329.50 Neutral Sell 920 0.81

BP 451.15 416.60 483.30 Neutral Strong Buy 1038 1.04

CAIRN ENERGY 281.00 251.80 296.10 Neutral Sell -36 1.25

FORTUNE OIL 10.25 5.44 10.25 Neutral Strong Buy 90 0.76

HUNTING 917.50 716.00 941.00 Neutral Sell 598 1.25

JKX OIL & GAS 71.25 48.50 80.38 Neutral Sell -60 1.21

PREMIER OIL 347.70 321.30 400.20 Neutral Buy 417 1.45

ROYAL DUTCH SHELL B 2237.50 2077.50 2365.00 Neutral Strong Buy 8541 0.78

SOCO INTERNATIONAL 403.40 297.04 417.00 Neutral Buy 456 0.53

TULLOW OIL 978.50 959.00 1445.00 Neutral Sell 706 1.08

WOOD GROUP (JOHN) 821.50 720.50 915.50 Neutral Sell 746 1.40


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Personal Care & Household Products Over Valued


MCBRIDE 113.00 101.00 144.60 Buy Buy 147 0.85

PZ CUSSONS 394.40 336.20 432.50 Neutral Sell 363 0.75

RECKITT BENCKISER GROUP 4780.00 3704.00 4950.00 Neutra l Neutral 4860 0.33

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.36 0.32 3.58 Buy Strong Buy 1 0.89

ASTRAZENECA 3248.50 2792.50 3521.50 Neutral Strong Buy 10470 0.47

BTG 407.30 317.50 412.50 Neutral Sell 296 0.38

DECHRA PHARMACEUTICALS 688.00 569.00 780.00 Neutral Strong Buy 1532 0.18

GLAXOSMITHKLINE 1604.50 1317.50 1782.00 Neutral Strong Buy 2476 0.49

OXFORD BIOMEDICA 2.60 1.33 2.83 Buy Sell -2 0.38

IXICO 59.50 51.50 568.75 Buy Sell -158 0.79SHIRE 2776.00 1727.00 2776.00 Neutral Sell 2174 0.69

SKYEPHARMA 92.00 43.50 101.75 Neutral Strong Buy 221 0.51

VERNALIS 28.75 19.38 31.00 Neutral Sell 15 0.76

Real Estate - REIT Under Valued


BIG YELLOW GROUP 485.00 322.90 489.00 Neutral Strong Buy 770 1.24

BRITISH LAND 628.00 506.00 658.00 Neutral Buy 881 1.14

DERWENT LONDON 2563.00 1999.00 2574.00 Neutral Strong Buy 5452 1.32

GREAT PORTLAND ESTATES 592.50 451.50 598.00 Neutral Strong Buy 1247 1.07

HAMMERSON 536.50 458.70 554.00 Neutral Buy 595 1.41

INTU PROPERTIES 344.60 300.60 366.00 Neutral Strong Buy 616 1.22

LAND SECURITIES GROUP 991.00 762.50 994.00 Sell Strong Buy 1899 1.22

LOCAL SHOP.REIT (THE) 31.63 24.25 37.50 Neutral Sell -172 0.78

LONDONMETRIC PROPERTY 130.20 103.20 130.20 Sell Sell -5 0.33

MCKAY SECURITIES 187.00 131.50 187.00 Neutral Strong Buy 310 0.50

MUCKLOW (A & J) GROUP 456.00 347.75 500.00 Neutral Sell 261 0.57

PRIMARY HEALTH PROPS. 318.25 312.50 363.53 Neutral Sell 125 0.22

REDEFINE INTL.REIT 49.25 30.75 50.00 Neutral Sell -398 0.43

SEGRO 333.30 221.60 336.70 Neutral Sell -311 1.96

SHAFTESBURY 615.50 524.50 668.00 Neutral Buy 915 1.13

TOWN CENTRE SECURITIES 225.00 178.75 230.00 Neutral Sell 12 0.95

WORKSPACE GROUP 477.00 293.90 482.30 Neutral Strong Buy 1516 1.10


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 356.70 225.00 365.60 Neutral Strong Buy 721 0.72

CAPITAL & REGIONAL 44.75 22.75 45.25 Neutral Sell -57 0.55

CLS HOLDINGS 1206.00 656.50 1260.00 Neutral Strong Buy 3128 0.80

DAEJAN HOLDINGS 4040.00 2706.00 4200.00 Neutral Strong Buy 15627 0.56

DEVELOPMENT SECS. 220.00 143.00 225.00 Neutral Sell 207 1.14

GRAINGER 192.60 109.60 192.60 Sell Sell 120 1.64

HELICAL BAR 308.00 178.00 308.00 Neutral Sell 220 0.83

LONDON & ASSOCS.PROPS. 38.00 21.50 38.00 Neutral Strong Buy 244 0.60

MOUNTVIEW ESTATES 6750.00 4350.00 6975.00 Neutral Strong Buy 15388 0.69

QUINTAIN ESTATES & DEV. 95.50 51.75 95.50 Sell Sell -223 1.10

RAVEN RUSSIA 77.25 61.50 79.75 Neutral Strong Buy 223 1.56

SAVILLS 649.00 403.20 664.50 Neutral Strong Buy 2022 0.68

SMART (J) 85.00 72.50 90.50 Neutral Strong Buy 388 0.42

ST MODWEN PROPS. 361.50 200.00 361.50 Neutral Strong Buy 671 1.68

UNITE GROUP 408.50 260.70 408.50 Neutral Strong Buy 1744 1.93

Software & Computer Services Under Valued


ANITE 86.50 76.75 162.00 Neutral Strong Buy 143 0.66

AVEVA GROUP 2577.00 1975.75 2650.00 Neutral Sell 1503 1.49

COMPUTACENTER 570.00 333.29 570.00 Neutral Strong Buy 1464 0.85

KOFAX 359.50 260.75 388.00 N eutra l Neutral 345 1.11

INNOVATION GROUP 31.75 20.75 31.75 Sell Sell 26 0.78

MICRO FOCUS INTL. 809.00 544.73 816.09 Neutral Buy 1078 0.84

PHOENIX IT GROUP 162.00 130.00 184.00 Neutral Sell -237 0.59

RM 116.62 64.00 124.00 Neutral Strong Buy 267 0.58

FIDESSA GROUP 2018.00 1275.00 2190.00 N eutra l Neutral 2169 0.62

SAGE GROUP 331.90 289.36 368.18 Neutral Buy 440 0.70

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 459.10 319.90 492.10 Sell Strong Buy 1328 1.12

BREWIN DOLPHIN 281.50 169.80 283.00 Neutral Strong Buy 699 0.85

CAMELLIA 8545.00 8000.00 11105.00 Neutral Strong Buy 87733 0.85

CHARLES STANLEY GROUP 455.00 288.00 474.00 Neutral Strong Buy 1534 0.89

CHARLES TAYLOR 219.00 155.00 228.00 Neutral Strong Buy 1737 0.64

CLOSE BROTHERS GROUP 1263.00 833.50 1300.00 Neutral Strong Buy 5208 0.78

F&C ASSET MANAGEMENT 105.20 90.00 110.40 Neutral Sell 83 0.77

HELPHIRE GROUP 5.19 0.82 5.70 Neutral Sell -135 0.77

HENDERSON GROUP 209.00 109.10 209.70 Neutral Strong Buy 853 1.44

ICAP 375.80 280.80 422.20 Neutral Strong Buy 892 0.94

INTERMEDIATE CAPITAL GP. 492.40 287.20 501.50 Neutral Strong Buy 2411 1.77

INVESTEC 441.00 364.40 513.50 Neutral Strong Buy 2862 1.54

LONDON STOCK EX.GROUP 1682.00 930.00 1682.00 Neutral Strong Buy 7130 1.32

MAN GROUP 90.30 71.80 134.40 Neutral Sell -5207 1.23

RATHBONE BROTHERS 1665.00 1208.00 1691.00 Sell Strong Buy 5823 0.83

SCHRODERS 2688.00 1518.00 2690.00 Neutral Strong Buy 8711 1.42

SCHRODERS NV 2217.00 1220.00 2217.00 Neutral Strong Buy 12024 1.38


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Support Services Under Valued


ACAL 305.50 157.75 312.50 Neutral Strong Buy 652 0.79

AGGREKO 1517.00 1442.00 2254.00 Neutral Strong Buy 3369 1.04

AMEC 1164.00 965.50 1164.00 Neutral Strong Buy 3369 0.98

ASHTEAD GROUP 665.00 356.40 730.00 Neutral Strong Buy 998 1.69

BABCOCK INTL. 1248.00 953.00 1260.00 Neutral Strong Buy 2641 0.40

BRITISH POLYTHENE INDS. 670.00 372.50 670.00 Sell Strong Buy 2382 0.84

BUNZL 1357.00 1009.00 1409.00 Neutral Strong Buy 2817 0.49

UK MAIL GROUP 599.00 265.00 645.00 Neutral Strong Buy 1665 0.47

CAPITA 966.50 713.00 1057.00 Neutral Strong Buy 1931 0.57

COMMUNISIS 62.50 34.54 68.00 Neutral Strong Buy 450 0.79

COMPASS GROUP 907.00 680.00 910.50 Sell Strong Buy 2023 0.78

BERENDSEN 955.00 563.00 962.50 Neutral Strong Buy 3442 1.02

DE LA RUE 845.00 845.00 1075.00 Neutral Strong Buy 2342 #NA

DIGNITY 1384.00 922.31 1567.68 Neutral Buy 1789 0.21

DIPLOMA 690.00 435.00 690.00 Neutral Strong Buy 1363 1.00ELECTROCOMP. 295.60 203.90 298.10 Neutral Strong Buy 905 1.03

ESSENTRA PLC 797.50 543.00 830.00 Neutral Strong Buy 1305 1.13

G4S 258.50 207.50 313.50 Neutral Strong Buy 939 0.42

HAYS 122.80 76.70 124.10 Neutral Strong Buy 412 0.99

HOMESERVE 233.00 185.60 293.60 Neutral Strong Buy 953 0.93

INTERSERVE 617.00 349.10 625.00 Sell Strong Buy 3187 1.15

INTERTEK GROUP 3309.00 2819.00 3453.00 Neutral Buy 4543 0.74

JOHNSON SERVICE GROUP 53.50 33.63 53.50 Neutral Strong Buy 239 1.03

MANAGEMENT CNSL.GP. 26.25 21.25 32.00 Neutral Strong Buy 192 0.61

MENZIES (JOHN) 797.50 573.00 841.50 Neutral Strong Buy 2063 1.37

MICHAEL PAGE INTL. 472.10 346.40 502.50 Neutral Strong Buy 823 1.19

MITIE GROUP 311.70 248.00 314.90 Neutral Strong Buy 1057 0.50

OFFICE2OFFICE 39.75 33.75 130.00 Neutral Strong Buy 673 0.28

PAYPOINT 1041.00 765.00 1185.00 Neutral Strong Buy 1897 0.72

PREMIER FARNELL 223.00 165.50 238.40 Neutral Strong Buy 572 1.40

REGUS 209.80 96.00 214.10 Neutral Sell 71 1.46

RENTOKIL INITIAL 112.80 85.00 112.80 Neutral Strong Buy 460 1.31

REXAM 511.00 432.56 547.50 Neutral Strong Buy 1837 0.90

RICARDO 629.00 349.63 661.50 Neutral Strong Buy 1661 1.04

ROBERT WALTERS 335.00 191.00 335.00 Neutral Strong Buy 976 1.11

RPC GROUP 501.00 378.00 501.00 Neutral Strong Buy 1665 0.72

RPS GROUP 288.20 195.50 291.00 Neutral Strong Buy 933 1.49

SERCO GROUP 557.50 516.50 683.50 Neutral Strong Buy 2294 0.52

SHANKS GROUP 106.50 73.00 107.50 Neutral Strong Buy 373 1.55

SPEEDY HIRE 63.75 32.00 70.00 Neutral Strong Buy 343 1.17

TRIBAL GROUP 194.00 92.25 206.50 Neutral Strong Buy 546 0.64

TRIFAST 78.75 40.50 78.75 Neutral Strong Buy 332 0.81

VP 505.00 313.00 510.00 Neutral Strong Buy 2326 0.65

WYG 110.00 52.75 111.00 Neutral Strong Buy 203 0.78


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Telecommunication Services Over Valued


BT GROUP 359.10 212.50 367.40 Neutral Buy 458 0.92

CABLE & WIRELESS COMMS. 44.41 34.31 46.29 Neutral Strong Buy 86 0.66

INMARSAT 725.00 542.50 749.00 Neutral Sell 278 0.52

KCOM GROUP 98.85 68.25 100.70 Neutral Buy 131 0.97

TELECOM PLUS 1517.00 830.00 1518.00 Neutral Sell 896 0.05

VODAFONE GROUP 226.75 154.45 229.30 Neutral Sell 139 0.46

Transport Over Valued


BBA AVIATION 330.00 195.70 336.60 Sell Sell 230 1.17

BRAEMAR SHIPPING SVS. 540.00 350.00 540.00 N eu tral Neutral 579 0.91

CLARKSON 2308.00 1150.00 2370.00 Neutral Sell 1295 0.77

EASYJET 1329.00 617.50 1448.00 Neutral Sell 874 0.78

FIRST GROUP 118.10 92.00 182.47 Neutral Strong Buy 281 0.85

FISHER(JAMES)& SONS 1122.00 773.75 1148.00 Neutral Sell 817 0.69

GO-AHEAD GROUP 1715.00 1220.00 1715.00 Neutral Strong Buy 2976 0.94

NATIONAL EXPRESS 259.80 164.50 274.90 N eu tral Neutral 253 1.33

NORTHGATE 458.75 249.00 458.75 Neutral Sell 364 1.22

STAGECOACH GROUP 337.10 265.90 342.50 Neutral Buy 472 0.87

WINCANTON 139.00 43.75 139.00 Neutral Strong Buy 288 0.83

Utilities Under Valued


CENTRICA 356.10 310.80 402.20 Neutral Strong Buy 571 0.51

NATIONAL GRID 782.00 682.00 847.50 Neutral Buy 987 0.49

PENNON GROUP 700.00 598.00 730.00 Neutral Sell 622 0.66

SSE 1440.00 1364.00 1676.00 Neutral Strong Buy 2261 0.44

SEVERN TRENT 1881.00 1513.00 2090.00 Neutral Sell 1532 0.39

UNITED UTILITIES GROUP 718.50 647.00 787.50 N eu tral Neu tral 768 0.51


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