uk trading & value indicator 20120103

8/3/2019 uk trading & value indicator 20120103

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03 January 2012

UK Trading &

ValueIndicator


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Intellisys www.intellisys.uk.com 03 January 2012

Page 2 of 25 Intellisys 03 January 2012

Contents

Market Pictures - Indices .........................................................................5FTSE 100 ................................................................................................ 5FTSE 250 ................................................................................................ 6FTSE All Share Index................................................................................7FTSE AIM All Share ..................................................................................8

Market Pictures Interest Rates............................................................10UK Bank Lending Rates........................................................................... 10Eurozone Lending Rates.......................................................................... 11US Federal Funds Rate ........................................................................... 12

Market Pictures Exchange Rates ......................................................... 13Market Pictures - Oil............................................................................... 15Aerospace & Defence ............................................... Over Valued 16Automobiles & Parts ................................................ Over Valued 16Banks ............................................................... Over Valued 16Beverages .......................................................... Over Valued 16Chemicals .......................................................... Over Valued 16Construction & Building Materials ................................ Over Valued 17Electronics & Electrical Equipment ............................... Under Valued 17Engineering & Machinery .......................................... Over Valued 17Food & Drug Stores ................................................. Under Valued 18Food Producers & Processors ..................................... Over Valued 18General Retail ....................................................... Over Valued 18Health ................................................................ Over Valued 18Household Goods & Textiles ...................................... Under Valued 18Information Technology & Hardware ............................ Over Valued 19Insurance .......................................................... Over Valued 19Leisure & Hotels .................................................... Under Valued 19Life Assurance .................................................... Over Valued 19Media & Entertainment ............................................ Over Valued 20Mining ................................................................ Under Valued 20Oil & Gas ............................................................. Under Valued 20Personal Care & Household Products ............................ Fair Value 20Pharmaceuticals & Biotechnology ................................ Under Valued 21Software & Computer Services ................................... Over Valued 21Speciality & Other Finance ........................................ Over Valued 21Support Services .................................................... Under Valued 22Telecommunication Services ...................................... Under Valued 22Transport .......................................................... Over Valued 23Utilities ............................................................. Under Valued 23DISCLAIMER............................................................................................. 24


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IntroductionThe overriding purpose of this daily report is to provide users with a quick guidethat will identify those shares that merit their investment attention in anincreasingly time critical and information noisy trading environment.

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

Putting aside luck, Intellisys recognises that the timing and value of an

investment are the two primary drivers behind a successful portfolio performance.

TimingIntellisys has invested considerably in identifying what it believes are the keyfactors that influence investment timing. Having identified the key parameters,these have been established as rules that reflect market dynamics and cutthrough the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimentalfactors as well as the daily pressures exerted upon primary stock promoters

(analysts and traders) to find stories for their investment meetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage,the trading indicators appear to be, on average, about 77% accurate in

identifying good trading points as well as some 74% accurate for overall trendcorrelation.

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

stocks analysed.

Individual Stock Recommendation & Trend Accuracy Scores

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend

Source: Intellisys


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ValueA similar discipline has been applied to the process of establishing Target Prices.

On a daily basis, Intellisys analyses as broad an array of historic data from notonly the Profit & Loss Account but also the Balance Sheet and CashflowStatement and then utilises this data within its proprietary valuation models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his

investment research for the last 15+ years. Additionally, these investmentvaluation techniques lend themselves to accurate cross-border analysis.

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

Nevertheless, Intellisys recognises that Target Price delivery is not only afunction of market levels but a management teams ability to establish andmaintain a value generating operating environment set against a constantlychanging global background.

The typical investment analysts approach to determining target prices is to startwith a modest range of some 6 10 valuation measures and remove those that

are not providing the intuitive result. Intellysis approach is the opposite we useas many valuation methodologies as possible.

Further, Intellisys recognises that some target prices may appear strange or

extreme. However, subscribers should not dismiss these outcomes but use themas starting points to challenge their established or perceived valuation opinion ofa stock.

In short, this disciplined approach provides an investment reality check to assistinvestors from falling in love with a stock or becoming mesmerised by

management cults.

ConclusionNo investment methodology is 100% successful and like all trading and

investment systems active position monitoring is critical for maximisedinvestment performance.

Therefore, Intellisys recommends that its products should be used in conjunction

with, and not separate from subscribers existing investment systems as well asdiscussing investment options with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING Recommendations and Target PricesIntellisys does not make personal recommendations. The information in this

publication is provided solely to enable you to make your own investmentdecisions.

If you are unsure about dealing in shares and other equity investments, youshould contact your financial adviser as these types of investments may not besuitable for everyone.The value of stocks and shares, and the income from them, can fall as well as rise

and you may not get back the full amount you originally invested. If denominatedin a foreign currency, fluctuations in the exchange rate will also affect the valueof stocks and shares and the income from them. Past performance is not

necessarily a guide to future performance.


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Market Pictures - Indices

FTSE 100

Index PE

FTSE 100

3,512.1

3,512.1

4,944.4

6,091.3

6,091.3

6,732.4

5,572.3

2000 3000 4000 5000 6000 7000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 PE

7.0

7.0

7.9

10.1

14.1

18.2

18.2

5 10 15 20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change % change

1M 0.4; 3M 9.8; 12M -5.6 1M 1.3; 3M 24.5; 12M -17.1

Yield RSI

FTSE 100 DY

2.9

2.9

2.9

3.6

3.9

6.0

6.2

1.0 2.0 3.0 4.0 5.0 6.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 RSI

11.1

64.2

72.5

0 20 40 60 80

Lo

Last Close

Hi

% change

1M -0.8; 3M -5.8; 12M 19.7


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FTSE 250

Index PE

FTSE 250

5,491.5

5,769.8

9,425.9

10,102.9

12,167.8

12,167.8

12,220.2

500 5500 10500 15500

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250 PE

7.1

7.1

7.1

15.3

19.5

27.8

27.8

5 10 15 20 25 30

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change % change

1M -2.0; 3M 3.6; 12M -12.6 1M 100.8; 3M 6.6; 12M -20.3

Yield RSI

FTSE 250 DY

1.9

2.2

2.2

3.1

3.3

5.1

5.7

1.0 2.0 3.0 4.0 5.0 6.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 250 RSI

7.9

59.4

71.0

0 20 40 60 80

Lo

Last Close

Hi

% change

1M 2.6; 3M 2.0; 12M 40.7


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FTSE All Share Index

Index PE

FTSE ALL SHARE

1,781.6

1,781.6

2,557.8

2,857.9

3,160.9

3,160.9

3,479.0

500 1500 2500 3500 4500

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE PE

7.4

7.4

8.5

10.6

14.6

19.5

19.5

5 10 15 20 25

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change % change

1M 0.1; 3M 8.7; 12M -6.7 1M 10.0; 3M 22.1; 12M -17.8

Yield RSI

FTSE ALL SHARE DY

2.7

2.8

2.8

3.5

3.8

5.8

6.1

1.0 2.0 3.0 4.0 5.0 6.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE RSI

10.4

63.8

72.2

0 20 40 60 80

Lo

Last Close

Hi

% change

1M -0.3; 3M -4.6; 12M 21.8


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FTSE AIM All Share

Index PE

FTSE AIM ALL-SHARE

373.8

373.8

657.8

693.2

968.3

968.3

1,236.6

200 400 600 800 1000 1200 1400

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE PE

203,906.0-

203,906.0-

203,906.0-

96.2

211.5

1,240.8

1,439.5

-250000 -200000 -150000 -100000 -50000 0 50000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change % change

1M -1.4; 3M 1.0; 12M -25.8 1M -15.0; 3M 23.9; 12M -170.3

Yield RSI

FTSE AIM ALL-SHARE DY

0.4

0.5

0.5

0.7

0.8

2.1

2.1

0.2 0.7 1.2 1.7 2.2

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE RSI

6.9

58.5

73.6

0 20 40 60 80

Lo

Last Close

Hi

% change

1M 0.0; 3M -5.2; 12M 32.7


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S&P 500

Index PE

S&P 500 COMPOSITE

676.5

676.5

1,099.2

1,257.6

1,363.6

1,363.6

1,565.2

400 900 1400 1900

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE PE

13.4

13.4

13.4

14.6

18.4

146.3

146.3

10 60 110 160

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change % change

1M 1.1; 3M 14.4; 12M -1.1 1M 1.5; 3M 3.9; 12M -17.0

Yield RSI

S&P 500 COMPOSITE DY

1.8

1.8

1.8

2.2

2.4

3.2

3.4

0.5 1.5 2.5 3.5 4.5

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE RSI

11.2

56.5

73.6

0 20 40 60 80

Lo

Last Close

Hi

% change

1M 0.5; 3M -3.5; 12M 18.7


10/25


11/25



Market Pictures Interest Rates

Eurozone Lending Rates

Eurozone

EUROZONE MARGINAL LENDING RATE

1.75

1.75

1.75

1.75

2.25

3.00

5.25

0.00 1.00 2.00 3.00 4.00 5.00 6.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M -12.5; 3M -22.2; 12M 0.0

Eurozone Lending PE

EUROZONE MARGINAL LENDING RATE - PE

57.1

57.1

57.1

57.1

44.4

33.3

19.0

10 20 30 40 50 60

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo


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Market Pictures Interest Rates

US Federal Funds Rate

US

US FEDERAL FUNDS RATE

0.05

0.05

0.06

0.07

0.19

0.25

5.41

0.00 1.00 2.00 3.00 4.00 5.00 6.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M -12.5; 3M -12.5; 12M -63.2

US Lending PE

US FEDERAL FUNDS RATE - PE

2,000.0

2,000.0

1,666.7

1,428.6

526.3

400.0

18.5

10 510 1010 1510 2010 2510

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo


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Market Pictures Exchange Rates

US$/

US$/

1.37

1.37

1.53

1.55

1.67

1.70

2.11

1.00 1.20 1.40 1.60 1.80 2.00 2.20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M -0.5; 3M 0.4; 12M 0.5

/

EURO/

1.02

1.06

1.11

1.20

1.20

1.24

1.53

1.00 1.10 1.20 1.30 1.40 1.50 1.60

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M 2.9; 3M 2.7; 12M 3.4


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Market Pictures Exchange Rates

US$/

US$/EURO

1.19

1.19

1.29

1.29

1.48

1.51

1.60

0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M -3.5; 3M -1.8; 12M -3.2

/

YEN/

117.1

117.1

117.1

119.6

139.4

162.5

250.1

100.0 120.0 140.0 160.0 180.0 200.0 220.0 240.0 260.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

% change

1M -1.8; 3M 0.8; 12M -5.4


15/25


16/25



Aerospace & Defence Over Valued

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

BAE SYSTEMS 285.10 248.10 361.10 Neutral Strong Buy 583 0.64

CHEMRING GROUP 399.90 368.80 736.50 Neutral Buy 444 0.54

COBHAM 183.40 165.90 236.50 Neutral Buy 226 0.95

MEGGITT 352.80 305.00 397.60 Neutral Sell 317 1.35

ROLLS-ROYCE HOLDINGS 746.50 552.19 746.50 Neutral Sell 577 1.09

SMITHS GROUP 915.00 869.50 1429.00 Neutral Neutral 951 0.73

ULTRA ELECTRONICS HDG. 1478.00 1305.00 1830.00 Neutral Sell 1144 0.58

UMECO 358.75 243.50 512.50 Neutral Neutral 354 0.81

Automobiles & Parts Over Valued


GKN 183.00 157.00 245.00 Neutral Sell 145 1.91

INCHCAPE 293.40 268.60 425.40 Neutral Sell 261 1.40

LOOKERS 50.75 47.00 72.75 Neutral Buy 58 1.34

PENDRAGON 7.60 6.80 19.71 Neutral Neutral 8 1.07

Banks

Over Valued


BARCLAYS 176.05 138.85 333.55 Neutral Sell 48 1.81

HSBC HDG. (ORD $0.50) 491.05 463.50 730.90 Neutral Strong Buy 830 1.12

LLOYDS BANKING GROUP 25.90 21.84 69.61 Sell Strong Buy 142 1.72

ROYAL BANK OF SCTL.GP. 20.18 17.34 49.00 Sell Sell -29 1.24

STANDARD CHARTERED 1409.00 1169.50 1769.00 Neutral Sell 1265 1.69

Beverages Over Valued


BARR (AG) 1213.00 1031.00 1395.00 Neutral Neutral 1223 0.42

DIAGEO 1406.50 1112.00 1408.00 Neutral Sell 1261 0.55

SABMILLER 2266.50 1979.00 2354.50 Neutral Buy 2690 0.98

Chemicals Over Valued


CRODA INTERNATIONAL 1804.00 1456.00 2081.00 Neutral Sell 1456 1.06

ELEMENTIS 137.20 107.50 187.40 Neutral Neutral 137 1.06

JOHNSON MATTHEY 1836.00 1523.00 2119.00 Neutral Sell 1574 1.43

VICTREX 1096.00 1025.00 1590.00 Neutral Neutral 1042 1.22

YULE CATTO 164.30 148.00 253.00 Neutral Strong Buy 274 1.25

ZOTEFOAMS 114.00 110.00 158.00 Neutral Strong Buy 180 1.01


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Construction & Building Materials Over Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BALFOUR BEATTY 264.80 214.60 357.30 Neutral Neutral 273 0.85

BARRATT DEVELOPMENTS 92.90 67.50 119.00 Neutral Sell 55 1.40

BELLWAY 712.50 540.50 776.50 Neutral Sell 618 1.01

BERKELEY GROUP HDG.(THE) 1276.00 884.50 1360.00 Neutral Sell 1201 0.69

BOVIS HOMES GROUP 439.20 326.50 499.60 Neutral Sell 189 1.08

CARILLION 300.80 281.00 403.20 Neutral Buy 433 1.10

CLARKE (T) 41.25 35.50 128.00 Neutral Strong Buy 180 0.84

COSTAIN GROUP 184.87 180.00 265.00 Neutral Strong Buy 688 0.56

GALLIFORD TRY 475.00 298.50 530.00 Neutral Neutral 512 1.03

KELLER 266.50 239.25 698.50 Neutral Buy 367 1.27

KIER GROUP 1360.00 1097.00 1458.00 Neutral Strong Buy 2818 1.05

LOW & BONAR 40.00 38.00 76.75 Neutral Buy 55 1.04

MARSHALLS 90.50 83.25 124.50 Neutral Sell 62 1.35

MORGAN SINDALL GROUP 593.50 510.00 730.00 Neutral Strong Buy 1300 0.89

PERSIMMON 470.00 374.00 518.50 Neutral Buy 580 1.06

REDROW 113.30 103.50 138.00 Neutral Sell 79 0.96

SIG 84.00 76.95 153.50 Neutral Sell -4 1.56

TAYLOR WIMPEY 37.50 28.71 43.31 Sell Sell 11 1.49

TRAVIS PERKINS 795.50 715.00 1127.00 Neutral Buy 976 1.86

WOLSELEY 2132.00 1404.00 2261.00 Neutral Sell 1598 1.41

Electronics & Electrical Equipment Under Valued


DIALIGHT 699.00 514.00 847.00 Neutral Sell 372 0.76

DOMINO PRINTING SCIENCES 512.00 434.30 705.00 Neutral Neutral 529 1.17

E2V TECHNOLOGIES 105.75 86.75 146.00 Neutral Buy 128 1.31

INVENSYS 211.00 180.90 364.30 Neutral Buy 316 1.50

LAIRD 154.20 127.90 207.00 Neutral Neutral 155 2.19

OXFORD INSTRUMENTS 950.00 600.50 1010.00 Neutral Sell 669 0.98

RENISHAW 1005.00 800.00 1886.00 Neutral Strong Buy 1566 1.21

SPECTRIS 1289.00 1039.00 1679.00 Neutral Sell 995 1.38

BIOME TECHNOLOGIES 0.17 0.14 0.34 Neutral Strong Buy 0 0.64

TT ELECTRONICS 134.50 120.50 208.00 Neutral Strong Buy 202 1.56

XAAR 242.50 207.50 295.00 Neutral Sell 107 1.14

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 71.00 62.50 138.00 Neutral Strong Buy 273 1.31

BODYCOTE 262.80 225.60 397.70 Neutral Buy 323 1.54

CASTINGS 271.50 250.50 358.00 Neutral Strong Buy 472 0.98

COOKSON GROUP 509.00 395.80 724.50 Neutral Buy 698 2.25

FENNER 400.60 280.00 422.50 Neutral Sell 256 1.40

HALMA 330.40 306.30 429.60 Neutral Neutral 336 0.75

HILL & SMITH 250.00 235.00 393.50 Neutral Strong Buy 532 1.37

IMI 760.00 636.50 1119.00 Neutral Strong Buy 1251 1.39

METALRAX GROUP 8.12 7.37 12.00 Neutral Sell 6 0.85

MORGAN CRUCIBLE 263.00 224.00 357.10 Neutral Buy 309 1.72

ROTORK 1930.00 1501.00 1936.00 Neutral Sell 1640 1.00

SENIOR 171.00 132.60 190.60 Neutral Neutral 169 1.75

SEVERFIELD-ROWEN 166.50 150.00 333.50 Neutral Sell 152 1.03SPIRAX-SARCO 1873.00 1649.00 2063.00 Neutral Buy 2068 0.85

VITEC GROUP 555.75 488.00 661.75 Neutral Buy 666 1.51

WEIR GROUP 2032.00 1375.00 2218.00 Sell Sell 736 1.41


18/25



Food & Drug Stores Under Valued


GREGGS 506.00 445.00 550.50 Neutral Sell 396 0.54

MORRISON(WM)SPMKTS. 326.20 262.70 326.20 Neutral Buy 366 0.49

SAINSBURY (J) 302.90 263.50 391.50 Neutral Strong Buy 555 0.65

TESCO 403.45 356.25 436.65 Neutral Neutral 430 0.81

THORNTONS 20.00 20.00 100.75 Neutral Buy 24 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1107.00 940.00 1181.00 Neutral Sell 532 0.58

CRANSWICK 742.00 588.50 882.00 Neutral Sell 705 0.60

DAIRY CREST 336.00 318.80 423.40 Neutral Neutral 342 0.97

DEVRO 257.80 223.50 296.90 Neutral Strong Buy 410 0.30

PREMIER FOODS 5.81 3.29 35.12 Neutral Sell -5 1.44

ROBERT WISEMAN DAIRIES 256.75 233.25 356.50 Neutral Strong Buy 498 0.40

TATE & LYLE 704.50 518.00 704.50 Sell Sell 388 0.64

UNILEVER (UK) 2163.00 1793.00 2173.00 Neutral Sell 1791 0.64

General RetailOver Valued


ASHLEY(LAURA) HOLDINGS 20.00 16.00 25.25 Neutral Neutral 22 0.73

BLACKS LEISURE 1.00 0.75 42.25 Neutral Strong Buy 67 0.27

BROWN (N) GROUP 232.90 227.00 311.20 Neutral Sell 183 0.50

BURBERRY GROUP 1185.00 1030.00 1600.00 Neutral Sell 408 1.35

CARPETRIGHT 480.00 375.00 835.50 Neutral Sell 142 0.99

CLINTON CARDS 10.88 7.50 28.00 Sell Sell 7 0.64

DIXONS RETAIL 9.82 9.36 23.90 Neutral Strong Buy 22 1.40

FINDEL 3.60 2.20 10.72 Neutral Sell -0 0.96

FRENCH CONNECTN.GROUP 39.75 37.50 134.00 Neutral Strong Buy 80 0.92

GAME GROUP 7.50 6.20 73.25 Neutral Strong Buy 130 0.93

HALFORDS GROUP 289.00 269.50 457.00 Neutral Neutral 299 0.63

JJB SPORTS 5.38 5.20 52.70 Neutral Strong Buy 967 0.87

JD SPORTS FASHION 624.00 570.00 1030.00 Neutral Buy 920 0.46

KESA ELECTRICALS 67.30 60.20 164.00 Neutral Strong Buy 218 1.27

KINGFISHER 250.70 217.00 287.10 Neutral Sell 219 0.97MARKS & SPENCER GROUP 311.00 301.80 402.20 Neutral Sell 278 0.74

MOSS BROTHERS GROUP 33.75 23.75 40.00 Neutral Sell 18 1.03

MOTHERCARE 166.25 127.30 613.00 Neutral Strong Buy 266 0.51

NEXT 2737.00 1868.00 2810.00 Neutral Sell 1569 0.80

TED BAKER 647.75 572.50 830.00 Neutral Sell 354 0.52

TOPPS TILES 26.50 21.50 84.50 Neutral Sell 18 1.31

Health Over Valued


CONSORT MEDICAL 540.00 487.50 590.00 Neutral Sell 485 0.39

CORIN GROUP 42.25 36.50 59.00 Neutral Sell 39 0.72

SMITH & NEPHEW 625.50 521.00 742.00 Neutral Neutral 637 0.40

Household Goods & Textiles Under Valued


HARVARD INTL. 37.63 21.75 40.00 Neutral Sell 33 0.46

GAMES WORKSHOP 445.00 342.50 470.00 Neutral Sell 409 0.34

HEADLAM GROUP 255.00 233.25 354.00 Neutral Buy 334 0.92

HORNBY 134.50 105.00 150.00 Neutral Neutral 138 0.70


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Information Technology & Hardware Over Valued


ARM HOLDINGS 592.00 423.30 651.00 Neutral Strong Buy 1268 0.77

CSR 183.50 154.10 447.00 Neutral Strong Buy 5136 1.12

FILTRONIC 19.50 14.50 62.00 Sell Sell -191 0.59

IMAGINATION TECHNOLOGIES 549.00 296.90 550.00 Neutral Strong Buy 1104 0.97

PSION 43.88 43.88 102.75 Neutral Strong Buy 2354 1.19

SPIRENT COMMUNICATIONS 117.90 105.80 160.00 Neutral Strong Buy 1178 1.01

WOLFSON MICROELECTRONICS 131.00 96.00 312.00 Neutral Sell 20 1.01

Insurance Over Valued


ADMIRAL GROUP 852.00 787.00 1754.00 Neutral Sell 340 0.54

AMLIN 313.90 270.60 427.00 Neutral Strong Buy 2314 0.46

BEAZLEY 134.30 109.60 139.20 Neutral Strong Buy 1207 0.53

CATLIN GROUP 398.70 334.00 421.40 Neutral Sell 65 0.32

HISCOX 373.50 340.50 424.70 Neutral Strong Buy 2293 0.49

JARDINE LLOYD THOMPSON 689.50 576.00 764.50 Neutral Strong Buy 1820 0.33

RSA INSURANCE GROUP 105.20 99.60 143.50 Neutral Strong Buy 971 0.46

NOVAE GROUP 336.75 285.00 410.00 Neutral Strong Buy 2214 0.51

Leisure & Hotels Under Valued


ARENA LEISURE 37.75 26.00 42.75 Neutral Sell 17 0.79

CARNIVAL 2126.00 1742.00 3153.00 Neutral Strong Buy 3648 1.14

ENTERPRISE INNS 28.00 26.75 121.70 Neutral Strong Buy 86 1.71

TUI TRAVEL 165.80 136.70 271.90 Neutral Strong Buy 581 0.96

FULLER SMITH 'A' 719.50 590.00 752.00 Neutral Neutral 723 0.47

GREENE KING 487.20 410.00 518.00 Neutral Buy 728 0.87

LADBROKES 130.00 114.00 155.30 Neutral Strong Buy 236 0.99

ICTL.HTLS.GP. 1157.00 955.00 1435.00 Neutral Sell 853 1.31

MILLENNIUM & CPTH.HTLS. 406.50 371.20 600.50 Neutral Buy 513 1.39

MITCHELLS & BUTLERS 233.80 215.60 361.00 Neutral Sell 97 1.02

BWIN PARTY DIGITAL ENTM. 164.00 100.60 214.70 Sell Sell 135 1.29

PUNCH TAVERNS 10.00 9.14 15.70 Neutral Sell -169 1.29

RANK GROUP 126.70 109.50 153.70 Neutral Strong Buy 194 0.95RESTAURANT GROUP 297.90 254.90 335.00 Neutral Buy 339 0.90

WETHERSPOON (JD) 415.20 380.50 468.30 Neutral Strong Buy 704 0.75

WHITBREAD 1564.00 1409.00 1887.00 Neutral Buy 1819 1.05

WILLIAM HILL 202.80 168.60 244.10 Neutral Buy 303 0.93

MARSTON'S 91.75 84.60 114.50 Neutral Strong Buy 169 1.25

Life Assurance Over Valued


AVIVA 300.80 275.30 477.90 Neutral Strong Buy 435 1.22

CHESNARA 175.75 161.75 264.00 Neutral Neutral 177 0.58

LEGAL & GENERAL 102.80 89.80 123.80 Neutral Buy 83 1.65

OLD MUTUAL 135.50 98.05 144.80 Neutral Sell 160 1.62

PRUDENTIAL 638.50 509.00 777.00 Neutral Sell 316 1.72

ST.JAMES'S PLACE 324.50 265.70 376.00 Neutral Strong Buy 121 0.79


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Media & Entertainment Over Valued


AEGIS GROUP 144.40 116.17 159.08 Neutral Sell 84 1.29

BLOOMSBURY PBL. 98.50 91.25 138.00 Neutral Buy 117 0.46

BRITISH SKY BCAST.GROUP 732.50 618.50 850.00 Neutral Sell 624 0.64

CENTAUR MEDIA 33.13 32.75 73.00 Neutral Sell -53 1.00

DAILY MAIL 'A' 399.80 343.40 594.50 Neutral Buy 531 1.08

EUROMONEY INSTL.INVESTOR 625.00 522.50 736.00 Neutral Neutral 612 1.05

INFORMA 361.30 313.90 461.10 Neutral Sell 296 1.50

ITE GROUP 204.00 157.70 258.20 Neutral Sell 142 1.40

ITV 68.15 51.65 93.45 Neutral Neutral 74 1.47

JOHNSTON PRESS 6.25 4.11 12.75 Sell Strong Buy 56 1.46

PEARSON 1210.00 983.00 1222.00 Neutral Sell 1002 0.70

PHOTO-ME INTL. 48.75 39.50 67.00 Neutral Strong Buy 82 0.85

PINEWOOD SHEPPERTON 276.13 132.75 276.13 Neutral Sell 137 0.38

THOMSON REUTERS 27.23 26.21 41.49 Neutral Sell 24 0.52

STV GROUP 83.50 81.00 168.00 Neutral Buy 102 0.78

ST.IVES 83.00 68.50 108.50 Neutral Strong Buy 207 1.33

TRINITY MIRROR 48.00 37.50 93.00 Neutral Strong Buy 437 1.56

UBM 477.40 416.00 725.00 Neutral Strong Buy 1537 1.28

WILMINGTON GROUP 85.00 82.50 183.00 Neutral Buy 102 0.86

WPP 675.50 578.00 846.50 Neutral Buy 768 1.27

YELL GROUP 5.29 3.35 14.75 Neutral Strong Buy 41 1.32

Mining Under Valued


ANGLO AMERICAN 2379.00 2138.50 3437.00 Neutral Strong Buy 6080 1.74

ANGLO PACIFIC GROUP 276.50 237.90 369.25 Neutral Buy 351 0.92

ANTOFAGASTA 1215.00 900.50 1622.00 Neutral Sell 1028 1.38

BHP BILLITON 1877.50 1667.00 2631.50 Neutral Strong Buy 4357 1.39

LONMIN 980.00 941.00 1966.00 Neutral Sell 790 1.89

RANDGOLD RESOURCES 6585.00 4425.00 7555.00 Neutral Sell 1769 0.30

RIO TINTO 3125.00 2712.50 4712.00 Neutral Strong Buy 5013 1.40

UK COAL 28.50 28.50 55.25 Neutral Sell -72 1.05

VEDANTA RESOURCES 928.00 2518.00 Neutral Strong Buy 5065 2.02

XSTRATA 978.00 764.00 1550.00 Neutral Buy 1121 1.77

Oil & Gas Under Valued


BG GROUP 1376.50 1144.00 1564.50 Neutral Buy 1850 0.70

BP 460.50 363.20 509.00 Neutral Strong Buy 1212 1.05

CAIRN ENERGY 265.30 257.80 469.70 Neutral Buy 327 1.31

FORTUNE OIL 12.00 9.00 14.75 Neutral Strong Buy 23 0.86

HUNTING 750.00 530.00 817.00 Neutral Buy 908 1.31

JKX OIL & GAS 136.00 128.00 335.10 Neutral Strong Buy 355 1.34

MELROSE RESOURCES 118.00 95.25 297.00 Neutral Strong Buy 613 1.12

PREMIER OIL 363.00 310.00 535.00 Neutral Buy 510 1.31

ROYAL DUTCH SHELL A(LON) 2371.00 1883.50 2377.00 Neutral Strong Buy 6194 0.93

ROYAL DUTCH SHELL B 2454.00 1890.50 2472.00 Neutral Strong Buy 6256 0.94

SOCO INTERNATIONAL 292.60 278.00 400.00 Neutral Sell 192 0.50

TULLOW OIL 1402.00 945.50 1493.00 Neutral Sell 446 1.07

WOOD GROUP (JOHN) 641.00 469.90 715.75 Neutral Buy 741 1.35

Personal Care & Household Products Fair Value


MCBRIDE 112.00 110.75 178.76 Neutral Neutral 111 0.87

PZ CUSSONS 350.00 308.70 404.00 Neutral Neutral 354 0.80

RECKITT BENCKISER GROUP 3180.00 3015.00 3617.00 Neutral Neutral 3104 0.33


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Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 3.13 3.13 5.68 Buy Strong Buy 10 0.93

ASTRAZENECA 2975.00 2543.50 3194.00 Neutral Strong Buy 10685 0.45

BTG 313.70 210.10 313.70 Neutral Sell 119 0.72

DECHRA PHARMACEUTICALS 519.00 433.00 536.50 Neutral Strong Buy 956 0.33

GLAXOSMITHKLINE 1471.50 1127.50 1473.50 Neutral Neutral 1434 0.49

OXFORD BIOMEDICA 3.50 2.91 7.20 Buy Sell -2 0.63

PHYTOPHARM 7.83 6.40 9.75 Buy Sell -2 0.89

SHIRE 2243.00 1543.00 2243.00 Neutral Sell 1387 0.64

SKYEPHARMA 35.75 31.50 66.13 Neutral Strong Buy 281 0.73

VERNALIS 19.75 18.75 50.00 Neutral Sell -20 0.82

Software & Computer Services Over Valued


TIMEWEAVE 24.00 21.50 27.00 Neutral Strong Buy 42 0.71

ANITE 93.25 57.75 95.00 Neutral Sell 52 0.81

AVEVA GROUP 1430.00 1298.00 1799.00 Neutral Sell 834 1.46

COMPUTACENTER 334.60 324.70 490.00 Neutral Strong Buy 778 1.08

KOFAX 236.00 225.00 535.00 Neutral Neutral 238 1.05

INNOVATION GROUP 20.25 15.00 23.00 Neutral Sell 15 0.91

LOGICA 61.70 58.95 147.20 Neutral Strong Buy 158 1.34MICRO FOCUS INTL. 386.20 239.40 426.20 Neutral Neutral 375 0.73

MISYS 232.30 214.90 420.20 Neutral Buy 327 1.28

PHOENIX IT GROUP 161.00 154.75 290.00 Neutral Strong Buy 390 0.85

RM 58.50 41.50 175.00 Neutral Strong Buy 318 0.41

FIDESSA GROUP 1513.00 1444.00 2109.00 Neutral Neutral 1450 0.81

SAGE GROUP 294.20 231.70 302.00 Neutral Sell 272 0.66

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 212.00 167.80 240.00 Neutral Sell 89 1.07

BREWIN DOLPHIN 137.00 113.70 185.40 Neutral Sell 130 0.69

CAMELLIA 9964.00 8800.00 10950.00 Neutral Strong Buy 16049 0.88

CHARLES STANLEY GROUP 267.00 240.00 350.00 Neutral Neutral 269 0.94

CHARLES TAYLOR CNSL. 127.13 115.63 166.50 Neutral Buy 190 0.70CLOSE BROTHERS GROUP 619.50 590.00 888.50 Neutral Sell 299 0.80

F&C ASSET MANAGEMENT 65.45 56.05 92.90 Neutral Buy 81 0.92

HELPHIRE GROUP 1.98 1.36 17.38 Neutral Buy 3 0.64

HENDERSON GROUP 102.40 95.05 173.10 Neutral Sell 87 1.43

ICAP 346.90 311.60 570.50 Neutral Sell 286 1.08

INTERMEDIATE CAPITAL GP. 228.80 197.90 360.30 Neutral Neutral 235 1.62

INVESTEC 339.00 318.40 538.00 Neutral Sell 218 1.54

LONDON STOCK EX.GROUP 795.00 756.50 1076.00 Neutral Sell 662 1.15

MAN GROUP 125.70 123.60 311.00 Neutral Buy 168 1.28

RATHBONE BROTHERS 1060.00 977.00 1257.00 Neutral Neutral 1143 0.72

SCHRODERS 1314.00 1183.00 1922.00 Neutral Buy 1521 1.32

SCHRODERS NV 1073.00 970.00 1554.00 Neutral Buy 1521 1.32


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Support Services Under Valued


ACAL 173.00 169.50 367.50 Neutral Strong Buy 311 0.96

AGGREKO 2017.00 1394.48 2039.00 Neutral Sell 1160 1.19

AMEC 907.50 740.50 1251.00 Neutral Buy 1178 1.00

ASHTEAD GROUP 226.00 99.40 226.00 Neutral Sell 110 1.50

BABCOCK INTL. 735.50 542.00 735.50 Neutral Sell 635 0.56

BRITISH POLYTHENE INDS. 340.00 230.00 345.00 Neutral Strong Buy 990 0.70

BUNZL 884.00 676.50 884.00 Sell Neutral 922 0.53

UK MAIL GROUP 212.00 192.25 335.00 Neutral Strong Buy 500 0.27

CAPITA GROUP 628.50 611.50 786.50 Neutral Neutral 644 0.43

COMMUNISIS 26.88 23.75 37.00 Neutral Strong Buy 87 0.71

COMPASS GROUP 611.00 512.50 612.00 Neutral Neutral 671 0.74

BERENDSEN 435.20 402.70 568.00 Neutral Buy 637 1.02

DE LA RUE 891.50 667.00 936.00 Neutral Neutral 974 #NA

DIGNITY 821.00 648.50 854.50 Neutral Buy 906 0.23

DIPLOMA 339.70 263.50 414.25 Neutral Sell 296 0.99

ELECTROCOMP. 188.20 182.20 294.90 Neutral Strong Buy 342 1.00

FILTRONA 380.40 242.90 397.10 Neutral Neutral 395 1.12

G4S 271.80 219.90 291.00 Neutral Buy 354 0.62

HAYS 64.10 58.85 133.60 Neutral Strong Buy 131 0.96

HOMESERVE 286.60 218.50 532.00 Neutral Strong Buy 434 0.67

INTERSERVE 320.70 231.00 341.25 Neutral Strong Buy 726 1.39

INTERTEK GROUP 2035.00 1715.00 2148.00 Sell Sell 1500 0.87

JOHNSON SERVICE GROUP 26.63 25.50 36.00 Neutral Strong Buy 61 1.16

MANAGEMENT CNSL.GP. 30.50 27.75 45.50 Neutral Strong Buy 51 0.67

MENZIES (JOHN) 530.00 425.00 550.00 Neutral Strong Buy 1121 1.44

MICHAEL PAGE INTL. 348.80 323.00 567.00 Neutral Buy 407 1.34

MITIE GROUP 243.00 195.90 258.10 Neutral Strong Buy 369 0.61

MOUCHEL GROUP 5.43 5.15 154.75 Neutral Sell -265 0.88

OFFICE2OFFICE 139.50 112.50 166.50 Neutral Strong Buy 257 0.36

PAYPOINT 552.00 327.25 570.00 Neutral Buy 683 0.74

PREMIER FARNELL 180.00 144.50 308.80 Neutral Strong Buy 325 1.18

REGUS 84.50 64.00 119.00 Neutral Sell 65 1.41

RENTOKIL INITIAL 62.65 58.20 104.90 Neutral Sell 47 1.30

REXAM 352.80 299.80 400.00 Neutral Buy 476 0.86

RICARDO 369.38 291.50 410.00 Neutral Buy 501 0.84

ROBERT WALTERS 162.00 158.25 347.00 Neutral Strong Buy 323 1.20

RPC GROUP 358.00 231.50 384.80 Neutral Buy 404 0.81

RPS GROUP 180.00 156.60 253.00 Neutral Buy 270 1.55

SERCO GROUP 474.00 458.00 618.50 Neutral Buy 617 0.58SHANKS GROUP 90.80 90.80 130.90 Neutral Strong Buy 148 1.45

SPEEDY HIRE 20.00 18.50 34.00 Neutral Sell -8 1.27

TRIBAL GROUP 43.38 36.25 51.00 Neutral Sell -264 0.52

TRIFAST 37.25 36.25 52.88 Neutral Strong Buy 57 0.88

VP 225.00 191.00 253.75 Neutral Strong Buy 532 0.89

WYG 56.00 48.38 1237.51 Neutral Sell -8234 0.78

WSP GROUP 205.50 160.00 385.00 Neutral Strong Buy 523 0.94

Telecommunication Services Under Valued


BT GROUP 190.90 161.00 204.10 Neutral Buy 263 0.92

CABLE & WIRELESS COMMS. 38.20 31.25 51.20 Neutral Strong Buy 139 0.65

INMARSAT 404.70 389.30 719.50 Neutral Sell 352 0.52

KCOM GROUP 70.00 57.50 84.00 Neutral Buy 86 1.27

TELECOM PLUS 773.00 433.00 802.00 Neutral Sell 504 0.13

VODAFONE GROUP 178.90 155.05 182.75 Neutral Neutral 185 0.66


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Transport Over Valued


BBA AVIATION 178.00 156.00 240.80 Neutral Sell 169 1.37

BRAEMAR SHIPPING SVS. 297.00 282.00 550.00 Neutral Strong Buy 661 0.91

CLARKSON 1148.00 1015.00 1355.00 Neutral Sell 377 0.82

EASYJET 392.80 301.00 474.00 Neutral Neutral 417 0.76

FIRST GROUP 338.00 301.80 412.60 Neutral Neutral 348 1.10

FISHER(JAMES)& SONS 509.00 440.50 574.00 Neutral Strong Buy 1807 0.84

GO-AHEAD GROUP 1381.00 1190.00 1598.00 Neutral Sell 176 0.97

NATIONAL EXPRESS 223.00 201.60 270.20 Neutral Strong Buy 369 1.30

NORTHGATE 192.30 191.80 346.70 Neutral Neutral 201 1.35

STAGECOACH GROUP 271.80 199.97 272.41 Neutral Sell 178 0.90

WINCANTON 62.50 56.00 174.00 Neutral Sell 0 0.85

Utilities Under Valued


CENTRICA 289.30 278.80 345.80 Neutral Buy 320 0.51

NATIONAL GRID 625.00 530.00 649.50 Neutral Neutral 604 0.58

PENNON GROUP 714.00 584.50 737.50 Neutral Sell 604 0.63

SEVERN TRENT 1496.00 1368.00 1600.00 Neutral Sell 604 0.47

UNITED UTILITIES GROUP 606.00 543.50 637.00 Neutral Neutral 604 0.60


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uk trading & value indicator 20120103

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