uk trading & value indicator 20120504

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04 May 2012



Intellisys Value Indicator – UK Main market 04 May 2012

Page 2 of 15 www.intellisys.uk.com ©Intelligent Analysis Limited

Contents

Introduction ...................................................................................................................... 3 Timing .......................................................................................................................... 3

Value ........................................................................................................................... 4 Conclusion .................................................................................................................... 4

Aerospace & Defence Over Valued .................................................................. 5 Automobiles & Parts Over Valued ................................................................... 5 Banks Under Valued ................................................................................... 5 Beverages Over Valued ............................................................................ 5 Chemicals Over Valued ............................................................................ 5 Construction & Building Materials Over Valued .................................................. 6 Electronics & Electrical Equipment Over Valued ................................................. 6 Engineering & Machinery Under Valued ............................................................ 6 Food & Drug Stores Under Valued .................................................................... 7 Food Producers & Processors Over Valued ....................................................... 7 General Retail Over Valued .......................................................................... 7 Health Under Valued .................................................................................... 7 Household Goods & Textiles Under Valued ......................................................... 8 Information Technology & Hardware Over Valued ............................................. 8 Insurance Over Valued ................................................................................ 8 Leisure & Hotels Under Valued .................................................................... 8 Life Assurance Under Valued .......................................................................... 9 Media & Entertainment Over Valued ............................................................... 9 Mining Over Valued .................................................................................... 9 Oil & Gas Under Valued .............................................................................. 10 Personal Care & Household Products Fair Value ........................................... 10 Pharmaceuticals & Biotechnology Over Valued ................................................. 10 Software & Computer Services Under Valued ................................................... 10 Speciality & Other Finance Over Valued ......................................................... 11 Support Services Over Valued .................................................................. 12 Telecommunication Services Under Valued ...................................................... 12 Transport Under Valued .............................................................................. 13 Utilities Under Valued .................................................................................. 13 DISCLAIMER ................................................................................................................... 14 RISK WARNING – Recommendations and Target Prices ..................................................... 15





Introduction

The overriding purpose of this daily report is to provide users with a quick guide that willidentify those shares that merit their investment attention in an increasingly time critical andinformation noisy trading environment.

The report is published daily and delivered to the subscriber’s 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 thetwo primary drivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors thatinfluence investment timing. Having identified the key parameters, these have beenestablished as rules that reflect market dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as wellas the daily pressures exerted upon primary stock promoters (analysts and traders) to findstories for their investment meetings.

From an analysis of a year’s data for 40 stocks within Intellisys’ stock coverage, the tradingindicators appear to be, on average, about 77% accurate in identifying good trading points aswell as some 74% accurate for overall trend correlation.

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

Individual Stock Recommendation & Trend Accuracy Scores

Source: Intellisys

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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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Best Buy/Sell Trend





Value

A similar discipline has been applied to the process of establishing ‘Target Prices’. On a dailybasis, Intellisys analyses as broad an array of historic data from not only the Profit & Loss

Account but also the Balance Sheet and Cash flow Statement and then utilises this datawithin its proprietary valuation models.

Intellisys’ architect, Philip Morrish, has successfully applied these disciplines to his investmentresearch for the last 15+ years. Additionally, these investment valuation techniques lendthemselves to accurate cross-border analysis.

The resultant ‘Target’ is also discounted to a Net Present Value to make the ‘Target’ asrealistically valid as possible.

Nevertheless, Intellisys recognises that ‘Target Price’ delivery is not only a function of marketlevels but a management team’s ability to establish and maintain a value generatingoperating environment set against a constantly changing global background.

The typical investment analyst’s approach to determining ‘target prices’ is to start with a

modest range of some 6 – 10 valuation measures and remove those that are not providingthe ‘intuitive’ result. Intellysis’ approach is the opposite we use as many valuationmethodologies as possible.

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

In short, this disciplined approach provides an investment reality check to assist investorsfrom ‘falling in love’ with a stock or becoming mesmerised by ‘management cults’.

Conclusion

No investment methodology is 100% successful and like all trading and investment systemsactive position monitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, andnot separate from subscriber’s existing investment systems as well as discussing investmentoptions with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING – Recommendations and Target Prices

Intellisys does not make personal recommendations. The information in this publication isprovided solely to enable you to make your own investment decisions.

If you are unsure about dealing in shares and other equity investments, you should contactyour financial adviser as these types of investments may not be suitable for everyone.

The value of stocks and shares, and the income from them, can fall as well as rise and youmay not get back the full amount you originally invested. If denominated in a foreigncurrency, fluctuations in the exchange rate will also affect the value of stocks and shares andthe income from them. Past performance is not necessarily a guide to future performance.





Aerospace & Defence Over Valued

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

BAE SYSTEMS 292.40 248.10 340.80 Neutral Strong Buy 594 0.65

CHEMRING GROUP 371.90 316.90 677.00 Neutral Strong Buy 619 0.52

COBHAM 224.30 165.90 239.50 Neutral Buy 254 0.91

MEGGITT 408.00 305.00 413.50 Neutral Neutral 408 1.34

ROLLS-ROYCE HOLDINGS 841.50 545.04 859.00 Neutral Sell 760 1.10

SMITHS GROUP 1078.00 869.50 1255.00 Neutral Sell 958 0.73

ULTRA ELECTRONICS HDG. 1725.00 1305.00 1780.00 Neutral Sell 1261 0.60

UMECO 564.50 243.50 576.25 Sell Sell 467 0.80

Automobiles & Parts Over Valued


GKN 205.10 157.00 245.00 Neutral Sell 168 1.98

INCHCAPE 371.60 268.60 425.40 Neutral Sell 313 1.42

LOOKERS 62.75 47.00 72.75 Neutral Neutral 61 1.34

PENDRAGON 15.00 6.80 19.71 Neutral Buy 20 1.14

Banks Under Valued


BARCLAYS 213.65 138.85 283.80 Neutral Strong Buy 355 1.86

HSBC HDG. (ORD $0.50) 561.40 463.50 656.20 Neutral Strong Buy 991 1.14

LLOYDS BANKING GROUP 32.07 21.84 58.02 Sell Strong Buy 86 1.77

ROYAL BANK OF SC TL.GP. 24.77 17.34 42.91 Sell Sell 11 1.29

STANDARD CHARTERED 1453.00 1169.50 1672.00 Neutral Sell 855 1.71

Beverages Over Valued


BARR (AG) 1158.00 1031.00 1395.00 Neutral Neutral 1227 0.43

DIAGEO 1590.00 1112.00 1614.50 Neutral Sell 1402 0.55

SABMILLER 2580.00 1979.00 2660.00 Neutral Buy 2984 0.99

Chemicals Over Valued


CRODA INTERNATIONAL 2232.00 1597.00 2282.00 Neutral Neutral 2159 1.08

ELEMENTIS 206.90 107.50 208.10 Neutral Buy 245 1.07

JOHNSON MATTHEY 2352.00 1523.00 2408.00 Neutral Sell 1966 1.47

VICTREX 1440.00 1025.00 1590.00 Neutral Neutral 1433 1.22

YULE CATTO 238.10 148.00 253.00 Neutral Sell 179 1.29

ZOTEFOAMS 181.00 109.00 186.50 Neutral Neutral 175 1.01





Construction & Building Materials Over Valued


BALFOUR BEATTY 264.80 214.60 333.70 Neutral Sell -52 0.84

BARRATT DEVELOPMENTS 135.20 67.50 151.50 Neutral Sell 124 1.45

BELLWAY 808.00 540.50 859.50 Neutral Sell 247 1.01

BERKELEY GROUP HDG.(THE) 1298.00 1025.00 1414.00 Neutral Buy 1631 0.68

BOVIS HOMES GROUP 487.90 326.50 518.50 Neutral Sell 61 1.07

CARILLION 296.00 264.60 403.20 Neutral Sell -213 1.09

CLARKE (T) 50.25 35.50 98.00 Neutral Sell 28 0.80

COSTAIN GROUP 217.50 180.00 247.50 Neutral Strong Buy 380 0.56

GALLIFORD TRY 648.50 383.75 653.00 Neutral Sell -77 1.05

KELLER 447.50 239.25 671.50 Neutral Sell 287 1.32

KIER GROUP 1182.00 1095.00 1489.00 Neutral Buy 1340 1.04

LOW & BONAR 58.00 38.00 76.75 Neutral Strong Buy 115 1.11

MARSHALLS 93.00 83.25 124.00 Neutral Sell 55 1.35

MORGAN SINDALL GROUP 670.00 510.00 725.00 Neutral Sell 13 0.89

PERSIMMON 632.50 374.00 706.50 Neutral Sell 402 1.10

REDROW 124.50 103.50 135.30 Neutral Sell 34 0.97

SIG 103.30 76.95 153.50 Neutral Buy 132 1.59

TAYLOR WIMPEY 51.95 28.71 52.75 Neutral Sell 0 1.50

TRAVIS PERKINS 1041.00 715.00 1125.00 Neutral Sell 440 1.89

WOLSELEY 2415.00 1404.00 2558.00 Neutral Sell 625 1.44

Electronics & Electrical Equipment Over Valued


DIALIGHT 1030.00 643.50 1095.00 Neutral Sell 620 0.76

DOMINO PRINTING SCIENCES 600.00 434.30 701.50 Neutral Buy 728 1.18

E2V TECHNOLOGIES 145.25 86.75 149.50 Neutral Buy 180 1.35

INVENSYS 212.60 180.90 333.90 Neutral Strong Buy 408 1.47

LAIRD 216.40 128.50 222.00 Neutral Sell 129 2.17

OXFORD INSTRUMENTS 1225.00 714.00 1285.00 Neutral Sell 863 0.99

RENISHAW 1455.00 800.00 1886.00 Neutral Buy 1747 1.29

SPECTRIS 1902.00 1039.00 1902.00 Sell Sell 1389 1.43

BIOME TECHNOLOGIES 0.17 0.14 0.28 Neutral Sell 0 0.64

TT ELECTRONICS 188.00 120.50 208.00 Neutral Strong Buy 349 1.60

XAAR 225.00 212.00 295.00 Neutral Sell 207 1.13

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 78.00 62.50 121.00 Neutral Strong Buy 126 1.32

BODYCOTE 432.90 225.60 437.10 Neutral Buy 512 1.59

CASTINGS 300.00 252.50 358.00 Neutral Buy 437 0.98

COOKSON GROUP 706.50 395.80 747.50 Neutral Neutral 747 2.29FENNER 447.60 280.00 483.70 Neutral Sell 385 1.41

HALMA 405.90 306.30 429.60 Neutral Sell 312 0.76

HILL & SMITH 329.00 235.00 393.50 Neutral Buy 489 1.41

IMI 976.50 636.50 1119.00 Neutral Buy 1186 1.40

METALRAX GROUP 8.37 7.25 11.75 Neutral Sell 5 0.86

MORGAN C RUCIBLE 331.40 224.00 360.00 Neutral Buy 464 1.77

ROTORK 2258.00 1501.00 2260.00 Sell Sell 1779 0.99

SENIOR 209.90 135.60 213.00 Neutral Neutral 202 1.77

SEVERFIELD-ROWEN 184.00 150.00 250.00 Neutral Sell 138 1.07

SPIRAX-SARCO 2309.00 1649.00 2334.00 Sell Sell 2101 0.85

VITEC GROUP 623.00 488.00 690.00 Neutral Sell 599 1.52

WEIR GROUP 1680.00 1375.00 2236.00 Neutral Buy 1855 1.39





Food & Drug Stores Under Valued


GREGGS 505.00 445.00 558.00 Neutral Sell 285 0.52

MORRISON(WM)SPMKTS. 280.00 276.50 328.00 Neutral Buy 351 0.45

SAINSBURY (J) 308.90 263.50 362.80 Neutral Strong Buy 536 0.64

TESCO 318.00 310.45 420.05 Neutral Buy 405 0.73

THORNTONS 25.88 9.50 73.50 Neutral Neutral 27 0.77

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1228.00 977.00 1242.00 Neutral Buy 1731 0.60

CRANSWICK 811.00 588.50 841.00 Neutral Strong Buy 1888 0.60

DAIRY CREST 303.50 290.40 409.70 Neutral Strong Buy 1114 0.93

DEVRO 307.80 232.00 332.20 Neutral Strong Buy 544 0.33

PREMIER FOODS 15.75 3.29 35.12 Neutral Sell -6 1.40

TATE & LYLE 699.00 544.50 720.50 Neutral Buy 974 0.63

UNILEVER (UK) 2122.00 1892.00 2189.00 Neutral Sell 826 0.58

General Retail Over Valued


ASHLEY(LAURA) HOLDINGS 24.00 16.00 24.00 Neutral Buy 30 0.71

BROWN (N) GROUP 234.90 222.40 304.50 Neutral Buy 264 0.49

BURBERRY GROUP 1515.00 1092.00 1600.00 Neutral Sell 582 1.36

CARPETRIGHT 607.00 375.00 741.00 Neutral Sell 191 1.03

CLINTON CARDS 8.37 7.25 17.50 Sell Sell 6 0.65

DIXONS RETAIL 18.09 9.36 19.91 Neutral Buy 23 1.45

FINDEL 3.42 2.20 8.70 Neutral Sell 2 0.97

FRENCH CONNECTN.GROUP 42.25 36.00 106.00 Neutral Strong Buy 95 0.93HALFORDS GROUP 278.00 269.50 405.90 Neutral Strong Buy 433 0.64

JJB SPORTS 13.12 5.20 31.00 Sell Strong Buy 1683 0.88

JD SPORTS FASHION 834.50 570.00 1030.00 Neutral Buy 1235 0.48

KESA ELECTRICALS 56.00 52.80 151.40 Neutral Strong Buy 271 1.28

KINGFISHER 290.40 217.00 313.80 Neutral Neutral 280 0.97

MARKS & SPENCER GROUP 357.30 301.80 402.20 Neutral Buy 404 0.74

MOSS BROTHERS GROUP 49.50 26.00 51.00 Neutral Sell 17 1.07

MOTHERCARE 166.00 127.30 448.50 Neutral Strong Buy 338 0.56

NEXT 2971.00 2153.00 3060.00 Neutral Sell 2767 0.78

TED BAKER 870.00 633.00 928.50 Neutral Sell 496 0.56

TOPPS TILES 38.25 21.50 77.00 Neutral Sell 24 1.33

Health Under Valued


CONSORT MEDICAL 663.00 498.00 665.00 Neutral Sell 435 0.39

CORIN GROUP 42.25 35.25 57.75 Neutral Buy 52 0.76

SMITH & NEPHEW 605.50 521.00 694.00 Neutral Buy 788 0.36





Household Goods & Textiles Under Valued


HARVARD INTL. 44.50 21.75 44.50 Neutral Sell 31 0.48

GAMES WORKSHOP 570.00 405.00 577.50 Neutral Sell 442 0.38

HEADLAM GROUP 295.00 233.25 310.00 Neutral Buy 397 0.93

HORNBY 90.25 90.00 145.00 Neutral Strong Buy 141 0.65

Information Technology & Hardware Over Valued


ARM HOLDINGS 515.50 464.00 645.00 Neutral Sell 397 0.76

CSR 235.30 154.10 391.40 Neutral Strong Buy 492 1.20

FILTRONIC 29.00 14.50 35.00 Neutral Buy 39 0.66

IMAGINATION TECHNOLOGIES 645.00 296.90 717.00 Neutral Sell 250 0.96

PSION 55.00 41.00 101.00 Neutral Strong Buy 264 1.16

SPIRENT COMMUNICATIONS 171.90 105.80 174.00 Neutral Strong Buy 623 1.01

WOLFSON MICROELECTRONICS 195.00 96.00 244.50 Neutral Sell 48 1.06

Insurance Over Valued


ADMIRAL GROUP 1174.00 787.00 1754.00 Neutral Sell -1551 0.51

AMLIN 333.10 270.60 427.00 Neutral Sell -4596 0.49

BEAZLEY 141.90 109.60 151.80 Neutral Strong Buy 1894 0.51

CATLIN GROUP 423.30 336.00 449.00 Neutral Sell 69 0.31

HISCOX 403.70 340.50 424.70 Neutral Strong Buy 2258 0.50

JARDINE LLOYD THOMPSON 707.00 576.00 764.50 Neutral Strong Buy 4113 0.32

RSA INSURANC E GROUP 105.40 99.60 139.80 Neutral Strong Buy 2520 0.43

NOVAE GROUP 368.25 285.00 381.00 Neutral Strong Buy 8202 0.50

Leisure & Hotels Under Valued


CARNIVAL 2029.00 1742.00 2642.00 Neutral Strong Buy 3124 1.08

ENTERPRISE INNS 67.00 26.50 96.00 Neutral Sell 27 1.73

TUI TRAVEL 195.00 136.70 250.00 Neutral Strong Buy 673 0.95

FULLER SMITH 'A' 710.00 615.00 752.00 Neutral Sell 568 0.44

GREENE KING 527.50 410.00 527.50 Neutral Neutral 557 0.86

LADBROKES 180.20 114.00 181.40 Neutral Sell 164 1.00

ICTL.HTLS.GP. 1516.00 955.00 1532.00 Neutral Buy 1698 1.31

MILLENNIUM & CPTH.HTLS. 492.70 371.20 535.00 Neutral Buy 571 1.41

MITCHELLS & BUTLERS 266.10 215.60 336.80 Neutral Buy 334 1.02

BWIN PARTY DIGITAL ENTM. 150.40 100.60 174.00 Neutral Sell 117 1.26PUNCH TAVERNS 9.98 9.14 15.57 Neutral Sell -197 1.30

RANK GROUP 121.00 109.50 153.70 Neutral Strong Buy 180 0.99

RESTAURANT GROUP 289.10 254.90 329.00 Neutral Neutral 313 0.85

WETHERSPOON (JD) 408.50 380.50 468.30 Neutral Buy 581 0.72

WHITBREAD 1973.00 1409.00 2006.00 Neutral Sell 1575 1.02

WILLIAM HILL 274.50 183.30 281.70 Neutral Neutral 269 0.94

MARSTON'S 98.60 84.60 112.00 Neutral Strong Buy 153 1.26





Life Assurance Under Valued


AVIVA 311.10 275.30 447.10 Neutral Strong Buy 419 1.26

CHESNARA 180.25 161.75 255.00 Neutral Buy 182 0.58

LEGAL & GENERAL 121.80 89.80 135.00 Neutral Strong Buy 89 1.67

OLD MUTUAL 148.20 98.47 165.31 Neutral Sell 158 1.66

PRUDENTIAL 757.00 509.00 797.50 Neutral Buy 359 1.72

ST.JAMES'S PLACE 330.00 294.00 376.00 Neutral Neutral 138 0.81

Media & Entertainment Over Valued


AEGIS GROUP 178.00 116.17 187.40 Neutral Sell 146 1.31

BLOOMSBURY PBL. 106.00 91.25 138.00 Neutral Buy 136 0.51

BRITISH SKY BCAST.GROUP 701.50 618.50 850.00 Neutral Sell 650 0.61

CENTAUR MEDIA 32.50 30.50 56.25 Neutral Sell -67 1.04

DAILY MAIL 'A' 416.50 343.40 505.50 Neutral Buy 493 1.09

EUROMONEY INSTL.INVESTOR 828.00 522.50 828.00 Sell Sell 598 1.05

INFORMA 415.00 313.90 451.00 Neutral Sell 312 1.52ITE GROUP 228.90 157.70 255.30 Neutral Sell 182 1.42

ITV 84.35 51.65 89.90 Neutral Buy 94 1.52

JOHNSTON PRESS 5.85 4.11 8.00 Neutral Strong Buy 68 1.46

PEARSON 1161.00 1038.00 1255.00 Neutral Buy 1589 0.66

PHOTO-ME INTL. 44.75 41.50 67.00 Neutral Strong Buy 88 0.86

PINEWOOD SHEPPERTON 345.00 198.25 357.50 Sell Sell 164 0.35

THOMSON REUTERS 30.02 26.21 38.16 Neutral Sell 8 0.51

STV GROUP 112.25 76.25 163.00 Neutral Sell 28 0.81

ST.IVES 76.50 68.50 102.25 Neutral Strong Buy 231 1.45

TRINITY MIRROR 32.50 30.75 54.25 Neutral Strong Buy 373 1.57

UBM 596.50 416.00 641.50 Neutral Strong Buy 1724 1.30

WILMINGTON GROUP 98.00 78.50 151.00 Neutral Buy 116 0.86

WPP 840.50 578.00 880.00 Neutral Neutral 869 1.29

YELL GROUP 3.55 3.35 11.00 Neutral Strong Buy 52 1.32

Mining Over Valued


ANGLO AMERIC AN 2375.00 2138.50 3181.00 Neutral Buy 3120 1.75

ANGLO PACIFIC GROUP 307.00 237.90 340.00 Neutral Neutral 296 0.95

ANTOFAGASTA 1159.00 900.50 1491.00 Neutral Sell 1036 1.38

BHP BILLITON 2017.50 1667.00 2521.50 Neutral Strong Buy 3852 1.40

LONMIN 1053.00 941.00 1601.00 Neutral Sell 704 1.92

RANDGOLD RESOURCES 5350.00 4580.00 7565.00 Neutral Sell 3489 0.33

RIO TINTO 3439.00 2712.50 4595.00 Neutral Sell 3131 1.42

UK COAL 20.00 12.50 47.00 Neutral Sell -55 0.94VEDANTA RESOURCES 1206.00 928.00 2220.00 Neutral Strong Buy 3892 2.10

XSTRATA 1169.00 764.00 1448.00 Neutral Sell 957 1.78





Oil & Gas Under Valued


BG GROUP 1451.00 1144.00 1547.00 Neutral Sell 1237 0.70

BP 433.80 363.20 504.60 Neutral Strong Buy 2454 1.06

CAIRN ENERGY 340.30 291.86 501.41 Neutral Sell 133 1.36

FORTUNE OIL 10.25 9.00 14.75 Neutral Strong Buy 17 0.86

HUNTING 936.00 530.00 968.00 Neutral Sell 481 1.30

JKX OIL & GAS 130.50 120.50 301.50 Neutral Strong Buy 229 1.36

MELROSE RESOURC ES 120.00 95.25 280.00 Neutral Strong Buy 289 1.14

PREMIER OIL 380.40 310.00 485.00 Neutral Sell 315 1.36

ROYAL DUTCH SHELL A(LON) 2176.00 1883.50 2402.00 Neutral Strong Buy 6650 0.91

ROYAL DUTCH SHELL B 2252.50 1890.50 2489.00 Neutral Strong Buy 6632 0.92

SOC O INTERNATIONAL 294.10 278.00 397.50 Neutral Sell 271 0.47

TULLOW OIL 1545.00 945.50 1601.00 Neutral Sell 755 1.06

WOOD GROUP (JOHN) 789.00 469.90 798.00 Neutral Neutral 814 1.36

Personal Care & Household Products Fair Value

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaMCBRIDE 128.00 107.06 148.71 Neutral Neutral 118 0.87

PZ CUSSONS 342.10 285.00 387.90 Neutral Neutral 359 0.74

RECKITT BENCKISER GROUP 3603.00 3100.00 3660.00 Neutral Neutral 3464 0.34

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 3.80 3.13 5.35 Neutral Strong Buy 23 0.97

ASTRAZENECA 2703.00 2543.50 3194.00 Neutral Strong Buy 7641 0.45

BTG 379.80 236.80 387.70 Neutral Sell 253 0.73

DECHRA PHARMACEUTICALS 458.00 392.50 524.84 Neutral Strong Buy 1932 0.32

GLAXOSMITHKLINE 1432.50 1205.00 1497.00 Neutral Sell 1188 0.49OXFORD BIOMEDICA 3.95 2.88 7.20 Buy Strong Buy 25 0.61

PHYTOPHARM 7.80 6.40 9.50 Buy Sell 1 0.92

SHIRE 2027.00 1818.00 2300.00 Neutral Sell 1637 0.63

SKYEPHARMA 76.00 31.00 87.00 Neutral Neutral 78 0.70

VERNALIS 25.63 18.75 49.00 Neutral Strong Buy 90 0.82

Software & Computer Services Under Valued


TIMEWEAVE 21.50 21.13 27.00 Neutral Strong Buy 46 0.73

ANITE 122.50 57.75 129.75 Neutral Sell 67 0.84

AVEVA GROUP 1700.00 1298.00 1799.00 Neutral Sell 1017 1.48COMPUTACENTER 415.00 324.70 490.00 Neutral Strong Buy 1258 1.09

KOFAX 255.00 225.00 503.50 Neutral Buy 310 1.11

INNOVATION GROUP 21.00 16.75 23.00 Neutral Neutral 21 0.92

LOGICA 76.95 58.95 144.80 Neutral Strong Buy 157 1.36

MIC RO FOC US INTL. 467.90 242.90 476.70 Neutral Neutral 505 0.75

MISYS 348.90 214.90 420.20 Neutral Buy 482 1.33

PHOENIX IT GROUP 231.75 154.75 262.75 Neutral Strong Buy 530 0.88

RM 87.75 41.50 156.63 Neutral Sell -62 0.48

FIDESSA GROUP 1550.00 1444.00 2109.00 Neutral Buy 1946 0.82

SAGE GROUP 288.10 231.70 312.40 Neutral Buy 343 0.65





Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 283.10 167.80 283.80 Neutral Sell 122 1.07

BREWIN DOLPHIN 167.00 113.70 177.00 Neutral Sell 102 0.72

CAMELLIA 9800.00 8800.00 10950.00 Neutral Buy 12952 0.87

CHARLES STANLEY GROUP 292.38 240.00 350.00 Neutral Sell 212 0.96

CHARLES TAYLOR CNSL. 134.75 115.63 160.00 Neutral Buy 157 0.70

CLOSE BROTHERS GROUP 755.50 590.00 820.00 Neutral Sell 281 0.83

F&C ASSET MANAGEMENT 67.70 56.05 81.70 Neutral Buy 95 0.91

HELPHIRE GROUP 1.65 1.36 13.25 Neutral Strong Buy 80 0.67

HENDERSON GROUP 115.80 95.05 163.70 Neutral Sell 56 1.42

ICAP 376.50 311.60 515.00 Neutral Sell 210 1.06

INTERMEDIATE CAPITAL GP. 261.30 197.90 345.00 Neutral Sell 188 1.65

INVESTEC 356.30 318.40 522.00 Neutral Sell 86 1.56

LONDON STOCK EX.GROUP 1045.00 756.50 1093.00 Neutral Sell 719 1.17

MAN GROUP 94.75 92.55 259.60 Neutral Buy 129 1.27

RATHBONE BROTHERS 1351.00 977.00 1351.00 Neutral Sell 1169 0.74

SCHRODERS 1421.00 1183.00 1872.00 Neutral Sell 1101 1.31

SCHRODERS NV 1120.00 970.00 1521.00 Neutral Neutral 1101 1.30





Support Services Over Valued


ACAL 200.00 166.25 332.63 Neutral Strong Buy 321 0.94

AGGREKO 2270.00 1522.00 2316.00 Neutral Sell 1255 1.16

AMEC 1128.00 740.50 1207.00 Neutral Neutral 1090 1.01

ASHTEAD GROUP 250.60 99.40 271.10 Neutral Sell 101 1.52

BABCOCK INTL. 829.00 570.50 851.00 Neutral Sell 587 0.56

BRITISH POLYTHENE INDS. 332.00 273.00 392.50 Neutral Strong Buy 717 0.73

BUNZL 1047.00 676.50 1063.00 Sell Sell 797 0.54

UK MAIL GROUP 235.00 192.25 318.50 Neutral Strong Buy 470 0.34

CAPITA 677.00 611.50 767.00 Neutral Sell 564 0.43

COMMUNISIS 35.00 23.75 39.75 Neutral Strong Buy 83 0.77

COMPASS GROUP 658.50 512.50 671.00 Neutral Neutral 643 0.71

BERENDSEN 524.50 402.70 568.00 Neutral Strong Buy 931 1.02

DE LA RUE 996.00 730.00 1001.00 Neutral Sell 871 #NA

DIGNITY 854.00 727.00 866.00 Neutral Neutral 857 0.20

DIPLOMA 460.00 284.00 460.50 Neutral Sell 402 1.01

ELECTROCOMP. 233.00 182.20 294.90 Neutral Buy 308 1.01

FILTRONA 479.10 296.30 484.50 Neutral Sell 356 1.11

G4S 281.10 219.90 292.10 Neutral Neutral 283 0.58

HAYS 91.05 58.85 117.90 Neutral Buy 121 0.98

HOMESERVE 250.70 214.70 532.00 Neutral Strong Buy 406 0.65INTERSERVE 288.40 270.10 341.25 Neutral Strong Buy 754 1.35

INTERTEK GROUP 2550.00 1744.00 2605.00 Neutral Sell 1435 0.86

JOHNSON SERVIC E GROUP 29.00 25.25 36.00 Neutral Strong Buy 93 1.14

MANAGEMENT C NSL.GP. 37.00 27.75 45.50 Neutral Strong Buy 59 0.68

MENZIES (JOHN) 650.00 445.50 652.00 Neutral Strong Buy 1248 1.47

MIC HAEL PAGE INTL. 410.00 323.00 552.50 Neutral Sell 324 1.35

MITIE GROUP 295.90 206.80 296.70 Neutral Buy 338 0.61

MOUCHEL GROUP 5.95 4.75 78.00 Sell Sell -110 0.91

OFFICE2OFFICE 153.75 122.00 166.50 Neutral Strong Buy 246 0.39

PAYPOINT 646.50 450.00 670.00 Neutral Neutral 628 0.72

PREMIER FARNELL 215.70 144.50 301.00 Neutral Buy 283 1.18

REGUS 109.80 64.00 117.50 Neutral Neutral 108 1.40

RENTOKIL INITIAL 87.35 58.20 100.90 Neutral Sell 27 1.30

REXAM 432.50 299.80 438.00 Neutral Buy 585 0.87RICARDO 354.00 325.00 410.00 Neutral Buy 461 0.82

ROBERT WALTERS 254.00 158.25 326.00 Neutral Buy 331 1.25

RPC GROUP 372.50 300.50 393.20 Neutral Neutral 372 0.84

RPS GROUP 239.40 156.60 253.00 Neutral Neutral 248 1.58

SERCO GROUP 554.00 458.00 597.50 Neutral Neutral 585 0.57

SHANKS GROUP 93.25 90.80 130.90 Neutral Buy 139 1.46

SPEEDY HIRE 27.50 18.50 34.00 Neutral Sell 5 1.31

TRIBAL GROUP 75.00 38.50 79.75 Neutral Sell -7 0.63

TRIFAST 47.25 36.25 52.88 Neutral Buy 54 0.88

VP 251.50 191.00 269.00 Neutral Strong Buy 502 0.90

WYG 50.50 47.00 956.25 Neutral Sell -4435 0.77

WSP GROUP 261.00 160.00 353.00 Neutral Strong Buy 511 0.95

Telecommunication Services Under Valued


BT GROUP 213.50 161.00 232.10 Neutral Buy 254 0.92

CABLE & WIRELESS COMMS. 33.00 30.07 48.92 Neutral Strong Buy 127 0.65

INMARSAT 442.10 389.30 620.00 Neutral Sell 410 0.53

KCOM GROUP 73.25 60.50 84.00 Neutral Buy 83 1.27

TELECOM PLUS 692.00 472.00 802.00 Neutral Sell 495 0.04

VODAFONE GROUP 172.00 155.05 182.70 Neutral Neutral 181 0.63





Transport Under Valued


BBA AVIATION 200.10 156.00 223.40 Neutral Neutral 193 1.41

BRAEMAR SHIPPING SVS. 347.50 282.00 490.00 Neutral Strong Buy 603 0.94

CLARKSON 1380.00 1015.00 1380.00 Sell Buy 1878 0.81

EASYJET 517.50 302.54 519.00 Neutral Sell 491 0.77

FIRST GROUP 196.80 190.00 370.20 Neutral Strong Buy 356 1.08

FISHER(JAMES)& SONS 545.00 440.50 615.00 Neutral Sell 365 0.83

GO-AHEAD GROUP 1133.00 1125.00 1598.00 Neutral Buy 1687 0.94

NATIONAL EXPRESS 221.70 201.60 270.20 Neutral Neutral 223 1.28

NORTHGATE 200.00 190.00 341.80 Neutral Strong Buy 349 1.38

STAGEC OAC H GROUP 252.50 219.96 287.40 Neutral Sell 193 0.88

WINCANTON 47.25 45.00 123.25 Buy Strong Buy 118 0.85

Utilities Under Valued


CENTRICA 309.00 278.80 330.30 Neutral Buy 359 0.49

NATIONAL GRID 668.00 569.00 669.50 Neutral Buy 822 0.55PENNON GROUP 736.50 623.50 751.00 Neutral Sell 671 0.59

SEVERN TRENT 1667.00 1375.00 1720.00 Neutral Sell 1544 0.46

UNITED UTILITIES GROUP 620.50 560.00 637.00 Neutral Neutral 620 0.58





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