value indicator - uk main market 20130517

7/30/2019 value indicator - uk main market 20130517

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17 May 2013

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Intellisys Intelligent Analysis Limited 17 May 2013

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

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Over Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

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

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

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

Timing

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

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

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

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

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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

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Best Buy/Sell Trend


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Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity investments, you should 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 riseand you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

eta 1.0 Share should move by more than market (i.e., higher risk/higher reward)

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 405.50 270.90 405.50 Neutral Buy 591 0.67

CHEMRING GROUP 296.80 217.00 414.70 Neutral Buy 362 0.66

COBHAM 282.10 190.10 282.10 Neutral Buy 312 0.82

MEGGITT 519.50 364.30 521.50 Neutral Sell 449 1.32

ROLLS-ROYCE HOLDINGS 1208.00 7 80.75 1 225.00 Neu tral Neutra l 1169 1.07

SMITHS GROUP 1328.00 979.50 1328.00 Neutral Sell 1135 0.71

ULTRA ELECTRONICS HDG. 1751.00 1 424.00 1751.00 Neu tral Neutra l 1669 0.51

Automobiles & Parts Under Valued

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

GKN 296.50 173.60 296.50 Neu tral Neutra l 285 2.02

INCHCAPE 564.50 305.20 564.50 Neu tral Neutra l 550 1.48

LOOKERS 108.25 56.50 108.25 Neu tral Neutra l 116 1.23

PENDRAGON 24.00 13.50 25.00 Neutral Strong Buy 37 1.11

Banks Over Valued


BARCLAYS 320.40 150.55 327.35 Neutral Sell -800 1.94

HSBC HDG. (ORD $0.50) 749.00 503.20 754.40 Neutral Buy 941 1.17

LLOYDS BANKING GROUP 60.91 25.29 60.91 Sell Sell 9 1.89

ROYAL BANK OF SCTL.GP. 318.80 196.60 367.80 Neutral Sell -148 1.35

STANDARD CHARTERED 1583.00 1228.50 1 837.50 Neutral Strong Buy 3212 1.70

Beverages Under Valued


BARR (AG) 562.00 348.00 572.00 Neutral Neutra l 603 0.55

DIAGEO 2050.50 1477.00 2085.00 Neutral Sell 1826 0.55

SABMILLER 3640.00 2348.50 3657.00 Neutral Buy 4127 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 323.00 240.00 406.40 Neutral Strong Buy 662 1.23

CARCLO 368.00 345.75 503.00 Neutral Buy 405 0.73

CRODA INTERNATIONAL 2597.00 2094.00 2841.00 Neutral Sell 2105 1.04

ELEMENTIS 244.60 179.00 275.00 Neutral Buy 350 0.99

JOHNSON MATTHEY 2627.00 2080.27 2649.00 Neutral Strong Buy 12128 1.45

VICTREX 1640.00 1185.00 1736.00 Neutral Sell 1464 1.14

SYNTHOMER 208.00 127.40 225.80 Neu tral Neutra l 211 1.16

ZOTEFOAMS 195.00 157.00 225.00 Neutral Strong Buy 381 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 92.00 61.50 104.00 Neutral Strong Buy 247 0.51

BALFOUR BEATTY 226.40 207.60 320.80 Neutral Strong Buy 961 0.80

BARRATT DEVELOPMENTS 330.40 114.00 330.40 Neutral Buy 454 1.58

BELLWAY 1332.00 660.00 1377.00 Neutral Buy 1864 1.15

BERKELEY GROUP HDG.(THE) 2207.00 1180.00 2207.00 Neutral Strong Buy 3313 0.66

BOOT (HENRY) 197.75 115.50 197.75 Sell Strong Buy 344 0.83

BOVIS HOMES GROUP 765.00 399.30 778.50 Neutral Sell 554 1.20

CARILLION 252.30 235.50 331.80 Strong Buy Strong Buy 772 1.12

CLARKE (T) 55.00 40.00 61.50 Neutral Strong Buy 260 0.82

COSTAIN GROUP 276.25 188.00 306.00 Neutral Strong Buy 547 0.57

CRH 1406.00 1052.00 1540.00 Neutral Sell 844 1.14

GALLIFORD TRY 985.50 579.00 995.50 Neutral Strong Buy 1646 1.01

KELLER 940.00 348.25 940.00 Neutral Strong Buy 2069 1.26

KIER GROUP 1195.00 1106.00 1408.00 Neutral Strong Buy 3267 0.97

LOW & BONAR 70.00 49.00 76.75 Neutral Strong Buy 212 1.07MARSHALLS 124.25 76.00 130.00 Neutral Strong Buy 284 1.39

MORGAN SINDALL GROUP 545.00 508.00 695.00 Neutral Strong Buy 3294 0.87

NORCROS 15.75 9.25 18.25 Neutral Strong Buy 33 1.15

PERSIMMON 1206.00 496.69 1206.00 Sell Buy 1413 1.20

REDROW 226.30 107.30 226.30 Neutral Buy 283 1.09

SIG 169.00 82.30 172.60 Neutral Strong Buy 499 1.79

SUPERGLASS HOLDINGS 1.88 1.88 14.50 Neutral Strong Buy 50 0.88

TAYLOR WIMPEY 99.20 40.28 99.20 Neutral Buy 127 1.67

TRAVIS PERKINS 1543.00 906.50 1543.00 Neutral Strong Buy 2533 2.01

WOLSELEY 3405.00 2121.32 3405.00 Neutral Strong Buy 5416 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1345.00 935.00 1364.00 Neutral Sell 851 0.75

DOMINO PRINTING SCIENCES 678.00 509.00 717.00 Neutral Buy 933 1.18

E2V TECHNOLOGIES 125.00 105.50 144.00 Neutral Strong Buy 274 1.29

INVENSYS 390.10 198.90 399.70 Neu tral Neu tral 382 1.41

LAIRD 205.00 177.00 249.30 Neutral Sell 73 2.13

OXFORD INSTRUMENTS 1604.00 1096.00 1752.00 Neutral Sell 1303 1.00

RENISHAW 1756.00 1260.00 2081.00 Neutral Buy 2607 1.26

SPECTRIS 2122.00 1427.00 2470.00 Neutral Buy 2461 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.14 Neutral Strong Buy 0 0.84

TT ELECTRONICS 175.25 114.00 178.50 Neutral Strong Buy 454 1.58

XAAR 695.00 185.00 695.00 Sell Sell 260 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 85.50 54.25 91.75 Neutral Buy 101 1.28

BODYCOTE 547.00 310.30 556.50 Neutral Neutral 530 1.60

CASTINGS 339.00 277.75 358.50 Neutral Strong Buy 727 0.99

VESUVIUS 361.80 263.19 402.10 Neutral Buy 521 2.20

FENNER 357.50 329.30 435.20 Neutral Strong Buy 575 1.42

HALMA 525.50 373.10 531.50 Neutral Sell 410 0.75

HILL & SMITH 447.00 297.00 480.00 Neutral Sell 345 1.37

IMI 1330.00 776.00 1347.00 Neutral Neutral 1423 1.41

MORGAN ADVANCED MATERIAL 277.60 220 .30 305.00 Neutral Strong Buy 560 1.82

ROTORK 2879.00 1859.00 3037.00 Neutral Sell 2275 1.00

SENIOR 267.00 177.00 267.00 Neutral Sell 220 1.64

SEVERFIELD-ROWEN 41.00 35.40 99.42 Neutral Sell 31 0.79

SPIRAX-SARCO 2807.00 1900.00 2822.00 Sell Sell 2375 0.84

VITEC GROUP 587.00 586.50 740.00 Neutral Neutral 620 1.39

WEIR GROUP 2470.00 1397.00 2474.00 Neutral Sell 2117 1.38

Food & Drug Stores Over Valued


GREGGS 399.10 398.00 523.50 Buy Strong Buy 688 0.47

MORRISON(WM)SPMKTS. 282.60 248.60 296.40 Neutral Sell 179 0.39

SAINSBURY (J) 374.50 283.50 396.50 Neutral Sell 198 0.57

TESCO 373.90 297.05 387.75 Neutral Sell 259 0.68

THORNTONS 89.00 18.88 89.00 Sell Sell 65 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1925.00 1167.00 2031.00 Neutral Buy 2157 0.62

CRANSWICK 1080.00 732.50 1082.00 Neutral Strong Buy 2131 0.43

DAIRY CREST 477.60 309.50 477.60 Neutral Neutral 516 0.94

DEVRO 342.10 278.00 380.00 Neutral Strong Buy 528 0.32

PREMIER FOODS 73.75 54.50 130.25 Neutral Sell -181 1.25

TATE & LYLE 861.50 633.50 874.00 Neutral Strong Buy 1590 0.71

UNILEVER (UK) 2840.00 2007.00 2852.00 Neutral Neutral 2829 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.50 20.50 29.50 Neutral Buy 36 0.69

BROWN (N) GROUP 454.30 224.40 454.30 Neutral Sell 390 0.54

BURBERRY GROUP 1450.00 1000.00 1455.00 Neutral Sell 1050 1.27

CARPETRIGHT 627.50 585.00 728.50 Neutral Sell 300 0.95

DIXONS RETAIL 40.00 12.67 40.00 Neu tral Neu tral 42 1.51

FINDEL 152.50 55.20 186.00 Neutral Sell 57 1.13

FRENCH CONNECTN.GROUP 31.38 19.50 32.50 Sell Strong Buy 109 0.99

HALFORDS GROUP 405.20 189.00 405.20 Neutral Buy 538 0.68

JD SPORTS FASHION 845 .00 606.50 855 .00 Neutral Strong Buy 1618 0.53

DARTY 57.25 38.00 65.00 Neutral Strong Buy 97 1.25

KINGFISHER 329.10 254.10 330.60 Neutral Buy 418 0.94

MARKS & SPENCER GROUP 440.70 312.20 440.70 Neutral Buy 556 0.65

MOSS BROTHERS GROUP 56.25 42.00 71.00 Neutral Buy 64 1.04

MOTHERCARE 350.00 161.00 362.00 Neutral Buy 395 0.47

NEXT 4655.00 2899.00 4655.00 Sell Sell 3997 0.67

TED BAKER 1420.00 840.00 1420.00 Sell Sell 704 0.55

TOPPS TILES 67.50 32.13 70.00 Neutral Sell 54 1.50

Heath Over Valued


BIOQUELL 146.50 126.00 160.00 Neutral Sell 118 0.46

CONSORT MEDICAL 785.00 584.00 831.50 Neutral Sell 582 0.39

OPTOS 133.25 133.25 222.75 Buy Buy 162 1.18

SMITH & NEPHEW 783.50 580.00 783.50 Neutral Sell 706 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 730.00 557.00 742.00 Neutral Neutral 711 0.44

HEADLAM GROUP 331.75 263.00 355.00 Neutral Sell 295 0.92

HORNBY 80.50 55.25 90.50 Neutral Buy 104 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 1096.00 469.00 1097.00 Neutral Sell 567 0.74

CSR 551.50 200.30 551.50 Neutral Strong Buy 1295 1.18FILTRONIC 62.00 23.50 83.25 Neutral Sell 48 0.90

IMAGIN AT ION TECHNOLOGIES 330.00 296 .00 624.00 Neutral Strong Buy 533 1.08

SPIRENT COMMUNICATIONS 136.30 122.00 170.90 Neutral Strong Buy 709 0.94

WOLFSON MICROELECTRONICS 219.00 170 .00 230.00 Neutral Sell -488 0.90


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Insurance Under Valued


ADMIRAL GROUP 1262.00 1019.00 1374.00 Neu tral Neu tral 1237 0.53

AMLIN 431.10 312.90 434.00 Neutral Sell 80 0.46

BEAZLEY 232.80 132.50 233.30 Neutral Strong Buy 1291 0.60

CATLIN GROUP 533.00 399.00 541.00 Neutral Strong Buy 2017 0.30

HISCOX 574.00 385.08 575.00 Neutral Strong Buy 2573 0.48

JARDINE LLOYD THOMPSON 901 .00 659.00 914 .50 Neutral Strong Buy 1719 0.31

RSA INSURANCE GROUP 115.60 97.65 136.30 Neutral Strong Buy 930 0.41

NOVAE GROUP 490.00 345.00 492.00 Neutral Strong Buy 2910 0.48

Leisure & Hotels Over Valued


CARNIVAL 2401.00 1969.00 2628.00 Neutral Strong Buy 4241 1.01

ENTERPRISE INNS 110.20 55.50 114.70 Neu tral Neu tral 118 1.61

TUI TRAVEL 368.80 158.00 368.80 Neutral Strong Buy 817 1.01

FULLER SMITH 'A' 800.00 700.00 820.00 Neutral Sell 714 0.39

GREENE KING 767.50 474.30 767.50 Sell Sell 691 0.93

LADBROKES 214.60 152.70 243.10 Neutral Buy 264 0.93

ICTL.HTLS.GP. 1947.00 1396.63 2039.00 Neutral Sell 1540 1.18

MILLENNIUM & CPTH.HTLS. 553.00 455.40 582.50 Neutral Buy 680 1.40

MITCHELLS & BUTLERS 399.10 217.40 399.10 Sell Sell 337 1.12

BWIN PARTY DIGITAL ENTM. 146.10 91.90 156.00 Neutral Sell 47 1.25

PUNCH TAVERNS 10.50 5 .61 13.12 Neutral Strong Buy 55 1.27

RANK GROUP 155.00 115.00 177.50 Neutral Strong Buy 525 1.00

RESTAURANT GROUP 512.50 278.80 519.00 Neutral Sell 339 0.76

WETHERSPOON (JD) 655.00 376.20 655.00 Neutral Buy 781 0.69

WHITBREAD 2750.00 1786.00 2750.00 Neutral Sell 2092 0.99WILLIAM HILL 447.00 245.70 447.00 Neutral Sell 269 0.87

MARSTON'S 146.90 94.70 152.40 Neutral Sell 23 1.21

Life Assurance Over Valued


AVIVA 346.50 255.30 388.40 Neutral Strong Buy 753 1.25

CHESNARA 263.75 155.25 263.75 Neutral Strong Buy 415 0.70

LEGAL & GENERAL 185.40 106.00 186.30 Neutral Strong Buy 379 1.71

OLD MUTUAL 221.50 138.70 221.50 Neu tral Neu tral 214 1.57

PRUDENTIAL 1183.00 660.00 1183.00 Neutral Sell 1067 1.71

ST.JAMES'S PLACE 624.50 303.40 624.50 Sell Strong Buy 1609 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 118.00 102.00 146.50 Neutral Sell -612 0.37

BRITISH SKY BCAST.GROUP 795.00 656.00 899.50 Buy Strong Buy 1836 0.54

CENTAUR MEDIA 33.75 28.50 60.00 Neutral Strong Buy 164 1.03

DAILY MAIL 'A' 754.50 363.50 763.50 Neutral Strong Buy 4321 1.14

EUROMONEY INSTL.INVESTOR 992.00 672 .50 1030.00 Neutral Strong Buy 8073 1.00

INFORMA 522.00 340.00 537.00 Neutral Sell -80 1.53

ITE GROUP 294.30 180.00 294.30 Neutral Strong Buy 252 1.45

ITV 131.10 69.45 132.30 Neutral Strong Buy 1341 1.54

JOHNSTON PRESS 17.75 4.88 19.00 Neutral Buy 822 1.27

PEARSON 1204.00 1115.00 1294.00 Neutral Buy 334 0.63

PHOTO-ME INTL. 83.50 36.25 83.50 Neutral Strong Buy 2766 0.79

PINEWOOD SHEPPERTON 272.50 265.00 377.50 Neutral Strong Buy 920 0.16

THOMSON REUTERS 35.06 26.85 35.06 Neutral Sell -610 0.50

STV GROUP 135.00 81.50 146.88 Neutral Sell 281 0.79

ST.IVES 160.00 67.50 160.00 Neutral Sell 244 1.50TRINITY MIRROR 108.00 25.50 121.25 Sell Sell -268 1.59

UBM 735.00 511.00 788.00 Neutral Strong Buy 1804 1.31

WILMINGTON GROUP 154.00 82.00 164.00 Neutral Strong Buy 1427 0.84

WPP 1155.00 743.00 1156.00 Neutral Sell -527 1.35

HIBU 0.41 0.26 3.22 Neutral Strong Buy 853 1.07

Mining Under Valued


ANGLO AMERICAN 1549.00 1544.00 2215.00 Neutral Sell 1178 1.74

ANGLO PACIFIC GROUP 246.00 215.00 290.00 Neutral Sell 233 0.96

ANTOFAGASTA 924.00 884.00 1381.00 Neutral Sell 859 1.41

BHP BILLITON 1911.50 1681.00 2236.00 Neutral Strong Buy 2897 1.43

GLENCORE XSTRATA 337.00 293.55 397.85 Buy Strong Buy 979 #NA

LONMIN 270.70 240.84 421.26 Neutral Buy 343 2.03

RANDGOLD RESOURCES 4902.00 4545.00 7 775.00 Neutral Sell 3000 0.34

RIO TINTO 2878.00 2715.50 3757.00 Neutral Sell 2301 1.50

COALFIELD RESOURCES 3.38 13.25 Neutral Strong Buy 166 0.89

VEDANTA RESOURCES 1272.00 832.50 1299.00 Neutral Strong Buy 2112 2.20

Oil & Gas Under Valued


BG GROUP 1209.00 1000.50 1350.50 Neu tral Neu tral 1252 0.80

BP 465.80 391.95 475.90 Neutral Strong Buy 1572 1.03

CAIRN ENERGY 281.60 248.20 309.40 Neutral Sell -19 1.32

FORTUNE OIL 7.86 7.66 12.50 Buy Strong Buy 14 0.82

HUNTING 861.50 688.00 941.00 Neutral Sell 451 1.31

JKX OIL & GAS 60.00 55.00 120 .00 Neutral Strong Buy 305 1.36

PREMIER OIL 379.20 321.30 401.20 Neutral Sell 289 1.43

ROYAL DUTCH SHELL B 2286.00 2039.00 2366.50 Neutral Strong Buy 9512 0.84

SOCO INTERNATIONAL 398.90 264.20 404.30 Neutral Sell 251 0.53

TULLOW OIL 1041.00 977.00 1531.00 Neutral Sell 919 1.04

WOOD GROUP (JOHN) 820.00 651.50 879.50 Neu tral Neu tral 805 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 107.50 101.20 144.60 Neutral Strong Buy 245 0.84

PZ CUSSONS 382.20 297.20 415.60 Neutral Sell 312 0.69

RECKITT BENCKISER GROUP 4743.00 3300 .00 4812.00 Neutral Neutral 4782 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.44 0.36 3.58 Buy Sell 0 1.01

ASTRAZENECA 3389.50 2591.00 3390.00 Neutral Strong Buy 6629 0.47

BTG 352.40 300.30 423.00 Neutral Sell 171 0.58

DECHRA PHARMACEUTICALS 707.50 4 61.50 780.00 Neu tral Neu tral 736 0.25

GLAXOSMITHKLINE 1707.50 1317.50 1717.50 Neutral Sell 1598 0.49

OXFORD BIOMEDICA 2.28 1.55 3.60 Neutral Sell 1 0.64

PHYTOPHARM 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2054.00 1727.00 2153.00 Neutral Sell 1390 0.66

SKYEPHARMA 45.50 43.50 101.50 Neutral Sell -134 0.73

VERNALIS 22.75 21.63 27.38 Neutral Strong Buy 36 0.91

Real Estate Under Valued


BIG YELLOW GROUP 423.80 274.50 426.70 Neutral Sell -612 1.18

BRITISH LAND 638.50 475.40 638.50 Neutral Strong Buy 1836 1.06

CAPITAL & REGIONAL 36.50 22.75 36.50 Sell Strong Buy 164 0.85

CLS HOLDINGS 990.00 595.00 991.50 Neutral Strong Buy 4321 0.70

DERWENT LONDON 2506.00 1708.00 2506.00 Sell Strong Buy 8073 1.24DEVELOPMENT SECS. 170.00 121.75 175.00 Neutral Sell -80 0.99

GRAINGER 154.90 83.10 154.90 Neutral Strong Buy 252 1.58

GREAT PORTLAND ESTATES 595.50 367.80 595.50 Strong Sell Strong Buy 1341 1.10

HAMMERSON 551.50 409.20 554.00 Neutral Buy 822 1.19

HELICAL BAR 283.00 164.00 283.00 Neutral Buy 334 0.77

LAND SECURITIES GROUP 987.00 704.00 987.00 Sell Strong Buy 2766 1.16

INTU PROPERTIES 355.90 305.00 366.00 Neutral Strong Buy 920 1.09

MCKAY SECURITIES 144.88 127.00 145.38 Neutral Sell -610 0.73

MUCKLOW (A & J) GROUP 407.00 325.00 437.50 Neutral Sell 281 0.42

PRIMARY HEALTH PROPS. 331.25 312.00 364.50 Neutral Sell 244 0.35

QUINTAIN ESTATES & DEV. 77.75 32.50 77.75 Sell Sell -268 1.19

SAVILLS 581.00 300.80 601.50 Neutral Strong Buy 1804 0.77

SHAFTESBURY 655.00 492.00 657.00 Neutral Strong Buy 1427 1.05

SEGRO 300.20 209.40 300.20 Sell Sell -527 1.73

ST MODWEN PROPS. 322.20 145.50 329.10 Neutral Strong Buy 853 1.59

TOWN CENTRE SECURITIES 216.50 147.00 219.50 Neutral Sell -13 1.01

UNITE GROUP 380.30 180.25 387.50 Neutral Sell 55 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1220 1.03

WORKSPACE GROUP 393.60 215.50 395.00 Neutral Strong Buy 1385 1.05


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Software & Computer Services Under Valued


ANITE 128.50 111.00 162.00 Neu tral Neu tral 124 0.73

AVEVA GROUP 2295.00 1469.00 2322.00 Neutral Sell 1336 1.40

COMPUTACENTER 456.10 292.40 567.00 Neutral Strong Buy 1369 1.00

KOFAX 325.00 242.00 335.00 Neu tral Neu tral 327 1.11

INNOVATION GROUP 27.25 18.25 27.50 Sell Sell 25 0.85

MICRO FOCUS INTL. 692.50 431.48 706.00 Neutral Buy 1006 0.76

PHOENIX IT GROUP 139.63 130.00 222.00 Neutral Strong Buy 314 0.74

RM 73.00 68.00 85.50 Neutral Sell -93 0.52

FIDESSA GROUP 1905.00 1275.00 1970.00 Neutral Buy 2109 0.76

SAGE GROUP 356.30 247.70 357.00 Neutral Buy 423 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 472.90 237.30 476.40 Neutral Sell 156 1.09

BREWIN DOLPHIN 210.50 136.30 222.00 Neutral Sell 125 0.73

CAMELLIA 9950.00 9250.00 11105.00 Neu tral Neu tral 9794 0.84

CHARLES STANLEY GROUP 393.00 247.50 406.25 Neutral Sell 212 0.97

CHARLES TAYLOR 175.00 140.00 190.00 Neutral Sell 140 0.69

CLOSE BROTHERS GROUP 1078.00 673.50 1107.00 Neutral Sell 260 0.86

F&C ASSET MANAGEMENT 90.00 69.85 110.40 Neutral Buy 103 0.89

HELPHIRE GROUP 3.37 0.55 3.70 Sell Strong Buy 25 0.69

HENDERSON GROUP 176.50 90.55 179.60 Neutral Sell 69 1.44

ICAP 339.10 280.80 376.60 Neutral Sell 247 1.07

INTERMEDIATE CAPITAL GP. 454.00 227.30 454.00 Neutral Sell 185 1.70

INVESTEC 503.50 310.40 513.50 Neutral Sell 140 1.56

LONDON STOCK EX.GROUP 1386.00 930.00 1411.00 Neutral Strong Buy 3300 1.15MAN GROUP 126.50 63.25 126.50 Neutral Strong Buy 460 1.32

RATHBONE BROTHERS 1510.00 1151.00 1551.00 Neutral Sell 1145 0.75

SCHRODERS 2545.00 1166.00 2560.00 Neutral Sell 1249 1.30

SCHRODERS NV 1989.00 966.00 2000.00 Sell Strong Buy 3881 1.27


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Support Services Over Valued


ACAL 219.00 157.75 242.50 Neutral Buy 301 0.92

AGGREKO 1744.00 1557.00 2400.00 Neutral Sell 1332 1.05

AMEC 1072.00 923.00 1172.00 Neutral Neutral 1166 1.04

ASHTEAD GROUP 634.50 212.20 635.00 Neutral Sell 328 1.63

BABCOCK INTL. 1146.00 827.00 1163.00 Neutral Sell 684 0.48

BRITISH POLYTHENE INDS. 580.00 324.00 580.00 Sell Buy 824 0.76

BUNZL 1322.00 990.00 1329.00 Neutral Sell 1016 0.55

UK MAIL GROUP 465.00 214.00 465.00 Neutral Neutral 455 0.39

CAPITA 939.50 602.00 947.50 Neutral Sell 540 0.51

COMMUNISIS 56.00 25.34 56.50 Neutral Buy 69 0.78

COMPASS GROUP 883.50 616.00 883.50 Neutral Sell 623 0.74

BERENDSEN 768.50 462.00 812.00 Neutral Buy 1009 1.05

DE LA RUE 974.50 891.50 1075.00 Neutral Sell 617 #NA

DIGNITY 1432.00 803.50 1462.00 Neutral Sell 829 0.22

DIPLOMA 575.00 417.00 627.50 Neutral Sell 500 0.96ELECTROCOMP. 265.90 195.20 265.90 Neutral Buy 331 1.04

FILTRONA 739.50 428.00 750.00 Neutral Sell 358 1.13

G4S 250.40 240.00 313.50 Neutral Buy 301 0.58

HAYS 96.00 66.40 101.20 Neutral Buy 125 1.10

HOMESERVE 220.00 137.50 248.00 Neutral Strong Buy 503 0.94

INTERSERVE 511.00 271.40 511.00 Neutral Buy 707 1.28

INTERTEK GROUP 3452.00 2456.00 3453.00 Neutral Sell 1492 0.78

JOHNSON SERVICE GROUP 44.25 26.50 45.75 Neutral Strong Buy 97 1.17

MANAGEMENT CNSL.GP. 31.00 21.25 34.00 Neutral Strong Buy 57 0.72

MENZIES (JOHN) 791.50 542.00 801.00 Neutral Strong Buy 1330 1.43

MICHAEL PAGE INTL. 394.40 341.40 451.80 Neutral Sell 328 1.42

MITIE GROUP 269.70 253.90 300.80 Neutral Buy 353 0.55

OFFICE2OFFICE 92.50 87.50 156.00 Neutral Strong Buy 246 0.33

PAYPOINT 897.00 605.00 912.50 Neutral Sell 709 0.71

PREMIER FARNELL 226.50 153.20 236.30 Neutral Buy 295 1.33

REGUS 173.80 82.65 177.50 Neutral Sell 110 1.46

RENTOKIL INITIAL 93.45 69.40 100.70 Neutral Sell 56 1.25

REXAM 530.00 394.28 547.50 Neutral Neutral 547 0.90

RICARDO 416.00 304.50 431.00 Neutral Buy 484 0.86

ROBERT WALTERS 219.25 176.25 232.00 Neutral Buy 318 1.24

RPC GROUP 396.00 365.40 477.00 Neutral Buy 551 0.78

RPS GROUP 235.20 197.00 274.20 Neutral Neutral 255 1.51

SERCO GROUP 637.50 509.50 637.50 Neutral Sell 597 0.60

SHANKS GROUP 83.75 73.00 98.00 Neutral Strong Buy 174 1.46

SPEEDY HIRE 54.25 22.25 54.25 Sell Neutral 54 1.26TRIBAL GROUP 151.37 74.00 153.50 Neutral Sell 52 0.63

TRIFAST 54.00 39.50 59.00 Neutral Buy 63 0.93

VP 334.00 237.00 354.88 Neutral Strong Buy 641 0.86

WYG 78.88 42.00 78.88 Sell Strong Buy 188 0.79


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Telecommunication Services Over Valued


BT GROUP 316.30 200.70 316.30 Sell Buy 350 0.91

CABLE & WIRELESS COMMS. 43.91 27.28 43.91 Neutral Strong Buy 85 0.70

INMARSAT 672.00 390.80 749.00 Neutral Sell 607 0.53

KCOM GROUP 87.30 67.00 87.30 Neutral Strong Buy 134 1.24

TELECOM PLUS 1221.00 695.00 1239.00 Neutral Sell 762 0.09

VODAFONE GROUP 197.05 154.45 197.20 Neutral Sell 171 0.54

Transport Under Valued


BBA AVIATION 272.50 178.00 273.00 Neutral Sell 182 1.30

BRAEMAR SHIPPING SVS. 416.00 309.50 425.00 Neutral Buy 469 0.98

CLARKSON 1670.00 1150.00 1673.00 Sell Sell 1508 0.80

EASYJET 1211.00 481.20 1224.00 Neutral Sell 690 0.77

FIRST GROUP 222.80 175.70 260.50 Neutral Strong Buy 580 0.91

FISHER(JAMES)& SONS 950.50 535.00 1110.00 Neutral Sell 409 0.77

GO-AHEAD GROUP 1567.00 1086.00 1567.00 Neutral Buy 1914 0.90

NATIONAL EXPRESS 210.80 164.50 230.50 Neutral Buy 260 1.35

NORTHGATE 334.00 159.60 350.00 Neutral Strong Buy 627 1.41

STAGECOACH GROUP 309.90 230.40 319.60 Neutral Buy 369 0.89

WINCANTON 54.25 31.00 78.50 Sell Sell -45 0.90

Utilities Under Valued


CENTRICA 386.50 306.30 393.10 Neutral Buy 525 0.47

NATIONAL GRID 835.00 641.00 847.00 Neutral Buy 933 0.50

PENNON GROUP 697.00 598.00 796.00 Neutral Buy 862 0.59

SSE 1593.00 1294.00 1611.00 Neutral Buy 1874 0.42

SEVERN TRENT 2062.00 1513.00 2090.00 Neutral Sell 1694 0.35

UNITED UTILITIES GROUP 761.50 617.50 762.50 Neu tral Neutra l 751 0.50


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value indicator - uk main market 20130517

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