uk trading & value indicator 20120417

8/2/2019 uk trading & value indicator 20120417

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17 April 2012

UK Trading &

ValueIndicator


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Intellisys www.intellisys.uk.com 17 April 2012

Page 2 of 25 Intellisys 17 April 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 ............................................................. Under Valued 16Beverages ........................................................ Over Valued 16Chemicals ........................................................ Over Valued 16Construction & Building Materials .............................. Over Valued 17Electronics & Electrical Equipment ............................. Over Valued 17Engineering & Machinery ........................................ Over Valued 17Food & Drug Stores ............................................... Under Valued 18Food Producers & Processors ................................... Over Valued 18General Retail ..................................................... Over Valued 18Health .............................................................. Under 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 .......................... Over Valued 20Pharmaceuticals & Biotechnology .............................. Under Valued 21Software & Computer Services ................................. Under Valued 21Speciality & Other Finance

......................................

Over Valued21

Support Services .................................................. Under Valued 22Telecommunication Services .................................... Under Valued 22Transport ........................................................ Under 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 aninvestment are the two primary drivers behind a successful portfolio performance.

TimingIntellisys has invested considerably in identifying what it believes are the key

factors 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 inidentifying 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 40stocks analysed.

Individual Stock Recommendation & Trend Accuracy Scores

Source: Intellisys

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


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Value

A 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 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 for the 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 as possible.

Nevertheless, Intellisys recognises that Target Price delivery is not only a

function 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 orextreme. However, subscribers should not dismiss these outcomes but use them

as starting points to challenge their established or perceived valuation opinion ofa stock.

In short, this disciplined approach provides an investment reality check to assist

investors from falling in love with a stock or becoming mesmerised bymanagement cults.

ConclusionNo investment methodology is 100% successful and like all trading andinvestment systems active position monitoring is critical for maximisedinvestment performance.

Therefore, Intellisys recommends that its products should be used in conjunctionwith, 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 Prices

Intellisys does not make personal recommendations. The information in thispublication is provided solely to enable you to make your own investmentdecisions.If you are unsure about dealing in shares and other equity 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 valueof stocks and shares and the income from them. Past performance is notnecessarily a guide to future performance.


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Market Pictures - Indices

FTSE 100

Index PE

3,512.1

3,987.5

4,944.4

5,666.3

6,082.9

6,091.3

6,732.4

2000 4000 6000 8000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100

7.0

7.9

7.9

9.6

14.1

18.2

18.2

5 10 15 20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 PE

% change % change

1M -5.0; 3M 0.2; 12M -5.5 1M -6.5; 3M -6.4; 12M -30.8

Yield RSI

2.9

2.9

3.0

3.7

3.9

5.2

6.2

1.0 3.0 5.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 DY

25.5

40.6

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE 100 RSI

% change

1M 5.8; 3M 3.4; 12M 21.6


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FTSE 250

Index PE

5,491.5

6,987.3

9,425.9

11,255.4

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

7.1

7.1

7.1

18.3

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

FTSE 250 PE

% change % change

1M -4.6; 3M 7.4; 12M -3.6 1M 3.2; 3M 14.8; 12M 5.9

Yield RSI

1.9

2.2

2.3

2.9

3.3

3.8

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 DY

25.6

41.1

83.4

0 20 40 60 80 100

Lo

Last Close

Hi

FTSE 250 RSI

% change

1M 6.0; 3M -5.3; 12M 19.8


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FTSE All Share Index

Index PE

1,781.6

2,038.4

2,557.8

2,947.4

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

7.4

8.5

8.5

10.4

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

FTSE ALL SHARE PE

% change % change

1M -4.9; 3M 1.3; 12M -5.2 1M -6.0; 3M -4.1; 12M -27.7

Yield RSI

2.7

2.8

2.9

3.5

3.8

5.0

6.1

1.0 3.0 5.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE DY

25.4

40.5

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE ALL SHARE RSI

% change

1M 5.4; 3M 1.7; 12M 20.6


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FTSE AIM All Share

Index PE

373.8

448.9

657.8

776.0

921.6

968.3

1,236.6

200 700 1200 1700

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE

-203,906.0

-203,906.0

-203,906.0

-311.5

304.6

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

FTSE AIM ALL-SHARE PE

% change % change

1M -3.9; 3M 5.7; 12M -15.0 1M -216.8; 3M -420.0; 12M -66.6

Yield RSI

0.4

0.5

0.6

0.7

0.8

1.7

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 DY

23.6

36.9

91.9

0 50 100

Lo

Last Close

Hi

FTSE AIM ALL-SHARE RSI

% change

1M 6.1; 3M -1.4; 12M 16.7


9/25




S&P 500

Index PE

676.5

832.4

1,099.2

1,369.6

1,419.0

1,419.0

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

13.4

13.4

13.4

15.6

17.5

146.3

146.3

10 60 110 160

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE PE

% change % change

1M -2.5; 3M 6.2; 12M 3.8 1M -2.7; 3M 5.2; 12M -8.0

Yield RSI

1.8

1.8

1.9

2.2

2.4

2.6

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 DY

28.5

40.4

81.6

0 20 40 60 80 100

Lo

Last Close

Hi

S&P 500 COMPOSITE RSI

% change

1M 7.7; 3M 2.8; 12M 15.0


10/25



Market Pictures Interest Rates

UK Bank Lending Rates

UK

0.50

0.50

0.50

0.50

0.50

0.50

5.75

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

UK CLEARING BANKS BASE RATE

% change

1M 0.0; 3M 0.0; 12M 0.0

UK Lending PE

200.0

200.0

200.0

200.0

200.0

200.0

17.4

10 60 110 160 210

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

UK CLEARING BANKS BASE RATE PE


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Eurozone Lending Rates

Eurozone

1.75

1.75

1.75

1.75

2.25

2.25

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

EUROZONE MARGINAL LENDING RATE

% change

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

Eurozone Lending PE

57.1

57.1

57.1

57.1

44.4

44.4

19.0

10 20 30 40 50 60

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

EUROZONE MARGINAL LENDING RATE - PE


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US Federal Funds Rate

US

0.04

0.04

0.04

0.15

0.17

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

US FEDERAL FUNDS RATE

% change

1M 0.0; 3M 87.5; 12M 25.0

US Lending PE

2,500.0

2,500.0

2,500.0

666.7

588.2

400.0

18.5

10 510 1010 1510 2010 2510 3010

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

US FEDERAL FUNDS RATE - PE


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Market Pictures Exchange Rates

US$/

1.37

1.43

1.53

1.58

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

US$/

% change

1M 0.0; 3M 3.4; 12M -2.8

/

1.02

1.07

1.11

1.21

1.21

1.24

1.50

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

EURO/

% change

1M 0.8; 3M 0.3; 12M 7.3


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Market Pictures Exchange Rates

US$/

1.19

1.19

1.27

1.31

1.48

1.51

1.60

0.80 1.00 1.20 1.40 1.60 1.80

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US$/EURO

% change

1M -0.3; 3M 3.8; 12M -9.0

/

117.1

117.1

117.1

127.3

136.6

162.5

250.1

100.0 150.0 200.0 250.0 300.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

YEN/

% change

1M -3.6; 3M 8.3; 12M -6.1


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Market Pictures - Oil

Brent Monthly FOB US$/bbl

34.6

48.3

104.0

118.9

126.6

126.6

145.6

0 50 100 150 200

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

Oil (Brent) Monthly FOB U$/bbl

% change

1M -4.70; 3M 6.57; 12M -4.13


Intellisys does not make personal recommendations. The information in thispublication is provided solely to enable you to make your own investmentdecisions.

If you are unsure about dealing in shares and other equity 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 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 notnecessarily a guide to future performance.


16/25



Aerospace & Defence Over Valued

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

BAE SYSTEMS 295.20 248.10 340.80 Neutral Strong Buy 671 0.65

CHEMRING GROUP 379.00 368.80 677.00 Neutral Strong Buy 625 0.52

COBHAM 233.40 165.90 237.20 Neutral Buy 261 0.91

MEGGITT 404.00 305.00 412.00 Neutral Sell 370 1.34

ROLLS-ROYCE HOLDINGS 821.50 552.19 842.50 Neutral Sell 746 1.10

SMITHS GROUP 1037.00 869.50 1340.00 Neutral Neutral 1025 0.73

ULTRA ELECTRONICS HDG. 1683.00 1305.00 1780.00 Neutral Sell 1169 0.60

UMECO 560.00 243.50 560.00 Sell Sell 424 0.80

Automobiles & Parts Over Valued


GKN 203.70 157.00 245.00 Neutral Sell 160 1.98

INCHCAPE 359.20 268.60 425.40 Neutral Sell 303 1.42

LOOKERS 62.00 47.00 72.75 Neutral Neutral 62 1.34

PENDRAGON 13.25 6.80 19.71 Neutral Strong Buy 21 1.14

Banks Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BARCLAYS 210.80 138.85 301.85 Neutral Strong Buy 390 1.86

HSBC HDG. (ORD $0.50) 541.30 463.50 662.50 Neutral Strong Buy 1045 1.14

LLOYDS BANKING GROUP 29.71 21.84 60.39 Sell Strong Buy 83 1.77

ROYAL BANK OF SCTL.GP. 24.27 17.34 42.91 Sell Sell 8 1.29

STANDARD CHARTERED 1499.00 1169.50 1672.00 Neutral Sell 734 1.71

Beverages Over Valued


BARR (AG) 1183.00 1031.00 1395.00 Neutral Neutral 1243 0.43

DIAGEO 1543.50 1112.00 1553.00 Sell Sell 1363 0.55

SABMILLER 2542.50 1979.00 2660.00 Neutral Buy 2940 0.99

Chemicals Over Valued


CRODA INTERNATIONAL 2190.00 1597.00 2238.00 Neutral Sell 1764 1.08

ELEMENTIS 197.50 107.50 204.80 Neutral Sell 180 1.07

JOHNSON MATTHEY 2341.00 1523.00 2408.00 Neutral Neutral 2401 1.47

VICTREX 1438.00 1025.00 1590.00 Neutral Neutral 1464 1.22

YULE CATTO 238.20 148.00 253.00 Neutral Buy 356 1.29

ZOTEFOAMS 170.00 109.00 186.50 Neutral Buy 238 1.01


17/25



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

BALFOUR BEATTY 271.90 214.60 333.70 Neutral Buy 322 0.84

BARRATT DEVELOPMENTS 133.30 67.50 151.50 Neutral Sell 70 1.45

BELLWAY 791.50 540.50 859.50 Neutral Sell 694 1.01

BERKELEY GROUP HDG.(THE) 1288.00 1025.00 1414.00 Neutral Neutral 1287 0.68

BOVIS HOMES GROUP 473.10 326.50 518.50 Neutral Sell 214 1.07

CARILLION 275.00 275.00 403.20 Buy Buy 383 1.09

CLARKE (T) 53.50 35.50 102.00 Neutral Strong Buy 204 0.80COSTAIN GROUP 215.75 180.00 247.50 Neutral Strong Buy 780 0.56

GALLIFORD TRY 612.00 383.75 628.00 Neutral Neutral 585 1.05

KELLER 434.75 239.25 671.50 Neutral Neutral 456 1.32

KIER GROUP 1132.00 1095.00 1489.00 Neutral Strong Buy 3213 1.04

LOW & BONAR 60.75 38.00 76.75 Neutral Strong Buy 146 1.11

MARSHALLS 94.75 83.25 124.50 Neutral Sell 73 1.35

MORGAN SINDALL GROUP 663.00 510.00 725.00 Neutral Strong Buy 1506 0.89

PERSIMMON 626.00 374.00 706.50 Neutral Neutral 629 1.10

REDROW 127.00 103.50 135.30 Neutral Sell 90 0.97

SIG 107.30 76.95 153.50 Neutral Sell 10 1.59

TAYLOR WIMPEY 49.79 28.71 52.75 Neutral Sell 13 1.50

TRAVIS PERKINS 1049.00 715.00 1125.00 Neutral Neutral 1108 1.89

WOLSELEY 2355.00 1404.00 2558.00 Neutral Sell 1832 1.44

Electronics & Electrical Equipment Over Valued


DIALIGHT 1010.00 643.50 1010.00 Sell Sell 447 0.76

DOMINO PRINTING SCIENCES 592.50 434.30 701.50 Neutral Buy 693 1.18

E2V TECHNOLOGIES 121.38 86.75 146.50 Neutral Buy 154 1.35

INVENSYS 189.20 180.90 340.60 Neutral Strong Buy 381 1.47

LAIRD 217.90 127.90 222.00 Neutral Sell 194 2.17

OXFORD INSTRUMENTS 1211.00 714.00 1262.00 Sell Sell 808 0.99

RENISHAW 1300.00 800.00 1886.00 Neutral Buy 1922 1.29

SPECTRIS 1818.00 1039.00 1837.00 Sell Sell 1192 1.43

BIOME TECHNOLOGIES 0.20 0.14 0.28 Neutral Strong Buy 1 0.64

TT ELECTRONICS 179.00 120.50 208.00 Neutral Buy 240 1.60

XAAR 231.63 212.00 295.00 Neutral Sell 124 1.13

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 84.50 62.50 124.00 Neutral Strong Buy 265 1.32

BODYCOTE 394.30 225.60 426.50 Neutral Sell 317 1.59

CASTINGS 300.00 252.50 358.00 Neutral Strong Buy 469 0.98

COOKSON GROUP 716.50 395.80 732.50 Neutral Neutral 688 2.29

FENNER 424.50 280.00 483.70 Neutral Neutral 416 1.41

HALMA 394.70 306.30 429.60 Neutral Sell 334 0.76

HILL & SMITH 317.50 235.00 393.50 Neutral Strong Buy 530 1.41

IMI 932.50 636.50 1119.00 Neutral Buy 1249 1.40

METALRAX GROUP 8.25 7.25 12.00 Neutral Sell 6 0.86

MORGAN C RUCIBLE 333.90 224.00 360.00 Neutral Sell 307 1.77

ROTORK 2071.00 1501.00 2099.00 Neutral Sell 1629 0.99

SENIOR 200.30 135.60 203.00 Neutral Neutral 217 1.77

SEVERFIELD-ROWEN 175.00 150.00 250.00 Neutral Sell 152 1.07

SPIRAX-SARCO 2208.00 1649.00 2243.00 Neutral Sell 2052 0.85

VITEC GROUP 673.75 488.00 690.00 Neutral Neutral 667 1.52

WEIR GROUP 1663.00 1375.00 2236.00 Neutral Sell 1444 1.39


18/25



Food & Drug Stores Under Valued


GREGGS 516.50 445.00 558.00 Neutral Sell 302 0.52

MORRISON(WM)SPMKTS. 294.00 277.00 328.00 Neutral Buy 365 0.45

SAINSBURY (J) 305.20 263.50 362.80 Neutral Strong Buy 560 0.64

TESCO 320.90 310.45 420.05 Neutral Buy 419 0.73

THORNTONS 28.38 9.50 81.50 Neutral Sell 27 0.77

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1203.00 977.00 1233.00 Neutral Sell 997 0.60

CRANSWICK 807.50 588.50 841.00 Neutral Strong Buy 1495 0.60

DAIRY CREST 310.00 310.00 409.70 Neutral Strong Buy 715 0.93

DEVRO 311.30 232.00 332.20 Neutral Strong Buy 659 0.33

PREMIER FOODS 16.50 3.29 35.12 Neutral Sell -29 1.40

TATE & LYLE 687.50 544.50 720.50 Neutral Buy 809 0.63

UNILEVER (UK) 2038.00 1892.00 2189.00 Neutral Sell 991 0.58

General Retail Over Valued


ASHLEY(LAURA) HOLDINGS 23.50 16.00 23.75 Neutral Buy 29 0.71

BROWN (N) GROUP 222.40 222.40 304.50 Neutral Buy 252 0.49

BURBERRY GROUP 1586.00 1092.00 1600.00 Neutral Sell 531 1.36

CARPETRIGHT 613.00 375.00 741.00 Neutral Sell 204 1.03

CLINTON CARDS 9.25 7.50 18.13 Sell Buy 10 0.65

DIXONS RETAIL 16.70 9.36 19.91 Neutral Strong Buy 28 1.45

FINDEL 3.43 2.20 8.70 Neutral Sell 3 0.97

FRENCH CONNECTN.GROUP 44.63 36.00 106.00 Neutral Strong Buy 100 0.93

HALFORDS GROUP 290.90 269.50 405.90 Neutral Buy 410 0.64

JJB SPORTS 13.12 5.20 31.00 Sell Strong Buy 1184 0.88

JD SPORTS FASHION 801.50 570.00 1030.00 Neutral Buy 1193 0.48

KESA ELECTRICALS 59.00 59.00 151.40 Neutral Strong Buy 289 1.28KINGFISHER 301.40 217.00 313.80 Neutral Sell 285 0.97

MARKS & SPENCER GROUP 367.70 301.80 402.20 Neutral Neutral 389 0.74

MOSS BROTHERS GROUP 48.00 26.00 48.25 Neutral Sell 22 1.07

MOTHERCARE 162.00 127.30 448.50 Neutral Strong Buy 362 0.56

NEXT 2936.00 2153.00 3060.00 Neutral Sell 2129 0.78

TED BAKER 861.00 633.00 863.50 Sell Sell 469 0.56

TOPPS TILES 38.75 21.50 77.00 Neutral Sell 23 1.33

Health Under Valued


CONSORT MEDICAL 653.00 498.00 653.00 Neutral Sell 423 0.39CORIN GROUP 40.25 36.50 59.00 Neutral Buy 50 0.76

SMITH & NEPHEW 605.50 521.00 694.00 Buy Buy 766 0.36

Household Goods & Textiles Under Valued


HARVARD INTL. 44.00 21.75 44.00 Neutral Sell 32 0.48

GAMES WORKSHOP 570.00 405.00 577.50 Neutral Sell 464 0.38

HEADLAM GROUP 295.25 233.25 310.00 Neutral Buy 361 0.93

HORNBY 95.00 93.00 145.00 Neutral Strong Buy 149 0.65


19/25



Information Technology & Hardware Over Valued


ARM HOLDINGS 599.00 464.00 645.00 Neutral Sell 412 0.76

CSR 211.60 154.10 391.40 Neutral Strong Buy 608 1.20

FILTRONIC 32.75 14.50 35.00 Sell Strong Buy 59 0.66

IMAGINATION TEC HNOLOGIES 686.50 296.90 717.00 Neutral Sell 265 0.96

PSION 56.75 41.00 101.50 Neutral Strong Buy 348 1.16

SPIRENT COMMUNICATIONS 167.10 105.80 172.80 Neutral Strong Buy 387 1.01

WOLFSON MIC ROELECTRONIC S 180.50 96.00 244.50 Neutral Sell 81 1.06

Insurance Over Valued


ADMIRAL GROUP 1174.00 787.00 1754.00 Neutral Sell -8348 0.51

AMLIN 324.70 270.60 427.00 Neutral Strong Buy 7078 0.49

BEAZLEY 139.10 109.60 151.80 Neutral Strong Buy 2305 0.51

CATLIN GROUP 412.90 336.00 449.00 Neutral Sell 83 0.31

HISCOX 390.00 340.50 424.70 Neutral Strong Buy 6388 0.50

JARDINE LLOYD THOMPSON 669.00 576.00 764.50 Neutral Strong Buy 4414 0.32

RSA INSURANCE GROUP 102.00 99.60 139.80 Buy Strong Buy 2725 0.43

NOVAE GROUP 369.50 285.00 385.25 Neutral Strong Buy 6129 0.50

Leisure & Hotels Under Valued


CARNIVAL 1942.00 1742.00 2642.00 Neutral Strong Buy 3110 1.08

ENTERPRISE INNS 60.50 26.50 96.15 Neutral Sell 27 1.73

TUI TRAVEL 194.00 136.70 250.00 Neutral Strong Buy 673 0.95

FULLER SMITH 'A' 725.50 609.00 752.00 Neutral Sell 564 0.44

GREENE KING 512.00 410.00 523.50 Neutral Neutral 553 0.86

LADBROKES 162.90 114.00 165.00 Neutral Neutral 161 1.00

ICTL.HTLS.GP. 1446.00 955.00 1497.00 Neutral Buy 1652 1.31

MILLENNIUM & CPTH.HTLS. 477.40 371.20 535.50 Neutral Sell 421 1.41

MITCHELLS & BUTLERS 257.90 215.60 336.80 Neutral Buy 334 1.02

BWIN PARTY DIGITAL ENTM. 156.20 100.60 174.00 Neutral Sell 116 1.26PUNCH TAVERNS 10.25 9.14 15.57 Neutral Sell -204 1.30

RANK GROUP 121.00 109.50 153.70 Neutral Buy 176 0.99

RESTAURANT GROUP 287.00 254.90 335.00 Neutral Neutral 306 0.85

WETHERSPOON (JD) 405.10 380.50 468.30 Neutral Buy 576 0.72

WHITBREAD 1841.00 1409.00 1870.00 Neutral Sell 1557 1.02

WILLIAM HILL 259.10 183.30 265.00 Neutral Neutral 265 0.94

MARSTON'S 98.65 84.60 112.00 Neutral Strong Buy 152 1.26

Life Assurance Over Valued


AVIVA 298.30 275.30 450.30 Neutral Strong Buy 435 1.26CHESNARA 183.00 161.75 255.00 Neutral Neutral 177 0.58

LEGAL & GENERAL 120.80 89.80 135.00 Neutral Buy 83 1.67

OLD MUTUAL 152.20 98.05 164.60 Neutral Sell 160 1.66

PRUDENTIAL 722.00 509.00 797.50 Neutral Sell 316 1.72

ST.JAMES'S PLACE 335.40 294.00 376.00 Neutral Strong Buy 121 0.81


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Media & Entertainment Over Valued


AEGIS GROUP 175.10 116.17 187.40 Neutral Sell 98 1.31

BLOOMSBURY PBL. 108.88 91.25 138.00 Neutral Buy 140 0.51

BRITISH SKY BCAST.GROUP 647.50 618.50 850.00 Neutral Neutral 653 0.61

CENTAUR MEDIA 36.75 32.50 56.25 Neutral Sell -77 1.04

DAILY MAIL 'A' 444.60 343.40 505.50 Neutral Buy 497 1.09

EUROMONEY INSTL.INVESTOR 750.00 522.50 809.50 Neutral Sell 605 1.05

INFORMA 424.80 313.90 451.00 Neutral Sell 348 1.52ITE GROUP 221.60 157.70 258.00 Neutral Sell 182 1.42

ITV 84.80 51.65 89.90 Neutral Neutral 81 1.52

JOHNSTON PRESS 6.00 4.11 8.18 Neutral Strong Buy 69 1.46

PEARSON 1124.00 1038.00 1255.00 Neutral Neutral 1161 0.66

PHOTO-ME INTL. 48.13 41.50 67.00 Neutral Strong Buy 89 0.86

PINEWOOD SHEPPERTON 285.00 190.88 292.00 Sell Sell 168 0.35

THOMSON REUTERS 28.47 26.21 39.25 Neutral Sell 9 0.51

STV GROUP 113.12 76.25 168.00 Neutral Sell 28 0.81

ST.IVES 75.25 68.50 102.25 Neutral Strong Buy 233 1.45

TRINITY MIRROR 33.75 33.75 54.25 Neutral Strong Buy 507 1.57

UBM 603.50 416.00 641.50 Neutral Strong Buy 1747 1.30

WILMINGTON GROUP 96.38 78.50 151.00 Neutral Buy 119 0.86

WPP 843.50 578.00 880.00 Neutral Neutral 891 1.29

YELL GROUP 3.50 3.35 11.00 Neutral Strong Buy 54 1.32

Mining Under Valued


ANGLO AMERICAN 2227.50 2138.50 3181.00 Neutral Strong Buy 5712 1.75

ANGLO PACIFIC GROUP 295.40 237.90 340.00 Neutral Neutral 317 0.95

ANTOFAGASTA 1120.00 900.50 1491.00 Neutral Sell 1013 1.38

BHP BILLITON 1892.50 1667.00 2560.00 Neutral Strong Buy 4242 1.40

LONMIN 982.50 941.00 1646.00 Neutral Sell 878 1.92

RANDGOLD RESOURCES 5550.00 4580.00 7565.00 Neutral Sell 1597 0.33

RIO TINTO 3440.00 2712.50 4595.00 Neutral Buy 4757 1.42

UK COAL 14.75 14.75 47.00 Neutral Sell -58 0.94

VEDANTA RESOURCES 1162.00 928.00 2366.00 Neutral Strong Buy 4746 2.10

XSTRATA 1100.00 764.00 1550.00 Neutral Sell 1034 1.78

Oil & Gas Under Valued


BG GROUP 1400.00 1144.00 1547.00 Neutral Buy 1894 0.70

BP 442.95 363.20 504.60 Neutral Strong Buy 1280 1.06

CAIRN ENERGY 327.00 291.86 515.11 Neutral Buy 405 1.36

FORTUNE OIL 10.75 9.00 14.75 Neutral Strong Buy 24 0.86

HUNTING 890.00 530.00 968.00 Neutral Sell 780 1.30

JKX OIL & GAS 143.50 120.50 314.00 Neutral Strong Buy 365 1.36

MELROSE RESOURC ES 119.50 95.25 292.25 Neutral Strong Buy 631 1.14

PREMIER OIL 376.40 310.00 500.75 Neutral Buy 525 1.36

ROYAL DUTCH SHELL A(LON) 2123.00 1883.50 2402.00 Neutral Strong Buy 6449 0.91

ROYAL DUTCH SHELL B 2171.00 1890.50 2489.00 Neutral Strong Buy 6508 0.92

SOCO INTERNATIONAL 285.90 278.00 397.50 Buy Sell 196 0.47

TULLOW OIL 1451.00 945.50 1601.00 Neutral Sell 458 1.06

WOOD GROUP (JOHN) 693.50 469.90 763.50 Neutral Buy 780 1.36

Personal Care & Household Products Over Valued


MCBRIDE 123.25 108.75 151.06 Neutral Sell 102 0.87

PZ CUSSONS 319.00 285.00 387.90 Neutral Buy 367 0.74

RECKITT BENCKISER GROUP 3560.00 3100.00 3599.00 Neutral Sell 3294 0.34


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Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 3.50 3.13 5.35 Buy Sell -6 0.97

ASTRAZENECA 2801.00 2543.50 3194.00 Neutral Strong Buy 10411 0.45

BTG 354.30 236.80 365.00 Neutral Sell 210 0.73

DECHRA PHARMACEUTICALS 516.00 433.00 579.00 Neutral Strong Buy 1769 0.32

GLAXOSMITHKLINE 1427.50 1205.00 1497.00 Neutral Buy 1938 0.49

OXFORD BIOMEDICA 5.80 2.88 7.20 Neutral Strong Buy 13 0.61

PHYTOPHARM 7.18 6.40 9.50 Buy Sell 1 0.92SHIRE 1980.00 1818.00 2300.00 Neutral Neutral 1904 0.63

SKYEPHARMA 41.50 31.00 66.13 Neutral Strong Buy 264 0.70

VERNALIS 24.25 18.75 49.00 Neutral Strong Buy 83 0.82

Software & Computer Services Under Valued


TIMEWEAVE 22.13 21.75 27.00 Neutral Strong Buy 49 0.73

ANITE 126.25 57.75 129.75 Neutral Sell 64 0.84

AVEVA GROUP 1622.00 1298.00 1799.00 Neutral Sell 979 1.48

COMPUTACENTER 440.10 324.70 490.00 Neutral Strong Buy 1128 1.09

KOFAX 303.00 225.00 503.50 Neutral Neutral 300 1.11

INNOVATION GROUP 20.75 16.63 23.00 Sell Neutral 20 0.92LOGICA 78.60 58.95 144.80 Neutral Strong Buy 220 1.36

MIC RO FOC US INTL. 465.40 242.90 476.70 Neutral Neutral 481 0.75

MISYS 348.40 214.90 420.20 Neutral Buy 439 1.33

PHOENIX IT GROUP 190.00 154.75 262.75 Neutral Strong Buy 503 0.88

RM 78.75 41.50 156.63 Neutral Sell -24 0.48

FIDESSA GROUP 1590.00 1444.00 2109.00 Neutral Buy 1771 0.82

SAGE GROUP 286.40 231.70 312.40 Neutral Buy 325 0.65

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 268.80 167.80 269.10 Neutral Sell 171 1.07

BREWIN DOLPHIN 164.50 113.70 177.00 Neutral Sell 125 0.72CAMELLIA 9825.00 8800.00 10950.00 Neutral Strong Buy 17753 0.87

CHARLES STANLEY GROUP 285.00 240.00 350.00 Neutral Neutral 295 0.96

CHARLES TAYLOR CNSL. 149.50 115.63 160.00 Neutral Buy 214 0.70

CLOSE BROTHERS GROUP 724.50 590.00 820.00 Neutral Sell 357 0.83

F&C ASSET MANAGEMENT 65.45 56.05 81.70 Neutral Buy 85 0.91

HELPHIRE GROUP 1.80 1.36 14.00 Neutral Sell 0 0.67

HENDERSON GROUP 120.70 95.05 163.70 Neutral Sell 97 1.42

ICAP 369.20 311.60 524.00 Neutral Sell 321 1.06

INTERMEDIATE CAPITAL GP. 256.30 197.90 345.00 Neutral Buy 284 1.65

INVESTEC 349.70 318.40 522.00 Neutral Sell 277 1.56

LONDON STOCK EX.GROUP 1046.00 756.50 1076.00 Neutral Sell 789 1.17

MAN GROUP 105.10 104.50 259.60 Buy Buy 155 1.27

RATHBONE BROTHERS 1265.00 977.00 1316.00 Neutral Neutral 1205 0.74

SCHRODERS 1442.00 1183.00 1906.00 Neutral Buy 1655 1.31

SCHRODERS NV 1135.00 970.00 1554.00 Neutral Buy 1655 1.30


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Support Services Under Valued


ACAL 197.50 166.25 344.00 Neutral Strong Buy 353 0.94

AGGREKO 2186.00 1522.00 2316.00 Neutral Sell 1265 1.16

AMEC 1071.00 740.50 1207.00 Neutral Buy 1323 1.01

ASHTEAD GROUP 240.70 99.40 271.10 Neutral Sell 130 1.52

BABCOCK INTL. 815.00 570.50 835.00 Neutral Sell 723 0.56

BRITISH POLYTHENE INDS. 359.75 270.00 392.50 Neutral Strong Buy 1114 0.73

BUNZL 1007.00 676.50 1028.00 Neutral Neutral 1017 0.54UK MAIL GROUP 238.00 192.25 318.50 Neutral Strong Buy 560 0.34

CAPITA 735.50 611.50 767.00 Neutral Neutral 720 0.43

COMMUNISIS 32.00 23.75 39.75 Neutral Strong Buy 100 0.77

COMPASS GROUP 642.50 512.50 671.00 Neutral Buy 798 0.71

BERENDSEN 522.00 402.70 568.00 Neutral Strong Buy 1080 1.02

DE LA RUE 898.00 730.00 1001.00 Neutral Buy 1045 #NA

DIGNITY 826.00 725.00 854.50 Neutral Buy 992 0.20

DIPLOMA 429.10 284.00 453.00 Neutral Buy 488 1.01

ELECTROCOMP. 233.90 182.20 294.90 Neutral Strong Buy 383 1.01

FILTRONA 481.00 296.30 484.50 Sell Sell 440 1.11

G4S 287.90 219.90 292.10 Neutral Buy 401 0.58

HAYS 88.10 58.85 119.60 Neutral Strong Buy 148 0.98

HOMESERVE 224.00 214.70 532.00 Neutral Strong Buy 477 0.65

INTERSERVE 280.80 255.00 341.25 Neutral Strong Buy 822 1.35

INTERTEK GROUP 2496.00 1744.00 2570.00 Neutral Sell 1661 0.86

JOHNSON SERVICE GROUP 29.63 25.25 36.00 Neutral Strong Buy 69 1.14

MANAGEMENT C NSL.GP. 39.13 27.75 45.50 Neutral Buy 58 0.68

MENZIES (JOHN) 606.00 445.50 616.50 Neutral Strong Buy 1265 1.47

MICHAEL PAGE INTL. 435.00 323.00 567.00 Neutral Neutral 450 1.35

MITIE GROUP 285.60 202.10 288.30 Neutral Buy 416 0.61

MOUCHEL GROUP 8.00 4.75 78.00 Sell Sell -310 0.91

OFFICE2OFFICE 160.50 122.00 166.50 Neutral Strong Buy 296 0.39

PAYPOINT 647.00 450.00 670.00 Neutral Buy 750 0.72

PREMIER FARNELL 205.60 144.50 301.00 Neutral Strong Buy 362 1.18

REGUS 113.40 64.00 117.50 Neutral Sell 72 1.40

RENTOKIL INITIAL 86.10 58.20 100.90 Neutral Sell 52 1.30

REXAM 426.20 299.80 436.00 Neutral Buy 542 0.87

RICARDO 358.25 325.00 410.00 Neutral Strong Buy 561 0.82

ROBERT WALTERS 264.50 158.25 326.00 Neutral Buy 361 1.25

RPC GROUP 369.80 300.50 393.20 Neutral Buy 461 0.84

RPS GROUP 228.50 156.60 253.00 Neutral Buy 305 1.58

SERCO GROUP 538.00 458.00 597.50 Neutral Buy 693 0.57

SHANKS GROUP 93.20 90.80 130.90 Neutral Strong Buy 169 1.46

SPEEDY HIRE 26.75 18.50 34.00 Neutral Sell -8 1.31

TRIBAL GROUP 72.75 38.50 79.75 Neutral Sell -348 0.63

TRIFAST 43.50 36.25 52.88 Neutral Buy 65 0.88

VP 256.38 191.00 258.00 Neutral Strong Buy 595 0.90

WYG 54.50 47.00 956.25 Sell Sell -9733 0.77

WSP GROUP 238.00 160.00 366.75 Neutral Strong Buy 594 0.95

Telecommunication Services Under Valued Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

BT GROUP 215.70 161.00 232.10 Neutral Buy 254 0.92

CABLE & WIRELESS COMMS. 30.70 30.70 48.92 Buy Strong Buy 134 0.65

INMARSAT 421.70 389.30 620.00 Neutral Sell 350 0.53

KCOM GROUP 70.25 59.75 84.00 Neutral Buy 82 1.27

TELECOM PLUS 681.00 470.00 802.00 Neutral Sell 465 0.04

VODAFONE GROUP 170.00 155.05 182.70 Neutral Neutral 185 0.63


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Transport Under Valued


BBA AVIATION 210.00 156.00 223.40 Neutral Sell 161 1.41

BRAEMAR SHIPPING SVS. 395.00 282.00 505.00 Neutral Strong Buy 643 0.94

CLARKSON 1322.00 1015.00 1367.00 Neutral Buy 1637 0.81

EASYJET 480.10 302.54 495.80 Neutral Buy 537 0.77

FIRST GROUP 197.50 197.50 370.20 Buy Strong Buy 407 1.08

FISHER(JAMES)& SONS 601.50 440.50 615.00 Neutral Sell 331 0.83

GO-AHEAD GROUP 1125.00 1125.00 1598.00 Neutral Strong Buy 1750 0.94NATIONAL EXPRESS 225.00 201.60 270.20 Neutral Sell 175 1.28

NORTHGATE 190.00 190.00 342.00 Neutral Strong Buy 384 1.38

STAGECOACH GROUP 240.50 219.96 287.40 Neutral Sell 205 0.88

WINCANTON 59.25 56.00 123.25 Neutral Strong Buy 161 0.85

Utilities Under Valued


CENTRICA 318.80 278.80 333.00 Neutral Neutral 336 0.49

NATIONAL GRID 645.50 569.00 659.00 Neutral Buy 812 0.55

PENNON GROUP 723.00 623.50 737.50 Neutral Sell 611 0.59

SEVERN TRENT 1578.00 1375.00 1610.00 Neutral Sell 1396 0.46

UNITED UTILITIES GROUP 598.00 560.00 637.00 Neutral Neutral 620 0.58


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uk trading & value indicator 20120417