value indicator - uk main market 20130501

7/30/2019 value indicator - uk main market 20130501

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01 May 2013

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Intellisys Intelligent Analysis Limited 01 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 Over 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 Over 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 375.50 270.90 397.30 Neutral Buy 549 0.66

CHEMRING GROUP 271.10 217.00 414.70 Neutral Buy 328 0.66

COBHAM 250.50 190.10 250.80 Neutral Buy 287 0.83

MEGGITT 468.60 364.30 494.20 Neutral Sell 409 1.32

ROLLS-ROYCE HOLDINGS 1130.00 7 80.75 1 138.10 Neu tral Neutra l 1089 1.08

SMITHS GROUP 1250.00 979.50 1328.00 Neutral Sell 1047 0.71

ULTRA ELECTRONICS HDG. 1650.00 1 424.00 1745.00 Neutral Sell 1546 0.50

Automobiles & Parts Under Valued

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

GKN 274.80 173.60 285.00 Neu tral Neutra l 261 2.00

INCHCAPE 501.00 305.20 530.00 Neu tral Neutra l 495 1.48

LOOKERS 93.50 56.50 100.50 Neutral Buy 104 1.24

PENDRAGON 23.25 13.50 25.00 Neutral Buy 33 1.12

Banks Over Valued


BARCLAYS 286.05 150.55 327.35 Neutral Sell -811 1.93

HSBC HDG. (ORD $0.50) 703.50 503.20 740.00 Neutral Buy 937 1.17

LLOYDS BANKING GROUP 54.33 25.29 55.68 Sell Sell 6 1.87

ROYAL BANK OF SCTL.GP. 306.30 196.60 367.80 Neutral Sell -169 1.34

STANDARD CHARTERED 1617.00 1228.50 1 837.50 Neutral Strong Buy 3205 1.70

Beverages Under Valued


BARR (AG) 548.00 348.00 572.00 Neutral Neutra l 585 0.55

DIAGEO 1964.00 1477.00 2085.00 Neutral Sell 1753 0.55

SABMILLER 3468.50 2348.50 3552.50 Neutral Buy 3943 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 284.70 240.00 406.40 Neutral Strong Buy 663 #NA

CARCLO 409.00 345.75 503.00 Neu tral Neutra l 404 0.74

CRODA INTERNATIONAL 2478.00 2094.00 2841.00 Neutral Sell 2049 1.04

ELEMENTIS 263.50 179.00 275.00 Neutral Buy 348 1.00

JOHNSON MATTHEY 2424.00 2080.27 2573.00 Neutral Strong Buy 11992 1.44

VICTREX 1605.00 1185.00 1736.00 Neutral Sell 1438 1.13

SYNTHOMER 200.90 127.40 238.60 Neu tral Neutra l 218 1.16

ZOTEFOAMS 217.00 157.00 225.00 Neutral Strong Buy 382 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 85.00 61.50 104.00 Neutral Strong Buy 239 0.52

BALFOUR BEATTY 215.90 215.90 320.80 Buy Strong Buy 948 0.79

BARRATT DEVELOPMENTS 311.20 114.00 320.90 Neutral Buy 445 1.50

BELLWAY 1345.00 660.00 1377.00 Neutral Buy 1844 1.10

BERKELEY GROUP HDG.(THE) 2085.00 1177.00 2140.00 Neutral Strong Buy 3237 0.63

BOOT (HENRY) 180.00 115.50 180.00 Neutral Strong Buy 338 0.83

BOVIS HOMES GROUP 768.00 399.30 778.50 Neutral Sell 545 1.14

CARILLION 268.20 235.50 331.80 Buy Strong Buy 766 1.10

CLARKE (T) 52.00 40.00 61.50 Neutral Strong Buy 258 0.82

COSTAIN GROUP 276.00 188.00 306.00 Neutral Strong Buy 549 0.56

CRH 1382.00 1052.00 1540.00 Neutral Sell 808 1.14

GALLIFORD TRY 985.50 579.00 995.50 Neutral Strong Buy 1629 0.99

KELLER 859.50 348.25 859.50 Neutral Strong Buy 2025 1.25

KIER GROUP 1172.00 1106.00 1408.00 Neutral Strong Buy 3241 0.94

LOW & BONAR 71.00 49.00 76.75 Neutral Strong Buy 207 1.07MARSHALLS 127.25 76.00 130.00 Neutral Strong Buy 279 1.37

MORGAN SINDALL GROUP 575.00 508.00 695.00 Neutral Strong Buy 3243 0.86

NORCROS 16.00 9.25 18.25 Neutral Strong Buy 33 1.11

PERSIMMON 1080.00 496.69 1097.00 Neutral Buy 1398 1.15

REDROW 213.90 107.30 214.40 Neutral Buy 279 1.05

SIG 162.10 82.30 162.50 Neutral Strong Buy 484 1.74

SUPERGLASS HOLDINGS 5.75 3.88 15.25 Sell Strong Buy 49 0.89

TAYLOR WIMPEY 93.00 40.28 96.55 Neutral Buy 126 1.58

TRAVIS PERKINS 1434.00 906.50 1511.00 Neutral Strong Buy 2498 1.97

WOLSELEY 3183.00 2121.32 3337.00 Neutral Strong Buy 5288 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1296.00 935.00 1364.00 Neutral Sell 778 0.78

DOMINO PRINTING SCIENCES 667.00 509.00 717.00 Neutral Buy 853 1.18

E2V TECHNOLOGIES 119.00 105.50 148.00 Neutral Strong Buy 249 1.31

INVENSYS 384.70 198.90 384.70 Neutral Sell 349 1.42

LAIRD 217.10 177.00 249.30 Neutral Sell 87 2.12

OXFORD INSTRUMENTS 1540.00 1096.00 1752.00 Neutral Sell 1190 1.01

RENISHAW 1646.00 1260.00 2081.00 Neutral Buy 2392 1.26

SPECTRIS 2110.00 1427.00 2470.00 Neu tral Neu tral 2234 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.18 Neutral Strong Buy 0 0.83

TT ELECTRONICS 166.50 114.00 190.00 Neutral Strong Buy 411 1.59

XAAR 500.00 185.00 523.00 Neutral Sell 236 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 78.50 54.25 91.75 Neutral Buy 93 1.26

BODYCOTE 517.50 310.30 556.50 Neutral Neutral 508 1.61

CASTINGS 335.50 277.75 358.50 Neutral Strong Buy 701 0.99

VESUVIUS 348.00 263.19 402.10 Neutral Buy 495 2.19

FENNER 351.60 329.30 449.20 Neutral Strong Buy 551 1.42

HALMA 500.50 373.10 531.50 Neutral Sell 395 0.76

HILL & SMITH 429.00 297.00 480.00 Neutral Sell 325 1.37

IMI 1239.00 776.00 1347.00 Neutral Buy 1372 1.40

MORGAN ADVANCED MATERIAL 261.50 220 .30 332.80 Neutral Strong Buy 537 1.82

ROTORK 2909.00 1859.00 3037.00 Neutral Sell 2203 0.99

SENIOR 255.00 177.00 255.00 Neutral Sell 211 1.65

SEVERFIELD-ROWEN 39.50 35.40 104.11 Neutral Sell 28 0.73

SPIRAX-SARCO 2623.00 1900.00 2734.00 Neutral Sell 2294 0.84

VITEC GROUP 614.00 586.50 740.00 Neutral Neutral 590 1.40

WEIR GROUP 2204.00 1397.00 2474.00 Neutral Sell 2032 1.39

Food & Drug Stores Over Valued


GREGGS 414.50 414.50 523.50 Buy Strong Buy 683 0.47

MORRISON(WM)SPMKTS. 292.10 248.60 296.40 Neutral Sell 189 0.39

SAINSBURY (J) 381.10 283.50 388.70 Neutral Sell 211 0.58

TESCO 366.15 297.05 387.75 Neutral Sell 269 0.69

THORNTONS 79.50 18.88 82.25 Neutral Sell 58 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1935.00 1167.00 1999.00 Neutral Neutral 2113 0.61

CRANSWICK 1057.00 732.50 1057.00 Neutral Strong Buy 2088 0.49

DAIRY CREST 459.70 303.50 459.70 Neutral Neutral 503 0.92

DEVRO 329.90 278.00 380.00 Neutral Strong Buy 517 0.31

PREMIER FOODS 73.00 54.50 162.50 Neutral Sell -181 1.25

TATE & LYLE 844.50 633.50 870.50 Neutral Strong Buy 1557 0.70

UNILEVER (UK) 2786.00 2007.00 2845.00 Neutral Neutral 2782 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 29.00 20.50 29.50 Neutral Buy 34 0.68

BROWN (N) GROUP 446.00 224.40 449.40 Neutral Sell 366 0.53

BURBERRY GROUP 1336.00 1000.00 1536.00 Neutral Sell 995 1.27

CARPETRIGHT 628.00 585.00 728.50 Neutral Sell 283 0.94

DIXONS RETAIL 35.10 12.67 37.50 Neutral Buy 41 1.50

FINDEL 163.00 55.20 186.00 Neutral Sell 51 1.08

FRENCH CONNECTN.GROUP 27.50 19.50 42.75 Sell Strong Buy 104 0.99

HALFORDS GROUP 344.80 189.00 356.80 Neutral Buy 506 0.67

JD SPORTS FASHION 855 .00 606.50 855 .00 Sell Strong Buy 1531 0.52

DARTY 49.00 38.00 65.00 Neutral Strong Buy 91 1.24

KINGFISHER 313.10 254.10 315.90 Neutral Buy 394 0.92

MARKS & SPENCER GROUP 408.60 312.20 415.30 Neutral Buy 522 0.64

MOSS BROTHERS GROUP 55.00 42.00 71.00 Neutral Buy 61 1.04

MOTHERCARE 317.00 160.00 362.00 Neutral Buy 397 0.47

NEXT 4359.00 2896.00 4420.00 Neutral Sell 3792 0.66

TED BAKER 1354.00 830.00 1397.00 Neutral Sell 664 0.55

TOPPS TILES 68.25 32.13 70.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 141.00 126.00 160.00 Neutral Sell 115 0.45

CONSORT MEDICAL 800.00 584.00 831.50 Neutral Sell 572 0.40

OPTOS 161.75 145.75 264.00 Neu tral Neu tral 168 1.20

SMITH & NEPHEW 734.50 580.00 768.50 Neutral Sell 659 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 690.00 557.00 720.50 Neutral Neutral 674 0.43

HEADLAM GROUP 344.00 263.00 355.00 Neutral Sell 308 0.92

HORNBY 85.13 55.25 95.00 Neutral Buy 109 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 996.00 469.00 996.00 Sell Sell 561 0.74

CSR 493.00 200.30 502.50 Neutral Strong Buy 1280 1.16FILTRONIC 64.00 23.50 83.25 Neutral Sell 47 0.90

IMAGIN AT ION TECHNOLOGIES 425.40 383 .50 661.50 Neutral Buy 530 1.09

SPIRENT COMMUNICATIONS 130.50 122.00 174.00 Neutral Strong Buy 699 0.94

WOLFSON MICROELECTRONICS 205.25 170 .00 230.00 Neutral Sell -516 0.91


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Insurance Under Valued


ADMIRAL GROUP 1281.00 1019.00 1374.00 Neu tral Neu tral 1280 0.54

AMLIN 424.40 312.90 431.50 Neutral Sell 126 0.46

BEAZLEY 224.50 132.50 225.80 Neutral Strong Buy 1251 0.59

CATLIN GROUP 525.50 399.00 540.00 Neutral Strong Buy 1898 0.29

HISCOX 561.00 379.26 574.05 Neutral Strong Buy 2494 0.48

JARDINE LLOYD THOMPSON 847 .50 659.00 868 .00 Neutral Strong Buy 1676 0.31

RSA INSURANCE GROUP 111.30 97.65 136.30 Neutral Strong Buy 898 0.40

NOVAE GROUP 466.50 345.00 475.75 Neutral Strong Buy 2855 0.47

Leisure & Hotels Over Valued


CARNIVAL 2320.00 1944.00 2628.00 Neutral Strong Buy 3948 1.00

ENTERPRISE INNS 97.95 55.50 114.70 Neu tral Neu tral 102 1.59

TUI TRAVEL 314.30 158.00 330.00 Neutral Strong Buy 776 0.99

FULLER SMITH 'A' 800.00 700.00 820.00 Neutral Sell 667 0.38

GREENE KING 727.00 474.30 727.00 Neutral Sell 641 0.91

LADBROKES 189.40 152.70 243.10 Neutral Buy 251 0.93

ICTL.HTLS.GP. 1898.00 1396.63 2039.00 Neutral Sell 1484 1.17

MILLENNIUM & CPTH.HTLS. 565.50 455.40 582.50 Neutral Buy 642 1.38

MITCHELLS & BUTLERS 334.40 217.40 350.10 Neutral Sell 310 1.09

BWIN PARTY DIGITAL ENTM. 133.60 91.90 158.00 Neutral Sell 50 1.25

PUNCH TAVERNS 10.25 5 .61 13.12 Neutral Strong Buy 48 1.25

RANK GROUP 168.00 111.00 177.50 Neutral Strong Buy 505 1.00

RESTAURANT GROUP 481.90 269.20 488.10 Neutral Sell 322 0.74

WETHERSPOON (JD) 587.50 371.30 587.50 Neutral Buy 737 0.69

WHITBREAD 2555.00 1786.00 2692.00 Neutral Sell 1984 0.99WILLIAM HILL 426.00 243.75 430.70 Neutral Sell 255 0.86

MARSTON'S 144.80 94.40 144.80 Neutral Sell 17 1.20

Life Assurance Over Valued


AVIVA 305.10 255.30 388.40 Neutral Strong Buy 678 1.24

CHESNARA 239.25 155.25 250.00 Neutral Strong Buy 377 0.70

LEGAL & GENERAL 169.50 106.00 175.70 Neutral Strong Buy 340 1.70

OLD MUTUAL 205.00 138.70 211.40 Neu tral Neu tral 196 1.57

PRUDENTIAL 1105.00 660.00 1155.00 Neutral Sell 967 1.70

ST.JAMES'S PLACE 554.00 303.40 554.00 Neutral Strong Buy 1424 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 116.00 102.00 146.50 Neutral Sell -572 0.36

BRITISH SKY BCAST.GROUP 844.00 656.00 899.50 Neutral Strong Buy 1697 0.54

CENTAUR MEDIA 46.25 28.50 60.00 Neutral Strong Buy 152 1.01

DAILY MAIL 'A' 688.00 363.50 722.00 Neutral Strong Buy 3967 1.12

EUROMONEY INSTL.INVESTOR 980.00 672 .50 1001.00 Neutral Strong Buy 7446 0.98

INFORMA 478.00 340.00 537.00 Neutral Sell -75 1.53

ITE GROUP 262.10 180.00 289.40 Neutral Strong Buy 229 1.44

ITV 125.90 69.45 132.30 Neutral Strong Buy 1234 1.54

JOHNSTON PRESS 15.25 4.88 16.00 Neutral Buy 756 1.26

PEARSON 1171.00 1115.00 1294.00 Neutral Buy 307 0.62

PHOTO-ME INTL. 77.75 36.25 82.50 Neutral Strong Buy 2554 0.79

PINEWOOD SHEPPERTON 278.38 265.00 377.50 Neutral Strong Buy 844 0.15

THOMSON REUTERS 33.75 26.85 34.10 Neutral Sell -572 0.52

STV GROUP 131.75 81.50 146.88 Neutral Sell 260 0.78

ST.IVES 139.75 67.50 139.75 Neutral Sell 215 1.49TRINITY MIRROR 90.00 25.50 121.25 Neutral Sell -251 1.57

UBM 732.00 511.00 788.00 Neutral Strong Buy 1707 1.31

WILMINGTON GROUP 151.00 82.00 164.00 Neutral Strong Buy 1316 0.85

WPP 1064.00 743.00 1092.00 Neutral Sell -496 1.34

HIBU 0.41 0.26 3.78 Neutral Strong Buy 790 1.07

Mining Over Valued


ANGLO AMERICAN 1565.00 1553.00 2412.00 Buy Sell 1282 1.75

ANGLO PACIFIC GROUP 216.75 215.00 316.20 Neu tral Neu tral 219 0.99

ANTOFAGASTA 897.50 884.00 1381.00 Neutral Sell 794 1.43

BHP BILLITON 1791.00 1681.00 2236.00 Neutral Buy 2537 1.45

LONMIN 269.00 240.84 564.35 Neutral Strong Buy 522 2.03

RANDGOLD RESOURCES 5060.00 4545.00 7 775.00 Neutral Sell 2262 0.34

RIO TINTO 2919.00 2715.50 3757.00 Neutral Sell 2720 1.51

COALFIELD RESOURCES 4.25 3.75 22.50 Neutral Strong Buy 152 0.89

VEDANTA RESOURCES 832.50 1298.00 Neutral Buy 1717 2.21

XSTRATA 963.50 785.80 1205.00 Neutral Sell 695 1.88

Oil & Gas Under Valued


BG GROUP 1084.50 1000.50 1451.00 Neutral Buy 1201 0.81

BP 466.40 391.95 475.90 Neutral Strong Buy 1512 1.05

CAIRN ENERGY 288.60 248.20 349.00 Neutral Sell -9 1.32

FORTUNE OIL 8.02 7.66 12.50 Neutral Strong Buy 14 0.90

HUNTING 807.00 688.00 947.50 Neutral Sell 433 1.32

JKX OIL & GAS 67.75 55.00 136 .00 Neutral Strong Buy 292 1.36

PREMIER OIL 372.90 321.30 401.20 Neutral Sell 276 1.45

ROYAL DUTCH SHELL B 2253.00 2039.00 2366.50 Neutral Strong Buy 9117 0.86

SOCO INTERNATIONAL 379.00 254.90 404.30 Neutral Sell 241 0.52

TULLOW OIL 1001.00 982.50 1557.00 Neutral Sell 870 1.05

WOOD GROUP (JOHN) 775.00 651.50 879.50 Neu tral Neu tral 767 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 114.50 101.20 144.60 Neutral Strong Buy 258 0.83

PZ CUSSONS 399.20 297.20 415.60 Neutral Sell 326 0.69

RECKITT BENCKISER GROUP 4696.00 3300 .00 4812.00 Neutral Neutral 4741 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.42 0.36 3.88 Buy Strong Buy 1 1.01

ASTRAZENECA 3342.50 2591.00 3390.00 Neutral Strong Buy 6355 0.47

BTG 345.70 300.30 423.00 Neutral Sell 173 0.62

DECHRA PHARMACEUTICALS 718.00 4 44.50 780.00 Neu tral Neu tral 754 0.26

GLAXOSMITHKLINE 1660.50 1317.50 1687.50 Neutral Sell 1382 0.49

OXFORD BIOMEDICA 1.65 1.55 4.08 Buy Sell 1 0.65

PHYTOPHARM 1.40 1.05 12.75 Buy Buy 2 0.94

SHIRE 2002.00 1727.00 2153.00 Neutral Sell 1345 0.65

SKYEPHARMA 43.75 43.50 101.50 Neutral Sell -147 0.71

VERNALIS 22.75 21.63 27.38 Neutral Strong Buy 40 0.90

Real Estate Under Valued


BIG YELLOW GROUP 403.50 274.50 407.90 Neutral Sell -572 1.15

BRITISH LAND 594.50 475.40 601.00 Neutral Strong Buy 1697 1.03

CAPITAL & REGIONAL 34.50 22.75 34.50 Sell Strong Buy 152 0.82

CLS HOLDINGS 916.50 595.00 930.00 Neutral Strong Buy 3967 0.69

DERWENT LONDON 2309.00 1708.00 2327.00 Neutral Strong Buy 7446 1.20DEVELOPMENT SECS. 145.00 121.75 175.00 Neutral Sell -75 0.97

GRAINGER 136.00 83.10 142.00 Neutral Strong Buy 229 1.54

GREAT PORTLAND ESTATES 532.00 366.00 534.50 Sell Strong Buy 1234 1.06

HAMMERSON 519.50 409.20 528.50 Neutral Buy 756 1.16

HELICAL BAR 248.00 164.00 251.00 Neutral Buy 307 0.75

LAND SECURITIES GROUP 873.50 704.00 886.00 Neutral Strong Buy 2554 1.15

INTU PROPERTIES 342.70 305.00 366.00 Neutral Strong Buy 844 1.08

MCKAY SECURITIES 141.00 127.00 145.00 Neutral Sell -572 0.72

MUCKLOW (A & J) GROUP 389.50 325.00 390.00 Neutral Sell 260 0.41

PRIMARY HEALTH PROPS. 333.00 312.00 364.50 Neutral Sell 215 0.35

QUINTAIN ESTATES & DEV. 64.75 32.50 70.00 Sell Sell -251 1.17

SAVILLS 582.00 300.80 599.00 Neutral Strong Buy 1707 0.74

SHAFTESBURY 607.50 492.00 611.00 Neutral Strong Buy 1316 1.03

SEGRO 266.40 209.40 271.00 Neutral Sell -496 1.70

ST MODWEN PROPS. 267.40 145.50 280.20 Neutral Strong Buy 790 1.55

TOWN CENTRE SECURITIES 198.75 147.00 215.00 Neutral Sell -17 1.05

UNITE GROUP 347.80 180.25 347.80 Neutral Sell 47 1.75

WARNER ESTATE 1.38 1.00 2.75 Sell Sell -1115 1.01

WORKSPACE GROUP 375.00 213.25 375.00 Neutral Strong Buy 1277 1.02


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Software & Computer Services Under Valued


ANITE 122.40 111.00 162.00 Neu tral Neu tral 120 0.76

AVEVA GROUP 2220.00 1469.00 2322.00 Neutral Sell 1293 1.40

COMPUTACENTER 447.80 292.40 567.00 Neutral Strong Buy 1329 1.01

KOFAX 320.00 240.00 335.00 Neu tral Neu tral 317 1.12

INNOVATION GROUP 26.00 18.25 26.25 Sell Sell 24 0.83

MICRO FOCUS INTL. 669.50 426.17 706.00 Neutral Buy 957 0.79

PHOENIX IT GROUP 150.00 131.00 231.75 Neutral Strong Buy 305 0.74

RM 74.25 70.25 89.00 Neutral Sell -90 0.53

FIDESSA GROUP 1795.00 1275.00 1970.00 Neutral Buy 2045 0.77

SAGE GROUP 337.50 247.70 352.10 Neutral Buy 410 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 448.70 237.30 450.50 Sell Sell 138 1.08

BREWIN DOLPHIN 209.00 136.30 222.00 Neutral Sell 113 0.72

CAMELLIA 10523.00 9250.00 11105.00 Neutral Sell 8366 0.83

CHARLES STANLEY GROUP 404.50 247.50 405.00 Neutral Sell 185 0.97

CHARLES TAYLOR 177.00 134.75 190.00 Neutral Sell 117 0.69

CLOSE BROTHERS GROUP 1039.00 673.50 1107.00 Neutral Sell 168 0.87

F&C ASSET MANAGEMENT 98.00 65.90 110.40 Neu tral Neu tral 98 0.89

HELPHIRE GROUP 3.49 0.55 3.70 Sell Strong Buy 25 0.68

HENDERSON GROUP 165.00 90.55 171.00 Neutral Sell 58 1.44

ICAP 287.80 280.80 384.00 Neutral Sell 210 1.07

INTERMEDIATE CAPITAL GP. 422.40 227.30 427.60 Neutral Sell 304 1.68

INVESTEC 455.00 310.40 513.50 Neutral Sell 97 1.55

LONDON STOCK EX.GROUP 1341.00 930.00 1411.00 Neutral Strong Buy 3082 1.12MAN GROUP 102.20 63.25 111.10 Neutral Strong Buy 487 1.32

RATHBONE BROTHERS 1460.00 1151.00 1551.00 Neutral Sell 1068 0.73

SCHRODERS 2335.00 1166.00 2338.00 Sell Sell 1120 1.31

SCHRODERS NV 1850.00 966.00 1850.00 Sell Strong Buy 3673 1.27


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Support Services Over Valued


ACAL 211.00 157.75 242.50 Neutral Buy 290 0.93

AGGREKO 1782.00 1557.00 2400.00 Neutral Sell 1280 1.03

AMEC 1013.00 923.00 1172.00 Neutral Buy 1119 1.04

ASHTEAD GROUP 587.50 212.20 635.00 Neutral Sell 313 1.62

BABCOCK INTL. 1070.00 793.50 1106.00 Neutral Sell 654 0.48

BRITISH POLYTHENE INDS. 550.00 317.00 550.00 Neutral Buy 788 0.78

BUNZL 1279.00 990.00 1320.00 Neutral Sell 971 0.55

UK MAIL GROUP 425.00 214.00 445.00 Neutral Neutral 438 0.38

CAPITA 902.50 602.00 913.50 Neutral Sell 514 0.50

COMMUNISIS 54.00 25.34 54.00 Neutral Buy 67 0.78

COMPASS GROUP 847.00 616.00 855.00 Neutral Sell 597 0.74

BERENDSEN 773.50 462.00 812.00 Neutral Buy 966 1.04

DE LA RUE 931.50 891.50 1075.00 Neutral Sell 595 #NA

DIGNITY 1377.00 803.50 1435.00 Neutral Sell 787 0.21

DIPLOMA 570.50 417.00 627.50 Neutral Sell 480 0.95ELECTROCOMP. 240.40 195.20 265.00 Neutral Buy 317 1.02

FILTRONA 706.50 428.00 744.00 Neutral Sell 342 1.10

G4S 312.80 240.00 313.50 Neutral Sell 287 0.58

HAYS 93.40 66.40 101.20 Neutral Buy 119 1.09

HOMESERVE 209.40 137.50 252.00 Neutral Strong Buy 483 0.93

INTERSERVE 472.80 271.40 510.50 Neutral Buy 678 1.27

INTERTEK GROUP 3308.00 2406.00 3451.00 Neutral Sell 1428 0.77

JOHNSON SERVICE GROUP 42.88 26.50 45.75 Neutral Strong Buy 93 1.18

MANAGEMENT CNSL.GP. 32.00 21.25 38.50 Neutral Strong Buy 54 0.72

MENZIES (JOHN) 729.50 542.00 789.00 Neutral Strong Buy 1275 1.43

MICHAEL PAGE INTL. 372.60 341.40 451.80 Neutral Sell 314 1.41

MITIE GROUP 276.20 253.90 300.80 Neutral Buy 338 0.55

OFFICE2OFFICE 89.50 87.50 156.00 Neutral Strong Buy 236 0.34

PAYPOINT 814.50 605.00 912.50 Neutral Sell 682 0.70

PREMIER FARNELL 211.50 153.20 236.30 Neutral Buy 281 1.32

REGUS 163.80 82.65 169.00 Neutral Sell 106 1.44

RENTOKIL INITIAL 94.85 69.40 100.70 Neutral Sell 54 1.24

REXAM 516.50 394.28 547.50 Neutral Neutral 524 0.91

RICARDO 388.00 304.50 431.00 Neutral Buy 465 0.85

ROBERT WALTERS 231.00 176.25 255.50 Neutral Buy 305 1.23

RPC GROUP 397.80 348.30 477.00 Neutral Buy 527 0.77

RPS GROUP 249.40 197.00 274.20 Neutral Neutral 244 1.50

SERCO GROUP 618.50 509.50 635.50 Neutral Sell 571 0.59

SHANKS GROUP 81.75 73.00 98.00 Neutral Strong Buy 166 1.46

SPEEDY HIRE 48.50 22.25 50.00 Neutral Neutral 52 1.25TRIBAL GROUP 146.00 73.25 149.00 Neutral Sell 50 0.56

TRIFAST 54.00 39.50 59.00 Neutral Buy 60 0.92

VP 340.00 234.75 354.88 Neutral Strong Buy 614 0.86

WYG 75.00 42.00 75.00 Sell Strong Buy 180 0.79


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Telecommunication Services Over Valued


BT GROUP 276.20 200.70 288.70 Neutral Buy 341 0.90

CABLE & WIRELESS COMMS. 42.28 27.28 42.91 Neutral Strong Buy 84 0.69

INMARSAT 722.50 390.80 728.00 Neutral Sell 610 0.53

KCOM GROUP 84.65 67.00 85.20 Neutral Strong Buy 132 1.24

TELECOM PLUS 1220.00 689.00 1220.00 Sell Sell 746 0.11

VODAFONE GROUP 196.20 154.45 197.20 Neutral Sell 171 0.54

Transport Under Valued


BBA AVIATION 250.90 178.00 269.00 Neutral Sell 176 1.30

BRAEMAR SHIPPING SVS. 400.00 309.50 425.00 Neutral Buy 455 0.99

CLARKSON 1630.00 1150.00 1673.00 Sell Sell 1476 0.81

EASYJET 1117.00 481.20 1150.00 Neutral Sell 670 0.74

FIRST GROUP 211.10 175.70 260.50 Neutral Strong Buy 558 0.90

FISHER(JAMES)& SONS 1005.00 535.00 1110.00 Neutral Sell 395 0.77

GO-AHEAD GROUP 1550.00 1086.00 1558.00 Neutral Buy 1849 0.89

NATIONAL EXPRESS 191.50 164.50 230.50 Neutral Buy 251 1.34

NORTHGATE 339.00 159.60 350.00 Neutral Strong Buy 611 1.41

STAGECOACH GROUP 307.50 230.40 319.60 Neutral Buy 360 0.90

WINCANTON 53.00 31.00 78.50 Sell Sell -45 0.90

Utilities Under Valued


CENTRICA 371.00 306.30 393.10 Neutral Buy 508 0.46

NATIONAL GRID 819.50 641.00 819.50 Neu tral Neutra l 887 0.49

PENNON GROUP 685.50 598.00 796.00 Neutral Buy 824 0.58

SSE 1557.00 1294.00 1562.00 Neutral Buy 1820 0.42

SEVERN TRENT 1821.00 1513.00 1821.00 Neutral Sell 1607 0.34

UNITED UTILITIES GROUP 740.50 617.50 747.50 Neu tral Neutra l 713 0.50


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value indicator - uk main market 20130501