value indicator - uk main market 20130610

7/28/2019 value indicator - uk main market 20130610

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10 June 2013

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Intellisys Intelligent Analysis Limited 10 June 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 Under 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 Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Under 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 Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 401.90 276.40 427.00 Neutral Buy 568 0.67

CHEMRING GROUP 271.60 217.00 414.70 Neutral Buy 325 0.66

COBHAM 262.00 190.10 293.40 Neu tral Neutra l 280 0.82

MEGGITT 519.50 364.30 534.50 Neu tral Neutra l 496 1.32

ROLLS-ROYCE HOLDINGS 1174.00 7 99.39 1 225.00 Neu tral Neutra l 1135 1.07

SMITHS GROUP 1309.00 979.50 1390.00 Neutral Sell 1093 0.71

ULTRA ELECTRONICS HDG. 1718.00 1 424.00 1843.00 Neutral Sell 1613 0.51

Automobiles & Parts Under Valued

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

GKN 309.00 173.60 313.40 Neu tral Neutra l 306 2.02

INCHCAPE 539.00 316.60 577.50 Neu tral Neutra l 555 1.48

LOOKERS 101.00 56.50 110.00 Neu tral Neutra l 98 1.23

PENDRAGON 24.00 13.50 26.50 Neutral Buy 34 1.11

Banks Over Valued


BARCLAYS 307.80 150.55 333.85 Neutral Sell -827 1.94

HSBC HDG. (ORD $0.50) 708.00 510.60 769.90 Neutral Buy 844 1.17

LLOYDS BANKING GROUP 62.32 28.01 62.96 Sell Sell 5 1.89

ROYAL BANK OF SCTL.GP. 327.40 196.60 367.80 Neutral Sell -134 1.35

STANDARD CHARTERED 1473.50 1228.50 1 837.50 Neutral Strong Buy 3332 1.70

Beverages Under Valued


BARR (AG) 505.00 350.00 588.50 Neutral Neutra l 553 0.55

DIAGEO 1956.50 1587.00 2085.00 Neutral Sell 1701 0.55

SABMILLER 3259.00 2422.00 3657.00 Neutral Buy 3766 0.95

Chemicals Under Valued


ALENT 348.10 305.00 397.50 Neutral Strong Buy 3423 #NA

AZ ELECTRONIC MATS.(DI) 320.00 240.00 406.40 Neutral Strong Buy 489 1.23

CARCLO 371.00 356.00 503.00 Neutral Sell 121 0.73

CRODA INTERNATIONAL 2465.00 2125.00 2841.00 Neutral Buy 3299 1.04

ELEMENTIS 232.00 179.00 275.00 Neutral Buy 294 0.99

JOHNSON MATTHEY 2704.00 2080.27 2750.00 Neutral Strong Buy 4460 1.45

VICTREX 1664.00 1185.00 1765.00 Neutral Sell 1342 1.14

SYNTHOMER 194.10 127.40 225.80 Neutral Strong Buy 337 1.16

ZOTEFOAMS 201.50 157.00 225.00 Neutral Buy 251 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 258 0.51

BALFOUR BEATTY 216.00 207.60 320.80 Neutral Strong Buy 1290 0.80

BARRATT DEVELOPMENTS 316.10 125.30 346.30 Neutral Strong Buy 609 1.58

BELLWAY 1334.00 765.00 1377.00 Neutral Strong Buy 2913 1.15

BERKELEY GROUP HDG.(THE) 2141.00 1239.00 2207.00 Neutral Strong Buy 3353 0.66

BOOT (HENRY) 175.00 115.50 201.00 Neutral Strong Buy 415 0.83

BOVIS HOMES GROUP 763.00 428.00 778.50 Neutral Buy 1078 1.20

CARILLION 246.60 235.50 331.80 Buy Strong Buy 1537 1.12

CLARKE (T) 53.75 40.00 61.50 Neutral Strong Buy 459 0.82

COSTAIN GROUP 254.00 188.00 306.00 Neutral Strong Buy 1134 0.57

CRH 1359.00 1078.00 1540.00 Neutral Sell 851 1.14

GALLIFORD TRY 941.00 584.00 999.00 Neutral Strong Buy 2942 1.01

KELLER 904.50 348.25 978.50 Neutral Strong Buy 2393 1.26

KIER GROUP 1182.00 1106.00 1408.00 Neutral Strong Buy 5468 0.97

LOW & BONAR 66.25 50.00 76.75 Neutral Strong Buy 222 1.07MARSHALLS 136.50 76.00 142.00 Neutral Strong Buy 409 1.39

MORGAN SINDALL GROUP 576.00 508.00 695.00 Neutral Strong Buy 4416 0.87

NORCROS 16.50 10.50 18.25 Neutral Strong Buy 62 1.15

PERSIMMON 1205.00 529.83 1280.00 Neutral Strong Buy 2039 1.20

REDROW 218.90 107.30 238.10 Neutral Strong Buy 462 1.09

SIG 169.30 84.75 179.20 Neutral Strong Buy 511 1.79

SUPERGLASS HOLDINGS 48.00 46.88 362.50 Neutral Buy 69 0.88

TAYLOR WIMPEY 95.55 42.72 103.00 Neutral Strong Buy 232 1.67

TRAVIS PERKINS 1530.00 916.00 1611.00 Neutral Strong Buy 4187 2.01

WOLSELEY 3093.00 2154.34 3483.00 Neutral Strong Buy 5884 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1308.00 994.50 1365.00 Neutral Sell 798 0.75

DOMINO PRINTING SCIENCES 650.00 509.00 717.00 Neutral Buy 869 1.18

E2V TECHNOLOGIES 120.00 105.50 144.00 Neutral Strong Buy 253 1.29

INVENSYS 391.80 198.90 402.70 Neutral Sell 338 1.41

LAIRD 192.00 177.00 249.30 Neutral Strong Buy 306 2.13

OXFORD INSTRUMENTS 1599.00 1149.00 1752.00 Neutral Sell 1234 1.00

RENISHAW 1721.00 1260.00 2081.00 Neutral Strong Buy 2628 1.26

SPECTRIS 2036.00 1427.00 2470.00 Neutral Buy 2733 1.52

BIOME TECHNOLOGIES 0.08 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 162.25 114.00 178.50 Neutral Strong Buy 300 1.58

XAAR 638.00 185.00 695.00 Neutral Sell 225 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 83.50 54.25 91.75 Neutral Buy 125 1.28

BODYCOTE 544.00 310.30 563.00 Neutral Buy 638 1.60

CASTINGS 341.13 277.75 358.50 Neutral Strong Buy 634 0.99

VESUVIUS 374.50 263.19 402.10 Neutral Strong Buy 986 2.20

FENNER 339.40 329.30 435.20 Neutral Strong Buy 519 1.42

HALMA 508.00 375.00 538.50 Neutral Sell 360 0.75

HILL & SMITH 426.50 297.00 480.00 Neutral Sell 346 1.37

IMI 1256.00 776.00 1359.00 Neutral Strong Buy 5356 1.41

MORGAN ADVANCED MATERIAL 277.40 220 .30 305.00 Neutral Strong Buy 1549 1.82

ROTORK 2748.00 1859.00 3037.00 Neutral Sell 1369 1.00

SENIOR 265.50 177.00 280.80 Neutral Sell 232 1.64

SEVERFIELD-ROWEN 49.00 35.40 85.50 Neutral Sell 39 0.79

SPIRAX-SARCO 2786.00 1903.48 2928.35 Neutral Sell 2012 0.84

VITEC GROUP 609.00 586.50 740.00 Neutral Sell 424 1.39

WEIR GROUP 2235.00 1397.00 2474.00 Neutral Sell 2062 1.38

Food & Drug Stores Over Valued


GREGGS 400.30 398.00 523.50 Neutral Strong Buy 677 0.47

MORRISON(WM)SPMKTS. 263.00 248.60 296.40 Buy Sell 156 0.39

SAINSBURY (J) 360.70 283.50 396.50 Neutral Sell 187 0.57

TESCO 346.35 301.10 387.75 Neutral Sell 251 0.68

THORNTONS 89.13 19.25 100.50 Neutral Sell 63 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1844.00 1188.00 2031.00 Neutral Buy 2067 0.62

CRANSWICK 1122.00 732.50 1127.00 Neutral Strong Buy 2041 0.43

DAIRY CREST 466.00 316.00 503.50 Neutral Neutral 497 0.94

DEVRO 321.70 278.00 380.00 Neutral Strong Buy 503 0.32

PREMIER FOODS 72.25 54.50 125.75 Neutral Sell -178 1.25

TATE & LYLE 810.00 633.50 875.50 Neutral Strong Buy 1518 0.71

UNILEVER (UK) 2687.00 2038.00 2885.00 Neutral Neutral 2715 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.50 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 458.60 227.50 465.60 Neutral Sell 343 0.54

BURBERRY GROUP 1429.00 1000.00 1541.00 Neutral Sell 933 1.27

CARPETRIGHT 615.00 585.00 728.50 Neutral Sell 281 0.95

DIXONS RETAIL 42.50 12.67 42.90 Neu tral Neu tral 45 1.51

FINDEL 178.38 55.20 186.00 Neutral Sell 61 1.13

FRENCH CONNECTN.GROUP 30.25 19.50 34.00 Sell Strong Buy 105 0.99

HALFORDS GROUP 316.90 189.00 405.20 Neutral Strong Buy 485 0.68

JD SPORTS FASHION 914 .50 606.50 920 .00 Neutral Strong Buy 1495 0.53

DARTY 67.50 38.00 72.50 Neutral Strong Buy 103 1.25

KINGFISHER 346.70 254.10 351.30 Neu tral Neu tral 362 0.94

MARKS & SPENCER GROUP 452.40 312.20 485.00 Neutral Buy 508 0.65

MOSS BROTHERS GROUP 57.50 43.00 71.00 Neu tral Neu tral 62 1.04

MOTHERCARE 380.00 189.25 385.00 Neutral Buy 466 0.47

NEXT 4601.00 3036.00 4749.00 Neu tral Neu tral 4469 0.67

TED BAKER 1418.00 875.00 1490.00 Neutral Sell 632 0.55

TOPPS TILES 67.50 38.00 70.00 Neutral Sell 53 1.50

Heath Over Valued


BIOQUELL 137.50 126.50 160.00 Neutral Sell 112 0.46

CONSORT MEDICAL 748.50 585.00 831.50 Neutral Sell 550 0.39

OPTOS 122.50 120.00 222.75 Neutral Buy 152 1.18

SMITH & NEPHEW 758.50 603.00 794.50 Neutral Sell 685 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 725.00 565.00 742.00 Neutral Neutral 706 0.44

HEADLAM GROUP 378.75 263.00 378.75 Neutral Sell 326 0.92

HORNBY 82.00 55.25 88.50 Sell Buy 111 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 864.50 469.00 1097.00 Neutral Sell 457 0.74

CSR 516.50 200.40 570.00 Neutral Strong Buy 1479 1.18FILTRONIC 59.50 26.00 83.25 Neutral Sell 24 0.90

IMAGIN AT ION TECHNOLOGIES 339.30 296 .00 624.00 Neu tral Neu tral 352 1.08

SPIRENT COMMUNICATIONS 134.00 122.00 170.90 Neutral Strong Buy 444 0.94

WOLFSON MICROELECTRONICS 179.00 170 .00 230.00 Neutral Sell -635 0.90


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Insurance Under Valued


ADMIRAL GROUP 1304.00 1019.00 1374.00 Neutral Sell -405 0.53

AMLIN 400.40 323.50 435.10 Neutral Strong Buy 1485 0.46

BEAZLEY 225.50 132.50 241.30 Neutral Strong Buy 922 0.60

CATLIN GROUP 469.70 409.40 552.50 Neu tral Neu tral 453 0.30

HISCOX 539.00 414.09 600.00 Neutral Strong Buy 1848 0.48

JARDINE LLOYD THOMPSON 877 .50 677.00 914 .50 Neutral Buy 1199 0.31

RSA INSURANCE GROUP 115.00 100.70 136.30 Neutral Strong Buy 700 0.41

NOVAE GROUP 486.50 345.00 507.50 Neutral Strong Buy 3313 0.48

Leisure & Hotels Over Valued


CARNIVAL 2147.00 2083.00 2628.00 Neutral Strong Buy 4053 1.01

ENTERPRISE INNS 114.40 55.50 123.80 Neutral Sell 108 1.61

TUI TRAVEL 343.50 158.00 373.20 Neutral Strong Buy 789 1.01

FULLER SMITH 'A' 925.00 700.00 925.00 Neutral Sell 684 0.39

GREENE KING 756.50 479.20 789.50 Sell Sell 658 0.93

LADBROKES 199.30 152.70 243.10 Neutral Buy 252 0.93

ICTL.HTLS.GP. 1826.00 1493.74 2039.00 Neutral Sell 1492 1.18

MILLENNIUM & CPTH.HTLS. 547.50 455.40 582.50 Neutral Buy 625 1.40

MITCHELLS & BUTLERS 374.30 217.40 408.50 Neutral Sell 321 1.12

BWIN PARTY DIGITAL ENTM. 123.10 91.90 156.00 Neutral Sell 43 1.25

PUNCH TAVERNS 12.75 5 .61 13.75 Neutral Strong Buy 51 1.27

RANK GROUP 161.00 115.00 177.50 Neutral Strong Buy 510 1.00

RESTAURANT GROUP 507.50 288.50 531.00 Neutral Sell 397 0.76

WETHERSPOON (JD) 623.00 387.60 661.50 Neutral Buy 751 0.69

WHITBREAD 2867.00 1824.00 2897.00 Sell Sell 2020 0.99WILLIAM HILL 436.40 247.83 452.80 Neutral Sell 259 0.87

MARSTON'S 142.10 94.70 154.70 Neutral Sell 17 1.21

Life Assurance Under Valued


AVIVA 334.70 260.50 388.40 Neu tral Neu tral 324 1.25

CHESNARA 250.00 161.25 270.00 Neutral Strong Buy 471 0.70

LEGAL & GENERAL 178.00 115.80 187.80 Neutral Strong Buy 450 1.71

OLD MUTUAL 193.50 147.10 221.60 Neutral Strong Buy 386 1.57

PRUDENTIAL 1118.00 696.50 1203.00 Neu tral Neu tral 1104 1.71

ST.JAMES'S PLACE 553.50 318.20 640.00 Neutral Strong Buy 6486 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 127.75 102.00 146.50 Neutral Sell -650 0.37

BRITISH SKY BCAST.GROUP 777.00 656.00 899.50 Neutral Strong Buy 1755 0.54

CENTAUR MEDIA 34.25 29.00 60.00 Neutral Sell -21 1.03

DAILY MAIL 'A' 756.00 363.50 770.00 Sell Strong Buy 4224 1.14

EUROMONEY INSTL.INVESTOR 954.50 708 .00 1030.00 Neutral Strong Buy 7748 1.00

INFORMA 501.50 350.40 537.00 Neutral Sell -60 1.53

ITE GROUP 285.00 180.00 299.00 Neutral Strong Buy 281 1.45

ITV 129.40 70.40 134.70 Neutral Strong Buy 1308 1.54

JOHNSTON PRESS 17.50 4.88 19.00 Neutral Strong Buy 807 1.27

PEARSON 1179.00 1119.00 1294.00 Neutral Buy 349 0.63

PHOTO-ME INTL. 81.38 36.25 84.50 Neutral Strong Buy 2711 0.79

PINEWOOD SHEPPERTON 277.50 265.00 350.00 Neutral Strong Buy 930 0.16

THOMSON REUTERS 34.45 26.85 36.45 Neutral Sell -635 0.50

STV GROUP 135.50 81.50 146.88 Neutral Sell 269 0.79

ST.IVES 161.50 67.50 166.50 Neutral Sell 255 1.50TRINITY MIRROR 109.75 25.50 122.25 Neutral Sell -298 1.59

UBM 689.00 532.50 788.00 Neutral Strong Buy 1940 1.31

WILMINGTON GROUP 161.50 82.00 164.50 Neutral Strong Buy 1393 0.84

WPP 1113.00 743.00 1190.00 Neutral Sell -529 1.35

HIBU 0.33 0.26 2.18 Neutral Strong Buy 834 1.07

Mining Under Valued


ANGLO AMERICAN 1463.00 1440.00 2215.00 Neutral Sell 1161 1.74

ANGLO PACIFIC GROUP 232.00 215.00 290.00 Neu tral Neu tral 228 0.96

ANTOFAGASTA 922.00 884.00 1381.00 Neutral Sell 830 1.41

BHP BILLITON 1832.50 1724.00 2236.00 Neutral Strong Buy 2856 1.43

GLENCORE XSTRATA 315.05 293.55 397.85 Buy Strong Buy 965 #NA

LONMIN 297.10 240.84 420.20 Sell Buy 346 2.03

RANDGOLD RESOURCES 5050.00 4545.00 7 775.00 Neutral Sell 2950 0.34

RIO TINTO 2808.00 2715.50 3757.00 Neutral Sell 2266 1.50

COALFIELD RESOURCES 3.38 10.00 Neutral Strong Buy 162 0.89

VEDANTA RESOURCES 1241.00 832.50 1335.00 Neutral Strong Buy 2051 2.20

Oil & Gas Under Valued


BG GROUP 1170.00 1000.50 1350.50 Neutral Sell 856 0.80

BP 461.00 401.60 483.30 Neutral Strong Buy 963 1.03

CAIRN ENERGY 267.30 248.20 309.40 Neutral Sell -16 1.32

FORTUNE OIL 7.87 7.60 12.50 Neutral Buy 10 0.82

HUNTING 817.50 688.00 941.00 Neutral Sell 546 1.31

JKX OIL & GAS 57.50 55.00 120 .00 Neutral Sell -61 1.36

PREMIER OIL 347.20 321.30 401.20 Neutral Buy 391 1.43

ROYAL DUTCH SHELL B 2186.50 2098.00 2366.50 Neutral Strong Buy 8045 0.84

SOCO INTERNATIONAL 374.30 276.50 404.30 Buy Buy 484 0.53

TULLOW OIL 1004.00 977.00 1531.00 Neutral Sell 678 1.04

WOOD GROUP (JOHN) 809.50 651.50 879.50 Neutral Sell 707 1.35


12/17



Personal Care & Household Products Over Valued


MCBRIDE 108.50 101.00 144.60 Neutral Strong Buy 241 0.84

PZ CUSSONS 376.40 297.20 415.60 Neutral Sell 308 0.69

RECKITT BENCKISER GROUP 4546.00 3300 .00 4926.00 Neutral Neutral 4592 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.40 0.36 3.58 Buy Sell -2 1.01

ASTRAZENECA 3301.50 2656.50 3521.50 Neutral Strong Buy 6436 0.47

BTG 370.50 300.30 423.00 Neutral Sell 167 0.58

DECHRA PHARMACEUTICALS 689.50 4 69.50 780.00 Neu tral Neu tral 733 0.25

GLAXOSMITHKLINE 1662.50 1317.50 1782.00 Neu tral Neu tral 1679 0.49

OXFORD BIOMEDICA 1.75 1.55 2.80 Buy Sell 1 0.64

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Strong Buy 2 0.95

SHIRE 2107.00 1727.00 2213.00 Neutral Sell 1437 0.66

SKYEPHARMA 48.00 43.50 101.50 Neutral Sell 31 0.73

VERNALIS 22.13 21.75 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 382.00 276.30 426.70 Neutral Sell -650 1.18

BRITISH LAND 591.50 478.30 658.00 Neutral Strong Buy 1755 1.06

CAPITAL & REGIONAL 33.75 22.75 37.00 Neutral Sell -21 0.85

CLS HOLDINGS 965.00 595.00 1004.00 Neutral Strong Buy 4224 0.70

DERWENT LONDON 2296.00 1740.00 2542.00 Neutral Strong Buy 7748 1.24DEVELOPMENT SECS. 203.00 121.75 203.00 Neutral Sell -60 0.99

GRAINGER 152.00 83.10 157.00 Neutral Strong Buy 281 1.58

GREAT PORTLAND ESTATES 533.00 367.80 598.00 Neutral Strong Buy 1308 1.10

HAMMERSON 501.00 409.20 554.00 Neutral Strong Buy 807 1.19

HELICAL BAR 271.25 175.00 297.50 Neutral Buy 349 0.77

LAND SECURITIES GROUP 931.00 707.50 994.00 Neutral Strong Buy 2711 1.16

INTU PROPERTIES 334.90 309.80 366.00 Neutral Strong Buy 930 1.09

MCKAY SECURITIES 149.38 127.00 155.00 Neutral Sell -635 0.73

MUCKLOW (A & J) GROUP 382.25 325.00 437.50 Neutral Sell 269 0.42

PRIMARY HEALTH PROPS. 318.00 312.17 363.53 Neutral Sell 255 0.35

QUINTAIN ESTATES & DEV. 78.50 32.50 79.50 Sell Sell -298 1.19

SAVILLS 585.00 319.50 601.50 Neutral Strong Buy 1940 0.77

SHAFTESBURY 607.00 492.00 668.00 Neutral Strong Buy 1393 1.05

SEGRO 277.60 209.80 302.80 Neutral Sell -529 1.73

ST MODWEN PROPS. 285.10 145.50 329.10 Neutral Strong Buy 834 1.59

TOWN CENTRE SECURITIES 211.50 147.00 223.00 Neutral Sell 7 1.01

UNITE GROUP 363.80 180.75 387.50 Neutral Strong Buy 2254 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1126 1.03

WORKSPACE GROUP 386.10 222.75 418.20 Neutral Strong Buy 1332 1.05


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Software & Computer Services Under Valued


ANITE 133.00 113.00 162.00 Neutral Sell 125 0.73

AVEVA GROUP 2329.00 1550.00 2420.00 Neutral Sell 1338 1.40

COMPUTACENTER 467.10 292.40 567.00 Neutral Strong Buy 1332 1.00

KOFAX 330.50 242.00 335.00 Neu tral Neu tral 331 1.11

INNOVATION GROUP 27.75 18.25 28.00 Neutral Sell 25 0.85

MICRO FOCUS INTL. 659.00 431.48 710.00 Neutral Strong Buy 995 0.76

PHOENIX IT GROUP 156.75 130.00 222.00 Neutral Strong Buy 321 0.74

RM 70.00 68.00 85.50 Neutral Sell -95 0.52

FIDESSA GROUP 1889.00 1275.00 2047.00 Neutral Buy 2151 0.76

SAGE GROUP 348.00 247.70 368.10 Neutral Buy 426 0.72

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 415.70 244.80 492.10 Neutral Strong Buy 1272 1.09

BREWIN DOLPHIN 233.00 136.30 244.70 Neutral Strong Buy 664 0.73

CAMELLIA 9562.50 9250.00 11105.00 Neutral Strong Buy 97204 0.84

CHARLES STANLEY GROUP 388.50 247.50 406.25 Neutral Strong Buy 1309 0.97

CHARLES TAYLOR 195.00 144.00 195.00 Neutral Strong Buy 1162 0.69

CLOSE BROTHERS GROUP 937.00 699.50 1107.00 Neutral Strong Buy 5134 0.86

F&C ASSET MANAGEMENT 95.60 72.50 110.40 Neutral Sell 71 0.89

HELPHIRE GROUP 3.07 0.55 3.70 Neutral Sell -124 0.69

HENDERSON GROUP 156.30 90.55 180.40 Neutral Strong Buy 802 1.44

ICAP 377.30 280.80 377.30 Neutral Strong Buy 1800 1.07

INTERMEDIATE CAPITAL GP. 436.90 249.10 501.50 Neutral Strong Buy 2933 1.70

INVESTEC 449.90 343.10 513.50 Neutral Strong Buy 1823 1.56

LONDON STOCK EX.GROUP 1382.00 930.00 1434.00 Neutral Strong Buy 4275 1.15MAN GROUP 94.90 63.25 134.40 Neutral Sell -4439 1.32

RATHBONE BROTHERS 1549.00 1186.00 1577.00 Neutral Strong Buy 5619 0.75

SCHRODERS 2226.00 1230.00 2560.00 Neutral Strong Buy 8506 1.30

SCHRODERS NV 1715.00 966.00 2000.00 Neutral Strong Buy 11253 1.27


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Support Services Under Valued


ACAL 229.50 157.75 242.50 Neutral Strong Buy 1274 0.92

AGGREKO 1658.00 1557.00 2400.00 Neutral Strong Buy 3456 1.05

AMEC 999.50 933.00 1172.00 Neutral Strong Buy 3387 1.04

ASHTEAD GROUP 621.00 228.30 671.00 Neutral Buy 907 1.63

BABCOCK INTL. 1121.00 842.50 1205.00 Neutral Strong Buy 2283 0.48

BRITISH POLYTHENE INDS. 539.75 327.00 580.25 Neutral Strong Buy 2041 0.76

BUNZL 1253.00 1009.00 1342.00 Neutral Strong Buy 2871 0.55

UK MAIL GROUP 495.00 214.00 525.00 Neutral Strong Buy 1474 0.39

CAPITA 951.00 641.50 1018.00 Neutral Sell 236 0.51

COMMUNISIS 53.00 25.34 56.50 Neutral Strong Buy 486 0.78

COMPASS GROUP 850.00 624.50 910.50 Neutral Strong Buy 2026 0.74

BERENDSEN 750.00 470.00 812.00 Neutral Strong Buy 2918 1.05

DE LA RUE 943.50 891.50 1075.00 Neutral Strong Buy 1800 #NA

DIGNITY 1351.00 803.50 1462.00 Neutral Strong Buy 2106 0.22

DIPLOMA 543.50 417.10 627.50 Neutral Strong Buy 1410 0.96ELECTROCOMP. 262.80 196.60 278.40 Neutral Strong Buy 1068 1.04

FILTRONA 686.00 439.60 750.00 Neutral Strong Buy 1320 1.13

G4S 244.60 240.00 313.50 Neutral Strong Buy 924 0.58

HAYS 90.75 66.40 101.20 Neutral Strong Buy 434 1.10

HOMESERVE 274.00 137.50 274.00 Neutral Strong Buy 1268 0.94

INTERSERVE 474.20 297.20 513.50 Neutral Strong Buy 3415 1.28

INTERTEK GROUP 3100.00 2558.00 3453.00 Neutral Buy 4554 0.78

JOHNSON SERVICE GROUP 45.88 26.50 47.25 Neutral Strong Buy 357 1.17

MANAGEMENT CNSL.GP. 29.25 21.25 32.00 Neutral Strong Buy 217 0.72

MENZIES (JOHN) 725.50 542.00 801.00 Neutral Strong Buy 2224 1.43

MICHAEL PAGE INTL. 384.50 341.40 451.80 Neutral Strong Buy 827 1.42

MITIE GROUP 249.80 249.00 300.80 Neutral Strong Buy 1301 0.55

OFFICE2OFFICE 87.50 86.00 156.00 Neutral Strong Buy 724 0.33

PAYPOINT 987.50 670.50 989.50 Neutral Strong Buy 1756 0.71

PREMIER FARNELL 209.50 153.20 236.30 Neutral Strong Buy 777 1.33

REGUS 165.00 82.65 177.50 Neutral Sell 67 1.46

RENTOKIL INITIAL 88.55 69.40 100.70 Neutral Strong Buy 320 1.25

REXAM 509.50 403.43 547.50 Neutral Strong Buy 1781 0.90

RICARDO 400.25 304.50 431.00 Neutral Strong Buy 1655 0.86

ROBERT WALTERS 221.50 176.25 234.00 Neutral Strong Buy 1172 1.24

RPC GROUP 420.40 365.40 477.00 Neutral Strong Buy 1877 0.78

RPS GROUP 211.10 200.20 274.20 Neutral Strong Buy 1055 1.51

SERCO GROUP 592.00 526.00 647.50 Buy Strong Buy 2385 0.60

SHANKS GROUP 83.00 73.00 98.00 Neutral Strong Buy 707 1.46

SPEEDY HIRE 54.75 22.25 61.50 Neutral Strong Buy 259 1.26TRIBAL GROUP 171.00 82.00 171.00 Neutral Strong Buy 554 0.63

TRIFAST 58.25 40.50 59.25 Neutral Strong Buy 335 0.93

VP 356.50 245.75 356.50 Neutral Strong Buy 2062 0.86

WYG 89.00 42.00 89.00 Sell Strong Buy 534 0.79


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Telecommunication Services Under Valued


BT GROUP 312.80 200.70 322.30 Neutral Buy 359 0.91

CABLE & WIRELESS COMMS. 41.50 27.55 46.29 Neutral Strong Buy 86 0.70

INMARSAT 635.00 459.80 749.00 Neutral Sell 491 0.53

KCOM GROUP 83.10 68.25 88.30 Neutral Strong Buy 136 1.24

TELECOM PLUS 1246.00 770.00 1325.00 Neutral Sell 752 0.09

VODAFONE GROUP 191.85 154.45 199.90 Neu tral Neutra l 189 0.54

Transport Under Valued


BBA AVIATION 271.90 178.00 288.40 Neutral Sell 177 1.30

BRAEMAR SHIPPING SVS. 420.75 315.00 429.75 Neutral Neutra l 452 0.98

CLARKSON 1610.00 1150.00 1716.00 Neutral Sell 1164 0.80

EASYJET 1194.00 489.00 1300.00 Neutral Sell 685 0.77

FIRST GROUP 123.70 118.00 260.50 Neutral Strong Buy 566 0.91

FISHER(JAMES)& SONS 964.50 557.00 1110.00 Neutral Sell 408 0.77

GO-AHEAD GROUP 1460.00 1113.00 1588.00 Neutral Buy 1829 0.90

NATIONAL EXPRESS 201.30 164.50 230.50 Neutral Buy 256 1.35

NORTHGATE 341.50 159.60 350.00 Neutral Strong Buy 685 1.41

STAGECOACH GROUP 286.60 230.40 319.60 Neutral Buy 373 0.89

WINCANTON 68.00 31.00 78.50 Sell Sell -45 0.90

Utilities Under Valued


CENTRICA 362.70 307.10 394.90 Neutral Strong Buy 583 0.47

NATIONAL GRID 747.50 641.00 847.50 Neutral Buy 883 0.50

PENNON GROUP 672.50 598.00 796.00 Neutral Buy 807 0.59

SSE 1516.00 1294.00 1676.00 Neutral Buy 2164 0.42

SEVERN TRENT 2070.00 1513.00 2090.00 Neutral Sell 1583 0.35

UNITED UTILITIES GROUP 749.00 646.00 787.50 Neu tral Neutra l 720 0.50


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value indicator - uk main market 20130610