value indicator - uk main market 20130827

7/30/2019 value indicator - uk main market 20130827

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27 August 2013

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Intellisys Intelligent Analysis Limited 27 August 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 Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health 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 - REIT Under Valued ..................................................................... 12Real Estate REIS Under Valued ..................................................................... 13Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 14Transport 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 providedsolely to enable you to make your own investment decisions. If you are unsure about dealing in sharesand other equity investments, you must contact your financial adviser as these types of investments maynot be suitable for everyone. The value of stocks and shares, and the income from them, can fall as well asrise and 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 447.70 300.80 455.40 Neutral Buy 612 0.71

CHEMRING GROUP 319.80 217.00 370.50 Neutral Buy 373 0.66

COBHAM 289.90 190.10 307.70 N eu tra l Neu tral 302 0.85

MEGGITT 538.50 366.20 562.00 N eu tra l Neu tral 529 1.28

ROLLS-ROYCE HOLDINGS 1138.00 7 99.39 1 240.00 N eu tra l Neu tral 1140 1.00

SMITHS GROUP 1320.00 1011.00 1397.00 Neutral Sell 1161 0.77

ULTRA ELECTRONICS HDG. 1910.00 1 505.00 1981.00 Neutral Sell 1720 0.52

Automobiles & Parts Under Valued

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

GKN 346.10 201.00 354.00 N eu tra l Neu tral 341 1.97

INCHCAPE 624.00 353.30 645.00 N eu tra l Neu tral 650 1.42

LOOKERS 124.25 68.75 128.50 Neutral Sell 114 1.22

PENDRAGON 33.00 13.50 33.00 Neutral Buy 45 1.09

Banks Over Valued


BARCLAYS 286.85 181.25 333.85 Neutral Sell -840 1.95

HSBC HDG. (ORD $0.50) 694.70 541.00 769.90 Neutral Buy 864 1.18

LLOYDS BANKING GROUP 74.79 32.89 77.14 Neutral Sell 1 1.86

ROYAL BANK OF SCTL.GP. 344.30 220.70 367.80 Neutral Sell -116 1.39

STANDARD CHARTERED 1492.50 1364.00 1 837.50 Neutral Strong Buy 3424 1.64

Beverages Under Valued


BARR (AG) 564.00 415.00 588.50 Neutral Sell 495 0.58

DIAGEO 2005.00 1672.50 2136.50 Sell Neutral 2193 0.54

SABMILLER 3104.00 2599.00 3657.00 Neutral Buy 4247 0.91

Chemicals Under Valued


ALENT 337.10 305.00 397.50 Neutral Buy 464 #NA

AZ ELECTRONIC MATS.(DI) 324.20 240.00 406.40 Neutral Strong Buy 572 1.12

CARCLO 360.75 342.75 501.00 Neutral Sell 143 0.74

CRODA INTERNATIONAL 2677.00 2164.00 2841.00 Neutral Buy 3403 1.05

ELEMENTIS 267.70 204.20 275.00 Neutral Buy 323 1.07

JOHNSON MATTHEY 2854.00 2190.00 2887.00 Neutral Strong Buy 4381 1.43

VICTREX 1627.00 1309.00 1765.00 Neutral Sell 1415 1.16

SYNTHOMER 230.90 141.80 230.90 Neutral Strong Buy 405 1.10

ZOTEFOAMS 198.00 182.50 225.00 Neutral Strong Buy 306 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 116.00 76.00 118.50 Neutral Strong Buy 279 0.56

BALFOUR BEATTY 253.60 207.60 320.80 Neutral Strong Buy 1133 0.83

BARRATT DEVELOPMENTS 314.80 149.30 355.20 Neutral Strong Buy 614 1.70

BELLWAY 1404.00 869.00 1502.00 Neutral Strong Buy 2887 1.02

BERKELEY GROUP HDG.(THE) 2236.00 1387.00 2340.00 Neutral Strong Buy 3506 0.58

BOOT (HENRY) 198.50 123.50 201.00 Sell Strong Buy 368 0.75

BOVIS HOMES GROUP 793.00 473.20 851.50 Neutral Strong Buy 1450 1.11

CARILLION 289.30 244.80 331.80 Neutral Strong Buy 1558 1.09

CLARKE (T) 62.00 40.00 62.50 Neutral Strong Buy 389 0.80

COSTAIN GROUP 283.00 226.25 306.00 Neutral Strong Buy 1143 0.52

CRH 1405.00 1090.00 1540.00 Neutral Sell 909 1.04

GALLIFORD TRY 990.50 621.00 1020.00 Neutral Strong Buy 2981 0.97

KELLER 1113.00 491.00 1161.00 Neutral Strong Buy 2408 1.29

KIER GROUP 1491.00 1106.00 1528.00 Neutral Strong Buy 5390 1.01

LOW & BONAR 73.38 50.00 76.75 Neutral Strong Buy 227 1.06MARSHALLS 150.50 81.00 155.75 Neutral Buy 205 1.33

MORGAN SINDALL GROUP 677.00 508.00 695.00 Neutral Strong Buy 4576 0.71

NORCROS 17.50 11.25 18.25 Neutral Strong Buy 61 1.05

PERSIMMON 1133.00 648.87 1305.00 Neutral Strong Buy 2016 1.02

REDROW 230.00 142.60 255.10 Neutral Strong Buy 459 0.90

SIG 182.00 98.05 188.00 Neutral Strong Buy 532 1.70

SUPERGLASS HOLDINGS 46.00 43.00 287.50 Neutral Strong Buy 4263 0.89

TAYLOR WIMPEY 106.10 50.25 113.80 Neutral Strong Buy 229 1.61

TRAVIS PERKINS 1613.00 1013.00 1713.00 Neutral Strong Buy 4454 1.95

WOLSELEY 3354.00 2504.56 3483.00 Neutral Strong Buy 6055 1.35

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1362.00 999.50 1365.00 Neutral Sell 1096 0.69

DOMINO PRINTING SCIENCES 684.00 522.00 717.00 Neutral Buy 919 1.14

E2V TECHNOLOGIES 131.75 105.50 137.75 Neutral Strong Buy 285 1.27

INVENSYS 495.00 217.33 509.50 Neutral Sell 284 1.40

LAIRD 216.40 171.10 249.30 Neutral Strong Buy 460 2.10

OXFORD INSTRUMENTS 1531.00 1209.00 1752.00 Neutral Sell 1346 1.11

RENISHAW 1712.00 1494.00 2081.00 Neutral Buy 2163 1.29

SPECTRIS 2260.00 1549.00 2470.00 Neutral Buy 2932 1.53

BIOME TECHNOLOGIES 102.50 65.00 303.67 Neutral Sell -456 0.77

TT ELECTRONICS 186.50 114.00 191.50 Neutral Strong Buy 445 1.61

XAAR 845.00 227.00 898.00 Neutral Sell 436 1.06


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Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 113.25 54.25 114.75 Sell Buy 144 1.19

BODYCOTE 640.00 337.60 644.00 Neutral Neutral 631 1.60

CASTINGS 417.50 291.00 443.50 Neutral Strong Buy 670 0.95

VESUVIUS 477.90 263.19 480.00 Neutral Strong Buy 1164 2.23

FENNER 355.00 305.90 435.20 Neutral Strong Buy 555 1.45

HALMA 552.00 405.80 578.00 Neutral Sell 409 0.78

HILL & SMITH 440.00 339.25 480.00 Neutral Buy 541 1.32

IMI 1504.00 837.50 1504.00 Sell Strong Buy 4449 1.41

MORGAN ADVANCED MATERIAL 311 .40 220 .30 318 .00 Neutral Strong Buy 507 1.90

ROTORK 2767.00 2157.00 3037.00 Neutral Strong Buy 5234 1.00

SENIOR 288.40 185.90 288.40 Sell Sell 247 1.66

SEVERFIELD-ROWEN 55.00 35.40 76.91 Neutral Sell 46 0.79

SPIRAX-SARCO 3041.00 1932.53 3041.00 Neutral Sell 2122 0.84

VITEC GROUP 622.00 559.00 740.00 Neutral Sell 479 1.37

WEIR GROUP 2218.00 1566.00 2474.00 Neutral Neutral 2189 1.44

Food & Drug Stores Over Valued


GREGGS 407.10 392.10 523.50 Neutral Strong Buy 778 0.44

MORRISON(WM)SPMKTS. 292.80 248.60 296.40 Neutral Buy 392 0.39

SAINSBURY (J) 398.20 321.90 398.50 Neutral Buy 480 0.56

TESCO 372.50 307.90 387.75 Neutral Sell 198 0.68

THORNTONS 82.25 24.00 100.50 Neutral Sell 53 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1887.00 1267.00 2 031.00 Neutral Sell 1673 0.61

CRANSWICK 1131.00 732.50 1178.00 Neutral Strong Buy 1801 0.33

DAIRY CREST 520.00 332.90 528.50 Neutral Sell 391 0.91

DEVRO 328.00 289.90 380.00 Neutral Strong Buy 517 0.37

PREMIER FOODS 124.00 54.50 125.75 Neutral Strong Buy 257 1.26

TATE & LYLE 821.50 634.50 883.00 Neutral Strong Buy 1368 0.67

UNILEVER (UK) 2549.00 2235.00 2885.00 Neutral Sell 2213 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.63 22.13 29.50 Neutral Buy 39 0.66

BROWN (N) GROUP 577.00 266.40 577.00 Strong Sell Sell 466 0.51

BURBERRY GROUP 1584.00 1000.00 1593.00 Neutral Sell 1254 1.29

CARPETRIGHT 665.00 585.00 701.50 Neutral Sell 355 0.90

DIXONS RETAIL 42.82 17.00 46.33 Neutral Buy 48 1.46

FINDEL 238.00 102.00 239.25 Neutral Sell 64 1.06

FRENCH CONNECTN.GROUP 31.63 21.25 34.00 Sell Strong Buy 112 1.01

HALFORDS GROUP 382.80 234.50 405.20 Neutral Buy 521 0.71

JD SPORTS FASHION 937.50 653.00 963.50 Neutral Strong Buy 1782 0.49

DARTY 83.00 39.00 83.00 Neutral Buy 117 1.23

KINGFISHER 393.40 262.20 404.90 Neutral Buy 454 0.91

MARKS & SPENCER GROUP 471.60 352.70 488.80 Neutral Buy 651 0.60

MOSS BROTHERS GROUP 63.25 44.75 71.00 Neutral Buy 75 0.97

MOTHERCARE 439.00 202.00 492.75 Neutral Sell 166 0.38

NEXT 4916.00 3320.00 5030.00 Neutral Buy 5448 0.61

TED BAKER 1935.00 899.00 1973.00 Neutral Sell 985 0.56

TOPPS TILES 82.50 46.00 89.75 Neutral Sell 77 1.51

Health Over Valued


BIOQUELL 134.00 129.50 160.00 Neutral Sell 115 0.39

CONSORT MEDICAL 834.50 660.50 839.00 Neutral Sell 579 0.35

OPTOS 156.50 106.75 222.75 Neu tral Neu tral 172 1.17

SMITH & NEPHEW 786.00 638.00 800.00 Neutral Sell 672 0.45

Household Goods & Textiles Over Valued


GAMES WORKSHOP 785.00 601.00 794.50 Neutral Neutral 769 0.42

HEADLAM GROUP 380.00 295.00 415.00 Neutral Sell 327 0.88

HORNBY 82.50 55.25 88.50 Neutral Buy 111 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 890.00 528.00 1097.00 Neutral Sell 288 0.73

CSR 519.50 308.10 607.00 Neutral Strong Buy 1577 1.13FILTRONIC 65.00 30.75 83.25 Neutral Sell 56 0.94

IMAGIN AT ION TECHNOLOGIES 278 .60 235 .10 624 .00 Neutral Buy 328 1.04

SPIRENT COMMUNICATIONS 129.90 118.00 170.00 Neutral Strong Buy 248 0.94

WOLFSON M ICR OELECTR ONICS 159 .75 140 .00 226 .25 Neutral Sell -200 0.94


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Insurance Under Valued


ADMIRAL GROUP 1295.00 1019.00 1416.00 Neutral Sell -413 0.52

AMLIN 392.00 364.10 435.10 Neutral Strong Buy 1519 0.40

BEAZLEY 203.60 162.20 242.70 Neutral Strong Buy 944 0.50

CATLIN GROUP 477.20 450.90 552.50 Neu tral Neu tral 468 0.22

HISCOX 637.00 459.54 660.00 Neutral Strong Buy 1891 0.46

JARDINE LLOYD THOMPSON 949.50 723.00 949.50 Neutral Buy 1228 0.32

RSA INSURANCE GROUP 123.50 107.70 136.30 Neutral Strong Buy 718 0.39

NOVAE GROUP 508.50 345.00 515.00 Neutral Strong Buy 3391 0.38

Leisure & Hotels Over Valued


CARNIVAL 2511.00 2092.00 2628.00 Neutral Buy 3543 0.95

ENTERPRISE INNS 142.90 56.75 152.20 Neutral Sell 110 1.64

TUI TRAVEL 357.40 208.20 401.50 Neutral Strong Buy 728 0.96

FULLER SMITH 'A' 920.00 700.50 969.00 Neutral Sell 610 0.26

GREENE KING 818.50 556.50 897.50 Neutral Sell 626 0.88

LADBROKES 193.20 169.70 243.10 Neutral Buy 261 0.87

ICTL.HTLS.GP. 1865.00 1524.00 2039.00 Neutral Sell 1650 1.10

MILLENNIUM & CPTH.HTLS. 563.50 456.00 582.50 Neu tral Neu tral 586 1.34

MITCHELLS & BUTLERS 425.10 262.70 430.40 Sell Sell 276 1.00

BWIN PARTY DIGITAL ENTM. 132.30 91.90 156.00 Neutral Sell 63 1.24

PUNCH TAVERNS 12.25 6 .15 13.75 Neutral Strong Buy 73 1.16

RANK GROUP 157.90 128.60 177.50 Neutral Strong Buy 566 0.96

RESTAURANT GROUP 537.50 322.00 570.00 Neutral Sell 388 0.70

WETHERSPOON (JD) 746.00 447.90 767.00 Neutral Sell 692 0.57

WHITBREAD 3155.00 2099.00 3303.00 Neutral Sell 2178 0.97WILLIAM HILL 433.70 271.02 494.50 Neutral Sell 256 0.80

MARSTON'S 158.30 110.00 164.50 Neutral Sell 16 1.16

Life Assurance Under Valued


AVIVA 401.50 294.10 404.90 Neutral Sell 366 1.18

CHESNARA 260.00 176.50 270.00 Neutral Strong Buy 521 0.64

LEGAL & GENERAL 198.30 128.00 201.90 Neutral Strong Buy 492 1.69

OLD MUTUAL 189.10 165.10 221.60 Neutral Strong Buy 394 1.52

PRUDENTIAL 1142.00 770.00 1232.00 Neu tral Neu tral 1182 1.66

ST.JAMES'S PLACE 612.50 336.20 641.50 Neutral Strong Buy 6649 0.84


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 142.00 102.00 146.00 Neutral Strong Buy 922 0.42

BRITISH SKY BCAST.GROUP 835.00 709.00 899.50 Neutral Strong Buy 1056 0.47

CENTAUR MEDIA 39.50 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 803.50 451.25 835.00 Neutral Strong Buy 3556 1.07

EUROMONEY INSTL.INVESTOR 1180.00 747 .50 1180.00 Sell Strong Buy 5566 0.96

INFORMA 518.00 380.50 541.50 Neutral Strong Buy 327 1.63

ITE GROUP 289.30 183.50 307.40 Neutral Buy 201 1.44

ITV 165.50 82.00 168.60 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 16.00 5.20 19.00 Neutral Buy 720 1.20

PEARSON 1330.00 1119.00 1350.00 Neutral Neutral 309 0.65

PHOTO-ME INTL. 99.00 42.75 99.00 Neutral Strong Buy 2283 0.86

PINEWOOD SHEPPERTON 289.00 269.00 289.00 Neutral Strong Buy 732 0.13

THOMSON REUTERS 35.39 26.85 36.45 Neutral Strong Buy 346 0.52

STV GROUP 202.50 81.50 202.50 Neutral Sell 240 0.82

ST.IVES 165.00 74.88 170.00 Neutral Sell 159 1.48TRINITY MIRROR 115.25 36.75 122.25 Neutral Sell -289 1.59

UBM 701.50 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 189.50 103.62 196.00 Neutral Strong Buy 1390 0.85

WPP 1221.00 788.00 1221.00 Sell Sell -827 1.27

Mining Under Valued


ANGLO AMERICAN 1524.50 1207.00 2084.00 Neutral Sell 1306 1.84

ANGLO PACIFIC GROUP 201.00 161.00 290.00 Neu tral Neu tral 218 1.07

ANTOFAGASTA 915.00 784.50 1381.00 Neu tral Neu tral 879 1.42

BHP BILLITON 1909.50 1666.50 2236.00 Neutral Strong Buy 3081 1.48

GLENCORE XSTRATA 317.00 256.85 397.85 Neutral Strong Buy 1062 #NA

LONMIN 356.80 240.84 380.10 Sell Buy 454 2.08

RANDGOLD RESOURCES 5125.00 3972.00 7 775.00 Neutral Sell 2991 0.47

RIO TINTO 3069.00 2582.00 3757.00 Neutral Sell 2558 1.53

VEDANTA RESOURCES 861.00 1335.00 Neutral Strong Buy 2920 2.24

Oil & Gas Under Valued


BG GROUP 1182.00 1000.50 1350.50 Neutral Sell 891 0.84

BP 442.95 416.60 483.30 Neutral Strong Buy 1002 1.02

CAIRN ENERGY 272.80 251.80 297.00 Neutral Sell -33 1.33

FORTUNE OIL 8.65 7.15 12.50 Neutral Strong Buy 115 0.84

HUNTING 870.00 716.00 941.00 Neutral Sell 577 1.35

JKX OIL & GAS 69.25 48.50 87.00 Neutral Sell -58 1.35

PREMIER OIL 344.10 321.30 400.20 Neutral Buy 403 1.45

ROYAL DUTCH SHELL B 2148.00 2098.00 2365.00 Neutral Strong Buy 8201 0.83

SOCO INTERNATIONAL 372.20 319.90 404.30 Neutral Buy 444 0.53

TULLOW OIL 1027.00 977.00 1468.00 Neutral Sell 689 1.05

WOOD GROUP (JOHN) 822.50 720.50 915.50 Neutral Sell 724 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 129.25 101.00 144.60 Neutral Strong Buy 268 0.84

PZ CUSSONS 407.00 297.20 415.60 Neutral Sell 337 0.70

RECKITT BENCKISE R GROUP 4499.00 3560.00 4950.00 Neutral Neutral 4553 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.48 0.36 3.58 Buy Sell -3 0.91

ASTRAZENECA 3246.50 2792.50 3521.50 Neutral Strong Buy 9080 0.51

BTG 389.80 300.30 397.90 Neutral Sell 216 0.73

DECHRA PHARMACEUTICALS 708.50 4 92.00 780.00 Neutral Buy 937 0.18

GLAXOSMITHKLINE 1673.00 1317.50 1782.00 Neutral Buy 1943 0.52

OXFORD BIOMEDICA 1.41 1.33 2.80 Buy Sell -2 0.57

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Neutral Sell -6 0.93

SHIRE 2425.00 1727.00 2442.00 Neutral Sell 1549 0.70

SKYEPHARMA 86.25 43.50 100.50 Neutral Buy 103 0.66

VERNALIS 25.13 19.38 27.38 Neutral Sell 11 0.86

Real Estate - REIT Under Valued


BIG YELLOW GROUP 407.70 300.00 445.00 Neutral Strong Buy 656 1.18

BRITISH LAND 571.00 506.00 658.00 Neutral Buy 770 1.05

DERWENT LONDON 2355.00 1890.00 2542.00 Neutral Strong Buy 4503 1.23

GREAT PORTLAND ESTATES 532.00 43 4.40 598.00 Neutral Strong Buy 1041 1.06

HAMMERSON 492.30 448.60 554.00 Neutral Neutral 511 1.24

INTU PROPERTIES 312.90 300.60 366.00 Neutral Strong Buy 502 1.13

LAND SECURITIES GROUP 902.00 761.50 994.00 Neutral Strong Buy 1619 1.15

LOCAL SHOP.REIT (THE) 25.25 24.25 40.75 Buy Sell -148 0.81

LONDONMETRIC PROPERTY 110.40 1 03.20 121.40 Neutral Sell -4 0.33

MCKAY SECURITIES 155.00 131.50 155.00 Neutral Strong Buy 248 0.66

MUCKLOW (A & J) GROUP 415.25 325.00 454.50 Neutral Sell 231 0.39

PRIMARY HEALTH PROPS. 341.00 312.50 363.53 Neutral Sell 94 0.30

REDEFINE INTL.REIT 43.75 29.02 45.00 Neutral Sell -359 0.64

SEGRO 302.00 221.60 313.60 Neutral Sell -256 1.81

SHAFTESBURY 612.50 516.00 668.00 Neutral Buy 787 1.03

TOWN CENTRE SECURITIES 199.88 177.00 223.00 Neutral Sell 10 1.04

WARNER ESTATE 0.80 0.70 2.25 Neutral Sell -951 0.93

WORKSPACE GROUP 465.90 250.75 475.00 Neutral Strong Buy 1155 1.01


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 324.60 210.50 365.60 Neutral Strong Buy 746 0.70

CAPITAL & REGIONAL 41.00 22.75 41.25 Neutral Sell -51 0.64

CLS HOLDINGS 1176.00 656.50 1260.00 Neutral Strong Buy 2937 0.75

DAEJAN HOLDINGS 4034.00 2706.00 4179.00 Neutral Strong Buy 7126 0.48

DEVELOPMENT SECS. 190.00 143.00 209.00 Neutral Neutral 194 0.96

GRAINGER 177.50 97.45 187.50 Neutral Sell 110 1.57

HELICAL BAR 277.00 178.00 302.50 Neutral Sell 202 0.82

LONDON & ASSOCS.PROPS. 28.50 21.00 29.75 Sell Strong Buy 230 0.64

MOUNTVIEW ESTATES 6137.50 4350.00 6512.50 Neutral Strong Buy 14542 0.69

QUINTAIN ESTATES & DEV. 88.00 51.00 92.00 Sell Sell -198 1.04

RAVEN RUSSIA 68.50 61.50 79.75 Neutral Strong Buy 210 1.48

SAVILLS 600.50 386.70 664.50 Neutral Strong Buy 2150 0.74

SMART (J) 90.50 71.50 90.50 Neutral Strong Buy 384 0.33

ST MODWEN PROPS. 311.50 193.10 333.00 Neutral Strong Buy 620 1.60

UNITE GROUP 369.00 221.50 403.00 Neutral Strong Buy 1655 1.77

Software & Computer Services Under Valued


ANITE 111.90 109.60 162.00 Neutral Buy 125 0.67

AVEVA GROUP 2384.00 1776.97 2588.15 Neutral Sell 1484 1.49

COMPUTACENTER 530.00 333.29 564.10 Neutral Strong Buy 1143 0.89

KOFAX 345.00 260.75 358.75 Neutral Sell 302 1.06

INNOVATION GROUP 29.25 19.50 30.25 Neutral Sell 21 0.78

MICRO FOCUS INTL. 786.00 541.11 812.50 Neutral Buy 902 0.82

PHOENIX IT GROUP 150.00 130.00 222.00 Neutral Strong Buy 240 0.69

RM 82.00 64.00 85.50 Neutral Strong Buy 235 0.54

FIDESSA GROUP 2130.00 1275.00 2156.00 Neutral Neutral 2165 0.79

SAGE GROUP 355.20 289.36 368.18 Neutral Buy 435 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 366.70 274.60 492.10 Neutral Strong Buy 1279 1.11

BREWIN DOLPHIN 271.90 144.60 283.00 Neutral Strong Buy 678 0.70

CAMELLIA 9075.00 8000.00 11105.00 Neutral Strong Buy 99339 0.84

CHARLES STANLEY GROUP 470.50 260.00 472.50 Neutral Strong Buy 1487 0.96

CHARLES TAYLOR 192.50 155.00 195.00 Neutral Strong Buy 1683 0.67

CLOSE BROTHERS GROUP 1058.00 771.00 1107.00 Neutral Strong Buy 5028 0.86

F&C ASSET MANAGEMENT 105.80 88.90 110.40 Neutral Sell 69 0.84

HELPHIRE GROUP 5.16 0.55 5.18 Sell Sell -138 0.63

HENDERSON GROUP 176.80 101.70 180.40 Neutral Strong Buy 845 1.46

ICAP 379.10 280.80 406.80 Neutral Strong Buy 844 1.04

INTERMEDIATE CAPITAL GP. 448.00 28 0.00 501.50 Neutral Strong Buy 2342 1.69

INVESTEC 428.90 358.40 513.50 Neutral Strong Buy 1748 1.57

LONDON STOCK EX.GROUP 1 60 2.00 93 0.00 1 622 .0 0 Neutral Strong Buy 5771 1.11

MAN GROUP 86.40 71.30 134.40 Neutral Sell -5195 1.36

RATHBONE BROTHERS 1609.00 1208.00 1691.00 Neutral Strong Buy 5711 0.73

SCHRODERS 2405.00 1407.00 2560.00 Neutral Strong Buy 8516 1.30

SCHRODERS NV 1912.00 1131.00 2000.00 Neutral Strong Buy 11194 1.28


14/17



Support Services Under Valued


ACAL 266.50 157.75 266.75 Neutral Strong Buy 870 0.88

AGGREKO 1607.00 1557.00 2400.00 Neutral Strong Buy 4272 1.13

AMEC 1086.00 965.50 1172.00 Neutral Strong Buy 3365 1.09

ASHTEAD GROUP 677.50 273.20 730.00 Neutral Buy 1009 1.65

BABCOCK INTL. 1162.00 897.00 1209.00 Neutral Strong Buy 2657 0.49

BRITISH POLYTHENE INDS. 560.50 364.00 604.00 Neutral Strong Buy 2393 0.80

BUNZL 1354.00 1009.00 1409.00 Neutral Strong Buy 2829 0.53

UK MAIL GROUP 634.00 233.50 645.00 Neutral Strong Buy 1687 0.42

CAPITA 989.00 713.00 1057.00 Neutral Sell 211 0.54

COMMUNISIS 57.00 34.16 68.00 Neutral Strong Buy 488 0.81

COMPASS GROUP 874.50 671.50 910.50 Neutral Strong Buy 2012 0.74

BERENDSEN 879.00 524.50 879.00 Neutral Strong Buy 3412 1.03

DE LA RUE 1000.00 891.50 1075.00 Neutral Buy 1445 #NA

DIGNITY 1494.00 899.82 1567.68 Neutral Strong Buy 3198 0.24

DIPLOMA 642.00 420.10 642.00 Neutral Strong Buy 1546 0.96

ELECTROCOMP. 267.50 200.00 278.40 Neutral Strong Buy 941 1.01ESSENTRA PLC 793.50 500.50 830.00 Neutral Strong Buy 1406 1.16

G4S 245.80 207.50 313.50 Neutral Strong Buy 899 0.53

HAYS 104.80 68.20 107.60 Neutral Strong Buy 465 1.06

HOMESERVE 250.20 185.60 293.60 Neutral Strong Buy 988 0.88

INTERSERVE 573.50 349.10 573.50 Sell Strong Buy 3742 1.26

INTERTEK GROUP 3247.00 2697.00 3453.00 Neutral Buy 4857 0.80

JOHNSON SERVICE GROUP 50.00 28 .00 50.00 Neutral Strong Buy 117 1.11

MANAGEMENT CNSL.GP. 26.75 21.25 32.00 Neutral Strong Buy 220 0.63

MENZIES (JOHN) 757.50 573.00 801.00 Neutral Strong Buy 1818 1.38

MICHAEL PAGE INTL. 471.20 346.40 474.40 Neutral Strong Buy 854 1.41

MITIE GROUP 280.00 248.00 300.80 Neutral Strong Buy 1075 0.52

OFFICE2OFFICE 37.00 37.00 144.50 Buy Strong Buy 720 0.28

PAYPOINT 1093.00 700.50 1185.00 Neutral Strong Buy 2234 0.73PREMIER FARNELL 225.90 165.50 236.30 Neutral Strong Buy 733 1.42

REGUS 185.40 96.00 193.40 Neutral Sell 56 1.40

RENTOKIL INITIAL 102.00 76.10 103.50 Neutral Strong Buy 273 1.26

REXAM 498.50 420.70 547.50 Neutral Strong Buy 1800 0.85

RICARDO 477.75 340.00 485.00 Neutral Strong Buy 1696 0.89

ROBERT WALTERS 280.25 176.25 285.00 Neutral Strong Buy 1033 1.19

RPC GROUP 469.40 378.00 477.00 Neutral Strong Buy 1547 0.80

RPS GROUP 255.50 195.50 274.20 Neutral Strong Buy 1016 1.51

SERCO GROUP 621.50 535.00 683.50 Neutral Strong Buy 2407 0.59

SHANKS GROUP 92.50 73.00 98.00 Neutral Strong Buy 272 1.49

SPEEDY HIRE 58.25 23.50 64.75 Neutral Strong Buy 313 1.20

TRIBAL GROUP 195.50 88.50 202.25 Neutral Strong Buy 571 0.65

TRIFAST 62.25 40.50 62.25 Neutral Strong Buy 337 0.91

VP 435.00 295.25 435.00 Neutral Strong Buy 2335 0.81

WYG 99.13 48.50 101.00 Neutral Strong Buy 628 0.80

Telecommunication Services Over Valued


BT GROUP 332.30 212.50 344.00 Neutral Buy 420 0.88

CABLE & WIRELESS COMMS. 40.64 33.55 46.29 Neutral Strong Buy 79 0.68

INMARSAT 699.50 542.50 749.00 Neutral Sell 261 0.55

KCOM GROUP 86.95 68.25 88.50 Neutral Buy 119 1.21

TELECOM PLUS 1385.00 814.00 1399.00 Neutral Sell 813 0.05

VODAFONE GROUP 191.75 154.45 200.20 Neutral Sell 105 0.51


15/17



Transport Under Valued


BBA AVIATION 307.10 187.20 307.50 Neutral Sell 234 1.24

BRAEMAR SHIPPING SVS. 452.00 350.00 460.00 Neutral Buy 598 1.05

CLARKSON 1950.00 1150.00 1950.00 Sell Sell 1346 0.85

EASYJET 1265.00 530.00 1448.00 Neutral Sell 871 0.76

FIRST GROUP 117.30 92.00 212.39 Neutral Strong Buy 283 0.91

FISHER(JAMES)& SONS 1098.00 699.00 1110.00 Neutral Sell 794 0.74

GO-AHEAD GROUP 1500.00 1220.00 1595.00 Neutral Strong Buy 2747 0.99

NATIONAL EXPRESS 263.00 164.50 2 63.10 Neutral Neutral 250 1.40

NORTHGATE 389.75 219.00 395.75 Neutral Strong Buy 647 1.34

STAGECOACH GROUP 321.20 265.90 337.60 Neutral Buy 447 0.98

WINCANTON 87.50 43.75 87.50 Neutral Strong Buy 238 0.96

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 390.00 310.80 394.90 Neutral Buy 577 0.52

NATIONAL GRID 742.50 678.00 847.50 Neutral Buy 969 0.46

PENNON GROUP 683.00 598.00 749.50 Neutral Sell 622 0.62

SSE 1555.00 1353.00 1676.00 Neutral Buy 2258 0.41

SEVERN TRENT 1718.00 1513.00 2090.00 Neutral Sell 1486 0.36

UNITED UTILITIES GROUP 690.50 647.00 787.50 Neutral Neutral 741 0.48


16/17



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