value indicator - uk main market 20131009

7/27/2019 value indicator - uk main market 20131009

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09 October 2013

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Intellisys Intelligent Analysis Limited 09 October 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 Over Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................7Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................8Engineering & Machinery Under Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Health Over Valued .........................................................................................9Household Goods & Textiles Under 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 ....................................................... 15Transport Over 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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120.0%

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

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120.0%

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 upon 49valuation metrics

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 BetaAVON RUBBER 516.00 300.00 550.50 Neutral Sell 487 0.86

BAE SYSTEMS 447.10 300.80 468.00 Neutral Buy 597 0.66

CHEMRING GROUP 282.00 217.00 353.30 Neutral Buy 320 0.65

COBHAM 277.80 190.10 307.70 N eu tra l Neu tral 284 0.76

MEGGITT 535.50 366.20 564.00 Neutral Sell 497 1.24

QINETIQ GROUP 180.80 179.00 211.10 Neutral Sell 109 0.63

ROLLS-ROYCE HOLDINGS 1099.00 8 35.76 1 240.00 Neutral Buy 1460 0.95

SENIOR 261.50 185.90 288.40 N eu tra l Neu tral 263 1.63

SMITHS GROUP 1332.00 1018.00 1419.00 Neutral Sell 1169 0.70

ULTRA ELECTRONICS HDG. 18 56.00 1 505.00 1981.00 Neutral Sell 1653 0.49

Automobiles & PartsOver Valued

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

GKN 343.70 201.00 360.70 Neutral Sell -1770 1.98

INCHCAPE 604.50 353.30 645.00 Neutral Strong Buy 2874 1.35

LOOKERS 122.00 71.50 128.50 Neutral Strong Buy 647 1.17

PENDRAGON 33.50 13.50 35.25 Neutral Strong Buy 255 0.96

TOROTRAK 26.75 23.50 35.50 Neutral Sell 12 0.68

Banks Over Valued


BARCLAYS 268.20 204.66 308.39 Neutral Sell -650 2.12

HSBC HDG. (ORD $0.50) 664.50 589.60 769.90 Neutral Buy 817 1.35

LLOYDS BANKING GROUP 72.52 37.01 78.00 Neutral Sell 6 1.90

ROYAL BANK OF SCTL.GP. 371.40 257.30 373.60 Neutral Sell -99 1.35

STANDARD CHARTERED 1428.50 1380.00 1837.50 Neutral Strong Buy 3274 1.79

Beverages Under Valued


BARR (AG) 514.00 432.20 588.50 Neutral Sell 408 0.52

BRITVIC 560.00 349.10 592.00 Neutral Buy 788 0.67

DIAGEO 1921.50 1746.50 2136.50 Neutral Buy 2230 0.52

SABMILLER 2985.00 2599.00 3657.00 Neutral Strong Buy 4866 0.92


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Chemicals Under Valued


ALENT 335.00 305.00 397.50 Neutral Strong Buy 3625 #NA

AZ ELECTRONIC MATS.(DI) 284.70 240.00 406.40 Neutral Strong Buy 525 1.11

CARCLO 398.00 342.75 501.00 Neutral Sell 124 0.73

CRODA INTERNATIONAL 2619.00 2164.00 2841.00 Neutral Buy 3101 1.06

ELEMENTIS 236.50 204.20 275.00 Neutral Buy 287 1.01

JOHNSON MATTHEY 2765.00 2190.00 2985.00 Neutral Buy 3933 1.41

VICTREX 1549.00 1380.00 1765.00 Neutral Sell 1285 1.17

SYNTHOMER 232.30 146.00 249.20 Neutral Strong Buy 367 1.05

ZOTEFOAMS 192.50 186.50 225.00 Neutral Buy 279 1.01

Construction & Building Materials Under Valued


ALUMASC GROUP 126.00 79.50 137.00 Neutral Strong Buy 268 0.54

BALFOUR BEATTY 272.80 207.60 320.80 Neutral Strong Buy 1382 0.68

BARRATT DEVELOPMENTS 308.90 174.50 355.20 Neutral Strong Buy 600 1.60

BELLWAY 1270.00 913.00 1502.00 Neutral Strong Buy 2973 0.93

BERKELEY GROUP HDG.(THE) 2082.00 1387 .00 2340.00 Neutral Strong Buy 5779 0.47

BOOT (HENRY) 175.00 123.50 201.00 Neutral Strong Buy 384 0.71

BOVIS HOMES GROUP 700.50 487.00 851.50 Neutral Strong Buy 1504 1.05

CARILLION 302.50 244.80 331.80 Neutral Strong Buy 1526 0.98

CLARKE (T) 63.25 40.00 68.50 Neutral Strong Buy 366 0.68

COSTAIN GROUP 268.75 226.25 306.00 Neutral Strong Buy 1131 0.50

CRH 1456.00 1090.00 1540.00 Neutral Sell 924 0.97

GALLIFORD TRY 1035.00 678.00 1070.00 Neutral Strong Buy 2900 0.76

KELLER 941.50 555.00 1161.00 Neutral Strong Buy 2386 1.25

KIER GROUP 1700.00 1106.00 1709.00 Neutral Strong Buy 5363 0.82

LOW & BONAR 70.50 50.00 80.00 Neutral Strong Buy 225 1.11

MARSHALLS 178.50 85.00 184.00 Neutral Buy 196 1.37

MORGAN SINDALL GROUP 791.00 508.00 791.00 Sell Strong Buy 4387 0.60

NORCROS 20.00 11.75 21.75 Neutral Strong Buy 69 1.02

PERSIMMON 1077.00 685.75 1305.00 Neutral Strong Buy 2136 1.06

REDROW 229.30 152.90 255.10 Neutral Strong Buy 467 0.84

SIG 180.00 102.00 193.70 Neutral Strong Buy 508 1.61

TAYLOR WIMPEY 98.70 56.65 113.80 Neutral Strong Buy 239 1.45

TRAVIS PERKINS 1578.00 1060.00 1713.00 Neutral Strong Buy 4510 1.93

TYMAN 205.00 143.13 240.00 Neutral Strong Buy 480 1.01

WOLSELEY 3123.00 2636.64 3483.00 Neutral Strong Buy 5764 1.32


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Electronics & Electrical Equipment Under Valued


DIALIGHT 1160.00 999.50 1399.00 Neutral Sell 1053 0.63

DOMINO PRINTING SCIENCES 652.00 522.00 717.00 Neutral Buy 883 0.99

E2V TECHNOLOGIES 141.50 105.50 148.25 Neutral Strong Buy 287 1.29

INVENSYS 496.30 217.33 509.50 Neutral Sell 291 1.33

LAIRD 222.30 171.10 249.30 Neutral Strong Buy 447 1.99

OXFORD INSTRUMENTS 1377.00 1209.00 1752.00 Neutral Sell 1152 1.22

RENISHAW 1718.00 1494.00 2081.00 Neutral Buy 2070 1.31

SPECTRIS 2215.00 1549.00 2470.00 Neutral Buy 2823 1.48

BIOME TECHNOLOGIES 187.50 65.00 303.67 Neutral Sell -426 0.70

TT ELECTRONICS 190.00 114.00 200.00 Neutral Strong Buy 436 1.64

XAAR 790.00 247.50 898.00 Neutral Sell 419 1.00

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 123.00 54.25 128.75 Neutral Buy 147 1.06

BODYCOTE 642.00 345.10 685.00 Neutral Neutral 641 1.51

CASTINGS 425.00 291.00 450.00 Neutral Buy 569 0.93

VESUVIUS 448.20 263.19 487.60 Neutral Strong Buy 1209 2.20

FENNER 393.20 305.90 435.20 Neutral Buy 565 1.44

HALMA 546.50 410.40 578.00 Neutral Sell 414 0.84

HILL & SMITH 451.00 364.00 480.00 Neutral Buy 551 1.25

IMI 1461.00 902.00 1513.00 Neutral Strong Buy 4288 1.31

MORGAN ADVANCE D MATE RIAL 3 06 .0 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 496 1.82

ROTORK 2700.00 2229.00 3037.00 Neutral Buy 3585 0.97

SEVERFIELD-ROWEN 60.25 35.40 76.91 Neutral Sell 51 0.76

SPIRAX-SARCO 2887.00 1932.53 3090.00 Neutral Sell 1791 0.69VITEC GROUP 682.00 559.00 740.00 Neutral Sell 484 1.33

WEIR GROUP 2222.00 1688.00 2474.00 Neutral Neutral 2232 1.31

Food & Drug Stores Over Valued


GREGGS 427.30 392.10 523.50 Neutral Strong Buy 789 0.40

MORRISON(WM)SPMKTS. 274.10 248.60 302.50 Neutral Buy 381 0.35

SAINSBURY (J) 384.30 321.90 400.80 Neutral Buy 460 0.58

TESCO 360.50 307.90 387.75 Neutral Sell 191 0.74

THORNTONS 94.50 28.63 100.50 Neutral Sell 59 0.83

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1893.00 1315.00 2 031.00 Neutral Sell 1596 0.57

CRANSWICK 1056.00 732.50 1189.00 Neutral Strong Buy 1705 0.35

DAIRY CREST 468.00 339.90 528.50 Neutral Sell 386 0.83

DEVRO 306.00 289.90 380.00 Neutral Strong Buy 480 0.37

PREMIER FOODS 153.00 59.75 166.50 Neutral Strong Buy 246 1.22

TATE & LYLE 737.00 683.00 883.00 Neutral Strong Buy 1274 0.62

UNILEVER (UK) 2349.00 2262.00 2885.00 Neutral Sell 2044 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 24.25 24.00 29.50 Neutral Strong Buy 44 0.65

BROWN (N) GROUP 515.50 266.40 577.00 N eu tral Neu tral 510 0.56

BURBERRY GROUP 1583.00 1003.00 1667.00 Neutral Sell 1229 1.28

CARPETRIGHT 629.00 585.00 701.50 Neutral Sell 244 0.85

DIXONS RETAIL 44.60 20.36 47.67 N eu tral Neu tral 43 1.53

FINDEL 246.50 108.00 253.75 Neutral Sell 144 0.90

FRENCH CONNECTN.GROUP 30.75 23.00 34.00 Sell Sell 11 1.09

HALFORDS GROUP 379.50 299.00 406.00 Neutral Strong Buy 580 0.68

JD SPORTS FASHION 1070.00 670.00 1073.00 Neutral Strong Buy 2035 0.59

DARTY 70.00 39.00 88.25 Neutral Strong Buy 119 1.10

KINGFISHER 361.20 267.20 420.00 Neutral Buy 541 0.98

MARKS & SPENCER GROUP 463.80 359.00 513.50 Neutral Strong Buy 730 0.50

MOSS BROTHERS GROUP 69.75 52.50 74.88 Neutral Buy 84 0.78

MOTHERCARE 362.50 212.00 492.75 Neutral Sell 128 0.28

NEXT 4955.00 3542.00 5205.00 N eu tral Neu tral 5255 0.63

TED BAKER 1755.00 910.00 2017.00 Neutral Sell 1033 0.60

TOPPS TILES 81.25 47.00 94.00 N eu tral Neu tral 78 1.55

Health Over Valued


BIOQUELL 147.00 130.00 160.00 Neutral Sell 118 0.45

CONSORT MEDICAL 881.50 660.50 881.50 Neutral Sell 672 0.37

OPTOS 152.25 106.75 215.25 Neutral Buy 172 1.09

SMITH & NEPHEW 747.50 638.00 800.00 Neutral Sell 650 0.33

Household Goods & Textiles Under Valued


GAMES WORKSHOP 798.00 601.00 823.50 Neutral Neu tral 766 0.29

HEADLAM GROUP 370.00 298.63 415.00 Neutral Buy 447 0.75

HORNBY 79.50 55.25 87.50 Neutral Sell 47 0.70

Information Technology & Hardware Over Valued


ARM HOLDINGS 977.50 577.50 1097.00 Neutral Sell 432 0.63

CSR 521.00 330.90 607.00 Neutral Strong Buy 1494 1.06FILTRONIC 66.75 30.75 83.25 Neutral Neu tral 72 1.00

IMAGINATION TECHNOLOGIES 276.50 235.10 552.00 Neutral Sell 220 1.09

SPIRENT COMMUNICATIONS 127.70 118.00 169.20 Neutral Strong Buy 390 0.88

WOLFSON MICROELECTRONICS 152 .00 140 .00 226 .25 Neutral Sell -34 0.95


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Insurance Under Valued


ADMIRAL GROUP 1197.00 1019.00 1416.00 Neutral Sell -459 0.58

AMLIN 403.30 364.10 435.10 Neutral Strong Buy 1505 0.47

BEAZLEY 205.30 167.30 242.70 Neutral Strong Buy 932 0.61

CATLIN GROUP 472.50 455.30 552.50 N eu tral Neu tral 475 0.29

HISCOX 659.50 463.32 670.00 Neutral Strong Buy 1868 0.43

JARDINE LLOYD THOMPSON 940.00 723.00 949.50 Neutral Buy 1192 0.28

RSA INSURANCE GROUP 117.40 107.70 136.30 Neutral Strong Buy 716 0.36

NOVAE GROUP 509.50 345.00 520.50 Neutral Strong Buy 3374 0.39

Leisure & Hotels Over Valued


CARNIVAL 2047.00 2044.00 2628.00 Neutral Strong Buy 3181 0.96

ENTERPRISE INNS 150.00 62.75 153.80 Neutral Sell 88 1.51

TUI TRAVEL 361.90 243.50 401.50 Neutral Strong Buy 673 1.06

FULLER SMITH 'A' 871.00 726.00 969.00 Neutral Sell 550 0.24

GREENE KING 769.00 587.00 897.50 Neutral Sell 559 0.87

LADBROKES 169.00 167.40 243.10 Neutral Buy 241 0.85

ICTL.HTLS.GP. 1763.00 1524.00 2039.00 Neutral Sell 1552 1.10

MILLENNIUM & CPTH.HTLS. 567.00 456.00 582.50 N eu tral Neu tral 540 1.33

MITCHELLS & BUTLERS 384.20 296.00 460.00 Neutral Sell 243 0.89

BWIN PARTY DIGITAL ENTM. 122.60 101.30 156.00 Neutral Sell 58 1.28

PUNCH TAVERNS 14.75 6.15 15.50 Neutral Strong Buy 61 0.98

RANK GROUP 155.60 137.30 177.50 Neutral Strong Buy 530 1.01

RESTAURANT GROUP 527.50 362.20 575.00 Neutral Sell 359 0.66

WETHERSPOON (JD) 711.00 486.40 767.00 Neutral Sell 631 0.55

WHITBREAD 2967.00 2300.00 3303.00 Neutral Sell 2008 1.05WILLIAM HILL 397.00 302.37 494.50 Neutral Sell 335 0.79

MARSTON'S 141.00 117.70 165.50 Neutral Sell 9 1.08

Life Assurance Under Valued


AVIVA 418.30 294.10 422.60 Neutral Sell 382 1.23

CHESNARA 283.25 176.50 283.25 Sell Strong Buy 536 0.62

LEGAL & GENERAL 190.70 131.40 203.60 Neutral Strong Buy 502 1.82

OLD MUTUAL 184.60 166.10 221.60 Neutral Strong Buy 394 1.54

PRUDENTIAL 1150.00 828.00 1232.00 N eu tral Neu tral 1184 1.82

ST.JAMES'S PLACE 609.50 374.80 641.50 Neutral Strong Buy 6689 0.88


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 163.00 102.00 163.00 Neutral Strong Buy 922 0.39

BRITISH SKY BCAST.GROUP 870.00 709.00 899.50 Neutral Strong Buy 1056 0.42

CENTAUR MEDIA 51.50 31.00 60.00 Neutral Sell -42 1.00

DAILY MAIL 'A' 758.00 451.25 835.00 Neutral Strong Buy 3556 1.04

EUROMONEY INSTL.INVESTOR 1085.00 747 .50 1209.00 Neutral Strong Buy 5566 0.87

INFORMA 521.50 380.50 545.00 Neutral Strong Buy 327 1.51

ITE GROUP 283.40 183.50 307.40 Neutral Buy 201 1.38

ITV 183.60 85.65 183.60 Neutral Strong Buy 1369 1.54

JOHNSTON PRESS 13.37 8.25 19.00 Neutral Buy 720 1.11

PEARSON 1243.00 1119.00 1350.00 Neutral Neu tral 309 0.60

PHOTO-ME INTL. 112.00 46.75 113.00 Neutral Strong Buy 2283 0.81

PINEWOOD SHEPPERTON 297.50 269.00 299.50 Neutral Strong Buy 732 0.06

THOMSON REUTERS 35.26 26.85 36.59 Neutral Strong Buy 346 0.39

STV GROUP 259.00 92.50 262.50 Neutral Sell 240 0.86

ST.IVES 170.00 98.50 180.50 Neutral Sell 159 1.34TRINITY MIRROR 126.00 51.25 128.25 Neutral Sell -289 1.53

UBM 702.50 636.00 788.00 Neutral Strong Buy 1421 1.33

WILMINGTON GROUP 217.38 127.75 217.38 Neutral Strong Buy 1390 0.83

WPP 1237.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1464.00 1207.00 2072.00 Neutral Sell 1214 1.74

ANGLO PACIFIC GROUP 192.00 161.00 289.00 Neutral Neu tral 201 1.03

ANTOFAGASTA 833.50 784.50 1381.00 Neutral Neu tral 815 1.27

BHP BILLITON 1768.50 1666.50 2236.00 Neutral Strong Buy 2823 1.41

GLENCORE XSTRATA 327.30 256.85 397.85 Neutral Strong Buy 975 #NA

LONMIN 307.60 240.84 380.10 Neutral Buy 418 1.86

RANDGOLD RESOURCES 4420.00 3972.00 7750.00 Neutral Sell 2767 0.51

RIO TINTO 2976.50 2582.00 3757.00 Neutral Sell 2384 1.44

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2672 2.17

Oil & Gas Under Valued


BG GROUP 1154.50 1000.50 1350.50 Neutral Sell 870 0.81

BP 433.70 416.60 483.30 Neutral Strong Buy 970 1.04

CAIRN ENERGY 260.40 251.80 296.10 Neutral Sell -30 1.25

FORTUNE OIL 9.86 7.15 12.50 Neutral Strong Buy 84 0.76

HUNTING 784.50 716.00 941.00 Neutral Sell 558 1.25

JKX OIL & GAS 66.00 48.50 80.38 Neutral Sell -57 1.21

PREMIER OIL 325.20 321.30 400.20 Neutral Buy 395 1.45

ROYAL DUTCH SHELL B 2088.50 2088.50 2365.00 Neutral Strong Buy 8107 0.78

SOCO INTERNATIONAL 403.30 290.14 417.00 Neutral Buy 448 0.53

TULLOW OIL 980.50 977.00 1468.00 Neutral Sell 673 1.08

WOOD GROUP (JOHN) 762.00 720.50 915.50 Neutral Sell 704 1.40


12/17



Personal Care & Household Products Over Valued


MCBRIDE 121.12 101.00 144.60 Neutral Buy 161 0.85

PZ CUSSONS 400.00 308.60 432.50 Neutral Sell 358 0.75

RECKITT BENCKISER GROUP 4269.00 3568.00 4950.00 Neutral Neu tral 4388 0.33

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.32 0.32 3.58 Buy Sell -3 0.89

ASTRAZENECA 3143.00 2792.50 3521.50 Neutral Strong Buy 8177 0.47

BTG 371.20 317.50 397.90 Neutral Sell 187 0.38

DECHRA PHARMACEUTICALS 715.00 569.00 780.00 Neutral Neu tral 753 0.18

GLAXOSMITHKLINE 1549.50 1317.50 1782.00 Neutral Buy 1741 0.49

OXFORD BIOMEDICA 2.31 1.33 2.83 Buy Sell -2 0.38

PHYTOPHARM 61.50 51.50 568.75 Buy Sell -252 0.79

SHIRE 2418.00 1727.00 2593.00 Neutral Sell 1335 0.69

SKYEPHARMA 90.00 43.50 101.75 Neutral Sell 52 0.51

VERNALIS 29.50 19.38 31.00 Neutral Sell 10 0.76

Real Estate - REIT Under Valued


BIG YELLOW GROUP 437.70 322.90 460.00 Neutral Strong Buy 754 1.24

BRITISH LAND 569.00 506.00 658.00 Neutral Strong Buy 865 1.14

DERWENT LONDON 2397.00 1946.00 2542.00 Neutral Strong Buy 5218 1.32

GREAT PORTLAND ESTATES 547.50 442.20 598.00 Neutral Strong Buy 1187 1.07

HAMMERSON 490.40 458.70 554.00 Neutral Buy 583 1.41INTU PROPERTIES 318.10 300.60 366.00 Neutral Strong Buy 599 1.22

LAND SECURITIES GROUP 915.50 762.50 994.00 Neutral Strong Buy 1861 1.22

LOCAL SHOP.REIT (THE) 29.13 24.25 38.50 Neutral Sell -182 0.78

LONDONMETRIC PROPERTY 120.10 1 03.20 120.80 Neutral Sell -10 0.33

MCKAY SECURITIES 169.00 131.50 171.00 Neutral Strong Buy 296 0.50

MUCKLOW (A & J) GROUP 471.00 341.50 500.00 Neutral Sell 246 0.57

PRIMARY HEALTH PROPS. 318.50 312.50 363.53 Neutral Sell 114 0.22

REDEFINE INTL.REIT 47.00 30.75 47.25 Neutral Sell -418 0.43

SEGRO 306.40 221.60 313.80 Neutral Sell -341 1.96

SHAFTESBURY 586.00 522.50 668.00 Neutral Strong Buy 896 1.13

TOWN CENTRE SECURITIES 225.50 178.75 230.00 Neutral Sell -2 0.95

WORKSPACE GROUP 446.00 280.70 481.00 Neutral Strong Buy 1446 1.10


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Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 335.60 221.40 365.60 Neutral Strong Buy 661 0.72

CAPITAL & REGIONAL 39.50 22.75 42.00 Neutral Sell -51 0.55

CLS HOLDINGS 1168.00 656.50 1260.00 Neutral Strong Buy 2837 0.80

DAEJAN HOLDINGS 4014.00 2706.00 4200.00 Neutral Strong Buy 14326 0.56

DEVELOPMENT SECS. 200.00 143.00 209.00 Neutral Sell 189 1.14

GRAINGER 171.80 105.10 187.50 Neutral Sell 107 1.64

HELICAL BAR 284.75 178.00 302.50 Neutral Sell 199 0.83

LONDON & ASSOCS.PROPS. 35.25 21.50 35.25 Neutral Strong Buy 220 0.60

MOUNTVIEW ESTATES 6412.50 4350.00 6512.50 Neutral Strong Buy 14144 0.69

QUINTAIN ESTATES & DEV. 84.00 51.75 92.00 Sell Sell -206 1.10

RAVEN RUSSIA 76.75 61.50 79.75 Neutral Strong Buy 204 1.56

SAVILLS 604.50 391.20 664.50 Neutral Strong Buy 1752 0.68

SMART (J) 85.00 72.50 90.50 Neutral Strong Buy 366 0.42

ST MODWEN PROPS. 313.70 194.00 333.00 Neutral Strong Buy 611 1.68

UNITE GROUP 370.00 260.70 403.00 Neutral Strong Buy 1590 1.93

Software & Computer Services Under Valued


ANITE 111.00 109.60 162.00 Neutral Buy 139 0.66

AVEVA GROUP 2495.00 1975.75 2650.00 Neutral Sell 1463 1.49

COMPUTACENTER 511.00 333.29 564.10 Neutral Strong Buy 1442 0.85

KOFAX 360.00 260.75 388.00 Neutral Sell 337 1.11

INNOVATION GROUP 30.25 20.75 30.50 Sell Sell 26 0.78

MICRO FOCUS INTL. 744.50 543.00 812.50 Neutral Buy 1015 0.84

PHOENIX IT GROUP 155.25 130.00 184.00 Neutral Sell -220 0.59

RM 110.13 64.00 114.25 Neutral Strong Buy 263 0.58FIDESSA GROUP 1901.00 1275.00 2190.00 Neutral Buy 2115 0.62

SAGE GROUP 320.60 289.36 368.18 Neutral Buy 427 0.70

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 368.90 3 18.20 492.10 Neutral Strong Buy 1236 1.12

BREWIN DOLPHIN 267.00 169.80 283.00 Neutral Strong Buy 635 0.85

CAMELLIA 8631.00 8000.00 11105.00 Neutral Strong Buy 79628 0.85

CHARLES STANLEY GROUP 456.50 263.50 474.00 Neutral Strong Buy 1388 0.89

CHARLES TAYLOR 215.00 155.00 228.00 Neutral Strong Buy 1601 0.64

CLOSE BROTHERS GROUP 1222.00 830.00 1225.00 Sell Strong Buy 4698 0.78

F&C ASSET MANAGEMENT 95.20 90.00 110.40 Neutral Sell 75 0.77

HELPHIRE GROUP 5.32 0.75 5.70 Neutral Sell -123 0.77

HENDERSON GROUP 185.70 109.10 192.50 Neutral Strong Buy 776 1.44

ICAP 356.40 280.80 422.20 Neutral Strong Buy 805 0.94

INTERMEDIATE CAPITAL GP. 441.60 287.20 501.50 Neutral Strong Buy 2198 1.77

INVESTEC 397.20 358.40 513.50 Neutral Strong Buy 2552 1.54

LONDON STOCK EX.GROUP 1526.00 930.00 1652.00 Neutral Strong Buy 6716 1.32

MAN GROUP 78.35 71.80 134.40 Neutral Sell -4721 1.23

RATHBONE BROTHERS 1479.00 1208.00 1691.00 Neutral Strong Buy 5323 0.83

SCHRODERS 2526.00 1518.00 2631.00 Neutral Strong Buy 7942 1.42

SCHRODERS NV 2144.00 1193.00 2193.00 Neutral Strong Buy 11041 1.38


14/17


15/17



Telecommunication Services Over Valued


BT GROUP 340.60 212.50 350.90 Neutral Buy 430 0.92

CABLE & WIRELESS COMMS. 40.25 34.31 46.29 Neutral Strong Buy 80 0.66

INMARSAT 710.00 542.50 749.00 Neutral Sell 261 0.52

KCOM GROUP 90.50 68.25 91.85 Neutral Buy 122 0.97

TELECOM PLUS 1371.00 830.00 1399.00 Neutral Sell 827 0.05

VODAFONE GROUP 218.45 154.45 222.00 Neutral Sell 129 0.46

Transport Over Valued


BBA AVIATION 298.30 195.70 326.00 Neutral Sell 218 1.17

BRAEMAR SHIPPING SVS. 498.50 350.00 520.00 Neutral Buy 551 0.91

CLARKSON 2276.00 1150.00 2276.00 Sell Sell 1244 0.77

EASYJET 1230.00 597.50 1448.00 Neutral Sell 832 0.78

FIRST GROUP 122.70 92.00 182.47 Neutral Strong Buy 261 0.85

FISHER(JAMES)& SONS 1093.00 748.00 1148.00 Neutral Sell 779 0.69

GO-AHEAD GROUP 1643.00 1220.00 1697.00 Neutral Strong Buy 2823 0.94

NATIONAL EXPRESS 252.60 164.50 274.90 Neutral Sell 238 1.33

NORTHGATE 434.00 243.25 441.25 Neutral Sell 342 1.22

STAGECOACH GROUP 328.20 265.90 337.60 Neutral Buy 451 0.87

WINCANTON 103.25 43.75 106.75 Neutral Strong Buy 270 0.83

Utilities Under Valued


CENTRICA 362.50 310.80 402.20 Neutral Strong Buy 558 0.51NATIONAL GRID 735.50 682.00 847.50 Neutral Buy 951 0.49

PENNON GROUP 682.00 598.00 734.50 Neutral Sell 605 0.66

SSE 1438.00 1364.00 1676.00 Neutral Strong Buy 2213 0.44

SEVERN TRENT 1744.00 1513.00 2090.00 Neutral Sell 1459 0.39

UNITED UTILITIES GROUP 685.50 647.00 787.50 Neutra l Neu tral 733 0.51


16/17



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