uk trading & value indicator 20120302

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02 March 2012

UK Trading &

ValueIndicator



Intellisys www.intellisys.uk.com 02 March 2012

of 25 ©Intellisys 02 March 2012

Contents

Market Pictures - Indices ......................................................................... 5

FTSE 100 ................................................................................................ 5 FTSE 250 ................................................................................................ 6 FTSE All Share Index ................................................................................ 7 FTSE AIM All Share .................................................................................. 8

Market Pictures – Interest Rates ............................................................ 10 UK Bank Lending Rates ........................................................................... 10 Eurozone Lending Rates .......................................................................... 11 US Federal Funds Rate ........................................................................... 12

Market Pictures – Exchange Rates ......................................................... 13 Market Pictures - Oil............................................................................... 15 Aerospace & Defence ............................................. Over Valued 16 Automobiles & Parts .............................................. Over Valued 16 Banks ............................................................. Over Valued 16 Beverages ........................................................ Over Valued 16 Chemicals ........................................................ Over Valued 16 Construction & Building Materials .............................. Over Valued 17 Electronics & Electrical Equipment ............................. Under Valued 17 Engineering & Machinery ........................................ Over Valued 17 Food & Drug Stores ............................................... Under Valued 18 Food Producers & Processors ................................... Under Valued 18 General Retail ..................................................... Over Valued 18 Health .............................................................. Over Valued 18 Household Goods & Textiles .................................... Under Valued 18 Information Technology & Hardware .......................... Over Valued 19 Insurance ........................................................ Over Valued 19 Leisure & Hotels .................................................. Under Valued 19 Life Assurance .................................................. Over Valued 19 Media & Entertainment .......................................... Under Valued 20 Mining .............................................................. Under Valued 20 Oil & Gas ........................................................... Under Valued 20 Personal Care & Household Products .......................... Over Valued 20 Pharmaceuticals & Biotechnology .............................. Under Valued 21 Software & Computer Services ................................. Under Valued 21 Speciality & Other Finance

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

Over Valued21

Support Services .................................................. Under Valued 22 Telecommunication Services .................................... Under Valued 22 Transport ........................................................ Under Valued 23 Utilities ............................................................. Under Valued 23 DISCLAIMER ............................................................................................. 24





IntroductionThe overriding purpose of this daily report is to provide users with a quick guidethat will identify those shares that merit their investment attention in anincreasingly time critical and information noisy trading environment.

The report is published daily and delivered to the subscriber’s personal email box,

typically, before the official open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of aninvestment are the two primary drivers behind a successful portfolio performance.

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

factors that influence investment timing. Having identified the key parameters,these have been established as rules that reflect market dynamics and cutthrough the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimentalfactors as well as the daily pressures exerted upon primary stock promoters(analysts and traders) to find stories for their investment meetings.

From an analysis of a year’s data for 40 stocks within Intellisys’ stock coverage,the trading indicators appear to be, on average, about 77% accurate inidentifying good trading points as well as some 74% accurate for overall trend

correlation.

The following chart provides an indication the accuracy scores for each of the 40stocks analysed.

Individual Stock Recommendation & Trend Accuracy Scores

Source: Intellisys

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

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

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

Best Buy/Sell Trend





Value

A similar discipline has been applied to the process of establishing ‘Target Prices’.On a daily basis, Intellisys analyses as broad an array of historic data from notonly the Profit & Loss Account but also the Balance Sheet and Cash flow

Statement and then utilises this data within its proprietary valuation models.

Intellisys’ architect, Philip Morrish, has successfully applied these disciplines to his

investment research for the last 15+ years. Additionally, these investment

valuation techniques lend themselves to accurate cross-border analysis.

The resultant ‘Target’ is also discounted to a Net Present Value to make the

‘Target’ as realistically valid as possible.

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

function of market levels but a management team’s ability to establish andmaintain a value generating operating environment set against a constantlychanging global background.

The typical investment analyst’s approach to determining ‘target prices’ is to startwith a modest range of some 6 – 10 valuation measures and remove those that

are not providing the ‘intuitive’ result. Intellysis’ approach is the opposite we useas many valuation methodologies as possible.

Further, Intellisys recognises that some target prices may appear strange orextreme. However, subscribers should not dismiss these outcomes but use them

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

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

investors from ‘falling in love’ with a stock or becoming mesmerised by ‘management cults’.

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

Therefore, Intellisys recommends that its products should be used in conjunctionwith, and not separate from subscriber’s existing investment systems as well asdiscussing investment options with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING – Recommendations and Target Prices

Intellisys does not make personal recommendations. The information in thispublication is provided solely to enable you to make your own investmentdecisions.If you are unsure about dealing in shares and other equity investments, you

should contact your financial adviser as these types of investments may not besuitable for everyone.The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominated

in a foreign currency, fluctuations in the exchange rate will also affect the valueof stocks and shares and the income from them. Past performance is notnecessarily a guide to future performance.





Market Pictures - Indices

FTSE 100

Index PE

3,512.1

3,512.1

4,944.4

5,931.3

6,082.9

6,091.3

6,732.4

2000 4000 6000 8000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100

7.0

7.0

7.9

10.1

14.1

18.2

18.2

5 10 15 20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 PE

% change % change

1M 2.4; 3M 8.1; 12M -0.1 1M -3.8; 3M 2.6; 12M -10.6

Yield RSI

2.9

2.9

3.0

3.4

3.9

6.0

6.2

1.0 3.0 5.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE 100 DY

25.5

58.5

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE 100 RSI

% change

1M 1.8; 3M -6.0; 12M 13.9






FTSE All Share Index

Index PE

1,781.6

1,781.6

2,557.8

3,073.7

3,160.9

3,160.9

3,479.0

500 1500 2500 3500 4500

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE

7.4

7.4

8.5

10.8

14.6

19.5

19.5

5 10 15 20 25

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE PE

% change % change

1M 2.8; 3M 8.8; 12M -0.2 1M -2.8; 3M 13.0; 12M -9.9

Yield RSI

2.7

2.8

2.9

3.3

3.8

5.8

6.1

1.0 3.0 5.0 7.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE ALL SHARE DY

25.4

60.5

74.8

0 20 40 60 80

Lo

Last Close

Hi

FTSE ALL SHARE RSI

% change

1M 0.9; 3M -6.7; 12M 14.0






FTSE AIM All Share

Index PE

373.8

373.8

657.8

828.4

938.2

968.3

1,236.6

200 700 1200 1700

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE

-203,906.0

-203,906.0

-203,906.0

104.8

211.5

1,240.8

1,439.5

-250000 -200000 -150000 -100000 -50000 0 50000

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE PE

% change % change

1M 8.1; 3M 19.0; 12M -11.0 1M 1.4; 3M -8.6; 12M -160.1

Yield RSI

0.4

0.5

0.6

0.6

0.8

2.1

2.1

0.2 0.7 1.2 1.7 2.2

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

FTSE AIM ALL-SHARE DY

16.5

77.5

91.9

0 50 100

Lo

Last Close

Hi

FTSE AIM ALL-SHARE RSI

% change

1M -1.6; 3M -16.2; 12M 12.7






S&P 500

Index PE

676.5

676.5

1,099.2

1,374.1

1,374.1

1,374.1

1,565.2

400 900 1400 1900

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE

13.4

13.4

13.4

15.7

17.5

146.3

146.3

10 60 110 160

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE PE

% change % change

1M 3.8; 3M 10.4; 12M 5.2 1M 3.9; 3M 9.4; 12M -7.5

Yield RSI

1.8

1.8

1.9

2.1

2.4

3.2

3.4

0.5 1.5 2.5 3.5 4.5

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

S&P 500 COMPOSITE DY

30.0

70.7

81.6

0 20 40 60 80 100

Lo

Last Close

Hi

S&P 500 COMPOSITE RSI

% change

1M -2.3; 3M -5.0; 12M 18.6





Market Pictures – Interest Rates

UK Bank Lending Rates

UK

0.50

0.50

0.50

0.50

0.50

1.00

5.75

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

UK CLEARING BANKS BASE RATE

% change

1M 0.0; 3M 0.0; 12M 0.0

UK Lending PE

200.0

200.0

200.0

200.0

200.0

100.0

17.4

10 60 110 160 210

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

UK CLEARING BANKS BASE RATE PE






Eurozone Lending Rates

Eurozone

1.75

1.75

1.75

1.75

2.25

3.00

5.25

0.00 1.00 2.00 3.00 4.00 5.00 6.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

EUROZONE MARGINAL LENDING RATE

% change

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

Eurozone Lending PE

57.1

57.1

57.1

57.1

44.4

33.3

19.0

10 20 30 40 50 60

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

EUROZONE MARGINAL LENDING RATE - PE






US Federal Funds Rate

US

0.04

0.04

0.04

0.10

0.17

0.25

5.41

0.00 1.00 2.00 3.00 4.00 5.00 6.00

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US FEDERAL FUNDS RATE

% change

1M -9.1; 3M 25.0; 12M -33.3

US Lending PE

2,500.0

2,500.0

2,500.0

1,000.0

588.2

400.0

18.5

10 510 1010 1510 2010 2510 3010

5Y Hi

3Y Hi

1Y Hi

Last Close

1Y Lo

3Y Lo

5Y Lo

US FEDERAL FUNDS RATE - PE





Market Pictures – Exchange Rates

US$/£

1.37

1.38

1.53

1.60

1.67

1.70

2.11

1.00 1.20 1.40 1.60 1.80 2.00 2.20

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US$/£

% change

1M 0.6; 3M 1.8; 12M -2.1

€/£

1.02

1.06

1.11

1.20

1.21

1.24

1.50

1.00 1.10 1.20 1.30 1.40 1.50 1.60

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

EURO/£

% change

1M -0.4; 3M 2.8; 12M 1.5





Market Pictures – Exchange Rates

US$/€

1.19

1.19

1.27

1.33

1.48

1.51

1.60

0.80 1.00 1.20 1.40 1.60 1.80

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

US$/EURO

% change

1M 1.2; 3M -1.1; 12M -3.4

¥ /£

117.1

117.1

117.1

129.2

139.4

162.5

250.1

100.0 150.0 200.0 250.0 300.0

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

YEN/£

% change

1M 7.0; 3M 6.0; 12M -3.4





Market Pictures - Oil

Brent – Monthly FOB US$/bbl

34.6

41.9

104.0

125.0

126.6

126.6

145.6

0 50 100 150 200

5Y Lo

3Y Lo

1Y Lo

Last Close

1Y Hi

3Y Hi

5Y Hi

Oil (Brent) Monthly FOB U$/bbl

% change

1M 11.58; 3M 14.62; 12M 9.37


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

If you are unsure about dealing in shares and other equity investments, you

should contact your financial adviser as these types of investments may not besuitable for everyone.

The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominatedin a foreign currency, fluctuations in the exchange rate will also affect the valueof stocks and shares and the income from them. Past performance is notnecessarily a guide to future performance.





Aerospace & Defence Over Valued

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

BAE SYSTEMS 312.00 248.10 340.80 Neutral Strong Buy 627 0.65

CHEMRING GROUP 418.60 368.80 736.50 Neutral Buy 500 0.52

COBHAM 190.20 165.90 236.50 Neutral Buy 245 0.93

MEGGITT 395.50 305.00 397.60 Sell Sell 345 1.33

ROLLS-ROYCE HOLDINGS 826.50 552.19 826.50 Sell Sell 609 1.08

SMITHS GROUP 1094.00 869.50 1353.00 Neutral Neutral 1068 0.71

ULTRA ELECTRONICS HDG. 1700.00 1305.00 1752.00 Neutral Sell 1313 0.59

UMECO 352.00 243.50 499.88 Neutral Neutral 372 0.79

Automobiles & Parts Over Valued


GKN 222.50 157.00 245.00 Neutral Sell 175 1.95

INCHCAPE 378.00 268.60 425.40 Neutral Sell 328 1.42

LOOKERS 57.75 47.00 72.75 Neutral Buy 73 1.34

PENDRAGON 13.75 6.80 19.71 Neutral Neutral 13 1.12

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

BARCLAYS 251.15 138.85 315.00 Neutral Sell 156 1.84

HSBC HDG. (ORD $0.50) 568.30 463.50 670.60 Neutral Strong Buy 942 1.13

LLOYDS BANKING GROUP 34.77 21.84 62.88 Sell Strong Buy 162 1.75

ROYAL BANK OF SCTL.GP. 27.75 17.34 44.66 Sell Sell -19 1.28

STANDARD CHARTERED 1639.00 1169.50 1712.50 Neutral Sell 1150 1.70

Beverages Over Valued


BARR (AG) 1188.00 1031.00 1395.00 Neutral Neutral 1244 0.41

DIAGEO 1519.00 1112.00 1519.00 Neutral Sell 1352 0.54

SABMILLER 2585.00 1979.00 2585.00 Neutral Buy 2958 0.98

Chemicals Over Valued


CRODA INTERNATIONAL 2153.00 1556.00 2182.00 Neutral Sell 1639 1.06

ELEMENTIS 168.00 107.50 187.40 Neutral Neutral 164 1.08

JOHNSON MATTHEY 2324.00 1523.00 2351.00 Neutral Sell 2116 1.45

VICTREX 1340.00 1025.00 1590.00 Neutral Neutral 1365 1.23

YULE CATTO 213.20 148.00 253.00 Neutral Strong Buy 330 1.27

ZOTEFOAMS 140.00 109.00 158.00 Neutral Strong Buy 217 1.03





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

BALFOUR BEATTY 278.50 214.60 357.30 Neutral Neutral 298 0.85

BARRATT DEVELOPMENTS 146.20 67.50 149.20 Neutral Sell 67 1.42

BELLWAY 820.50 540.50 820.50 Neutral Sell 722 1.01

BERKELEY GROUP HDG.(THE) 1394.00 960.00 1394.00 Neutral Neutral 1483 0.68

BOVIS HOMES GROUP 509.50 326.50 514.00 Neutral Sell 215 1.07

CARILLION 330.00 281.00 403.20 Neutral Buy 493 1.10

CLARKE (T) 39.50 35.50 105.00 Neutral Strong Buy 209 0.82COSTAIN GROUP 203.25 180.00 265.00 Neutral Strong Buy 818 0.59

GALLIFORD TRY 595.00 332.75 595.00 Neutral Neutral 572 1.02

KELLER 425.00 239.25 671.50 Neutral Neutral 406 1.31

KIER GROUP 1246.00 1097.00 1489.00 Neutral Strong Buy 3306 1.05

LOW & BONAR 62.00 38.00 76.75 Neutral Neutral 64 1.08

MARSHALLS 99.88 83.25 124.50 Neutral Sell 70 1.35

MORGAN SINDALL GROUP 677.50 510.00 725.00 Neutral Strong Buy 1463 0.90

PERSIMMON 674.50 374.00 706.50 Neutral Neutral 696 1.07

REDROW 127.60 103.50 136.20 Neutral Sell 92 0.97

SIG 120.00 76.95 153.50 Neutral Sell 13 1.58

TAYLOR WIMPEY 48.77 28.71 52.65 Neutral Sell 13 1.50

TRAVIS PERKINS 1086.00 715.00 1090.00 Neutral Neutral 1168 1.87

WOLSELEY 2500.00 1404.00 2500.00 Neutral Sell 1839 1.41

Electronics & Electrical Equipment Under Valued


DIALIGHT 875.00 643.50 890.00 Neutral Sell 473 0.74

DOMINO PRINTING SCIENCES 660.00 434.30 705.00 Sell Neutral 670 1.17

E2V TECHNOLOGIES 138.00 86.75 146.50 Neutral Buy 166 1.32

INVENSYS 205.70 180.90 357.30 Neutral Strong Buy 397 1.48

LAIRD 172.50 127.90 207.00 Neutral Neutral 182 2.20

OXFORD INSTRUMENTS 1174.00 600.50 1175.00 Sell Sell 848 0.96

RENISHAW 1423.00 800.00 1886.00 Neutral Buy 1960 1.28

SPECTRIS 1763.00 1039.00 1763.00 Sell Sell 1286 1.40

BIOME TECHNOLOGIES 0.15 0.14 0.28 Buy Strong Buy 0 0.62

TT ELECTRONICS 195.25 120.50 208.00 Neutral Buy 256 1.59

XAAR 262.00 207.50 295.00 Neutral Sell 133 1.12

Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 77.50 62.50 138.00 Neutral Strong Buy 308 1.33

BODYCOTE 420.00 225.60 420.00 Neutral Sell 370 1.59

CASTINGS 312.50 252.50 358.00 Neutral Strong Buy 529 0.95

COOKSON GROUP 696.00 395.80 724.50 Neutral Buy 801 2.28

FENNER 463.00 280.00 481.80 Neutral Neutral 477 1.41

HALMA 392.60 306.30 429.60 Neutral Neutral 377 0.76

HILL & SMITH 311.00 235.00 393.50 Neutral Strong Buy 606 1.39

IMI 970.00 636.50 1119.00 Neutral Buy 1390 1.42

METALRAX GROUP 8.75 7.25 12.00 Neutral Sell 7 0.85

MORGAN C RUCIBLE 354.00 224.00 360.00 Neutral Neutral 354 1.76

ROTORK 2070.00 1501.00 2099.00 Neutral Sell 1803 1.00

SENIOR 197.80 132.60 201.00 Neutral Neutral 192 1.76

SEVERFIELD-ROWEN 201.25 150.00 272.00 Neutral Sell 179 1.06

SPIRAX-SARCO 2069.00 1649.00 2101.00 Neutral Buy 2300 0.86

VITEC GROUP 634.00 488.00 661.75 Neutral Buy 762 1.50

WEIR GROUP 2030.00 1375.00 2236.00 Neutral Sell 827 1.40





Food & Drug Stores Under Valued


GREGGS 548.50 445.00 556.00 Neutral Sell 349 0.53

MORRISON(WM)SPMKTS. 290.40 268.50 328.00 Neutral Buy 359 0.45

SAINSBURY (J) 296.70 263.50 371.50 Neutral Strong Buy 544 0.63

TESCO 320.00 312.35 420.05 Neutral Buy 418 0.74

THORNTONS 23.50 9.50 94.00 Neutral Sell 21 0.72

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1206.00 940.00 1228.00 Neutral Sell 568 0.60

CRANSWICK 783.00 588.50 842.50 Neutral Neutral 759 0.59

DAIRY CREST 320.00 311.00 409.70 Neutral Buy 368 0.94

DEVRO 315.00 232.00 315.00 Sell Buy 447 0.30

PREMIER FOODS 11.50 3.29 35.12 Neutral Sell -4 1.43

ROBERT WISEMAN DAIRIES 389.50 233.25 389.75 Neutral Buy 533 0.49

TATE & LYLE 707.00 520.00 720.50 Neutral Sell 419 0.64

UNILEVER (UK) 2053.00 1796.00 2189.00 Neutral Neutral 1951 0.61

General Retail Over Valued


ASHLEY(LAURA) HOLDINGS 22.00 16.00 25.25 Neutral Buy 25 0.71

BROWN (N) GROUP 239.60 227.00 304.50 Neutral Sell 215 0.49

BURBERRY GROUP 1446.00 1092.00 1600.00 Neutral Sell 475 1.37

CARPETRIGHT 659.00 375.00 770.50 Neutral Sell 169 1.03

CLINTON CARDS 11.25 7.50 27.00 Sell Sell 8 0.64

DIXONS RETAIL 14.95 9.36 19.91 Neutral Strong Buy 25 1.44

FINDEL 3.55 2.20 8.70 Neutral Sell 2 0.95

FRENCH CONNECTN.GROUP 45.00 36.00 134.00 Neutral Strong Buy 90 0.95

GAME GROUP 4.80 3.26 63.00 Neutral Strong Buy 146 0.83

HALFORDS GROUP 315.00 269.50 405.90 Neutral Buy 350 0.64

JJB SPORTS 11.50 5.20 31.00 Sell Strong Buy 1194 0.86

JD SPORTS FASHION 810.00 570.00 1030.00 Neutral Buy 1087 0.47KESA ELECTRICALS 74.45 60.20 151.40 Neutral Strong Buy 252 1.27

KINGFISHER 285.70 217.00 287.10 Neutral Sell 253 0.98

MARKS & SPENCER GROUP 361.10 301.80 402.20 Neutral Sell 332 0.74

MOSS BROTHERS GROUP 47.75 25.50 47.75 Sell Sell 20 1.02

MOTHERCARE 220.00 127.30 495.00 Neutral Buy 297 0.54

NEXT 2769.00 1868.00 2810.00 Neutral Sell 1922 0.79

TED BAKER 804.00 572.50 830.00 Sell Sell 409 0.55

TOPPS TILES 35.00 21.50 77.00 Neutral Sell 18 1.32

Health Over Valued


CONSORT MEDICAL 585.00 498.00 590.00 Neutral Sell 517 0.39CORIN GROUP 52.00 36.50 59.00 Neutral Sell 49 0.72

SMITH & NEPHEW 630.50 521.00 718.50 Neutral Neutral 648 0.37

Household Goods & Textiles Under Valued


HARVARD INTL. 38.25 21.75 40.00 Neutral Sell 31 0.47

GAMES WORKSHOP 527.50 357.50 547.50 Neutral Sell 459 0.37

HEADLAM GROUP 287.00 233.25 310.00 Neutral Buy 339 0.93

HORNBY 106.50 99.00 145.00 Neutral Buy 141 0.64





Information Technology & Hardware Over Valued


ARM HOLDINGS 561.00 464.00 645.00 Neutral Strong Buy 1764 0.76

CSR 249.90 154.10 391.40 Neutral Strong Buy 7393 1.16

FILTRONIC 29.13 14.50 35.00 Sell Sell -288 0.64

IMAGINATION TEC HNOLOGIES 621.00 296.90 630.50 Neutral Strong Buy 1539 0.96

PSION 50.50 41.00 102.75 Neutral Strong Buy 3377 1.18

SPIRENT COMMUNICATIONS 151.80 105.80 155.30 Neutral Strong Buy 1601 1.00

WOLFSON MIC ROELECTRONIC S 194.75 96.00 281.75 Neutral Sell 30 1.04

Insurance Over Valued


ADMIRAL GROUP 1096.00 787.00 1754.00 Neutral Sell 520 0.52

AMLIN 352.60 270.60 427.00 Neutral Strong Buy 2441 0.47

BEAZLEY 143.90 109.60 151.80 Neutral Strong Buy 1282 0.52

CATLIN GROUP 418.40 334.00 449.00 Neutral Sell 68 0.32

HISCOX 412.70 340.50 424.70 Neutral Strong Buy 2429 0.48

JARDINE LLOYD THOMPSON 693.50 576.00 764.50 Neutral Strong Buy 1946 0.32

RSA INSURANCE GROUP 110.80 99.60 139.80 Neutral Strong Buy 1014 0.45

NOVAE GROUP 346.50 285.00 410.00 Neutral Strong Buy 2284 0.51

Leisure & Hotels Under Valued


ARENA LEISURE 43.88 26.25 44.00 Neutral Sell 17 0.79

CARNIVAL 1920.00 1742.00 2672.00 Neutral Strong Buy 3634 1.09

ENTERPRISE INNS 53.75 26.50 96.15 Neutral Strong Buy 88 1.73

TUI TRAVEL 198.70 136.70 250.00 Neutral Strong Buy 596 0.98

FULLER SMITH 'A' 704.50 595.00 752.00 Neutral Neutral 682 0.45

GREENE KING 504.50 410.00 521.50 Neutral Buy 713 0.87

LADBROKES 153.70 114.00 155.30 Neutral Strong Buy 251 1.00

ICTL.HTLS.GP. 1450.00 955.00 1450.00 Neutral Sell 943 1.31

MILLENNIUM & CPTH.HTLS. 491.00 371.20 563.00 Neutral Neutral 505 1.40

MITCHELLS & BUTLERS 267.70 215.60 336.80 Neutral Strong Buy 432 1.03BWIN PARTY DIGITAL ENTM. 158.50 100.60 204.00 Neutral Sell 136 1.28

PUNCH TAVERNS 11.63 9.14 15.70 Neutral Sell -151 1.29

RANK GROUP 137.40 109.50 153.70 Neutral Buy 203 0.98

RESTAURANT GROUP 283.50 254.90 335.00 Neutral Buy 358 0.88

WETHERSPOON (JD) 405.50 380.50 468.30 Neutral Strong Buy 694 0.73

WHITBREAD 1687.00 1409.00 1737.00 Neutral Buy 1864 1.04

WILLIAM HILL 228.00 176.80 244.10 Neutral Buy 311 0.95

MARSTON'S 98.15 84.60 112.00 Neutral Strong Buy 197 1.25

Life Assurance Over Valued


AVIVA 373.00 275.30 477.90 Neutral Strong Buy 435 1.24CHESNARA 171.00 161.75 264.00 Neutral Neutral 177 0.59

LEGAL & GENERAL 122.10 89.80 123.80 Neutral Buy 83 1.66

OLD MUTUAL 161.00 98.05 162.20 Neutral Sell 160 1.63

PRUDENTIAL 724.00 509.00 777.00 Neutral Sell 316 1.74

ST.JAMES'S PLACE 368.30 294.00 376.00 Neutral Strong Buy 121 0.80





Media & Entertainment Under Valued


AEGIS GROUP 175.00 116.17 175.00 Sell Strong Buy 572 1.31

BLOOMSBURY PBL. 121.25 91.25 138.00 Neutral Strong Buy 310 0.51

BRITISH SKY BCAST.GROUP 674.50 618.50 850.00 Neutral Strong Buy 10743 0.61

CENTAUR MEDIA 42.25 32.50 66.00 Neutral Sell -508 1.01

DAILY MAIL 'A' 434.10 343.40 557.50 Neutral Strong Buy 7207 1.09

EUROMONEY INSTL.INVESTOR 723.00 522.50 772.00 Neutral Strong Buy 8595 1.06

INFORMA 437.00 313.90 446.00 Neutral Strong Buy 3248 1.51ITE GROUP 227.50 157.70 258.20 Neutral Sell 31 1.39

ITV 88.00 51.65 93.45 Neutral Strong Buy 1138 1.50

JOHNSTON PRESS 7.90 4.11 12.25 Neutral Strong Buy 752 1.44

PEARSON 1211.00 1038.00 1255.00 Neutral Strong Buy 9493 0.68

PHOTO-ME INTL. 47.25 39.50 67.00 Neutral Strong Buy 1014 0.84

PINEWOOD SHEPPERTON 238.00 145.00 292.00 Neutral Strong Buy 1839 0.35

THOMSON REUTERS 28.50 26.21 39.25 Neutral Strong Buy 226 0.51

STV GROUP 106.87 76.25 168.00 Neutral Strong Buy 1462 0.78

ST.IVES 85.50 68.50 108.50 Neutral Strong Buy 2038 1.43

TRINITY MIRROR 45.50 37.50 84.25 Neutral Strong Buy 6248 1.56

UBM 592.00 416.00 645.00 Neutral Strong Buy 17986 1.31

WILMINGTON GROUP 95.00 78.50 165.00 Neutral Strong Buy 874 0.84

WPP 827.50 578.00 836.50 Neutral Strong Buy 7094 1.28

YELL GROUP 4.46 3.35 11.00 Neutral Strong Buy 701 1.34

Mining Under Valued


ANGLO AMERICAN 2671.00 2138.50 3360.50 Neutral Strong Buy 6792 1.76

ANGLO PACIFIC GROUP 331.00 237.90 350.00 Neutral Buy 397 0.93

ANTOFAGASTA 1333.00 900.50 1491.00 Neutral Sell 1148 1.39

BHP BILLITON 2047.00 1667.00 2631.50 Neutral Strong Buy 4876 1.42

LONMIN 1107.00 941.00 1880.00 Neutral Neutral 1082 1.90

RANDGOLD RESOURCES 7295.00 4425.00 7565.00 Neutral Sell 1956 0.31

RIO TINTO 3594.50 2712.50 4595.00 Neutral Strong Buy 5575 1.44

UK COAL 31.50 28.50 47.00 Neutral Sell -66 0.95

VEDANTA RESOURCES 1464.00 928.00 2518.00 Neutral Strong Buy 5687 2.08

XSTRATA 1212.00 764.00 1550.00 Neutral Neutral 1251 1.78

Oil & Gas Under Valued


BG GROUP 1526.00 1144.00 1564.50 Neutral Buy 2051 0.70

BP 496.40 363.20 501.70 Neutral Strong Buy 1393 1.06

CAIRN ENERGY 338.60 291.86 531.75 Neutral Neutral 364 1.35

FORTUNE OIL 11.00 9.00 14.75 Neutral Strong Buy 25 0.84

HUNTING 845.50 530.00 845.50 Neutral Buy 987 1.31

JKX OIL & GAS 153.50 120.50 335.10 Neutral Strong Buy 387 1.35

MELROSE RESOURC ES 131.00 95.25 297.00 Neutral Strong Buy 692 1.12

PREMIER OIL 440.60 310.00 520.50 Neutral Buy 564 1.36

ROYAL DUTCH SHELL A(LON) 2294.50 1883.50 2402.00 Neutral Strong Buy 6748 0.91

ROYAL DUTCH SHELL B 2347.50 1890.50 2489.00 Neutral Strong Buy 6812 0.93

SOCO INTERNATIONAL 338.90 278.00 400.00 Neutral Sell 213 0.50

TULLOW OIL 1487.00 945.50 1601.00 Neutral Sell 497 1.07

WOOD GROUP (JOHN) 759.50 469.90 763.50 Neutral Neutral 807 1.33

Personal Care & Household Products Over Valued


MCBRIDE 129.00 108.75 151.06 Neutral Sell 105 0.86

PZ CUSSONS 311.00 285.00 387.90 Neutral Buy 365 0.76

RECKITT BENCKISER GROUP 3491.00 3015.00 3597.00 Neutral Sell 3196 0.34





Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 3.53 3.13 5.35 Buy Sell -7 0.93

ASTRAZENECA 2822.50 2543.50 3194.00 Neutral Strong Buy 11805 0.46

BTG 360.30 210.10 361.80 Neutral Sell 241 0.72

DECHRA PHARMACEUTICALS 532.00 433.00 579.00 Neutral Strong Buy 2029 0.30

GLAXOSMITHKLINE 1405.00 1138.50 1497.00 Neutral Strong Buy 2338 0.48

OXFORD BIOMEDICA 3.18 2.90 7.20 Buy Strong Buy 17 0.59

PHYTOPHARM 8.83 6.40 9.50 Buy Sell 1 0.92SHIRE 2206.00 1719.00 2300.00 Neutral Sell 1865 0.61

SKYEPHARMA 37.38 31.00 66.13 Neutral Strong Buy 324 0.71

VERNALIS 23.25 18.75 49.00 Neutral Strong Buy 102 0.81

Software & Computer Services Under Valued


TIMEWEAVE 22.88 22.88 27.00 Neutral Strong Buy 47 0.72

ANITE 110.50 57.75 112.00 Sell Sell 61 0.82

AVEVA GROUP 1724.00 1298.00 1799.00 Neutral Sell 948 1.46

COMPUTACENTER 393.70 324.70 490.00 Neutral Strong Buy 947 1.10

KOFAX 310.00 225.00 535.00 Neutral Sell 279 1.07

INNOVATION GROUP 20.75 15.25 23.00 Neutral Sell 18 0.89LOGICA 87.05 58.95 144.80 Neutral Strong Buy 193 1.36

MIC RO FOC US INTL. 454.80 242.90 458.40 Neutral Neutral 433 0.73

MISYS 318.80 214.90 420.20 Neutral Buy 392 1.33

PHOENIX IT GROUP 207.00 154.75 262.75 Neutral Strong Buy 472 0.86

RM 83.50 41.50 157.50 Neutral Strong Buy 380 0.46

FIDESSA GROUP 1652.00 1444.00 2109.00 Neutral Neutral 1678 0.81

SAGE GROUP 311.80 231.70 312.40 Neutral Neutral 316 0.64

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 250.00 167.80 265.80 Neutral Sell 174 1.09

BREWIN DOLPHIN 157.30 113.70 184.70 Neutral Sell 130 0.71CAMELLIA 9973.00 8800.00 10950.00 Neutral Strong Buy 18041 0.86

CHARLES STANLEY GROUP 269.88 240.00 350.00 Neutral Buy 306 0.93

CHARLES TAYLOR CNSL. 140.00 115.63 165.00 Neutral Strong Buy 223 0.70

CLOSE BROTHERS GROUP 751.50 590.00 875.00 Neutral Sell 380 0.81

F&C ASSET MANAGEMENT 70.85 56.05 85.50 Neutral Buy 87 0.92

HELPHIRE GROUP 2.35 1.36 17.38 Neutral Sell 0 0.66

HENDERSON GROUP 119.40 95.05 173.10 Neutral Sell 100 1.42

ICAP 397.30 311.60 541.50 Neutral Sell 333 1.08

INTERMEDIATE CAPITAL GP. 277.00 197.90 345.00 Neutral Neutral 285 1.65

INVESTEC 408.00 318.40 522.00 Neutral Sell 296 1.56

LONDON STOCK EX.GROUP 903.50 756.50 1076.00 Neutral Sell 771 1.17

MAN GROUP 147.50 104.50 284.40 Neutral Buy 189 1.25

RATHBONE BROTHERS 1244.00 977.00 1290.00 Neutral Neutral 1223 0.75

SCHRODERS 1588.00 1183.00 1906.00 Neutral Neutral 1676 1.33

SCHRODERS NV 1249.00 970.00 1554.00 Neutral Buy 1676 1.32





Support Services Under Valued


ACAL 185.00 166.25 367.50 Neutral Strong Buy 356 0.92

AGGREKO 2241.00 1395.48 2250.00 Sell Sell 1320 1.18

AMEC 1122.00 740.50 1207.00 Neutral Buy 1343 1.02

ASHTEAD GROUP 255.40 99.40 255.40 Neutral Sell 134 1.50

BABCOCK INTL. 756.50 550.50 758.00 Neutral Neutral 740 0.55

BRITISH POLYTHENE INDS. 388.50 230.00 388.50 Neutral Strong Buy 1134 0.71

BUNZL 973.00 676.50 973.00 Neutral Neutral 1066 0.54UK MAIL GROUP 270.50 192.25 318.50 Neutral Strong Buy 570 0.30

CAPITA 764.00 611.50 786.50 Neutral Neutral 742 0.41

COMMUNISIS 39.25 23.75 39.75 Neutral Strong Buy 102 0.73

COMPASS GROUP 637.00 512.50 641.00 Neutral Buy 815 0.73

BERENDSEN 515.50 402.70 568.00 Neutral Buy 741 1.03

DE LA RUE 968.50 717.00 1001.00 Neutral Buy 1087 #NA

DIGNITY 830.00 690.00 854.50 Neutral Buy 1025 0.21

DIPLOMA 397.00 263.50 425.50 Neutral Buy 504 1.02

ELECTROCOMP. 246.60 182.20 294.90 Neutral Strong Buy 393 1.03

FILTRONA 449.10 293.00 451.90 Sell Neutral 453 1.12

G4S 291.30 219.90 291.30 Neutral Buy 409 0.59

HAYS 85.25 58.85 130.00 Neutral Strong Buy 150 0.98

HOMESERVE 221.20 218.50 532.00 Buy Strong Buy 495 0.67

INTERSERVE 303.90 245.00 341.25 Neutral Strong Buy 835 1.36

INTERTEK GROUP 2350.00 1744.00 2350.00 Sell Sell 1713 0.86

JOHNSON SERVICE GROUP 27.75 25.25 36.00 Neutral Strong Buy 71 1.16

MANAGEMENT C NSL.GP. 35.25 27.75 45.50 Neutral Strong Buy 60 0.66

MENZIES (JOHN) 586.00 425.00 614.00 Neutral Strong Buy 1281 1.45

MICHAEL PAGE INTL. 477.70 323.00 567.00 Sell Neutral 462 1.35

MITIE GROUP 268.20 195.90 271.00 Neutral Strong Buy 424 0.61

MOUCHEL GROUP 15.75 4.75 154.75 Sell Sell -308 0.89

OFFICE2OFFICE 148.00 114.00 166.50 Neutral Strong Buy 300 0.36

PAYPOINT 581.00 395.00 593.00 Neutral Buy 774 0.76

PREMIER FARNELL 218.00 144.50 308.80 Neutral Strong Buy 373 1.21

REGUS 112.80 64.00 119.00 Neutral Sell 73 1.41

RENTOKIL INITIAL 80.45 58.20 100.90 Neutral Sell 53 1.31

REXAM 417.00 299.80 417.00 Neutral Buy 556 0.88

RICARDO 376.13 325.00 410.00 Neutral Strong Buy 576 0.81

ROBERT WALTERS 239.00 158.25 335.50 Neutral Strong Buy 367 1.21

RPC GROUP 384.00 231.50 393.20 Neutral Buy 470 0.81

RPS GROUP 227.50 156.60 253.00 Neutral Buy 313 1.58

SERCO GROUP 563.50 458.00 618.50 Neutral Buy 707 0.57

SHANKS GROUP 107.00 90.80 130.90 Neutral Strong Buy 173 1.45

SPEEDY HIRE 29.00 18.50 34.00 Neutral Sell -9 1.30

TRIBAL GROUP 76.13 36.25 77.00 Neutral Sell -335 0.60

TRIFAST 42.63 36.25 52.88 Neutral Strong Buy 66 0.88

VP 246.50 191.00 256.50 Neutral Strong Buy 615 0.88

WYG 52.00 47.00 1125.00 Sell Sell -9305 0.76

WSP GROUP 270.00 160.00 385.00 Neutral Strong Buy 603 0.96

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

BT GROUP 217.60 161.00 217.80 Neutral Buy 256 0.93

CABLE & WIRELESS COMMS. 34.99 31.25 51.20 Neutral Strong Buy 137 0.68

INMARSAT 475.50 389.30 685.50 Neutral Sell 377 0.51

KCOM GROUP 69.60 58.50 84.00 Neutral Buy 82 1.27

TELECOM PLUS 640.00 440.00 802.00 Neutral Sell 453 0.04

VODAFONE GROUP 171.80 155.05 182.70 Neutral Buy 191 0.63





Transport Under Valued


BBA AVIATION 201.80 156.00 223.40 Neutral Sell 173 1.40

BRAEMAR SHIPPING SVS. 387.50 282.00 505.00 Neutral Strong Buy 678 0.95

CLARKSON 1242.00 1015.00 1355.00 Neutral Buy 1640 0.81

EASYJET 439.80 301.00 476.10 Neutral Buy 562 0.78

FIRST GROUP 295.10 291.20 371.30 Neutral Buy 439 1.08

FISHER(JAMES)& SONS 558.50 440.50 574.00 Neutral Sell 354 0.82

GO-AHEAD GROUP 1302.00 1190.00 1598.00 Neutral Buy 1840 0.94NATIONAL EXPRESS 241.80 201.60 270.20 Neutral Sell 190 1.29

NORTHGATE 257.20 190.90 346.70 Sell Strong Buy 399 1.37

STAGECOACH GROUP 274.70 199.97 287.40 Neutral Sell 216 0.90

WINCANTON 83.00 56.00 138.50 Neutral Strong Buy 173 0.83

Utilities Under Valued


CENTRICA 304.80 278.80 337.60 Neutral Neutral 310 0.50

NATIONAL GRID 645.00 543.50 649.50 Neutral Buy 800 0.56

PENNON GROUP 722.50 584.50 737.50 Neutral Sell 638 0.61

SEVERN TRENT 1574.00 1375.00 1600.00 Neutral Sell 1386 0.48

UNITED UTILITIES GROUP 615.50 551.00 637.00 Neutral Neutral 628 0.59





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uk trading & value indicator 20120302

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