value indicator - uk main market 20130710

7/28/2019 value indicator - uk main market 20130710

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10 July 2013

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Intellisys Intelligent Analysis Limited 10 July 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Under Valued ..................................................7Engineering & Machinery Over Valued ...............................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Over Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Under Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Under Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued .................................................... 13Speciality & Other Finance Under Valued .......................................................... 13Support Services Under Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

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

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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

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Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is 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 418.10 300.00 427.00 Neutral Buy 599 0.68

CHEMRING GROUP 296.20 217.00 414.70 Neutral Buy 352 0.66

COBHAM 281.60 190.10 293.40 Neu tral Neutra l 298 0.83

MEGGITT 556.50 366.20 556.50 Neu tral Neutra l 529 1.30

ROLLS-ROYCE HOLDINGS 1204.00 7 99.39 1 225.00 Neu tral Neutra l 1179 1.01

SMITHS GROUP 1371.00 1011.00 1390.00 Neutral Sell 1154 0.77

ULTRA ELECTRONICS HDG. 1828.00 1 424.00 1843.00 Neutral Sell 1703 0.51

Automobiles & Parts Under Valued

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

GKN 332.40 200.70 332.40 Neu tral Neutra l 324 1.96

INCHCAPE 525.00 344.70 577.50 Neu tral Neutra l 558 1.42

LOOKERS 106.75 64.00 110.00 Neutral Sell 96 1.23

PENDRAGON 26.50 13.50 26.75 Neutral Buy 38 1.11

Banks Over Valued


BARCLAYS 302.35 150.55 333.85 Neutral Sell -831 1.94

HSBC HDG. (ORD $0.50) 725.40 510.60 769.90 Neutral Buy 854 1.16

LLOYDS BANKING GROUP 66.35 28.76 67.10 Sell Sell 7 1.86

ROYAL BANK OF SCTL.GP. 304.40 196.60 367.80 Neutral Sell -148 1.37

STANDARD CHARTERED 1513.00 1228.50 1 837.50 Neutral Strong Buy 3356 1.65

Beverages Under Valued


BARR (AG) 522.50 413.50 588.50 Neutral Sell 470 0.58

DIAGEO 1997.00 1656.00 2085.00 Neutral Neutra l 2150 0.53

SABMILLER 3259.00 2599.00 3657.00 Neutral Buy 4282 0.93

Chemicals Under Valued


ALENT 375.20 305.00 397.50 Sell Buy 441 #NA

AZ ELECTRONIC MATS.(DI) 339.40 240.00 406.40 Neutral Strong Buy 548 1.21

CARCLO 353.25 342.75 503.00 Neutral Sell 144 0.76

CRODA INTERNATIONAL 2599.00 2164.00 2841.00 Neutral Buy 3401 1.06

ELEMENTIS 224.40 179.00 275.00 Neutral Buy 314 1.04

JOHNSON MATTHEY 2834.00 2080.27 2834.00 Neutral Strong Buy 4455 1.44

VICTREX 1619.00 1185.00 1765.00 Neutral Sell 1400 1.19

SYNTHOMER 191.30 127.40 225.80 Neutral Strong Buy 380 1.11

ZOTEFOAMS 202.50 166.00 225.00 Neutral Buy 292 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 92.00 61.50 104.00 Neutral Strong Buy 272 0.52

BALFOUR BEATTY 219.70 207.60 320.80 Neutral Strong Buy 1124 0.83

BARRATT DEVELOPMENTS 342.90 132.20 346.30 Neutral Strong Buy 598 1.61

BELLWAY 1392.00 801.50 1392.00 Neutral Strong Buy 2810 1.00

BERKELEY GROUP HDG.(THE) 2279.00 1343.00 2279.00 Neutral Strong Buy 3445 0.57

BOOT (HENRY) 175.50 115.50 201.00 Neutral Strong Buy 358 0.76

BOVIS HOMES GROUP 832.00 451.00 832.00 Neutral Buy 1028 1.11

CARILLION 273.50 235.50 331.80 Neutral Strong Buy 1512 1.10

CLARKE (T) 55.00 40.00 61.50 Neutral Strong Buy 380 0.80

COSTAIN GROUP 282.25 202.00 306.00 Neutral Strong Buy 1111 0.51

CRH 1355.00 1090.00 1540.00 Neutral Sell 889 1.05

GALLIFORD TRY 1003.00 606.00 1010.00 Neutral Strong Buy 2894 0.95

KELLER 1052.00 374.00 1052.00 Neutral Strong Buy 2343 1.26

KIER GROUP 1351.00 1106.00 1408.00 Neutral Strong Buy 5225 0.94

LOW & BONAR 65.00 50.00 76.75 Neutral Strong Buy 221 1.05MARSHALLS 135.00 76.00 142.00 Neutral Buy 199 1.32

MORGAN SINDALL GROUP 623.00 508.00 695.00 Neutral Strong Buy 4456 0.69

NORCROS 16.75 10.63 18.25 Neutral Strong Buy 59 1.07

PERSIMMON 1273.00 565.78 1280.00 Neutral Strong Buy 1969 1.04

REDROW 249.50 125.00 249.50 Sell Strong Buy 448 0.89

SIG 172.50 88.85 179.20 Neutral Strong Buy 518 1.72

SUPERGLASS HOLDINGS 44.00 44.00 287.50 Neutral Strong Buy 4183 0.88

TAYLOR WIMPEY 104.60 42.72 106.30 Neutral Strong Buy 223 1.62

TRAVIS PERKINS 1622.00 970.50 1622.00 Sell Strong Buy 4330 1.92

WOLSELEY 3291.00 2237.39 3483.00 Neutral Strong Buy 5892 1.37

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1125.00 994.50 1365.00 Neutral Sell 1029 0.69

DOMINO PRINTING SCIENCES 672.00 522.00 717.00 Neutral Buy 789 1.16

E2V TECHNOLOGIES 121.00 105.50 137.75 Neutral Strong Buy 226 1.27

INVENSYS 437.30 217.33 437.30 Neutral Sell 329 1.36

LAIRD 186.00 171.10 249.30 Neutral Buy 258 2.12

OXFORD INSTRUMENTS 1244.00 1200.00 1752.00 Neutral Sell 1106 1.11

RENISHAW 1590.00 1260.00 2081.00 Neutral Strong Buy 2427 1.30

SPECTRIS 2026.00 1459.00 2470.00 Neutral Buy 2461 1.52

BIOME TECHNOLOGIES 0.07 0.07 0.13 Neutral Sell -0 0.75

TT ELECTRONICS 163.00 114.00 178.50 Neutral Strong Buy 250 1.61

XAAR 850.00 227.00 850.00 Neutral Sell 376 1.09


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 87.50 54.25 91.75 Neutral Buy 124 1.18

BODYCOTE 565.50 310.30 565.50 Neutral Buy 628 1.58

CASTINGS 400.00 291.00 400.00 Neutral Strong Buy 652 0.94

VESUVIUS 394.70 263.19 402.10 Neutral Strong Buy 952 2.23

FENNER 322.90 305.90 435.20 Neutral Strong Buy 529 1.46

HALMA 537.50 395.50 538.50 Neutral Sell 372 0.77

HILL & SMITH 451.00 297.00 480.00 Neutral Buy 504 1.36

IMI 1347.00 776.00 1359.00 Neutral Strong Buy 6288 1.40

MORGAN ADVANCED MATERIAL 281.50 220 .30 305.00 Neutral Sell -418 1.87

ROTORK 2853.00 2085.00 3037.00 Neutral Sell 1453 1.03

SENIOR 281.80 177.00 281.80 Sell Sell 236 1.66

SEVERFIELD-ROWEN 54.25 35.40 80.16 Sell Sell 39 0.75

SPIRAX-SARCO 2820.00 1903.48 2928.35 Neutral Sell 2083 0.84

VITEC GROUP 571.00 571.00 740.00 Neutral Sell 433 1.41

WEIR GROUP 2162.00 1491.00 2474.00 Neutral Neutral 2113 1.47

Food & Drug Stores Over Valued


GREGGS 433.00 398.00 523.50 Neutral Strong Buy 783 0.43

MORRISON(WM)SPMKTS. 278.00 248.60 296.40 Neutral Buy 373 0.36

SAINSBURY (J) 376.20 306.50 396.50 Neutral Buy 447 0.54

TESCO 343.60 307.90 387.75 Neutral Sell 187 0.66

THORNTONS 94.50 22.50 100.50 Neutral Sell 58 0.82

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1820.00 1243.00 2031.00 Neutral Neutral 1843 0.59

CRANSWICK 1175.00 732.50 1178.00 Neutral Strong Buy 1990 0.35

DAIRY CREST 488.10 327.30 503.50 Neutral Sell 112 0.89

DEVRO 292.60 278.00 380.00 Neutral Strong Buy 518 0.34

PREMIER FOODS 64.25 54.50 125.75 Neutral Strong Buy 380 1.22

TATE & LYLE 881.00 634.50 881.00 Neutral Strong Buy 1384 0.68

UNILEVER (UK) 2762.00 2127.00 2885.00 Neutral Sell 1716 0.52


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 25.13 20.50 29.50 Neutral Buy 33 0.67

BROWN (N) GROUP 501.00 261.70 501.00 Sell Sell 380 0.47

BURBERRY GROUP 1440.00 1000.00 1541.00 Neutral Sell 1038 1.27

CARPETRIGHT 634.00 585.00 701.50 Neutral Sell 301 0.89

DIXONS RETAIL 42.25 14.97 43.40 Neutral Buy 49 1.46

FINDEL 184.50 55.20 186.00 Neutral Sell 71 1.05

FRENCH CONNECTN.GROUP 28.25 19.50 34.00 Sell Strong Buy 112 1.00

HALFORDS GROUP 318.20 189.00 405.20 Neutral Strong Buy 528 0.68

JD SPORTS FASHION 910 .00 651.00 920 .00 Neutral Strong Buy 1624 0.51

DARTY 71.00 38.00 72.50 Neutral Buy 103 1.19

KINGFISHER 375.40 254.10 375.40 Neu tral Neu tral 399 0.87

MARKS & SPENCER GROUP 453.20 312.20 485.00 Neutral Buy 535 0.61

MOSS BROTHERS GROUP 57.00 43.00 71.00 Neutral Buy 68 0.98

MOTHERCARE 488.00 192.25 488.00 Sell Neutral 498 0.38

NEXT 4770.00 3169.00 4772.00 Sell Neutral 4671 0.59

TED BAKER 1748.00 880.00 1789.00 Sell Sell 812 0.54

TOPPS TILES 77.50 39.00 77.50 Neutral Sell 57 1.50

Heath Over Valued


BIOQUELL 135.00 129.50 160.00 Neutral Sell 116 0.39

CONSORT MEDICAL 806.50 660.50 839.00 Neutral Sell 573 0.38

OPTOS 124.00 106.75 222.75 Neutral Buy 161 1.23

SMITH & NEPHEW 768.50 638.00 794.50 Neutral Sell 659 0.44

Household Goods & Textiles Over Valued


GAMES WORKSHOP 770.00 571.50 775.00 Neutral Neutral 749 0.38

HEADLAM GROUP 349.00 265.00 378.75 Neutral Sell 311 0.89

HORNBY 82.63 55.25 88.50 Neutral Buy 107 0.71

Information Technology & Hardware Over Valued


ARM HOLDINGS 863.00 469.00 1097.00 Neutral Sell 432 0.70

CSR 590.50 218.30 591.00 Neutral Strong Buy 1446 1.12FILTRONIC 58.50 28.38 83.25 Neutral Sell 22 0.94

IMAGIN AT ION TECHNOLOGIES 288.00 282 .80 624.00 Neutral Buy 334 1.09

SPIRENT COMMUNICATIONS 124.00 122.00 170.90 Neutral Strong Buy 419 0.94

WOLFSON MICROELECTRONICS 146.00 146 .00 230.00 Neutral Sell -640 0.96


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Insurance Under Valued


ADMIRAL GROUP 1352.00 1019.00 1374.00 Neutral Sell -567 0.50

AMLIN 415.50 358.30 435.10 Neutral Strong Buy 1642 0.39

BEAZLEY 238.00 143.40 241.30 Neutral Strong Buy 1020 0.52

CATLIN GROUP 525.00 424.00 552.50 Neutral Sell 478 0.22

HISCOX 599.00 425.94 600.00 Neutral Strong Buy 2038 0.41

JARDINE LLOYD THOMPSON 898 .50 693.50 917 .00 Neutral Buy 1292 0.33

RSA INSURANCE GROUP 124.90 107.30 136.30 Neutral Strong Buy 781 0.39

NOVAE GROUP 506.50 345.00 507.50 Neutral Strong Buy 3685 0.41

Leisure & Hotels Over Valued


CARNIVAL 2443.00 2083.00 2628.00 Neutral Buy 3576 0.92

ENTERPRISE INNS 124.00 55.50 124.00 Neutral Sell 114 1.62

TUI TRAVEL 376.60 165.20 376.60 Neutral Strong Buy 727 0.96

FULLER SMITH 'A' 902.50 700.50 925.00 Neutral Sell 617 0.25

GREENE KING 855.00 556.50 855.00 Sell Sell 635 0.85

LADBROKES 209.00 153.80 243.10 Neutral Buy 266 0.87

ICTL.HTLS.GP. 1950.00 1503.75 2039.00 Neutral Sell 1697 1.12

MILLENNIUM & CPTH.HTLS. 571.00 456.00 582.50 Neu tral Neu tral 590 1.37

MITCHELLS & BUTLERS 386.60 251.20 408.50 Neutral Sell 280 0.96

BWIN PARTY DIGITAL ENTM. 130.50 91.90 156.00 Neutral Sell 62 1.23

PUNCH TAVERNS 13.37 5 .61 13.75 Neutral Strong Buy 76 1.18

RANK GROUP 163.00 115.00 177.50 Neutral Strong Buy 580 0.97

RESTAURANT GROUP 550.00 303.70 550.00 Sell Sell 395 0.70

WETHERSPOON (JD) 670.00 421.70 670.00 Neu tral Neu tral 702 0.56

WHITBREAD 3154.00 2047.00 3195.00 Neutral Sell 2213 0.99WILLIAM HILL 464.00 257.85 466.40 Neutral Sell 260 0.79

MARSTON'S 151.50 105.10 154.70 Neutral Sell 12 1.15

Life Assurance Under Valued


AVIVA 365.20 268.30 388.40 Neutral Sell 340 1.17

CHESNARA 246.25 163.00 270.00 Neutral Strong Buy 490 0.67

LEGAL & GENERAL 185.60 123.30 187.80 Neutral Strong Buy 465 1.70

OLD MUTUAL 193.70 151.90 221.60 Neutral Strong Buy 386 1.52

PRUDENTIAL 1118.00 732.50 1203.00 Neu tral Neu tral 1128 1.66

ST.JAMES'S PLACE 573.00 318.20 640.00 Neutral Strong Buy 6500 0.82


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 128.50 102.00 146.50 Neutral Strong Buy 1127 0.38

BRITISH SKY BCAST.GROUP 819.50 677.50 899.50 Neutral Strong Buy 1296 0.47

CENTAUR MEDIA 36.75 29.00 60.00 Neutral Sell -15 1.02

DAILY MAIL 'A' 799.50 431.50 799.50 Neutral Strong Buy 4160 1.07

EUROMONEY INSTL.INVESTOR 1042.00 714 .00 1042.00 Neutral Strong Buy 5907 0.98

INFORMA 521.00 350.40 537.00 Neutral Sell -37 1.61

ITE GROUP 304.10 183.50 307.40 Neutral Strong Buy 325 1.49

ITV 150.20 70.40 152.80 Neutral Strong Buy 1459 1.44

JOHNSTON PRESS 17.00 4.94 19.00 Neutral Strong Buy 899 1.22

PEARSON 1221.00 1119.00 1294.00 Neutral Strong Buy 432 0.60

PHOTO-ME INTL. 94.00 36.50 94.00 Neutral Strong Buy 2794 0.87

PINEWOOD SHEPPERTON 278.50 265.00 350.00 Neutral Strong Buy 1004 0.12

THOMSON REUTERS 35.00 26.85 36.45 Neutral Strong Buy 492 0.51

STV GROUP 137.50 81.50 146.88 Neutral Sell 302 0.82

ST.IVES 157.00 67.50 166.50 Neutral Sell 293 1.48TRINITY MIRROR 121.00 26.50 122.25 Neutral Sell -406 1.60

UBM 668.50 580.50 788.00 Neutral Strong Buy 2576 1.31

WILMINGTON GROUP 163.25 82.00 166.50 Neutral Strong Buy 1319 0.86

WPP 1171.00 784.50 1190.00 Neutral Sell -652 1.28

HIBU 0.33 0.26 2.18 Neutral Strong Buy 993 0.98

Mining Under Valued


ANGLO AMERICAN 1282.00 1207.00 2084.00 Neutral Sell 1077 1.84

ANGLO PACIFIC GROUP 181.00 161.00 290.00 Neu tral Neu tral 178 1.07

ANTOFAGASTA 817.50 784.50 1381.00 Neutral Sell 670 1.43

BHP BILLITON 1729.50 1666.50 2236.00 Neutral Buy 2224 1.49

GLENCORE XSTRATA 264.25 256.85 397.85 Neutral Strong Buy 842 #NA

LONMIN 284.30 240.84 411.96 Neutral Buy 356 2.08

RANDGOLD RESOURCES 4213.00 3972.00 7 775.00 Neutral Sell 2282 0.42

RIO TINTO 2736.50 2582.00 3757.00 Neutral Sell 2105 1.54

COALFIELD RESOURCES 2.90 8.85 Neutral Strong Buy 124 0.94

VEDANTA RESOURCES 1094.00 832.50 1335.00 Neutral Strong Buy 2134 2.25

Oil & Gas Under Valued


BG GROUP 1155.00 1000.50 1350.50 Neutral Sell 851 0.86

BP 464.80 416.60 483.30 Neutral Strong Buy 969 1.05

CAIRN ENERGY 265.50 251.80 309.40 Neutral Sell -5 1.35

FORTUNE OIL 7.80 7.15 12.50 Neutral Strong Buy 97 0.87

HUNTING 833.50 704.50 941.00 Neutral Sell 536 1.37

JKX OIL & GAS 52.50 48.50 109 .00 Neutral Sell -58 1.43

PREMIER OIL 343.80 321.30 401.20 Neutral Buy 391 1.47

ROYAL DUTCH SHELL B 2247.00 2098.00 2366.50 Neutral Strong Buy 7917 0.86

SOCO INTERNATIONAL 353.20 310.60 404.30 Buy Buy 497 0.57

TULLOW OIL 1067.00 977.00 1468.00 Neutral Sell 676 1.08

WOOD GROUP (JOHN) 878.50 719.50 879.50 Neutral Sell 694 1.45


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Personal Care & Household Products Over Valued


MCBRIDE 122.00 101.00 144.60 Neutral Strong Buy 266 0.79

PZ CUSSONS 411.10 297.20 415.60 Sell Sell 338 0.68

RECKITT BENCKISER GROUP 4923.00 3417 .00 4926.00 Neutral Neutral 4973 0.30

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.43 0.36 3.58 Buy Sell -2 0.89

ASTRAZENECA 3281.50 2792.50 3521.50 Neutral Strong Buy 6586 0.49

BTG 397.90 300.30 421.70 Neutral Sell 200 0.73

DECHRA PHARMACEUTICALS 745.50 4 73.00 780.00 Neu tral Neu tral 730 0.20

GLAXOSMITHKLINE 1739.00 1317.50 1782.00 Neu tral Neu tral 1725 0.51

OXFORD BIOMEDICA 1.58 1.55 2.80 Buy Sell 0 0.60

PHYTOPHARM SUSP - 21/05/13 1.33 1.05 12.75 Buy Buy 2 0.96

SHIRE 2199.00 1727.00 2213.00 Neutral Sell 1460 0.66

SKYEPHARMA 67.50 43.50 101.50 Neutral Sell 28 0.68

VERNALIS 19.50 19.50 27.38 Neutral Sell 10 0.88

Real Estate Under Valued


BIG YELLOW GROUP 440.00 290.40 440.00 Neutral Strong Buy 1127 1.15

BRITISH LAND 608.00 506.00 658.00 Neutral Strong Buy 1296 1.05

CAPITAL & REGIONAL 34.00 22.75 37.00 Sell Sell -15 0.68

CLS HOLDINGS 995.00 641.50 1004.00 Neutral Strong Buy 4160 0.72

DERWENT LONDON 2479.00 1886.00 2542.00 Neutral Strong Buy 5907 1.21DEVELOPMENT SECS. 197.00 135.75 203.00 Neutral Sell -37 0.92

GRAINGER 167.20 85.50 167.20 Sell Strong Buy 325 1.54

GREAT PORTLAND ESTATES 581.00 408.70 598.00 Neutral Strong Buy 1459 1.05

HAMMERSON 534.50 448.00 554.00 Neutral Strong Buy 899 1.24

HELICAL BAR 275.00 178.00 297.50 Neutral Strong Buy 432 0.77

LAND SECURITIES GROUP 959.00 761.50 994.00 Neutral Strong Buy 2794 1.14

INTU PROPERTIES 329.50 300.60 366.00 Neutral Strong Buy 1004 1.12

MCKAY SECURITIES 147.75 130.50 155.00 Neutral Strong Buy 492 0.66

MUCKLOW (A & J) GROUP 365.00 325.00 437.50 Neutral Sell 302 0.36

PRIMARY HEALTH PROPS. 321.00 312.50 363.53 Neutral Sell 293 0.30

QUINTAIN ESTATES & DEV. 87.50 43.75 87.50 Sell Sell -406 1.04

SAVILLS 612.50 361.50 612.50 Neutral Strong Buy 2576 0.73

SHAFTESBURY 639.50 516.00 668.00 Neutral Strong Buy 1319 1.02

SEGRO 293.00 221.60 302.80 Neutral Sell -652 1.80

ST MODWEN PROPS. 298.00 172.00 329.10 Neutral Strong Buy 993 1.57

TOWN CENTRE SECURITIES 191.00 160.00 223.00 Neutral Sell 28 1.03

UNITE GROUP 384.00 201.50 387.50 Neutral Strong Buy 2213 1.78

WARNER ESTATE 1.00 1.00 2.75 Buy Sell -1249 0.96

WORKSPACE GROUP 442.00 235.50 442.00 Neutral Strong Buy 1557 0.98


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Software & Computer Services Under Valued


ANITE 141.50 113.00 162.00 Neu tral Neu tral 135 0.73

AVEVA GROUP 2578.00 1706.00 2578.00 Neutral Sell 1539 1.49

COMPUTACENTER 528.00 303.44 564.10 Neutral Strong Buy 1458 0.88

KOFAX 333.75 251.00 340.00 Neu tral Neu tral 351 1.07

INNOVATION GROUP 28.50 18.25 28.50 Sell Sell 26 0.78

MICRO FOCUS INTL. 758.00 529.08 759.00 Neutral Buy 1110 0.80

PHOENIX IT GROUP 160.25 130.00 222.00 Neutral Strong Buy 340 0.71

RM 73.00 64.00 85.50 Neutral Sell -107 0.49

FIDESSA GROUP 2121.00 1275.00 2121.00 Neu tral Neu tral 2325 0.79

SAGE GROUP 364.40 276.06 368.18 Neutral Buy 467 0.71

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 399.60 244.80 492.10 Neutral Strong Buy 1229 1.12

BREWIN DOLPHIN 246.90 144.60 249.50 Neutral Strong Buy 656 0.69

CAMELLIA 9033.00 8000.00 11105.00 Neutral Strong Buy 95295 0.85

CHARLES STANLEY GROUP 404.50 256.00 410.88 Neutral Strong Buy 1431 0.96

CHARLES TAYLOR 178.00 147.00 195.00 Neutral Strong Buy 1100 0.68

CLOSE BROTHERS GROUP 1043.00 729.00 1107.00 Neutral Strong Buy 4840 0.85

F&C ASSET MANAGEMENT 99.00 79.55 110.40 Neutral Sell 72 0.88

HELPHIRE GROUP 3.90 0.55 3.90 Sell Sell -127 0.65

HENDERSON GROUP 173.10 90.55 180.40 Neutral Strong Buy 803 1.44

ICAP 400.00 280.80 401.10 Neutral Strong Buy 823 1.04

INTERMEDIATE CAPITAL GP. 465.50 252.30 501.50 Neutral Strong Buy 2048 1.69

INVESTEC 430.00 358.40 513.50 Neutral Strong Buy 1661 1.56

LONDON STOCK EX.GROUP 1499.00 930.00 1499.00 Sell Strong Buy 7627 1.08MAN GROUP 89.95 64.20 134.40 Neutral Sell -4822 1.39

RATHBONE BROTHERS 1658.00 1208.00 1658.00 Sell Strong Buy 5498 0.75

SCHRODERS 2408.00 1266.00 2560.00 Neutral Strong Buy 8212 1.27

SCHRODERS NV 1862.00 1016.00 2000.00 Sell Strong Buy 11213 1.25


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Support Services Under Valued


ACAL 238.12 157.75 247.50 Neutral Strong Buy 857 0.90

AGGREKO 1803.00 1557.00 2400.00 Neutral Strong Buy 4210 1.16

AMEC 1040.00 965.50 1172.00 Neutral Strong Buy 3364 1.10

ASHTEAD GROUP 701.00 240.50 701.00 Neutral Buy 1002 1.65

BABCOCK INTL. 1173.00 844.50 1205.00 Neutral Strong Buy 2653 0.48

BRITISH POLYTHENE INDS. 557.50 350.00 580.25 Neutral Strong Buy 2104 0.80

BUNZL 1377.00 1009.00 1377.00 Sell Strong Buy 2829 0.52

UK MAIL GROUP 555.00 215.00 555.00 Neutral Strong Buy 1453 0.41

CAPITA 1023.00 677.50 1037.00 Neutral Sell 207 0.53

COMMUNISIS 54.00 26.83 56.50 Neutral Strong Buy 486 0.78

COMPASS GROUP 888.00 647.50 910.50 Neutral Strong Buy 2006 0.74

BERENDSEN 803.00 496.30 812.00 Neutral Strong Buy 3401 1.04

DE LA RUE 955.00 891.50 1075.00 Neutral Buy 1427 #NA

DIGNITY 1500.00 806.00 1500.00 Neutral Strong Buy 3084 0.22

DIPLOMA 600.00 417.10 627.50 Neutral Strong Buy 1540 0.97ELECTROCOMP. 252.00 199.70 278.40 Neutral Strong Buy 937 1.02

ESSENTRA PLC 752.50 454.40 752.50 Sell Strong Buy 1402 1.14

G4S 229.50 224.60 313.50 Buy Strong Buy 895 0.54

HAYS 94.75 66.40 101.20 Neutral Strong Buy 463 1.05

HOMESERVE 293.60 160.60 293.60 Neutral Strong Buy 985 0.91

INTERSERVE 514.00 319.00 519.00 Neutral Strong Buy 3738 1.30

INTERTEK GROUP 3100.00 2671.00 3453.00 Neutral Strong Buy 4864 0.81

JOHNSON SERVICE GROUP 48.00 27.13 48.00 Neutral Strong Buy 117 1.10

MANAGEMENT CNSL.GP. 26.75 21.25 32.00 Neutral Strong Buy 219 0.68

MENZIES (JOHN) 746.00 573.00 801.00 Neutral Strong Buy 1835 1.40

MICHAEL PAGE INTL. 410.50 341.40 451.80 Neutral Strong Buy 851 1.37

MITIE GROUP 269.90 248.00 300.80 Neutral Strong Buy 1068 0.50

OFFICE2OFFICE 46.00 42.50 156.00 Neutral Strong Buy 712 0.28

PAYPOINT 1064.00 670.50 1093.00 Neutral Strong Buy 2224 0.72

PREMIER FARNELL 218.50 165.50 236.30 Neutral Strong Buy 730 1.40

REGUS 181.10 82.65 181.10 Neutral Sell 56 1.40

RENTOKIL INITIAL 96.00 70.35 100.70 Neutral Strong Buy 270 1.29

REXAM 478.50 420.70 547.50 Neutral Strong Buy 1797 0.86

RICARDO 386.00 334.00 431.00 Neutral Strong Buy 1691 0.87

ROBERT WALTERS 208.00 176.25 234.00 Neutral Strong Buy 1024 1.19

RPC GROUP 397.50 378.00 477.00 Neutral Strong Buy 1543 0.79

RPS GROUP 231.00 195.50 274.20 Neutral Strong Buy 1013 1.51

SERCO GROUP 682.00 535.00 683.50 Neutral Strong Buy 2403 0.60

SHANKS GROUP 80.75 73.00 98.00 Neutral Strong Buy 282 1.50

SPEEDY HIRE 64.50 22.25 64.50 Sell Strong Buy 312 1.23TRIBAL GROUP 175.25 82.00 177.25 Neutral Strong Buy 569 0.64

TRIFAST 58.00 40.50 59.25 Neutral Strong Buy 335 0.94

VP 386.00 285.00 386.00 Sell Strong Buy 2142 0.80

WYG 89.50 42.00 89.50 Neutral Strong Buy 621 0.82


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