value indicator - uk main market 20130607

7/28/2019 value indicator - uk main market 20130607

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07 June 2013

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Intellisys Intelligent Analysis Limited 07 June 2013

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

Contents

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


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Introduction

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

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

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

Timing

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

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

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

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

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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

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Best Buy/Sell Trend


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Value

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

models.

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

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

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

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

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

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

Conclusion

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

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

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity investments, you should contact your financial adviser as these types of investments may not besuitable for everyone. The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

eta 1.0 Share should move by more than market (i.e., higher risk/higher reward)

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

eta measures a sharesvolatility/risk relative tomarket (see below)


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 398.50 276.40 427.00 Neutral Buy 566 0.67

CHEMRING GROUP 265.50 217.00 414.70 Neutral Buy 324 0.66

COBHAM 269.50 190.10 293.40 Neu tral Neutra l 280 0.82

MEGGITT 524.50 364.30 534.50 Sell Sell 498 1.32

ROLLS-ROYCE HOLDINGS 1163.00 7 99.39 1 225.00 Neu tral Neutra l 1136 1.07

SMITHS GROUP 1307.00 979.50 1390.00 Neutral Sell 1091 0.71

ULTRA ELECTRONICS HDG. 1694.00 1 424.00 1843.00 Neutral Sell 1609 0.51

Automobiles & Parts Under Valued

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

GKN 303.60 173.60 313.40 Neu tral Neutra l 301 2.02

INCHCAPE 533.50 316.60 577.50 Neu tral Neutra l 551 1.48

LOOKERS 99.00 56.50 110.00 Neu tral Neutra l 97 1.23

PENDRAGON 25.00 13.50 26.50 Neutral Buy 34 1.11

Banks Over Valued


BARCLAYS 303.30 150.55 333.85 Neutral Sell -830 1.94

HSBC HDG. (ORD $0.50) 700.00 510.60 769.90 Neutral Buy 837 1.17

LLOYDS BANKING GROUP 60.86 28.00 62.96 Sell Sell 4 1.89

ROYAL BANK OF SCTL.GP. 316.90 196.60 367.80 Neutral Sell -142 1.35

STANDARD CHARTERED 1448.00 1228.50 1 837.50 Neutral Strong Buy 3312 1.70

Beverages Under Valued


BARR (AG) 515.00 350.00 588.50 Neutral Neutra l 555 0.55

DIAGEO 1900.00 1577.00 2085.00 Neutral Sell 1675 0.55

SABMILLER 3244.00 2420.50 3657.00 Neutral Buy 3725 0.95

Chemicals Under Valued


ALENT 345.00 305.00 397.50 Neutral Strong Buy 3401 #NA

AZ ELECTRONIC MATS.(DI) 317.00 240.00 406.40 Neutral Strong Buy 486 1.23

CARCLO 366.75 356.00 503.00 Neutral Sell 120 0.73

CRODA INTERNATIONAL 2413.00 2125.00 2841.00 Neutral Buy 3272 1.04

ELEMENTIS 226.60 179.00 275.00 Neutral Buy 292 0.99

JOHNSON MATTHEY 2750.00 2080.27 2750.00 Neutral Strong Buy 4421 1.45

VICTREX 1665.00 1185.00 1765.00 Neutral Sell 1330 1.14

SYNTHOMER 190.60 127.40 225.80 Neutral Strong Buy 335 1.16

ZOTEFOAMS 202.50 157.00 225.00 Neutral Buy 249 1.00


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Construction & Building Materials Under Valued


ALUMASC GROUP 93.00 61.50 104.00 Neutral Strong Buy 252 0.51

BALFOUR BEATTY 214.80 207.60 320.80 Neutral Strong Buy 1277 0.80

BARRATT DEVELOPMENTS 305.90 125.30 346.30 Neutral Strong Buy 596 1.58

BELLWAY 1315.00 744.00 1377.00 Neutral Strong Buy 2856 1.15

BERKELEY GROUP HDG.(THE) 2103.00 1239.00 2207.00 Neutral Strong Buy 3286 0.66

BOOT (HENRY) 172.50 115.50 201.00 Neutral Strong Buy 407 0.83

BOVIS HOMES GROUP 757.00 422.50 778.50 Neutral Buy 1057 1.20

CARILLION 246.50 235.50 331.80 Buy Strong Buy 1507 1.12

CLARKE (T) 54.38 40.00 61.50 Neutral Strong Buy 450 0.82

COSTAIN GROUP 256.00 188.00 306.00 Neutral Strong Buy 1116 0.57

CRH 1324.00 1078.00 1540.00 Neutral Sell 838 1.14

GALLIFORD TRY 909.50 584.00 999.00 Neutral Strong Buy 2886 1.01

KELLER 870.00 348.25 978.50 Neutral Strong Buy 2346 1.26

KIER GROUP 1180.00 1106.00 1408.00 Neutral Strong Buy 5371 0.97

LOW & BONAR 65.00 50.00 76.75 Neutral Strong Buy 217 1.07MARSHALLS 136.25 76.00 142.00 Neutral Strong Buy 401 1.39

MORGAN SINDALL GROUP 580.00 508.00 695.00 Neutral Strong Buy 4326 0.87

NORCROS 16.63 10.50 18.25 Neutral Strong Buy 60 1.15

PERSIMMON 1174.00 529.83 1280.00 Neutral Strong Buy 1999 1.20

REDROW 220.00 107.30 238.10 Neutral Strong Buy 452 1.09

SIG 168.70 84.75 179.20 Neutral Strong Buy 500 1.79

SUPERGLASS HOLDINGS 48.00 46.88 362.50 Neutral Buy 68 0.88

TAYLOR WIMPEY 93.15 42.72 103.00 Neutral Strong Buy 228 1.67

TRAVIS PERKINS 1504.00 916.00 1611.00 Neutral Strong Buy 4103 2.01

WOLSELEY 3054.00 2154.34 3483.00 Neutral Strong Buy 5765 1.46

Electronics & Electrical EquipmentUnder Valued


DIALIGHT 1300.00 994.50 1365.00 Neutral Sell 795 0.75

DOMINO PRINTING SCIENCES 639.00 509.00 717.00 Neutral Buy 866 1.18

E2V TECHNOLOGIES 120.00 105.50 144.00 Neutral Strong Buy 253 1.29

INVENSYS 388.00 198.90 402.70 Neutral Sell 337 1.41

LAIRD 194.00 177.00 249.30 Neutral Strong Buy 307 2.13

OXFORD INSTRUMENTS 1597.00 1149.00 1752.00 Neutral Sell 1230 1.00

RENISHAW 1715.00 1260.00 2081.00 Neutral Strong Buy 2615 1.26

SPECTRIS 2024.00 1427.00 2470.00 Neutral Buy 2724 1.52

BIOME TECHNOLOGIES 0.08 0.07 0.13 Neutral Sell 0 0.84

TT ELECTRONICS 165.50 114.00 178.50 Neutral Strong Buy 301 1.58

XAAR 640.00 185.00 695.00 Neutral Sell 225 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 82.25 54.25 91.75 Neutral Strong Buy 125 1.28

BODYCOTE 535.00 310.30 563.00 Neutral Buy 629 1.60

CASTINGS 342.63 277.75 358.50 Neutral Strong Buy 626 0.99

VESUVIUS 372.00 263.19 402.10 Neutral Strong Buy 991 2.20

FENNER 334.30 329.30 435.20 Neutral Strong Buy 513 1.42

HALMA 501.00 375.00 538.50 Neutral Sell 355 0.75

HILL & SMITH 428.00 297.00 480.00 Neutral Sell 344 1.37

IMI 1235.00 776.00 1359.00 Neutral Strong Buy 5025 1.41

MORGAN ADVANCED MATERIAL 274.80 220 .30 305.00 Neutral Strong Buy 741 1.82

ROTORK 2700.00 1859.00 3037.00 Neutral Sell 1327 1.00

SENIOR 265.70 177.00 280.80 Neutral Sell 229 1.64

SEVERFIELD-ROWEN 49.50 35.40 87.71 Neutral Sell 39 0.79

SPIRAX-SARCO 2723.00 1903.48 2928.35 Neutral Sell 1985 0.84

VITEC GROUP 600.00 586.50 740.00 Neutral Sell 422 1.39

WEIR GROUP 2220.00 1397.00 2474.00 Neutral Sell 2036 1.38

Food & Drug Stores Over Valued


GREGGS 398.30 398.00 523.50 Neutral Strong Buy 672 0.47

MORRISON(WM)SPMKTS. 262.00 248.60 296.40 Buy Sell 157 0.39

SAINSBURY (J) 363.30 283.50 396.50 Neutral Sell 188 0.57

TESCO 344.80 301.10 387.75 Neutral Sell 251 0.68

THORNTONS 87.25 19.13 100.50 Neutral Sell 62 0.84

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1825.00 1175.00 2031.00 Neutral Buy 2048 0.62

CRANSWICK 1100.00 732.50 1127.00 Neutral Strong Buy 2023 0.43

DAIRY CREST 462.90 316.00 503.50 Neutral Neutral 491 0.94

DEVRO 319.20 278.00 380.00 Neutral Strong Buy 499 0.32

PREMIER FOODS 68.50 54.50 125.75 Neutral Sell -180 1.25

TATE & LYLE 809.50 633.50 875.50 Neutral Strong Buy 1505 0.71

UNILEVER (UK) 2660.00 2038.00 2885.00 Neutral Neutral 2693 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.75 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 458.70 227.50 465.60 Neutral Sell 340 0.54

BURBERRY GROUP 1403.00 1000.00 1541.00 Neutral Sell 925 1.27

CARPETRIGHT 610.00 585.00 728.50 Neutral Sell 278 0.95

DIXONS RETAIL 41.74 12.67 42.90 Neu tral Neu tral 44 1.51

FINDEL 179.00 55.20 186.00 Neutral Sell 59 1.13

FRENCH CONNECTN.GROUP 30.25 19.50 34.00 Sell Strong Buy 104 0.99

HALFORDS GROUP 312.40 189.00 405.20 Neutral Strong Buy 480 0.68

JD SPORTS FASHION 905 .00 606.50 920 .00 Neutral Strong Buy 1483 0.53

DARTY 63.00 38.00 72.50 Neutral Strong Buy 101 1.25

KINGFISHER 336.80 254.10 351.30 Neu tral Neu tral 358 0.94

MARKS & SPENCER GROUP 442.10 312.20 485.00 Neutral Buy 503 0.65

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

MOTHERCARE 371.25 189.25 385.00 Neutral Buy 461 0.47

NEXT 4580.00 3022.00 4749.00 Sell Neutral 4439 0.67

TED BAKER 1407.00 855.50 1490.00 Neutral Sell 626 0.55

TOPPS TILES 67.50 38.00 70.00 Neutral Sell 52 1.50

Heath Over Valued


BIOQUELL 137.50 126.50 160.00 Neutral Sell 113 0.46

CONSORT MEDICAL 755.50 585.00 831.50 Neutral Sell 552 0.39

OPTOS 127.50 120.00 222.75 Neutral Buy 154 1.18

SMITH & NEPHEW 749.50 600.50 794.50 Neutral Sell 676 0.43

Household Goods & Textiles Over Valued


GAMES WORKSHOP 725.00 565.00 742.00 Neutral Neutral 706 0.44

HEADLAM GROUP 372.00 263.00 377.00 Neutral Sell 320 0.92

HORNBY 80.00 55.25 88.50 Neutral Buy 109 0.77

Information Technology & Hardware Over Valued


ARM HOLDINGS 878.50 469.00 1097.00 Neutral Sell 458 0.74

CSR 513.00 200.40 570.00 Neutral Strong Buy 1471 1.18FILTRONIC 59.00 25.50 83.25 Neutral Sell 24 0.90

IMAGIN AT ION TECHNOLOGIES 338.70 296 .00 624.00 Neu tral Neu tral 351 1.08

SPIRENT COMMUNICATIONS 124.40 122.00 170.90 Neutral Strong Buy 444 0.94

WOLFSON MICROELECTRONICS 202.00 170 .00 230.00 Neutral Sell -617 0.90


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Insurance Under Valued


ADMIRAL GROUP 1280.00 1019.00 1374.00 Neutral Sell -423 0.53

AMLIN 397.40 323.50 435.10 Neutral Strong Buy 1477 0.46

BEAZLEY 220.20 132.50 241.30 Neutral Strong Buy 917 0.60

CATLIN GROUP 468.30 409.40 552.50 Neu tral Neu tral 451 0.30

HISCOX 528.00 414.09 600.00 Neutral Strong Buy 1838 0.48

JARDINE LLOYD THOMPSON 873 .00 677.00 914 .50 Neutral Buy 1189 0.31

RSA INSURANCE GROUP 114.10 100.70 136.30 Neutral Strong Buy 698 0.41

NOVAE GROUP 486.50 345.00 507.50 Neutral Strong Buy 3301 0.48

Leisure & Hotels Over Valued


CARNIVAL 2135.00 2083.00 2628.00 Neutral Strong Buy 3984 1.01

ENTERPRISE INNS 113.00 55.50 123.80 Neutral Sell 104 1.61

TUI TRAVEL 335.00 158.00 373.20 Neutral Strong Buy 778 1.01

FULLER SMITH 'A' 880.00 700.00 880.00 Neutral Sell 672 0.39

GREENE KING 735.50 479.20 789.50 Neutral Sell 645 0.93

LADBROKES 198.50 152.70 243.10 Neutral Buy 249 0.93

ICTL.HTLS.GP. 1819.00 1493.74 2039.00 Neutral Sell 1477 1.18

MILLENNIUM & CPTH.HTLS. 545.00 455.40 582.50 Neutral Buy 616 1.40

MITCHELLS & BUTLERS 362.00 217.40 408.50 Neutral Sell 314 1.12

BWIN PARTY DIGITAL ENTM. 120.00 91.90 156.00 Neutral Sell 42 1.25

PUNCH TAVERNS 12.75 5 .61 13.75 Neutral Strong Buy 49 1.27

RANK GROUP 154.10 115.00 177.50 Neutral Strong Buy 504 1.00

RESTAURANT GROUP 502.00 287.30 531.00 Neutral Sell 392 0.76

WETHERSPOON (JD) 628.00 387.60 661.50 Neutral Buy 739 0.69

WHITBREAD 2828.00 1824.00 2897.00 Sell Sell 1992 0.99WILLIAM HILL 429.60 247.83 452.80 Neutral Sell 256 0.87

MARSTON'S 139.10 94.70 154.70 Neutral Sell 16 1.21

Life Assurance Under Valued


AVIVA 325.50 260.50 388.40 Neu tral Neu tral 318 1.25

CHESNARA 249.75 161.25 270.00 Neutral Strong Buy 459 0.70

LEGAL & GENERAL 174.70 115.70 187.80 Neutral Strong Buy 435 1.71

OLD MUTUAL 190.20 146.90 221.60 Neutral Strong Buy 375 1.57

PRUDENTIAL 1060.00 696.50 1203.00 Neu tral Neu tral 1076 1.71

ST.JAMES'S PLACE 548.00 318.20 640.00 Neutral Strong Buy 6174 0.85


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 126.25 102.00 146.50 Neutral Sell -647 0.37

BRITISH SKY BCAST.GROUP 764.00 656.00 899.50 Neutral Strong Buy 1741 0.54

CENTAUR MEDIA 34.50 29.00 60.00 Neutral Sell -20 1.03

DAILY MAIL 'A' 746.00 363.50 770.00 Sell Strong Buy 4189 1.14

EUROMONEY INSTL.INVESTOR 957.00 708 .00 1030.00 Neutral Strong Buy 7684 1.00

INFORMA 490.90 350.40 537.00 Neutral Sell -60 1.53

ITE GROUP 280.10 180.00 299.00 Neutral Strong Buy 279 1.45

ITV 126.70 70.40 134.70 Neutral Strong Buy 1300 1.54

JOHNSTON PRESS 17.75 4.88 19.00 Neutral Strong Buy 801 1.27

PEARSON 1177.00 1119.00 1294.00 Neutral Buy 347 0.63

PHOTO-ME INTL. 81.00 36.25 84.50 Neutral Strong Buy 2690 0.79

PINEWOOD SHEPPERTON 278.50 265.00 350.00 Neutral Strong Buy 923 0.16

THOMSON REUTERS 34.27 26.85 36.45 Neutral Sell -632 0.50

STV GROUP 132.00 81.50 146.88 Neutral Sell 267 0.79

ST.IVES 160.75 67.50 166.50 Neutral Sell 253 1.50TRINITY MIRROR 106.75 25.50 122.25 Neutral Sell -296 1.59

UBM 690.00 532.50 788.00 Neutral Strong Buy 1923 1.31

WILMINGTON GROUP 161.75 82.00 164.50 Neutral Strong Buy 1383 0.84

WPP 1100.00 743.00 1190.00 Neutral Sell -527 1.35

HIBU 0.36 0.26 2.18 Neutral Strong Buy 828 1.07

Mining Under Valued


ANGLO AMERICAN 1440.00 1440.00 2215.00 Neutral Sell 1142 1.74

ANGLO PACIFIC GROUP 234.00 215.00 290.00 Neu tral Neu tral 227 0.96

ANTOFAGASTA 908.00 884.00 1381.00 Neutral Sell 827 1.41

BHP BILLITON 1821.00 1724.00 2236.00 Neutral Strong Buy 2840 1.43

GLENCORE XSTRATA 310.95 293.55 397.85 Buy Strong Buy 952 #NA

LONMIN 288.20 240.84 421.26 Sell Buy 338 2.03

RANDGOLD RESOURCES 4999.00 4545.00 7 775.00 Neutral Sell 2933 0.34

RIO TINTO 2747.50 2715.50 3757.00 Neutral Sell 2224 1.50

COALFIELD RESOURCES 3.38 10.00 Neutral Strong Buy 161 0.89

VEDANTA RESOURCES 1230.00 832.50 1335.00 Neutral Strong Buy 2027 2.20

Oil & Gas Under Valued


BG GROUP 1165.00 1000.50 1350.50 Neutral Sell 859 0.80

BP 458.00 401.60 483.30 Neutral Strong Buy 967 1.03

CAIRN ENERGY 261.80 248.20 309.40 Buy Sell -19 1.32

FORTUNE OIL 7.68 7.60 12.50 Neutral Buy 10 0.82

HUNTING 813.50 688.00 941.00 Neutral Sell 550 1.31

JKX OIL & GAS 58.75 55.00 120 .00 Neutral Sell -58 1.36

PREMIER OIL 345.10 321.30 401.20 Neutral Buy 392 1.43

ROYAL DUTCH SHELL B 2180.50 2098.00 2366.50 Neutral Strong Buy 8048 0.84

SOCO INTERNATIONAL 373.20 276.50 404.30 Buy Buy 476 0.53

TULLOW OIL 1006.00 977.00 1531.00 Neutral Sell 678 1.04

WOOD GROUP (JOHN) 814.50 651.50 879.50 Neutral Sell 710 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 110.00 101.00 144.60 Neutral Strong Buy 239 0.84

PZ CUSSONS 370.40 297.20 415.60 Neutral Sell 305 0.69

RECKITT BENCKISER GROUP 4487.00 3300 .00 4926.00 Neutral Neutral 4530 0.36

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.42 0.36 3.58 Buy Sell -2 1.01

ASTRAZENECA 3280.50 2643.00 3521.50 Neutral Strong Buy 6337 0.47

BTG 363.10 300.30 423.00 Neutral Sell 165 0.58

DECHRA PHARMACEUTICALS 681.00 4 69.50 780.00 Neu tral Neu tral 726 0.25

GLAXOSMITHKLINE 1640.50 1317.50 1782.00 Neu tral Neu tral 1653 0.49

OXFORD BIOMEDICA 1.75 1.55 2.80 Buy Sell 1 0.64

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

SHIRE 2083.00 1727.00 2213.00 Neutral Sell 1418 0.66

SKYEPHARMA 48.75 43.50 101.50 Neutral Sell 31 0.73

VERNALIS 22.38 21.75 27.38 Neutral Sell 10 0.91

Real Estate Under Valued


BIG YELLOW GROUP 376.00 276.30 426.70 Buy Sell -647 1.18

BRITISH LAND 582.00 478.30 658.00 Neutral Strong Buy 1741 1.06

CAPITAL & REGIONAL 33.75 22.75 37.00 Neutral Sell -20 0.85

CLS HOLDINGS 990.00 595.00 1004.00 Neutral Strong Buy 4189 0.70

DERWENT LONDON 2273.00 1740.00 2542.00 Neutral Strong Buy 7684 1.24DEVELOPMENT SECS. 201.00 121.75 203.00 Neutral Sell -60 0.99

GRAINGER 149.60 83.10 157.00 Neutral Strong Buy 279 1.58

GREAT PORTLAND ESTATES 530.00 367.80 598.00 Neutral Strong Buy 1300 1.10

HAMMERSON 491.90 409.20 554.00 Neutral Strong Buy 801 1.19

HELICAL BAR 272.00 175.00 297.50 Neutral Buy 347 0.77

LAND SECURITIES GROUP 908.00 707.50 994.00 Neutral Strong Buy 2690 1.16

INTU PROPERTIES 333.30 309.80 366.00 Neutral Strong Buy 923 1.09

MCKAY SECURITIES 149.25 127.00 155.00 Neutral Sell -632 0.73

MUCKLOW (A & J) GROUP 382.00 325.00 437.50 Neutral Sell 267 0.42

PRIMARY HEALTH PROPS. 317.00 312.17 363.53 Neutral Sell 253 0.35

QUINTAIN ESTATES & DEV. 79.50 32.50 79.50 Sell Sell -296 1.19

SAVILLS 582.00 319.50 601.50 Neutral Strong Buy 1923 0.77

SHAFTESBURY 603.00 492.00 668.00 Neutral Strong Buy 1383 1.05

SEGRO 274.80 209.80 302.80 Neutral Sell -527 1.73

ST MODWEN PROPS. 281.90 145.50 329.10 Neutral Strong Buy 828 1.59

TOWN CENTRE SECURITIES 213.00 147.00 223.00 Neutral Sell 6 1.01

UNITE GROUP 356.00 180.75 387.50 Neutral Strong Buy 2234 1.79

WARNER ESTATE 1.41 1.00 2.75 Sell Sell -1116 1.03

WORKSPACE GROUP 381.00 221.00 418.20 Neutral Strong Buy 1322 1.05


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Support Services Under Valued


ACAL 227.50 157.75 242.50 Neutral Strong Buy 1254 0.92

AGGREKO 1633.00 1557.00 2400.00 Neutral Strong Buy 3406 1.05

AMEC 1004.00 933.00 1172.00 Neutral Strong Buy 3340 1.04

ASHTEAD GROUP 605.50 228.30 671.00 Neutral Buy 894 1.63

BABCOCK INTL. 1117.00 842.50 1205.00 Neutral Strong Buy 2249 0.48

BRITISH POLYTHENE INDS. 544.75 324.00 580.25 Neutral Strong Buy 2015 0.76

BUNZL 1233.00 1009.00 1342.00 Neutral Strong Buy 2831 0.55

UK MAIL GROUP 507.50 214.00 525.00 Neutral Strong Buy 1453 0.39

CAPITA 944.00 631.50 1018.00 Neutral Sell 234 0.51

COMMUNISIS 54.25 25.34 56.50 Neutral Strong Buy 478 0.78

COMPASS GROUP 838.50 624.50 910.50 Neutral Strong Buy 1997 0.74

BERENDSEN 740.00 470.00 812.00 Neutral Strong Buy 2873 1.05

DE LA RUE 947.00 891.50 1075.00 Neutral Strong Buy 1775 #NA

DIGNITY 1339.00 803.50 1462.00 Neutral Strong Buy 2076 0.22

DIPLOMA 541.00 417.10 627.50 Neutral Strong Buy 1390 0.96ELECTROCOMP. 260.70 196.60 278.40 Neutral Strong Buy 1052 1.04

FILTRONA 698.50 439.60 750.00 Neutral Strong Buy 1301 1.13

G4S 245.70 240.00 313.50 Neutral Strong Buy 910 0.58

HAYS 89.50 66.40 101.20 Neutral Strong Buy 428 1.10

HOMESERVE 265.60 137.50 266.00 Neutral Strong Buy 1250 0.94

INTERSERVE 470.30 297.20 513.50 Neutral Strong Buy 3371 1.28

INTERTEK GROUP 3102.00 2558.00 3453.00 Neutral Buy 4492 0.78

JOHNSON SERVICE GROUP 46.00 26.50 47.25 Neutral Strong Buy 352 1.17

MANAGEMENT CNSL.GP. 29.00 21.25 32.00 Neutral Strong Buy 214 0.72

MENZIES (JOHN) 715.00 542.00 801.00 Neutral Strong Buy 2204 1.43

MICHAEL PAGE INTL. 377.40 341.40 451.80 Neutral Strong Buy 815 1.42

MITIE GROUP 250.00 249.00 300.80 Neutral Strong Buy 1281 0.55

OFFICE2OFFICE 88.00 86.00 156.00 Neutral Strong Buy 713 0.33

PAYPOINT 986.50 670.50 989.50 Neutral Strong Buy 1731 0.71

PREMIER FARNELL 208.00 153.20 236.30 Neutral Strong Buy 767 1.33

REGUS 160.20 82.65 177.50 Neutral Sell 66 1.46

RENTOKIL INITIAL 87.50 69.40 100.70 Neutral Strong Buy 315 1.25

REXAM 505.50 403.43 547.50 Neutral Strong Buy 1754 0.90

RICARDO 406.00 304.50 431.00 Neutral Strong Buy 1630 0.86

ROBERT WALTERS 218.00 176.25 234.00 Neutral Strong Buy 1154 1.24

RPC GROUP 425.90 365.40 477.00 Neutral Strong Buy 1848 0.78

RPS GROUP 213.00 197.00 274.20 Neutral Strong Buy 1039 1.51

SERCO GROUP 595.00 526.00 647.50 Neutral Strong Buy 2351 0.60

SHANKS GROUP 81.50 73.00 98.00 Neutral Strong Buy 696 1.46

SPEEDY HIRE 54.50 22.25 61.50 Neutral Strong Buy 255 1.26TRIBAL GROUP 171.00 82.00 171.00 Neutral Strong Buy 545 0.63

TRIFAST 58.38 40.50 59.25 Neutral Strong Buy 330 0.93

VP 352.00 245.75 354.88 Neutral Strong Buy 2030 0.86

WYG 89.00 42.00 89.00 Sell Strong Buy 527 0.79


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Telecommunication Services Under Valued


BT GROUP 301.70 200.70 322.30 Neutral Buy 348 0.91

CABLE & WIRELESS COMMS. 41.63 27.55 46.29 Neutral Strong Buy 85 0.70

INMARSAT 618.00 459.80 749.00 Neutral Sell 474 0.53

KCOM GROUP 76.85 68.25 88.30 Neutral Strong Buy 134 1.24

TELECOM PLUS 1264.00 770.00 1325.00 Neutral Sell 742 0.09

VODAFONE GROUP 188.15 154.45 199.90 Neu tral Neutra l 184 0.54

Transport Under Valued


BBA AVIATION 270.70 178.00 288.40 Neutral Sell 175 1.30

BRAEMAR SHIPPING SVS. 422.00 310.00 429.75 Neutral Neutra l 448 0.98

CLARKSON 1612.00 1150.00 1716.00 Neutral Sell 1156 0.80

EASYJET 1184.00 489.00 1300.00 Neutral Sell 679 0.77

FIRST GROUP 119.10 118.00 260.50 Neutral Strong Buy 560 0.91

FISHER(JAMES)& SONS 950.00 557.00 1110.00 Neutral Sell 404 0.77

GO-AHEAD GROUP 1440.00 1113.00 1588.00 Neutral Buy 1813 0.90

NATIONAL EXPRESS 198.50 164.50 230.50 Neutral Buy 253 1.35

NORTHGATE 340.00 159.60 350.00 Neutral Strong Buy 680 1.41

STAGECOACH GROUP 286.50 230.40 319.60 Neutral Buy 372 0.89

WINCANTON 67.00 31.00 78.50 Sell Sell -44 0.90

Utilities Under Valued


CENTRICA 362.90 307.10 394.90 Neutral Strong Buy 578 0.47

NATIONAL GRID 740.00 641.00 847.50 Neutral Buy 872 0.50

PENNON GROUP 666.00 598.00 796.00 Neutral Buy 796 0.59

SSE 1496.00 1294.00 1676.00 Neutral Buy 2138 0.42

SEVERN TRENT 2020.00 1513.00 2090.00 Neutral Sell 1559 0.35

UNITED UTILITIES GROUP 737.00 646.00 787.50 Neu tral Neutra l 708 0.50


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value indicator - uk main market 20130607

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