uk trading & value indicator 20120425

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25 April 2012



Intellisys Value Indicator – UK Main market 25 April 2012

Page 2 of 15 www.intellisys.uk.com © Intelligent Analysis Limited

Contents

Introduction ...................................................................................................................... 3 Timing .......................................................................................................................... 3

Value ........................................................................................................................... 4 Conclusion .................................................................................................................... 4

Aerospace & Defence Over Valued .................................................................. 5

Automobiles & Parts Over Valued ................................................................... 5

Banks Under Valued ................................................................................... 5

Beverages Over Valued ............................................................................ 5

Chemicals Over Valued ............................................................................ 5

Construction & Building Materials Over Valued .................................................. 6

Electronics & Electrical Equipment Over Valued ................................................. 6

Engineering & Machinery Over Valued ............................................................ 6

Food & Drug Stores Under Valued .................................................................... 7 Food Producers & Processors Over Valued ....................................................... 7

General Retail Over Valued .......................................................................... 7

Health Under Valued .................................................................................... 7

Household Goods & Textiles Under Valued ......................................................... 8

Information Technology & Hardware Over Valued ............................................. 8

Insurance Over Valued ................................................................................ 8

Leisure & Hotels Under Valued .................................................................... 8

Life Assurance Over Valued .......................................................................... 9

Media & Entertainment Over Valued ............................................................... 9 Mining Under Valued .................................................................................... 9

Oil & Gas Under Valued .............................................................................. 10

Personal Care & Household Products Over Valued ........................................... 10

Pharmaceuticals & Biotechnology Under Valued ................................................. 10

Software & Computer Services Under Valued ................................................... 10

Speciality & Other Finance Over Valued ......................................................... 11

Support Services Under Valued .................................................................. 12

Telecommunication Services Under Valued ...................................................... 12

Transport Over Valued .............................................................................. 13 Utilities Under Valued .................................................................................. 13 DISCLAIMER ................................................................................................................... 14 RISK WARNING – Recommendations and Target Prices ..................................................... 15





Introduction

The overriding purpose of this daily report is to provide users with a quick guide that willidentify those shares that merit their investment attention in an increasingly time critical andinformation 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 an investment are thetwo primary drivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors thatinfluence investment timing. Having identified the key parameters, these have beenestablished as rules that reflect market dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as wellas the daily pressures exerted upon primary stock promoters (analysts and traders) to findstories for their investment meetings.

From an analysis of a year’s data for 40 stocks within Intellisys’ stock coverage, the tradingindicators appear to be, on average, about 77% accurate in identifying good trading points aswell as some 74% accurate for overall trend correlation.

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

Individual Stock Recommendation & Trend Accuracy Scores

Source: Intellisys

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30.0%

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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 4020.0%

30.0%

40.0%

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60.0%

70.0%

80.0%

90.0%

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110.0%

120.0%

Best Buy/Sell Trend





Value

A similar discipline has been applied to the process of establishing ‘Target Prices’. On a dailybasis, Intellisys analyses as broad an array of historic data from not only the Profit & Loss

Account but also the Balance Sheet and Cash flow Statement and then utilises this datawithin its proprietary valuation models.

Intellisys’ architect, Philip Morrish, has successfully applied these disciplines to his investmentresearch for the last 15+ years. Additionally, these investment valuation techniques lendthemselves to accurate cross-border analysis.

The resultant ‘Target’ is also discounted to a Net Present Value to make the ‘Target’ asrealistically valid as possible.

Nevertheless, Intellisys recognises that ‘Target Price’ delivery is not only a function of marketlevels but a management team’s ability to establish and maintain a value generatingoperating environment set against a constantly changing global background.

The typical investment analyst’s approach to determining ‘target prices’ is to start with amodest range of some 6 – 10 valuation measures and remove those that are not providingthe ‘intuitive’ result. Intellysis’ approach is the opposite we use as many valuationmethodologies as possible.

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

In short, this disciplined approach provides an investment reality check to assist investorsfrom ‘falling in love’ with a stock or becoming mesmerised by ‘management cults’.

Conclusion

No investment methodology is 100% successful and like all trading and investment systemsactive position monitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, andnot separate from subscriber’s existing investment systems as well as discussing investmentoptions with their financial advisers.

Philip Morrish ([email protected])

RISK WARNING – Recommendations and Target Prices

Intellisys does not make personal recommendations. The information in this publication isprovided solely to enable you to make your own investment decisions.

If you are unsure about dealing in shares and other equity investments, you should contactyour financial adviser as these types of investments may not be suitable for everyone.

The value of stocks and shares, and the income from them, can fall as well as rise and youmay not get back the full amount you originally invested. If denominated in a foreigncurrency, fluctuations in the exchange rate will also affect the value of stocks and shares andthe income from them. Past performance is not necessarily a guide to future performance.





Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 291.30 248.10 340.80 Neutral Strong Buy 675 0.65CHEMRING GROUP 345.80 345.80 677.00 Buy Strong Buy 626 0.52COBHAM 237.70 165.90 239.50 Neutral Buy 262 0.91MEGGITT 403.80 305.00 412.00 Neutral Sell 370 1.34ROLLS-ROYC E HOLDINGS 820.00 552.19 844.00 Neutral Sell 752 1.10SMITHS GROUP 1048.00 869.50 1340.00 Neutra l Neutra l 1021 0.73ULTRA ELECTRONICS HDG. 1719.00 1305.00 1780.00 Neutral Sell 1165 0.60UMECO 575.00 243.50 575.00 Sell Sell 427 0.80

Automobiles & Parts Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaGKN 202.40 157.00 245.00 Neutral Sell 159 1.98INCHCAPE 349.70 268.60 425.40 Neutral Sell 300 1.42LOOKERS 62.00 47.00 72.75 Neutra l Neutra l 62 1.34PENDRAGON 13.25 6.80 19.71 Neutral Strong Buy 21 1.14

Banks Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBARCLAYS 211.00 138.85 301.85 Neutral Strong Buy 398 1.86HSBC HDG. (ORD $0.50) 553.50 463.50 662.50 Neutral Strong Buy 1055 1.14LLOYDS BANKING GROUP 30.35 21.84 60.39 Sell Strong Buy 84 1.77ROYAL BANK OF SC TL.GP. 23.30 17.34 42.91 Sell Sell 8 1.29S TAND ARD C HARTERED 1521.50 1169.50 1672.00 Neutral Sell 749 1.71

Beverages Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBARR (AG) 1187.00 1031.00 1395.00 Neutra l Neutra l 1253 0.43DIAGEO 1563.00 1112.00 1589.00 Neutral Sell 1381 0.55SABMILLER 2604.00 1979.00 2660.00 Neutral Buy 2994 0.99

Chemicals Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCRODA INTERNATIONAL 2231.00 1597.00 2274.00 Neutral Sell 1773 1.08ELEMENTIS 200.00 107.50 206.00 Neutral Sell 181 1.07JOHNSON MATTHEY 2315.00 1523.00 2408.00 Neutra l Neutra l 2433 1.47VICTREX 1434.00 1025.00 1590.00 Neutra l Neutra l 1472 1.22YULE CATTO 234.10 148.00 253.00 Neutral Strong Buy 358 1.29ZOTEFOAMS 175.50 109.00 186.50 Neutral Buy 240 1.01





Construction & Building Materials Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBALFOUR BEATTY 264.00 214.60 333.70 Neutral Buy 319 0.84BARRATT DEVELOPMENTS 129.40 67.50 151.50 Neutral Sell 69 1.45BELLWAY 764.00 540.50 859.50 Neutral Sell 684 1.01BERKELEY GROUP HDG.(THE) 1266.00 1025.00 1414.00 Neutral Neutra l 1265 0.68BOVIS HOMES GROUP 465.20 326.50 518.50 Neutral Sell 211 1.07CARILLION 271.70 264.60 403.20 Neutral Buy 378 1.09CLARKE (T) 49.25 35.50 98.25 Neutral Strong Buy 201 0.80COSTAIN GROUP 216.00 180.00 247.50 Neutral Strong Buy 770 0.56GALLIFORD TRY 619.00 383.75 630.00 Neutral Sell 578 1.05KELLER 416.25 239.25 671.50 Neutral Neutra l 451 1.32KIER GROUP 1137.00 1095.00 1489.00 Neutral Strong Buy 3174 1.04LOW & BONAR 58.75 38.00 76.75 Neutral Strong Buy 143 1.11MARSHALLS 95.00 83.25 124.50 Neutral Sell 72 1.35MORGAN SINDALL GROUP 673.00 510.00 725.00 Neutral Strong Buy 1489 0.89PERSIMMON 625.50 374.00 706.50 Neutral Neutra l 619 1.10REDROW 126.00 103.50 135.30 Neutral Sell 89 0.97SIG 105.00 76.95 153.50 Neutral Sell 9 1.59TAYLOR WIMPEY 49.20 28.71 52.75 Neutral Sell 13 1.50TRAVIS PERKINS 1023.00 715.00 1125.00 Neutral Neutra l 1091 1.89WOLSELEY 2312.00 1404.00 2558.00 Neutral Sell 1809 1.44

Electronics & Electrical Equipment Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaDIALIGHT 1085.00 643.50 1095.00 Sell Sell 468 0.76DOMINO PRINTING SCIENCES 584.00 434.30 701.50 Neutral Buy 725 1.18E2V TECHNOLOGIES 143.25 86.75 146.50 Neutral Buy 162 1.35INVENSYS 191.40 180.90 340.60 Neutral Strong Buy 398 1.47LAIRD 211.90 128.50 222.00 Neutral Sell 195 2.17OX FORD I NSTRUMENTS 1248.00 714.00 1285.00 Neutral Sell 845 0.99RENISHAW 1420.00 800.00 1886.00 Neutral Buy 1997 1.29SPEC TRIS 1810.00 1039.00 1857.00 Neutral Sell 1254 1.43BIOME TECHNOLOGIES 0.19 0.14 0.28 Neutral Strong Buy 0 0.64TT ELECTRONICS 182.50 120.50 208.00 Neutral Buy 250 1.60XAAR 225.00 212.00 295.00 Neutral Sell 129 1.13

Engineering & Machinery Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAGA RANGEMASTER GROUP 77.50 62.50 124.00 Neutral Strong Buy 265 1.32BODYCOTE 423.40 225.60 426.50 Neutral Sell 318 1.59CASTINGS 290.00 252.50 358.00 Neutral Strong Buy 476 0.98

COOKSON GROUP 722.50 395.80 747.50 Neutral Neutral 689 2.29FENNER 446.40 280.00 483.70 Neutral Sell 421 1.41HALMA 399.30 306.30 429.60 Neutral Sell 341 0.76HILL & SMITH 323.00 235.00 393.50 Neutral Strong Buy 536 1.41IMI 979.50 636.50 1119.00 Neutral Buy 1282 1.40METALRAX GROUP 8.12 7.25 12.00 Neutral Sell 5 0.86MORGAN CRUCIBLE 315.10 224.00 360.00 Neutral Neutral 310 1.77ROTORK 2144.00 1501.00 2220.00 Neutral Sell 1681 0.99SENIOR 205.60 135.60 205.60 Neutral Neutral 220 1.77SEVERFIELD-ROWEN 176.00 150.00 250.00 Neutral Sell 150 1.07SPIRAX-SARC O 2290.00 1649.00 2300.00 Sell Sell 2102 0.85VITEC GROUP 668.00 488.00 690.00 Neutral Neutral 671 1.52WEIR GROUP 1634.00 1375.00 2236.00 Neutral Sell 1472 1.39





Food & Drug Stores Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaGREGGS 514.50 445.00 558.00 Neutral Sell 312 0.52MORRISON(WM)SPMKTS. 288.50 277.00 328.00 Neutral Buy 361 0.45SAINSBURY (J) 308.90 263.50 362.80 Neutral Strong Buy 553 0.64TESC O 325.45 310.45 420.05 Neutral Buy 416 0.73THORNTONS 26.13 9.50 81.50 Neutral Neutra l 25 0.77

Food Producers & Processors Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaASSOCIATED BRIT.FOODS 1239.00 977.00 1239.00 Sell Sell 1003 0.60CRANSWIC K 810.00 588.50 841.00 Neutral Strong Buy 1507 0.60DAIRY C REST 294.90 290.40 409.70 Neutral Strong Buy 721 0.93DEVRO 307.10 232.00 332.20 Neutral Strong Buy 663 0.33PREMIER FOODS 16.50 3.29 35.12 Neutral Sell -30 1.40TATE & LYLE 677.50 544.50 720.50 Neutral Buy 814 0.63UNILEVER (UK) 2078.00 1892.00 2189.00 Neutral Sell 998 0.58

General Retail Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaASHLEY(LAURA) HOLDINGS 23.00 16.00 23.75 Neutral Buy 28 0.71BROWN (N) GROUP 225.00 222.40 304.50 Neutral Neutra l 247 0.49BURBERRY GROUP 1407.00 1092.00 1600.00 Neutral Sell 521 1.36CARPETRIGHT 598.00 375.00 741.00 Neutral Sell 199 1.03CLINTON CARDS 7.62 7.50 18.00 Sell Buy 10 0.65DIXONS RETAIL 17.75 9.36 19.91 Neutral Strong Buy 27 1.45FINDEL 3.25 2.20 8.70 Neutral Sell 3 0.97

FRENC H C ONNEC TN.GROUP 44.25 36.00 106.00 Neutral Strong Buy 98 0.93HALFORDS GROUP 271.00 269.50 405.90 Buy Buy 402 0.64JJB SPORTS 12.63 5.20 31.00 Sell Strong Buy 1151 0.88JD SPORTS FASHION 799.00 570.00 1030.00 Neutral Buy 1170 0.48KESA ELECTRICALS 55.40 52.80 151.40 Neutral Strong Buy 282 1.28KINGFISHER 296.90 217.00 313.80 Neutral Sell 280 0.97MA RK S & S PENC ER GROUP 355.30 301.80 402.20 Neutral Neutra l 381 0.74MOSS BROTHERS GROUP 50.50 26.00 51.00 Neutral Sell 21 1.07MOTHERCARE 165.50 127.30 448.50 Neutral Strong Buy 354 0.56NEXT 2984.00 2153.00 3060.00 Neutral Sell 2080 0.78TED BAKER 928.50 633.00 928.50 Sell Sell 460 0.56TOPPS TILES 38.25 21.50 77.00 Neutral Sell 22 1.33

Health Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCONSORT MEDICAL 656.00 498.00 665.00 Neutral Sell 423 0.39CORIN GROUP 39.25 35.25 59.00 Neutral Buy 50 0.76SMITH & NEPHEW 607.00 521.00 694.00 Neutral Buy 769 0.36





Household Goods & Textiles Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaHARVARD INTL. 44.00 21.75 44.00 Neutral Sell 32 0.48GAMES WORKSHOP 570.00 405.00 577.50 Neutral Sell 463 0.38HEADLAM GROUP 296.75 233.25 310.00 Neutral Buy 360 0.93HORNBY 93.00 92.50 145.00 Neutral Strong Buy 148 0.65

Information Technology & Hardware Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaARM HOLDINGS 531.50 464.00 645.00 Neutral Sell 395 0.76CSR 201.90 154.10 391.40 Neutral Strong Buy 580 1.20FILTRONIC 30.25 14.50 35.00 Sell Strong Buy 54 0.66IMAGINATION TECHNOLOGIES 686.50 296.90 717.00 Neutral Sell 254 0.96PSION 55.00 41.00 101.50 Neutral Strong Buy 332 1.16SPIRENT COMMUNICATIONS 165.50 105.80 172.80 Neutral Strong Buy 370 1.01WOLFSON MICROELECTRONICS 167.00 96.00 244.50 Neutral Sell 75 1.06

Insurance Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaADMIRAL GROUP 1212.00 787.00 1754.00 Neutral Sell -8543 0.51AMLIN 322.40 270.60 427.00 Neutral Strong Buy 7249 0.49BEAZLEY 143.30 109.60 151.80 Neutral Strong Buy 2359 0.51CATLIN GROUP 423.00 336.00 449.00 Neutral Sell 85 0.31HISCOX 400.30 340.50 424.70 Neutral Strong Buy 6541 0.50JARDINE LLOYD THOMPSON 687.00 576.00 764.50 Neutral Strong Buy 4519 0.32RSA INSURANC E GROUP 102.50 99.60 139.80 Neutral Strong Buy 2789 0.43NOVAE GROUP 364.00 285.00 385.25 Neutral Strong Buy 6272 0.50

Leisure & Hotels Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCARNIVAL 1964.00 1742.00 2642.00 Neutral Strong Buy 3120 1.08ENTERPRISE INNS 60.75 26.50 96.15 Neutral Sell 28 1.73TUI TRAVEL 185.50 136.70 250.00 Neutral Strong Buy 674 0.95FULLER SMITH 'A' 710.00 610.00 752.00 Neutral Sell 566 0.44GREENE KING 515.00 410.00 523.50 Neutral Neutra l 555 0.86LADBROKES 173.60 114.00 175.80 Neutral Sell 162 1.00ICTL.HTLS.GP. 1445.00 955.00 1497.00 Neutral Buy 1666 1.31MILLENNIUM & CPTH.HTLS. 473.60 371.20 535.00 Neutral Sell 422 1.41MITC HELLS & BUTLERS 263.10 215.60 336.80 Neutral Buy 335 1.02BWIN PARTY DIGITAL ENTM. 153.90 100.60 174.00 Neutral Sell 117 1.26PUNCH TAVERNS 9.81 9.14 15.57 Neutral Sell -201 1.30RANK GROUP 120.80 109.50 153.70 Neutral Buy 177 0.99RESTAURANT GROUP 282.90 254.90 335.00 Neutral Neutra l 307 0.85WETHERSPOON (JD) 416.00 380.50 468.30 Neutral Buy 578 0.72WHITBREAD 1811.00 1409.00 1872.00 Neutral Sell 1564 1.02WILLIAM HILL 277.70 183.30 278.30 Neutral Neutra l 267 0.94MARSTON'S 97.40 84.60 112.00 Neutral Strong Buy 153 1.26





Life Assurance Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVIVA 311.60 275.30 450.30 Neutral Strong Buy 435 1.26CHESNARA 182.00 161.75 255.00 Neutral Neutra l 177 0.58LEGAL & GENERAL 117.60 89.80 135.00 Neutral Buy 83 1.67OLD MUTUAL 146.60 98.47 165.31 Neutral Sell 160 1.66PRUDENTIAL 737.50 509.00 797.50 Neutral Sell 316 1.72ST.JAMES'S PLACE 339.50 294.00 376.00 Neutral Strong Buy 121 0.81

Media & Entertainment Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAEGIS GROUP 173.80 116.17 187.40 Neutral Sell 98 1.31BLOOMSBURY PBL. 109.00 91.25 138.00 Neutral Buy 138 0.51BRITISH SKY BCAST.GROUP 672.00 618.50 850.00 Neutral Neutra l 661 0.61CENTAUR MEDIA 30.50 30.50 56.25 Neutral Sell -81 1.04DAILY MAIL 'A' 419.00 343.40 505.50 Neutral Buy 498 1.09EUROMONEY INSTL.INVESTOR 789.00 522.50 809.50 Sell Sell 612 1.05

INFORMA 422.00 313.90 451.00 Neutral Sell 349 1.52ITE GROUP 219.40 157.70 258.00 Neutral Sell 185 1.42ITV 84.30 51.65 89.90 Neutral Neutra l 82 1.52JOHNSTON PRESS 5.75 4.11 8.18 Neutral Strong Buy 70 1.46PEARSON 1120.00 1038.00 1255.00 Neutral Neutra l 1162 0.66PHOTO-ME INTL. 44.75 41.50 67.00 Neutral Strong Buy 90 0.86PINEWOOD SHEPPERTON 349.50 198.25 349.50 Sell Sell 169 0.35THOMSON REUTERS 28.60 26.21 39.25 Neutral Sell 8 0.51STV GROUP 115.50 76.25 168.00 Neutral Sell 29 0.81ST.IVES 71.50 68.50 102.25 Neutral Strong Buy 233 1.45TRINITY MIRROR 32.25 30.75 54.25 Neutral Strong Buy 512 1.57UBM 575.50 416.00 641.50 Neutral Strong Buy 1756 1.30WILMINGTON GROUP 89.75 78.50 151.00 Neutral Buy 119 0.86WPP 833.00 578.00 880.00 Neutral Neutra l 894 1.29

YELL GROUP 3.53 3.35 11.00 Neutral Strong Buy 54 1.32

Mining Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaANGLO AMERIC AN 2308.00 2138.50 3181.00 Neutral Strong Buy 5727 1.75ANGLO PAC IFIC GROUP 303.80 237.90 340.00 Neutral Neutra l 321 0.95ANTOFAGASTA 1169.00 900.50 1491.00 Neutral Sell 1019 1.38BHP BILLITON 1917.00 1667.00 2560.00 Neutral Strong Buy 4276 1.40LONMIN 994.50 941.00 1646.00 Neutral Sell 874 1.92RANDGOLD RESOURCES 5270.00 4580.00 7565.00 Neutral Sell 1598 0.33RIO TINTO 3415.00 2712.50 4595.00 Neutral Buy 4775 1.42

UK COAL 12.50 12.50 47.00 Neutral Sell -60 0.94VEDANTA RESOURC ES 1175.00 928.00 2366.00 Neutral Strong Buy 4752 2.10XSTRATA 1149.00 764.00 1550.00 Neutral Sell 1034 1.78





Oil & Gas Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBG GROUP 1407.00 1144.00 1547.00 Neutral Buy 1928 0.70BP 436.60 363.20 504.60 Neutral Strong Buy 1286 1.06CAIRN ENERGY 329.50 291.86 515.11 Neutral Buy 413 1.36FORTUNE OIL 11.00 9.00 14.75 Neutral Strong Buy 24 0.86HUNTING 910.00 530.00 968.00 Neutral Sell 791 1.30JKX OIL & GAS 135.00 120.50 314.00 Neutral Strong Buy 370 1.36MELROSE RESOURC ES 118.75 95.25 288.00 Neutral Strong Buy 641 1.14PREMIER OIL 368.30 310.00 500.75 Neutral Buy 534 1.36ROYAL DUTCH SHELL A(LON) 2130.00 1883.50 2402.00 Neutral Strong Buy 6552 0.91ROYA L D UTC H SHELL B 2200.50 1890.50 2 489.00 Neutral Strong Buy 6612 0.92SOC O INTERNATIONAL 292.00 278.00 397.50 Neutral Sell 199 0.47TULLOW OIL 1482.00 945.50 1601.00 Neutral Sell 464 1.06WOOD GROUP (JOHN) 745.00 469.90 763.50 Neutral Neutra l 791 1.36

Personal Care & Household Products Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaMCBRIDE 130.75 108.75 151.06 Neutral Sell 110 0.87PZ CUSSONS 329.90 285.00 387.90 Neutral Buy 378 0.74RECKITT BENCKISER GROUP 3614.00 3100.00 3660.00 Neutral Sell 3344 0.34

Pharmaceuticals & Biotechnology Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaARK THERAPEUTICS GP. 3.45 3.13 5.35 Buy Sell -7 0.97ASTRAZENEC A 2837.50 2543.50 3194.00 Neutral Strong Buy 11067 0.45BTG 381.20 236.80 385.30 Neutral Sell 230 0.73DECHRA PHARMACEUTICALS 513.00 433.00 579.00 Neutral Strong Buy 1978 0.32

GLAXOSMITHKLINE 1457.50 1205.00 1497.00 Neutral Buy 2037 0.49OXFORD BIOMEDICA 4.20 2.88 7.20 Buy Strong Buy 15 0.61PHYTOPHARM 8.02 6.40 9.50 Buy Sell 1 0.92SHIRE 2012.00 1818.00 2300.00 Neutral Neutra l 2053 0.63SKYEPHARMA 80.25 31.00 85.50 Neutral Strong Buy 302 0.70VERNALIS 24.50 18.75 49.00 Neutral Strong Buy 97 0.82

Software & Computer Services Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaTIMEWEAVE 21.38 21.38 27.00 Neutral Strong Buy 48 0.73ANITE 122.00 57.75 129.75 Neutral Sell 63 0.84

AVEVA GROUP 1623.00 1298.00 1799.00 Neutral Sell 963 1.48COMPUTAC ENTER 399.40 324.70 490.00 Neutral Strong Buy 1102 1.09KOFAX 284.00 225.00 503.50 Neutral Neutra l 294 1.11INNOVATION GROUP 20.50 16.63 23.00 Neutral Neutra l 20 0.92LOGICA 76.15 58.95 144.80 Neutral Strong Buy 215 1.36MIC RO FOC US INTL. 463.30 242.90 476.70 Neutral Neutra l 473 0.75MISYS 348.90 214.90 420.20 Neutral Buy 429 1.33PHOENIX IT GROUP 188.75 154.75 262.75 Neutral Strong Buy 491 0.88RM 80.25 41.50 156.63 Neutral Sell -22 0.48FIDESSA GROUP 1531.00 1444.00 2109.00 Neutral Buy 1738 0.82SAGE GROUP 281.50 231.70 312.40 Neutral Buy 318 0.65





Speciality & Other Finance Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaABERDEEN ASSET MAN. 271.50 167.80 277.80 Neutral Sell 170 1.07BREWIN DOLPHIN 165.50 113.70 177.00 Neutral Sell 124 0.72CAMELLIA 9500.00 8800.00 10950.00 Neutral Strong Buy 17665 0.87C HA RLES S TANLEY GROUP 288.50 240.00 350.00 Neutral Neutra l 293 0.96C HARLES TAYLOR C NSL. 132.00 115.63 160.00 Neutral Strong Buy 212 0.70C LOSE BROTHERS GROUP 731.00 590.00 820.00 Neutral Sell 352 0.83F&C ASSET MANAGEMENT 67.00 56.05 81.70 Neutral Buy 85 0.91HELPHIRE GROUP 1.55 1.36 14.00 Neutral Sell 0 0.67HENDERSON GROUP 120.50 95.05 163.70 Neutral Sell 96 1.42ICAP 367.20 311.60 524.00 Neutral Sell 318 1.06INTERMEDIATE CAPITAL GP. 252.20 197.90 345.00 Neutral Buy 282 1.65INVESTEC 351.60 318.40 522.00 Neutral Sell 272 1.56LONDON STOCK EX.GROUP 1072.00 756.50 1093.00 Neutral Sell 789 1.17MAN GROUP 97.00 92.55 259.60 Neutral Strong Buy 154 1.27RATHBONE BROTHERS 1283.00 977.00 1316.00 Neutral Sell 1200 0.74SCHRODERS 1393.00 1183.00 1906.00 Neutral Buy 1647 1.31SCHRODERS NV 1101.00 970.00 1554.00 Neutral Buy 1647 1.30





Support Services Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaACAL 203.75 166.25 344.00 Neutral Strong Buy 352 0.94AGGREKO 2246.00 1522.00 2316.00 Neutral Sell 1275 1.16AMEC 1107.00 740.50 1207.00 Neutral Buy 1321 1.01ASHTEAD GROUP 249.00 99.40 271.10 Neutral Sell 130 1.52BABCOC K INTL. 833.00 570.50 851.00 Neutral Sell 721 0.56BRITISH POLYTHENE INDS. 353.00 270.00 392.50 Neutral Strong Buy 1113 0.73BUNZL 1021.00 676.50 1030.00 Neutral Neutra l 1014 0.54UK MAIL GROUP 230.00 192.25 318.50 Neutral Strong Buy 559 0.34CAPITA 682.50 611.50 767.00 Neutral Neutra l 722 0.43COMMUNISIS 36.25 23.75 39.75 Neutral Strong Buy 100 0.77COMPASS GROUP 647.00 512.50 671.00 Neutral Buy 796 0.71BERENDSEN 528.50 402.70 568.00 Neutral Strong Buy 1083 1.02DE LA RUE 930.00 730.00 1001.00 Neutral Buy 1054 #NADIGNITY 847.50 727.00 860.00 Neutral Buy 1001 0.20DIPLOMA 445.00 284.00 453.00 Neutral Neutra l 489 1.01ELECTROC OMP. 225.30 182.20 294.90 Neutral Strong Buy 383 1.01FILTRONA 463.20 296.30 484.50 Neutral Neutra l 441 1.11G4S 280.00 219.90 292.10 Neutral Buy 400 0.58HAYS 87.85 58.85 119.60 Neutral Strong Buy 147 0.98HOMESERVE 233.70 214.70 532.00 Neutral Strong Buy 479 0.65INTERSERVE 281.00 266.50 341.25 Neutral Strong Buy 820 1.35INTERTEK GROUP 2543.00 1744.00 2605.00 Neutral Sell 1666 0.86JOHNSON SERVIC E GROUP 28.00 25.25 36.00 Neutral Strong Buy 69 1.14MANAGEMENT C NSL.GP. 39.25 27.75 45.50 Neutral Buy 58 0.68MENZIES (JOHN) 613.00 445.50 623.00 Neutral Strong Buy 1263 1.47MIC HAEL PAGE INTL. 424.50 323.00 567.00 Neutral Neutra l 451 1.35MITIE GROUP 289.70 206.80 290.00 Neutral Buy 415 0.61MOUC HEL GROUP 7.25 4.75 78.00 Sell Sell -304 0.91OFFICE2OFFICE 147.50 122.00 166.50 Neutral Strong Buy 295 0.39PAYPOINT 636.00 450.00 670.00 Neutral Buy 752 0.72PREMIER FARNELL 203.40 144.50 301.00 Neutral Strong Buy 363 1.18REGUS 104.30 64.00 117.50 Neutral Sell 72 1.40RENTOKIL INITIAL 86.30 58.20 100.90 Neutral Sell 52 1.30REXAM 423.70 299.80 438.00 Neutral Buy 541 0.87RICARDO 353.50 325.00 410.00 Neutral Strong Buy 560 0.82ROBERT WALTERS 256.75 158.25 326.00 Neutral Buy 361 1.25RPC GROUP 367.20 300.50 393.20 Neutral Buy 459 0.84RPS GROUP 234.10 156.60 253.00 Neutral Buy 304 1.58SERCO GROUP 539.00 458.00 597.50 Neutral Buy 692 0.57SHANKS GROUP 91.80 90.80 130.90 Neutral Strong Buy 168 1.46SPEEDY HIRE 26.25 18.50 34.00 Neutral Sell -8 1.31TRIBAL GROUP 73.75 38.50 79.75 Neutral Sell -332 0.63TRIFAST 47.00 36.25 52.88 Neutral Buy 65 0.88VP 248.50 191.00 260.00 Neutral Strong Buy 596 0.90WYG 50.50 47.00 956.25 Neutral Sell -9457 0.77WSP GROUP 251.50 160.00 361.00 Neutral Strong Buy 592 0.95

Telecommunication Services Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBT GROUP 213.70 161.00 232.10 Neutral Buy 257 0.92C ABLE & WIRELESS C OMMS. 31.80 30.07 48.92 Neutral Strong Buy 136 0.65INMARSAT 431.50 389.30 620.00 Neutral Sell 356 0.53KCOM GROUP 70.00 59.75 84.00 Neutral Buy 83 1.27TELECOM PLUS 695.00 472.00 802.00 Neutral Sell 471 0.04VODAFONE GROUP 171.85 155.05 182.70 Neutral Neutra l 186 0.63





Transport Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBBA AVIATION 194.00 156.00 223.40 Neutral Sell 160 1.41BRAEMAR SHIPPING SVS. 383.00 282.00 505.00 Neutral Strong Buy 642 0.94CLARKSON 1338.00 1015.00 1367.00 Neutral Buy 1649 0.81EASYJET 494.20 302.54 498.00 Neutral Neutra l 532 0.77FIRST GROUP 195.60 190.00 370.20 Neutral Strong Buy 400 1.08FISHER(JAMES)& SONS 575.00 440.50 615.00 Neutral Sell 328 0.83GO-AHEAD GROUP 1135.00 1125.00 1598.00 Neutral Strong Buy 1745 0.94NATIONAL EXPRESS 216.60 201.60 270.20 Neutral Sell 172 1.28NORTHGATE 198.80 190.00 342.00 Neutral Strong Buy 380 1.38STAGEC OAC H GROUP 252.20 219.96 287.40 Neutral Sell 204 0.88WINCANTON 54.25 54.00 123.25 Neutral Strong Buy 153 0.85

Utilities Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaCENTRICA 322.50 278.80 333.00 Neutral Neutra l 342 0.49

NATIONAL GRID 667.50 569.00 667.50 Neutral Buy 841 0.55PENNON GROUP 743.00 623.50 751.00 Neutral Sell 636 0.59SEVERN TRENT 1689.00 1375.00 1720.00 Neutral Sell 1457 0.46UNITED UTILI TIES GROUP 622.00 560.00 637.00 Neutral Neutra l 650 0.58





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