value indicator - uk main market 20131001

7/27/2019 value indicator - uk main market 20131001

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01 October 2013

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Intellisys Intelligent Analysis Limited 01 October 2013

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

Contents

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


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How to use the report

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

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

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

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

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

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

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

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

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

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

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

the market. This can be summarised as:

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

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target price

based upon 49valuation metrics

Company Latest 12 month Hi/Lo forthe share price

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


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaAVON RUBBER 550.00 297.50 550.00 Neutral Sell 504 0.93

BAE SYSTEMS 454.40 300.80 468.00 Neutral Buy 618 0.70

CHEMRING GROUP 303.80 217.00 353.30 Neutral Buy 334 0.67

COBHAM 287.30 190.10 307.70 N eu tra l Neu tral 294 0.82

MEGGITT 549.00 366.20 564.00 Neutral Sell 515 1.25

QINETIQ GROUP 191.60 179.00 211.10 Neutral Sell 115 0.65

ROLLS-ROYCE HOLDINGS 1112.00 8 35.76 1 240.00 Neutral Buy 1509 0.98

SENIOR 270.40 185.90 288.40 N eu tra l Neu tral 272 1.66

SMITHS GROUP 1399.00 1018.00 1412.00 Neutral Sell 1213 0.76

ULTRA ELECTRONICS HDG. 18 89.00 1 505.00 1981.00 Neutral Sell 1712 0.51

Automobiles & PartsOver Valued

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

GKN 342.00 201.00 360.70 Neutral Sell -1700 1.96

INCHCAPE 610.50 353.30 645.00 Neutral Strong Buy 2805 1.41

LOOKERS 124.50 71.50 128.50 Neutral Strong Buy 631 1.22

PENDRAGON 34.00 13.50 35.25 Neutral Strong Buy 248 1.04

TOROTRAK 26.00 23.50 36.50 Neutral Sell 12 0.73

Banks Over Valued


BARCLAYS 265.50 203.45 308.39 Neutral Sell -651 1.96

HSBC HDG. (ORD $0.50) 669.40 580.50 769.90 Neutral Buy 827 1.19

LLOYDS BANKING GROUP 73.58 37.01 78.00 Neutral Sell 7 1.88

ROYAL BANK OF SCTL.GP. 359.90 257.30 372.70 Neutral Sell -107 1.39

STANDARD CHARTERED 1481.00 1380.00 1837.50 Neutral Strong Buy 3302 1.67

Beverages Under Valued


BARR (AG) 527.50 432.20 588.50 Neutral Sell 419 0.58

BRITVIC 572.50 349.10 592.00 Neutral Buy 810 0.73

DIAGEO 1965.00 1746.50 2136.50 Sell Buy 2296 0.51

SABMILLER 3143.50 2599.00 3657.00 Neutral Strong Buy 5030 0.89


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Chemicals Under Valued


ALENT 355.00 305.00 397.50 Neutral Strong Buy 3650 #NA

AZ ELECTRONIC MATS.(DI) 295.00 240.00 406.40 Neutral Strong Buy 530 1.11

CARCLO 380.00 342.75 501.00 Neutral Sell 122 0.74

CRODA INTERNATIONAL 2655.00 2164.00 2841.00 Neutral Buy 3208 1.05

ELEMENTIS 239.70 204.20 275.00 Neutral Buy 292 1.07

JOHNSON MATTHEY 2808.00 2190.00 2985.00 Neutral Buy 3930 1.44

VICTREX 1597.00 1331.00 1765.00 Neutral Sell 1322 1.16

SYNTHOMER 238.10 146.00 249.20 Neutral Strong Buy 367 1.05

ZOTEFOAMS 196.50 186.50 225.00 Neutral Buy 281 1.00

Construction & Building Materials Under Valued


ALUMASC GROUP 134.50 77.50 137.00 Neutral Strong Buy 288 0.55

BALFOUR BEATTY 284.30 207.60 320.80 Neutral Strong Buy 1083 0.82

BARRATT DEVELOPMENTS 308.60 174.50 355.20 Neutral Strong Buy 632 1.67

BELLWAY 1315.00 913.00 1502.00 Neutral Strong Buy 2942 0.96

BERKELEY GROUP HDG.(THE) 2072.00 1387 .00 2340.00 Neutral Strong Buy 5155 0.55

BOOT (HENRY) 182.00 123.50 201.00 Neutral Strong Buy 368 0.74

BOVIS HOMES GROUP 719.00 487.00 851.50 Neutral Strong Buy 1476 1.07

CARILLION 312.70 244.80 331.80 Neutral Strong Buy 1594 1.06

CLARKE (T) 65.00 40.00 68.50 Neutral Strong Buy 401 0.76

COSTAIN GROUP 264.50 226.25 306.00 Neutral Strong Buy 1158 0.50

CRH 1478.00 1090.00 1540.00 Neutral Sell 899 1.03

GALLIFORD TRY 1040.00 678.00 1070.00 Neutral Strong Buy 3054 0.93

KELLER 1039.00 549.00 1161.00 Neutral Strong Buy 2462 1.28

KIER GROUP 1686.00 1106.00 1690.00 Neutral Strong Buy 5518 0.99

LOW & BONAR 74.25 50.00 80.00 Neutral Strong Buy 230 1.08

MARSHALLS 178.75 85.00 184.00 Neutral Buy 213 1.33

MORGAN SINDALL GROUP 750.00 508.00 750.00 Neutral Strong Buy 4739 0.70

NORCROS 20.50 11.25 21.75 Neutral Strong Buy 71 1.02

PERSIMMON 1086.00 685.75 1305.00 Neutral Strong Buy 2056 0.99

REDROW 233.00 152.90 255.10 Neutral Strong Buy 470 0.84

SIG 185.80 99.75 193.70 Neutral Strong Buy 548 1.68

SUPERGLASS HOLDINGS 43.00 43.00 287.50 Neutral Strong Buy 4420 0.89

TAYLOR WIMPEY 100.40 54.70 113.80 Neutral Strong Buy 234 1.58

TRAVIS PERKINS 1650.00 1060.00 1713.00 Neutral Strong Buy 4552 1.94

WOLSELEY 3197.00 2636.64 3483.00 Neutral Strong Buy 6227 1.30


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Electronics & Electrical Equipment Under Valued


DIALIGHT 1135.00 999.50 1399.00 Neutral Sell 1051 0.67

DOMINO PRINTING SCIENCES 640.00 522.00 717.00 Neutral Buy 882 1.12

E2V TECHNOLOGIES 147.50 105.50 148.25 Neutral Strong Buy 286 1.25

INVENSYS 498.00 217.33 509.50 Neutral Sell 291 1.42

LAIRD 220.40 171.10 249.30 Neutral Strong Buy 446 2.06

OXFORD INSTRUMENTS 1260.00 1209.00 1752.00 Neutral Sell 1149 1.11

RENISHAW 1803.00 1494.00 2081.00 Neutral Buy 2067 1.28

SPECTRIS 2206.00 1549.00 2470.00 Neutral Buy 2817 1.51

BIOME TECHNOLOGIES 200.00 65.00 303.67 Neutral Sell -411 0.76

TT ELECTRONICS 193.50 114.00 200.00 Neutral Strong Buy 435 1.61

XAAR 798.00 247.50 898.00 Neutral Sell 418 1.08

Engineering & Machinery Under Valued


AGA RANGEMASTER GROUP 128.50 54.25 128.50 Sell Buy 149 1.14

BODYCOTE 650.00 345.10 685.00 Neutral Neutral 654 1.59

CASTINGS 425.00 291.00 450.00 Neutral Buy 579 0.93

VESUVIUS 446.80 263.19 487.60 Neutral Strong Buy 1225 2.23

FENNER 398.40 305.90 435.20 Neutral Buy 576 1.47

HALMA 566.50 410.40 578.00 Neutral Sell 424 0.79

HILL & SMITH 470.00 364.00 480.00 Neutral Buy 560 1.31

IMI 1455.00 902.00 1513.00 Neutral Strong Buy 4414 1.39

MORGAN ADVANCE D MATE RIAL 3 11 .2 0 2 20 .3 0 3 18 .0 0 Neutral Strong Buy 508 1.89

ROTORK 2727.00 2229.00 3037.00 Neutral Sell -5340 1.01

SEVERFIELD-ROWEN 59.75 35.40 76.91 Neutral Sell 52 0.79

SPIRAX-SARCO 3015.00 1932.53 3090.00 Neutral Sell 1835 0.81VITEC GROUP 681.50 559.00 740.00 Neutral Sell 491 1.34

WEIR GROUP 2330.00 1688.00 2474.00 Neutral Neutral 2279 1.45

Food & Drug Stores Over Valued


GREGGS 423.60 392.10 523.50 Neutral Strong Buy 792 0.45

MORRISON(WM)SPMKTS. 280.00 248.60 302.50 Neutral Buy 381 0.37

SAINSBURY (J) 391.50 321.90 400.80 Neutral Buy 460 0.55

TESCO 359.00 307.90 387.75 Neutral Sell 193 0.67

THORNTONS 97.00 28.63 100.50 Neutral Sell 61 0.79

Food Producers & Processors Over Valued


ASSOCIATED BRIT.FOODS 1876.00 1308.00 2 031.00 Neutral Sell 1627 0.59

CRANSWICK 1172.00 732.50 1189.00 Neutral Buy 1744 0.31

DAIRY CREST 455.50 339.90 528.50 Neutral Sell 380 0.88

DEVRO 324.50 289.90 380.00 Neutral Strong Buy 500 0.36

PREMIER FOODS 156.00 59.75 166.50 Neutral Strong Buy 248 1.23

TATE & LYLE 736.50 667.00 883.00 Neutral Strong Buy 1317 0.65

UNILEVER (UK) 2440.00 2262.00 2885.00 Neutral Sell 2147 0.50


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 26.00 24.00 29.50 Neutral Strong Buy 46 0.67

BROWN (N) GROUP 525.00 266.40 577.00 N eu tral Neu tral 532 0.50

BURBERRY GROUP 1634.00 1000.00 1667.00 Neutral Sell 1283 1.29

CARPETRIGHT 648.50 585.00 701.50 Neutral Sell 254 0.87

DIXONS RETAIL 46.67 19.92 47.67 N eu tral Neu tral 44 1.46

FINDEL 247.50 108.00 253.75 Neutral Sell 153 1.04

FRENCH CONNECTN.GROUP 31.50 22.75 34.00 Sell Sell 11 1.03

HALFORDS GROUP 393.60 262.20 406.00 Neutral Strong Buy 604 0.71

JD SPORTS FASHION 1054.00 670.00 1073.00 Neutral Strong Buy 2112 0.51

DARTY 69.00 39.00 88.25 Neutral Strong Buy 124 1.22

KINGFISHER 385.90 262.20 420.00 Neutral Buy 561 0.90

MARKS & SPENCER GROUP 496.60 357.90 513.50 Neutral Strong Buy 761 0.61

MOSS BROTHERS GROUP 68.50 50.75 74.88 Neutral Buy 87 0.95

MOTHERCARE 377.00 212.00 492.75 Neutral Sell 134 0.36

NEXT 5160.00 3458.00 5205.00 N eu tral Neu tral 5489 0.59

TED BAKER 1917.00 908.00 2017.00 Neutral Sell 1077 0.57

TOPPS TILES 88.50 46.50 94.00 Neutral Sell 82 1.50

Health Over Valued


BIOQUELL 145.50 130.00 160.00 Neutral Sell 115 0.38

CONSORT MEDICAL 870.00 660.50 870.00 Neutral Sell 669 0.35

OPTOS 159.25 106.75 222.75 N eu tral Neu tral 174 1.18

SMITH & NEPHEW 771.00 638.00 800.00 Neutral Sell 665 0.40

Household Goods & Textiles Under Valued


GAMES WORKSHOP 823.50 601.00 823.50 Neutral Neu tral 794 0.31

HEADLAM GROUP 386.00 295.00 415.00 Neutral Buy 460 0.89

HORNBY 79.00 55.25 87.50 Neutral Sell 47 0.69

Information Technology & Hardware Over Valued


ARM HOLDINGS 986.00 577.00 1097.00 Neutral Sell 439 0.69

CSR 515.00 324.50 607.00 Neutral Strong Buy 1541 1.13FILTRONIC 65.25 30.75 83.25 Neutral Buy 81 0.93

IMAGINATION TECHNOLOGIES 326.00 235.10 552.00 Neutral Sell 236 1.04

SPIRENT COMMUNICATIONS 127.60 118.00 169.20 Neutral Strong Buy 397 0.90

WOLFSON MICROELECTRONICS 171 .00 140 .00 226 .25 Neutral Sell -21 0.93


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Insurance Under Valued


ADMIRAL GROUP 1233.00 1019.00 1416.00 Neutral Sell -477 0.52

AMLIN 405.20 364.10 435.10 Neutral Strong Buy 1537 0.38

BEAZLEY 209.70 167.30 242.70 Neutral Strong Buy 953 0.52

CATLIN GROUP 484.60 455.30 552.50 N eu tral Neu tral 476 0.23

HISCOX 648.50 463.32 660.00 Neutral Strong Buy 1908 0.42

JARDINE LLOYD THOMPSON 945.00 723.00 949.50 Neutral Buy 1215 0.30

RSA INSURANCE GROUP 120.90 107.70 136.30 Neutral Strong Buy 732 0.35

NOVAE GROUP 503.00 345.00 520.50 Neutral Strong Buy 3448 0.35

Leisure & Hotels Over Valued


CARNIVAL 2094.00 2094.00 2628.00 Neutral Strong Buy 3218 0.95

ENTERPRISE INNS 144.50 62.25 153.80 Neutral Sell 91 1.65

TUI TRAVEL 367.70 232.00 401.50 Neutral Strong Buy 682 0.96

FULLER SMITH 'A' 905.00 716.00 969.00 Neutral Sell 557 0.27

GREENE KING 801.00 587.00 897.50 Neutral Sell 568 0.89

LADBROKES 169.20 169.20 243.10 Neutral Buy 244 0.90

ICTL.HTLS.GP. 1802.00 1524.00 2039.00 Neutral Sell 1569 1.09

MILLENNIUM & CPTH.HTLS. 555.00 456.00 582.50 N eu tral Neu tral 547 1.36

MITCHELLS & BUTLERS 411.00 289.50 460.00 Neutral Sell 247 0.98

BWIN PARTY DIGITAL ENTM. 122.10 101.30 156.00 Neutral Sell 59 1.28

PUNCH TAVERNS 14.25 6.15 15.50 Neutral Strong Buy 63 1.15

RANK GROUP 154.00 137.30 177.50 Neutral Strong Buy 536 0.97

RESTAURANT GROUP 532.00 359.20 575.00 Neutral Sell 364 0.66

WETHERSPOON (JD) 730.50 483.20 767.00 Neutral Sell 641 0.54

WHITBREAD 2964.00 2299.00 3303.00 Neutral Sell 2033 0.98WILLIAM HILL 403.00 295.60 494.50 Neutral Sell 339 0.84

MARSTON'S 151.00 115.10 165.50 Neutral Sell 10 1.15

Life Assurance Under Valued


AVIVA 396.80 294.10 419.80 Neutral Sell 367 1.18

CHESNARA 269.00 176.50 276.50 Neutral Strong Buy 522 0.61

LEGAL & GENERAL 196.20 131.40 203.60 Neutral Strong Buy 493 1.70

OLD MUTUAL 187.60 166.10 221.60 Neutral Strong Buy 397 1.55

PRUDENTIAL 1151.00 820.00 1232.00 N eu tral Neu tral 1186 1.69

ST.JAMES'S PLACE 615.00 371.40 641.50 Neutral Strong Buy 6696 0.83


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Media & Entertainment Under Valued


BLOOMSBURY PBL. 149.00 102.00 149.00 Neutral Strong Buy 922 0.40

BRITISH SKY BCAST.GROUP 870.00 709.00 899.50 Neutral Strong Buy 1056 0.46

CENTAUR MEDIA 50.00 31.00 60.00 Neutral Sell -42 1.06

DAILY MAIL 'A' 762.00 451.25 835.00 Neutral Strong Buy 3556 1.06

EUROMONEY INSTL.INVESTOR 1160.00 747 .50 1209.00 Neutral Strong Buy 5566 0.93

INFORMA 525.00 380.50 545.00 Neutral Strong Buy 327 1.64

ITE GROUP 271.80 183.50 307.40 Neutral Buy 201 1.46

ITV 175.30 85.65 183.40 Neutral Strong Buy 1369 1.46

JOHNSTON PRESS 14.00 7.87 19.00 Neutral Buy 720 1.21

PEARSON 1257.00 1119.00 1350.00 Neutral Neu tral 309 0.65

PHOTO-ME INTL. 112.00 46.75 113.00 Neutral Strong Buy 2283 0.85

PINEWOOD SHEPPERTON 298.50 269.00 298.50 Neutral Strong Buy 732 0.14

THOMSON REUTERS 36.02 26.85 36.59 Neutral Strong Buy 346 0.52

STV GROUP 256.00 91.00 262.50 Neutral Sell 240 0.82

ST.IVES 173.25 79.75 174.00 Neutral Sell 159 1.49TRINITY MIRROR 124.00 51.25 128.25 Neutral Sell -289 1.58

UBM 714.50 636.00 788.00 Neutral Strong Buy 1421 1.34

WILMINGTON GROUP 205.00 125.00 211.75 Neutral Strong Buy 1390 0.83

WPP 1270.00 788.00 1296.00 Neutral Sell -827 1.25

Mining Under Valued


ANGLO AMERICAN 1518.00 1207.00 2072.00 Neutral Sell 1245 1.85

ANGLO PACIFIC GROUP 197.50 161.00 290.00 Neutral Neu tral 203 1.09

ANTOFAGASTA 818.50 784.50 1381.00 Neutral Neu tral 822 1.42

BHP BILLITON 1820.00 1666.50 2236.00 Neutral Strong Buy 2851 1.49

GLENCORE XSTRATA 336.70 256.85 397.85 Neutral Strong Buy 995 #NA

LONMIN 319.30 240.84 380.10 Sell Buy 433 2.05

RANDGOLD RESOURCES 4451.00 3972.00 7775.00 Neutral Sell 2794 0.48

RIO TINTO 3023.00 2582.00 3757.00 Neutral Sell 2452 1.55

VEDANTA RESOURCES 992.00 1335.00 Neutral Strong Buy 2711 2.29

Oil & Gas Under Valued


BG GROUP 1180.50 1000.50 1350.50 Neutral Sell 873 0.84

BP 433.10 416.60 483.30 Neutral Strong Buy 978 1.03

CAIRN ENERGY 262.30 251.80 296.10 Neutral Sell -24 1.33

FORTUNE OIL 9.90 7.15 12.50 Neutral Strong Buy 107 0.81

HUNTING 797.50 716.00 941.00 Neutral Sell 556 1.35

JKX OIL & GAS 63.00 48.50 81.00 Neutral Sell -57 1.33

PREMIER OIL 325.50 321.30 400.20 Buy Buy 398 1.49

ROYAL DUTCH SHELL B 2134.50 2098.00 2365.00 Neutral Strong Buy 8128 0.83

SOCO INTERNATIONAL 393.50 290.14 397.00 Neutral Buy 465 0.52

TULLOW OIL 1024.00 977.00 1468.00 Neutral Sell 681 1.07

WOOD GROUP (JOHN) 802.00 720.50 915.50 Neutral Sell 706 1.44


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Personal Care & Household Products Over Valued


MCBRIDE 121.50 101.00 144.60 Neutral Buy 163 0.83

PZ CUSSONS 413.90 301.80 432.50 Neutral Sell 370 0.71

RECKITT BENCKISER GROUP 4520.00 3568.00 4950.00 Neutral Neu tral 4644 0.31

Pharmaceuticals & Biotechnology Under Valued


ARK THERAPEUTICS GP. 0.37 0.36 3.58 Buy Sell -4 0.91

ASTRAZENECA 3215.50 2792.50 3521.50 Neutral Strong Buy 8039 0.49

BTG 383.20 317.50 397.90 Neutral Sell 178 0.70

DECHRA PHARMACEUTICALS 718.00 569.00 780.00 Neutral Sell 675 0.18

GLAXOSMITHKLINE 1557.50 1317.50 1782.00 Neutral Neu tral 1711 0.50

OXFORD BIOMEDICA 2.15 1.33 2.83 Buy Sell -3 0.53

PHYTOPHARM 58.00 51.50 612.50 Buy Sell -264 0.90

SHIRE 2478.00 1727.00 2593.00 Neutral Sell 1280 0.69

SKYEPHARMA 101.00 43.50 101.75 Neutral Sell 29 0.55

VERNALIS 29.75 19.38 31.00 Neutral Sell 9 0.84

Real Estate - REIT Under Valued


BIG YELLOW GROUP 440.00 312.00 445.00 Neutral Strong Buy 745 1.18

BRITISH LAND 577.50 506.00 658.00 Neutral Buy 854 1.05

DERWENT LONDON 2369.00 1946.00 2542.00 Neutral Strong Buy 5195 1.24

GREAT PORTLAND ESTATES 539.00 442.20 598.00 Neutral Strong Buy 1178 1.06

HAMMERSON 501.00 456.20 554.00 Neutral Buy 575 1.27INTU PROPERTIES 321.10 300.60 366.00 Neutral Strong Buy 592 1.14

LAND SECURITIES GROUP 919.00 762.50 994.00 Neutral Strong Buy 1840 1.16

LOCAL SHOP.REIT (THE) 30.25 24.25 39.25 Neutral Sell -175 0.81

LONDONMETRIC PROPERTY 120.00 1 03.20 120.50 Neutral Sell -8 0.34

MCKAY SECURITIES 165.00 131.50 167.00 Neutral Strong Buy 295 0.65

MUCKLOW (A & J) GROUP 453.00 325.00 500.00 Neutral Sell 247 0.37

PRIMARY HEALTH PROPS. 328.00 312.50 363.53 Neutral Sell 114 0.26

REDEFINE INTL.REIT 46.50 30.69 47.25 Neutral Sell -402 0.62

SEGRO 310.00 221.60 313.60 Neutral Sell -324 1.82

SHAFTESBURY 590.00 522.50 668.00 Neutral Strong Buy 886 1.04

TOWN CENTRE SECURITIES 230.00 178.75 230.00 Neutral Sell 2 1.04

WORKSPACE GROUP 454.00 269.40 475.00 Neutral Strong Buy 1439 1.02


13/17



Real Estate REIS Under Valued


CAPITAL & CNTS.PROPS. 335.00 218.70 365.60 Neutral Strong Buy 664 0.73

CAPITAL & REGIONAL 40.50 22.75 42.00 Neutral Sell -52 0.56

CLS HOLDINGS 1174.00 656.50 1260.00 Neutral Strong Buy 2872 0.73

DAEJAN HOLDINGS 3915.00 2706.00 4179.00 Neutral Strong Buy 14490 0.47

DEVELOPMENT SECS. 197.50 143.00 209.00 Neutral Neutral 192 0.98

GRAINGER 174.80 105.10 187.50 Neutral Sell 109 1.57

HELICAL BAR 297.00 178.00 302.50 Neutral Sell 202 0.83

LONDON & ASSOCS.PROPS. 34.00 21.50 34.00 Neutral Strong Buy 223 0.63

MOUNTVIEW ESTATES 6412.50 4350.00 6512.50 Neutral Strong Buy 14311 0.68

QUINTAIN ESTATES & DEV. 84.50 51.00 92.00 Sell Sell -208 1.02

RAVEN RUSSIA 75.50 61.50 79.75 Neutral Strong Buy 206 1.52

SAVILLS 618.00 391.20 664.50 Neutral Strong Buy 1685 0.69

SMART (J) 87.50 72.50 90.50 Neutral Strong Buy 370 0.32

ST MODWEN PROPS. 304.00 194.00 333.00 Neutral Strong Buy 619 1.63

UNITE GROUP 394.90 260.70 403.00 Neutral Strong Buy 1609 1.78

Software & Computer Services Under Valued


ANITE 112.50 109.60 162.00 Neutral Buy 142 0.66

AVEVA GROUP 2598.00 1975.75 2650.00 Neutral Sell 1492 1.52

COMPUTACENTER 534.50 333.29 564.10 Neutral Strong Buy 1472 0.90

KOFAX 365.00 260.75 388.00 Neutral Sell 344 1.04

INNOVATION GROUP 29.25 20.75 30.25 Neutral Sell 26 0.81

MICRO FOCUS INTL. 758.00 543.00 812.50 Neutral Buy 1040 0.81

PHOENIX IT GROUP 159.25 130.00 184.00 Neutral Sell -218 0.73

RM 106.00 64.00 114.25 Neutral Strong Buy 268 0.54FIDESSA GROUP 1988.00 1275.00 2190.00 Neutral Neu tral 2156 0.77

SAGE GROUP 329.80 289.36 368.18 Neutral Buy 436 0.69

Speciality & Other Finance Under Valued


ABERDEEN ASSET MAN. 378.60 3 16.50 492.10 Neutral Strong Buy 1237 1.12

BREWIN DOLPHIN 270.70 168.10 283.00 Neutral Strong Buy 650 0.69

CAMELLIA 8705.00 8000.00 11105.00 Neutral Strong Buy 81641 0.85

CHARLES STANLEY GROUP 456.50 260.00 474.00 Neutral Strong Buy 1428 0.93

CHARLES TAYLOR 210.00 155.00 228.00 Neutral Strong Buy 1636 0.65

CLOSE BROTHERS GROUP 1169.00 830.00 1189.00 Neutral Strong Buy 4828 0.85

F&C ASSET MANAGEMENT 98.20 90.00 110.40 Neutral Sell 77 0.86

HELPHIRE GROUP 5.20 0.75 5.70 Neutral Sell -126 0.61

HENDERSON GROUP 188.90 109.10 192.50 Neutral Strong Buy 795 1.44

ICAP 374.30 280.80 422.20 Neutral Strong Buy 829 1.07

INTERMEDIATE CAPITAL GP. 446.40 287.20 501.50 Neutral Strong Buy 2223 1.70

INVESTEC 400.40 358.40 513.50 Neutral Strong Buy 2641 1.56

LONDON STOCK EX.GROUP 1537.00 930.00 1652.00 Neutral Strong Buy 6653 1.13

MAN GROUP 83.90 71.80 134.40 Neutral Sell -4866 1.39

RATHBONE BROTHERS 1551.00 1208.00 1691.00 Neutral Strong Buy 5457 0.71

SCHRODERS 2576.00 1518.00 2631.00 Neutral Strong Buy 8149 1.30

SCHRODERS NV 2158.00 1190.00 2175.00 Sell Strong Buy 11284 1.28


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Support Services Under Valued


ACAL 275.00 157.75 284.00 Neutral Strong Buy 583 0.83

AGGREKO 1604.00 1557.00 2370.00 Neutral Strong Buy 3088 1.14

AMEC 1074.00 965.50 1155.00 Neutral Strong Buy 3140 1.11

ASHTEAD GROUP 615.50 334.50 730.00 Neutral Strong Buy 924 1.64

BABCOCK INTL. 1196.00 922.50 1209.00 Neutral Strong Buy 2455 0.49

BRITISH POLYTHENE INDS. 637.00 372.50 637.00 Sell Strong Buy 2223 0.80

BUNZL 1338.00 1009.00 1409.00 Neutral Strong Buy 2630 0.50

UK MAIL GROUP 580.00 259.50 645.00 Neutral Strong Buy 1544 0.42

CAPITA 996.00 713.00 1057.00 Neutral Strong Buy 1790 0.54

COMMUNISIS 61.00 34.54 68.00 Neutral Strong Buy 411 0.83

COMPASS GROUP 850.00 671.50 910.50 Neutral Strong Buy 1879 0.75

BERENDSEN 907.50 550.00 939.00 Neutral Strong Buy 3192 1.08

DE LA RUE 993.50 891.50 1075.00 Neutral Strong Buy 2261 #NA

DIGNITY 1450.00 922.31 1567.68 Neutral Buy 1603 0.25

DIPLOMA 653.00 435.00 661.00 Sell Strong Buy 1258 0.96ELECTROCOMP. 276.00 200.00 280.90 Neutral Strong Buy 838 0.98

ESSENTRA PLC 748.50 508.50 830.00 Neutral Strong Buy 1206 1.14

G4S 254.30 207.50 313.50 Neutral Strong Buy 870 0.47

HAYS 118.40 75.20 118.40 Neutral Strong Buy 377 1.03

HOMESERVE 257.00 185.60 293.60 Neutral Strong Buy 882 0.89

INTERSERVE 561.50 349.10 591.50 Neutral Strong Buy 2956 1.25

INTERTEK GROUP 3305.00 2697.00 3453.00 Neutral Buy 4231 0.80

JOHNSON SERVICE GROUP 49.00 31.50 51.75 Neutral Strong Buy 225 1.10

MANAGEMENT CNSL.GP. 26.50 21.25 32.00 Neutral Strong Buy 176 0.57

MENZIES (JOHN) 800.50 573.00 809.00 Neutral Strong Buy 1971 1.41

MICHAEL PAGE INTL. 492.30 346.40 502.50 Neutral Strong Buy 762 1.36

MITIE GROUP 295.90 248.00 300.80 Neutral Strong Buy 974 0.52

OFFICE2OFFICE 45.25 33.75 139.00 Neutral Strong Buy 616 0.31

PAYPOINT 1062.00 732.00 1185.00 Neutral Strong Buy 1750 0.75

PREMIER FARNELL 217.20 165.50 238.40 Neutral Strong Buy 525 1.41

REGUS 182.00 96.00 193.40 Neutral Sell 71 1.38

RENTOKIL INITIAL 109.00 82.55 111.30 Neutral Strong Buy 434 1.26

REXAM 481.60 432.56 547.50 Neutral Strong Buy 1710 0.84

RICARDO 555.00 349.63 556.50 Neutral Strong Buy 1536 0.90

ROBERT WALTERS 322.50 191.00 329.00 Neutral Strong Buy 896 1.15

RPC GROUP 455.00 378.00 477.80 Neutral Strong Buy 1549 0.81

RPS GROUP 268.00 195.50 274.20 Neutral Strong Buy 859 1.51

SERCO GROUP 546.50 535.00 683.50 Neutral Strong Buy 2125 0.60

SHANKS GROUP 93.00 73.00 98.00 Neutral Strong Buy 345 1.49

SPEEDY HIRE 65.00 29.25 65.50 Neutral Strong Buy 318 1.18TRIBAL GROUP 197.00 92.25 206.50 Neutral Strong Buy 502 0.65

TRIFAST 67.50 40.50 70.75 Neutral Strong Buy 304 0.90

VP 493.50 313.00 499.00 Sell Strong Buy 2153 0.79

WYG 108.00 50.25 108.75 Neutral Strong Buy 178 0.82


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Telecommunication Services Over Valued


BT GROUP 342.40 212.50 348.90 Neutral Buy 422 0.89

CABLE & WIRELESS COMMS. 39.63 34.31 46.29 Neutral Strong Buy 78 0.67

INMARSAT 709.00 542.50 749.00 Neutral Sell 252 0.53

KCOM GROUP 91.00 68.25 91.50 Neutral Buy 117 1.20

TELECOM PLUS 1266.00 821.00 1399.00 Neutral Sell 792 0.05

VODAFONE GROUP 216.00 154.45 218.50 Neutral Sell 121 0.51

Transport Over Valued


BBA AVIATION 305.00 195.70 326.00 Neutral Sell 220 1.22

BRAEMAR SHIPPING SVS. 500.00 350.00 520.00 Neutral Buy 556 1.06

CLARKSON 2250.00 1150.00 2250.00 Strong Sell Sell 1248 0.86

EASYJET 1278.00 591.50 1448.00 Neutral Sell 837 0.77

FIRST GROUP 119.50 92.00 198.94 Neutral Strong Buy 265 0.88

FISHER(JAMES)& SONS 1059.00 748.00 1148.00 Neutral Sell 779 0.72

GO-AHEAD GROUP 1678.00 1220.00 1678.00 Neutral Strong Buy 2840 0.97

NATIONAL EXPRESS 256.30 164.50 274.90 Neutral Sell 240 1.39

NORTHGATE 430.00 241.00 435.00 Neutral Sell 344 1.34

STAGECOACH GROUP 326.10 265.90 337.60 Neutral Buy 451 0.97

WINCANTON 100.50 43.75 105.00 Neutral Strong Buy 269 0.95

Utilities Under Valued


CENTRICA 369.70 310.80 402.20 Neutral Strong Buy 564 0.50NATIONAL GRID 730.50 682.00 847.50 Neutral Buy 961 0.45

PENNON GROUP 699.00 598.00 734.50 Neutral Sell 619 0.63

SSE 1474.00 1364.00 1676.00 Neutral Strong Buy 2242 0.40

SEVERN TRENT 1763.00 1513.00 2090.00 Neutral Sell 1475 0.37

UNITED UTILITIES GROUP 691.00 647.00 787.50 Neutra l Neu tral 742 0.49


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