Value Indicator - Uk Main Market 20131028

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28 October 2013
Contents
Introduction .................................................................................................................................3
Value ...........................................................................................................................................4
Conclusion ..................................................................................................................................4
RISK WARNING Ratings and Targets ....................................................................................4
How to use the report .................................................................................................................5
Over Valued ....................................................................6
Aerospace & Defence
Over
Valued ......................................................................6
Automobiles & Parts
Over Valued .........................................................................................6
Banks
Under Valued ...................................................................................6
Beverages
Under Valued ..................................................................................7
Chemicals
Under Valued ......................................7
Construction - Building Materials & Fittings
Construction - Heavy Construction
Over Valued ..................................................7

Under Valued ..................................................7
Construction Home Construction

Under Valued ..................................................8
Electronics & Electrical Equipment
Under Valued ...............................................................8
Engineering & Machinery
Over
Valued .......................................................................8
Food & Drug Stores
Over Valued ........................................................8
Food Producers & Processors
Under Valued ..............................................................................9
General Retail
Over Valued .........................................................................................9
Health
Under Valued ..........................................................9
Household Goods & Textiles
Over Valued ...............................................9
Information Technology & Hardware
Under Valued ................................................................................... 10
Insurance
Over Valued ..................................................................... 10
Leisure & Hotels
Under Valued .................................................................... 10
Life Assurance
Under Valued ................................................................ 11
Media & Entertainment
Under Valued ...................................................................................... 11
Mining
Under Valued ................................................................................... 11
Oil & Gas
Over Valued .......................................... 12
Personal Care & Household Products
Under Valued ................................................ 12
Pharmaceuticals & Biotechnology
Under
Valued
Real Estate - REIT
...................................................................... 12
Under
Valued
Real Estate REIS
..................................................................... 13
Under
Valued .................................................... 13
Software & Computer Services
Under Valued .......................................................... 13
Speciality & Other Finance
Under
Valued ..................................................................... 14
Support Services
Over Valued ....................................................... 15
Telecommunication Services
Over Valued ................................................................................... 15
Transport
Under
Valued ....................................................................................... 15
Utilities
DISCLAIMER ........................................................................................................................... 16
RISK WARNING ...................................................................................................................... 17
Intellisys Intelligent Analysis Limited
www.intellisys.uk.com
28 October 2013
+44 (0)1189 333606
Page 2 of 17
Introduction
The overriding purpose of this daily report is to provide users with a quick guide that will identify those
shares that merit their investment attention in an increasingly time critical and information noisy trading
environment.
The report is published daily and delivered to the subscribers 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 the two primary
drivers behind a successful portfolio performance.
Timing
Intellisys has invested considerably in identifying what it believes are the key factors that influence
investment timing. Having identified the key parameters, these have been established as rules that reflect
market dynamics and cut through the daily investment noise.
Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the daily
pressures exerted upon primary stock promoters (analysts and traders) to find stories for their investment
meetings.
From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicators
appear 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
120.0%
120.0%
110.0%
110.0%
100.0%
100.0%
90.0%
90.0%
80.0%
80.0%
70.0%
70.0%
60.0%
60.0%
50.0%
50.0%
40.0%
40.0%
30.0%
30.0%
20.0%
20.0%
1
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
Best Buy/Sell
Trend
Source: Intellisys
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Page 3 of 17
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 but
also the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation
models.
Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research for
the last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate crossborder analysis.
The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid as
possible.
Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels but
a management teams ability to establish and maintain a value generating operating environment set
against a constantly changing global background.
The typical investment analysts approach to determining target prices is to start with a modest range of
some 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysis
approach 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 their
established or perceived valuation opinion of a stock.
In short, this disciplined approach provides an investment reality check to assist investors from falling in
love with a stock or becoming mesmerised by management cults.
Conclusion
No investment methodology is 100% successful and like all trading and investment systems active position
monitoring is critical for maximised investment performance.
Therefore, Intellisys recommends that its products should be used in conjunction with, and not separate
from subscribers existing investment systems as well as discussing investment options with their financial
advisers.
Philip Morrish (philip.morrish@intellisys.uk.com)
RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided
solely to enable you to make your own investment decisions. If you are unsure about dealing in shares
and other equity investments, you must contact your 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 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.
28 October 2013
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Page 4 of 17
How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the markets
open - 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 to
be active as can be seen from the following:
Longer term action based

upon implied target price
Todays action
Sector
Implied target price

based upon 49
valuation metrics
Closing price
General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP
HALFORDS GROUP
JJB SPORTS SUSP - 24/09/12
JD SPORTS FASHION
DARTY
KINGFISHER
MARKS & SPENCER GROUP
MOSS BROTHERS GROUP
MOTHERCARE
NEXT
TED BAKER
TOPPS TILES
Company
Price
29.00
266.70
1136.00
675.00
21.16
6.36
23.50
324.70
0.40
731.00
57.25
269.80
377.90
55.00
212.00
3576.00
951.50
49.25
12M Lo
18.50
222.40
1000.00
375.00
9.36
2.20
19.50
189.00
0.24
570.00
38.00
237.20
302.70
31.25
127.30
2540.00
633.00
21.50
12M Hi
29.50
282.70
1586.00
728.50
21.69
6.55
82.00
342.30
17.00
863.00
110.60
313.80
389.50
55.00
227.00
3644.00
1017.00
51.75
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Latest 12 month Hi/Lo for

the share price
LT Rec
Neutral
Buy
Sell
Sell
Strong Buy
Sell
Strong Buy
Buy
Sell
Strong Buy
Strong Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Target
30
298
739
268
38
4
112
415
-62
1341
321
365
448
61
97
2798
542
29
Beta
0.72
0.52
1.30
0.97
1.56
0.94
1.05
0.67
0.88
0.47
1.28
0.97
0.74
1.04
0.44
0.72
0.56
1.31
eta measures a shares

volatility/risk relative to
market (see below)
Beta is a measure of a stock's volatility or risk relative to its market. The market has a beta
of 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 less than market (i.e., less risk/lower reward)
eta =1.0
Share should move in line with the market (i.e., market neutral)
eta >1.0
Share should move by more than market (i.e., higher risk/higher reward)
28 October 2013
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Page 5 of 17
Over Valued
Aerospace & Defence

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
AVON RUBBER
549.50
316.50
550.50
Neutral
Sell
507
0.86
BAE SYSTEMS
451.70
300.80
468.00
Neutral
Buy
612
0.66
CHEMRING GROUP
223.20
210.70
321.10
Neutral
Buy
327
0.65
COBHAM
282.90
190.10
307.70
Neutral
Neutral
292
0.76
MEGGITT
561.50
366.20
564.00
Neutral
Sell
512
1.24
QINETIQ GROUP
200.30
179.00
211.10
Neutral
Sell
123
0.63
1171.00
829.44
1230.62
Neutral
Buy
1528
0.95
289.10
185.90
289.10
Neutral
Sell
271
1.63
ROLLS-ROYCE HOLDINGS
SENIOR
Target
Beta
SMITHS GROUP
1415.00
1018.00
1455.00
Neutral
Sell
1206
0.70
ULTRA ELECTRONICS HDG.
1916.00
1505.00
1981.00
Neutral
Sell
1700
0.49
Over Valued
Automobiles & Parts

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
GKN
372.20
201.00
376.20
Neutral
Sell
-1817
1.98
INCHCAPE
640.50
391.60
645.00
Neutral
Strong Buy
2998
1.35
LOOKERS
127.00
71.50
128.50
Neutral
Strong Buy
674
1.17
PENDRAGON
38.50
13.50
38.50
Neutral
Strong Buy
266
0.96
TOROTRAK
27.63
23.50
35.50
Neutral
Sell
13
0.68
Over Valued
Banks
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BARCLAYS
267.90
210.15
308.39
Neutral
Sell
Target
-651
Beta
2.12
HSBC HDG. (ORD $0.50)
680.00
595.80
769.90
Neutral
Buy
832
1.35
1.90
LLOYDS BANKING GROUP
80.37
40.46
80.37
Sell
Sell
ROYAL BANK OF SCTL.GP.
368.40
266.10
384.90
Neutral
Sell
-98
1.35
STANDARD CHARTERED
1525.50
1395.00
1837.50
Neutral
Strong Buy
3323
1.79
Under Valued
Beverages
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BARR (AG)
520.00
432.20
588.50
Neutral
Sell
425
0.52
BRITVIC
610.50
358.60
617.50
Neutral
Buy
836
0.67
DIAGEO
2017.50
1769.00
2136.50
Sell
Buy
2333
0.52
SABMILLER
3250.00
2619.00
3657.00
Neutral
Strong Buy
5173
0.92
Target
Beta
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Under Valued
Chemicals
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
ALENT
341.50
305.00
397.50
Neutral
Strong Buy
3736
#NA
AZ ELECTRONIC MATS.(DI)
277.90
240.00
406.40
Neutral
Strong Buy
542
1.11
CARCLO
386.00
342.75
501.00
Neutral
Sell
123
0.73
2597.00
2164.00
2841.00
Neutral
Buy
3306
1.06
266.40
204.20
275.00
Sell
Buy
299
1.01
1.41
CRODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
2958.00
2190.00
2997.00
Neutral
Buy
3973
VICTREX
1672.00
1413.00
1765.00
Neutral
Sell
1347
1.17
SYNTHOMER
255.60
146.00
257.80
Neutral
Buy
373
1.05
ZOTEFOAMS
182.00
180.50
224.00
Neutral
Strong Buy
286
1.01
Under Valued
Construction - Building Materials & Fittings

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
136.50
81.00
137.00
Neutral
Strong Buy
454
1513.00
1090.00
1580.00
Neutral
Sell
1074
0.97
73.00
50.00
80.00
Neutral
Strong Buy
559
1.11
MARSHALLS
178.00
87.50
184.00
Neutral
Neutral
180
1.37
NORCROS
20.25
11.75
21.75
Neutral
Strong Buy
223
1.02
197.70
102.00
200.10
Neutral
Strong Buy
990
1.61
42.50
22.00
45.50
Neutral
Sell
37
0.91
1804.00
1060.00
1815.00
Neutral
Strong Buy
15409
1.93
238.25
143.13
240.00
Neutral
Neutral
230
1.01
3301.00
2636.64
3483.00
Neutral
Strong Buy
10422
1.32
ALUMASC GROUP
CRH
LOW & BONAR
SIG
TITON HOLDINGS
TRAVIS PERKINS
TYMAN
WOLSELEY
Target
0.54
Over Valued
Construction - Heavy Construction

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
BALFOUR BEATTY
285.20
207.60
320.80
Neutral
Strong Buy
1100
0.68
BOOT (HENRY)
187.00
123.50
201.00
Neutral
Sell
115
0.71
CARILLION
305.40
244.80
331.80
Neutral
Buy
375
0.98
CLARKE (T)
67.00
40.00
72.25
Neutral
Buy
86
0.68
COSTAIN GROUP
Target
Beta
281.25
226.25
306.00
Neutral
Buy
422
0.50
GALLIFORD TRY
1131.00
678.00
1157.00
Neutral
Sell
737
0.76
KELLER
1030.00
565.00
1161.00
Neutral
Sell
542
1.25
KIER GROUP
1785.00
1106.00
1797.00
Neutral
Sell
1630
0.82
MORGAN SINDALL GROUP
816.50
508.00
828.00
Neutral
Buy
1005
0.60
NORTH MIDLAND CON.
121.00
95.00
147.50
Neutral
Strong Buy
268
#NA
39.50
20.00
39.50
Sell
Sell
-9
0.45
POCHIN'S
Under Valued
Construction Home Construction

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
334.20
181.30
355.20
Neutral
Neutral
366
1.60
BELLWAY
1508.00
951.00
1534.00
Neutral
Buy
1983
0.93
BERKELEY GROUP HDG.(THE)
2400.00
1482.00
2442.00
Neutral
Neutral
2387
0.47
782.00
489.30
851.50
Neutral
Buy
993
1.05
BARRATT DEVELOPMENTS
BOVIS HOMES GROUP
Target
Beta
CREST NICHOLSON HOLDINGS
382.00
220.00
385.00
Neutral
Sell
304
#NA
GLEESON (MJ) GROUP
324.00
148.00
354.75
Neutral
Sell
191
0.49
1243.00
695.55
1305.00
Neutral
Sell
1114
1.06
REDROW
254.10
154.00
257.10
Neutral
Neutral
260
0.84
TAYLOR WIMPEY
111.20
56.65
113.90
Neutral
Buy
129
1.45
PERSIMMON
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Under Valued
Electronics & Electrical Equipment

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
1149.00
999.50
1399.00
Neutral
Sell
1063
0.63
DOMINO PRINTING SCIENCES
692.50
522.00
717.00
Neutral
Buy
894
0.99
E2V TECHNOLOGIES
144.50
105.50
148.25
Neutral
Strong Buy
290
1.29
INVENSYS
504.50
217.33
509.50
Neutral
Sell
297
1.33
LAIRD
246.00
171.10
249.30
Neutral
Strong Buy
455
1.99
OXFORD INSTRUMENTS
1293.00
1209.00
1752.00
Neutral
Sell
1166
1.22
RENISHAW
1621.00
1494.00
2081.00
Neutral
Buy
2091
1.31
SPECTRIS
2296.00
1703.00
2470.00
Neutral
Buy
2856
1.48
BIOME TECHNOLOGIES
188.50
65.00
303.67
Neutral
Sell
-444
0.70
TT ELECTRONICS
202.00
114.00
202.00
Neutral
Strong Buy
442
1.64
XAAR
813.50
258.00
898.00
Neutral
Sell
423
1.00
DIALIGHT
Beta
Under Valued
Engineering & Machinery

Stock
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
AGA RANGEMASTER GROUP
132.00
54.38
135.75
Neutral
Buy
152
1.06
BODYCOTE
663.00
362.70
685.00
Neutral
Neutral
658
1.51
CASTINGS
422.50
291.00
450.00
Neutral
Buy
587
0.93
VESUVIUS
485.00
280.31
490.60
Neutral
Strong Buy
1251
2.20
FENNER
409.00
305.90
435.20
Neutral
Buy
585
1.44
HALMA
553.00
411.50
578.00
Neutral
Sell
422
0.84
HILL & SMITH
483.75
372.00
483.75
Neutral
Buy
571
1.25
1509.00
929.00
1537.00
Neutral
Strong Buy
4268
1.31
298.90
240.30
318.00
Neutral
Strong Buy
505
1.82
2860.00
2229.00
3037.00
Neutral
Sell
2078
0.97
63.50
35.40
76.91
Neutral
Sell
53
0.76
SPIRAX-SARCO
2908.00
1933.53
3090.00
Neutral
Sell
1849
0.69
VITEC GROUP
710.00
559.00
721.25
Neutral
Sell
503
1.33
WEIR GROUP
2318.00
1710.00
2474.00
Neutral
Neutral
2304
1.31
IMI
MORGAN ADVANCED MATERIAL
ROTORK
SEVERFIELD-ROWEN
Target
Over Valued
Food & Drug Stores

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
GREGGS
447.40
392.10
523.50
Neutral
Strong Buy
Target
826
0.40
MORRISON(WM)SPMKTS.
282.00
248.60
302.50
Buy
Buy
392
0.35
SAINSBURY (J)
396.80
321.90
400.80
Neutral
Buy
471
0.58
TESCO
370.15
315.00
387.75
Neutral
Sell
199
0.74
THORNTONS
107.25
28.63
111.75
Neutral
Sell
67
0.83
Over Valued
Food Producers & Processors

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
ASSOCIATED BRIT.FOODS
2133.00
1365.00
2133.00
Sell
Sell
1729
0.57
CRANSWICK
1079.00
733.00
1189.00
Neutral
Strong Buy
1836
0.35
DAIRY CREST
522.00
342.90
528.50
Sell
Sell
438
0.83
DEVRO
308.90
289.90
380.00
Neutral
Strong Buy
503
0.37
PREMIER FOODS
180.50
59.75
185.50
Neutral
Strong Buy
283
1.22
TATE & LYLE
791.00
723.50
883.00
Neutral
Strong Buy
1352
0.62
2493.00
2290.00
2885.00
Neutral
Sell
2123
0.57
UNILEVER (UK)
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Under Valued
General Retail
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ASHLEY(LAURA) HOLDINGS
26.50
24.00
29.50
Neutral
Strong Buy
46
0.65
517.00
325.30
577.00
Neutral
Neutral
528
0.56
1532.00
1153.00
1667.00
Neutral
Sell
1264
1.28
620.00
585.00
701.50
Neutral
Sell
254
0.85
1.53
BROWN (N) GROUP

BURBERRY GROUP
CARPETRIGHT
DIXONS RETAIL
FINDEL
FRENCH CONNECTN.GROUP
HALFORDS GROUP
Target
Beta
47.34
20.36
48.28
Neutral
Sell
44
258.25
108.00
258.25
Neutral
Sell
153
0.90
37.50
23.00
37.50
Sell
Sell
1.09
0.68
410.00
299.00
410.00
Neutral
Buy
604
1135.00
670.00
1185.00
Neutral
Strong Buy
2115
0.59
84.00
39.00
88.25
Neutral
Buy
125
1.10
KINGFISHER
370.10
268.90
420.00
Neutral
Strong Buy
562
0.98
MARKS & SPENCER GROUP
475.80
359.00
513.50
Neutral
Strong Buy
761
0.50
74.25
53.50
75.00
Neutral
Buy
87
0.78
JD SPORTS FASHION
DARTY
MOSS BROTHERS GROUP
389.25
271.00
492.75
Neutral
Sell
131
0.28
NEXT
MOTHERCARE
5205.00
3542.00
5250.00
Neutral
Neutral
5393
0.63
TED BAKER
1720.00
935.00
2017.00
Neutral
Sell
1061
0.60
87.50
47.00
94.00
Neutral
Sell
82
1.55
TOPPS TILES
Over Valued
Health
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BIOQUELL
149.50
130.00
160.00
Neutral
Sell
118
0.45
CONSORT MEDICAL
885.00
660.50
902.50
Neutral
Sell
685
0.37
OPTOS
159.25
106.75
215.25
Neutral
Buy
177
1.09
SMITH & NEPHEW
798.00
638.00
803.00
Neutral
Sell
686
0.33
Beta
Under Valued
Household Goods & Textiles

Stock
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
GAMES WORKSHOP
789.00
601.00
823.50
Neutral
Neutral
764
HEADLAM GROUP
384.00
302.50
415.00
Neutral
Buy
450
0.75
79.75
55.25
87.50
Neutral
Sell
48
0.70
HORNBY
Target
0.29
Over Valued
Information Technology & Hardware

Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
ARM HOLDINGS
983.00
656.50
1097.00
Neutral
Sell
431
CSR
540.50
332.00
607.00
Neutral
Strong Buy
1489
1.06
65.25
30.75
83.25
Neutral
Neutral
71
1.00
FILTRONIC
Target
Beta
0.63
IMAGINATION TECHNOLOGIES
290.80
235.10
552.00
Neutral
Sell
217
1.09
SPIRENT COMMUNICATIONS
116.50
116.50
169.20
Buy
Strong Buy
389
0.88
WOLFSON MICROELECTRONICS
147.00
140.00
226.25
Neutral
Sell
-34
0.95
28 October 2013
+44 (0)1189 333606
Page 9 of 17
Under Valued
Insurance
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
Target
Beta
1240.00
1019.00
1416.00
Neutral
Sell
-539
0.58
AMLIN
427.00
364.10
435.10
Neutral
Strong Buy
1614
0.47
BEAZLEY
217.20
167.30
242.70
Neutral
Strong Buy
999
0.61
CATLIN GROUP
508.00
455.30
552.50
Neutral
Neutral
494
0.29
HISCOX
675.00
463.32
686.00
Neutral
Strong Buy
1998
0.43
1006.00
723.00
1007.00
Neutral
Buy
1263
0.28
RSA INSURANCE GROUP
126.80
107.70
136.30
Neutral
Strong Buy
770
0.36
NOVAE GROUP
536.00
345.00
537.00
Neutral
Strong Buy
3621
0.39
ADMIRAL GROUP
JARDINE LLOYD THOMPSON
Over Valued
Leisure & Hotels

Stock
CARNIVAL
ENTERPRISE INNS
Price
12M Lo
12M Hi
ST Rec
LT Rec
2207.00
2030.00
2628.00
Neutral
Strong Buy
Target
3385
Beta
0.96
155.90
65.75
157.80
Neutral
Sell
101
1.51
TUI TRAVEL
385.20
246.70
401.50
Neutral
Strong Buy
706
1.06
FULLER SMITH 'A'
893.50
726.00
969.00
Neutral
Sell
585
0.24
GREENE KING
839.00
589.00
897.50
Neutral
Sell
600
0.87
LADBROKES
189.80
167.40
243.10
Neutral
Buy
253
0.85
1865.00
1524.00
2039.00
Neutral
Sell
1626
1.10
MILLENNIUM & CPTH.HTLS.
580.00
456.00
615.50
Neutral
Neutral
569
1.33
MITCHELLS & BUTLERS
400.50
296.00
460.00
Neutral
Sell
263
0.89
BWIN PARTY DIGITAL ENTM.
122.00
101.30
156.00
Neutral
Sell
61
1.28
ICTL.HTLS.GP.
PUNCH TAVERNS
14.00
6.16
15.50
Neutral
Strong Buy
68
0.98
RANK GROUP
150.50
137.30
177.50
Neutral
Strong Buy
554
1.01
RESTAURANT GROUP
572.50
364.00
575.00
Neutral
Sell
378
0.66
WETHERSPOON (JD)
729.00
493.80
767.00
Neutral
Sell
669
0.55
WHITBREAD
3372.00
2301.00
3372.00
Neutral
Sell
2114
1.05
WILLIAM HILL
391.40
305.06
494.50
Neutral
Sell
352
0.79
MARSTON'S
155.00
118.80
165.50
Neutral
Sell
12
1.08
Under Valued
Life Assurance
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
AVIVA
438.60
294.10
441.70
Neutral
Sell
400
1.23
CHESNARA
294.50
176.50
296.00
Neutral
Strong Buy
574
0.62
LEGAL & GENERAL
212.90
132.50
214.10
Sell
Strong Buy
543
1.82
OLD MUTUAL
204.60
166.10
221.60
Neutral
Strong Buy
435
1.54
PRUDENTIAL
1270.00
834.50
1276.00
Sell
Neutral
1309
1.82
670.50
377.40
679.00
Neutral
Strong Buy
7379
0.88
ST.JAMES'S PLACE
17
Target
Beta
28 October 2013
+44 (0)1189 333606
Page 10 of
Under Valued
Media & Entertainment

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BLOOMSBURY PBL.
177.75
102.00
177.75
Neutral
Strong Buy
922
BRITISH SKY BCAST.GROUP
928.50
709.00
950.00
Neutral
Strong Buy
1056
0.42
55.75
31.00
60.00
Neutral
Sell
-42
1.00
1.04
CENTAUR MEDIA
DAILY MAIL 'A'
Target
Beta
0.39
797.50
451.25
835.00
Neutral
Strong Buy
3556
1028.00
747.50
1209.00
Neutral
Strong Buy
5566
0.87
INFORMA
550.50
380.50
554.00
Neutral
Strong Buy
327
1.51
ITE GROUP
316.10
183.50
316.10
Neutral
Buy
201
1.38
ITV
191.80
85.65
195.10
Neutral
Strong Buy
1369
1.54
13.00
9.88
19.00
Neutral
Buy
720
1.11
0.60
EUROMONEY INSTL.INVESTOR
JOHNSTON PRESS
PEARSON
1364.00
1119.00
1364.00
Neutral
Neutral
309
PHOTO-ME INTL.
131.50
49.00
133.00
Neutral
Strong Buy
2283
0.81
PINEWOOD SHEPPERTON
302.50
269.00
302.50
Neutral
Strong Buy
732
0.06
THOMSON REUTERS
36.97
26.85
36.97
Neutral
Strong Buy
346
0.39
STV GROUP
321.50
100.00
321.50
Neutral
Sell
240
0.86
ST.IVES
185.00
98.50
187.00
Neutral
Sell
159
1.34
TRINITY MIRROR
132.00
51.25
132.25
Neutral
Sell
-289
1.53
1.33
UBM
681.00
636.00
788.00
Neutral
Strong Buy
1421
WILMINGTON GROUP
219.50
127.75
219.50
Neutral
Strong Buy
1390
0.83
1344.00
788.00
1344.00
Sell
Sell
-827
1.25
WPP
Under Valued
Mining
Stock
ANGLO AMERICAN
ANGLO PACIFIC GROUP
ANTOFAGASTA
BHP BILLITON
GLENCORE XSTRATA
LONMIN
Price
12M Lo
12M Hi
ST Rec
LT Rec
1508.00
1207.00
2072.00
Neutral
Sell
Target
1306
Beta
1.74
231.50
161.00
289.00
Neutral
Neutral
221
1.03
1.27
875.50
784.50
1381.00
Neutral
Neutral
891
1953.00
1666.50
2236.00
Neutral
Strong Buy
3126
1.41
342.50
256.85
397.85
Neutral
Strong Buy
1060
#NA
327.20
240.84
380.10
Sell
Buy
431
1.86
RANDGOLD RESOURCES
4639.00
3972.00
7435.00
Neutral
Sell
3022
0.51
RIO TINTO
3222.50
2582.00
3757.00
Neutral
Sell
2539
1.44
VEDANTA RESOURCES
1068.00
992.00
1335.00
Neutral
Strong Buy
3013
2.17
Under Valued
Oil & Gas

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
1254.50
1000.50
1329.50
Neutral
Sell
920
BP
451.15
416.60
483.30
Neutral
Strong Buy
1038
1.04
CAIRN ENERGY
281.00
251.80
296.10
Neutral
Sell
-36
1.25
0.76
BG GROUP
FORTUNE OIL
HUNTING
JKX OIL & GAS
Target
Beta
0.81
10.25
5.44
10.25
Neutral
Strong Buy
90
917.50
716.00
941.00
Neutral
Sell
598
1.25
71.25
48.50
80.38
Neutral
Sell
-60
1.21
1.45
347.70
321.30
400.20
Neutral
Buy
417
ROYAL DUTCH SHELL B
2237.50
2077.50
2365.00
Neutral
Strong Buy
8541
0.78
SOCO INTERNATIONAL
403.40
297.04
417.00
Neutral
Buy
456
0.53
TULLOW OIL
978.50
959.00
1445.00
Neutral
Sell
706
1.08
WOOD GROUP (JOHN)
821.50
720.50
915.50
Neutral
Sell
746
1.40
PREMIER OIL
17
28 October 2013
+44 (0)1189 333606
Page 11 of
Over Valued
Personal Care & Household Products

Stock
MCBRIDE
PZ CUSSONS
RECKITT BENCKISER GROUP
Price
12M Lo
12M Hi
ST Rec
LT Rec
113.00
101.00
144.60
Buy
Buy
ARK THERAPEUTICS GP.

ASTRAZENECA
BTG
DECHRA PHARMACEUTICALS
GLAXOSMITHKLINE
OXFORD BIOMEDICA
Beta
147
0.85
394.40
336.20
432.50
Neutral
Sell
363
0.75
4780.00
3704.00
4950.00
Neutral
Neutral
4860
0.33
Under Valued
Pharmaceuticals & Biotechnology

Stock
Target
Price
12M Lo
12M Hi
ST Rec
LT Rec
0.36
0.32
3.58
Buy
Strong Buy
Target
1
Beta
3248.50
2792.50
3521.50
Neutral
Strong Buy
10470
0.47
407.30
317.50
412.50
Neutral
Sell
296
0.38
0.18
0.89
688.00
569.00
780.00
Neutral
Strong Buy
1532
1604.50
1317.50
1782.00
Neutral
Strong Buy
2476
0.49
2.60
1.33
2.83
Buy
Sell
-2
0.38
0.79
IXICO
59.50
51.50
568.75
Buy
Sell
-158
SHIRE
2776.00
1727.00
2776.00
Neutral
Sell
2174
0.69
SKYEPHARMA
92.00
43.50
101.75
Neutral
Strong Buy
221
0.51
VERNALIS
28.75
19.38
31.00
Neutral
Sell
15
0.76
Under Valued
Real Estate - REIT

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
BIG YELLOW GROUP
485.00
322.90
489.00
Neutral
Strong Buy
770
1.24
BRITISH LAND
628.00
506.00
658.00
Neutral
Buy
881
1.14
2563.00
1999.00
2574.00
Neutral
Strong Buy
5452
1.32
GREAT PORTLAND ESTATES
592.50
451.50
598.00
Neutral
Strong Buy
1247
1.07
HAMMERSON
536.50
458.70
554.00
Neutral
Buy
595
1.41
1.22
DERWENT LONDON
Target
Beta
INTU PROPERTIES
344.60
300.60
366.00
Neutral
Strong Buy
616
LAND SECURITIES GROUP
991.00
762.50
994.00
Sell
Strong Buy
1899
1.22
31.63
24.25
37.50
Neutral
Sell
-172
0.78
LONDONMETRIC PROPERTY
130.20
103.20
130.20
Sell
Sell
-5
0.33
MCKAY SECURITIES
187.00
131.50
187.00
Neutral
Strong Buy
310
0.50
MUCKLOW (A & J) GROUP
456.00
347.75
500.00
Neutral
Sell
261
0.57
PRIMARY HEALTH PROPS.
318.25
312.50
363.53
Neutral
Sell
125
0.22
49.25
30.75
50.00
Neutral
Sell
-398
0.43
1.96
LOCAL SHOP.REIT (THE)
REDEFINE INTL.REIT
SEGRO
333.30
221.60
336.70
Neutral
Sell
-311
SHAFTESBURY
615.50
524.50
668.00
Neutral
Buy
915
1.13
TOWN CENTRE SECURITIES
225.00
178.75
230.00
Neutral
Sell
12
0.95
WORKSPACE GROUP
477.00
293.90
482.30
Neutral
Strong Buy
1516
1.10
17
28 October 2013
+44 (0)1189 333606
Page 12 of
Under Valued
Real Estate REIS

Stock
CAPITAL & CNTS.PROPS.
CAPITAL & REGIONAL
Price
12M Lo
12M Hi
ST Rec
LT Rec
356.70
225.00
365.60
Neutral
Strong Buy
Target
721
Beta
0.72
44.75
22.75
45.25
Neutral
Sell
-57
0.55
0.80
CLS HOLDINGS
1206.00
656.50
1260.00
Neutral
Strong Buy
3128
DAEJAN HOLDINGS
4040.00
2706.00
4200.00
Neutral
Strong Buy
15627
0.56
220.00
143.00
225.00
Neutral
Sell
207
1.14
DEVELOPMENT SECS.
GRAINGER
192.60
109.60
192.60
Sell
Sell
120
1.64
HELICAL BAR
308.00
178.00
308.00
Neutral
Sell
220
0.83
38.00
21.50
38.00
Neutral
Strong Buy
244
0.60
6750.00
4350.00
6975.00
Neutral
Strong Buy
15388
0.69
95.50
51.75
95.50
Sell
Sell
-223
1.10
1.56
LONDON & ASSOCS.PROPS.

MOUNTVIEW ESTATES
QUINTAIN ESTATES & DEV.
RAVEN RUSSIA
SAVILLS
SMART (J)
77.25
61.50
79.75
Neutral
Strong Buy
223
649.00
403.20
664.50
Neutral
Strong Buy
2022
0.68
85.00
72.50
90.50
Neutral
Strong Buy
388
0.42
ST MODWEN PROPS.
361.50
200.00
361.50
Neutral
Strong Buy
671
1.68
UNITE GROUP
408.50
260.70
408.50
Neutral
Strong Buy
1744
1.93
Under Valued
Software & Computer Services

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ANITE
86.50
76.75
162.00
Neutral
Strong Buy
143
0.66
2577.00
1975.75
2650.00
Neutral
Sell
1503
1.49
COMPUTACENTER
570.00
333.29
570.00
Neutral
Strong Buy
1464
0.85
KOFAX
359.50
260.75
388.00
Neutral
Neutral
345
1.11
0.78
AVEVA GROUP
INNOVATION GROUP
Target
Beta
31.75
20.75
31.75
Sell
Sell
26
MICRO FOCUS INTL.
809.00
544.73
816.09
Neutral
Buy
1078
0.84
PHOENIX IT GROUP
162.00
130.00
184.00
Neutral
Sell
-237
0.59
0.58
RM
FIDESSA GROUP
SAGE GROUP
116.62
64.00
124.00
Neutral
Strong Buy
267
2018.00
1275.00
2190.00
Neutral
Neutral
2169
0.62
331.90
289.36
368.18
Neutral
Buy
440
0.70
Under Valued
Speciality & Other Finance

Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ABERDEEN ASSET MAN.
459.10
319.90
492.10
Sell
Strong Buy
1328
1.12
BREWIN DOLPHIN
281.50
169.80
283.00
Neutral
Strong Buy
699
0.85
8545.00
8000.00
11105.00
Neutral
Strong Buy
87733
0.85
455.00
288.00
474.00
Neutral
Strong Buy
1534
0.89
0.64
CAMELLIA
CHARLES STANLEY GROUP
Target
Beta
219.00
155.00
228.00
Neutral
Strong Buy
1737
CLOSE BROTHERS GROUP
1263.00
833.50
1300.00
Neutral
Strong Buy
5208
0.78
F&C ASSET MANAGEMENT
105.20
90.00
110.40
Neutral
Sell
83
0.77
CHARLES TAYLOR
5.19
0.82
5.70
Neutral
Sell
-135
0.77
HENDERSON GROUP
HELPHIRE GROUP
209.00
109.10
209.70
Neutral
Strong Buy
853
1.44
ICAP
375.80
280.80
422.20
Neutral
Strong Buy
892
0.94
INTERMEDIATE CAPITAL GP.
492.40
287.20
501.50
Neutral
Strong Buy
2411
1.77
INVESTEC
441.00
364.40
513.50
Neutral
Strong Buy
2862
1.54
1682.00
930.00
1682.00
Neutral
Strong Buy
7130
1.32
90.30
71.80
134.40
Neutral
Sell
-5207
1.23
LONDON STOCK EX.GROUP

MAN GROUP
RATHBONE BROTHERS
1665.00
1208.00
1691.00
Sell
Strong Buy
5823
0.83
SCHRODERS
2688.00
1518.00
2690.00
Neutral
Strong Buy
8711
1.42
SCHRODERS NV
2217.00
1220.00
2217.00
Neutral
Strong Buy
12024
1.38
17
28 October 2013
+44 (0)1189 333606
Page 13 of
Under Valued
Support Services
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
ACAL
305.50
157.75
312.50
Neutral
Strong Buy
652
0.79
AGGREKO
1517.00
1442.00
2254.00
Neutral
Strong Buy
3369
1.04
AMEC
1164.00
965.50
1164.00
Neutral
Strong Buy
3369
0.98
665.00
356.40
730.00
Neutral
Strong Buy
998
1.69
1248.00
953.00
1260.00
Neutral
Strong Buy
2641
0.40
670.00
372.50
670.00
Sell
Strong Buy
2382
0.84
1357.00
1009.00
1409.00
Neutral
Strong Buy
2817
0.49
UK MAIL GROUP
599.00
265.00
645.00
Neutral
Strong Buy
1665
0.47
CAPITA
966.50
713.00
1057.00
Neutral
Strong Buy
1931
0.57
62.50
34.54
68.00
Neutral
Strong Buy
450
0.79
0.78
ASHTEAD GROUP
BABCOCK INTL.
BRITISH POLYTHENE INDS.
BUNZL
COMMUNISIS
Target
Beta
COMPASS GROUP
907.00
680.00
910.50
Sell
Strong Buy
2023
BERENDSEN
955.00
563.00
962.50
Neutral
Strong Buy
3442
1.02
DE LA RUE
845.00
845.00
1075.00
Neutral
Strong Buy
2342
#NA
0.21
DIGNITY
1384.00
922.31
1567.68
Neutral
Buy
1789
DIPLOMA
690.00
435.00
690.00
Neutral
Strong Buy
1363
1.00
ELECTROCOMP.
295.60
203.90
298.10
Neutral
Strong Buy
905
1.03
ESSENTRA PLC
797.50
543.00
830.00
Neutral
Strong Buy
1305
1.13
G4S
258.50
207.50
313.50
Neutral
Strong Buy
939
0.42
HAYS
122.80
76.70
124.10
Neutral
Strong Buy
412
0.99
HOMESERVE
233.00
185.60
293.60
Neutral
Strong Buy
953
0.93
INTERSERVE
617.00
349.10
625.00
Sell
Strong Buy
3187
1.15
3309.00
2819.00
3453.00
Neutral
Buy
4543
0.74
53.50
33.63
53.50
Neutral
Strong Buy
239
1.03
0.61
INTERTEK GROUP
JOHNSON SERVICE GROUP
MANAGEMENT CNSL.GP.
26.25
21.25
32.00
Neutral
Strong Buy
192
MENZIES (JOHN)
797.50
573.00
841.50
Neutral
Strong Buy
2063
1.37
MICHAEL PAGE INTL.
472.10
346.40
502.50
Neutral
Strong Buy
823
1.19
MITIE GROUP
311.70
248.00
314.90
Neutral
Strong Buy
1057
0.50
39.75
33.75
130.00
Neutral
Strong Buy
673
0.28
OFFICE2OFFICE
1041.00
765.00
1185.00
Neutral
Strong Buy
1897
0.72
PREMIER FARNELL
PAYPOINT
223.00
165.50
238.40
Neutral
Strong Buy
572
1.40
REGUS
209.80
96.00
214.10
Neutral
Sell
71
1.46
RENTOKIL INITIAL
112.80
85.00
112.80
Neutral
Strong Buy
460
1.31
REXAM
511.00
432.56
547.50
Neutral
Strong Buy
1837
0.90
RICARDO
629.00
349.63
661.50
Neutral
Strong Buy
1661
1.04
ROBERT WALTERS
335.00
191.00
335.00
Neutral
Strong Buy
976
1.11
RPC GROUP
501.00
378.00
501.00
Neutral
Strong Buy
1665
0.72
RPS GROUP
288.20
195.50
291.00
Neutral
Strong Buy
933
1.49
SERCO GROUP
557.50
516.50
683.50
Neutral
Strong Buy
2294
0.52
SHANKS GROUP
106.50
73.00
107.50
Neutral
Strong Buy
373
1.55
63.75
32.00
70.00
Neutral
Strong Buy
343
1.17
194.00
92.25
206.50
Neutral
Strong Buy
546
0.64
78.75
40.50
78.75
Neutral
Strong Buy
332
0.81
VP
505.00
313.00
510.00
Neutral
Strong Buy
2326
0.65
WYG
110.00
52.75
111.00
Neutral
Strong Buy
203
0.78
SPEEDY HIRE
TRIBAL GROUP
TRIFAST
17
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Page 14 of
Over Valued
Telecommunication Services
Stock
BT GROUP
CABLE & WIRELESS COMMS.
INMARSAT
KCOM GROUP
TELECOM PLUS
VODAFONE GROUP
Price
12M Lo
12M Hi
ST Rec
LT Rec
359.10
212.50
367.40
Neutral
Buy
Target
458
0.92
44.41
34.31
46.29
Neutral
Strong Buy
86
0.66
725.00
542.50
749.00
Neutral
Sell
278
0.52
98.85
68.25
100.70
Neutral
Buy
131
0.97
1517.00
830.00
1518.00
Neutral
Sell
896
0.05
226.75
154.45
229.30
Neutral
Sell
139
0.46
Over Valued
Transport
Stock
Beta
Price
12M Lo
12M Hi
ST Rec
LT Rec
BBA AVIATION
330.00
195.70
336.60
Sell
Sell
230
1.17
BRAEMAR SHIPPING SVS.
540.00
350.00
540.00
Neutral
Neutral
579
0.91
CLARKSON
2308.00
1150.00
2370.00
Neutral
Sell
1295
0.77
EASYJET
1329.00
617.50
1448.00
Neutral
Sell
874
0.78
FIRST GROUP
Target
Beta
118.10
92.00
182.47
Neutral
Strong Buy
281
0.85
FISHER(JAMES)& SONS
1122.00
773.75
1148.00
Neutral
Sell
817
0.69
GO-AHEAD GROUP
1715.00
1220.00
1715.00
Neutral
Strong Buy
2976
0.94
NATIONAL EXPRESS
259.80
164.50
274.90
Neutral
Neutral
253
1.33
NORTHGATE
458.75
249.00
458.75
Neutral
Sell
364
1.22
STAGECOACH GROUP
337.10
265.90
342.50
Neutral
Buy
472
0.87
WINCANTON
139.00
43.75
139.00
Neutral
Strong Buy
288
0.83
Under Valued
Utilities
Stock
Price
12M Lo
12M Hi
ST Rec
LT Rec
CENTRICA
356.10
310.80
402.20
Neutral
Strong Buy
571
0.51
NATIONAL GRID
782.00
682.00
847.50
Neutral
Buy
987
0.49
PENNON GROUP
700.00
598.00
730.00
Neutral
Sell
622
0.66
SSE
1440.00
1364.00
1676.00
Neutral
Strong Buy
2261
0.44
SEVERN TRENT
1881.00
1513.00
2090.00
Neutral
Sell
1532
0.39
718.50
647.00
787.50
Neutral
Neutral
768
0.51
UNITED UTILITIES GROUP
17
Target
Beta
28 October 2013
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Page 15 of
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Over Valued ..................................................7

Construction Home Construction

Intellisys Intelligent Analysis Limited

Intellisys Intelligent Analysis Limited

RISK WARNING Ratings and Targets

Intellisys Intelligent Analysis Limited

How to use the report

Longer term action based

Implied target price

Latest 12 month Hi/Lo for

eta measures a shares

Intellisys Intelligent Analysis Limited

Aerospace & Defence

ULTRA ELECTRONICS HDG.

Automobiles & Parts

HSBC HDG. (ORD $0.50)

LLOYDS BANKING GROUP

ROYAL BANK OF SCTL.GP.

Intellisys Intelligent Analysis Limited

Construction - Building Materials & Fittings

Construction - Heavy Construction

MORGAN SINDALL GROUP

NORTH MIDLAND CON.

Construction Home Construction

BERKELEY GROUP HDG.(THE)

BOVIS HOMES GROUP

CREST NICHOLSON HOLDINGS

GLEESON (MJ) GROUP

Intellisys Intelligent Analysis Limited

Electronics & Electrical Equipment

DOMINO PRINTING SCIENCES

Engineering & Machinery

AGA RANGEMASTER GROUP

HILL & SMITH

Food & Drug Stores

Food Producers & Processors

TATE & LYLE

Intellisys Intelligent Analysis Limited

BROWN (N) GROUP

MARKS & SPENCER GROUP

MOSS BROTHERS GROUP

SMITH & NEPHEW

Household Goods & Textiles

Information Technology & Hardware

Intellisys Intelligent Analysis Limited

RSA INSURANCE GROUP

JARDINE LLOYD THOMPSON

Leisure & Hotels

FULLER SMITH 'A'

MILLENNIUM & CPTH.HTLS.

MITCHELLS & BUTLERS

BWIN PARTY DIGITAL ENTM.

LEGAL & GENERAL

Intellisys Intelligent Analysis Limited

Media & Entertainment

BRITISH SKY BCAST.GROUP

Oil & Gas

ROYAL DUTCH SHELL B

WOOD GROUP (JOHN)

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Personal Care & Household Products

ARK THERAPEUTICS GP.