Professional Documents
Culture Documents
Intellisys
01 May 2012
Contents
Introduction...................................................................................................................... 3
Aerospace & Defence ........................................................................................................ 4
Automobiles & Parts .......................................................................................................... 4
Banks ............................................................................................................................... 4
Beverages ........................................................................................................................ 4
Chemicals ......................................................................................................................... 4
Construction & Building Materials ....................................................................................... 5
Electronics & Electrical Equipment ...................................................................................... 5
Engineering & Machinery ................................................................................................... 5
Food & Drug Stores ........................................................................................................... 5
Food Producers & Processors ............................................................................................. 6
General Retail ................................................................................................................... 6
Health .............................................................................................................................. 6
Household Goods & Textiles .............................................................................................. 6
Information Technology & Hardware .................................................................................. 6
Insurance ......................................................................................................................... 7
Leisure & Hotels................................................................................................................ 7
Life Assurance .................................................................................................................. 7
Media & Entertainment ...................................................................................................... 7
Mining .............................................................................................................................. 8
Oil & Gas .......................................................................................................................... 8
Personal Care & Household Products .................................................................................. 8
Pharmaceuticals & Biotechnology ....................................................................................... 8
Software & Computer Services ........................................................................................... 9
Speciality & Other Finance ................................................................................................. 9
Support Services ............................................................................................................. 10
Telecommunication Services ............................................................................................ 10
Transport ....................................................................................................................... 11
Utilities ........................................................................................................................... 11
DISCLAIMER ................................................................................................................... 12
RISK WARNING .............................................................................................................. 13
Page 2 of 13
www.intellisys.uk.com
Intellisys
01 May 2012
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.
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.
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 Recommendation & 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
However, like all trading and investment systems active position monitoring is critical for
maximised investment performance.
Therefore, Intellisys recommend that its products should be used in conjunction with, and not
separate from, a subscribers existing trading system as well discussing investment options
with their chosen financial advisers.
Page 3 of 13
www.intellisys.uk.com
Intellisys
01 May 2012
Price
303
324
229.8
413
834.5
1078
1715
575.5
12M Lo
248.1
316.9
165.9
305
545.04
869.5
1305
243.5
12M Hi
340.8
677
239.5
413
834.5
1332
1780
576.25
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Beta
0.646
0.519
0.907
1.338
1.098
0.725
0.597
0.800
Price
207.8
368.6
63.25
14.75
12M Lo
157
268.6
47
6.8
12M Hi
245
425.4
72.75
19.71
ST Rec
Neutral
Neutral
Neutral
Neutral
Beta
1.977
1.415
1.343
1.135
Price
223.1
559.4
31.19
24.35
1523
12M Lo
138.85
463.5
21.84
17.34
1169.5
12M Hi
286.2
662.5
59.25
42.91
1672
ST Rec
Neutral
Neutral
Sell
Sell
Neutral
Beta
1.860
1.142
1.768
1.291
1.707
Price
1169
1574.5
2602.5
12M Lo
1031
1112
1979
12M Hi
1395
1589
2660
ST Rec
Neutral
Neutral
Neutral
Beta
0.427
0.547
0.987
Price
2282
207.4
2370
1464
235.6
175
12M Lo
1597
107.5
1523
1025
148
109
12M Hi
2282
208.1
2408
1590
253
186.5
ST Rec
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
1.082
1.070
1.465
1.222
1.289
1.008
Banks
Stock
BARC LAYS
HSBC HDG. (ORD $0.50)
LLOYDS BANKING GROUP
ROYAL BANK OF SC TL.GP.
STANDARD C HARTERED
Beverages
Stock
BARR (AG)
DIAGEO
SABMILLER
Chemicals
Stock
C RODA INTERNATIONAL
ELEMENTIS
JOHNSON MATTHEY
VIC TREX
YULE C ATTO
ZOTEFOAMS
Page 4 of 13
www.intellisys.uk.com
Intellisys
01 May 2012
Price
265.5
135
784
1296
469.2
286.7
48.5
219.5
649.5
464.5
1172
59.25
93
679.5
640
125
107
51
1043
2400
12M Lo
214.6
67.5
540.5
1025
326.5
264.6
35.5
180
383.75
239.25
1095
38
83.25
510
374
103.5
76.95
28.71
715
1404
12M Hi
333.7
151.5
859.5
1414
518.5
403.2
98.25
247.5
653
671.5
1489
76.75
124.5
725
706.5
135.3
153.5
52.75
1125
2558
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
0.836
1.447
1.013
0.682
1.070
1.092
0.804
0.558
1.052
1.323
1.040
1.106
1.353
0.887
1.099
0.971
1.590
1.497
1.893
1.439
Price
1043
590
146.5
211.5
217.8
1230
1480
1866
0.16
188.5
225.5
12M Lo
643.5
434.3
86.75
180.9
128.5
714
800
1039
0.14
120.5
212
12M Hi
1095
701.5
149.5
340.6
222
1285
1886
1886
0.28
208
295
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
0.762
1.178
1.352
1.470
2.167
0.990
1.288
1.429
0.639
1.600
1.134
Price
81.25
437.1
293
740.5
447.4
407.3
329
1016
8.12
321.7
2222
211.8
187
2334
665
1740
12M Lo
62.5
225.6
252.5
395.8
280
306.3
235
636.5
7.25
224
1501
135.6
150
1649
488
1375
12M Hi
123.25
437.1
358
747.5
483.7
429.6
393.5
1119
11.88
360
2222
213
250
2334
690
2236
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Beta
1.321
1.585
0.984
2.288
1.412
0.764
1.412
1.404
0.855
1.771
0.987
1.765
1.065
0.850
1.517
1.385
Price
500
283.2
307.2
317.95
25.63
12M Lo
445
277
263.5
310.45
9.5
12M Hi
558
328
362.8
420.05
80.25
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
0.516
0.446
0.638
0.733
0.766
Page 5 of 13
www.intellisys.uk.com
Intellisys
01 May 2012
Price
1223
809.5
296.1
306
16.5
689.5
2109
12M Lo
977
588.5
290.4
232
3.29
544.5
1892
12M Hi
1239
841
409.7
332.2
35.12
720.5
2189
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
0.599
0.598
0.931
0.333
1.403
0.627
0.582
Price
23.25
231.5
1469
604
7.5
18.04
3.65
43.25
275.3
12.63
807.5
53.75
293
361.1
49.5
166.75
2958
895
39
12M Lo
16
222.4
1092
375
7.5
9.36
2.2
36
269.5
5.2
570
52.8
217
301.8
26
127.3
2153
633
21.5
12M Hi
23.75
304.5
1600
741
17.5
19.91
8.7
106
405.9
31
1030
151.4
313.8
402.2
51
448.5
3060
928.5
77
ST Rec
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
0.710
0.485
1.363
1.034
0.654
1.451
0.968
0.929
0.637
0.875
0.484
1.279
0.970
0.739
1.065
0.562
0.777
0.561
1.325
Price
656
41
611.5
12M Lo
498
35.25
521
12M Hi
665
57.75
694
ST Rec
Neutral
Neutral
Neutral
Beta
0.393
0.756
0.355
Price
43.75
567
297
91.25
12M Lo
21.75
405
233.25
91.25
12M Hi
44
577.5
310
145
ST Rec
Neutral
Neutral
Neutral
Neutral
Beta
0.483
0.381
0.926
0.653
Price
537
232.8
30.25
696
55.5
168.1
173.5
12M Lo
464
154.1
14.5
296.9
41
105.8
96
12M Hi
645
391.4
35
717
101.5
172.8
244.5
ST Rec
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Beta
0.762
1.202
0.659
0.959
1.162
1.014
1.064
General Retail
Stock
ASHLEY(LAURA) HOLDINGS
BROWN (N) GROUP
BURBERRY GROUP
C ARPETRIGHT
C LINTON C ARDS
DIXONS RETAIL
FINDEL
FRENC H C ONNEC TN.GROUP
HALFORDS GROUP
JJB SPORTS
JD SPORTS FASHION
KESA ELEC TRIC ALS
KINGFISHER
MARKS & SPENC ER GROUP
MOSS BROTHERS GROUP
MOTHERC ARE
NEXT
TED BAKER
TOPPS TILES
Health
Stock
C ONSORT MEDIC AL
C ORIN GROUP
SMITH & NEPHEW
Page 6 of 13
www.intellisys.uk.com
Intellisys
01 May 2012
Insurance
Stock
ADMIRAL GROUP
AMLIN
BEAZLEY
C ATLIN GROUP
HISC OX
JARDINE LLOYD THOMPSON
RSA INSURANC E GROUP
NOVAE GROUP
Price
1220
331.3
143.5
425.7
402.4
705
104.7
366
12M Lo
787
270.6
109.6
336
340.5
576
99.6
285
12M Hi
1754
427
151.8
449
424.7
764.5
139.8
385.25
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
0.513
0.488
0.512
0.306
0.496
0.318
0.432
0.497
Price
2050
61
190.1
718.75
512.5
180.4
1485
485
269.1
158
9.66
119
284.5
411.7
1907
281.7
97.75
12M Lo
1742
26.5
136.7
615
410
114
955
371.2
215.6
100.6
9.14
109.5
254.9
380.5
1409
183.3
84.6
12M Hi
2642
96.15
250
752
523.5
180.4
1497
535
336.8
174
15.57
153.7
335
468.3
1927
281.7
112
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
1.076
1.728
0.951
0.441
0.864
0.997
1.310
1.405
1.023
1.256
1.295
0.987
0.852
0.724
1.017
0.943
1.255
Price
316.7
182
119
150
760
339
12M Lo
275.3
161.75
89.8
98.47
509
294
12M Hi
450.3
255
135
165.31
797.5
376
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
1.259
0.582
1.666
1.660
1.721
0.814
Price
177.3
106.87
667.5
32
424.4
793
421.5
223.3
86.2
6
1167
45.5
352.5
29.27
112.25
78.25
32.75
593.5
92
844
3.75
12M Lo
116.17
91.25
618.5
30.5
343.4
522.5
313.9
157.7
51.65
4.11
1038
41.5
198.25
26.21
76.25
68.5
30.75
416
78.5
578
3.35
12M Hi
187.4
138
850
56.25
505.5
809.5
451
258
89.9
8
1255
67
357.5
38.35
168
102.25
54.25
641.5
151
880
11
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
1.306
0.507
0.607
1.041
1.086
1.054
1.517
1.418
1.521
1.461
0.662
0.857
0.348
0.509
0.811
1.450
1.566
1.296
0.863
1.290
1.318
Life Assurance
Stock
AVIVA
C HESNARA
LEGAL & GENERAL
OLD MUTUAL
PRUDENTIAL
ST.JAMES'S PLAC E
Page 7 of 13
www.intellisys.uk.com
Intellisys
01 May 2012
Mining
Stock
ANGLO AMERIC AN
ANGLO PAC IFIC GROUP
ANTOFAGASTA
BHP BILLITON
LONMIN
RANDGOLD RESOURC ES
RIO TINTO
UK C OAL
VEDANTA RESOURC ES
XSTRATA
Price
2381
314.6
1205
1966
1058
5615
3503.5
14.62
1241
1202
12M Lo
2138.5
237.9
900.5
1667
941
4580
2712.5
12.5
928
764
12M Hi
3181
340
1491
2524.5
1642
7565
4595
47
2325
1521.5
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Beta
1.748
0.947
1.384
1.402
1.918
0.333
1.424
0.941
2.095
1.782
Price
1444
446.35
344
10.75
954
135.25
121
379.3
2188
2264
305.1
1540
787.5
12M Lo
1144
363.2
291.86
9
530
120.5
95.25
310
1883.5
1890.5
278
945.5
469.9
12M Hi
1547
504.6
511.6
14.75
968
314
281.5
500
2402
2489
397.5
1601
787.5
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
0.701
1.059
1.360
0.861
1.304
1.355
1.142
1.359
0.912
0.922
0.465
1.064
1.356
Price
128.75
340.6
3589
12M Lo
107.06
285
3100
12M Hi
148.71
387.9
3660
ST Rec
Neutral
Neutral
Neutral
Beta
0.873
0.741
0.335
Price
3.8
2680.5
379.8
504.5
1423.5
4
7.85
2013
87
24.25
12M Lo
3.13
2543.5
236.8
392.5
1205
2.88
6.4
1818
31
18.75
12M Hi
5.35
3194
385.3
524.84
1497
7.2
9.5
2300
87
49
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Beta
0.967
0.454
0.726
0.315
0.485
0.613
0.924
0.631
0.702
0.824
Page 8 of 13
www.intellisys.uk.com
Intellisys
01 May 2012
Price
21.13
124.25
1658
411
289.25
20.75
79.75
471.3
348.6
196.5
85.5
1500
288
12M Lo
21.13
57.75
1298
324.7
225
16.63
58.95
242.9
214.9
154.75
41.5
1444
231.7
12M Hi
27
129.75
1799
490
503.5
23
144.8
476.7
420.2
262.75
156.63
2109
312.4
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
0.731
0.836
1.479
1.092
1.110
0.922
1.357
0.748
1.326
0.879
0.482
0.818
0.649
Price
274
164.9
9850
290
141.5
746
67
1.48
120.5
382.9
261.4
360.3
1082
107
1308
1450
1148
12M Lo
167.8
113.7
8800
240
115.63
590
56.05
1.36
95.05
311.6
197.9
318.4
756.5
92.55
977
1183
970
12M Hi
283.5
177
10950
350
160
820
81.7
13.5
163.7
524
345
522
1093
259.6
1323
1906
1554
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
1.073
0.722
0.870
0.956
0.699
0.831
0.912
0.668
1.416
1.062
1.647
1.555
1.168
1.270
0.738
1.305
1.299
Page 9 of 13
www.intellisys.uk.com
Intellisys
01 May 2012
Support Services
Stock
AC AL
AGGREKO
AMEC
ASHTEAD GROUP
BABC OC K INTL.
BRITISH POLYTHENE INDS.
BUNZL
UK MAIL GROUP
C APITA
C OMMUNISIS
C OMPASS GROUP
BERENDSEN
DE LA RUE
DIGNITY
DIPLOMA
ELEC TROC OMP.
FILTRONA
G4S
HAYS
HOMESERVE
INTERSERVE
INTERTEK GROUP
JOHNSON SERVIC E GROUP
MANAGEMENT C NSL.GP.
MENZIES (JOHN)
MIC HAEL PAGE INTL.
MITIE GROUP
MOUC HEL GROUP
OFFIC E2OFFIC E
PAYPOINT
PREMIER FARNELL
REGUS
RENTOKIL INITIAL
REXAM
RIC ARDO
ROBERT WALTERS
RPC GROUP
RPS GROUP
SERC O GROUP
SHANKS GROUP
SPEEDY HIRE
TRIBAL GROUP
TRIFAST
VP
WYG
WSP GROUP
Price
205
2272
1130
252
837.5
345.25
1029
236.5
685
35.38
647.5
520.5
984.5
847
459.6
228.5
464.9
284.2
91.05
251.1
283.8
2551
29
39
633
427.2
290.8
5.9
147.5
651.5
212.5
108.5
87.6
430.5
347.25
259
369.1
236.4
546.5
92.4
26.75
75
47.25
269
50.5
257.5
12M Lo
166.25
1522
740.5
99.4
570.5
273
676.5
192.25
611.5
23.75
512.5
402.7
730
727
284
182.2
296.3
219.9
58.85
214.7
270.1
1744
25.25
27.75
445.5
323
206.8
4.75
122
450
144.5
64
58.2
299.8
325
158.25
300.5
156.6
458
90.8
18.5
38.5
36.25
191
47
160
12M Hi
339
2316
1207
271.1
851
392.5
1030
318.5
767
39.75
671
568
1001
860
459.6
294.9
484.5
292.1
118.7
532
341.25
2605
36
45.5
652
552.5
292.3
78
166.5
670
301
117.5
100.9
438
410
326
393.2
253
597.5
130.9
34
79.75
52.88
269
956.25
359
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Sell
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
0.938
1.162
1.008
1.523
0.556
0.730
0.542
0.342
0.434
0.765
0.710
1.017
#NA
0.202
1.013
1.014
1.114
0.584
0.981
0.654
1.346
0.864
1.137
0.680
1.467
1.350
0.610
0.913
0.393
0.719
1.184
1.396
1.296
0.868
0.819
1.252
0.837
1.576
0.571
1.460
1.311
0.625
0.880
0.903
0.766
0.949
Price
212.9
32.89
443.5
71.6
695
171.1
12M Lo
161
30.07
389.3
60.5
472
155.05
12M Hi
232.1
48.92
620
84
802
182.7
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
0.919
0.649
0.532
1.268
0.044
0.626
Telecommunication Services
Stock
BT GROUP
C ABLE & WIRELESS C OMMS.
INMARSAT
KC OM GROUP
TELEC OM PLUS
VODAFONE GROUP
Page 10 of 13
www.intellisys.uk.com
Intellisys
01 May 2012
Transport
Stock
BBA AVIATION
BRAEMAR SHIPPING SVS.
C LARKSON
EASYJET
FIRST GROUP
FISHER(JAMES)& SONS
GO-AHEAD GROUP
NATIONAL EXPRESS
NORTHGATE
STAGEC OAC H GROUP
WINC ANTON
Price
197.7
380.5
1349
495
200.9
575
1141
216.9
203.8
250.6
51
12M Lo
156
282
1015
302.54
190
440.5
1125
201.6
190
219.96
51
12M Hi
223.4
505
1367
498
370.2
615
1598
270.2
342
287.4
123.25
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
1.406
0.944
0.812
0.767
1.076
0.825
0.940
1.284
1.380
0.876
0.851
Price
312.3
663
734.5
1702
620
12M Lo
278.8
569
623.5
1375
560
12M Hi
330.3
667.5
751
1720
637
ST Rec
Neutral
Neutral
Neutral
Neutral
Neutral
Beta
0.486
0.550
0.590
0.461
0.575
Utilities
Stock
C ENTRIC A
NATIONAL GRID
PENNON GROUP
SEVERN TRENT
UNITED UTILITIES GROUP
Page 11 of 13
www.intellisys.uk.com
Intellisys
01 May 2012
DISCLAIMER
Intelligent Analysis Limited has prepared this report. Intellisys (Intellisys) is the trading name of
Intelligent Analysis Limited.
Intelligent Analysis Limited is a provider of financial research reports that indicate the possible value of
quoted company shares. The information contained within any and all of Intellisys reports are designed to
present an objective assessment of the possible value or relative value of a company and/or an actuarial
sector or stock market index. Intellisys utilises as extensive as possible range of valuation tools and
proprietary systems to derive its outputs. The base data for the models are derived from sources believed to
be accurate but Intelligent Analysis Limited does not warrant or guarantee the accuracy or reliability of the
source data or its models and proprietary systems. Subscribers, and casual readers, should not rely upon the
Intellisys research outputs when forming specific investment decisions but should seek advice specific to
their situation and investment requirements from a person authorized under the Financial Services and
Markets Act 2000, before entering into any investment agreement.
Intelligent Analysis Limited has used reasonable care and skill in compiling the content of this report. No
representation or warranty, expressed or implied, is given by any person as to the accuracy or completeness
or accuracy of the information and no responsibility or liability is accepted to the accuracy or sufficiency of
any of the information, for any errors, omissions or misstatements, negligent or otherwise. In no event will
Intelligent Analysis Limited, Intellisys or any of its officers, employees or agents be liable to any other party
for any direct, indirect, special or other consequential damages arising from the use of this report.
The Intelligent Analysis Limited and/or Intellisys reports are not directed to any person in any jurisdiction
where (by reason of that persons nationality, residence or otherwise) the publication or availability of the
Intelligent Analysis Limited and/or Intellisys information may be prohibited. Persons in respect of whom such
prohibitions apply must not access the Intelligent Analysis Limited and/or Intellisys reports. Neither this
document, nor any copy in whatever form of media, may be taken or transmitted into the United States,
Canada, Australia, Ireland, South Africa or Japan or into any jurisdiction where it would be unlawful to do so.
Any failure to comply with this restriction may constitute a violation of relevant local securities laws.
Recipients of Intelligent Analysis Limited and/or Intellisys reports outside the UK are not covered by the
rules and regulations made for the protection of investors in the UK.
Any user distributing information taken from any Intelligent Analysis Limited or Intellisys report and/or the
Intellisys website, in whatever form, to any other person, agrees to attach a copy of this Disclaimer and the
Terms and Conditions of Use pages and obtain the agreement of such other person to comply with the
terms set forth.
Intellisys' published reports are published for information purposes and only available to market
counterparties, high net-worth and sophisticated individual investors.
No Intellisys report constitutes an offer or invitation to trade, sell, purchase or acquire any shares or other
financial instruments in any company or any interest therein, nor shall it form the basis of any contract
entered into for the sale of shares or any other financial instrument in any company.
Intelligent Analysis Limited believes that the information within each and any of its reports to be correct, but
its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is
given by any person as to the accuracy or completeness of the information and no responsibility or liability is
accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise.
Intelligent Analysis Limited (including its Directors, employees and representatives) or a connected person
may have positions in or options or other financial instruments on any of the securities mentioned within a
report, and may buy, sell or offer to purchase or sell such securities from time to time, subject to restrictions
imposed by internal rules.
Page 12 of 13
www.intellisys.uk.com
Intellisys
01 May 2012
Subscribers, and casual reader, are reminded that the value of shares in any company may go up or down
and that past performance is not necessarily a guide to future performance.
Intelligent Analysis Limited is not registered with or regulated by any financial regulatory authority and does
not offer, provide or purport to provide or offer investment advice.
RISK WARNING
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 should 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.
Page 13 of 13
www.intellisys.uk.com