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Close Brothers Group: UBS raises target price from 830p to 850p, neutral rating kept.

Alpha Real Trust: Panmure Gordon reduces target price from 77p to 76p, hold recommendation kept.

Another persistent winner in share price terms since the summer is Aberdeen Asset Management (ADN). Indeed, in September it made all the right noises concerning improved margins and small net outflows. This was enough for Peel Hunt to raise its price target on the stock to 350p from 300p, as it flagged the possibility of a new dividend hike as well as raised profits estimates for 2013.

After years of defying the downturn in consumer spending and the financial crisis, in the end the bad summer of 2012 finally took its toll on the bottom line at DIY specialist Kingfisher (KGF). The September announcement showed sales in the half-year to end July were down 3.3% to £5,478m from £5,662m at the interim stage last year. Although this was in line with market forecasts, the like-for-like sales drop of 2.8% effectively ended the fundamental bull run. While the weather may have improved, it is difficult to see how Kingfisher can pull any fresh positive drivers out of the hat in the forthcoming trading announcement.

The shares trade on a multiple of 15 times forecast earnings for 2013. Deduct Spirent's cash and its minor effect on earnings from the equation and the multiple drops to 13 times. Shares in Spirent's closest competitors trade on similar multiples, but those companies aren't nearly as efficient, which makes Spirent's rating decidedly mean........but as always dyor and good luck all......

Performance Analysis has been more resilient. In the first half of 2012, it managed a 22 per cent jump in adjusted operating profit to $62m on a 10 per cent sales increase to $219m. Revenues held steady during the third quarter, too, although operating profit was down 6 per cent. Sales of wireless test solutions were up, but weaker demand for testing wired infrastructure and delayed sales for positioning solutions dragged down performance. But the positives still outweigh the negatives. Spirent's share price is some way off its 12-month high of 176p in February, when market sentiment was more bullish, yet there are signs that demand will pick up next year. US giant AT&T, for example, plans to increase capital spending on its networks, which should feed into more business for Spirent. Orders are also coming in for testing Compass, the Chinese navigation satellite system. More encouragingly, deployment of LTE - a superfast mobile broadband technology that's a key target market for Spirent - is still in its early stages. The Global mobile Suppliers Association, which tracks LTE deployments worldwide, says 89 operators had launched commercial LTE services in 45 countries by July. Another 280 operators, however, are committed to deploying the technology in 90 countries. And cash flow is still strong. Cumulative cash generated in the first nine months was $68m, well ahead of the $43m generated in the same period of 2011. Moreover, the group had $192m of cash at the end of September even after paying for Metrico. A further $64m is in the pipeline from the recent sale of Spirent's Systems division, analysts think that will be used for share buy-backs.

Spirent is developing products internally, too. In February, it claimed an industry first when it unveiled a solution to test the performance of WiFi 'offload gateways'. The demand for gateways is increasing as mobile operators look to funnel traffic off their increasingly congested networks. True, the group has difficulties. Financial uncertainty in the eurozone and both Chinese manufacturers and the US government putting spending on hold mean the group's revenue growth has flattened, and City analysts have trimmed their forecasts. Spirent's Service Assurance division has taken the biggest hit. During the first half, revenue there fell 46 per cent to $16.7m as fixed-line operators cut back spending on kit to test services running over their broadband networks. The third quarter saw a 31 per cent fall in sales, although first-half cost reductions still enabled Spirent to squeeze a $0.4m increase in operating profit from the division.

UK-based Spirent Communications (SPT) piggybacks on the continuing rapid growth of telecoms, both fixed-line and mobile, by testing the equipment that networks operators roll out. But it does this more efficiently than its competitors. In the first half of 2012, its profit margin was 24 per cent and its key subsidiary, Performance Analysis, produced a 28 per cent margin. Rivals such as US-based Ixia and Japan's Anritsu struggle to compete with that, while North American test-and-measurement companies Aeroflex and EXFO trade at a loss. Given the wide range of testing tools at Performance Analysis, Spirent looks much better positioned than most to capitalise on increased customer spending. Performance Analysis, which tests next-generation telephone networks and mobile devices - by simulating the real world in the lab - is where Spirent sees the future. And it has beefed up the division's portfolio through acquisitions. In September, it paid $52m (£32.6) cash to acquire privately held Metrico Wireless, bolstering its ability to test devices in the field as well as in the lab. In April, Spirent paid $40m cash for Mu Dynamics, which is now fully integrated into Performance Analysis. Mu brings cyber security expertise as well as the ability to emulate the performance of 'apps' - such as Facebook and Twitter - in lab conditions. This helps operators better manage the huge volumes of data traffic now traversing their networks. Fanfare, an earlier purchase, has quickened Spirent's testing times by automating processes.

The faltering gold price meant that - despite solid operational progress - Archipelago's share price is almost 20 per cent off its 12-month high. Nevertheless, with resource upgrades likely, rising production and growing free cash flow, we reckon that Archipelago's shares should be rated higher than just five times forecast earnings for 2013 (see table), especially as broker Westhouse Securities thinks there is underlying value of 75p assuming a long-term gold price of $1,250 and $1,600 in the current year.,..........but as always dyor and gl..

Archipelago does not hedge its gold production, so its share price is ultra sensitive to movements in gold's spot price. Consequently, it is especially important for potential investors to have a feel for where the price may be headed. Industry delegates at this month's London Bullion Market Association predicted the gold price would be $1,849 per oz by next September (against $1,725 currently). True, this figure is little more than glorified guess work, but it's lower than earlier estimates owing to a slowdown in Chinese demand and it helps underpin the notion that the gold price will stay high for the time being. Prospective investors should also note that Archipelago's principal shareholder is Indonesia's largest conglomerate - the Rajawali Corporation - which owns 52.4 per cent of the equity. Although dedicated support from a heavyweight local partner reduces some risk, the limited free float of stock could make the share price especially volatile..........

Archipelago's production ramp up is another reason for further optimism. Record third-quarter output of 36,184 oz, leaves the group on target to meet full-year production of 135,000 oz-145,000 oz. In addition, cash costs have been trending down on increased production and a reduction in the volume of waste extracted from the mine. Archipelago expects cash costs to be between $580 and $640 per oz (£367 to £405). None of Archipelago's London-quoted peers can come close to that figure. And concerns over Archipelago's ability to meet its enhanced production schedule should be set against the ease with which it hit initial planned capacity at its processing plant. This reflects good quality ore at Toka Tindung and a straightforward production process. Meanwhile, Archipelago is studying a low-capital, heap-leach operation that could allow it to raise annual output to 230,000 oz.

The clamour for gold has trailed off since the US Federal Reserve launched a relatively modest third stimulus package in September. But industry analysts are cautiously optimistic about next year's prospects after a fairly lacklustre 2012. Meanwhile, Indonesia-focused gold producer Archipelago Resources (AR.) may generate optimism of its own as it upgrades estimates of its resources. Archipelago's main project is the open-cast Toka Tindung Gold Mine in Indonesia. Toka Tindung was commissioned late last year, and should produce about 160,000 ounces (oz) a year over the next six years. However, that figure could rise appreciably as a result of exploration at four other drill targets, two of which are satellite pits of Toka. True, there is no guarantee of success, but this year Archipelago has already raised the estimate of its resources to 2.69m oz. And little exploration work has been carried out within its 400 sq km catchment in Indonesia.

Mr Burt expects adjusted NAV, which strips out swap revaluations and marks trading properties up to market value, to finish the year at 348p. The shares currently trade 22 per cent below that level. It's always risky to invest in a company with recovery potential but, given Unite's growth profile, that above-average discount looks too wide. .......BUT AS ALWAYS DYOR AND GL.....

That said, the academic year just started - which has been heavily affected by higher tuition fees - will be weaker. Unite reckons student numbers this year are down 55,000 on last year, the main reasons being a reduction in the number of funded places by about 15,000, a low deferral rate last year, and - most importantly - miscalculations by universities, many of which have ended up with fewer students than they wanted. Over half of this fall will probably reverse next year as deferrals normalise and universities recalibrate their systems. But this year Unite has slightly more vacancies than usual, and management has reduced its expectations for rental growth in 2012 from 4 per cent to 3 per cent. Even so, that growth will be sufficient to push up profits, particularly in combination with falling debt costs. Michael Burt, an analyst at broker Espirito Santo, expects "net portfolio contribution" - Unite's primary profit measure - to be £18.5m this year, up from £11m in 2011. Yet rental growth also increases the value of the portfolio, boosting net asset value (NAV). Here, Unite's high debt level, which exaggerates the impact of revaluations on NAV, comes in handy.

The company has also been cleaning up its financial profile by selling assets, including properties worth £94m so far this year. A further £42m of disposals are under negotiation. Meanwhile, Unite has transferred its London development pipeline into a joint venture with the Singapore sovereign-wealth fund, releasing cash and allowing it to earn fees on more projects with less of its own capital. These measures are welcome - Unite's balance sheet looks in much better shape now than 12 months ago. But it's crucial to the investment case that it operates in a strong sector. London student blocks came second only to central London homes in league tables of property performance last year, and the regional market was also robust. With that trend likely to continue, Unite is a rare beacon of rental growth in a recession-stunted market.

However, a landmark deal with Legal & General (LGEN) in May showed it has access to finance. The insurer issued its maiden property loan to the company - £121m for 10 years at a rate of 5.05 per cent - reducing Unite's average cost of debt from 5.7 per cent to 5.5 per cent. The company has also just launched a retail bond, which should bring in £50m-£75m of more flexible debt, albeit probably at a slightly higher rate. The key point is that Unite won't have to tap its shareholders again - and at a big discount - as some feared.

Shareholders in Unite (UTG) have had some tough years. Suppliers of student housing have gone from strength to strength, but Unite - once the poster boy - has been held back by its debt. Yet a second distressed rights issue looks increasingly unlikely and, even after a strong year, the shares trade at a sizable discount to book value. There's still plenty of recovery potential left for investors who buy now. True, unlike many property companies, Unite's problems are self-inflicted. It recovered from the property crash with a rights issue in 2009, but its debt levels still look high for a company that has created more bricks-and-mortar than cash. Including its share of joint ventures, in June the loan-to-value ratio was 54 per cent.

The shares are rated too highly while they trade on 29 times prospective earnings (although admittedly falling to 15 times possible earnings for 2013-14). In comparison, the average for the support services sector is 10 times. De La Rue has made a good job of cutting costs and turning around the business after a terrible 2010, but the growth prospects look limited and the risks higher. Sure that 4 per cent dividend yield is a comfort, but the payout won't be covered for the second year running. With the share price close to its all-time high, it looks right to take profits....BUT ALWAYS DYOR GL ALL

There were also hints of a more difficult market ahead for De La Rue. While banknote printing volumes were up 4 per cent to 2.9bn notes, production of banknote paper was down 15 per cent to 4,500 tonnes, reflecting the impact of extra competition. If volumes are under pressure, then prices are likely to fall. For a company such as De La Rue, which has very high fixed costs, just a small slip in volumes can hammer profits. Chief executive Tim Cobbold is still confident that management's plans will deliver operating profits in excess of £100m in 2013-14. In a way that target has been made easier – if management is right and delayed contracts materialise next year, while costs stay largely the same, operating profits could lift off. But forecasting over a year into the future can be tricky, who knows what else could happen? All we do know is that contracts are delayed, exceptional costs from the improvement plan have risen by £10m, the banknote paper market is more challenging and the order book is flat at £248m.

Bank note printer De La Rue (DLAR) came out with a profit warning in its latest trading update. Couple that with worrying signs about the printing market contained in the detail of the statement and De La Rue's acute sensitivity to changes in production volumes, and we think it's time to take profits after a great run in the share price since early 2011. De La Rue was having a good year until the contract delays. Revenue in the first half of 2012-13 was up 3 per cent to £245m, and management's first take is that operating profits will be up 5 per cent to £33m; both these figures beat City analysts' expectations of revenue of around £241m and profits of around £30m. But delays in sealing some significant orders are a concern. De La Rue's bosses now think that, even if these orders do come through in the coming weeks, they will be too late to save this year's numbers. Broker Panmure Gordon slashed adjusted pre-tax profit forecasts from £77.8m to £57.1m, cutting EPS by more than a quarter to 42.7p. Management is confident the delayed orders will come through next year so Panmure, along with many others, thinks the long-term impact will be limited and left its 2013-14 forecast of £95.4m profit and EPS of 71.7p unchanged.