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27 April 2012
WPP (WPP.L), Rec.: Hold, TP: 830p (Forecast Total Return: 1.4%) 1Q IMS suggests decent trading continues, but shares remain essentially a macro call.

We note marginal increase to FY LFL sales guidance and 1Q margin above budget.
Aegis Group (AGS.L), Rec.: Buy, TP: 195p (Forecast Total Return: 14.4%) 1Q IMS looks good, with LFL sales growth at +8.1%, above consensus.

AGS remains our preferred agency given some macro recovery plus self-help/momentum.

Buy, unchanged 195p TP.
Ultra Electronics (ULE.L), Rec.: Buy, TP: 1,850p (Forecast Total Return: 11.3%) Another solid and in-line trading update.

Tone is one of confidence and resilience in a challenging defence and security environment with Ultras portfolio of high tech capabilities and growing civil and non-defence revenue streams fuelling the groups longer term growth.

We leave forecasts unchanged at this stage, with M&A the most likely catalyst for revisions (upwards) in the near term.

A no change update is unlikely to excite the share price today following a relatively robust performance in recent weeks.
UK Coal (UKC.L), Rec.: Not Rated, TP: NA (Forecast Total Return: NA) UK Coal delivered a good FY11A result with operating profit and year end net debt position a vast improvement on FY10A and well ahead of our expectations.

The good result is, however, overshadowed by the current restructuring uncertainty as UKC seeks to separate the risks associated with the mining operations and the pension liabilities, both from each other and from the property portfolio.

UKC hopes to be able to report on progress in this regard by the June AGM.
Investec Securities
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