LONDON (ShareCast) - Bellway was correctly cautious in its 2008 outlook, it looks more a question of how bad will the housing recession be rather than whether there will be one. Investors already in the stock have lost almost 40 per cent of their money since the stock peaked in April. The valuation would suggest that most of the downside has been priced in, and given the decent numbers and strong yield, they should hang on. But for potential new investors, there are better opportunities for growth elsewhere, says the Independent.

While other consulting engineers have spent the past few years expanding overseas and pursuing large capital projects, Mouchel Parkman, best known for its expertise in roads, has gone resolutely the other way. It has pulled out of Hong Kong, Singapore, South Africa and Thailand – leaving Dubai, which accounts for 3 per cent of sales, as its sole foreign outpost – and eschewed one-off deals in favour of longer-term contracts. But having doubled in size over the past three years, and planning to do so again by 2012, Mouchel should be given the benefit of the doubt. A dip in the 2008 earnings multiple to 17.4 times is too good to miss. Buy, says the Times.

The Telegraph also thinks that the undeserved discount to the sector suggests the shares have plenty of upside potential. Buy.

St Ives is optimistic it will continue to grow after a refocusing drive, although it admits the market remains challenging. The stock trades on a forward multiple of 10.7 times 2008 earnings, and pays a yield of 7.4 per cent, and undoubtedly offers good value to growth and income seekers alike. Buy, says the Independent.

The Times disagrees. A 7.4 per cent dividend yield is tempting but the shares should not be held for the payout alone. That makes yesterday’s near 11 per cent rise a good point to sell.

The Independent says that investors must ask themselves if any bidder would pay a significant premium to the current price in order to buy SSL International. The chances are that in the current market the answer is probably no, and given the outperformance the stock has achieved in the last four months and its expensive rating, investors should leave something in it for the other bloke and bank their profits.

Although the economy is expected to slow next year, Matchtech is project-focused. Work on the Olympics and Crossrail, for example, gives good visibility, while the sectors it operates in are all suffering from severe skills shortages. The shares trade on around 12.5 times next year's earnings, which looks undemanding, and yield a reasonable 3.3pc. Buy, says the Telegraph.

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