HSBC already trades at a significant premium to other banks. Exane BNP Paribas estimates that it is on "2.1 times tangible book for 2008, while UK domestic banks struggle to trade at 1 times and the European average is 1.6 times". The question for investors is how much a of a premium do HSBC shares deserve?

For the Sunday Telegraph, the premium is already pretty heavy at 12.5 times this year's forecast earnings with a 6 per cent yield. There are better defensive plays in other sectors. Avoid.

Fidessa said its pipeline remained strong and that it saw no drop-off in business. As a result, it expects to maintain 27 per cent organic growth for the full year. That could lead to upgrades from analysts, whose consensus at present has the stock on 20 times earnings. That looks too low for such a quality business in the sector. Buy, says the Sunday Telegraph.

Keller has a diverse business model and is operating now in some of the fastest-growing regions in the world, reducing its emphasis on mature economies, particularly the US. The low dividend yield is a drawback in an investment market that is increasingly focusing on above average annual distributions to secure a reasonable total return, but Keller's payment is well covered, unlike some. Being regarded as something of a surrogate of the US economy looks misplaced. Hold, says the Scotsman.

GKN's results were solid, if not overwhelming, and the jump in the shares was something of a relief rally. However at current low levels, and with a deal over the Airbus site at Filton expected over the next few weeks, the Sunday Telegraph recommends holding on.

Having disposed of its hospitality division for a decent price of £17m, Alphameric can now concentrate on its core business. It is also in the happy position of having a good chunk of cash on the balance sheet. Although pre-tax profits are expected to come in at just £4.15m this year, those are expected to more than double in 2009. With a pledge to return to the dividend list as soon as is practical, investors could be set fair for a winner with this company. Buy, says the Sunday Telegraph.

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