In the Times, Tempus won't be drawn on whether Smith and Nephew is a good buy.

The firm, which makes components for knee and hip replacements has cut overheads, paid down debts and is doing well in the BRIC economies. But Tempus thinks the only real progress on the shares (currently trading at eight times forward earnings) will be from merger and acquisition news.

The hotels company, Millenium and Copthorne is a conundrum thinks Tempus. The shares trade at a discount to the firm's asset value but still at 15 times 2012 forecast earnings, they look pricey.

The Chairman Kwek Leng Beng stil owns 54% of the firm which is not usually a good sign but the UK and Singapore markets are improving and the company may be able to snap up some hotels that banks have ended up owning after insolvencies.

NB: no Telegraph or Independent tips at time of writing


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