It’s been a rough couple months for the Australian Edge Portfolio.

Prices in the AE Portfolio tables reflect Australian Securities Exchange (ASX) figures adjusted based on the prevailing Australian dollar-US dollar exchange rate. In other words, the steep, 10.1 percent decline in the aussie versus the buck from April 11 through June 12 has had a profound effect on capital positions for investors who own Australian stocks.

Meanwhile, although it continued chugging higher a month after the aussie began its swoon, from May 14 through June 13 the S&P/ASX 200 Index has posted its own 10.1 percent decline.

In some cases we’re happy to see share prices back below buy-under targets. That’s how we view recent action in Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY), for example, which has backed off from a five-year high, and in APA Group (ASX: APA, OTC: APAJF), which has come down from an all-time high.

In other cases we’ve seen not only share-price slumps but also more deterioration in sector fundamentals. In one particular case, moreover, we’ve been apprised of yet another guidance update, this one sufficient to finally push us out of the position.

As we detail below, our experience with Newcrest Mining Ltd (ASX: NCM, OTC: NCMGF, ADR: NCMGY) is coming to an end.

Gold, exposure to which was the primary motivation, seconded by the desire to have a regular payout on top of some portfolio insurance, hasn’t behaved the way store-of-value theory says it should over the past year.

And Newcrest, as a company, has established a significant credibility gap based on a harrowing series of earnings and output guidance revisions, now followed by the announcement in May of asset impairments and writedowns that will approach USD5 billion to USD6 billion as well as the declaration by management that no final dividend will be paid in respect of fiscal 2013 full-year results.

With the benefit of hindsight, we should have exited Newcrest earlier in this series of company announcements. Our self-imposed mandate, particularly when it comes to stocking the Portfolios, is to focus on high-quality companies. Much earlier than this Newcrest’s financial and operating performance made it clear the company wasn’t measuring up.

Rather than don a hair shirt and indulge in lamentations of opportunities to exit lost, we’re re-articulating an aspect of our Portfolio management strategy with an eye on executing it with extreme prejudice going forward: the exercise of sell discipline.

We detail three other specific cases where share prices have broken down in a way that certainly demands scrutiny. In each of these three cases we find evidence that these companies are not of Newcrest’s ilk, that management is worthy of a level of continuing trust, that financial and operating results will rebound and that dividends will continue at present rates.

But there is a “list” now, and it includes Aggressive Holdings Ausdrill Ltd (ASX: ASL, OTC: AUSDF) and WorleyParsons Ltd (ASX: WOR, OTC: WOPEF, ADR: WOPEY) and Conservative Holdings Cardno Ltd (ASX: CDD, OTC: COLDF) and SMS Management & Technology Ltd (ASX: SMX, OTC: SMSUF).

At the other end of the spectrum is Conservative Holding Ramsay Health Care Ltd (ASX: RHC, OTC: RMSYF), which recently established an all-time high. We’re raising our buy-under target on the stock in anticipation of another double-digit dividend increase in August.

Aggressive Update

Newcrest Mining Ltd (ASX: NCM, OTC: NCMGF, ADR: NCMGY) has clearly suffered along with the languishing price of its principal output, gold. But, more than the declining fortunes of the Midas metal, the company has lost the confidence of investors because of what’s become a series of misses on management guidance.

On June 6 came what many investors, including us, consider a final straw: Newcrest’s board and management, following a review of the company’s business plan and fiscal 2014 budget, announced probable writedowns of as much as AUD6 billion and said it was likely no final dividend would be paid for fiscal 2013.

The three major factors cited for its decisions were the sharp deterioration in the gold price, the ongoing strength of the company’s operating currencies versus the US dollar and elevated operating costs.

Newcrest’s focus has shifted to maximizing free cash flow by reducing operating costs, corporate costs and capital expenditure.  Management expects free cash flow (after USD1 billion of capital expenditure) to be neutral in fiscal 2014 at current metal prices and exchange rates.

The company is projected to be free cash flow positive in the years thereafter at current metal prices and exchange rates and will use these funds to reduce debt and get back to returning cash to shareholders.

Based on the latest estimate of carrying values internal indicative valuations, the board and management believe an impairment of the carrying value of assets in the range of USD5 billion  to USD6 billion is likely. While this impairment will have no impact on cash flow, the reduction in the asset book values will have a material impact on fiscal 2013 statutory accounts.

Anticipated asset writedowns will encompass all goodwill on the balance sheet (approximately USD3.8 billion in relation to Lihir and to Bonikro) and impairments to higher-cost assets (including Telfer, Hidden Valley and Bonikro to a total of up to USD2.2 billion).

The decline in the gold price during fiscal 2013 has boosted Newcrest’s forecast gearing ratio (or net debt as a percent of total assets) to around 21 percent. An asset writedown of USD5 billion to USD6 billion would result in a gearing ratio of 28 percent to 30 percent as of June 30.

Moody’s has placed Newcrest’s Baa2 issuer rating under review for downgrade.

Management maintained production, costs and capital guidance for fiscal 2013. The expanded Lihir plant and Cadia East continue to ramp up in line with expectations, and Gosowong is again accessing high-grade ore.

As for fiscal 2014, management expects gold production of 2 million to 2.3 million ounces, which at the midpoint would be an approximately 4 percent year-over-year increase. Corporate costs are expected to be at least 20 percent lower.

CAPEX has been reduced from an earlier estimate of USD1.5 billion to around USD1 billion. Exploration expenditure will be cut from USD160 million to around USD85 million, with a key focus on mine-life extensions at Gosowong and Telfer.

Costs associated with restructuring are likely to result in one-off charges in the order of USD50 million to USD75 million, which may be recognized in part or whole in fiscal 2013.

There is the fact that gold simply hasn’t performed as it was expected to in an environment of weakening financial positions for many of the world’s developed-world governments and extreme monetary easing by key central banks such as the US Federal Reserve.

Since the Fed embarked on its controversial third round of “quantitative easing” in September 2012 the spot price of gold has declined by approximately 23 percent. And after multiple production and profit warnings over the last couple years Newcrest faces an extremely skeptical market.

The company will have to put together a series of solid quarters–meeting and even exceeding operating and financial forecasts on a regular basis–before investors start to appreciate the stock once more. And that’s to say nothing of the value of the commodity that accounts for most of its production.

This is a move that frankly should have been made months ago, early in this series of management warnings. Sell Newcrest Mining.

WorleyParsons Ltd (ASX: WOR, OTC: WOPEF, ADR: WOPEY) slumped to a four-year low after management issued revised guidance for fiscal 2013 that no longer includes a forecast for earnings “growth” relative to fiscal 2012 numbers.

According to a company statement released May 16, underlying earnings for the year ending June 30 will be between AUD320 million and AUD340 million, as clients in Western Australia defer major projects and the company sees less-than-expected construction growth in the Canadian oil sands market. Management had forecast in February that underlying earnings would exceed AUD345.6 million.

“Despite weaker-than-anticipated market conditions impacting the second-half result we continue to have confidence in the medium and long term growth prospects of our business,” CEO Andrew Wood said in the statement.

Fellow resource services firms Boart Longyer Ltd (ASX: BLY, OTC: BOARF, ADR: BLGPY), Sedgman Ltd (ASX: SDM, OTC: SGTDF), Transfield Services Ltd (ASX: TSE, OTC: TFFTF) and UGL Ltd (ASX: UGL, OTC: UGLLF) also issued guidance downgrades in May.

Management also noted that “outperformance in a number of other markets will serve to largely offset the decline experienced in Western Australia.” WorleyParsons continues to do well in its Chemicals unit, particularly in China and Brazil, and growth in the Hydrocarbons segment has continued, particularly in the Improve business in Canada.

WorleyParsons continues to win contracts–including a two-year extension of its Maintain Potential Program (MPP) contract with Saudi Aramco and a new engineering services contract with First Quantum Minerals Ltd (TSX: FM, OTC: FQVLF) for its Kansanshi copper smelter project announced within the last two weeks–and it’s well positioned to win work over the long term in its core Hydrocarbons market.

However, along with the success of its Improve business come reduced margins. And the additional transitional effects of the slowing Australian resource boom will lead to further orientation toward the US and China. This will take time. But WorleyParsons’ is a solid business, and the dividend should be secure.

We’re reducing our buy-under target on WorleyParsons, and we’re including it in this month’s Dividend Watch List because Australian companies traditionally pay out within a fixed percentage range of earnings or cash flow to shareholders rather than at a fixed dividend rate, as North American companies usually do.

Management made no comment on its dividend intentions in its mid-May announcement, though the payout ratio as of fiscal 2013 first-half earnings allows some room to the upside while permitting the company to fund its ongoing work. Overall debt as well as short-term maturities (just 8.9 percent of market capitalization coming due by the end of 2015) is more than manageable.

WorleyParsons hit a 52-week low on June 13 on the ASX, AUD18.61. But on Friday, June 14, the shares traded up to AUD19.60. This one, with a loss of 38.1 percent in US dollar terms since we added it to the Portfolio, is a disappointment akin to Newcrest. Where it differs is that its problems are largely external. Newcrest’s credibility is in question; WorleyParsons’ is intact.

We don’t advise subscribers who own the stock to “average down” by adding to positions at current levels. And recovery will likely take until fiscal 2015. But WorleyParsons remains a buy for aggressive investors who don’t own it yet up to the reduced buy-under target of USD24.

In a presentation at the Morgan Stanley Emerging Companies Conference in early June Ausdrill Ltd (ASX: ASL, OTC: AUSDF) reiterated that fiscal 2013 net profit after tax (NPAT) will come in between AUD90 million to AUD96 million on revenue of AUD1.15 billion to AUD1.17 billion.

That’s good news. The bad news–which is reflected in a share price that’s 61 percent below where it was when we added the stock to the Portfolio in March 2013–is that this forecast is the result of a downward revision announced in April.

The stock has bounced off its May 23 all-time closing low of AUD1.13; as of this writing it’s up to AUD1.19. And we’ve reduced our buy-under target to AUD2, for new money only. At these levels the stock is yielding 12.2 percent.

The market is clearly pricing in a reduced dividend. But Ausdrill’s payout ratio for the first half of fiscal 2013 was just 39 percent. The company has a debt-to-assets ratio of 27 percent but has nothing maturing by 2015. In addition, there have been no dividend cuts since the company first paid one in April 2003.

Ausdrill derives 68 percent of its revenue from non-discretionary production expenditures by mining companies, which was a primary reason we focused on it. It also boasts high-quality customers, including AngloGold Ashanti Ltd (NYSE: AU), BHP Billiton Ltd (ASX: BHP, NYSE: BHP), Rio Tinto Ltd (ASX: RIO, NYSE: RIO), Barrick Gold Corp (TSX: ABX, NYSE: ABX) and Newmont Mining Corp (NYSE: NEM), Oz Minerals Ltd (ASX: OZL, OTC: OZMLF) and Fortescue Metals Group (ASX: FMG, OTC: FSUMF, ADR: FSUGY).

Its top 10 customers account for 50.1 percent of revenue.

Exposure to gold and copper (57.3 percent of revenue) and iron ore (28.5 percent) are points of concern that management acknowledges. Volatility in prices for those commodities has resulted in deferral of growth/expansion projects, as economic signs remain mixed and uncertainty continues.

But core production-related businesses continue to perform to management expectation amid challenging market conditions.

Revenues from exploration and equipment hire are below expectations and haven’t yet shown signs of improvement. Exploration remains an important potential entry point for future production opportunities. A slowdown in new projects by mining companies has also had an impact on manufacturing and mineral assay work.

Nevertheless, in its recent presentation to analysts Ausdrill noted that its “stable outlook means that the business will deleverage whilst allowing dividends to be maintained at no less than historic payout rates.”

Ausdrill remains a buy under USD2 for aggressive investors who don’t already own it.

GrainCorp Ltd (ASX: GNC, OTC: GRCLF), which has agreed to be taken over by US-based global agribusiness giant Archer-Daniels-Midland Co (NYSE: ADM), reported fiscal 2013 first-half (ended March 31, 2013) earnings before interest, taxation, depreciation and amortization (EBITDA) of AUD227 million, down from AUD235 million a year ago, and NPAT of AUD109 million, down from AUD122 million.

GrainCorp Managing Director and CEO Alison Watkins noted in a statement that the result reflects the Eastern Australian harvest returning to a more typical size, an above-average carry-in and a solid performance from the company’s processing businesses, including GrainCorp Malt and the new GrainCorp Oils business.

GrainCorp declared an interim dividend of AUD0.20 per share and a special dividend of AUD0.05 per share, both of which will be paid July 19, 2013, to shareholders of record as of July 5. GrainCorp shares will trade ex-dividend as of July 1. The total payout for the period is AUD0.25 per share.

The interim dividend is up from AUD0.148668 paid for the fiscal 2012 interim dividend. Management declared a matching special dividend of AUD0.148668 a year ago for a total payout of AUD0.297336 per share.

The ADM offer accepted by GrainCorp is AUD12.20 per share in cash as well as a one-time AUD1 per share special dividend before the deal closes. Australia’s Foreign Investment Review Board is expected to approve the deal.

ADM recently pledged to add AUD50 million to GrainCorp’s planned capital expenditure of AUD250 million for handling and transport infrastructure. ADM is also meeting growers in Queensland, Victoria and New South Wales to allay concerns that access to GrainCorp’s storage and handling facilities would be restricted.

GrainCorp remains a hold pending final approval of the ADM takeover.

Conservative Update

Environmental and engineering consulting firm Cardno Ltd (ASX: CDD, OTC: COLDF) and IT services provider and management consultant SMS Management & Technology Ltd (ASX: SMX, OTC: SMSUF) both hit 52-week lows on June 13, 2013.

Cardno is now priced to yield 7.2 percent, with a price-to-earnings ratio of 8.06, 9.13 based on estimated fiscal 2013 results. SMS is yielding 6.9 percent, with a price-to-earnings ratio of 10.61, 14.31 on a forward basis.

Cardno downgraded its fiscal 2013 NPAT guidance to AUD73 million to AUD77 million, noting that it is experiencing challenging market conditions but that its exposure to the slowdown in the mining sector was modest. Fiscal 2012 NPAT was AUD74.1 million.

Crucially, management said it will pay a final dividend of AUD0.18 per share, in line with fiscal 2012.

Cardno’s geographic and discipline diversity help reduce risk and volatility of earnings, but the company isn’t immune to challenging conditions in its major markets. Economic conditions continue to affect demand for its services worldwide.

Management noted a general lack of confidence in the Australian environment that’s resulting in delays to investment decisions and projects. Cardno derives around 10 percent of its revenue from the mining sector, has slowed with non-essential work halted and other expenditure delayed.

Infrastructure work is also down compared to the last several years, with state governments and local authorities not committing to significant spending in the current climate. Although there are early signs of a pickup in residential construction, this hasn’t yet flowed through to Cardno’s businesses in Australia.

In the US demand for private-sector infrastructure services has improved, but this growth has been slow and has been offset by flatter public-sector and defense spending as a result of the federal sequester and slower activity on the Gulf of Mexico, particularly in the third quarter of the fiscal year.

Management noted an improvement in the fourth quarter, though this isn’t expected to fully offset third-quarter weakness. Cardno continues to match resource levels to market demands for its services.

All of the company’s divisions are currently profitable, a financial performance amid difficult market conditions that demonstrates the robustness of Cardno’s business model. As of March 31, 2013, year-to-date fee revenue had grown 30 percent, driven by recently completed mergers with Cardno Caminosca in Ecuador, Cardno Chemrisk in the US and Cardno GMTS in West Australia.

Looking forward, management expressed confidence that forecast GDP growth in Australia and the US will translate into increasing demand for Cardno’s services into fiscal 2014. Lower interest rates in Australia, combined with a strengthening economy in the US, should result in an upturn in housing development and associated infrastructure.

Cardno remains a buy under USD8.05 for investors who don’t already own it.

SMS, meanwhile, noted in a presentation to the Morgan Stanley Emerging Companies Conference that weakness among information and communications technology (ICT) and transport clients accounted for the bulk of its 15 percent fiscal 2013 first-half revenue decline.

These risks to revenue have persisted into the second half of the year, despite its sales pipeline stabilizing.

Management noted continued delays with major corporate clients as well as uncertainty in federal and state government budgets as negative drags on second-half earnings expectations, while industry softness has affected billable utilization in Victoria and Asia.

As management had previously noted, SMS’ client base’s focus is shifting from expansion to cost control. Capital projects are being deferred, and decision-making processes for new projects have slowed. These trends continued into the fourth quarter of fiscal 2013, with weakness exacerbated by fixed-price project delays.

Significant projects that management expected to commence during the second half slipped and won’t contribute to results for the period. Management did note, however, that contracts for several of these projects have now been signed.

The first-half revenue decline to AUD144.8 million led to a 17 percent slide in EBITDA to AUD18.1 million and a 15 percent reduction in NPAT to AUD12.9 million. But SMS maintained its interim dividend at AUD0.135 per share.

SMS is well positioned for an industry rebound. Its core business is positioned to benefit from rather than be challenged by offshoring and infrastructure commoditization. Its strong balance sheet–zero debt with a cash balance of AUD29.3 million–means it can support its dividend and grow its business at the same time.

SMS remains a buy under USD6.50 for investors who don’t already own it.

Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY), an original member of the AE Portfolio, is trading below our recently upward adjusted buy-under target of USD4.60.

That’s a significant development, as the company widely perceived as the AT&T Inc (NYSE: T) and Verizon Communications Corp (NYSE: VZ) of Australia had been trading above target for more than a year.

Telstra hit a five-year closing high on the ASX of AUD5.14 on May 22 but has traded sharply lower on a combination of rising interest rates in the US and the specter of asbestos-related claims arising from work being done by Australia’s National Broadband Network on infrastructure formerly owned by the company.

Responding to a report in the Australian Financial Review about its potential asbestos-related liability, Telstra CEO David Thodey said, “We have been managing the risk of the asbestos within our network for many years. Telstra has processes for managing claims of any type from employees and the public to ensure that such claims are handled sensitively and expeditiously.”

Mr. Thodey noted that Telstra takes its “responsibilities very seriously in looking after our employees and the community and our highest priority is their safety and peace of mind.” He also stated that at this time there is no material financial risk to Telstra.

Telstra remains on track to return to dividend growth in fiscal 2014, which begins July 1, 2013.

The company posted an 8.8 percent increase in net profit after tax (NPAT) for the first half of fiscal 2013 to AUD1.597 billion. Total revenue for the six months ended Dec. 31, 2012, was up 1.7 percent to AUD12.711 billion.

Strong customer growth drove bottom- and top-line results, as Telstra added 607,000 new customers in Australia and 321,000 international mobile subscribers during the period.

Mobile revenue grew by 4.6 percent to AUD4.56 million, as total mobile customers grew to 14.4 million, including 6.9 million postpaid subscribers and 3.3 million mobile broadband users.

Network Application and Services (NAS) revenue was up 10.6 percent to AUD636 million, with growth driven by several long-term contracts were signed during fiscal 2012. Telstra’s NAS unit houses its “cloud” computing operations and manages core telecommunications products for businesses.

Mr. Thodey noted during management’s conference call to discuss results that cloud computing posted 25 percent revenue growth for the first half of fiscal 2013. The operation is adding customers at a significant rate.

International businesses, including Telstra’s investments in Asia, grew revenue by 10.8 percent through customer growth in the Hong Kong mobile services business (CSL), global connectivity and NAS products (Telstra Global).

Management confirmed full-year earnings guidance, though the company is likely to incur significant costs from the renewal of spectrum licenses. The company will report results on Aug. 8, 2013.

Fiscal 2013 total income and operating earnings growth will be in the low single digits, while management expects free cash flow to be between AUD4.75 billion and AUD5.25 billion. Telstra forecast total capital expenditure for the year to be around 15 percent of sales.

The company secured licenses in the 700 megahertz (MHz) band and 2.5 gigahertz (GHz) band in a spectrum auction held by the Australian Communications and Media Authority (ACMA), bidding AUD1.3 billion in another move that set it apart in terms of its ability to invest in building and maintaining a superior mobile network.

The licenses have a term of 15 years. The spectrum allocations will be financed predominantly through debt. Telstra is required to pay the successful price in the third quarter of 2014.

The 700 MHz and 2.5 GHz spectrum will enable Telstra to deliver faster speeds, more capacity and expansive wide area coverage of 4G LTE technology on its Next G network.

The low-frequency nature of 700MHz means the mobile signal can travel relatively longer distances, which is ideal for improving the services Telstra can offer to customers in rural and regional areas. It also means better in-building coverage in metro and suburban areas.

Telstra, yielding more than 6 percent at these levels, is a strong buy under USD4.60.

In stark contrast to Holdings hitting 52-week lows and crashing through buy-under targets is Ramsay Health Care Ltd (ASX: RHC, OTC: RMSYF), which hit an all-time closing high of AUD34.68 on May 17 and as of this writing was changing hands at AUD34.44.

Ramsay recently entered a joint venture with Malaysian conglomerate Sime Darby to expand its footprint into Southeast Asia, positioning itself to capitalize on rising health care spending in the world’s fastest-growing region.

The private hospital operator this month also completed the acquisition of a 90 percent stake in a France-based facility.

Australia remains Ramsay’s primary market, and here trends are positive as well. Australians are seeing more doctors and having more tests. If the scope of services continues to increase at the rate of the last decade (74 percent), health care will demand an additional 2 percent of GDP by 2023. And health-care spending will be the biggest contributor to Australia’s budget deficit by 2023.

The costs of health and aged care across federal and state governments are expected to almost double over the next four decades. Based on current rates of population growth and aging the cost to governments of care will grow to 14.5 percent of GDP by 2049-50 from 8 percent in 2009-10.

Private hospitals currently treat 43 percent of all hospital patients, of which there were 3.6 million in fiscal 2012. They provide 33 percent of all hospital beds and perform 66 percent of all elective surgery. Of the 664 “Diagnostic Related Groups” undertaken in Australian public hospitals, 660 are performed in private hospitals

If current rates of growth continue, in 2021 private hospitals will be treating 50 percent of all hospital patients.

According to Australian Productivity Commission 2010 findings, on average treatment in private hospitals costs AUD130 less than in public hospitals. Costs that private hospitals can control are 32 percent, or AUD1,089 per patient, lower than public hospitals.

And where comparable safety and quality data exists, private hospitals are shown to be safer than public hospitals. Private hospitals also offer more timely access to elective surgery, and they conduct more elective surgery with patients from disadvantaged socioeconomic backgrounds than do public hospitals.

An aging population with a growing disease burden is leading to increased demand for health care. At the same time, rising costs across the globe are driving efforts to reform health care systems.

The private sector offers efficient, effective models of health care delivery. Thus an expansion of the traditional private-sector role by way of involvement in public health care delivery is inevitable. This is why Ramsay Health Care’s stock is doing so well.

Management boosted the final dividend for fiscal 2012 by 16.9 percent to AUD0.345 from AUD0.295 for fiscal 2011.

In February Ramsay announced a 13.7 percent increase in its fiscal 2013 interim dividend to AUD0.29 from AUD0.255 a year ago.

Management, based on “strong industry fundamentals” as well as the demonstrated success of its growth strategy, upgraded fiscal 2013 full-year guidance for core NPAT and core EPS growth to 13 percent to 15 percent from a previous forecast of 0 percent to 12 percent growth.

We expect management to announce a final dividend increase of approximately 14 percent when it reports fiscal 2013 results on or about Aug. 23. Accordingly, we’re raising our buy-under target on Ramsay Health Care to USD34.

Numbers to Come

Here’s when AE Portfolio Holdings will report their next sets of financial and operating numbers. Some have “confirmed” dates, while for others we’ve provided an “estimate.”

For most this will cover the full fiscal year ending June 30, 2013. We’ve noted for others that report on a different schedule the period to which the announcement pertains.

Conservative Holdings

• Aberdeen Asia-Pacific Income Fund (NYSE: FAX)–N/A (fund, reports holdings on a quarterly basis)
• AGL Energy Ltd (ASX: AGK, OTC: AGLNF, ADR: AGLNY)–Aug. 21, 2013 (estimate)
• APA Group (ASX: APA, OTC: APAJF)–Aug. 21, 2013
• Australand Property Group Ltd (ASX: ALZ, OTC: AUAOF)–July 24, 2013 (2013 H1, confirmed)
• Australia & New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY)–Aug. 16, 2013 (FY 2013 Q3, estimate)
• Cardno Ltd (ASX: CDD, OTC: COLDF)–Aug. 13, 2013 (estimate)
• CSL Ltd (ASX: CSL, OTC: CMXHF, ADR: CMXHY)–Aug. 21, 2013 (estimate)
• Envestra Ltd (ASX: ENV, OTC: EVSRF)–Aug. 22, 2013 (estimate)
• GPT Group (ASX: GPT, OTC: GPTGF)–Aug. 12, 2013 (2013 H1, estimate)
• M2 Telecommunications Group Ltd (ASX: MTU, OTC: MTCZF)–Aug. 26, 2013 (estimate)
• Ramsay Health Care Ltd (ASX: RHC, OTC: RMSUF)–Aug. 22, 2013 (estimate)
• SMS Management & Technology Ltd (ASX: SMX, OTC: SMSUF)–Aug. 14, 2013 (estimate)
• Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY)–Aug. 8, 2013 (confirmed)
• Transurban Group (ASX: TCL, OTC: TRAUF)–Aug. 6, 2013 (estimate)
• Wesfarmers Ltd (ASX: WES, OTC: WFAFF, ADR: WFAFY)–Aug. 15, 2013 (estimate)

Aggressive Holdings

• Amalgamated Holdings Ltd (ASX: AHD, OTC: None)–Aug. 22, 2013 (estimate)
• Ausdrill Ltd (ASX: ASL, OTC: AUSDF)–Aug. 28, 2013 (estimate)
• BHP Billiton Ltd (ASX: BHP, NYSE: BHP)–Aug. 21, 2013 (estimate)
• GrainCorp Ltd (ASX: GNC, OTC: GRCLF)–Nov. 14, 2013 (FY 2013, estimate)
• Mineral Resources Ltd (ASX: MIN, OTC: MALRF)–Aug. 15, 2013 (estimate)
• Newcrest Mining Ltd (ASX: NCM, OTC: NCMGF, ADR: NCMGY)–Aug. 12, 2013 (estimate)
• Oil Search Ltd (ASX: OSH, OTC: OISHF, ADR: OISHY)–Aug. 12, 2013 (2013 H1, estimate)
• Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: OGFGY)–Aug. 22, 2013 (estimate)
• Rio Tinto Ltd (ASX: RIO, NYSE: RIO)–Aug. 8, 2013 (2013 H1, confirmed)
• Spark Infrastructure Group (ASX: SKI, OTC: SFDPF)–Aug. 26, 2013 (2013 H1, estimate)
• Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY)–Aug. 21, 2013 (2013 H1, estimate)
• WorleyParsons Ltd (ASX: WOR, OTC: WYGPF, ADR: WYGPY)–Aug. 28, 2013 (estimate)