We’re off to a solid start in 2014, in terms of market performance as well as with financial and operating results for the AE Portfolio.

From Dec. 31, 2013, through Feb. 12, 2014, the 15 Conservative Holdings posted an average total return in US dollar terms of 1.4 percent. Our 14 Aggressive Holdings, meanwhile, posted an average US dollar total return of 1.6 percent.

The S&P/Australian Securities Exchange 200 Index was up 0.4 percent for this timeframe. The S&P 500 Index was down 1.3 percent, while the MSCI World Index was off by 1.2percent.

iShares MSCI Australia Index Fund (NYSE: EWA), a decent benchmark for the Conservative Holdings, posted a total return of 0.7 percent for the relevant time period. IQ Australia Small Cap ETF (NYSE: KROO), a reasonable analog for the Aggressive Holdings, was up 1.2 percent.

As of Feb. 12 the Australian dollar had appreciated by 1.2 percent versus the US dollar in 2014 after a slide of 14.2 percent during 2013.

And, as we detail below and in this month’s Sector Spotlights and the In Focus feature, numbers reported by our Holdings suggest a Portfolio stocked, in the main, with high-quality businesses.

We do have questions about a couple Holdings, specifically Ausdrill Ltd (ASX: ASL, OTC: AUSDF) and SMS Management & Technology Ltd (ASX: SMX, OTC: SMSUF, ADR: SMSUY).

For Ausdrill it’s a matter of scale. The company clearly hasn’t been able to hold up in the face of the massive pullback in mining and resources spending over the past 18 months, though our thesis was based on the ability of its production-focused revenue as opposed to an exploration-centered model would support earnings and dividends.

Ausdrill’s share price has bounced a bit off its lows, but we’re hoping to see some solid reasons to stick around when it reports results on or about Feb. 26, 2014.

SMS, meanwhile, is also struggling against dramatic budget tightening, in this case by government institutions and businesses too concerned about the condition of the Australian economy to invest in IT upgrades and enhancements that might nevertheless reduce costs.

SMS remains a market leader, and it’s in a strong position relative to its competitors. But the benefits of its services appear to be too attenuated for extremely cost-conscious decision-makers, even as this mini-era of austerity may soon wear off with a rebounding economy Down Under.

My sense here is that SMS represents a solid value for new money. At the same time, however, since our initial recommendation the stock has generated a negative total return of 34.9 percent in US dollar terms. We’ve been riding it down since mid-October 2012, when management provided its first profit warning, just two months after we added it to the Portfolio.

We anxiously await some signs of turnaround when management reports fiscal 2014 first-half results and provides commentary and answers questions about same on Feb. 19, 2014.

SMS’ performance on the Australian Securities Exchange (ASX) thus far in 2014 is encouraging, as the stock has posted a total return of 6 percent in US dollar terms. Ausdrill, on the other hand, continues to scuffle, with a negative total return of 6.1 percent.

We’ll have more on Ausdrill and SMS in next month’s Portfolio Update.

Now we’ll turn to the largely positive news emerging from Portfolio Holdings over the past month.

Nine Years After

Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY) posted solid revenue, profit and customer growth in the first half of fiscal 2014, demonstrating that ongoing investment in core and growth businesses is creating value for the long term.

Highlighting the half-yearly report, however, is management’s announcement that Telstra will pay an interim dividend of AUD0.145 per share on March 28 to shareholders of record as of Feb. 28, with an ex-dividend date of Feb. 24.

That’s up 3.6 percent from the AUD0.14 per share paid a year ago, and it represents the first time Telstra has announced an increase in its regular dividend since February 2005.

Total income for the six months ended Dec. 31, 2013, was up 4.1 percent to AUD12.8 billion. Earnings before interest, taxation, depreciation and amortization (EBITDA) were up 7 percent to AUD5.3 billion, while net profit after tax (NPAT) increased 9.7 percent to AUD1.7 billion.

Earnings per share (EPS) grew by 8.7 percent to AUD0.137.

Free cash flow was down 23.4 percent to AUD1.65 billion. Excluding AUD671 million of one-off proceeds from the sale of the TelstraClear New Zealand unit during fiscal 2012, free cash flow was up by 11.2 percent.

Accrued capital expenditure (CAPEX) decreased 2.1 percent to $1.8 billion, in line with a 15 percent CAPEX-to-sales ratio. Telstra continued to invest in maintaining its network leadership, highlighted by AUD650 million of capital investment in mobile infrastructure during the six months ended Dec. 31, 2013.

Telstra has had one of the fastest take-ups of the 4G network anywhere in the world, now with 15.8 million domestic mobile customer services, including 4.1 million 4G mobile devices on its network. Management expects to see continued growth in this area.

Telstra added 739,000 new retail mobile customer services and posted an increase in mobile services revenue of 7.3 percent.

Network Application and Services (NAS) recorded revenue growth of 29 percent to AUD821 million. Management invested in the continued growth and expansion of capabilities for the NAS unit via the acquisition of North Shore Communications and O2 Networks.

Telstra continued to streamline its asset portfolio, announcing deals to sell the Hong Kong mobile business CSL New World Mobility Limited and a 70 percent interest in its Sensis directories unit.

Management expects the deals, which should be completed by June 30, 2014, to boost fiscal 2014 free cash flow by AUD4.6 billion to AUD5.1 billion.

Telstra also spun out a share of its stake in Autohome Inc (NYSE: ATHM), which runs China’s largest websites for potential automobile purchasers, autohome.com.cn and che168.com. The initial public offering on the New York Stock Exchange (NYSE) was very well received, rising by 75 percent during the first day of trading. It remains well above the USD17 IPO price, closing at USD33.73 on Feb. 13.

Telstra bought 55 percent of Autohome’s parent company in 2008 for just USD76 million in an effort to get in on China’s rise. It now holds approximately 65 percent of Autohome, an asset that’s worth north of USD2 billion.

Group operating expenses increased by 2.1 percent in the first half, largely driven by costs supporting revenue growth.

For example, Telstra incurred upfront costs to support the implementation of its largest contract, with the Australian Department of Defence, and also spent on programs to improve customer service. And management is also incurring costs to improve the efficiency of the NAS business.

Management noted that Telstra has commenced negotiations with the NBN Co and the Australian government on potential changes to the current agreements that may result from the government’s intent to move to a multi-technology National Broadband Network (NBN) rollout.

Management reiterated that it won’t make any agreement that results in the company sacrificing any of the financial compensation secured via existing agreements.

Telstra confirmed fiscal 2014 guidance of low-single-digit total income and EBITDA growth, with free cash flow between AUD4.6 billion and AUD5.1 billion. Management expects accrued CAPEX to be around 15 percent of sales.

Telstra, based on its 3.6 percent dividend increase, is now a buy under USD5 on the Australian Securities Exchange (ASX) using the symbol TLS and on the US over-the-counter (OTC) market using the symbol TTRAF.

Telstra also trades on the US OTC market as a Level I, sponsored American Depositary Receipt (ADR). Telstra’s ADR is worth five ordinary, ASX-listed shares. Telstra’s ADR is a buy under USD25.

Headin’ for a Showdown

AE Portfolio Conservative Holding AGL Energy Ltd (ASX: AGK, OTC: AGLNF, ADR: AGLNY), the second-largest electricity retailer in Australia, has reached a deal with the New South Wales government to acquire two state-owned coal-fired power plants and two development sites for AUD1.51 billion.

The agreement sets up a showdown with the Australian Competition and Consumer Commission (ACCC), which has already stated that an acquisition by AGL of Macquarie Generation would likely reduce retail market competition. The federal regulator will issue its decision on the deal by March 4, 2014.

The two Macquarie Generation plants account for more than a quarter of electricity capacity in Australia’s most populous state. Should it gain ACCC approval the acquisition will increase AGL’s share of the national market to 21 percent from about 12 percent. It would also make AGL the largest generator in New South Wales, Victoria and South Australia.

And AGL, AE Portfolio Aggressive Holding Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: AGFGY) and CLP Holdings Ltd’s (Hong Kong: 2, OTC: CLPHF, ADR: CLPHY) EnergyAustralia Holdings Ltd unit would have as much as 80 percent of electricity generation capacity and more than 85 percent of the retail market in New South Wales.

In its statement announcing the agreement with New South Wales AGL noted “a strong factual basis to demonstrate that the acquisition of Macgen will not result in a substantial lessening of competition.” The company’s response to the ACCC will address regulatory concerns.

AGL may need to make an offer to sell one of the generation stations to gain ACCC approval.

AGL plans to fund the acquisition through a AUD1.2 billion share sale to existing holders and AUD350 million of bank debt.

The government will use proceeds from the sale, which includes the Liddell and Bayswater power plants and two development sites, to finance road, school and hospital projects across the state, Treasurer Mike Baird said today in a statement.

Exceeded Value

According to New South Wales Treasurer Mike Baird, AGL’s bid was the only offer that exceeded the value of the assets if they were to remain in government hands.

The government, which will use proceeds from the sale to fund road, school and hospital projects, expects to complete the deal by mid-April, assuming the ACCC approves it.

The market has responded very positively to the proposed acquisition, rising from AUD14.79 on the Australian Securities Exchange (ASX) on Feb. 6 to AUD15.90 midday on Feb. 14.

AGL Energy is a buy all the way up to USD17.25 on the ASX using the symbol AGK and on the US OTC market using the symbol AGLNF.

AGL Energy also trades on the US OTC market as an ADR under the symbol AGLNY. AGL’s ADR, which is worth one ordinary, ASX-listed share, is also a buy under USD17.25.

Conservative Roundup

In its 2014 outlook for the sector Standard & Poor’s noted that it expects a continuation of ratings stability for the Australian banks. S&P forecast a solid year of profitability for the group, which remain strong by international standards.

Australia’s banks, furthermore, are generally well placed to deal with risk.

The credit rating agency identified Australia’s as “one of the five least-risky banking systems of the 86 for which Standard & Poor’s has published banking industry country risk assessment.” S&P concluded that its “most likely scenario for 2014 is that it will be a year of continuing investment-grade ratings resilience.”

This assessment is underscored by the fiscal 2014 first-quarter trading update released by our top choice among the “Four Pillars” Down Under, Australia & New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY).

ANZ reported an unaudited cash profit of AUD1.73 billion for the three months ended Dec. 31, 2013, a 13 percent increase compared to the prior corresponding period. Unaudited statutory net profit was AUD1.64 billion.

The result was in line with guidance provided at the time of the release of fiscal 2013 financial and operating numbers on Oct. 29, 2013. Management expects annual revenue growth for fiscal 2014 of 4 percent to 5 percent.

ANZ continues to work its strategy of growing in Australia and growing in Asia based on strong operational and productivity discipline.

Management reported that the Australia Division again grew market share in both Retail and Corporate and Commercial during the quarter.

In the International and Institutional Banking Division, Global Markets, Trade and Cash

Management all posted solid results, particularly in Asia, where a number of ANZ’s country operations delivered double-digit growth in revenue, including Singapore, China and Hong Kong.

ANZ’s loan book quality also continued to improve. As a consequence, along with the outlook for continued low interest rates and low levels of corporate leverage, management now expects the fiscal 2014 total provision charge for bad loans to be approximately 10 percent lower than in fiscal 2013.

Management noted that trading conditions “have been largely consistent” with the second half of fiscal 2013.

Customer deposits increased by 4 percent, with net loans and advances up 3 percent compared to the end of fiscal 2013 (Sept. 30, 2013). Deposit growth has been strong across all geographies, though lending demand has varied.

Net interest margin was slightly lower. While ANZ has seen some easing in deposit pricing, this was offset by the ongoing impact of the lower interest rate environment and some broad-based asset pricing pressure.

ANZ’s Australian Prudential Regulation Authority Basel III Common Equity Tier 1 ratio as of Dec. 31, 2013, was 7.9 percent, equal to 9.9 percent on an internationally harmonized basis.

Australia & New Zealand Banking Group is a buy under USD34 on the ASX using the symbol ANZ and on the US OTC market using the symbol ANEWF.

ANZ also trades on the US OTC market as a Level I, sponsored ADR under the symbol ANZBY. ANZ’s US OTC-traded ADR represents one ordinary, ASX-listed share. ANZ’s ADR is a buy under USD34.

GPT Group (ASX: GPT, OTC: GPTGF), which has posted a solid rally on the Australian Securities Exchange (ASX), generating a Conservative Holding-best 9.6 percent total return in US dollar terms through Feb. 13, 2014, reported a 3.9 percent decline in net profit after tax (NPAT) for 2013 to AUD571.5 million.

Total revenue declined by 4.6 percent to AUD948.2 million during the 12 months ended Dec. 31, 2013.

GPT Group will pay a final distribution of AUD0.103 per stapled security on March 21, 2014, to shareholders of record as of Dec. 31, 2013. Total distributions for 2013 were AUD0.204 per security, up 5.7 percent compared to 2012.

Realized operating income of AUD471.8 million, was up 3.4 percent year over year. Earnings per security (EPS) increased by 6.1 percent to AUD0.257. The A-REIT expects to pay out 100 percent of adjusted funds from operations to shareholders in 2014.

Net tangible asset value (NTA) per security as of Dec. 31, 2013, was AUD3.79, an increase of 1.6 percent.

GPT executed on 551 retail leasing transactions, approximately 123,700 square meters in office leases and 156,600 square meters in logistics, which helped boost the value of the portfolio by AUD92 million.

Management expects economic growth to remain below trend in 2014. But GPT, “confident the current portfolio will deliver earnings per share growth of 3 percent for the full year,” is targeting a total return–which it defines as the sum of the change in NTA plus distributions declared over the year divided by the NTA at the beginning of the year of greater than 9 percent for 2014.

Growth will be driven by five new assets from Commonwealth Property Office Fund (ASX: CPA, OTC: CWHPF) and a forecast improvement in the underlying leasing market across all its businesses.

The lagged impact of a 5 percent decline in new retail leases and higher incentives in office rental deals has led to a small decline in management’s EPS growth outlook from an average 4.4 percent.

GPT opted out of the bidding war with Dexus Property Group (ASX: DXS, OTC: DXSPF) over CPA, but the new assets, which will officially become GPT’s on July 1, 2014, will boost its funds under management.

GPT CEO Michael Cameron said walking away from CPA meant not overpaying for assets. GPT will continue to look at corporate deals, but only at the right price.

The same criteria will be used in the timing and creation of a wholesale metro office fund and logistic fund. These could include three warehouses at the Sydney suburb of Erskine Park worth AUD235 million as well as a revamp of the Sydney Olympic Park assets.

GPT’s balance sheet remains solid, with a relatively low gearing ratio of 22.3 percent, and management cut debt costs by 50 basis points in 2013. A stepped-up buyback program has boosted shareholder value by AUD60 million since May 2011.

Although management has said it will be “opportunistic” with its capital, there is significant capacity for acquisitions and security buybacks. The A-REIT completed AUD1.8 billion in transactions and developments during 2013.

GPT will continue to have at least 90 percent of its earnings coming from core Australian property. Management is focused on growing active earnings, predominantly from funds management, to around 10 percent. This combination should maintain a low cost of capital.

As part of this objective the A-REIT is targeting growth of an additional AUD10 billion in funds under management “over time.” In 2013 GPT grew total assets in the Funds Management business by 7.5 percent, while the GPT Wholesale Shopping Centre Fund secured AUD569 million in an oversubscribed capital raising.

Since the end of 2013 GPT’s funds have entered into acquisition agreements to secure another AUD1.2 billion of assets, which will increase funds under management by an additional 17 percent.

GPT had the best-performing funds management platform in the sector again in 2013, with the GPT Wholesale Shopping Centre Fund and the GPT Wholesale Office Fund each leading their respective categories.

The Funds Management business should drive GPT’s security price as the platform grows over time. GPT Group, which is currently yielding 5.6 percent and is trading at a discount to NTA, is a buy under USD4.

Transurban Group (ASX: TCL, OTC: TRAUF), as we reported last month in our review of its quarterly traffic and revenue update, posted another solid set of results for the six months ended Dec. 31, 2013.

Proportional toll revenue–management’s preferred metric for gauging portfolio performance–was up 13.1 percent to AUD556.2 million.

Proportional earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 11.1 percent to AUD463.2 million, while statutory net profit after tax (NPAT) slipped slightly to AUD80.9 million from AUD81.1 million for the prior corresponding period.

Free cash for the half-year was AUD240 million, up 24.5 percent compared to the prior corresponding period.

Transurban will pay an interim distribution of AUD0.17 per security. Transurban has boosted its full-year distribution guidance to AUD0.35 from AUD0.34, with the payout expected to be 100 percent covered by free cash flow.

Transurban Group, which is yielding 4.7 percent, is a buy under USD6.50.

Please note that we assess results for CSL Ltd (ASX: CSL, OTC: CMXHF, ADR: CMXHY) in one of this month’s Sector Spotlight features.

Aggressive Roundup

Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: OGFGY) reported production for its Exploration and Production business of 37 petajoules equivalent (PJe) and sales revenue of AUD281 million for the three months ended Dec. 31, 2013.

Production was up 28 percent on a year over year basis, reflecting higher volumes from Otway Basin. Sales revenue was up 39 percent compared to the second quarter of fiscal 2013 on higher production, higher average commodity prices and higher third-party sales volumes.

Production was down 1 percent on a sequential basis, as higher plant availability and increased volumes at Otway were offset by lower seasonal demand at Kupe. Sales revenue decreased 9 percent compare to the three months ended Sept. 30, 2013, on lower production and lower average commodity prices.

Management noted that the upstream component of the Australia Pacific LNG project was approximately 58 percent complete as of Dec. 31, 2013, while the downstream component was 62 percent complete. The project is on time and on budget.

Origin, Australia’s largest vertically integrated energy retailer, has diverse operations spanning the energy supply chain, from oil and gas exploration and production to power generation and energy retailing. Its 37.5 percent stake in AP LNG, which is expected to make first delivery of cargoes in mid-2015, is a key asset.

Origin’s retail transformation and cost-reduction program should drive better operating performance in the Energy Markets business. Although fiscal 2014 will likely be another tough year for energy retailers, fiscal 2015 and fiscal 2016 should be much better.

Origin Energy, which has pushed out to a more than two-year high on the ASX, is a buy on the ASX using the symbol ORG and on the US OTC market using the symbol OGFGF under USD15.

Origin also trades on the US OTC market as an ADR under the symbol OGFGY. Origin Energy’s ADR, which represents one ordinary, ASX-listed share, is also a buy under USD15.

Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY) posted company-record annual production for 2013 of 87 million barrels of oil equivalent (MMboe), up 2.5 percent versus 2012.

Fourth-quarter production of 23.2 MMboe was up 5.9 percent and sales volumes were 10 percent higher on a sequential basis largely due to increased production at Pluto LNG following the re-start of the liquefied natural gas train and the change-out of dehydrator beds during the third quarter.

Sales revenue for the fourth quarter was up 23.2 percent to USD1.648 billion, largely due to sales contracts adjustments for volumes already delivered by Pluto.

Year-over-year output was down 4.5 percent predominantly due to lower oil production as a result of the Vincent floating production, storage and offloading (FPSO) unit being shut in for a time and natural field decline at other oil assets.

The North Rankin Redevelopment Project achieved start-up during the quarter, while management also noted that Pluto plant reliability and production exceeded all previous quarters. And the Vincent FPSO vessel re-started production on Nov. 29, 2013.

Revenue for the quarter was 6.7 percent versus the fourth quarter of 2012. The impact of reduced sales volumes was partially offset by a one-off price adjustment for Pluto. The average Brent price for the quarter was USD109.35 per barrel, slightly below the USD110.13 in the prior corresponding period.

Year-over-year revenue was impacted by the higher proportion of gas volumes sold in 2013, resulting in lower average realized prices. Additional oil is expected in 2014 with the restart of the Vincent FPSO.

Last week Woodside announced it had agreed to a non-binding memorandum of understanding (MOU) to replace the December 2012 in-principle agreement for the purchase of an interest in the Leviathan gas discovery in Israel.

According to terms of the MOU Woodside will acquire a 25 percent stake in Leviathan for up to USD2.71 billion

Discovered in 2010, Leviathan holds about 19 trillion cubic feet of natural gas, which makes it the largest off-shore gas discovery in the last decade.

Under the new deal Texas-based Noble Energy Inc (NYSE: NBL), which operates the field, will remain its main partner with a 30 percent stake. Stakes held by Israel-based Delek Group Ltd (Israel: DLEKG, ADR: DGRLY) and Avner Oil Exploration LLP (Israel: AVNRL, OTC: AVOGF) will be diluted to 16.9 percent each, and Ratio Oil Exploration 1992 LLP (Israel: RATIL, OTC: RTEXF) will be diluted to 11.1 percent.

It’s a solid deal at a favorable price that will allow Woodside diversify its asset base beyond Australia.

Woodside Petroleum is a buy under USD42 on the ASX using the symbol WPL and on the US OTC market using the symbol WOPEF.

Woodside also trades as an ADR on the US OTC market under the symbol WOPEY. Woodside’s ADR–worth one ordinary, ASX-listed share, is also a buy under USD42.

Melco Crown Entertainment Ltd (Hong Kong: 6883, NSDQ: MPEL), in which Aggressive Holding Crown Resorts Ltd (ASX: CWN, OTC: CWLDF, ADR: CWLDY) owns a 33.6 percent stake, announced this week that management has recommended the payment of a special dividend in the amount of approximately USD191.2 million, representing approximately USD0.115 per share or an equivalent of USD0.344 per American Depositary Receipt.

Melco Crown’s board of directors will meet Feb. 25 to approve the moves.

The new dividend policy proposed by management includes a plan to provide shareholders with quarterly dividends in an aggregate amount per year at 30 percent of consolidated net income and, where appropriate, special dividends from time to time in addition to the quarterly dividends.

Melco Crown reported that fourth-quarter 2013 earnings before interest, taxation, depreciation and amortiaation (EBITDA) grew by 49 percent to USD369 million, driven by stronger mass- market and rolling-chip revenues along with effective cost controls. Net revenue was up 27 percent to USD1.39 billion.

In a separate statement, Crown Resorts noted that, should the special dividend and the new dividend policy be approved, its board “will assess the impact on Crown and will review Crown’s dividend policy.” Such review will be completed prior to the announcement of Crown’s fiscal 2014 results in August.

Any Melco Crown special dividend and/or new dividend policy won’t impact Crown’s fiscal 2014 first-half results, which management will announce on Feb. 21, 2014.

Nevertheless, this is a positive development that will help Crown fund its local developments while maintaining a healthy balance sheet. It may also lead to some movement off a plan to keep Crown’s dividend rate static for the next four to five years as it pursues growth opportunities.

Crown Resorts is a buy up to USD16.50 on the ASX using the symbol CWN and on the US OTC market using the symbol CWLDF.

Crown Resorts also trades on the US OTC market as an ADR under the symbol CWLDY. Crown Resorts’ ADR, which is worth two ordinary, ASX-listed shares, is also a buy under USD33.

Please note that we detail Oil Search Ltd’s (ASX: OSH, OTC: OISHF, ADR: OISHY) fourth-quarter 2013 sales and revenue report in a February Sector Spotlight.

And we discuss results for BHP Billiton Ltd (ASX: BHP, NYSE: BHP), Mineral Resources Ltd (ASX: MIN, OTC: MALRF, ADR: MALRY) and Rio Tinto Ltd (ASX: RIO, London: RIO, NYSE: RIO) in this months In Focus feature on Australia’s iron ore sector.

More Numbers

Here’s when remaining AE Portfolio Holdings will report.

Most have “confirmed” dates, while for others we’ve provided an “estimate.” For most this will cover the first half of fiscal 2014, which ends Dec. 31, 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)–Feb. 26, 2014 (FY 2014 H1, confirmed)
• APA Group (ASX: APA, OTC: APAJF)–Feb. 19, 2014 (FY 2014 H1, confirmed)
• Australand Property Group Ltd (ASX: ALZ, OTC: AUAOF)–Feb. 17, 2014 (2013, confirmed)
• Cardno Ltd (ASX: CDD, OTC: COLDF)–Feb. 18, 2014 (FY 2014 H1, confirmed)
• DUET Group (ASX: DUE, OTC: DUETF)–Feb. 21, 2014 (FY 2014 H1, confirmed)
• Envestra Ltd (ASX: ENV, OTC: EVSRF)–Feb. 20, 2014 (FY 2014 H1, confirmed)
• M2 Telecommunications Group Ltd (ASX: MTU, OTC: MTCZF)–Feb. 24, 2013 (FY 2014 H1, confirmed)
• Ramsay Health Care Ltd (ASX: RHC, OTC: RMSUF)–Feb. 24, 2014 (FY 2014 H1, confirmed)
• Wesfarmers Ltd (ASX: WES, OTC: WFAFF, ADR: WFAFY)–Feb. 19, 2014 (FY 2014 H1, confirmed)

Aggressive Holdings

• Amalgamated Holdings Ltd (ASX: AHD, OTC: None)–Feb. 21, 2014 (FY 2014 H1, estimate)
• Ausdrill Ltd (ASX: ASL, OTC: AUSDF)–Feb. 26, 2014 (FY 2014 H1, estimate)
• BHP Billiton Ltd (ASX: BHP, NYSE: BHP)–Feb. 18, 2014 (FY 2014 H1, confirmed)
• Crown Resorts Ltd (ASX: CWN, OTC: CWLDF, ADR: CWLDY)–Feb. 21, 2014 (FY 2014 H1, confirmed)
• GrainCorp Ltd (ASX: GNC, OTC: GRCLF)–May 15, 2014 (FY 2014 H1, estimate)
• Oil Search Ltd (ASX: OSH, OTC: OISHF, ADR: OISHY)–Feb. 25, 2014 (2013, confirmed)
• Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: OGFGY)–Feb. 20, 2014 (FY 2014 H1, confirmed)
• SMS Management & Technology Ltd (ASX: SMX, OTC: SMSUF, ADR: SMSUY)–Feb. 19, 2014 (FY 2014 H1, confirmed)
• Spark Infrastructure Group (ASX: SKI, OTC: SFDPF)–Feb. 23, 2014 (2013, confirmed)
• Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY)–Feb. 19, 2014 (FY 2013, confirmed)
• WorleyParsons Ltd (ASX: WOR, OTC: WYGPF, ADR: WYGPY)–Feb. 26, 2014 (FY 2014 H1, confirmed)