The Australian dollar has stabilized and actually shows signs of renewed strength, boosted by the best employment report from the Australian Bureau of Statistics in several years.

Economic data from China has introduced a degree of uncertainty, reflected in a sharp sell-down of Australian Securities Exchange (ASX)-listed shares on Friday, March 14.

Fiscal 2014 first-half earnings reporting season has come to an end Down Under, with generally solid results for AE Portfolio Holdings.

In fact six Aggressive Holdings announced increased interim dividends. Counting new addition JB Hi-Fi Ltd (ASX: JBH, OTC: None) that figure rises to seven.

And 12 of the 14 individual Aggressive Holdings–we hold one fund, Aberdeen Asia-Pacific Income Fund (NYSE: FAX)–are paying higher fiscal 2014 interim dividends than they did a year ago.

As of March 13, 2014, our 15 Aggressive Holdings, including JB Hi-Fi, had generated an average year-to-date total return in US dollar terms of 2 percent.

Our 15 Conservative Holdings, including Aberdeen Asia-Pacific, were up 3.9 percent for the year.

The combined average for all 30 Holdings was 3 percent. That compares to a US-dollar total return for the S&P/ASX 200 Index of 2.8 percent, the S&P 500 Index at 0.4 percent and the MSCI World Index at negative 0.1 percent.

Australian stocks and the dividends they pay have been lifted in US shareholders’ eyes by the 1.3 percent appreciation in the Australian dollar versus the US dollar in 2014.

We are making three moves in the Portfolio this month. JB Hi-Fi is joining the Aggressive Holdings. And we’re moving on from two Aggressive Holdings that broke down under extremely difficult operating conditions, Ausdrill Ltd (ASX: ASL, OTC: AUSDF) and SMS Management & Technology Ltd (ASX: SMX, OTC: SMSUF, ADR: SMSUY).

Both were hit hard by spending cuts, the former by mining, the latter by Australian businesses and government entities.

We have more on JB Hi-Fi in one of this month’s Sector Spotlights. We discuss Ausdrill and SMS below.

Overall we’re satisfied with outcomes during the late earnings reporting season, a pleasant one, broadly speaking, for the AE Portfolio, marked by dividend growth.

Consistent dividend growth indicates reliable revenue and earnings. It also serves the important purpose of telegraphic management’s feelings about the future: It indicates optimism, that the underlying business will not only be able to support existing commitments but is strong enough to support the extension of same.

Consistent dividend growth also provides the best inflation hedge of them all.

And over the long term dividend growth is highly correlated with strong share performance.

It’s a lead-pipe certainty that interest rates, at some point in the not-distant future, will rise. And one of the surest bets for a rising-rate environment is dividend growth. Since 1986, S&P 500 dividend-growth stocks have kept pace with the rise in Treasury yields, whereas high-dividend stocks have sharply underperformed.

Dividend-growth stocks are backed by businesses with solid histories of revenue and earnings growth. They trade with reasonable if unspectacular yields. It’s not a super-sexy part of the market. But is a great way to build wealth over time, as over the long term dividend growth is highly correlated with strong share-price performance.

Below we highlight dividend-growth and earnings details for AE Aggressive and Conservative Holdings that underlie the Portfolio’s recent outperformance.

We also address the status of a major merger among two Conservative Holdings, APA Group (ASX: APA, OTC: APAJF) and Envestra Ltd (ASX: ENV, OTC: EVSRF), and the acquisition by another Conservative Holding, AGL Energy Ltd (ASX: AGK, OTC: AGLNF, ADR: AGLNY), of significant power-generation assets in New South Wales.

Reduced Ranks

Our ideal Portfolio size is 24 to 25 Holdings, split evenly among Conservative and Aggressive. The addition of JB Hi-Fi Ltd (ASX: JBH, OTC: None) brings to 15 the number of Aggressive Holdings and 30 the number of overall Portfolio Holdings.

Our decision to cut loose from two Aggressive Holdings is not driven by a mechanical adherence to a set portfolio size.

When we’re considering two businesses that have in the past demonstrated their quality but have been done in due to lack of scale, though we might otherwise wait out even longer their return to operating and financial health the priority of maintaining a list that can be effectively managed does carry significant weight.

In last month’s Portfolio Update we noted that we had questions about Ausdrill Ltd (ASX: ASL, OTC: AUSDF) and SMS Management & Technology Ltd (ASX: SMX, OTC: SMSUF, ADR: SMSUY).

And management reports on fiscal 2014 first-half results suggest both companies face significant operating headwinds coupled with serious financial hurdles that cast doubt on their ability to consistently generate dividends for shareholders in the short and medium term.

The longer-term picture may include healthier days for Ausdrill and SMS, and we of course reserve the right to revisit them down the road. But right now opportunity lies elsewhere.

We are therefore cutting our losses on both Ausdrill and SMS.

The de-facto Aggressive Holding replacement, JB Hi-Fi Ltd (ASX: JBH, OTC: None), is an electronics retailer with an expanding business in terms of both product and venue. We’ve recommended JB on several occasions during its strong run since September 2011, without taking the step of adding it to the Portfolio.

A weak start to 2014 on the Australian Securities Exchange (ASX) provides an opportunity to add it as the de facto replacement for Ausdrill and SMS, reducing our exposure to resource and IT capital spending in favor of the Australian consumer.

We have more on JB in one of this month’s Sector Spotlights.

Ausdrill reported a 26.9 percent decline in fiscal 2014 first-half revenue compared to the prior corresponding period to AUD424.2 million. Earnings before interest, taxation, depreciation and amortization (EBITDA) slid 34.3 percent to AUD94.1 million, as the mining sector’s slowdown continues to have a deep impact.

Management declared an interim dividend of AUD0.025, down from AUD0.065 a year ago. Sell Ausdrill.

SMS rallied to start the year but has fizzled again on the ASX in the aftermath of its half-year earnings announcement. First-half revenue was up 6 percent to AUD153.5 million, but net profit after tax (NPAT) fell by 55 percent to AUD5.8 million. This was in line with guidance.

Management was ever-so-slightly upbeat, noting a “slight improvement” in business confidence during the third quarter. But the interim dividend was down 63 percent compared to the prior corresponding period. Sell SMS Management & Technology.

Soured Gas Deal

APA Group (ASX: APA, OTC: APAJF) and acquisition target Envestra Ltd (ASX: ENV, OTC: EVSRF) are among the 12 Conservative Holdings that are paying higher interim dividends than they did for fiscal 2013.

APA announced on Dec. 17, 2013, its interim dividend of AUD0.175. That amount, up from AUD0.17 a year ago, was paid March 12, 2013, to shareholders of record as of Dec. 31, 2013. And Envestra will pay an interim dividend of AUD0.032 per share, up 6.7 percent from the AUD0.03 interim dividend it paid for fiscal 2013.

APA reached a deal with Envestra in December 2013 to buy the rest of the company after raising its bid. Envestra shareholders will have the option to receive either 0.1919 APA shares for each of their shares, or a combination of stock and cash. That was the equivalent of AUD1.17 a share, based on APA’s price at the time of AUD6.10.

As of March 14, when APA closed at AUD6.51 on the ASX, the offer was worth AUD1.25 per share to Envestra shareholders.

APA, whose pipelines deliver more than half of Australia’s gas, already owns 33 percent of Envestra and operates its networks and pipelines.

Cheung Kong Infrastructure Holdings Ltd, the second-largest holder in Envestra, signaled its opposition to APA Group’s bid for the rest of the Australian gas distributor, casting some doubt on whether it will be completed.

CKI’s representatives on the Envestra board, Dominic Chan and Ivan Chan, have recommended that Envestra shareholders vote against the offer because it isn’t in their interests.

The proposal must be approved by at least 75 percent of Envestra shareholders other than APA. CKI holds 17.5 percent of Envestra, so its opposition would sink the deal.

Four other directors who aren’t affiliated with APA support the bid, which has been deemed “fair and reasonable” by an outside adviser.

The vote on the deal by Envestra shareholders is to take place in mid-May.

APA reported a 25.2 percent increase in normalized NPAT to AUD120.7 million and a 23.9 percent increase in normalized EBITDA to AUD398.9 million for the six months ended Dec. 31, 2013. Operating cash flow was up 2 percent on a normalized basis to AUD217 million.

The payout ratio for the period was 67.5 percent. APA Group is a buy under USD6.50.

Envestra, which closed at AUD1.17 on the ASX on March 14, reported a 47 percent increase in NPAT to AUD87.1 million. Revenue for the period, driven by tariff increases across its networks but offset somewhat by lower volumes, was up 7 percent to AUD293.1 million. Envestra added 11,400 customers during the period, bringing the total to 1.175 million.

Net borrowing costs were down 26 percent. Capital expenditure was up 18 percent to AUD135.8 million, as Envestra replaced 293 kilometers of gas mains.

There are three possibilities now with regard to APA. The suitor could bump its bid slightly to satisfy CKI. CKI could abstain during the mid-May vote, clearing the way for APA’s takeover of Envestra. Or CKI could vote against the deal, with APA walking away.

If the deal goes through Envestra’s share price will clearly rise to meet the offer. If it fails, however, there’s likely very little downside.

As it is Envestra is still trading above the USD1 per share buy-under target included in our reiterated recommendation on the stock in the December 2013 Sector Spotlight. We made Envestra a “hold” in January 2014, one issue after identifying it as a “best buy for new money” due to the agreement with APA on the sweetened takeover bid.

Failure of the deal to proceed may result in another short-term dip for the stock. If Envestra were to slide below USD1–about AUD1.11 on the ASX–it’s a strong buy. As of right now it remains a hold pending resolution of the APA bid.

ACCC Nixes AGL NSW Deal

The Australian Competition and Consumer Commission (ACCC) has rejected AGL Energy Ltd’s (ASX: AGK, OTC: AGLNF, ADR: AGLNY) proposed AUD1.5 billion acquisition of Macquarie Generation’s assets from the New South Wales state government.

In a statement to the Australian Securities Exchange, AGL said it was reviewing the reasons for the ACCC’s decision and would, in due course, make a further statement about what actions, if any, it might take in response.

AGL is highly likely to take the decision by the ACCC to the Australian Competition Tribunal, though such a legal challenge will take a long time to resolve.

New South Wales Treasurer Mike Baird said he “respected the ACCC’s decision and would stick by it.” NSW won’t sell the two coal-fired power plants and two development sites to under-bidder ERM Power Ltd (ASX: EPW, OTC: None).

The ACCC’s decision is a sharp blow to NSW’s privatization efforts, and it impedes the state’s ability to fund new infrastructure projects.

In its statement, the ACCC said it considered that the proposed acquisition was likely to result in a substantial lessening of competition in the market for the retail supply of electricity in the state.

AGL reported statutory NPAT of AUD261 million for the six months ended Dec. 31, 2013, a 27.1 percent decline versus the prior corresponding period.

Underlying profit of AUD242 million was down 11.4 percent, while underlying operating cash flow before interest and tax was up 49 percent to AUD963 million.

Revenue for the period was down 2.6 percent to AUD4.84 billion.

AGL reaffirmed guidance for 2014 underlying profit of AUD560 million to AUD610 million.

AGL will pay an interim dividend of AUD0.30 per share, flat compared to the interim dividend for fiscal 2013.

Management described it as “a solid result in a difficult operating environment, with record warm weather conditions during the winter months and a further drop in customer demand for energy.”

AGL added to its customer base, and it continued to improve its customer service, indicated by recognition as Australia’s “favourite Utilities Brand” by Canstar Blue. Management expects a big step up in Queensland gas sales in fiscal 2015 and to see the benefits of reduced customer churn and discounting begin to flow through to earnings and cash flow.

AGL Energy remains a buy up to USD17.25 on the ASX using the symbol AGK and on the US over-the-counter (OTC) market using the symbol AGLNF.

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

Dividend Growth: Conservative Roundup

As we reported in one of last month’s Sector Spotlights, Conservative Holding CSL Ltd (ASX: CSL, OTC: CMXHF, ADR: CMXHY) declared an interim dividend of USD0.53, or approximately AUD0.59. That’s up about 6 percent in US dollar terms and 21 percent from AUD0.4866 a year ago, when the company was still reporting in Australian dollar terms.

CSL closed at AUD66.50 on the ASX on Feb. 13, 2014, approximately USD59.73 based on the prevailing Australian dollar-US dollar exchange rate. The market was initially unimpressed with the biotherapeutics company’s fiscal 2014 first-half earnings.

But sentiment has swung once again to CSL’s favor.

It last traded at AUD72.15 on the ASX and at USD65.15 under the symbol CMXHF on the US OTC market. CSL’s American Depositary Receipt (ADR), which represents half of an ASX-listed share, last traded at USD32.37.

CSL is a buy under USD63 on the ASX using the symbol CSL and on the US over-the-counter (OTC) market using the symbol CMXHF.

CSL also trades on the US OTC market as an American Depositary Receipt (ADR) under the symbol CMXHY. CSL’s ADR, which represents 0.5 of an ordinary, ASX-listed share, is a buy under USD31.50.

Australia & New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY) is tracking toward an interim dividend of approximately AUD0.80 per share, which would be up 9.6 percent from the AUD0.73 interim dividend paid for fiscal 2013.

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.

Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY), meanwhile, announced its first dividend increase in nine years. Australia’s dominant wireless telecom will pay an interim dividend of AUD0.145, up 3.6 percent year over year.

Telstra is a buy under USD5 on the ASX using the symbol TLS and on the US OTC market using the symbol TTRAF.

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

Transurban Group (ASX: TCL, OTC: TRAUF) lifted its full-year distribution guidance for 2014 to AUD0.35 from AUD0.34, a 2.9 percent increase. Transurban paid AUD0.31 per security for 2013. Transurban Group is a buy under USD6.50.

GPT Group (ASX: GPT, OTC: GPTGF) total distributions for 2013 were AUD0.204 per security, up 5.7 percent compared to 2012. GPT Group is a buy under USD4.

DUET Group (ASX: DUE, OTC: DUETF) in mid-December 2013 announced an interim dividend of AUD0.085 per share, up from AUD0.0825 for the prior corresponding period.

DUET reported NPAT of AUD146.6 million for the half year, reversing a loss of AUD46.6 million for the prior corresponding period.

Revenue fell by 3.4 percent to AUD620.8 million. Management noted that DUET is on track to deliver its full-year distribution guidance of AUD0.17 per stapled security. DUET Group is a buy under USD2.20.

Ramsay Health Care Ltd (ASX: RHC, OTC: RMSUF) reported a 13.9 percent increase in fiscal 2014 first-half revenue to AUD2.4 billion, as core NPAT grew 15.8 percent to AUD171.6 million. Earnings per share were up 17.5 percent to AUD0.812, as management’s brownfield strategy continues to reveal its merits.

Ramsay boosted its full-year fiscal 2014 guidance. And its interim dividend is up 17.2 percent to AUD0.34 per share. Ramsay Health Care is now a buy under USD44.

M2 Telecommunications Group Ltd (ASX: MTU, OTC: MTCZF) posted a 66 percent surge in half-year revenue to AUD506 million on new acquisitions. EBITDA were up 38 percent to AUD75.8 million, while NPAT grew 26 percent to AUD30.9 million.

Underlying EPS are AUD0.245, while the interim dividend was up 15 percent to AUD0.115. M2 Telecommunications is now a buy under USD6.

Wesfarmers Ltd’s (ASX: WES, OTC: WFAFF, ADR: WFAFY) interim dividend of AUD0.85 is up 10.4 percent from AUD0.77 a year ago.

The conglomerate reported revenue growth of 4 percent to AUD31.85 million and NPAT growth of 11.2 percent to AUD1.43 billion, as its Coles grocery unit posted food and liquor comparable sales growth for the second quarter of 3.8 percent.

Wesfarmers is a buy under USD40 on the ASX using the symbol WES and on the US OTC market using the symbol WFAFF.

Wesfarmers also trades on the US OTC market as an ADR under the symbol. Wesfarmers’ ADR is worth 0.5 of an ASX-listed share and is a buy under USD20.

Cardno Ltd (ASX: CDD, OTC: COLDF) reported fiscal 2014 first-half revenue growth of 5.5 percent, as fee revenue grew by 4.4 percent and EBITDA was up 3.8 percent.

Trading on the ASX will be halted from March 14, 2014, through March 18, 2014, or possibly earlier, pending an announcement by the company of a new equity raising and a new acquisition.

Cardno, which declared an interim dividend of AUD0.19 per share, up 5.6 percent from AUD0.18 a year ago, is a buy under USD8.05.

Australand Property Group Ltd (ASX: ALZ, OTC: AUAOF) posted 2013 operating profit growth of 4 percent to AUD0.256 per security, as its Investment unit posted 2.7 percent comparable rental growth and an occupancy rate as of Dec. 31, 2013, of 94.9 percent. The Development unit reported residential sales growth of 56 percent, driven by positive consumer sentiment and low interest rates.

Australand’s full-year dividend of AUD0.215 for 2013 was in line with 2012 and 2011. Buy Australand under USD3.60.

Dividend Growth: Aggressive Roundup

Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY), sustaining management’s pledge to ramp up the oil and gas producer’s payout following the start-up of the Browse LNG project, declared a final dividend in respect of 2013 of AUD1.03 per share.

That’s up 58.5 percent from a final dividend of AUD0.65 for 2012. It follows a special cash dividend of AUD0.63 declared on April 23, 2013, and paid on May 29, 2013, as well as a 2013 interim dividend of AUD0.83, which was up 27.7 percent from AUD0.065 for the prior corresponding period.

All told Woodside declared dividends of AUD2.49 per share for 2013. That works out to a yield of 6.5 percent based on Woodside’s March 13, 2014, closing price on the ASX.

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.

Mineral Resources Ltd (ASX: MIN, OTC: MALRF, ADR: MALRY) declared an interim dividend of AUD0.30 per share, up from AUD0.16 a year ago.

Mineral Resources is a buy under USD11 on the ASX using the symbol MIN and on the US OTC market using the symbol MALRF.

Mineral Resources also trades on the US OTC market as an ADR under the symbol MALRY. Mineral Resources’ ADR, which is worth one ordinary, ASX-listed share, is also a buy under USD11.

Rio Tinto Ltd (ASX: RIO, NYSE: RIO) boosted its full-year 2013 payout by 15 percent, while fellow resource giant BHP Billiton Ltd (ASX: BHP, NYSE: BHP) will pay a fiscal 2014 interim dividend of USD0.59, up from USD0.57 a year ago and on the way to full-year growth of 5.2 percent.

Rio Tinto is a buy under USD65 on the ASX using the symbol RIO.

Rio Tinto’s NYSE listing is an ADR that represents one share of the company’s London listing. Rio’s ADR–which also trades under the symbol RIO–is a buy under USD62.

BHP Billiton is a buy under USD40 on the Australian Securities Exchange (ASX) using the symbol BHP. BHP’s New York Stock Exchange (NYSE) listing is an ADR that represents two ordinary, ASX-listed shares. BHP is a buy under USD80 on the NYSE using the symbol BHP.

Sydney Airport (ASX: SYD, OTC: SYDDF) announced on Dec. 9, 2013, that it will pay an interim dividend of AUD0.115 for fiscal 2014, up 15 percent from AUD0.10 for the prior corresponding period.

Management reported 2013 revenue growth of 7.2 percent to AUD1.11 billion. Operating costs rose 5.5 percent to AUD131.4 million, as EBITDA were up 7.3 percent. Sydney Airport saw a 2.6 percent increase in traffic versus 2012 to 37.9 million passengers, as international traffic was up 4.1 percent. Sydney Airport is a buy under USD4.

Spark Infrastructure Group’s (ASX: SKI, OTC: SFDPF) final dividend in respect of 2013 of AUD0.055 represents an increase of 4.8 percent compared to the final dividend for 2012 and is in line with management’s long-term guidance for payout growth.

Spark posted a 26 percent decline in statutory NPAT for 2013 to AUD128.4 million, as it absorbed a AUD16.2 million settlement with the Australian Tax Office and a higher tax bill from deductions that have now been disallowed.

Earnings before interest on loan notes rose 6.1 percent AUD294.5 million, below the consensus forecast of AUD321 million due to lower-than-expected returns from its South Australian business.

Electricity sales volumes fell 1.9 percent in South Australia and 1.7 percent in Victoria. Total revenue rose 8.9 percent to AUD2.1 billion. Spark Infrastructure is a buy under USD1.80.

Amalgamated Holdings Ltd’s (ASX: AHD, OTC: None) fiscal 2014 interim dividend of AUD0.15 was flat year over year.

Management reported fiscal 2014 first-half normalized NPAT of AUD62.7 million, down 4.4 percent compared to the prior corresponding period, while NPAT was off 2.2 percent to AUD46.2 million due to “extremely poor” ski conditions at its Thredbo alpine resort. Revenue for the period was up 6.3 percent to AUD568.5 million, as box office at its core movie theater operations was strong during the second quarter. Amalgamated Holdings is a buy under USD8.

Crown Resorts Ltd’s (ASX: CWN, OTC: CWLDF, ADR: CWLDY) interim dividend, in keeping with management’s plan to hold the line on the payout while it invests in the growth of the business, was maintained at AUD0.18 per share.

The gaming and resorts outfit posted half-year normalized NPAT of AUD315 million, 29.4 percent higher than the prior corresponding period.

Australian resorts revenue was off 6.1 percent to AUD1.4 billion, as VIP turnover slid by 25.6 percent. But Crown’s share of Melco Crown Entertainment Ltd (NSDQ: MPEL) normalized NPAT surged by 118 percent to AUD140.6 million.

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.

WorleyParsons Ltd (ASX: WOR, OTC: WYGPF, ADR: WYGPY), meanwhile, declared an interim dividend of AUD0.34 per share, down 18.1 percent from the AUD0.415 it paid a year ago.

Fiscal 2014 first-half statutory revenue was up 9 percent to AUD4.82 billion, though underlying EBIT declined 29 percent to AUD178.2 million. Operating cash flow surged 84 percent to AUD230 million.

WorleyParsons is a buy on the ASX using the symbol WOR and on the US OTC market using the symbol WYGPF under USD16. WorleyParsons also trades on the US OTC market as an ADR under the symbol WYGPY. The ADR is worth one ordinary, ASX-listed share. WorleyParsons’ ADR is also a buy under USD16.

GrainCorp  Ltd (ASX: GNC, OTC: GRCLF) will report financial and operating results for its fiscal 2014 first half (end March 31, 2014) on or about May 16, 2014, when it will likely declare an interim dividend of AUD0.20, flat with the prior corresponding period. GrainCorp remains a buy under USD10.

Please note that we discuss fiscal 2014 first-half results for Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: OGFGY), which declared an interim dividend of AUD0.25, flat year over year, in one of this month’s Sector Spotlights.

Next Numbers

Here are estimated dates when AE Portfolio Holdings will report their next sets of operating and financial numbers.

For most this will cover results for fiscal 2014, which ends June 30, 2014. 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. 27, 2014 (FY 2014, estimate)
• APA Group (ASX: APA, OTC: APAJF)–Aug. 20, 2014 (FY 2014, estimate)
• Australand Property Group Ltd (ASX: ALZ, OTC: AUAOF)–July 23, 2014 (2014 H1, estimate)
• Australia & New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY)–Apr. 30, 2014 (FY 2014 H1, estimate)
• Cardno Ltd (ASX: CDD, OTC: COLDF)–Aug. 20, 2014 (FY 2014, estimate)
• CSL Ltd (ASX: CSL, OTC: CMXHF, ADR: CMXHY)–Aug. 13, 2014 (FY 2014, estimate)
• DUET Group (ASX: DUE, OTC: DUETF)–Aug. 15, 2014 (FY 2014, estimate)
• Envestra Ltd (ASX: ENV, OTC: EVSRF)–Aug. 21, 2014 (FY 2014, estimate)
• GPT Group (ASX: GPT, OTC: GPTGF)–Aug. 11, 2014 (2014 H1, estimate)
• M2 Telecommunications Group Ltd (ASX: MTU, OTC: MTCZF)–Aug. 25, 2014 (FY 2014, estimate y)
• Ramsay Health Care Ltd (ASX: RHC, OTC: RMSUF)–Aug. 28, 2014 (FY 2014, estimate)
• Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY)–Aug. 7, 2014 (FY 2014, estimate)
• Transurban Group (ASX: TCL, OTC: TRAUF)–Jul. 31, 2014 (FY 2014, estimate)
• Wesfarmers Ltd (ASX: WES, OTC: WFAFF, ADR: WFAFY)–Aug. 14, 2014 (FY 2014, estimate)

Aggressive Holdings

• Amalgamated Holdings Ltd (ASX: AHD, OTC: None)–Aug. 21, 2014 (FY 2014, estimate)
• Ausdrill Ltd (ASX: ASL, OTC: AUSDF)–Aug. 28, 2014 (FY 2014, estimate)
• BHP Billiton Ltd (ASX: BHP, NYSE: BHP)–Aug. 19, 2014 (FY 2014, estimate)
• Crown Resorts Ltd (ASX: CWN, OTC: CWLDF, ADR: CWLDY)–Aug. 22, 2014 (FY 2014, estimate)
• GrainCorp Ltd (ASX: GNC, OTC: GRCLF)–May 15, 2014 (FY 2014 H1, estimate)
• JB Hi-Fi Ltd (ASX: JBH, OTC: None)–Aug. 11, 2014 (FY 2014, estimate)
• Mineral Resources Ltd (ASX: MIN, OTC: MALRF, ADR: MALRY)–Aug. 14, 2014 (FY 2014, estimate)
• Oil Search Ltd (ASX: OSH, OTC: OISHF, ADR: OISHY)–Aug. 19, 2014 (2014 H1, estimate)
• Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: OGFGY)–Aug. 21, 2014 (FY 2014, estimate)
• Rio Tinto Ltd (ASX: RIO, NYSE: RIO)–Aug. 7, 2014 (2014 H1, estimate)
• SMS Management & Technology Ltd (ASX: SMX, OTC: SMSUF, ADR: SMSUY)–Aug. 20, 2014 (FY 2014, estimate)
• Spark Infrastructure Group (ASX: SKI, OTC: SFDPF)–Aug. 25, 2014 (2014 H1, estimate)
• Sydney Airport (ASX: SYD, OTC: SYDDF)–Aug. 21, 2014 (2014 H1, estimate)
• Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY)–Aug. 20, 2014 (2014 H1, estimate)
• WorleyParsons Ltd (ASX: WOR, OTC: WYGPF, ADR: WYGPY)–Aug. 13, 2014 (FY 2014, estimate)