We’re about two weeks short of the end of the first half of 2014.

June 30 also marks the end of fiscal 2014 for most companies listed on the Australian Securities Exchange (ASX), which means we’ll soon be in the thick of another reporting season. We have details on announcement dates at the end of this month’s Portfolio Update.

For now we’ll take a look at how the AE Portfolio’s 15 Conservative Holdings and 13 Aggressive Holdings have performed on a total return basis so far this year.

Including dividends paid as well as capital gain or loss, the current Conservative Holdings have generated an average total return in US dollar terms of 14.3 percent from Dec. 31, 2013, through June 12, 2014. The Aggressive Holdings are up an average of 6.8 percent.

All 28 Holdings have combined to post a US dollar average total return of 10.8 percent.

For reference sake, the S&P/Australian Securities Exchange 200 Index is up 9.2 percent thus far in 2014 in US dollar terms. The S&P 500 Index is up 5.4 percent, as is the MSCI World Index.

US investors who are long Australian stocks have benefitted from a 5.7 percent appreciation of the Australian dollar versus the US dollar.

The strong performance of the Conservative Holdings largely reflects a broader trend: Investors are hungry for Australian infrastructure assets.

Envestra Ltd (ASX: ENV, OTC: EVSRF), an original member of the AE Portfolio, is up 30 percent this year, driven there by a bidding war involving fellow Conservative Holding and original Portfolio member APA Group (ASX: APA, OTC: APAJF) and Hong Kong-based Cheung Kong Infrastructure Holdings Ltd (Hong Kong: 1038, OTC: CKISF, ADR: CKISY).

As we detail in this month’s In Focus feature, CKI, Envestra’s second-largest shareholder at approximately 17.5 percent, has trumped APA, the largest shareholder at 33 percent, for control of Envestra’s 14,000 miles of regulated natural gas pipelines and distribution infrastructure.

APA, for its part, has been rewarded by the market for backing away from the precipice of paying too much for Envestra. Instead, Australia’s largest owner/operator of natural gas infrastructure assets will likely walk away from Envestra with a profit on the order of AUD790 million. APA has generated a US dollar total return of 21.7 percent this year.

DUET Group (ASX: DUE, OTC: DUETF), which we added to the Conservative Holdings in January 2014, is just behind Envestra with a total return of 29.9 percent.

Aggressive Holding Spark Infrastructure Group (ASX: SKI, OTC: SFDPF) recently announced the acquisition of a 14.1 percent stake in DUET, which owns interests in gas transmission and distribution assets and also develops gas transportation projects, with an option to boost its position to 16.6 percent.

Spark paid an average price of AUD2.16 per DUET share and also stirred speculation that a bid for total control could be in the offing.

Energy infrastructure assets are surely in demand, by investors foreign and domestic.

The same is true for Australian real estate, evidenced by the recent auction for Australand Property Group (ASX: ALZ, OTC: AUAOF), which has posted a 25.7 percent total return due to the competition between fellow A-REIT Stockland (ASX: SGP, OTC: STKAF) and Singapore-based Frasers Centrepoint Ltd (Singapore: FCL) for its office, industrial and land development assets.

We have more on Australand, Stockland and Frasers below.

Our other Portfolio A-REIT exposure, GPT Group (ASX: GPT, OTC: GPTGF), has rebounded from a mediocre 2013 to post a solid gain of 20.9 percent thus far in 2014.

And Transurban Group (ASX: TCL, OTC: TRAUF), which owns and operates toll roads in major urban centers in Australia and the US and just completed a major acquisition, is up 19.3 percent this year.

Ramsay Health Care Ltd (ASX: RHC, OTC: RMSYF), which, as we detail below, is expanding its private hospital empire in Europe, where its capitalizing on similarly favorable demographics that will drive its core Australian operation, is up 15.1 percent.

Other double-digit gainers among our Conservative Holdings include Australia & New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY), which has surged anew since we named it a “best buy” for the May issue in a Sector Spotlight feature and is now up 13.7 percent for the year, and Aberdeen Asia-Pacific Income Fund (NYSE: FAX), which is profiled in one of this month’s Sector Spotlights and is 11.5 percent to the positive in 2014.

Other good news from the Conservative Holdings is that none of our current lineup of 15 is in the red this year, a statistical reality colored in part by the rebound of the Australian dollar.

Cardno Ltd (ASX: CDD, OTC: COLDF), for example, is down 5.3 percent in local terms, hindered by continuing weakness in the mining and energy sectors, while Wesfarmers Ltd (ASX: WES, OTC: WFAFF, ADR: WFAFY) is off 3.6 percent, as investors ponder how the conglomerate will generate growth going forward.

Standouts on the Aggressive side of the ledger also reflect demand for infrastructure. The aforementioned Spark Infrastructure is up 19.8 percent, while Sydney Airport (ASX: SYD, OTC: SYDDF) is up 20.4 percent.

Oil and gas producers have also been big winners, with Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY), subject of a May 2014 Sector Spotlight, up 17.4 percent.

Oil Search Ltd (ASX: OSH, OTC: OISHF, ADR: OISHY), which is already reaping the benefits of the PNG LNG project, is the total return leader among Aggressive Holdings at 27.3 percent.

We have more on Oil Search and positive developments at PNG LNG below.

Amalgamated Holdings Ltd (ASX: AHD) has posted a US dollar total return of 19.5 percent in 2014, its cinema operations in Australia and Germany helped by a continuing string of solid Hollywood offerings as well as management’s efforts to upgrade exhibition technology and justify premium pricing at the box office.

Mineral Resources Ltd (ASX: MIN, OTC: MALRF, ADR: MALRY) is the biggest loser among Aggressive Holdings and the Portfolio at large with a negative total return of 11.4 percent, a function of collapsing iron ore prices and its recent bid for a significant stake in Aquila Resources Ltd (ASX: AQA, OTC: AQARF).

We get into details on Mineral Resources and Aquila below.

Like Mineral Resources, Rio Tinto Ltd (ASX: RIO, NYSE: RIO) is in the red–to the tune of 7.3 percent–due to iron ore. But we’re bullish on Rio for the long term, a case we detail in one of this month’s Sector Spotlight features.

Rounding out the bottom end of Aggressive performance, casino owner/operator/developer Crown Resorts Ltd (ASX: CWN, OTC: CWLDF, ADR: CWLDY) is off 3.3 percent and electronics retailer JB Hi-Fi Ltd (ASX: JBH, OTC: JBHIF) is down 9.6 percent.

Both are coming off strong runs in 2013, and both are solid businesses with durable long-term prospects. Crown will do well with the continuing emergence of middle class consumers in emerging Asia and their penchant for gaming.

JB is a pure play on the Australian consumer, which rebounded strongly last year but could be showing signs of fatigue. We’ll be watching this one closely, particularly the growth of its appliance effort, the continuing success of its online strategy and its industry-leading cost of doing business.

A Good Deal

AE Portfolio Conservative Holding Australand Property Group (ASX: ALZ, OTC: AUAOF) had been the subject of takeover rumor since mid-April, when reports surfaced that fellow A-REIT Stockland (ASX: SGP, OTC: STKAF) had acquired a 19.9 percent stake in Australand.

And on April 22 Stockland leveled a bid that values Australand and AUD4.20 per share, which was rejected by Australand management. On May 28 Stockland upped its all-share bid, a “final” proposal of 1.124 of its securities for each Australand share, valuing the target at AUD4.43 as of June 3.

Australand had already pushed out well into five-year high territory, and then came Singapore-based Frasers Centrepoint Ltd (Singapore: FCL) with a AUD4.48 per share offer that included a stipulation that Australand shareholders would receive a scheduled interim dividend of AUD0.1275 per share, pushing the value of the bid to AUD4.60 per share, or AUD2.6 billion

Australand’s board has recommended the offer to shareholders.

Frasers is now about 10 days into a four-week period of exclusive access to Australand’s books. Under Frasers’s offer Australand shareholders would also receive an additional payout equal to AUD0.1275 pro-rated from July 1 until the offer becomes unconditional.

The acquisition would give Frasers control of Australand’s AUD2.4 billion of office and industrial properties and AUD9.3 billion of developments in Australia, where it’s already building the 2,000-apartment Central Park project in downtown Sydney.

Frasers is seeking to boost its operations in faster-growing overseas markets, which contributed 38 percent of earnings as of March 31, 2014, from 10 percent a year earlier, and has flagged Australia and China as preferred destinations. The acquisition of Australand would make Frasers Centrepoint one of Australia’s leading real estate companies, with a portfolio of scale and quality.

Frasers’s offer is subject to approval by Australia’s Foreign Investment Review Board and the backing of Frasers shareholders.

Australand’s board in December 2012 rejected a bid by fellow Conservative Holding GPT Group (ASX: GPT, OTC: GPTGF), Australia’s second-biggest property trust, to acquire Australand’s industrial and commercial property divisions. GPT dropped its pursuit in May last year after failing to agree on a price that would compensate Australand shareholders for being left with a standalone residential property developer.

Australand, which was trading at AUD4.59 on the ASX on June 13, is now a hold pending conclusion of the Frasers deal.

Stockland will probably sell its 19.9 percent stake into the Frasers Centrepoint offer when it becomes binding in early July and reap a profit of approximately AUD73 million.

The A-REIT’s fiscal 2014 third-quarter market update revealed the strongest residential deposits for the year to date as of March 31, 2014, in four years. Management noted the A-REIT is “well placed” to reach 6 percent earnings per share growth for the full year, at the top end of its guidance range.

And home prices in Australia’s biggest cities rose 10.7 percent year over year in May 2014, according to the RP Data-Rismark Home Value Index, a positive sign for Stockland.

Stockland, which is yielding 6 percent, is a buy under USD3.75. The A-REIT was trading at AUD3.98 early on June 13, equal to USD3.74 based on the prevailing Australian dollar-US dollar exchange rate.

Stockland is a prime candidate to replace Australand in our Portfolio A-REIT exposure.

Conservative Roundup

Ramsay Health Care Ltd (ASX: RHC, OTC: RMSYF) and Ramsay Santé joint venture partner Crédit Agricole Assurances (CAA) have agreed to acquire 83 percent of Générale de Santé in a deal that values the French target at EUR945 million.

The purchase will make Ramsay France’s largest private hospital operator with 101 hospitals and 15,400 beds. Like Australia, France has an increasingly aging population, which will create continued demand for its services.

Considering the size of Générale de Santé, the deal has the potential to revolutionize Ramsay’s French operations, providing significant scale.

The deal price represents a multiple of less than eight times Générale de Santé’s fiscal 2015 earnings before interest, taxation, depreciation and amortization (EBITDA). Ramsay is trading at 11.3 times EBITDA.

And there’s significant potential to add to earnings via cost savings, including the elimination of duplicate head office functions, reduction of procurement costs and efficiency improvements. Ramsay management expects the deal to be immediately accretive to core earnings per share.

The transaction also looks cheap relative to more recent European hospital transaction multiples.

Ramsay Santé has 10 general hospitals, 27 psychiatric clinics and three rehabilitation centers. Of its 10 general hospitals, eight are located in Metropolitan Paris and surrounding areas.

The addition of Générale de Santé’s hospitals and clinics should further diversify Ramsay Santé’s geographical exposure within the French market, though there will be some overlap of coverage within Paris, given that Générale de Santé has approximately 22 general hospitals and clinics in
that area.

This would bring Ramsay Santé’s total number of clinics in Paris to 30. Générale de Santé adds 75 centers and clinics in total to the Ramsay Santé network, with 27 hospitals, 20 clinics, 17 day hospitals and 10 radiology clinics.

This would bring total hospitals and centers for Ramsay Santé to 115, or 226 hospitals and clinics for the Ramsay Health Care group globally.

Ramsay and CAA bid EUR16.75 per share, including a scheduled dividend payment, for Générale de Santé.

Ramsay’s share of the Transaction is 57 percent, consistent with its current ownership of Ramsay Santé.

Ramsay and CAA’s final ownership level in Générale de Santé depends on the take-up of a mandatory follow-on tender offer for the balance of 17 percent of the shares held by minority shareholders.

The total cost of investment for Ramsay is a minimum of EUR429 million following the transaction (net EUR264 million after the merger and refinancing of Ramsay Santé) and a maximum of EUR515 million (net EUR336 million) following the tender offer.

Australia’s largest private hospital operator will fund its contribution with debt. Its forecast pro forma net debt-to-EBITDA ratio as of June 30, 2014, is approximately 3.0 times.

The transaction is subject to the satisfaction of clearance by regulatory authorities including anti-trust and foreign investment approvals. It’s expected to close during the fourth quarter of calendar 2014.

Ramsay Health Care is a buy on the ASX using the symbol RHC and on the US over-the-counter (OTC) market using the symbol RMSYF under USD44.

Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY) CEO David Thodey has indicated that Australia’s largest telecom will be ramping up its presence in Asia in coming years, noting that the company’s revenue stream would change “significantly” by 2020, as it seeks to stimulate growth beyond a mature domestic market.

Telstra has set up an integrated vertical division to serve enterprise customers throughout Asia and in fact internationally, and it’s hired a completely different set of executives who have worked in Asia and now we are trying to drive that business on a Pan-Asian international basis.

The goal is to establish Telstra as a dominant technology and services company for the region’s burgeoning middle class via investment in online businesses and software and applications business.

Within the next decade Telstra wants to establish its growing portfolio of enterprise services as a core revenue contributor alongside its AUD9.2 billion mobile business.

Telstra’s enterprise services portfolio sits inside its network and application division (NAS), which provides enterprise and business customers with managed network and cloud-based communications services

NAS continues to be one of Telstra’s fast-growth areas. It increased revenue by 29.3 percent to AUD821 million in the six months to Dec. 31, 2013. While NAS still has a long way to go before it is considered core to Telstra’s business, Asia could provide the boost it needs.

Asia is a relatively immature market in terms of managed network services and cloud computing. In Australia the market opportunity is about AUD8 billion to AUD10 billion. But considering developing countries in Asia, the opportunities are literally hundreds of billions of dollars, according to Mr. Thodey.

Telstra is a buy under USD5 on the ASX using the symbol TLS and on the 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.

Transurban Group (ASX: TCL, OTC: TRAUF), which recently added to its stable of toll-generating road assets in Australia vie the acquisition of Queensland Motorways, declared a final distribution for fiscal 2014 of AUD0.18 per share, up from AUD0.152908 a year ago and in line with management’s guidance for a full-year payout of AUD0.35.

Management also announced the completion of the retail component of its fully underwritten accelerated renounceable entitlement offer, raising gross proceeds of approximately AUD557 million from the issue of approximately 82.6 million new securities at an issue price of AUD6.75 per.

This represents the final stage of Transurban’s AUD2.34 billion equity raising announced on April 24, 2014, as part of the Queensland Motorways deal that gave the company control of most of the major toll-road networks on the east coast of Australia. The transaction is on track to close in July 2014.

Transurban reported that proportional toll revenue for the three months ended March 31 increased by 12.7 percent compared to the prior corresponding period to AUD273.8 million.

Management cited a favorable “day mix”–an additional workday in the third quarter of fiscal 2014 compared to the third quarter of fiscal 2013–provided an average daily traffic benefit of between 0.2 percent and 0.5 percent across its Australian assets.

Management has guided to a fiscal 2015 distribution of AUD0.39, which represents year-over-growth of 11.4 percent.

Management expects the fiscal 2014 distribution to be covered 95 percent by free cash flow due to the timing of the recent entitlement offer and subsequent issue of new shares. The fiscal 2015 distribution will be 100 percent covered by free cash flow. Transurban Group is a buy under USD7.25.

Aggressive Roundup

In a June 12, 2014, company announcement filed with the ASX Mineral Resources Ltd (ASX: MIN, OTC: MALRF, ADR: MALRY) confirmed that it had acquired a 12.78 percent stake in Aquila Resources Ltd (ASX: AQA, OTC: AQARF), buying 52.6 million shares at AUD3.75 per, and that it “intends to engage with stakeholders in the West Pilbara Iron Ore Project to discuss a proposal to deliver the Project on attractive terms.”

Reference is to a AUD7.4 billion port, rail and mine project in Western Australia that Aquila had shelved in February 2013 because it lacked the funds to foot its 50 percent share of the equity funding for the AUD7.7 billion project.

Baosteel Resources Ltd, owner of China’s biggest steelmaker, and Aurizon Holdings Ltd (ASX: AZJ, OTC: QRNNF), a Queensland-based rail freight operator, on May 5 offered to buy Aquila for AUD3.40 in cash in a deal that valued the target at AUD1.4 billion. Consummation would give Baosteel and Aurizon a half stake in the West Pilbara project.
Mineral Resources has developed a plan for the project, which is jointly owned by AMCI Inc.

In the June 12 statement Mineral Resources Managing Director Chris Ellison said, “We have the financial capacity to make a meaningful capital contribution towards the development.”

Mineral Resources, the fifth-biggest iron ore producer in Australia, has significant experience designing, constructing and operating large-scale iron ore processing and logistics operations throughout the Yilgarn and Pilbara regions. It’s already invested considerable time developing a business case to deliver a fit-for-purpose solution for the West Pilbara Iron Ore Project.

Mr. Ellison noted that involvement in the West Pilbara project “is an outstanding opportunity to secure additional long-term build, own and operate contracting opportunities” for Mineral Resources’ core contracting businesses.

The company has finalized its total mine-to-port development plan for the project, which includes all processing and mine-related infrastructure as well as the supply chain through to shiploading.

Establishing the stake in Aquila is all about pushing stakeholders, including Baosteel and Aurizon, into a more active phase that would presumably include contracts with Mineral Resources for significant parts of construction and delivery of the port and rail infrastructure and build, own and operate arrangements for the iron ore mines.

Or it could be an initial step toward a full takeover offer.

Mineral Resources funded its AUD197 million investment in Aquila from existing cash reserves.

Aquila has been resisting the Aurizon bid and is expected to reject the offer. It’s said nothing yet about Mineral Resources’ move.

Mineral Resources, which began life as a mining contractor but has added iron ore deposits and used its infrastructure experience as a processor and transporter, is a customer of Aurizon’s in the Yilgarn. It has responded to high rail tariffs by ordering its own rolling stock and locomotives.

Baosteel is a 20 percent Aquila shareholder and has a working relationship with Mineral Resources that suggests it won’t object if Mineral Resources effectively pitches its plan to fast-track West Pilbara’s development.

Mineral Resources remains 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.

Project operator Exxon Mobil Corp (NYSE: XOM) announced on May 26, 2014, that the first shipment of liquefied natural gas (LNG) from the PNG LNG project, in which Aggressive Holding Oil Search Ltd (ASX: OSH, OTC: OISHF, ADR: OISHY) has a 29 percent interest, had left Papua New Guinea bound for Japan.

The cargo has been sold on the spot market to Tokyo Electric Power Co Inc (Japan: 9501, OTC: TKECF, ADR: TKECY).

This follows the commencement of LNG production from the first train in April and from the second train in May, both ahead of schedule.

Exxon subsequently revised its 2014 production forecast for PNG LNG. And ased on this new information, Oil Search updated its full-year production guidance for 2014 and its forecast cash operating costs.

Oil Search now expects 2014 production to be in the range of 17 to 20 million barrels of oil equivalent (MMboe), up from a previous range of 14.5 to 17.5 MMboe. Reflecting the largely fixed cost base of the project, the increase in production has resulted in a downward revision to forecast per barrel cash operating costs, from USD21 to USD26 per barrel of oil equivalent to USD18 to USD22.

In its first full year of operation, PNG LNG will quadruple Oil Search’s production base and contribute more than USD1.3 billion annually to operating cash flow.

PNG LNG continues to defy the odds, given that ahead-of-schedule start-ups are a rarity in
the LNG game. And the magnitude of the revised guidance range implies that PNG LNG is ramping up faster than expected and will surpass 70 percent capacity utilization this year.

It should be noted that LNG projects don’t always ramp up in a linear fashion and are rarely problem-free. But, even assuming terms of its project finance facilities lock up cash until practical completion, typically meaning 90 to 180 days of interruption-free operation and Oil Search doesn’t see cash flows until the end of the year, 2014 earnings should get a significant boost.

Oil Search is a buy under USD9 on the ASX using the symbol OSH and on the US OTC market using the symbol OISHF.

Oil Search also trades as an ADR on the US OTC market under the symbol OISHY. Oil Search’s ADR represents 10 underlying shares traded on the ASX and is a buy under USD90.

As we noted was probable in last month’s Sector Spotlight feature, Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY) announced on May 20, 2014, that it was pulling out of a deal to develop the Leviathan natural-gas discovery offshore Israel.

At the same time, Woodside continues to conduct talks to become a partner in Noble Energy Inc’s (NYSE: NBL) and Delek Group Ltd’s (Tel Aviv: DLEKG, OTC: DLKGF, ADR: DGRLY) Cypriot license despite having withdrawn from the Leviathan field, one of the world’s biggest deep water gas discoveries in a decade.

Noble Energy holds 70 percent of the rights to Cyprus’ Block 12, which borders on Israel’s Pelagic licenses, an area north of Leviathan. In 2011 Delek units Avner Oil & Gas LP and Delek Drilling LP exercised an option to buy 30 percent of the rights from Noble, who shortly afterwards signed a revenue-sharing agreement with the Cypriot government.

Woodside had planned to buy 25 percent of Leviathan for USD2.5 billion but withdrew due to disagreements over export priorities following Noble’s and Delek’s preference for a regional pipeline rather than a floating LNG terminal that would facilitate exports to East Asia.

That the parties are in discussions of any type leaves open the possibility that Leviathan could be revived from Woodside’s perspective. Australia’s second-largest oil and gas producer, which is an attractive cash-flow-and-dividend play, needs to find new assets to stimulate production growth.

Woodside Petroleum is a buy under USD42 on the ASX using the symbol WPL and on the US over-the-counter (OTC) market using the symbol WOPEF.

Woodside also trades as an American Depositary Receipt (ADR) on the US OTC market under the symbol WOPEY. Woodside’s ADR is also a buy under USD42.

It’s A Numbers Game

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)–Oct. 28,  2014 (FY 2014, 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)
• 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)–Nov. 13, 2014 (FY 2014, 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)
• 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)