Last month, Reserve Bank of Australia (RBA) Governor Glenn Stevens made his most forceful statements yet about the state of the country’s housing bubble, allowing that he’s even open to macroprudential regulation to rein in speculative activity among real estate investors.

But in the RBA’s latest statement on monetary policy, Mr. Stevens returned to the sort of bland observations that are typical of central bankers: “Credit growth is moderate overall, but with a further pick-up in recent months in lending to investors in housing assets. Dwelling prices have continued to rise over recent months.”

At least one economist found this relative silence disappointing. TD Securities economist Annette Beacher said, “Given the emphasis on this topic from various senior RBA officials in recent weeks, we were surprised that there was no mention at all today. Perhaps, like last month, that discussion features in the [upcoming] RBA board minutes [of the meeting] rather than the official monthly board communiqué.”

Given the extent to which central bank watchers obsessively pore over official monetary policy statements for even the slightest change in verbiage, it’s probably for the best that the RBA quietly works behind the scenes with the country’s other financial regulators toward greater lending controls.

After all, the bank is in a tight spot. With the peak in resource sector investment now past, the RBA is keen for some of the non-mining sectors to take over leadership of the country’s economy, at least until the next commodities boom.

Given that the central bank’s rate-cutting cycle has brought its benchmark short-term cash rate to an all-time low of 2.5 percent, it makes sense that rate-sensitive sectors such as real estate would be among the first to respond to such stimulus.

And the housing market doesn’t operate in a vacuum. The benefits from new construction can flow throughout an economy, while rising property values can boost consumer demand by creating a wealth effect among homeowners.

With the economy still trying to find its footing, the RBA doesn’t want to jeopardize the aspects of a strong real estate market that are constructive for the economy by raising rates. And a rate hike would likely undercut growth in other sectors as well.

Although the economy might benefit from another rate cut, Mr. Stevens also feels precluded from lowering rates any further, for fear of stoking even greater speculative excess in the housing market.

So curbing certain lending activity is the one area where the RBA can act without undermining the overall economy.

And it looks like Wayne Byres, the new head of the Australian Prudential Regulation Authority (APRA), is largely on board with Mr. Stevens, at least in a broad sense. As the nation’s chief banking regulator, Mr. Byres will be the one responsible for imposing any tightening in lending standards.

So far, as The Sydney Morning Herald (SMH) notes, APRA’s macroprudential approach has been limited to verbal warnings about the overheated housing market; collecting extra data to observe which banks are lending aggressively; and seeking assurances from banks about lending standards. These measures sound ineffectual, at best.

But in recent remarks, Mr. Byres said that APRA would gradually turn up “the dial of supervisory intensity and regulatory intensity … as things start to get a bit frothy or exuberant.”

Among the measures the regulator could pursue are raising the level of equity capital banks must hold against mortgages or requiring banks to use a higher level of due diligence during the underwriting process.

But this week, APRA did rule out capping loan-to-valuation ratios, since such a policy would pinch first-time homebuyers who tend to have smaller down payments. Again, Australian regulators are largely focused on real estate investors.

So how frothy is Australia’s real estate market?

First, it’s important to note that Australia never suffered the sort of sharp housing correction that afflicted its developed-world peers in the wake of the Global Financial Crisis (GFC). With a relatively shallow trough, home prices have been rising from a much higher base.

The most recent slump, which was modest, occurred during 2011. Since then, the Australian Bureau of Statistics (ABS) reports that home prices have been rising an average of 2.2 percent sequentially per quarter, with increases in nine of the past 10 quarters.

On a year-over-year basis, home prices were up 10.1 percent in the second quarter following a rise of 11.2 percent in the first quarter.

Just as in other countries, the strength of the housing market varies by region, with the Melbourne and Sydney metro areas having the hottest markets overall.

Meanwhile, after surging to their second-highest level of the post-GFC era in January, dwelling approvals, which track permits issued for new construction, slackened for a few months, but are trending upward again.

In August, dwelling approvals rose 3.0 percent month over month and were up 14.5 percent year over year.

Since their near-term bottom in April 2012, dwelling approvals have averaged 14,746 per month, or 8.8 percent above their trailing 10-year average.

Nevertheless, there are signs of weariness among real estate investors. Or perhaps the RBA’s jawboning in the housing arena has temporarily dampened investor sentiment.

For instance, a survey that the Australian market research firm Investment Trends has been conducting since September 2011 finally showed that more respondents intend to sell a home than to buy one in the coming month. That’s the first time since the inception of the survey that respondents have had negative investment intentions.

And the ABS reported a surprise 0.1 percent month-over-month drop in loans for housing investors, a sharp contrast to July’s 6.8 percent rise in this category.

Investors currently account for about half of all housing loan approvals.

Regardless of whether these levels qualify as irrational exuberance, most economists expect one or more macroprudential regulations to be implemented by year-end.

Dividend Watch List

June 30, 2014, marked the end of fiscal 2014 Down Under, and companies have completed reporting of operating and financial numbers. A large number of companies did post dividend reductions, omissions and discontinuations.

Basically the entire Basic Materials section of the How They Rate coverage universe can now be considered on the List because all those companies are exposed to volatile resource prices.

The Watch List is rather lengthy, a reflection of longstanding dividend practice for Corporate Australia, which as a general rule is not bound by strict dividend rates but rather by payout ratio ranges when it comes to “capital management” policy.

Once again, we have removed companies that have omitted dividends for more than two consecutive cycles; for these companies dividend policy can be considered “discontinued.”

Australian companies customarily maintain policies of paying out a specified percentage based on particular earnings metrics, whether that metric is statutory net profit after tax (NPAT), underlying NPAT or operating cash flow.

Practically speaking, dividend rates will often vary more than they do for Canadian or US companies, which are almost universally pledged to maintaining dividend rates, often at the cost of tapping balance sheets in the absence of sufficient cash flow to cover obligations to shareholders.

This latter is fine in the short term, and it can be manageable in the longer term as well. But Australian firms are traditionally more debt-averse than their North American counterparts.

It’s important to note, too, that the CE Dividend Watch List is based on the monthly distribution scheme established during the income trust era, which, to the benefit of investors everywhere, persists even after the forced conversion to traditional corporations for many of these stocks.

Australia’s twice-yearly rhythm varies as well from the quarterly dividend arrangement to which most US companies adhere.

Basic Materials

Atlas Iron Ore Ltd (ASX: AGO, OTC: ATLGF, ADR: AGODY) declared a dividend of AUD0.02 per share for fiscal 2014, down from AUD0.03 for fiscal 2013, despite the fact that fiscal 2014 revenue was up 57.9 percent on a 47.3 percent increase in volume shipped to 10.9 million metric tons.

NPAT was AUD14.3 million, reversing a year-ago loss of AUD245.1 million loss, though average realized prices were down 6.8 percent.

Management is clearly taking a proactive approach to cash management with iron ore prices at five-year lows. Buy under USD0.75.

Ausdrill Ltd (ASX: ASL, OTC: AUSDF) declared a final dividend of AUD0.02 per share, down from AUD0.055 a year ago. The full-year payout was AUD0.045, down from AUD0.12 a year ago.

Fiscal 2014 sales revenue declined 26.8 percent to AUD826.3 million, while earnings before interest, taxation, depreciation and amortization (EBITDA) were down 36.3 percent to AUD173.7 million and NPAT slid 148.5 percent to AUD43.9 million on AUD77.9 million of impairment charges. The company continues to suffer from the mining slowdown. Hold.

Grange Resources Ltd (ASX: GRR, OTC: GRRLF) deferred declaration of an interim dividend to allow its board time to assess impact of declining iron ore prices.

Management reported a 21.3 percent increase in 2014 first-half revenue to AUD129.67 million, as total iron ore sales volume was up 27.7 percent operating costs dipped 30 percent to offset a 13.8 percent decline in realized prices.

The company did post a statutory loss of AUD162.15 million on Savage River impairments. Hold.

Kingsgate Consolidated Ltd’s (ASX: KCN, OTC: KSKGF) fiscal sales revenue was flat at AUD328 million, as higher sales volumes were offset by lower metals prices. The average gold price received was down 18.7 percent to USD1,291 per ounce. And underlying EBITDA shrank by 46.2 percent to AUD64 million.

Kingsgate omitted its interim dividend for fiscal 2014 after it did the same for its final dividend for fiscal 2013. And now it’s discontinued the dividend entirely. Hold.

Newcrest Mining Ltd (ASX: NCM, OTC: NCMGF, ADR: NCMGY) reported a 7 percent revenue increase for fiscal 2014 to AUD4.04 billion, as gold production was up 14 percent gold sales were up 17 percent.

The company posted free cash flow of AUD133 versus an outlfow of AUD1.42 billion a year ago. And all-in sustaining costs were down 32 percent to USD897 per ounce.

But the Lihir project remains a concern, and further cost cuts are probably necessary.

Management didn’t declare a final divided. Hold.

Oz Minerals Ltd (ASX: OZL, OTC: OZMLF, ADR: OZMLY) reported an 11 percent increase in 2014 first-half revenue to AUD351 million, as underlying EBITDA surged to AUD122.3 million from AUD50 million a year ago. The underlying net loss for the period narrowed to AUD14.3 million from AUD36.1 million.

Management also noted that it’s close to finalizing a deal for an equity partner or to sell outright its Carraapateena copper and gold development, which would generate significant cash.

Oz declared an interim dividend of AUD0.10 per share, in line with the interim dividend for 2013. Buy under USD4.50.

PanAust Ltd (ASX: PNA, OTC: PNAJF) reported 3.8 percent growth in 2014 first-half revenue to USD338.5 million, though EBITDA were down 4.7 percent to USD124.4 million. Management expects the full-year figure to exceed guidance.

The interim dividend was flat at AUD0.03 per share.

PanAust has received a AUD2.30 per share, AUD1.5 billion buyout offer from China-based state-owned asset management firm Guangdong Rising. Management granted the bidder exclusive due diligence rights after rejecting the bid as too low. Buy under USD2.30.

Sedgman Ltd (ASX: SDM, OTC: SGTDF) maintained its final dividend at AUD0.02 per share, though fiscal 2014 was down 18.3 percent to AUD355.9 million and underlying NPAT was breakeven on reduced project and operating activity.

Sedgman posted a net loss of AUD7.7 million, in line with guidance. Hold.

Consumer Goods

GUD Holdings Ltd (ASX: GUD, OTC: GUDHF, ADR: GUDDY) posted a 0.8 percent decline in fiscal 2014 revenue to AUD591.6 million. NPAT slid by 43.8 percent to AUD17.7 million, including AUD13.3 million of restructuring and impairment changes, mostly related to the Dexion business.

Management declared a final dividend of AUD0.18 per share, down from AUD0.26 a year ago. The full-year payout, including a AUD0.20 special dividend, was AUDD0.46, down from AUD0.52 for fiscal 2013. Buy under USD6.50.

Consumer Services

Metcash Ltd’s (ASX: MTS, OTC: MCSHF, ADR: MHTLY) underlying earnings per share (EPS) for the 12 months ended April 30, 2014, were AUD0.283, down 13.2 percent compared to the prior corresponding period.

The food marketing and distribution company with strong ties to independent grocers in Australia did report a 3.2 percent increase in sales revenue to AUD13.4 billion. Food & Grocery like-for-like supermarket wholesale sales fell by 2.1 percent.

Statutory net profit after tax (NPAT) declined by 17.9 percent to AUD169.2 million, while underlying NPAT was down 10.9 percent to AUD250.1 million.

Operating cash flow grew by 29.7 percent to AUD388.7 million, boosted by approximately AUD80 million of timing benefits that will unwind in fiscal 2015.

Metcash declared a final dividend of AUD0.09 per share, down from AUD0.165 a year ago. The full-year payout was AUD0.185 per share, down from AUD0.28 for fiscal 2013. Hold.

Myer Holdings Ltd (ASX: MYR, OTC: MYGSF) slashed its final dividend by 31.3 percent, as fiscal total sales were flat at AUD3.143 billion. Same-store sales were up 1.2 percent, but gross profit slipped 1.4 percent to AUD1.286 billion, and margin contracted to 40.91 percent, as cost of doing business rose 3.3 percent to AUD1.033 billion. Hold.

Southern Cross Media Group Ltd (ASX: SXL, OTC: SOUTF) declared a final dividend of AUD0.03 per share, down 33.3 percent from AUD0.045 a year ago.

Fiscal 2014 revenue was down 0.3 percent to AUD640.8 million, while adjusted NPAT slid 7.1 percent to AUD79.6 million. Management reported a net loss of AUD296 million on regional asset impairments. The company’s radio brands remain solid. Hold.

Tatts Group Ltd (ASX: TTS, OTC: TTSLF) declared a final dividend of AUD0.055 per share, down from AUD0.075 a year ago.

Fiscal 2014 revenue was down 2.8 percent to AUD2.868 billion, though pre-tax profit from continuing operations was up 7.8 percent to AUD303.1 million. NPAT was off 19 percent due to the Victoria health benefit levy. And the wagering ramp-up continues. Buy under USD3.

Financials

QBE Insurance Ltd (ASX: QBE, OTC: QBEIF) declared an interim dividend of AUD0.15 per share, down 25 percent from AUD0.20 a year ago but in line with management guidance.

First-half NPAT was down 17.8 percent, while cash profit was off 29.5 percent.

Management’s plan to strengthen the balance sheet includes a share sale and asset dispositions, including the partial sale of its mortgage insurance business. Hold.

Industrials

ALS Ltd (ASX: ALQ, OTC: CPBLF) reported underlying net profit after tax (NPAT) of AUD171.9 million for the fiscal year ended March 31, 2014, 27.9 percent below the result for fiscal 2013 amid difficult global market conditions.

Revenue, however, was up 3.3 percent to AUD1.503 billion from AUD1.455 billion. And NPAT excluding losses related to asset sales and amortization of intangibles was AUD163.1 million, within management’s Feb. 27, 2014, guidance range. Statutory NPAT was AUD154.4 million.

ALS declared a final dividend of AUD0.20 per share, down 25.9 percent from AUD0.27 a year ago. The full-year fiscal 2014 dividend was down 18.8 percent to AUD0.39. Hold.

Bradken Ltd (ASX: BKN, OTC: BRKNF) declared a final dividend of AUD0.11 per share, down from AUD0.18 a year ago.

Fiscal 2014 revenue was down 13.5 percent to AUD1.135 billion, while underlying NPAT slid by 42.7 percent to AUD55.1 million. Statutory NPAT was off 67.9 percent to AUD21.5 million.

Underlying earnings per share were AUD0.324, down from AUD0.568 a year ago. Buy under USD5.25.

GWA Group Ltd (ASX: GWA, OTC: GWAXF, ADR: GWAXY) declared a final dividend of AUD0.055, which was down from AUD0.06 a year ago. But it comes after the company omitted its fiscal 2014 interim dividend.

Fiscal 2014 revenue was up 2.2 percent to AUD578 million, while trading EBIT was up 8.3 percent to AUD72.3 million. Management noted that market activity has improved, with housing completions forecast to rise through fiscal 2015. Buy under USD2.80.

UGL Ltd (ASX: UGL, OTC: UGLFF) reported fiscal revenue growth of 6 percent to AUD4.5 billion, while underlying NPAT was up 22 percent to AUD111.7 million. The engineering order book was AUD4.9 billion as of June 30, 2014.

Management expects a AUD400 million to AUD500 million return to shareholders on completion of the DTZ sale. Hold.

Oil & Gas

WorleyParsons Ltd (ASX: WOR, OTC: WYGPF, ADR: WYGPY) maintained its final dividend at AUD0.51 per share.

Fiscal 2014 revenue was up 8.5 percent, though EBIT were off 18.7 percent and NPAT slid by 22.7 percent. But internal targets were met. Buy under USD16.

Technology

Codan Ltd (ASX: CDA, OTC: CODAF) declared a final dividend of AUD0.015, down from AUD0.07 a year ago. The full-year dividend of AUD0.03 was down 76.9 percent from AUD0.13 for fiscal 2013 on a steep decline in demand for its key metal detection equipment.

Fiscal 2014 revenue declined 43.4 percent, and NPAT was down 80.2 percent. Hold.

Redflex Holdings Ltd (ASX: RDF, OTC: RFLXF) omitted both its interim and its final dividends for fiscal 2014.

Fiscal 2014 revenue slipped 11.5 percent to AUD121.5 million, while EBITDA were off 27.9 percent to AUD25.5 million. The net loss for the period was AUD1.2 million, as fallout from Chicago lingers. Sell.

SMS Management & Technology Ltd (ASX: SMX, OTC: SMSUF) declared a final dividend of AUD0.075, down 37.5 percent from AUD0.12 a year ago.

Fiscal 2014 revenue was up 12.9 percent to AUD314.4 million on solid New South Wales consulting and M&T Resources results and acquisitions. But EBITDA were down 29.2 percent, and NPAT slid 39.8 percent. Hold.

The ADR List

We continue to track the How They Rate coverage universe and beyond for Australia-based companies that afford US investors the convenience of ADR investing, either on their initiative or via the effort of an interested financial institution.

Here again is our primer on Australian stocks, US OTC symbols and ADRs.

The great majority of the companies under How They Rate coverage have US symbols, many because they actively seek to raise capital here on their own accord. That means they comply, to varying degrees, with US Securities and Exchange Commission filing requirements for foreign companies and with US accounting principles. Others trade here because a sponsoring institution has effectively created a secondary market for the shares, without the underlying company’s active participation.

Shares traded on US OTC markets bearing a final “F” in their five-letter symbols are basically home-listed shares trading in a market created by and for US institutions. Individuals can buy and sell here, too. Prices basically reflect ASX prices and also reflect changes in the relationship between the US dollar and the Australian dollar. One “F” share represents one ASX-listed share. The dividend you receive in respect of an “F” share is the dividend paid in respect of the ASX-listed share, adjusted for currency effects.

An ADR is a certificate that represents stock of a foreign company. ADRs are listed on US stock exchanges or the OTC Bulletin Board or Pink Sheets. Those that trade OTC have five-letter symbols ending with the letter “Y.” All transactions, including dividend payments, are conducted in US dollars.

One ADR certificate may represent one or more shares of the foreign stock; it can also represent a fraction of a share. For example, one Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY) ADR, which trades under the symbol TLSYY, is worth five ordinary shares that trade on the Australian Securities Exchange under the symbol TLS. Australia & New Zealand Banking Group Ltd’s (ASX: ANZ, OTC: ANEWF, ADR: ANZBY) ADR, ANZBY, is worth one Australia-listed ANZ share.

Because many ADRs don’t have a one-to-one ratio between the depositary receipts and the shares of stock, financial ratios are often not included in stock listings. Data in Australian Edge Portfolio tables and How They Rate is derived based on Australian Securities Exchange symbols so is as complete as you’ll find anywhere.

Foreign companies themselves often “sponsor” the creation of their own ADRs. These are called “sponsored ADRs.” There are three levels of sponsorship.

A Level I sponsored ADR is created by a company because it wants to extend the market for its securities to the US. It does not, however, want to register with the Securities and Exchange Commission (SEC) or conform to generally accepted accounting principles (GAAP). Level I ADRs trade on the OTC Bulletin Board or Pink Sheets trading systems, usually but not exclusively by institutional investors. Australia & New Zealand Banking Group’s is a Level I ADR.

Level II and Level III sponsored ADRs must be registered with the SEC, and financial statements must be reconciled to generally accepted accounting principles. A Level II ADR requires partial compliance with GAAP, while a Level III ADR requires complete compliance. A Level III sponsorship is require if the ADR is a primary offering and is used to raise capital for the company. Only Level II and Level III sponsored ADRs can be listed on the New York Stock Exchange (NYSE), the American Stock Exchange or Nasdaq. Telstra Corp sponsors a Level III ADR in the US, meaning it’s actively seeking to raise capital here.

An unsponsored ADR is created by a US investment bank or brokerage that buys ordinary shares on the underlying company’s home market then deposits them in a local custodian bank. This depositary bank then issues shares that represent an interest in the stocks and handles most of the transactions with American investors, serving both as transfer agent and registrar for the ADR.

The shares of the foreign stock held in the custodian bank are called “American Depositary Shares,” although this term is sometimes used as a synonym for “American Depositary Receipts.” Unsponsored ADRs can’t be listed on the major American stock exchanges because they aren’t registered with the SEC and lack other necessary qualifications.

The price of an ADR is determined by supply and demand but will generally track the price of the underlying ordinary share. When dividends are paid, the custodian bank receives it and withholds any foreign taxes, exchanges it for US dollars and then sends it to the depositary bank, which then sends it to the investors.

The US depositary bank handles most of the interaction with US investors, including rights offerings, stock splits and stock dividends. Sponsored ADR investors may receive communications, including financial statements, directly from the company.

Here is a list of companies in the How They Rate coverage universe that have an ADR listing in the US, along with the number of ordinary ASX-listed shares the ADR represents.

Basic Materials          

• Alumina Ltd (ASX: AWC, NYSE: AWC)–One ADR is worth four ordinary shares.
• Aquarius Platinum Ltd (ASX: AQP, OTC: AQPBF, ADR: AQPTY)–One ADR is worth two ordinary shares.
• Arrium Ltd (ASX: ARI, OTC: ARRMF, ADR: OSTLY)–One ADR is worth 20 ordinary shares.
• Atlas Iron Ore Ltd (ASX: AGO, OTC: ATLGF, ADR: AGODY)–One ADR is worth five ordinary shares.
• BHP Billiton Ltd (ASX: BHP, NYSE: BHP)–One NYSE-listed ADR is worth two ordinary shares.
• BlueScope Steel Ltd (ASX: BSL, OTC: BLSFF, ADR: BLSFY)–One ADR is worth five ordinary shares.
• Fortescue Metals Group Ltd (ASX: FMG, OTC: FSUMF, ADR: FSUMY)–One ADR is worth five ordinary shares.
• Iluka Resources Ltd (ASX: ILU, OTC: ILKAF, ADR: ILKAY)–One ADR is worth five ordinary shares.
• Kingsgate Consolidated Ltd (ASX: KCN, OTC: KSKGF, ADR: KSKGY)–One ADR is worth one ordinary share.
• Mineral Resources Ltd (ASX: MIN, OTC: MALRF, ADR: MALRY)–One ADR is worth one ordinary share.
• Newcrest Mining Ltd (ASX: NCM, OTC: NCMGF, ADR: NCMGY)–One ADR is worth one ordinary share.
• Oz Minerals Ltd (ASX: OZL, OTC: OZMLF, ADR: OZMLY)–One ADR is worth 0.5 ordinary shares.
• Rio Tinto Ltd (ASX: RIO, NYSE: RIO)–One ADR is worth one ordinary share.

Consumer Goods

• Billabong International Ltd (ASX: BBG, OTC: BLLAF, ADR: BLLAY)–One ADR is worth two ordinary shares.
• Coca-Cola Amatil Ltd (ASX: CCL, OTC: CCLAF, ADR: CCLAY)–One ADR is worth two ordinary shares.
• Goodman Fielder Ltd (ASX: GFF, OTC: GDFLF, ADR: GDFLY)–One ADR is worth 10 ordinary shares.

Consumer Services

• Crown Resorts Ltd (ASX: CWN, OTC: CWLDF, ADR: CWLDY)–One ADR is worth two ordinary shares.
• Metcash Ltd (ASX: MTS, OTC: MCSHF, ADR: MHTLY)–One ADR is worth six ordinary shares.
• TABCORP Holdings Ltd (ASX: TAH, OTC: TABCF, ADR: TACBY)–One ADR is worth two ordinary shares.
• Wesfarmers Ltd (ASX: WES, OTC: WFAFF, ADR: WFAFY)–One ADR is worth 0.5 ordinary share.

Financials

• Australia & New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY)–One ADR is worth one ordinary share.
• Commonwealth Bank of Australia Ltd (ASX: CBA, OTC: CBAUF, ADR: CMWAY)–One ADR is worth one ordinary share.
• National Australia Bank Ltd (ASX: NAB, OTC: NAUBF, ADR: NABZY)–One ADR is worth one ordinary share.
• QBE Insurance Ltd (ASX: QBE, OTC: QBEIF, ADR: QBIEY)–One ADR is worth one ordinary share.
• Westfield Group Ltd (ASX: WDC, OTC: WEFIF, ADR: WFGPY)–One ADR is worth two ordinary shares.
• Westpac Banking Corp Ltd (ASX: WBC, NYSE: WBK)–One ADR is worth five ordinary shares.

Health Care

• Ansell Ltd (ASX: ANN, OTC: ANSLF, ADR: ANSLY)–One ADR is worth four ordinary shares.
• Cochlear Ltd (ASX: COH, OTC: CHEOF, ADR: CHEOY)–One ADR is worth 0.5 ordinary share.
• CSL Ltd (ASX: CSL, OTC: CMXHF, ADR: CMXHY)–One ADR is worth 0.5 ordinary share.
• Sonic Healthcare Ltd (ASX: SHL, OTC: SKHCF, ADR: SKHCY)–One ADR is worth one ordinary share.

Industrials

• Amcor Ltd (ASX: AMC, OTC: AMCRF, ADR: AMCRY)–One ADR is worth four ordinary shares.
• Boral Ltd (ASX: BLD, OTC: BOALF, ADR: BOALY)–One ADR is worth four ordinary shares.
• GWA Group Ltd (ASX: GWA, OTC: GWAXF, ADR: GWAXY)–One ADR is worth four ordinary shares.
• Toll Holdings Ltd (ASX: TOL, OTC: THKUF, ADR: THKUY)–One ADR is worth two ordinary shares.

Oil & Gas

• Beach Energy Ltd (ASX: BPT, OTC: BEPTF, ADR: BCHEY)–One ADR is worth 20 ordinary shares.
• Boart Longyear Ltd (ASX: BLY, OTC: BOARF, ADR: BLGPY)–One ADR is worth two ordinary shares.
• Caltex Australia Ltd (ASX: CTX, OTC: CTXAF, ADR: CTXAY)–One ADR is worth two ordinary shares.
• Oil Search Ltd (ASX: OSH, OTC: OISHF, ADR: OISHY)–One ADR is worth 10 ordinary shares.
• Santos Ltd (ASX: STO, OTC: STOSF, ADR: SSLTY)–One ADR is worth one ordinary share.
• Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY)–One ADR is worth one ordinary share.
• WorleyParsons Ltd (ASX: WOR, OTC: WYGPF, ADR: WYGPY)–One ADR represents one ordinary share.

Technology

• Redflex Holdings Ltd (ASX: RDF, OTC: RFLXF, ADR: RFLXY)–One ADR is worth eight ordinary shares.
• SMS Management & Technology Ltd (ASX: SMX, OTC: SMSUF, ADR: SMSUY)–One ADR is worth two ordinary shares.

Telecommunications  

• Singapore Telecommunications Ltd (Singapore: ST, ASX: SGT, OTC: SNGNF, ADR: SGAPY)–One ADR is worth 10 ordinary shares.
• Telecom Corp of New Zealand Ltd (ASX: TEL, NYSE: NZT)–One ADR is worth five ordinary shares.
• Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY)–One ADR is worth five ordinary shares.

Utilities

• AGL Energy Ltd (ASX: AGK, OTC: AGLNF, ADR: AGLNY)–One ADR is worth one ordinary share.