AGL Energy Ltd. (OTC: AGLNF), our Australian natural gas and renewable energy producer, reported profit after tax of AUD218 million ($160 million), or 33.3 cents per share for the year ended June 30, affected by write-downs and acquisition costs totaling AUD578 million ($423 million) and down 62% from the previous year. On an underlying basis, profit after tax was AUD630 million ($461 million), up 12% from the previous year. AGL declared a final dividend of AUD0.34 per share, up 1 cent ($0.565 per ADR), which will be paid on August 25. I am reducing the buy price for AGLNF to $12, making it a Hold currently, as I regard the shares as somewhat overpriced given these results.

Action: AGLNF moves to Hold, maximum buy price to $12.

CapitaLand Limited (OTC: CLLDY), the Singapore real estate investment company, reported solid second-quarter earnings, with profit after tax and minority interests up 5.8% on the previous year, to SGD464 million ($330 million), in spite of impairment on a development project in China. The main weakness came in the Singapore residential market, where the company sold only 37 properties compared with 161 in the previous year. On the other hand, the Chinese residential market was strong, with 2,764 sales in the quarter compared with 1,054 in the previous year.

DBS Group (OTC: DBSDY), the Singapore banking group, reported record first-half earnings of SGD2.39 billion ($1.71 billion), up 8% from the previous year. Net interest margin increased from 1.69% to 1.75%, the highest in six years, and the first-half dividend was increased to SGD0.30 per share ($0.83 per ADR), which went ex-dividend on August 5 and will pay in October.

Industrias Bachoco S.A.B. de C.V. (NYSE: IBA), our Mexican poultry producer, announced second-quarter sales up 12% from the previous year, with volume up 11% and net income up 28%. U.S. sales represented 23% of the total, up from 20% in the previous year. EPS for the first half of 2015 was up 52% in peso terms from the previous year.

Action: On the basis of these excellent results, I am increasing IBA’s maximum buy price to $75.

Keppel Corporation (OTC: KPELY), our Singapore marine services and real estate company, reported first half net income up 2% on the previous year, with revenues down 12%, based on weakness in the offshore-oil-drilling business.

Manila Water (OTC: MWTCY), our Philippine water utility, reported revenues up 4% and net income down 4% in the first half of 2015 on a 15% increase in operating expenses, mainly higher salaries.

Tenaga Nasional Bhd. (OTC: TNABY), our Malaysian electric utility, announced third-quarter profits (to May 30) down by 64% because of the recognition of an unfavorable rate decision, although electricity usage was up 2.1% on the previous year. For the nine months, however, profits were up 3%. Fuel costs for the period were down 12%, based on lower Malaysian coal and natural gas prices.

Yaskawa Electric (OTC: YASKY), our Japanese robot and motion-controls manufacturer, reported first-quarter (to June 30) sales up 11% from the previous year and net income up 29%. Robotics sales increased by 22% and were 38% of total sales up from 34% the previous year. Yaskawa is a major beneficiary of the Japanese government’s weak yen policy.

LG Display (NYSE: LPL), our South Korea display company, reported second-quarter sales down 4% on the first quarter but up 12% on the previous year. Net income was also down from the first quarter, by 24%, but up from the previous year, by 42%. Although the panel market was beset by price competition, LG believes its focus on larger-panel displays will enable it to maintain margins in future quarters.

Action: LPL’s share price has declined, so, together with these uninspiring results that means I am reducing its buy price to $12.

Nintendo (OTC: NTDOY), our Japanese video-game company, reported a second-quarter profit of $69 million compared with a first-quarter loss, on a 20% increase in sales, based on the yen’s weakness and the very successful launch of its new video game Splatoon. The company maintained its full-year earnings forecast and has not yet made an announcement on its new chief executive.

PT Indofood Sukses Makmur Tbk (OTC: PIFMY), our Indonesian food and agribusiness company, increased net sales by 4% in the first half of 2015, but net income declined by 25% due to unrealized foreign exchange losses from rupiah depreciation. Core profit (excluding FX losses) declined by 8%. The weaker rupiah should, however, strengthen Indofood’s results going forward, as Indofood is a major food exporter from Indonesia to richer countries.

Rio Tinto (NYSE: RIO) reported underlying earnings for the first half of 2015 of $2.9 billion, down 43% from the previous year, because of the global weakness in commodity prices. The company announced a half-year dividend of $1.07, which went ex-dividend on August 7 and will be payable in September.

Wilmar International (OTC: WLMIY), our Singapore-based agribusiness group, the largest in Asia, reported second-quarter earnings up 18%, although revenue declined 12% due to lower commodity prices. For the half-year, net income increased by 33% on a 10% decline in revenues. The tropical-oils business was weak, and the sugar business made a loss but oilseeds profits more than doubled and other businesses were also strong. An interim dividend of SGD0.025 per share ($0.18 per ADR), up from SGD0.02 last year, will be paid on August 26.

WorleyParsons (OTC: WYGPY), our Australian engineering services company, announced that it would be taking a goodwill impairment of about AUD200 million ($147 million) in its financials for the year to June 30, to be announced around August 26. This is not surprising given its acquisitions and heavy participation in the energy sector; it should have little operating impact.