Company news among our holdings warranting our attention this month:

AGL Energy Ltd (OTC: AGLNF) our Australian gas  and renewable energy producer has sold the Macarthur Wind Farm for million $373 million, its book value, reducing leverage. The company is again a BUY, trading just below its buy price of $12.

GPT Group (OTC: GPTGF) the Australian residential and office rea estate company, announced interim earnings for the 6 months to June 30 up 75% on the first half of 2014 at AUD 422 million ($296 million) and earnings per share up 6.7% for the first half of 2015. The distribution for the first half of 2015 was AUD 0.11 ($0.077) per share payable on Sept. 11.

Hon Hai Precision Industries (OTC:HNHPF) our Taiwanese contract tech manufacturer, reported second quarter net income of NTD 25.7 billion ($791 million) and earnings per share of NTD 1.65 ($0.102 per ADR), up 27% from the previous year, on revenues up 11%. Hon Hai also announced the intention to form a strategic alliance with the semiconductor fabricator Siliconware Precision Industries Ltd: (NYSE:SPIL) through mutual exchange of shares. Given the shares’ low rating, they remain a strong buy.

Shinhan Financial Group (NYSE: SHG), the Korean banking and financial services group, reported second quarter earnings of KRW 692 billion ($580 million) up 20% from the previous year, with earnings per share of KRW 1,410 ($2.36 per ADR). The Korean economy remains solid, and Shinhan is benefiting from its steady growth.

Singapore Telecom (OTC: SGAPY) the Singapore based telecoms company, reported fiscal first quarter (to June 30) profit up 13% at SGD 942 million ($663 million), although underlying net profit excluding one-off items was up only 2%.

Sonic Healthcare (OTC: SKHCF) the Australian diagnostic lab services provider, reported sales of AUD 4.2 billion ($2.95 billion) for the year to June 30 and net profit of AUD 363 million ($255 million), down 5%. A full year dividend of AUD 0.41 per share ($0.29 per share) was declared, with record date of 11 September, payable in late October. With earnings more or less flat for 4 years and a P/E of 22 times this is no more than a sell.

Action: Sell Sonic Healthcare.

Stockland (OTC:STKAF) the Australian real estate company, reported underlying profit of AUD 608 million for the year to June 30, up 9.3%. Underlying EPS was 25.9 cents per share, up 7.8% and the distribution for the year was 24 cents per share ($0.1684 per ADR), the same as the previous year.

Alliance Global Group (OTC:ALGGY) our Philippines real estate, tourism and food group, announced net income of PHP 11.5 billion ($248 million) for the six months to June 30, 5% higher than in 2014. Revenues were PHP 65.4 billion ($1.4 billion), 11% higher year-on-year. The company declared cash dividends of PHP 0.31 per share ($0.2067 per ADR) payable on 29 September with record date of 31 August.

Allied Group (OTC: ALEDY) the Hong Kong-based finance and real estate group. Since the financial crisis was concentrated in China and involving large price declines in Chinese assets, I took the view that Allied, much of whose business is based in China, was likely to be caught in the undertow and get into difficulties. Hence I recommend sale of this position.

Action: SELL Allied Group (OTC: ALEDY) if you have not already done so.

Bancolombia SA (NYSE:CIB) our Colombian bank announced net operating income of COP 695 billion ($223 million) for the quarter ended June 30, up 11% from the first quarter and 11.8% from the second quarter of 2014. However earnings per ADR of $1.10 were down 19% from the previous year because of the decline in the peso against the dollar. Because of the exchange rate decline, I propose reducing the maximum buy price from $50 to $40.

Action: Reduce maximum CIB buy price from $50 to $40.

Cardno Limited (OTC: COLDF) our Australian engineering services company recorded an operating profit of AUD 50 million ($35 million) but a net loss of AUD143 million ($100 million) after a write-down of goodwill impairment in the Americas and a write-off of the company’s investment in Ecuador. Operating profit was down 40% from the preceding year, but the share price has fallen by 63%. Thus while the company’s earnings are likely to recover somewhat in 2015-16, I believe we should reduce the buy price limit from $3 to $2.

Action: Reduce COLDF buy price limit from $3 to $2.

Crown Resorts (OTC: CWLDY) the Australian hotel and casino operator, reported profits down 41% at AUD 385 million ($284 million), dragged down by a weak resort from its Macao business after a Chinese corruption crackdown. A final dividend of AUD 0.19 per share (0.2473 per ADR) was declared with record date of September 24 and payment date of October 26.

Energy Development (OTC: EGDCY) our Philippine geothermal and green energy producer, reported recurring net income down 14% in the first half of 2015, due primarily to reliability problems in the Tongaman geothermal plant, which caused it to go offline – the company described the setback as “significant but temporary.” Revenues rose by 10%, due to contributions from the Burgos wind plant and the Nasulo geothermal plant, both commissioned in the latter months of 2014.

Olam International (OTC: OLMIY) our Singapore commodities trading company, reported net income tripled in the second quarter to SGD94.7 million ($67.8 million) while revenues fell 16% on lower trade volumes. It also announced the sale of a 20% stake to Mitsubishi Corporation in two deals totaling SGD 1.53 billion ($1.09 billion), at a 29% premium to the current share price. The deal is expected to increase Olam’s business opportunities in Japan.

Trend Micro (OTC: TMICY) our Japanese Internet security company, reported net sales for the quarter ended June 30 of 30.8 billion yen ($253 million) and net income of 7.8 billion yen ($64 million) both up 11% in yen terms from a year ago.

Worley Parsons (OTC: WYGPY) the Australian energy services company, announced a net loss for the year to June 30 of AUD 55 million ($39 million ) after a non-cash goodwill impairment of AUD 199 million ($140 million) Underlying net profit after tax was AUD 199 million ($140 million) or AUD 0.80 per share ($0.49 per ADR) A final dividend of AUD 0.22 per share ($0.1356 per ADR) will be paid with record date 2 September and payment date 30 September. As the share price and earnings has fallen a long way, we should reduce the buy price from $9 to $6. Recovery does however seem likely.

Action: Reduce WYGPY buy price limit from $9 to $6.