BIMB i GROWTH ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2017 LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 30 JUN 2017

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1 BIMB i GROWTH ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2017 LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 30 JUN 2017 MANAGER: BIMB INVESTMENT MANAGEMENT BERHAD ( X)

2 Table of Content 1.0 Manager s Report Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund Performance Benchmark/ Fund Distribution Policy Performance for the Financial Year Ended 30 June Economic and Market Review Market Outlook And Strategy Asset Allocation as at 30 June Other Performance Data for the Financial Year Ended 30 June Unit Holdings as at 30 June Policy on Rebate And Soft Commission Trustee s Report Shariah Committee s Report Directors Declaration Independent Auditors Report To The Unitholders of BIMB i Growth Financial Statements (Audited) Corporate Directory 58 2

3 1.0 Manager s Report Dear Unitholders, We are pleased to present the Manager s report of BIMB i Growth for the financial year ended 30 June Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund Performance Benchmark/ Fund Distribution Policy Fund Name Fund Type Fund Category Fund Investment Objective Fund Performance Benchmark Fund Distribution Policy BIMB i Growth Aggressive growth Equity To provide a medium to long term return through capital appreciation and income distribution. Note: The capital appreciation is the primary objective while income distribution is the secondary objective of the Fund. Any material change to the investment objective of the Fund would require Unitholders approval. The selected performance benchmark for this Fund is the FBM Emas Shariah Index comprising Bursa Malaysia Main Market stocks that have been designated as Shariahcompliant securities by the Shariah Advisory Council (SAC) of the Securities Commission. The rationale is to reflect the Fund s major proportion of investments in equity of up to 98% of its Net Asset Value (NAV) in Shariah-compliant securities. Information on the benchmark can be obtained from Bursa Malaysia website. As income distribution is the secondary objective of the Fund, distribution of income (if any) is incidental. 3

4 1.2 Performance for the financial year ended 30 June Performance review For the financial year under review, BIMB i Growth (the Fund) registered a return of 27.79% as compared to its Benchmark s return of 5.94%. During the period, the Fund had met its objective of achieving capital growth following the Fund s investment strategy to overweigh on export oriented sectors. Subsequently, the Fund was 97% invested in equities as at the end of the financial year under review, as compared to 94% invested as at 30 June The Fund s total Net Asset Value (NAV) as at 30 June 2017 was RM35,682,762 or sen per unit as compared to RM31,617,322 or sen per unit as at 30 June The selected performance benchmark for this Fund is the FBM EMAS Shariah Index comprising Bursa Malaysia Main Market stocks that have been designated as Shariahcompliant securities by the SAC. Our strategy is to meet the investment objective where the Fund will mainly focus on the equity investment comprising a diversified portfolio of blue chip, high growth and dividend paying companies that are listed on Bursa Malaysia. For the year ended 30 June 2017, there were no significant changes to the state of affairs of the Fund and no circumstances that materially affect the interest of Unit Holders that have taken place up to the date of this Manager s Report. 4

5 1.2.2 Total return and average total return as at 30 June 2017 Total Return (%) BIMB i Growth Average Total Return (%) Total Return (%) Benchmark Average Total Return (%) 1-Year Period Year Period Year Period Annual total return as at the end of the last 5 financial years Financial Year BIMB i Growth (%) Total Return Benchmark (%) 30 June June June June June

6 Figure 1: Fund and Benchmark for the last 5 Financial Years Note: Data Source Data verified by Benchmark : BIMB Investment Management Berhad : Novagni Analytics & Advisory Sdn. Bhd. : FBM Emas Shariah Index Notes: 1. Total Return of the Fund has been verified by Novagni Analytics & Advisor Sdn. Bhd. ( W) 2. Average Total Return is derived by this formula: Total Return Number of Years under Review Past performance is not necessarily indicative of future performance and unit prices and investment returns may go down, as well as up. 6

7 1.3 Economic and Market Review Economy Global The United States (US) Gross Domestic Product (GDP) grew at a rate of 1.4% in the first quarter of 2017 as compared to 2.1% growth in the fourth quarter of 2016 and 3.5% in the third quarter of Economic growth for the quarter was constrained by weaker business investment and lower manufacturing production albeit higher consumer spending and gains in exports. US headline inflation rate increased to 1.9% in May 2017 from 0.8% in July 2016 as higher consumer spending and energy prices lifted the broad base price index for the period. US unemployment rate fell to 4.4% in June 2017 from 4.9% in July 2016, as more Americans entered the labor market in conjunction with the robust hiring of the US economic recovery. The Euro zone economy grew by 0.6% in the first quarter of 2017 as compared to 0.5% growth in the fourth quarter of 2016 and 0.4% in the third quarter of Growth for the period was driven by stronger domestic demand, improved labor market and European Central Bank s (ECB) expansionary policy to support Euro zone s economic activity. Euro zone s annual inflation rate increased to 1.3% in June 2017 from 0.2% in July 2016 as a result of higher prices for services, robust consumer consumption, and increased household borrowing for the period. The Euro zone unemployment rate fell to 9.3% in May 2017 from 10.0% in July 2016 exhibiting the lowest unemployment rate since May China s GDP growth was 6.9% in the first quarter of 2017 compared to 6.8% in fourth quarter 2016 supported by the government s infrastructure spending and rebound in housing market activities. (Source: Reuters, Bloomberg and RHB Research Institute Sdn Bhd) 7

8 Local Malaysia s real GDP growth was 5.6% in the first quarter of 2017, underpinned by the growth in the manufacturing and services sector compared to 4.5% achieved in the fourth quarter of Malaysia s inflation rate rose to 3.9% in May 2017 from 1.1% in July 2016 as a result of retail fuel price hike during the first half of 2017 that continued to push transport and related cost higher for the local economy. Bank Negara Malaysia s international reserve stood at USD 98.7 billion as at 30 June 2017 from USD 97.3 billion in July 2016 as capital outflows reversed during the period. At these levels, the foreign exchange reserves are sufficient to finance 8.2 months of retained imports and cover 1.1 times the short term external debt of the nation. Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.00% at the Monetary Policy Committee (MPC) meeting on 12 May (Source: Bank Negara Malaysia, Bloomberg and RHB Research Institute Sdn. Bhd.) Equity Market Review FTSE Bursa Malaysia EMAS Shariah Index (FBM Shariah) commenced the year under review at 12, before it declined to the lowest level of 11, points on 30 November Subsequently, the FBM Shariah peaked to the highest level of 13, on 16 May 2017 before it closed at 12, points on 30 June For the financial year under review, the FBM Shariah gained points or 5.94%. Among the key factors that contributed to the movement of the index are highlighted below: In June 2016, the global equities and currency market were hit by a shocking Brexit vote result that sent shockwaves across European Union as United Kingdom citizens opted to leave the European Union due to frustration over the union s multiple policies that are perceived to be not in favor of the UK economy. Bank Negara Malaysia had cut the Overnight Policy Rate (OPR) unexpectedly by 25bps to 3.00% in July 2016 as a preventive measure to cushion the negative impact from the Brexit referendum outcome on the back of a slowing domestic economy. Statement from Janet Yellen after meeting at Jackson Hole in late August 2016 pointed to a strengthening case for possible rate hike ahead, while global oil prices and Ringgit remained weak as oversupply concerns continue to weigh on commodity prices across the globe. 8

9 The US Federal Reserve declined to raise interest rates in September 2016 ahead of the US presidential election in November 2016 and reckoned that the US economy still have room to improve before it run the risk of overheating. Malaysia s Prime Minister unveiled the country s budget for 2017 on 21 October 2016 with the aim of capping the federal budget deficit at 3.0% versus 3.1% for 2016 with a GDP growth target of between 4% to 5% for An average crude oil price of USD45 per barrel was benchmarked for Federal government s 2017 budget. In November 2016, Donald Trump s victory in the U.S. presidential election caught the general markets off-guard as investors flock to safe heaven assets like gold, bond and the Japanese yen, perceiving Trump s administration would bring uncertainty to the markets. The Asian markets reacted with a sharp selldown, however subsequently, global investors rebalanced their portfolio to take advantage of the perceived stronger US growth and higher US bond yields. In December 2016, the Federal Reserve raised the widely anticipated interest rate hike by 0.25% to 0.75% in light of the healthy expansion pace of the US economy while counteracting the President elect s goal to further stimulate a recovering economy. During the month, OPEC members agreed to cut oil production to reduce the global oil supply glut which caused oil prices to rise to a 16-month high above $55 on 5 December In January 2017, Mr. Donald Trump s inauguration as the new president for United States of America had brought more policy uncertainty to the world with regards to US-Mexico cross border trade and potential new restriction on immigration and travelling into US. Nonetheless, the Dow Jones Index and global financial markets remained steady during the month. The global equities market welcomed another surprise 25bps rate hike from US Federal Reserve on the back of stronger than expected US economic data and a pro-growth stance by the new administration, bringing the Fed fund rates to 1.00% post rate hike on 15 March In April 2017, historic meeting between Donald Trump and China s leader Xi Jin Ping signaled more understanding between the two countries after a summit held in Florida, USA that could potentially defuse a trade war between the world s two largest economies. For the second time in 2017, the Federal Reserve raised interest rates in June, bringing the Fed fund rate to 1.25%. The Federal Reserve s second rate hike approval was in light of a higher GDP growth expectation of 2.2% and lower unemployment rate 4.3% for Notwithstanding the above, the move for the second hike came in amid expectations of a lower inflation rate compared to the central bank's target. (Source: Bank Negara Malaysia, Bloomberg and RHB Research Institute Sdn. Bhd.) 9

10 1.4 Market Outlook and Strategy The equity market outlook is expected to be volatile in Bursa Malaysia should be supported by domestic liquidity, recovery in the technology and construction sectors with strong buying support from local funds. Malaysia s export sector is projected to benefit from the weaker Ringgit on the back of global economic recovery and higher interest outlook for US that might lead to a stronger US Dollar outlook for Apart from forex issues, external factors such as oil prices, credit rating outlook and possible general election polls will also have an influence over the direction of the equity market and may add volatility risk to the Malaysian equities market in general. The Malaysian economy is on track to grow at the projected rate of 4.0% to 5.0% in 2017 as domestic demand remains as the key driver of growth, supported by broad-based capital spending by both private and public sectors such as the implementation of MRT works and infrastructure related projects. Significant expenditure with regards to the East Coast Rail Link (ECRL) and other port and property related investments are expected to lend positive support to Malaysia s GDP growth outlook in the medium to long term horizon. Our equity strategy is to invest in companies with good earnings visibility, strong balance sheet, high dividend yield and reasonable valuation. 1.5 Asset Allocation as at 30 June BIMB i Growth Investment in Quoted Securities 2017 (%) 2016 (%) 2015 (%) Construction Consumer Products Finance Industrial Products Infrastructure Plantation Properties Technology Trading and Services Cash and Short Term Investment:

11 1.6 Other Performance Data for the financial years ended 30 June BIMB i Growth Unit Prices (MYR) Highest NAV per unit for the year Lowest NAV per unit for the year Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the year Total NAV (MYR) 35,682,762 31,617,322 40,153,278 Units in Circulation (UIC) 92,616, ,861, ,121,451 NAV per unit (MYR) Return of Fund (%) (a) Capital Growth (%) (b) Income Return (%) (c) Return of Fund (%) Management Expense Ratio (MER) (%) (d) Portfolio Turnover Ratio (PTR) (times) (e) Note: a) Total Return of the Fund = NAV per unit (as at Year End) - 1 NAV per unit (beginning of the Year) b) Capital Growth = Total Return of the Fund Income Return c) Income Return = {Income Distribution per Unit / NAV per beginning of the year} x 100 d) Management Expenses Ratio e) Portfolio Turnover Ratio = It is the total management expenses expressed as an annual percentage of the Fund s average NAV. = It represents the average of the total acquisitions and disposals of the investment in the Fund for the year over the average NAV of the Fund calculated on a daily basis. 11

12 1.7 Unit Holdings as at 30 June 2017 Size of Holdings Unitholders BIMB i Growth Units Held No. % Units % 5,000 and below ,015, ,001 to 10, , ,001 to 50, ,803, ,001 to 500, ,867, ,001 and above * ,363, Units Held by Holders 1, ,616, Unit Held by Manager Grand Total for The Fund * Included under this category are nominee accounts 1, ,616, Policy on Rebate and Soft Commission Any stock broking rebates received by the Manager will be directed to the account of the Fund. Any soft commissions received from the brokers which are in the form of research and advisory services that assist in the decision-making process relating to the Fund s investment may be retained by the Manager. The Manager received soft commission from brokers in the form of research and advisory services during the year under review. For and on behalf of The Manager BIMB INVESTMENT MANAGEMENT BERHAD Date: 28 August

13 1.0 Laporan Pengurus Para Pemegang Unit yang Dihormati, Kami dengan sukacitanya membentangkan Laporan Pengurus BIMB i Growth bagi tahun kewangan berakhir 30 Jun Nama Dana/ Jenis Dana/ Kategori Dana/ Objektif Pelaburan Dana/ Penanda Aras Prestasi Dana/ Dasar Agihan Dana Nama Dana Jenis Dana Kategori Dana Objektif Pelaburan Dana Penanda Aras Prestasi Dana Dasar Agihan Dana BIMB i Growth Dana Pertumbuhan Agresif Ekuiti Menawarkan pulangan bagi tempoh jangkamasa sederhana dan panjang melalui peningkatan modal dan pengagihan pendapatan. Nota: Peningkatan modal merupakan objektif utama Dana manakala pengagihan pendapatan merupakan objektif kedua Dana. Sebarang perubahan ketara dalam objektif pelaburan Dana memerlukan kelulusan daripada pemegang unit. Penanda aras terpilih prestasi Dana ialah Indeks FBM Emas Syariah yang terdiri daripada saham-saham tersenarai di Papan Utama Bursa Malaysia yang diklasifikasikan sebagai sekuriti patuh Syariah oleh Majlis Penasihat Syariah Suruhanjaya Sekuriti (SAC). Rasional pemilihannya disebabkan sebahagian besar pelaburan Dana dalam pasaran ekuiti iaitu sehingga 98% daripada Nilai Aset Bersih (NAB) terdiri daripada sekuriti patuh Syariah. Maklumat berkaitan penanda aras boleh diperoleh dari laman sesawang Bursa Malaysia. Oleh sebab, pengagihan pendapatan merupakan objektif kedua Dana, pengagihan pendapatan (jika ada) adalah sampingan. 13

14 1.2 Pencapaian bagi tahun kewangan berakhir pada 30 Jun Kajian Pencapaian Bagi tahun kewangan dalam kajian, BIMB i Growth (Dana) meraih pulangan sebanyak 27.79% berbanding pulangan penanda aras sebanyak 5.94%. Dalam tempoh berkenaan, Dana telah berjaya mencatatkan pertumbuhan modal melalui strateginya yang memberi tumpuan kepada sektor berorientasikan eksport. Sehingga akhir tahun kewangan tersebut, sebanyak 97% daripada Dana dilaburkan dalam pasaran ekuiti berbanding dengan 94% yang dilaburkan pada 30 Jun Jumlah Nilai Aset Bersih (NAB) pada 30 Jun 2017 adalah RM35,682,762 atau sen seunit berbanding RM31,617,322 atau sen seunit pada 30 Jun Penanda aras prestasi terpilih Dana adalah Indeks Syariah FBM EMAS yang merangkumi saham-saham tersenarai di Pasaran Utama Bursa Malaysia yang ditetapkan sebagai sekuriti patuh Syariah oleh SAC. Strategi kami adalah untuk memenuhi matlamat pelaburan Dana yang memberikan tumpuan terutamanya kepada pelaburan ekuiti yang terdiri daripada pelbagai portfolio saham mewah, saham pertumbuhan tinggi dan saham syarikat-syarikat senaraian awam yang membayar dividen di Bursa Malaysia. Bagi tahun yang berakhir pada 30 Jun 2017, tidak terdapat sebarang perubahan ketara dalam hal ehwal pengurusan Dana dan juga sebarang keadaan yang menjejaskan kepentingan para pemegang unit sehingga tarikh Laporan Pengurus disediakan. 14

15 1.2.2 Jumlah pulangan dan purata jumlah pulangan pada 30 Jun 2017 Jumlah Pulangan (%) BIMB i Growth Purata Jumlah Pulangan (%) Jumlah Pulangan (%) Penanda Aras Purata Jumlah Pulangan (%) Jangkamasa 1-Tahun Jangkamasa 3-Tahun Jangkamasa 5-Tahun Jumlah pulangan tahunan bagi 5 tahun kewangan yang lalu Tahun Kewangan Jumlah Pulangan BIMB i Growth (%) Penanda Aras (%) 30 Jun Jun Jun Jun Jun

16 Rajah 1: Pulangan Dana dan Pulangan Penanda Aras bagi 5 Tahun yang Lalu Nota: Sumber Data Data disahkan oleh Penanda Aras : BIMB Investment Management Berhad :Novagni Analytics & Advisor Sdn. Bhd. : Indeks FBM Emas Syariah Nota: 1. Jumlah Pulangan telah disahkan oleh Novagni Analytics & Advisor Sdn. Bhd. ( W). 2. Jumlah Pulangan Purata adalah berpandukan formula berikut: Jumlah Pulangan Bilangan Tahun Bawah Kajian Prestasi tahun-tahun sebelum ini tidak semestinya menjadi petunjuk prestasi masa depan dan harga unit serta pulangan pelaburan mungkin turun dan naik. 16

17 1.3 Ekonomi dan Kajian Pasaran Ekonomi Dunia Keluaran Dalam Negeri Kasar (KDNK) Amerika Syarikat (AS) berkembang sebanyak 1.4% pada suku pertama 2017 berbanding pertumbuhan 2.1% pada suku keempat tahun 2016 dan 3.5% pada suku ketiga Pertumbuhan ekonomi bagi suku pertama tahun ini dikekang oleh pelaburan perniagaan yang lemah dan pengeluaran perkilangan yang lebih rendah walaupun terdapat perbelanjaan pengguna yang lebih tinggi dan peningkatan eksport. Kadar inflasi utama AS meningkat kepada 1.9% pada bulan Mei 2017 daripada 0.8% pada bulan Julai 2016 apabila perbelanjaan pengguna dan harga tenaga yang lebih tinggi menyebabkan peningkatan indeks asas harga yang menyeluruh dalam tempoh berkenaan. Kadar pengangguran AS jatuh kepada 4.4% pada bulan Jun 2017 daripada 4.9% pada bulan Julai 2016, apabila terdapat lebih banyak rakyat AS memasuki pasaran buruh berikutan penawaran pesat peluang kerja yang digalakkan oleh pemulihan ekonomi negara itu. Ekonomi zon Euro berkembang 0.6% pada suku pertama 2017 berbanding pertumbuhan 0.5% pada suku keempat 2016 dan 0.4% pada suku ketiga Pertumbuhan berkenaan didorong oleh permintaan domestik yang lebih kukuh bersama-sama dengan pasaran buruh yang semakin baik dan dasar pengembangan Bank Pusat Eropah (ECB) yang menyokong aktiviti ekonomi di zon Euro. Kadar inflasi tahunan zon Euro meningkat kepada 1.3% pada bulan Jun 2017 daripada 0.2% pada bulan Julai 2016 berikutan peningkatan harga yang lebih tinggi dalam sektor perkhidmatan, penggunaan pengguna yang pesat dan peningkatan pinjaman perumahan dalam tempoh berkenaan. Kadar pengangguran zon Euro jatuh kepada 9.3% pada bulan Mei 2017 daripada 10.0% pada bulan Julai 2016 menjadikannya kadar pengangguran terendah sejak bulan Mei China mencatatkan pertumbuhan KDNK sebanyak 6.9% pada suku pertama 2017 berbanding KDNK sebanyak 6.8% pada suku keempat 2016 yang disokong oleh perbelanjaan infrastruktur kerajaan dan aktiviti pasaran perumahan yang melonjak semula. (Sumber: Reuters, Bloomberg dan RHB Research Institute Sdn Bhd) 17

18 Dalam Negara Pertumbuhan KDNK sebenar Malaysia adalah 5.6% pada suku pertama 2017, disokong oleh pertumbuhan dalam sektor perkilangan dan perkhidmatan berbanding 4.5% yang dicapai pada suku keempat Kadar inflasi Malaysia meningkat kepada 3.9% pada bulan Mei 2017 daripada 1.1% pada bulan Julai 2016 disebabkan oleh kenaikan harga bahan api runcit bagi tempoh setengah tahun pertama 2017 menyebabkan kos pengangkutan dan berkaitan dalam ekonomi domestik menjadi lebih tinggi. Rizab antarabangsa Bank Negara Malaysia berjumlah AS$98.7 bilion setakat 30 Jun 2017 daripada AS$97.3 bilion pada bulan Julai 2016 apabila aliran keluar modal beralih menjadi sebaliknya dalam tempoh berkenaan. Pada tahap ini, rizab tukaran asing negara adalah mencukupi untuk membiayai 8.2 bulan import tertangguh dan mewakili 1.1 kali hutang jangka pendek luar negara. Bank Negara Malaysia memutuskan untuk mengekalkan Kadar Dasar Semalaman (OPR) kepada 3.00% pada mesyuarat Jawatankuasa Dasar Monetari (MPC) yang diadakan pada 12 Mei (Sumber: Bank Negara Malaysia, Bloomberg dan RHB Research Institute Sdn. Bhd.) Kajian Pasaran Ekuiti Indeks FBM Emas Syariah (FBM Syariah) memulakan tahun kewangan pada paras 12, mata sebelum jatuh ke paras terendahnya iaitu 11, mata pada 30 November FBM Syariah kemudiannya mencapai paras tertinggi 13, mata pada 16 Mei 2017 sebelum ia ditutup pada 12, mata pada 30 Jun Bagi tahun kewangan dalam kajian, FBM Syariah menaik sebanyak mata atau 5.94%. Antara faktor utama yang menyumbang kepada pergerakan indeks dinyatakan di bawah: Pada Jun 2016, pasaran ekuiti dan mata wang global dikejutkan oleh keputusan pungutan suara Brexit yang turut menggemparkan seluruh Kesatuan Eropah (EU) apabila rakyat United Kingdom (UK) memilih untuk meninggalkan Kesatuan itu kerana kecewa dengan pelbagai dasarnya yang dianggap tidak memihak kepada ekonomi negara itu. Bank Negara Malaysia secara di luar jangkaan telah mengurangkan Kadar Dasar Semalaman (OPR) sebanyak 25 mata asas kepada 3.00% pada Julai 2016 sebagai langkah pencegahan untuk mengurangkan impak negatif daripada keputusan pungutan suara atau referendum Brexit dengan keadaan ekonomi dalam negara yang perlahan. 18

19 Kenyataan Janet Yellen selepas mesyuarat di Jackson Hole pada akhir Ogos 2016 menunjukkan terdapat asas kukuh tentang kemungkinan kenaikan kadar faedah yang seterusnya manakala harga minyak mentah dunia dan nilai mata wang Ringgit kekal rendah kerana kebimbangan berterusan terhadap lebihan bekalan dan terus menekan harga komoditi itu di seluruh dunia. Rizab Persekutuan AS enggan menaikkan kadar faedah pada September 2016 iaitu lebih awal daripada Pilihan Raya Presiden Amerika Syarikat yang diadakan pada November 2016 kerana menganggap ekonomi AS masih mempunyai ruang untuk meningkat sebelum berdepan dengan risiko mengalami pertumbuhan yang terlalu tinggi. Perdana Menteri Malaysia membentangkan Bajet 2017 pada 21 Oktober 2016 yang bertujuan mengekang defisit bajet persekutuan pada paras 3.0% berbanding 3.1% pada tahun 2016 dengan menyasarkan pertumbuhan KDNK antara 4% hingga 5% bagi tahun Bajet 2017 itu disediakan berdasarkan harga purata minyak mentah pada paras AS$45 setong. Pada November 2016, kemenangan Donald Trump dalam Pilihan Raya Presiden AS adalah di luar jangkaan dan mengejutkan pasaran amnya apabila para pelabur berpusu-pusu mencari aset pelaburan yang selamat seperti emas, bon dan yen Jepun kerana mempercayai bahawa pentadbiran Trump akan menyebabkan berlakunya ketidaktentuan dalam pasaran. Pasaran Asia pula mengalami kegiatan jualan secara besar-besaran sebelum para pelabur sejagat kemudiannya mengimbangi semula portfolio mereka untuk mengambil faedah daripada pertumbuhan lebih kukuh dalam ekonomi AS dan kadar hasil bon AS yang lebih tinggi. Pada Disember 2016, Rizab Persekutuan menaikkan kadar faedah sebanyak 0.25% kepada 0.75% seperti dijangkakan oleh banyak pihak berikutan berlakunya kadar perkembangan yang menggalakkan dalam ekonomi AS sambil mengimbangi matlamat Presiden yang baru dipilih untuk terus merangsang ekonomi negara itu. Pada bulan tersebut, negara-negara anggota OPEC bersetuju mengurangkan pengeluaran minyak mentah dalam usaha menangani lebihan komoditi berkenaan yang mengakibatkan harga minyak mentah global meningkat ke paras tertinggi dalam tempoh 16 bulan iaitu di atas paras AS$55 setong pada 5 Disember Pada Januari 2017, Donald Trump secara rasminya menjadi presiden baharu Amerika Syarikat namun beliau lebih banyak memperkenalkan dasar-dasar tidak jelas kepada dunia berkaitan perdagangan melangkaui sempadan AS-Mexico dan potensi halangan baharu imigresen dan perjalanan warga asing ke AS. Bagaimanapun, Indeks Dow Jones dan pasaran kewangan global kekal stabil pada bulan itu. 19

20 Pasaran ekuiti global mengalu-alukan kenaikan mengejut kadar faedah AS sebanyak 25 mata asas oleh Rizab Persekutuan AS berikutan data ekonomi negara itu yang lebih kukuh berbanding jangkaan dan juga pendirian propertumbuhan oleh pentadbiran baharu, menyebabkan kadar dana Persekutuan meningkat kepada 1.00% selepas kenaikan kadar faedah pada 15 Mac Pada April 2017, pertemuan bersejarah antara Donald Trump dan pemimpin China, Xi Jin Ping telah meningkatkan persefahaman dalam hubungan antara kedua-dua negara itu selepas sidang kemuncak diadakan di Florida, Amerika Syarikat yang mungkin dapat menghapuskan potensi berlakunya perang perdagangan antara dua kuasa besar ekonomi dunia. Bagi kenaikan kali kedua dalam tahun 2017, Rizab Persekutuan AS telah menaikkan kadar faedah pada bulan Jun dan menyaksikan kadar dana bank pusat itu berada pada paras 1.25%. Kenaikan kali kedua itu diluluskan berdasarkan jangkaan pertumbuhan KDNK lebih tinggi sebanyak 2.2% dan kadar pengangguran yang lebih rendah sebanyak 4.3% bagi tahun Bagaimanapun, kenaikan kali kedua itu dibuat di tengah-tengah jangkaan kadar inflasi yang lebih rendah berbanding sasaran bank pusat. (Sumber: Bank Negara Malaysia, Bloomberg dan RHB Research Institute Sdn. Bhd.) 1.4 Tinjauan Pasaran dan Strategi Tinjauan pasaran ekuiti dijangka tidak menentu pada tahun Bursa Malaysia seharusnya mendapat sokongan mudah tunai domestik, pemulihan dalam sektor teknologi dan pembinaan serta sokongan belian yang kukuh daripada dana tempatan. Sektor eksport Malaysia dijangka meraih faedah daripada kejatuhan nilai Ringgit di sebalik pemulihan ekonomi dunia dan tinjauan kadar faedah AS yang lebih tinggi mungkin membawa kepada prospek berlakunya pengukuhan Dolar AS pada tahun Selain daripada isu-isu berkaitan pertukaran asing atau forex, faktor luaran seperti harga minyak mentah, tinjauan penarafan kredit dan kemungkinan diadakan pemilihan pilihan raya umum juga boleh mempengaruhi hala tuju pasaran ekuiti dan meningkatkan risiko naik turun harga dalam pasaran ekuiti secara amnya. Ekonomi Malaysia berada di landasan pertumbuhan yang betul untuk berkembang pada kadar sebanyak 4.0% hingga 5.0% seperti yang diunjurkan bagi tahun 2017 dengan permintaan domestik kekal sebagai penggerak utama pertumbuhan yang disokong oleh perbelanjaan modal yang menyeluruh oleh sektor swasta dan awam seperti pelaksanaan kerja-kerja pembinaan MRT dan projek infrastruktur berkaitan. Perbelanjaan yang besar dalam projek Laluan Kereta Api Pantai Timur atau East Coast Rail Link (ECRL) dan pelabuhan serta pelaburan hartanah yang lain dijangka memberi sokongan positif kepada prospek pertumbuhan KDNK Malaysia dalam jangka sederhana dan panjang. 20

21 Strategi ekuiti kami adalah melabur dalam syarikat-syarikat yang dilihat mampu memberikan pendapatan, lembaran kira-kira yang kukuh, hasil dividen yang tinggi dan penilaian yang berpatutan. 1.5 Peruntukan Aset pada 30 Jun BIMB i Growth Pelaburan Sekuriti Tersiarharga 2017 (%) 2016 (%) 2015 (%) Pembinaan Barangan Pengguna Kewangan Barangan Industri Infrastruktur Perladangan Hartanah Teknologi Perdagangan dan Perkhidmatan Tunai dan Pelaburan Jangka Pendek:

22 1.6 Lain-Lain data prestasi bagi tempoh kewangan berakhir 30 Jun BIMB i Growth Harga Unit (RM) NAB tertinggi seunit dalam tahun NAB terendah seunit dalam tahun Nilai Asset Bersih (NAB) dan Unit Dalam Edaran (UDE) pada Akhir Tahun Jumlah NAB (RM) 35,682,762 31,617,322 40,153,278 Unit Dalam Edaran (UDE) 92,616, ,861, ,121,451 NAB seunit (RM) Jumlah Pulangan Dana (%) Pertumbuhan Modal (%) (b) Pulangan Pendapatan (%) (c) Pulangan Dana Nisbah Perbelanjaan Pengurusan (NPP) (%) (d) Nisbah Pusing Ganti Portfolio (NPG) (Kali) (e) Nota:- a) Jumlah Pulangan ke atas Dana b) Pertumbuhan Modal = Harga seunit (pada akhir tahun) - 1 Harga seunit (pada awal tahun) = Jumlah Pulangan Dana Pulangan Pendapatan c) Pulangan Pendapatan = {Pengagihan Pendapatan Se Unit / NAB se unit pada awal tahun} x 100 d) Nisbah Perbelanjaan Pengurusan = Ia dikira dengan mengambil jumlah perbelanjaan pengurusan sepertimana yang dinyatakan sebagai peratusan tahunan daripada jumlah purata NAB Dana. e) Nisbah Pusing Ganti Portfolio = Ia dikira dengan mengambil purata jumlah perolehan dan pelupusan pelaburan dalam Dana bagi tempoh setahun dibahagi dengan purata NAB Dana yang dikira pada asas harian. 22

23 1.7 Pecahan Pegangan Unit pada 30 Jun 2017 Saiz Dipegang Pemegang Unit BIMB i Growth Pegangan Unit Bilangan % Bilangan Unit % 5,000 dan ke bawah ,015, ,001 hingga 10, , ,001 hingga 50, ,803, ,001 hingga 500, ,867, ,001 dan ke atas * ,363, Unit yang dipegang oleh Pemegang Unit Unit yang dipegang oleh Pengurus Jumlah Keseluruhan Dana * Akaun penama juga termasuk di bawah kategori ini 1.8 Polisi Rebat dan Komisyen Bukan Tunai 1, ,616, , ,616, Sebarang rebat broker saham yang diterima oleh Pengurus akan dimasukkan ke dalam akaun Dana. Mana-mana komisen ringan (bukan tunai) yang diterima daripada broker dalam bentuk perkhidmatan penyelidikan dan khidmat nasihat bertujuan membantu proses membuat keputusan berkaitan dengan pelaburan Dana boleh disimpan oleh Pengurus. Pengurus menerima komisen bukan tunai daripada broker dalam bentuk perkhidmatan penyelidikan dan khidmat nasihat bagi tahun dalam kajian. Untuk dan bagi pihak Pengurus BIMB INVESTMENT MANAGEMENT BERHAD Tarikh: 28 Ogos 2017 Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan Bahasa Inggeris. 23

24 2.0 Trustee s Report FOR THE FINANCIAL YEAR ENDED 30 JUNE 2017 TO THE UNITHOLDERS OF BIMB i GROWTH We have acted as Trustee of BIMB i Growth ( the Fund ) for the financial year ended 30 June In our opinion, BIMB Investment Management Berhad ( the Manager ) has managed the Fund in the financial year under review in accordance with the following:- 1. Limitations imposed on the investment powers of the Manager under the Deeds, securities laws and these Guidelines; 2. Valuation and pricing of the Fund are carried out in accordance with the Deeds and any regulatory requirement; and 3. Creation and cancellation of units are carried out in accordance with the Deeds and any regulatory requirement. For Maybank Trustees Berhad (Company No.:5004-P) Bernice K M Lau Head, Operations Kuala Lumpur, Malaysia Date: 28 August

25 3.0 Shariah Committee s Report ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2017 To the Unitholders of BIMB i Growth ب س م ٱهلل ٱلر ح م ن ٱلر ح يم We have acted as the Shariah Committee of BIMB i Growth. Our responsibilities are to ensure that the procedures and processes employed by BIMB Investment Management Berhad and that the provisions of the Deed dated 17 May 1994 are in accordance with Shariah principles. In our opinion, BIMB Investment Management Berhad has managed BIMB i Growth in accordance with Shariah principles and complied with applicable guidelines, rulings or decisions issued by the Securities Commission pertaining to Shariah matters for the financial year ended 30 June In addition, we also confirm that the investment portfolio of BIMB i Growth comprises securities which have been classified as Shariah-compliant by the Shariah Advisory Council (SAC) of the Securities Commission, as the case may be and that all deposits and money market instruments placed by the Fund are Shariah-compliant. ا علم والله For and on behalf of the Shariah Committee.. USTAZ DR. AHMAD SHAHBARI@SOBRI SALAMON (Chairman).. USTAZ DR. YUSOF RAMLI (Committee Member).. USTAZAH DR. ASMAK AB. RAHMAN (Committee Member) Date: 28 August

26 4.0 Directors Declaration ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2017 To the Unitholders of BIMB i Growth We, Dato Ghazali bin Awang and Najmuddin bin Mohd Lutfi, being two of the directors of the Manager, BIMB Investment Management Berhad, for BIMB i Growth do hereby state that in our opinion, the accompanying Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Net Asset Value and Statement of Cash Flows are drawn up so as to give a true and fair view of the Statement of Financial Position of the Fund as at 30 June 2017 and Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Net Asset Value and Statement of Cash Flows for the year ended on that date. For and on behalf of the Board of Directors, BIMB Investment Management Berhad.. DATO GHAZALI BIN AWANG (Non-Executive Independent Director).. NAJMUDDIN BIN MOHD LUTFI (Chief Executive Officer) Date: 28 August

27 5.0 Independent Auditors Report To The Unitholders Of BIMB i Growth (Established in Malaysia) Report on the Audit of the Financial Statements We have audited the financial statements of BIMB i Growth ( the Fund ), which comprise the statement of financial position as at 30 June 2017, and the statement of profit or loss and other comprehensive income, statement of changes in net asset value and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 30 to 57. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as at 30 June 2017, and of its financial performance and its cash flows for the year then ended in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and Securities Commission s Guidelines on Unit Trust Funds in Malaysia. Basis for Opinion We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence and Other Ethical Responsibilities We are independent of the Fund in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants ( By-Laws ) and the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants ( IESBA Code ), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code. Information Other than the Financial Statements and Auditors Report Thereon The Manager of the Fund is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements of the Fund and our auditors report thereon. Our opinion on the financial statements of the Fund does not cover the annual report and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements of the Fund, our responsibility is to read the annual report and, in doing so, consider whether annual report is materially 27

28 inconsistent with the financial statements of the Fund or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of the annual report, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Manager and Trustee for the Financial Statements The Manager of the Fund is responsible for the preparation of financial statements of the Fund that give a true and fair view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and Securities Commission s Guidelines on Unit Trust Funds in Malaysia. The Manager is also responsible for such internal control as the Manager determine is necessary to enable the preparation of financial statements of the Fund that are free from material misstatement, whether due to fraud or error. In preparing the financial statements of the Fund, the Manager is responsible for assessing the ability of the Fund to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so. The Trustee is responsible for ensuring that the Manager maintains proper accounting and other records as necessary to enable true and fair presentations of these financial statement. Auditors Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements of the Fund as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risk of material misstatement of the financial statements of the Fund, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve 28

29 collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager. Conclude on the appropriateness of the Manager s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Fund to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements of the Fund or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Fund to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements of the Fund, including the disclosures, and whether the financial statements of the Fund represents the underlying transactions and events in a manner that gives a true and fair view. We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Other matter This report is made solely to the unitholders of the Fund, as a body, in accordance with Securities Commission s Guidelines on Unit Trust Funds in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report. KPMG Desa Megat PLT (LLP LCA & AF 0759) Chartered Accountants Adrian Lee Lye Wang Approval Number: 2679/11/17(J) Chartered Accountant Petaling Jaya, Selangor Date: 28 August

30 6.0 Financial Statements (Audited) BIMB i Growth 6.1 Statement of Financial Position as at 30 June 2017 Note RM RM Assets Quoted securities 4 34,757,477 29,623,634 Amount due from stockbroker - 1,005,963 Amount due from Manager Other receivables 94, ,109 Current tax assets 16,303 16,303 Cash and cash equivalents 5 925,591 2,010,276 Total assets 35,794,902 32,771,381 Liabilities Amount due to stockbroker - 1,052,853 Amount due to Manager 29, Other payables 82, ,337 Total liabilities 112,140 1,154,059 Net asset value 35,682,762 31,617,322 Unitholders fund Unitholders capital 6 120,178, ,156,847 Accumulated losses (84,495,410) (92,539,525) Net asset value attributable to unitholders 35,682,762 31,617,322 Number of units in circulation 6 92,616, ,861,716 Net asset value per unit (sen) The notes on pages 34 to 57 are an integral part of these financial statements. 30

31 6.2 Statement of Profit or Loss and Other Comprehensive Income for the financial year ended 30 June 2017 Income Note RM RM Gain/(loss) on sale of quoted shares 1,636,681 (1,510,785) Gross dividend from shares quoted in Malaysia 658,005 1,132,781 Income from short term investments 33, ,715 Net unrealised gain/(loss) from financial instruments at fair value through profit or loss 6,282,221 (5,450,596) Gross income/(loss) 8,610,649 (5,632,885) Expenses Manager s fee 7 486, ,226 Trustee s fee 8 19,454 21,529 Audit fee 13,000 11,000 Tax agent s fee 2,000 2,000 Administrative expenses 45,740 58, , ,508 Net income/(loss) before taxation 8,044,115 (6,264,393) Tax expense Net income/(loss) after taxation 8,044,115 (6,264,393) Other comprehensive income for the year - - Total comprehensive income/(loss) for the year 8,044,115 (6,264,393) Total comprehensive income/(loss) for the year consist of: Realised amount 1,761,894 (813,797) Unrealised amount 6,282,221 (5,450,596) 8,044,115 (6,264,393) The notes on pages 34 to 57 are an integral part of these financial statements. 31

32 6.3 Statement of Changes in Net Asset Value for the financial year ended 30 June 2017 Unitholders Accumulated capital losses Total RM RM RM As at 1 July ,428,410 (86,275,132) 40,153,278 Creation of units 1,550,704-1,550,704 Cancellation of units (3,822,267) - (3,822,267) Total attributable to unitholders (2,271,563) - (2,271,563) Total comprehensive loss for the year - (6,264,393) (6,264,393) As at 30 June 2016/1 July ,156,847 (92,539,525) 31,617,322 Creation of units 842, ,962 Cancellation of units (4,821,637) - (4,821,637) Total attributable to unitholders (3,978,675) - (3,978,675) Total comprehensive income for the year - 8,044,115 8,044,115 As at 30 June ,178,172 (84,495,410) 35,682,762 The notes on pages 34 to 57 are an integral part of these financial statements. 32

33 6.4 Statement of Cash Flows for the financial year ended 30 June 2017 Cash flows from operating activities RM RM Proceeds from sale of quoted investments 30,285,648 69,516,133 Purchase of quoted investments (27,547,479) (66,973,270) Dividend received 678,173 1,196,960 Income from short term investments 33, ,433 Payment for other administrative expenses (55,641) (65,418) Management fee paid (481,949) (553,815) Trustee fee paid (19,279) (22,153) Tax agent fee paid (5,000) - Audit fee paid (22,042) - Cash generated from operations 2,866,368 3,293,870 Tax refund - 107,730 Net cash generated from operating activities 2,866,368 3,401,600 Cash flows from financing activities Cash receipt for creation of units 842,274 1,551,082 Cash payment for cancellation of units (4,793,327) (3,833,302) Net cash used in financing activities (3,951,053) (2,282,220) Net (decrease)/increase in cash and cash equivalents (1,084,685) 1,119,380 Cash and cash equivalents at 1 July 2,010, ,896 Cash and cash equivalents at 30 June 925,591 2,010,276 Cash and cash equivalents comprise: Cash at bank 359,348 76,986 Short term placements 566,243 1,933, ,591 2,010,276 The notes on pages 34 to 57 are an integral part of these financial statements. 33

34 6.5 Notes to the Financial Statements 1. Information on the Fund BIMB i Growth (hereinafter referred to as the Fund ) was constituted pursuant to the execution of a Deed dated 17 May 1994 and the various Supplemental Deeds between the Manager - BIMB Investment Management Berhad, the Trustee - Maybank Trustees Berhad and the registered unitholders of the Fund. The principal activity of the Fund is to invest in authorised investments as defined in the Deed, which include stocks and shares of companies quoted on Bursa Malaysia and short term placements. The Manager, BIMB Investment Management Berhad, a company incorporated in Malaysia, is a subsidiary of Bank Islam Malaysia Berhad. The financial statements were approved by the Board of Directors of the Manager on 28 August Basis of preparation (a) Statement of compliance The financial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting Standards ( MFRS ), International Financial Reporting Standards ( IFRS ), the Deed and Securities Commissions Guidelines on Unit Trust Funds ( Guidelines ) in Malaysia. The following are accounting standards, amendments and interpretations that have been issued by the Malaysian Accounting Standards Board ( MASB ) but have not been adopted by the Fund: MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2017 Amendments to MFRS 12, Disclosure of Interests in Other Entities (Annual Improvements to MFRS Standards Cycle) Amendments to MFRS 107, Statement of Cash Flows Disclosure Initiative Amendments to MFRS 112, Income Taxes Recognition of Deferred Tax Assets for Unrealised Losses 34

35 2. Basis of preparation (continued) (a) Statement of compliance (continued) MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2018 MFRS 9, Financial Instruments (2014) MFRS 15, Revenue from Contracts with Customers Clarifications to MFRS 15, Revenue from Contracts with Customers IC Interpretation 22, Foreign Currency Transactions and Advance Consideration Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements to MFRS Standards Cycle) Amendments to MFRS 2, Share-based Payment Classification and Measurement of Share-based Payment Transactions Amendments to MFRS 4, Insurance Contracts Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts Amendments to MFRS 128, Investments in Associates and Joint Ventures (Annual Improvements to MFRS Standards Cycle) Amendments to MFRS 140, Investment Property Transfers of Investment Property MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2019 MFRS 16, Leases MFRSs, Interpretations and amendments effective for a date yet to be confirmed Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The Fund plans to apply the abovementioned accounting standards, amendments and interpretations, where applicable: from the annual period beginning on 1 July 2017 for those amendments that are effective for annual periods beginning on or after 1 January 2017; from the annual period beginning on 1 July 2018 for those accounting standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2018; 35