BIMB i DIVIDEND FUND

Transcription

1 BIMB i DIVIDEND FUND UNAUDITED INTERIM REPORT FOR THE 6 MONTHS ENDED 30 APRIL 2017 LAPORAN INTERIM TIDAK DIAUDIT BAGI TEMPOH 6 BULAN BERAKHIR 30 APRIL 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 Performance for the 6 Months Ended 30 April Economic and Market Review Market Outlook and Strategy Asset Allocation as at 30 April Other Performance Data for the 6 Months Ended 30 April Unit Holdings as at 30 April Policy on Rebate and Soft Commission Trustee s Report Shariah Committee s Report Directors Declaration Report Financial Statements (Unaudited) Corporate Directory 59 2

3 1.0 Manager s Report Dear Unit Holders, We are pleased to present the Manager s report of BIMB i Dividend Fund for the 6 months period ended 30 April Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund Performance Benchmark/ Fund Distribution Policy Fund Name Fund Type Fund Category Fund Investment Objective BIMB i Dividend Fund Income and Growth Equity This Fund aims to primarily provide investors with a combination of steady and recurring income and capital growth in the medium to long term* through investments in Shariah-compliant dividend yielding equities, which historically offered solid performance and is generally less volatile when compared to the broader equity market. Any material change to the investment objective of the Fund would require Unit Holders approval. Fund Performance Benchmark The Fund will be measured against an absolute return benchmark of 6% per annum. This is not a guaranteed return and it is only a measurement of the Fund s performance. The Fund may or may not achieve 6% per annum growth rate in any particular financial year but targets to achieve this growth rate through long term. Fund Distribution Policy The Manager will declare annual distributions (subject to the availability of income). Note: * medium to long term in this context refers to three (3) years or more. 3

4 1.2 Performance review for BIMB i Dividend Fund BIMB i Dividend (the Fund) registered a return of 5.04% and had outperformed the selected absolute return benchmark of 2.96% for the period under review. The Fund had also outperformed the FBM Shariah Index which had gained by 4.75% during the same period as a result of higher investment weightage into export oriented sectors. The Fund s strategy to remain fully invested performed well with the recovery of FBM Shariah Index during the start of the Fund s financial year. The selected performance measure for the Fund is based on an absolute return benchmark of 6% per annum. This is not a guaranteed return and serves only as a measurement of the Fund s performance. The Fund may or may not achieve the aforesaid 6% per annum benchmark rate in any particular financial year but targets to achieve this growth rate in the longer term. Our strategy has consistently remain to focus on companies that can pay out sustainable dividend and have potential capital growth over the medium to long-term. Investments in high dividend-yielding companies would be based on both historical and upcoming dividend payouts. For the six month period under review, the Fund did not declare any distribution. As at 30 April 2017 the net asset value (NAV) of the Fund is RM175,208,856 whereas the NAV per unit of the Fund stood at RM There were no significant changes to the state of affairs of the Fund and no circumstances that had materially affected the interest of unit holders that had taken place up to the date of this report. 4

5 1.2.1 Total return and average total return BIMB i Dividend Fund Total Return (%) Average Total Return (%) Total Return (%) Benchmark Average Total Return (%) 6-month Period* Year Period Year Period Year Period *Indicative annualised return Total return for the last 5 financial years Financial Years BIMB i Dividend Fund (%) Total Return Benchmark (%) 31 October October October October October Income distribution for the last 5 financial years Financial Years Income Distribution Distribution (sen)/ unit Distribution Yield per annum (%) Benchmark per annum (%) 31 October October October October October

6 Figure 1: Movement of the Fund versus the Benchmark Note: Data Source Data verified by Benchmark : BIMB Investment Management Berhad : Novagni Analytics & Advisory Sdn. Bhd. (formerly known as Perkasa Normandy Managers Sdn.Bhd) : Absolute return of 6% per annum Notes: 1. Total Return of the Fund has been verified by Novagni Analytics & Advisory Sdn. Bhd. 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 a) Global US Gross Domestic Product (GDP) grew at 0.7% in the first quarter of 2017 compared to 2.7% in the last quarter of The slower GDP growth was the result of weak consumer spending that represents approximately 70% of US economic growth. US headline inflation rose to 2.2% in April 2017 from 1.7% in November 2016 contributed by the improving US economic conditions. US unemployment rate in April 2017 fell to 4.4% from 4.6% in November 2016 as the US economy continues the pace of robust hiring. Euro zone s GDP grew by 0.5% in the first quarter of 2017 and was slightly higher than 0.4% GDP growth achieved in fourth quarter Euro zone s inflation rate increased to 1.9% in April 2017 from 0.6% in November 2016 due to the rebound in energy prices and higher consumer spending. Euro zone s unemployment rate fell to 9.3% in April 2017 from 9.7% in November 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% GDP in fourth quarter 2016 supported by the government s infrastructure spending and rebound in housing market activities. (Source: Bloomberg, Eurostats, RHB Investment Bank and Maybank Investment Bank) b) 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 4.4% in April 2017 from 1.8% in November 2016 as price hike for retail fuel in the first quarter of 2017 continue to push transport and related cost higher for the local economy. Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.00% at the Monetary Policy Committee (MPC) meeting on 2 March The monetary policy will remain accommodative and supportive to the domestic economy as heightened risks in the global economic environment persist. 7

8 Bank Negara Malaysia's (BNM) international reserves decreased to USD96.1 billion in April 2017 compared to USD96.4 billion in November The reserves position in April 2017 was sufficient to finance 7.9 months of retained imports and 1.1 times of short-term external debt. (Source: Bloomberg, Bank Negara Malaysia and Department of Statistics, Malaysia) Market Review FTSE Bursa Malaysia Emas Shariah Index ( FBM Shariah ) commenced the period under review at 12, points before it touched the lowest point of 11, on 23 December Subsequently, the FBM Shariah rallied to peak and closed at 12, points on 28 April For the period under review, the FBM Shariah increased points or 4.75%. Meanwhile, the FBM KLCI increased by points or 5.72% to close at 1, points. During the same period under review, among the key factors that contributed to the movement of the index are highlighted below: 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 sell down, 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 raise 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 of above $55 on 5 December In January 2017, Donald Trump s inauguration as the new president for United States of America had brought more policy uncertainty to the world with regards to policies on the US-Mexico cross border trade and new restrictions on immigration and travel policies to the US. Nonetheless, the Dow Jones Index and global financial market remained stable during the month. In March 2017, global equities market welcomed another surprise of 25bps rate hike from US Federal Reserve on the back of stronger than expected US economic data and also a more hawkish interest rate stance implied by the new US administration, bringing the Fed fund rates to 1.00%. 8

9 In April 2017, historic meeting between Donald Trump and China s leader Xi Jin Ping signals 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. (Source: Bloomberg, Bank Negara Malaysia and Department of Statistics, Malaysia) 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 broadbased capital spending by both private and public sectors such as the implementation of MRT works and infrastructure related projects. Significant investments from China 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. 9

10 1.5 Asset Allocation as at 30 April 2017 and as at 31 October of 2016, 2015 and 2014 BIMB i Dividend Fund Investment In Quoted Securities (%) (%) (%) (%) Construction Consumer products Finance Industrial products Infrastructure Plantation Properties REITs Technology Trading and services Warrant CASH AND SHORT TERM INVESTMENTS:

11 1.6 Other Performance Data for the 6 months ended 30 April 2017 and three financial years ended 31 October 2016, 2015 and 2014 BIMB i Dividend Fund Unit Prices (RM) Highest NAV per unit for the period/year Lowest NAV per unit for the period/year Net Asset Value (NAV) and Units in Circulation (UIC) as at the End of the Period/ Year 6 months ended Year ended Year ended Year ended * * * * * * Total NAV (RM) 175,208, ,152, ,658, ,456,968 Units in Circulation (UIC) 816,613, ,618, ,832, ,500,822 NAV per unit (RM) * * * Return of Fund (%) (a) Capital Growth (%) (b) Income Return (%) (c) Return of Fund (%) Gross Distribution per Unit (Sen) Net Distribution per Unit (Sen) NAV per unit before distribution (RM) NAV per unit after distribution (RM) * * * Date of distribution - 31 October 30 October 31 October Management Expense Ratio (d) (%) Portfolio Turnover Ratio (e) (times) *The price and net asset value per unit are ex-distribution 11

12 Note: a) Return of the Fund = NAV per unit (end of period) - 1 NAV per unit (beginning of period) b) Capital Growth = Total Return of the Fund Income Return c) Income Return = {Income Distribution per Unit / NAV per 31 October 2016} x 100 d) Management Expenses Ratio = It is the total management expenses expressed as an annual percentage of the Fund s average Net Asset Value. e) Portfolio Turnover Ratio = It represents the average of the total acquisitions and disposals of the investment in the Fund for the annual period over the average Net Asset Value of the Fund calculated on a daily basis. 1.7 Unit Holdings as at 30 April 2017 BIMB i Dividend Fund Size of Holdings No. of Unit Holders No. of Units Held No. % Units % 5,000 and below ,981, ,001 to 10, ,298, ,001 to 50, ,805, ,001 to 500, ,428, ,001 and above * ,099, Units Held by Holders 2, ,612, Units Held by Manager Grand Total for The Fund 2, ,613, *included under this category are nominee accounts. 12

13 1.8 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 broker 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 financial period. For and on behalf of The Manager BIMB INVESTMENT MANAGEMENT BERHAD Date: 20 June

14 1.0 Laporan Pengurus Para Pemegang Unit yang Dihormati, Kami dengan sukacitanya membentangkan Laporan Pengurus BIMB i Dividend Fund bagi tempoh 6 bulan berakhir 30 April Nama Dana/ Jenis Dana/ Kategori Dana/ Objektif Pelaburan Dana/ Penanda Aras Dana/ Polisi Agihan Dana Nama Dana Jenis Dana Kategori Dana BIMB i Dividend Fund Dana Pendapatan dan Pertumbuhan Ekuiti Objektif Pelaburan Dana Tujuan utama Dana ini adalah untuk mewujudkan peluang kepada pelabur, kombinasi pendapatan yang stabil dan berulang serta pertumbuhan modal dalam jangka sederhana hingga jangka panjang* melalui pelaburan dalam ekuiti patuh Syariah yang menghasilkan dividen, yang mana mengikut sejarah menawarkan prestasi yang kukuh dan secara amnya lebih stabil berbanding pasaran ekuiti secara keseluruhan. Sebarang perubahan ketara pada objektif pelaburan Dana memerlukan kelulusan Pemegang Unit. Penanda Aras Dana Dana akan diukur berdasarkan penanda aras pulangan mutlak 6% setahun. Ini bukannya pulangan terjamin dan ianya hanya ukuran prestasi Dana. Dana ini mungkin atau mungkin tidak mencapai kadar pertumbuhan 6% setahun pada mana-mana tahun kewangan tertentu tetapi mempunyai sasaran untuk mencapai pulangan ini menerusi pertumbuhan jangka panjang. Polisi Agihan Dana Pengurus akan mengisytiharkan agihan tahunan (tertakluk kepada pendapatan diperolehi). Nota: * jangka sederhana hingga jangka panjang dalam konteks ini merujuk kepada tiga (3) tahun atau lebih. 14

15 1.2 Kajian Pencapaian bagi BIMB i Dividend Fund BIMB i Dividend Fund (Dana) mencatatkan pulangan sebanyak 5.04% dan mengatasi pencapaian penanda aras pulangan mutlak 2.96% bagi tempoh yang dikaji. Dana juga mengatasi Indeks Syariah FBM yang meningkat sebanyak 4.75% disebabkan Dana memberikan tumpuan yang tinggi terhadap kaunter-kaunter saham berorientasikan eksport. Strategi Dana untuk melabur secara sepenuhnya mendapat manfaat daripada pemulihan Indeks Syariah FBM untuk permulaan tahun kewangan yang baharu. Pengukur pencapaian terpilih Dana adalah berdasarkan kepada penanda aras pulangan mutlak sebanyak 6% setahun. Namun begitu, ia bukan pulangan yang dijamin tetapi sekadar pengukur pencapaian Dana. Dana mungkin dapat mencapai pertumbuhan 6 peratus setahun dalam mana-mana tahun kewangan atau mungkin juga berlaku sebaliknya tetapi sasaran pencapaian itu adalah bagi tempoh jangka panjang. Strategi kami adalah secara konsistennya menumpukan kepada syarikat-syarikat yang mampu membayar dividen secara berkekalan dan berpotensi untuk mencatatkan pertumbuhan modal dalam jangka sederhana dan panjang Pelaburan dalam syarikatsyarikat yang mampu menawarkan hasil dividen tinggi akan dibuat berdasarkan faktor sejarah dan juga pembayaran dividen yang akan datang. Bagi tempoh enam bulan dalam kajian, Dana tidak mengisytiharkan sebarang pengagihan dividen. Sehingga 30 April 2017, nilai aset bersih (NAB) Dana adalah sebanyak RM175,208,856 manakala NAB seunit Dana pula berjumlah RM Tidak terdapat sebarang perubahan ketara dalam hal ehwal pengurusan Dana dan tidak berlaku sebarang keadaan yang menjejaskan kepentingan para pemegang unit sehingga tarikh Laporan Pengurus disediakan. 15

16 1.2.1 Jumlah Pulangan dan Purata Jumlah Pulangan BIMB i Dividend Fund Jumlah Pulangan (%) Purata Jumlah Pulangan (%) Jumlah Pulangan (%) Penanda Aras Purata Jumlah Pulangan (%) Jangkamasa 6-Bulan* Jangkamasa 1-Tahun Jangkamasa 3-Tahun Jangkamasa 5-Tahun *Jangkaan pulangan tahunan Jumlah Pulangan Tahunan Bagi 5 Tahun Kewangan yang lalu Tahun Kewangan BIMB i Dividend Fund (%) Jumlah Pulangan Penanda Aras (%) 31 October October October October October Agihan Pendapatan Bagi 5 Tahun Kewangan yang lalu Tahun Kewangan Pengagihan Pendapatan Pengagihan (sen)/ unit Pengagihan Keuntugan setahun (%) Penanda Aras (%) 31 October October October October October

17 Rajah 1: Pulangan Dana Berbanding Pulangan Penanda Aras Nota: Sumber Data : BIMB Investment Management Berhad Data disahkan oleh : Novagni Analytics & Advisor Sdn. Bhd. (dahulunya dikenali sebagai Perkasa Normandy Managers Sdn.Bhd) Penanda Aras :Pulangan mutlak sebanyak 6% setahun Nota: 1. Jumlah Pulangan telah disahkan oleh Novagni Analytics & Advisor Sdn. Bhd. 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. 17

18 1.3 Ekonomi dan Kajian Pasaran Ekonomi a) Global Keluaran Dalam Negara Kasar (KDNK) Amerika Syarikat (AS) meningkat 0.7% pada suku pertama tahun 2017 berbanding 2.7% pada suku terakhir Kadar perkembangan KDNK yang perlahan adalah disebabkan oleh pembelajaan pengunna yang lemah yang merangkumi 70% daripada pertumbuhan ekonomi di AS. Kadar inflasi utama AS meningkat kepada 2.2% pada April 2017 berbanding 1.7% pada November 2016 apabila keadaan ekonomi AS semakin bertambah baik. Kadar pengangguran AS pada April 2017 jatuh kepada 4.4% daripada 4.6% pada November 2016 apabila ekonomi AS terus menyumbang kepada peningkatan penawaran kerja yang banyak. KDNK zon Euro meningkat sebanyak 0.5% pada suku pertama tahun 2017, dan meningkat sedikit berbanding 0.4% KDNK pada suku keempat Kadar inflasi zon Euro meningkat kepada 1.9% pada April 2017 berbanding 0.6% pada November 2016 akibat daripada kenaikan harga minyak mentah dan pembelanjaan pengguna yang lebih tinggi. Kadar pengangguran di zon Euro jatuh kepada 9.3% pada April 2017 daripada 9.7% pada November 2016 menandakan paras pengangguran terendahnya sejak Mei Pertumbuhan KDNK China adalah 6.9% pada suku pertama 2017 berbanding 6.8% KDNK suku keempat 2016 disokong oleh perbelanjaan infrastruktur kerajaan dan pemulihan dalam aktiviti pasaran perumahan. (Sumber: Bloomberg, Eurostats, RHB Investment Bank dan Maybank Investment Bank) 18

19 b) Dalam Negara Malaysia mencatatkan pertumbuhan KDNK benar sebanyak 5.6% pada suku pertama 2017, disokong oleh peningkatan pada sektor pembuatan dan perkhidmatan berbanding 4.5% yang dicapai pada suku keempat Kadar inflasi tahunan Malaysia meningkat kepada 4.4% pada April 2017 daripada 1.8% pada November 2016 berikutan kenaikan harga runcit minyak pada suku pertama 2017 menyebabkan kos pengangkutan dan kos berkaitan dalam ekonomi tempatan menjadi lebih tinggi. Bank Negara Malaysia memutuskan untuk mengekalkan Kadar Dasar Semalaman (OPR) pada 3.00% dalam mesyuarat Jawatankuasa Dasar Monetari (MPC) yang diadakan pada 2 Mac Dasar monetari akan kekal akomodatif dan menyokong ekonomi domestik berikutan memuncaknya risiko secara berterusan dalam ekonomi kewangan global. Rizab Bank Negara Malaysia (BNM) berjumlah AS$96.1 bilion setakat April 2017 menyusut berbanding AS$96.4 bilion pada November Paras rizab pada April 2017 adalah mencukupi untuk membiayai 7.9 bulan import tertangguh dan mewakili 1.1 kali hutang jangka pendek luar negara. (Sumber: Bloomberg, Bank Negara dan Jabatan Perangkaan, Malaysia) Kajian Pasaran Indeks Syariah Emas FTSE Bursa Malaysia ("FBM Syariah") memulakan tempoh kajian pada paras 12, mata sebelum menurun ke paras terendah 11, mata pada 23 Disember Seterusnya, indeks FBM Syariah terus meningkat dan tutup pada paras 12, mata pada 28 April Dalam tempoh kajian, FBM Syariah meningkat mata atau 4.75% manakala FBM KLCI meningkat mata atau 5.72% untuk ditutup pada 1, mata. Antara faktor utama yang menyumbang kepada pergerakan indeks adalah seperti di bawah: Pada November 2016, kemenangan Donald Trump dalam Pilihan Raya Presiden AS di luar jangkaan dan mengejutkan pasaran secara 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% hingga 0.75% seperti dijangkakan oleh banyak pihak berikutan berlakunya kadar perkembangan yang menggalakkan dalam ekonomi AS sambil 19

20 mengimbangi matlamat Presiden yang baru dipilih untuk terus merangsang ekonomi negara itu. Pada bulan ini, negara-negara anggota OPEC bersetuju mengurangkan pengeluaran minyak mentah dalam usaha menangani lebihan komoditi berkenaan, 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 tetapi beliau lebih banyak memperkenalkan dasar-dasar tidak jelas kepada dunia berkaitan polisi perdagangan melangkaui sempadan AS- Mexico dan polisi kekangan imigresen baru untuk perjalanan warga asing ke AS. Bagaimanapun, Indeks Dow Jones dan pasaran kewangan global kekal stabil pada bulan berkenaan. Pada Mac 2017, pasaran ekuiti global mengalami kenaikan kadar faedah AS yang mengejut sebanyak 25 mata asas oleh Rizab Persekutuan AS berikutan data ekonomi negara itu yang lebih kukuh berbanding jangkaan dan juga pendirian terhadap kadar faedah yang lebih agresif oleh pentadbiran baharu menyebabkan kadar dana Persekutuan meningkat kepada 1.00%. 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. (Sumber: Bloomberg, Bank Negara Malaysia dan Jabatan Perangkaan, Malaysia) 20

21 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. Pelaburan yang besar dari China 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. 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. 21

22 1.5 Peruntukan aset pada 30 April 2017 dan pada 31 Oktober 2016, 2015 dan 2014 BIMB i Dividend Fund Pelaburan Sekuriti Tersiarharga (%) (%) (%) (%) Pembinaan Barangan pengguna Kewangan Barangan industri Infrastruktur Perladangan Hartanah REITs Teknologi Perdagangan dan perkhidmatan Waran TUNAI DAN PELABURAN JANGKA PENDEK:

23 1.6 Lain-Lain data prestasi bagi tempoh 6 bulan berakhir 30 April 2017 dan tiga tahun kewangan berakhir 31 Oktober 2016, 2015 dan 2014 BIMB i Dividend Fund Harga Unit (RM) 6 bulan berakhir Tahun berakhir Tahun berakhir Tahun berakhir NAB tertinggi seunit dalam tempoh/tahun * * * NAB terendah seunit dalam tempoh/tahun * * * Nilai Asset Bersih (NAB) dan Unit Dalam Edaran (UDE) pada Akhir Tempoh/Tahun Jumlah NAB (RM) 175,208, ,152, ,658, ,456,968 Unit Dalam Edaran (UDE) 816,613, ,618, ,832, ,500,822 NAB seunit (RM) * * * Jumlah Pulangan Dana (%) (a) Pertumbuhan Modal (%) (b) Pulangan Pendapatan (%) (c) Jumlah Pulangan Dana (%) Agihan Kasar seunit (Sen) Agihan Bersih seunit (Sen) Nilai Aset Bersih sebelum Pengagihan (RM) Nilai Aset Bersih selepas Pengagihan (RM)* * * Tarikh Pengagihan - 31 Oktober 30 Oktober 31 Oktober Nisbah Perbelanjaan (d) Pengurusan (NPP) (%) Nisbah Pusing Ganti (e) Portfolio (Kali) *Harga NAB selepas pengagihan pendapatan 23

24 Nota:- a) Pulangan ke atas Dana = Harga seunit (pada akhir tempoh) - 1 Harga seunit (pada awal tempoh) b) Penambahan Modal = Pulangan Ke atas Dana Pulangan Pendapatan c) Pulangan Pendapatan = {Pengagihan Pendapatan Se Unit / NAB se 31 Oktober 2016} x 100 d) Nisbah Perbelanjaan Pengurusan = Ia dikira dengan mengambil jumlah perbelanjaan pengurusan sepertimana yang dinyatakan sebagai peratusan tahunan daripada jumlah purata Nilai Aset Bersih Dana. e) Nisbah Pusing Ganti Portfolio = Ia dikira dengan mengambil purata jumlah perolehan dan pelupusan pelaburan dalam Dana bagi tempoh tahunan dibahagi dengan purata Nilai Aset Bersih Dana yang dikira pada asas harian 1.7 Pecahan Pegangan Unit pada 30 April 2017 Saiz Dipegang Bilangan Pemegang Unit BIMB i Dividend Fund Jumlah Pegangan Unit Bilangan % Unit % 5,000 dan ke bawah ,981, ,001 hingga 10, ,298, ,001 hingga 50, ,805, ,001 hingga 500, ,428, ,001 dan ke atas * ,099, Unit yang dipegang oleh Pemegang Unit Unit yang dipegang oleh Pengurus Jumlah Keseluruhan Dana *Akaun penama juga termasuk dibawah kategori ini. 2, ,612, , ,613,

25 1.8 Polisi Rebat dan Komisyen Bukan Tunai 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 perundingan bertujuan membantu proses membuat keputusan berkaitan dengan pelaburan Dana boleh disimpan oleh Pengurus. Pengurus menerima komisen ringan daripada para broker dalam bentuk perkhidmatan penyelidikan dan khidmat nasihat sepanjang tempoh kewangan. Untuk dan bagi pihak Pengurus BIMB INVESTMENT MANAGEMENT BERHAD Tarikh: 20 Jun 2017 Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan Bahasa Inggeris. 25

26 2.0 Trustee s Report CIMB ISLAMIC TRUSTEE BERHAD UNAUDITED INTERIM REPORT FOR THE 6 MONTHS ENDED 30 APRIL 2017 To the unit holders of BIMB i DIVIDEND FUND We, CIMB Islamic Trustee Berhad ( the Trustee ) being the Trustee of BIMB i Dividend Fund ( the Fund ) are of the opinion that BIMB Investment Management Berhad ( the Manager ), acting in the capacity as Manager of the Fund, has fulfilled its duties in the following manner for the 6 months financial period ended 30 April The Fund has been managed in accordance with the limitations imposed on the investment powers of the Manager under the Deed, the Securities Commission Malaysia s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 (as amended from time to time) and other applicable laws; 2. Valuation and pricing for the Fund has been carried out in accordance with the Deed and relevant regulatory requirements; and 3. Creation and cancellation of units have been carried out in accordance with the Deed and relevant regulatory requirements. For and on behalf of CIMB Islamic Trustee Berhad LEE KOOI YOKE Chief Operating Officer Kuala Lumpur, Malaysia Date: 20 June

27 3.0 Shariah Committee s Report UNAUDITED INTERIM REPORT FOR THE 6 MONTHS ENDED 30 APRIL 2017 To the Unit Holders of BIMB i Dividend Fund ب س م ٱهلل ٱلر ح م ن ٱلر ح يم We have acted as the Shariah Committee of BIMB i Dividend Fund. Our responsibilities are to ensure that the procedures and processes employed by BIMB Investment Management Berhad and that the provisions of the Deed dated 23 June 2010 are in accordance with Shariah principles. In our opinion, BIMB Investment Management Berhad has managed BIMB i Dividend Fund in accordance with Shariah principles and complied with applicable guidelines, rulings or decisions issued by the Securities Commission pertaining to Shariah matters for the 6 months ended 30 April In addition, we also confirm that the investment portfolio of BIMB i Dividend Fund 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: 20 June

28 4.0 Director s Declaration Report UNAUDITED INTERIM REPORT FOR THE 6 MONTHS ENDED 30 APRIL 2017 To the Unit Holders of BIMB i Dividend Fund 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 Dividend Fund 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 April 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 period ended on that date. For and on behalf on the Board of Directors, Dato Ghazali Bin Awang (Non-Executive Independent Director).. Najmuddin Bin Mohd Lutfi (Chief Executive Officer) Date: 20 June

29 5.0 Financial Statement (Unaudited) Fair Value of Financial Instruments All Assets and Liabilities of the Fund are carried at fair values. The accounting policies on recognition and measurement of the fair value for the Fund s investments are disclosed in their respective accounting policies. The fair value for the amount due from/(to) the Manager, amount due to Trustee, amount due from/(to)stockbroker, cash at bank, sundry receivables, sundry payables and accruals approximate their respective carrying amounts as at the balance sheet date due to the relatively short-term maturity of these Financial Instruments. 29

30 Financial Statements 5.1 Unaudited Statement of Financial Position as at 30 April 2017 Note As at (unaudited) RM As at (audited) RM Assets Quoted securities 4 169,192, ,592,975 Amount due from stockbroker - 5,892,351 Other receivables 335, ,954 Current tax assets - 13,367 Cash and cash equivalents 5 9,969,389 3,452,203 Total assets 179,497, ,186,850 Liabilities Amount due to stockbroker 3,304,950 - Amount due to Manager 745,524 2,526,123 Other payables 237, ,847 Distribution payable - 221,175 Total liabilities 4,288,449 3,034,145 Net asset value 175,208, ,152,705 Unitholders funds Unitholders capital 6 224,616, ,659,900 Accumulated losses (49,408,109) (57,507,195) Net asset value attributable to unitholders 175,208, ,152,705 Number of units in circulation 6 816,613, ,618,385 Net asset value per unit (sen) The notes on pages 34 to 58 are an integral part of these financial statements. 30

31 5.2 Unaudited Statement of Profit or Loss and Other Comprehensive Income for the 6 months financial period ended 30 April 2017 Income Note to RM to RM Gain on sale of quoted investments 1,476,836 1,661,482 Gross dividends from shares quoted in Malaysia 2,250,871 2,335,887 Income from short term investments 82, ,270 Hibah from Al-Wadiah account 833 1,283 Net unrealised gain/(loss) from financial instruments at fair value through profit or loss 5,704,584 (15,765,860) Gross income/(loss) 9,516,022 (11,638,938) Expenses Manager s fee 7 1,257,800 1,414,605 Trustee s fee 8 50,312 56,584 Audit fee 5,370 5,460 Tax agent s fee 1,471 1,480 Administrative expenses 101, ,853 1,416,936 1,616,982 Net income/(loss) before taxation 8,099,086 (13,255,920) Tax expense - - Net income/(loss) after taxation 8,099,086 (13,255,920) Other comprehensive income for the period - - Total comprehensive income/(loss) for the period 8,099,086 (13,255,920) Total comprehensive income/(loss) for the period consists of: Realised amount 2,394,502 2,509,940 Unrealised amount 5,704,584 (15,765,860) 8,099,086 (13,255,920) The notes on pages 34 to 58 are an integral part of these financial statements. 31

32 5.3 Unaudited Statement of Changes in Net Asset Value for the 6 months financial period ended 30 April 2017 Note Unitholders capital RM Accumulated losses RM Total RM As at 31 October 2015/ 1 November ,202,257 (42,543,367) 218,658,890 Movement in unitholders contribution or distribution Creation of units 48,089,152-48,089,152 Cancellation of units (65,231,592) - (65,231,592) Total attributable to unitholders (17,142,440) - (17,142,440) Total comprehensive loss for the period - (13,255,920) (13,255,920) As at 30 April ,059,817 (55,799,287) 188,260,530 As at 31 October 2016/ 1 November ,659,900 (57,507,195) 183,152,705 Movement in unitholders contribution or distribution Creation of units 12,992,216-12,992,216 Cancellation of units (29,035,151) - (29,035,151) Total attributable to unitholders (16,042,935) - (16,042,935) Total comprehensive income for the period - 8,099,086 8,099,086 As at 30 April ,616,965 (49,408,109) 175,208,856 The notes on pages 34 to 58 are an integral part of these financial statements. 32

33 5.4 Unaudited Statement of Cash Flows for the 6 months financial period ended 30 April to RM to RM Cash flows from operating activities Proceeds from sale of quoted investments 59,032, ,013,448 Purchase of quoted investments (35,253,149) (143,058,393) Dividend received 2,167,007 2,388,945 Income from short term investments 81, ,674 Management fee paid (1,294,570) (1,466,521) Trustee fee paid (51,783) (58,661) Audit fee paid (11,000) - Tax agent fee paid (3,000) - Payment for administrative expenses (105,456) (125,002) Net cash generated from operating activities 24,561,895 16,823,490 Cash flows from financing activities Cash receipt for creation of units 12,992,216 48,093,973 Cash payment for cancellation of units (30,815,749) (65,652,272) Payment of distributions (221,176) (119,119) Net cash used in financing activities (18,044,709) (17,677,418) Net increase/(decrease) in cash and cash equivalents 6,517,186 (853,928) Cash and cash equivalents at 1 November 3,452,203 4,909,590 Cash and cash equivalents at 30 April 9,969,389 4,055,662 Cash and cash equivalents comprise: Short term placements 9,693,718 3,228,404 Cash at bank 275, ,258 9,969,389 4,055,662 The notes on pages 34 to 58 are an integral part of these financial statements. 33

34 5.5 Notes to the financial statements 1. Information on the Fund BIMB i Dividend Fund (hereinafter referred to as the Fund ) was constituted pursuant to the execution of a Deed dated 23 June 2010 between the Manager - BIMB Investment Management Berhad, the Trustee HSBC (Malaysia) Trustee Berhad and the registered unit holders of the Fund. Effective from 1 November 2013, the Trustee has changed from HSBC (Malaysia) Trustee Berhad to CIMB Islamic Trustee Berhad. 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 on 20 June 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 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 35

36 2. Basis of preparation (continued) (a) Statement of compliance (continued) The Fund plans to apply the abovementioned accounting standards, amendments and interpretations, where applicable: from the annual period beginning on 1 November 2017 for those amendments that are effective for annual periods beginning on or after 1 January 2017; from the annual period beginning on 1 November 2018 for those accounting standards, amendments or interpretations that are effective for annual periods beginning on or after 1 January 2018; from the annual period beginning on 1 November 2019 for the accounting standard that is effective for annual periods beginning on or after 1 January The initial application of the accounting standards, amendments or interpretations are not expected to have any material financial impact to the current year and prior year financial statements of the Fund, except as mentioned below: (i) MFRS 9, Financial Instruments MFRS 9 replaces the guidance in MFRS 139, Financial Instruments: Recognition and Measurement on the classification and measurements of financial assets and financial liabilities, and on hedge accounting. The Fund is currently assessing the financial impact that may arise from the adoption of MFRS 9. (b) Basis of measurement The financial statements are prepared on the historical cost basis except as disclosed in note 3(a)(ii). (c) Functional and presentation currency These financial statements are presented in Ringgit Malaysia (RM), which is the Fund s functional currency. 36

37 2. Basis of preparation (continued) (d) Use of estimates and judgements The preparation of the financial statements in conformity with MFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future years affected. There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have significant effect on the amounts recognised in the financial statements. 3. Significant accounting policies The accounting policies set out below have been applied consistently to the period presented in these financial statements, unless otherwise stated. (a) Financial instruments (i) Initial recognition and measurement A financial instrument is recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the instrument. A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument. (ii) Financial instrument categories and subsequent measurement The Fund categorises financial instruments as follows: Financial assets (a) Financial assets at fair value through profit or loss Fair value through profit or loss category comprises financial assets that are held for trading, or financial assets that are specifically designated into this category upon initial recognition. 37

38 3. Significant accounting policies (continued) (a) Financial instruments (continued) (ii) Financial instrument categories and subsequent measurement (continued) Financial assets (continued) (a) Financial assets at fair value through profit or loss (continued) Financial assets categorised as fair value through profit or loss are subsequently measured at their fair values with the gain or loss recognised in the statement of profit or loss. (b) Financing and receivables Financing and receivables category are debt instruments that are not quoted in an active market and these comprises amount due from stockbroker, other receivables and cash and cash equivalents. Financial assets categorised as financing and receivables are subsequently measured at amortised cost using the effective profit method. All financial assets except for those measured at fair value through profit or loss, are subject to review for impairment, see note 3(d). Financial liabilities All financial liabilities are subsequently measured at amortised cost. Financial liabilities measured at amortised cost comprises amount due to stockbroker, Manager and other payables. (iii) Derecognition A financial asset or part of it is derecognised when, and only when, the contractual rights to the cash flows from the financial asset expire or the financial asset is transferred to another party without retaining control or substantially all risks and rewards of the asset. On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration received (including any new asset obtained less any new liability assumed) and any cumulative gain or loss that had been recognised in equity is recognised in profit or loss. 38

39 3. Significant accounting policies (continued) (a) Financial instruments (continued) (iii) Derecognition (continued) A financial liability or a part of it is derecognised when, and only when, the obligation specified in the contract is discharged or cancelled or expires. On derecognition of a financial liability, the difference between the carrying amount of the financial liability extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. (b) Income recognition (i) Dividend income Dividend income is recognised in profit or loss on the date that the Fund s right to receive payment is established, which in the case of quoted shares is the entitlement date. (ii) Income from short term investments Income from short term investments is recognised as it accrues using the effective profit method in profit or loss. (iii) Gain on sale of investments The realised gain on sale of investments is measured as the difference between the net disposal proceeds and the carrying amount of the investments. The carrying amount for determining the realised gain on sale of investments is based on the weighted average cost method and where applicable adjusted for accretion for discount and amortisation of premium. (c) Cash and cash equivalents Cash and cash equivalents consist of cash at bank and short term placements with licensed financial institutions which have insignificant risk of changes in fair value with original maturities of three months or less, and are used by the Fund in the management of its short term commitments. Cash and cash equivalents are categorised and measured as financing and receivables in accordance with Note 3(a)(ii)(b). 39

40 3. Significant accounting policies (continued) (d) Impairment Financial assets All financial assets (except for financial assets categorised as fair value through profit or loss) are assessed at each reporting date whether there is any objective evidence of impairment as a result of one or more events having an impact on the estimated future cash flows of the asset. Losses expected as a result of future events, no matter how likely, are not recognised. An impairment loss in respect of financing and receivables is recognised in profit or loss and is measured as the difference between the asset s carrying amount and the present value of estimated future cash flows discounted at the asset s original effective profit rate. The carrying amount of the asset is reduced through the use of an allowance account. (e) Income tax Income tax expense comprise of current. Current tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income for the period, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years. (f) Unitholders capital The Fund issues cancellable units, which are cancelled at the unitholder s option and are classified as equity. Cancellable units can be put back to the Fund at any time for cash equal to a proportionate share of the Fund s net asset value. The outstanding units is carried at the redemption amount that is payable at the financial position date if the holder exercises the right to put the unit back to the Fund. Units are created and cancelled at the unitholder s option at prices based on the Fund s net assets value per unit at the time of creation or cancellation. The Fund s net assets value per unit is calculated by dividing the net assets attributable to unitholders with the total number of outstanding units. In accordance with the Securities Commission s Guidelines on Unit Trust Funds in Malaysia, investment positions are valued based on the last traded market price for the purpose of determining the net assets value per unit for creations and cancellations. The units in the Fund are puttable instruments, classified as equity, which entitle the unitholders to a pro-rata share of the net asset of the Fund. The units are subordinated and have identical features. There is no contractual obligation to deliver cash or another financial asset other than the obligation on the Fund to repurchase the units. The total expected cash flows from the units are based on the change in the net asset of the Fund. 40