BIMB i GROWTH UNAUDITED INTERIM REPORT FOR THE 6 MONTHS ENDED 31 DECEMBER 2017

Transcription

1 BIMB i GROWTH UNAUDITED INTERIM REPORT FOR THE 6 MONTHS ENDED 31 DECEMBER 2017 LAPORAN INTERIM TIDAK DIAUDIT BAGI TEMPOH 6 BULAN BERAKHIR 31 DISEMBER 2017 MANAGER: BIMB INVESTMENT MANAGEMENT BERHAD ( X)

2 Table of Content Section Particulars Page 1.0 Manager s Report Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund Performance Benchmark/ Fund Distribution Policy Performance for the Financial Period from 1 July 2017 to 31 December Economic and Market Review Market Outlook And Strategy Asset Allocation as at 31 December Other Performance Data for the Financial Period from 1 July 2017 to 31 December Unit Holdings as at 31 December Policy on Rebate And Soft Commission Trustee s Report Shariah Committee s Report Directors Declaration Report Financial Statements (Unaudited) Corporate Directory 53 2

3 1.0 Manager s Report Dear Unit Holders, We are pleased to present the Manager s report of BIMB i Growth for the financial period from 1 July 2017 to 31 December Fund Name/ Fund Type/ Fund Category/ Fund Investment Objective/ Fund Performance Benchmark/ Fund Distribution Policy Fund Name Fund Type Fund Category BIMB i Growth Aggressive growth Equity Fund Investment Objective Fund Performance Benchmark Fund Distribution Policy To provide a medium and 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 Unit Holder s approval. The selected performance benchmark for this Fund is the FBM Emas Shariah Index comprising Bursa Malaysia Main Market stocks that have been classified as Shariah-compliant securities by the Shariah Advisory Council (SAC) of the Securities Commission Malaysia. 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 Period from 1 July 2017 to 31 December Performance review For the financial period under review, BIMB i Growth (the Fund) registered a return of 7.27% as compared to its benchmark s return of 3.75%. During the period under review, the Fund had been benefitting from the price movement of export oriented stocks as a result of organic growth and currency translation effects due to the US Federal Reserve (the Fed) interest rate hike theme. BIMB i Growth did not declare any income distribution as the Fund is a growth fund with a primary objective of unit price appreciation. Hence, it is the opinion of the Manager that the Fund has met its primary objective to achieve capital appreciation during the period under review. The Fund was 99.51% invested in equities at the end of the period under review, as compared to 97.41% invested as at 30 June The Fund s total Net Asset Value (NAV) as at 31 December 2017 was 42,034,892 or sen per unit as compared to 35,682,762 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 classified 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 chips, high growth and dividend paying companies that are listed on Bursa Malaysia. For the period from 1 July 2017 to 31 December 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 for the period ended 31 December Month Period (Jul 17 - Dec 17) 1-Year Period (Jan 17 - Dec 17) 3-Year Period (Jan 15 - Dec 17) 5-Year Period (Jan 13 - Dec 17) BIMB i Growth Total Return (%) Average Total Return (%) Benchmark Total Return (%) Average Total Return (%) Annual total return as at the end of the last 5 financial years Financial Years BIMB i Growth (%) Total Return Benchmark (%) 30 June June June June June

6 Figure 1: Total Return of the Fund and Benchmark Note: Data Source : BIMB Investment Management Berhad Data verified by : Novagni Analytics & Advisory Sdn. Bhd. Benchmark : FBM Emas Shariah Index 6 months performance : The performance as of 31 st December 2017 is for 6 months period Notes: 1. Total Return of the Fund has been verified by Novagni Analytics & Advisory Sdn. Bhd. (formerly known as Perkasa Normandy Advisers 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 United States (US) Gross Domestic Product (GDP) grew by 2.6% in the fourth quarter of 2017 as compared to 3.3% growth in the third quarter of 2017 and 3.1% in the second quarter of US inflation rate remains healthy at 2.1% in December 2017 while US unemployment rate continues to improve to 4.1% in December 2017 as compared to 4.3% in July The Fed maintained its forecast for three interest rate hikes in 2018, in line with the US economic growth. The Euro zone economy grew by 0.6% in the fourth quarter of 2017 as compared to 0.7% in the third quarter 2017 and 0.7% in the second quarter of Unemployment in the Euro Zone has fallen to 8.7% in December 2017, the lowest level in 9 years against a backdrop of ultra-low interest rates implemented by the European Central Bank (ECB) to boost economic activity. The Chinese economy stagnated at 6.8% for the fourth quarter of 2017, as compared to 6.8% in the third quarter of 2017 following improved industrial output and private consumption, aided by a robust property market and recovery in the exports sector. Overall, major global economies appear to be recovering in tandem while market sentiment for the emerging markets improved during the period under review. (Source: Bank Negara Malaysia, Bloomberg and RHB Research Institute Sdn Bhd) Local The Malaysian economy grew at 5.9% in the fourth quarter of 2017 as compared to 6.2% in the third quarter 2017 and 5.8% in the second quarter The strong GDP growth for the period was due to improvements in private consumption and exports. Malaysia s inflation increased slightly to 3.5% in December 2017 driven by higher transport and food cost during the quarter. Despite the inflationary pressure faced by the local economy, Bank Negara Malaysia s Monetary Policy Committee (MPC) had decided to maintain the Overnight Policy Rate (OPR) at 3.00% during its November 2017 meeting to accommodate and support growth prospect for the country. Bank Negara s international reserve rose to USD102.4 billion as at 29 December 2017 compared to USD94.5 billion as at end The reserves position is sufficient to finance 7.2 months of retained imports and is 1.1 times the short-term external debt. (Source: Bank Negara Malaysia, Bloomberg and RHB Research Institute Sdn Bhd) 7

8 1.3.2 Market Review Equity FTSE Bursa Malaysia Emas Shariah Index ( FBM Shariah ) commenced the period under review at 12, points and subsequently touched the lowest point of 12, on 11 August The FBM Shariah rebounded and peaked at 13, points on 31 December For the period under review, the FBM Shariah was up by points or 3.57% while the FBM KLCI was up by points or 1.88% to close at 1, points. Among the key factors that contributed to the movement of the index are highlighted below: In August 2017, the North Korea and US dispute escalated to new heights post of North Korea s missile testing exercise that had prompted US President Trump to issue a retaliation warning. However, markets were quick to discount the negative news and sentiment recovered subsequently as the Fed announced of its quantitative tightening measures. The Fed plans to retire USD3.6 trillion or 50% of its quantitative easing money in the market in three years time along with more rate hikes in the short to medium term horizon. In December 2017, extensive buying of heavyweight stocks such as Sime Darby Plantation, Maybank and DiGi on the domestic index are in-line with the upward momentum of regional peers. Benchmark index was supported by local and foreign funds towards the close of trading in December 2017, with the ringgit strengthening against the US dollar. (Source: Bank Negara Malaysia, Bloomberg and RHB Research Institute Sdn Bhd) 8

9 1.4 Market Outlook and Strategy The domestic market has lagged behind regional markets in 2017 with valuation remains undemanding. The Malaysian equities are expected to catch-up in terms of performance for 2018, driven by strong GDP growth performance, corporate earnings recovery, 2018 budget stimulus to spur consumption and growth, Ringgit s continued performance against the US Dollar as well as the possibility of recovery in global crude oil price. Overall we are positive on the construction sector that will be the beneficiary from key project such as East Coast Rail Line (ECRL), Mass Rapid Transit Line 3 (MRT3) and the Kuala Lumpur-Singapore High Speed Rail (HSR). Subsequently, the export and health care sector will also be benefiting from improving global economic recovery and the US GDP growth performance. Consequently, as Malaysia s economic performance has responded well to the pick-up in global trade, it is anticipated that, the stronger external demand is expected to spill over and lift domestic demand growth going forward. 9

10 1.5 Asset Allocation as at 31 December 2017 and as at 30 June of 2017, 2016 and 2015 BIMB i Growth Investment In Quoted Securities (%) (%) (%) (%) Construction Consumer Products Finance Industrial Products Infrastructure Plantation Properties Technology Trading and Services Warrant CASH AND SHORT TE INVESTMENTS:

11 1.6 Other Performance Data for the 6 Months Period Ended 31 December 2017 and Last Financial Years Ended 30 June 2017, 2016 and 2015 BIMB i Growth Unit Prices (MYR) Highest net asset value ( 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 (MYR) 42,034,892 35,682,762 31,617,322 40,153,278 Units in Circulation (UIC) 101,714,867 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 (%) (d) Portfolio Turnover Ratio (times) (e) Note: a) Total Return of the Fund = NAV per unit (end of period) - 1 NAV per unit (opening of period) b) Capital Growth = Total Return of the Fund Income Return c) Income Return = {Income Distribution per Unit / NAV per 30 June 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. = It represents the average of the total acquisitions and disposals of the investment in the Fund for the interim period over the average Net Asset Value of the Fund calculated on a daily basis. 11

12 1.7 Unit Holdings as at 31 December 2017 Size of Holdings BIMB i Growth No. of Unit Holders No. of Units Held No. % Units % 5,000 and below , ,001 to 10, , ,001 to 50, ,655, ,001 to 500, ,664, ,001 and above * ,863, Units Held by Holders 1, ,714, Unit Held by Manager Grand Total for the Fund 1, ,714, *included under this category are nominee accounts 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 does not received any soft commission from broker during the period under review. For and on behalf of The Manager BIMB INVESTMENT MANAGEMENT BERHAD Date: 23 February

13 1.0 Laporan Pengurus Para Pemegang Unit yang dihormati, Kami dengan sukacitanya membentangkan Laporan Pengurus BIMB i Growth bagi tempoh kewangan bermula pada 1 Julai 2017 hingga 31 Disember Nama Dana/ Jenis Dana/ Kategori Dana/ Objektif Pelaburan Dana/ Penanda Aras Dana/ Polisi Agihan Dana Nama Dana Jenis Dana Kategori Dana Objektif Pelaburan Dana BIMB i Growth Dana Pertumbuhan Agresif Ekuiti Untuk memperolehi pulangan jangkamasa sederhana dan panjang melalui peningkatan harga dan pengagihan pendapatan. Nota: Peningkatan modal adalah objektif utama manakala pengagihan pendapatan merupakan objektif kedua Dana. Sebarang perubahan ketara pada objektif pelaburan Dana memerlukan kelulusan Pemegang Unit. Penanda Aras Dana Penanda aras prestasi terpilih Dana ini ialah Indeks FBM Emas Syariah yang terdiri daripada saham-saham Papan Utama Bursa Malaysia yang telah diklasifikasikan sebagai sekuriti patuh Syariah oleh Majlis Penasihat Syariah (MPS) Suruhanjaya Sekuriti Malaysia. Rasionalnya ialah untuk mencerminkan sebahagian besar pelaburan Dana dalam ekuiti yang merangkumi sehingga 98% daripada Nilai Aset Bersih (NAB) dalam sekuritisekuriti patuh Syariah. Maklumat mengenai penanda aras boleh didapati di laman web Bursa Malaysia. Polisi Agihan Dana Disebabkan pengagihan pendapatan adalah objektif kedua Dana, maka pengagihan pendapatan (jika ada) adalah sampingan. 13

14 1.2 Pencapaian bagi Tempoh Kewangan Bermula 1 Julai 2017 Sehingga 31 Disember Kajian Pencapaian Bagi tempoh kewangan kajian, BIMB i Growth (Dana) mencatatkan pulangan sebanyak 7.27% berbanding pulangan penanda arasnya sebanyak 3.75%. Dalam tempoh kajian, Dana telah mendapat manfaat daripada pergerakan harga saham-saham yang berorientasikan eksport melalui pertumbuhan organik dan hasil pertukaran nilai mata wang berikutan kenaikan kadar faedah Rizab Persekutuan AS. BIMB i Growth tidak mengisytiharkan sebarang agihan pendapatan memandangkan Dana adalah dana pertumbuhan yang bermatlamat utama untuk meningkatkan harga unit. Pengurus berpendapat bahawa Dana telah memenuhi matlamat utamanya untuk mencapai peningkatan modal dalam tempoh kajian. Dana telah melabur sebanyak 99.51% dalam pasaran ekuiti pada akhir tempoh kajian berbanding 97.41% pada 30 Jun Jumlah Nilai Aset Bersih (NAB) pada 31 Disember 2017 adalah 42,034,892 atau sen seunit berbanding 35,682,762 atau sen seunit pada 30 Jun Penanda aras prestasi terpilih Dana ini adalah Indeks Syariah Emas FBM yang merangkumi saham-saham di Pasaran Utama Bursa Malaysia yang telah diklasifikasikan sebagai sekuriti patuh Syariah oleh MPS. Strategi kami adalah memenuhi objektif pelaburan dengan Dana akan memberi tumpuan terutamanya kepada pelaburan ekuiti yang terdiri daripada portfolio yang pelbagai melibatkan saham-saham mewah, berpertumbuhan tinggi dan syarikatsyarikat senaraian awam di Bursa Malaysia yang menawarkan dividen. Bagi tempoh 1 Julai 2017 hingga 31 Disember 2017, tiada perubahan ketara berlaku terhadap hal ehwal berkaitan pengurusan Dana dan keadaan yang boleh menjejaskan secara langsung kepada kepentingan para Pemegang Unit sehinggalah tarikh penyediaan Laporan Pengurus ini. 14

15 1.2.2 Jumlah Pulangan dan Purata Jumlah Pulangan bagi Tempoh Berakhir 31 Disember 2017 Tempoh 6 Bulan (Jul 17 Dis 17) Tempoh 1 - Tahun (Jan 17 Dis 17) Tempoh 3 - Tahun (Jan 15 Dis 17) Tempoh 5 - Tahun (Jan 13 Dis 17) BIMB i Growth Jumlah Pulangan (%) Purata Jumlah Pulangan (%) Jumlah Pulangan (%) Penanda Aras Purata Jumlah Pulangan (%) Jumlah Pulangan Tahunan bagi 5 Tahun Kewangan Yang Lalu Tahun Kewangan BIMB i Growth (%) Jumlah Pulangan Penanda Aras (%) 30 Jun Jun Jun Jun Jun

16 Rajah 1: Pulangan Dana dan Pulangan Penanda Aras Nota: Sumber Data : BIMB Investment Management Berhad Data disahkan oleh : Novagni Analytics & Advisory Sdn. Bhd. Penanda Aras : Indeks FBM Emas Syariah Prestasi 6 bulan :Prestasi pada bulan berakhir 31 Disember 2017 merangkumi pulangan untuk 6 bulan Nota: 1. Jumlah Pulangan telah disahkan oleh Novagni Analytics & Advisory Sdn. Bhd. (dahulunya dikenali sebagai Perkasa Normandy Advisers Sdn. Bhd.) ( W) 2. Jumlah Pulangan Purata adalah berpandukan formula berikut: Jumlah Pulangan Bilangan Tahun Bawah Kajian Prestasi lepas 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 a) Global Keluaran Dalam Negeri Kasar (KDNK) Amerika Syarikat (AS) meningkat sebanyak 2.6% pada suku keempat 2017 berbanding kenaikan 3.3% pada suku ketiga 2017 dan 3.1% pada suku kedua Kadar inflasi AS kekal baik iaitu 2.1% pada Disember 2017 manakala kadar pengangguran AS terus bertambah baik kepada 4.1% pada Disember 2017 berbanding 4.3% pada Julai Rizab Persekutuan atau Bank Pusat AS mengekalkan unjuran akan berlakunya tiga kenaikan kadar faedah pada tahun 2018, sejajar dengan pertumbuhan ekonomi AS. Ekonomi zon Euro meningkat sebanyak 0.6% pada suku keempat tahun 2017 berbanding 0.7% pada suku ketiga tahun 2017 dan 0.7% pada suku kedua tahun Kadar pengangguran zon Euro telah menurun kepada 8.7% pada bulan Disember 2017, iaitu tahap yang paling rendah sepanjang 9 tahun dengan keadaan kadar faedah yang teramat rendah, iaitu di antara langkah-langkah yang telah dilaksanakan oleh Bank Pusat Eropah (ECB) untuk meningkatkan aktiviti ekonomi. Ekonomi China berkembang sebanyak 6.8% pada suku keempat 2017, serata berbanding 6.8% pada suku ketiga 2017 berikutan peningkatan dalam pengeluaran perindustrian dan penggunaan swasta yang dibantu oleh pasaran hartanah yang kukuh dan pemulihan sektor eksport. Secara keseluruhan, ekonomi utama dunia kelihatan semakin pulih dengan kadar yang sejajar, sementara sentimen untuk prestasi pasaran saham untuk pasaran-pasaran baharu telah bertambah baik pada tempoh dalam kajian. (Sumber: Bank Negara Malaysia, Bloomberg dan RHB Research Institute Sdn Bhd) b) Dalam Negara Ekonomi Malaysia berkembang sebanyak 5.9% pada suku keempat 2017 berbanding 6.2% pada suku ketiga 2017 dan 5.8% pada suku kedua Pertumbuhan KDNK yang kukuh dalam tempoh tersebut adalah disebabkan peningkatan penggunaan swasta dan eksport. Inflasi Malaysia meningkat sedikit kepada 3.5% pada Disember 2017 didorong oleh kenaikan kos pengangkutan dan makanan pada suku keempat

18 Di sebalik tekanan inflasi yang dihadapi oleh ekonomi tempatan, Jawatankuasa Dasar Monetari Bank Negara Malaysia (MPC) telah memutuskan untuk mengekalkan Kadar Dasar Semalaman (OPR) pada 3.00% dalam mesyuaratnya pada November 2017 untuk menampung dan menyokong prospek pertumbuhan negara. Rizab antarabangsa Bank Negara Malaysia meningkat kepada AS$102.4 bilion pada 29 Disember 2017 berbanding AS$94.5 bilion pada akhir tahun Kedudukan rizab ini memadai untuk membiayai 7.2 bulan import tertangguh dan 1.1 kali hutang luar negeri jangka pendek. (Sumber: Bank Negara Malaysia, Bloomberg dan RHB Research Institute Sdn Bhd) Kajian Pasaran Ekuiti Indeks Syariah Emas FTSE Bursa Malaysia ("FBM Syariah") memasuki tempoh kajian bermula pada paras 12, mata dan kemudiannya mencecah paras terendahnya iaitu 12, mata pada 11 Ogos FBM Syariah ini kemudiannya memulih naik dan mencecah pada 13, mata pada 31 Disember Bagi tempoh dalam kajian, FBM Syariah telah meningkat sebanyak mata atau 3.57% manakala FBM KLCI naik mata atau 1.88% untuk ditutup pada 1, mata. Antara factor-faktor utama yang menyumbang kepada pergerakan indeks ini adalah seperti berikut: Pada Ogos 2017, pertikaian antara Korea Utara dengan AS semakin memuncak selepas Korea Utara melakukan ujian peluru berpandu sehingga Presiden Trump mengeluarkan amaran untuk bertindak balas. Walau bagaimanapun, pasaran bertindak cepat untuk tidak mengendahkan berita buruk tersebut dan sentimen kemudiannya pulih berikutan pengumuman Rizab Persekutuan AS akan memulakan langkah pengetatan kuantitatifnya. Rizab Persekutuan AS bercadang untuk mengurangkan program kelonggaran kuantitatif sebanyak AS$3.6 trilion atau 50% daripada wangnya dalam pasaran bagi tempoh tiga tahun akan datang selain melakukan lebih banyak kenaikan kadar faedah dalam jangka masa pendek ke sederhana. Pada Disember 2017, pembelian besar-besaran terhadap saham-saham berwajaran tinggi seperti Sime Darby Plantation, Maybank dan DiGi dalam indeks domestik adalah selaras dengan momentum menaik yang berlaku di bursa-bursa serantau. Indeks penanda aras disokong oleh pembelian dana tempatan dan asing menjelang penutupan urus niaga pada bulan Disember 2017, dengan pengukuhan ringgit berbanding dolar AS. (Sumber: Bank Negara Malaysia, Bloomberg dan RHB Research Institute Sdn Bhd) 18

19 1.4 Tinjauan Pasaran dan Strategi Pasaran domestik agak ketinggalan berbanding pasaran serantau pada 2017 dengan penilaian tidak memberangsangkan. Ekuiti Malaysia dijangkakan akan meningkat pencapaiannya untuk 2018, didorong oleh pertumbuhan KDNK yang kukuh, pertumbuhan pendapatan korporat, rangsangan bajet 2018 untuk menggalakkan penggunaan dan pertumbuhan, prestasi Ringgit Malaysia yang berterusan kukuh berbanding Dolar AS serta kebarangkalian pemulihan harga minyak mentah global. Secara keseluruhan, kami berpandangan positif bahawa sektor-sektor seperti pembinaan akan mendapat manfaat daripada projek utama seperti Projek Rangkaian Rel Pantai Timur (ECRL), Laluan MRT Laluan ke-3 dan kerja-kerja pembinaan landasan kereta api KL-Singapura. Selain itu, sektor eksport dan penjagaan kesihatan juga akan mendapat manfaat daripada perubahan positif pertumbuhan ekonomi global dan prestasi pertumbuhan KDNK Amerika Syarikat. Kesannya, prestasi ekonomi Malaysia telah menunjukkan respon yang baik kepada peningkatan pasaran global, dan dijangkakan, permintaan luar akan melimpah dan sekaligus membantu pertumbuhan permintaan domestik dimasa hadapan. 19

20 1.5 Peruntukan Aset pada 31 Disember 2017 dan pada 30 Jun 2017, 2016 dan 2015 BIMB i Growth (%) (%) (%) (%) Pelaburan dalam Sekuriti Tersiarharga Pembinaan Barangan Pengguna Kewangan Barangan Industri Infrastruktur Perladangan Hartanah Teknologi Perdagangan dan Perkhidmatan Waran TUNAI DAN PELABURAN JANGKAPENDEK

21 1.6 Lain-Lain Data Prestasi bagi Tempoh 6 Bulan Berakhir 31 Disember 2017 dan Tahun Kewangan Berakhir 30 Jun 2017, 2016 dan 2015 BIMB i Growth Harga Unit () Nilai aset bersih (NAB) tertinggi seunit dalam tempoh/tahun NAB terendah seunit dalam tempoh/tahun Nilai Aset Bersih (NAB) dan Unit Dalam Edaran (UDE) pada Akhir Tempoh/Tahun 6 bulan berakhir Tahun berakhir Tahun berakhir Tahun berakhir Jumlah NAB () 42,034,892 35,682,762 31,617,322 40,153,278 Unit Dalam Edaran (UDE) 101,714,867 92,616, ,861, ,121,45 1 NAB seunit () Jumlah Pulangan Dana (%) (a) Pertumbuhan Modal (%) (b) Pulangan Pendapatan (%) (c) Jumlah Pulangan Dana Nisbah Perbelanjaan Pengurusan (%) (d) Nisbah Pusing Ganti Portfolio (Kali) (e) Nota:- a) Jumlah Pulangan ke atas Dana b) Pertumbuhan Modal c) Pulangan Pendapatan d) Nisbah Perbelanjaan Pengurusan e) Nisbah Pusing Ganti Portfolio = Harga seunit (pada akhir tempoh) - 1 Harga seunit (pada awal tempoh) = Jumlah Pulangan Dana Pulangan Pendapatan = {Pengagihan Pendapatan Seunit / NAB seunit pada 30 Jun 2016} x 100 = Ia dikira dengan mengambil jumlah perbelanjaan pengurusan sepertimana yang dinyatakan sebagai peratusan tahunan daripada jumlah purata Nilai Aset Bersih Dana. = Ia dikira dengan mengambil purata jumlah perolehan dan pelupusan pelaburan dalam Dana bagi tempoh setengah tahun dibahagi dengan purata Nilai Aset Bersih Dana yang dikira pada asas harian. 21

22 1.7 Pecahan Pegangan Unit pada 31 Disember 2017 Saiz Dipegang Bilangan Pemegang Unit BIMB i Growth Bilangan Pegangan Unit Bilangan % Bilangan Unit % 5,000 dan ke bawah , ,001 hingga 10, , ,001 hingga 50, ,655, ,001 hingga 500, ,664, ,001 dan ke atas * ,863, 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, ,714, , ,714, Sebarang rebat broker saham yang diterima oleh Pengurus akan dimasukan ke akaun Dana. Apa-apa komisyen bukan tunai yang diterima daripada broker dalam bentuk perkhidmatan penyelidikan dan nasihat yang membantu dalam proses membuat keputusan yang berkaitan dengan pelaburan Dana boleh disimpan oleh Pengurus. Pengurus tidak menerima sebarang komisyen bukan tunai dari broker bagi tempoh dalam kajian. Untuk dan bagi pihak Pengurus BIMB INVESTMENT MANAGEMENT BERHAD Tarikh: 23 Februari 2018 Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan Bahasa Inggeris. 22

23 2.0 Trustee s Report For Financial Period Ended 31 December 2017 To The Unitholders of BIMB i Growth We have acted as Trustee for BIMB i Growth ( the Fund ) for the financial period ended 31 December To the best of our knowledge, BIMB Investment Management Berhad ( the Manager ) has managed the Fund in the financial period under review in accordance with the following: 1. Limitations imposed on the investment powers of the Manager under the deeds, securities laws and Guidelines on Unit Trust Funds; 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: 23 February

24 3.0 Shariah Committee s Report To the Unit Holders of BIMB i Growth INTERIM REPORT FOR THE FINANCIAL PERIOD FROM 1 JULY 2017 TO 31 DECEMBER 2017 ب س م ٱلل ٱلر ح م ن ٱلر ح ي م 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 and the Supplementary deeds 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 period from 1 July 2017 to 31 December 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: 23 February

25 4.0 Directors Declaration Report INTERIM REPORT FOR THE FINANCIAL PERIOD FROM 1 JULY 2017 TO 31 DECEMBER 2017 To the Unit Holders 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 31 December 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: 23 February

26 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) stockbroker, amount due from/(to) the Manager and Trustee, 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. 26

27 5.1 Unaudited Statement of Financial Position as at 31 December 2017 Assets Note As at (unaudited) As at (audited) Quoted securities 4 41,830,630 34,757,477 Amount due from stockbroker - - Amount due from Manager 167, Other receivables 86,055 94,747 Current tax assets 16,303 16,303 Cash and cash equivalents 5 30, ,591 Total assets 42,131,508 35,794,902 Liabilities Amount due to stockbroker - - Amount due to Manager - 29,179 Other payables 96,616 82,961 Total liabilities 96, ,140 Net asset value 42,034,892 35,682,762 Unitholders fund Unitholders capital 6 123,801, ,178,172 Accumulated losses (81,766,570) (84,495,410) Net asset value attributable to unitholders 42,034,892 35,682,762 Number of units in circulation 6 101,714,867 92,616,520 Net asset value per unit (sen) The notes on pages 31 to 52 are an integral part of these financial statements. 27

28 5.2 Unaudited Statement of Profit or Loss and Other Comprehensive Income for the 6 months financial period ended 31 December 2017 Income Note to to Gain on sale of quoted shares 1,332, ,892 Gross dividends from shares quoted in Malaysia 497, ,231 Income from short term investments 27,771 9,753 Net unrealised gain from financial instruments at fair value through profit or loss 1,227, ,779 Gross income 3,086,178 1,669,655 Expenses Manager s fee 7 299, ,142 Trustee s fee 8 11,973 9,526 Audit fee 6,408 5,780 Tax agent s fee Administrative expenses 38,660 21, , ,529 Net income before taxation 2,728,840 1,394,126 Taxation Net income after taxation 2,728,840 1,394,126 Other comprehensive income for the period Total comprehensive income for the period - - 2,728,840 1,394,126 Total comprehensive income for the period consist of: Realised amount 1,500, ,347 Unrealised amount 1,227, ,779 2,728,840 1,394,126 The notes on pages 31 to 52 are an integral part of these financial statements. 28

29 5.3 Unaudited Statement of Changes in Net Asset Value for the 6 months financial period ended 31 December 2017 Unitholders capital Accumulated losses Total As at 30 June 2016/1 July ,156,847 (92,539,525) 31,617,322 Creation of units 59,839-59,839 Cancellation of units (2,209,243) - (2,209,243) Total attributable to unitholders (2,149,404) - (2,149,404) Total comprehensive income for the period - 1,394,126 1,394,126 As at 31 December ,007,443 (91,145,399) 30,862,044 As at 30 June 2017/1 July ,178,172 (84,495,410) 35,682,762 Creation of units 7,080,826-7,080,826 Cancellation of units (3,457,536) - (3,457,536) Total attributable to unitholders 3,623,290-3,623,290 Total comprehensive income for the period - 2,728,840 2,728,840 As at 31 December ,801,462 (81,766,570) 42,034,892 The notes on pages 31 to 52 are an integral part of these financial statements. 29

30 5.4 Unaudited Statement of Cash Flows for the 6 months financial period ended 31 December to to Cash flows from operating activities Proceed from sale of quoted investments 52,586,019 5,772,861 Purchase of quoted investments (57,098,749) (5,204,108) Dividend received 506, ,736 Income from short term investments 27,920 10,098 Management fee paid (293,064) (239,608) Trustee fee paid (11,723) (9,584) Audit fee paid (42) (22,042) Payment for administrative expenses (38,855) (27,424) Net cash (used in)/generated from operating activities (4,321,967) 639,929 Cash flows from financing activities Cash receipt for creation of units 6,913,812 59,935 Cash payment for cancellation of units (3,486,714) (2,199,804) Net cash generated from/(used in) financing activities 3,427,098 (2,139,869) Net decrease in cash and cash equivalents (894,869) (1,499,940) Cash and cash equivalents at 1 July 925,591 2,010,276 Cash and cash equivalents at 31 December 30, ,336 Cash and cash equivalents comprise: Cash at bank 30, ,336 30, ,336 The notes on pages 31 to 52 are an integral part of these financial statements. 30

31 5.5 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 investments in 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 23 February 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 Commission s 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 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) 31

32 2. Basis of preparation (continued) (a) Statement of compliance (continued) 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 IC Interpretation 23, Uncertainty over Income Tax Treatments Amendments to MFRS 3, Business Combinations (Annual Improvements to MFRS Standards Cycle) Amendments to MFRS 9, Prepayment Features with Negative Compensation Amendments to MFRS 11, Joint Arrangements (Annual Improvements to MFRS Standards Cycle) Amendments to MFRS 112, Income Taxes (Annual Improvements to MFRS Standards Cycle) Amendments to MFRS 123, Borrowing Costs (Annual Improvements to MFRS Standards Cycle) Amendments to MFRS 128, Investments in Associates and Joint Ventures Long-term Interests in Associates and Joint Ventures MFRSs, Interpretations and amendments effective for annual periods beginning on or after 1 January 2021 MFRS 17, Insurance Contracts 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 32

33 2. Basis of preparation (continued) (a) Statement of compliance (continued) The Fund plans to apply the abovementioned accounting standards, interpretations and amendments, where applicable: from the annual period beginning on 1 July 2018 for those accounting standards, interpretations and amendments that are effective for annual periods beginning on or after 1 January from the annual period beginning on 1 July 2019 for those accounting standards, interpretations and amendments that are effective for annual periods beginning on or after 1 January from the annual period beginning on 1 July 2021 for those accounting standards, interpretations and amendments that are effective for annual periods beginning on or after 1 January The Fund will apply the abovementioned accounting standards, amendments and interpretations that are applicable to the Company when they become effective. (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 ( ), which is the Fund s functional currency. (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 periods affected. There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have a significant effect on the amounts recognised in the financial statements. 33

34 3. Significant accounting policies The accounting policies set out below have been applied consistently to the periods 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 categories 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. 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. 34

35 3. Significant accounting policies (continued) (a) Financial instruments (continued) (ii) Financial instrument categories and subsequent measurement (continued) Financial assets (continued) (b) Financing and receivables Financing and receivables category are debt instruments that are not quoted in an active market and these comprises of amount due from stockbroker, amount due from Manager, other receivables, cash and cash equivalents and short term investments. 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, Note 3(d). Financial liabilities Financial liabilities measured at amortised cost comprises of amount due to stockbroker, amount due to Manager, other payables and distribution payable. 35

36 3. Significant accounting policies (continued) (a) Financial instruments (continued) (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. 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 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. 36

37 3. Significant accounting policies (continued) (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 less than 30 days, 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 policy Note 3(a)(ii)(b). (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 comprises current tax. 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 year, 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. 37

38 3. Significant accounting policies (continued) (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 unitholder 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 asset value per unit at the time of creation or cancellation. The Fund s net asset value per unit is calculated by dividing the net asset 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 asset 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. (g) Distribution Distribution is at the discretion of the Fund. A distribution to the Fund s unitholders is accounted for as a deduction from realised reserves. A proposed distribution is recognised as liability or equity in the year in which they are declared. (h) Net Asset Value The Net Assets Value is calculated after deducting the retained profits allocated for distribution. 38

39 3. Significant accounting policies (continued) (i) Fair value measurement The Fund adopted MFRS 13, Fair Value Measurement which prescribed that fair value of an asset or a liability, except for share-based payment and lease transactions, is determined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The measurement assumes that the transaction to sell the asset or transfer the liability takes place either in the principal market or in the absence of a principal market, in the most advantageous market. For non-financial asset, the fair value measurement takes into account a market participant s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. When measuring the fair value of an asset or a liability, the Fund uses observable market data as far as possible. Fair value are categorised into different levels in a fair value hierarchy based on the input used in the valuation technique as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund can access at the measurement date. Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: unobservable inputs for the asset or liability. The Fund recognises transfers between levels of the fair value hierarchy as of the date of the event or change in circumstances that caused the transfers. 39

40 4. Quoted securities As at Company s Name Number of shares held Cost Market value Percentage of value of funds at % Main Market (i) (ii) Consumer products IQ Group Holdings Bhd. 100, , , Lay Hong Bhd. 800, , , UMW Holdings Bhd. 85, , , Salutica Bhd. 1,120,000 1,697,745 1,635, ,105,400 3,463,453 3,078, Industrial products Evergreen Fibreboard Bhd. 2,337,700 2,519,854 1,519, Hartalega Holdings Bhd. 230,000 1,616,388 2,456, Heveaboard Bhd. 100, , , Kossan Rubber Industries Bhd. 425,000 3,211,879 3,446, Superlon Holdings Bhd. 420, , , Supermax Corporation Bhd. 1,119,000 2,826,728 2,238, Top Glove Corporation Bhd. 374,000 2,084,629 2,988, Versatile Creative Bhd. 8,900 7,385 5, ,014,600 13,345,625 13,630, (iii) Technology Elsoft Research Bhd. 473,200 1,288,722 1,277, Inari Amertron Bhd. 930,000 2,385,432 3,162, JHM Consolidation Bhd. 170, , , Malaysian Pacific Industries Bhd. 275,100 3,721,362 3,471, Notion Vtec Bhd. 262, , , Pentamaster Corporation Bhd. 715,000 1,729,242 2,166, SMtrack Bhd. 5,000,000 1,353,642 1,175, Unisem (M) Bhd. 985,000 3,659,038 3,595, Vitrox Corporation Bhd. 446,000 2,112,159 2,769, Vivocom Intl Holdings Bhd. 6,213,750 1,517, , ,470,450 18,600,996 19,103,