ENDED 30 APRIL 2021 - PMB SHARIAH ASEAN STARS EQUITY FUND
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Islamic Fund Management Company (IFMC)
PMB SHARIAH
ASEAN STARS
EQUITY FUND
INTERIM REPORT FOR
THE FINANCIAL PERIOD
ENDED 30 APRIL 2021>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (1) Dear Unitholder, MOVING TOWARDS ELECTRONIC COMMUNICATION. We wish to inform that you have been automatically enrolled to receive funds’ reports via electronic medium effective 31 March 2018. You will receive a notification by SMS/email when the funds’ report is ready for download on our website at www.pmbinvestment.com.my. Please note that the report will be available to view and download from our website until next financial report.Please inform us in writing if you do not wish to receive the documents electronically. Should you have any queries or need further clarification, please do not hesitate to contact our Investor Relation Careline at 03- 4145 3900 or email at investorrelation@pelaburanmara.com.my Thank you.
>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (2) Dear Valued Customer PMB INVESTMENT BERHAD – PRIVACY NOTICE UNDER PERSONAL DATA PROTECTION ACT 2010 Effective from 15 November 2013, the Personal Data Protection Act 2010 (PDPA) was introduced to regulate the personal data processed in commercial transactions. PMB INVESTMENT BERHAD respects and is committed to the protection of your personal information and your privacy. This Personal Data Protection Notice explains how we collect and handle your personal information in accordance with the Malaysian Personal Data Protection Act 2010. Please note that PMB INVESTMENT BERHAD may amend this Personal Data Protection Notice at any time without prior notice and will notify you of any such amendment via our website or by email. Privacy Notice content involves matters concerning the processing of your personal information by us in connection with your investment account and/or services with us. Please take time to read and take note of the contents of the Privacy Notice in effect. If you would like to access your personal information, please refer to our Personal Data Access @ www.pmbinvestment.com.my and/or visit our offices whether head office or other branches. If you would like to obtain further information, please do not hesitate to contact us at Customer Care Line 03-4145 3900.
>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (3)
CORPORATE INFORMATION
MANAGER
PMB INVESTMENT BERHAD
(A member of Pelaburan MARA Berhad)
HEAD OFFICE
2nd Floor, Wisma PMB,
No.1A, Jalan Lumut,
50400 Kuala Lumpur.
Tel: (03) 4145 3800 Fax: (03) 41453901
E-mail: investorrelation@pelaburanmara.com.my
Website: www.pmbinvestment.com.my
BOARD OF DIRECTORS
Dato’ Sri Hj Abd Rahim bin Hj Abdul
Prof. Dr. Faridah binti Hj Hassan
Mansoor bin Ahmad
Nik Mohamed Zaki bin Nik Yusoff
YM Tengku Ahmad Badli Shah bin Raja Hussin
Isnami bin Ahmad Mohtar (Appointed on 12 October 2020)
Jasmani bin Abbas (Appointed on 27 May 2021)
Noorizwa binti Jurish (Appointed on 27 May 2021)
Dato’ Hj Mohd Rusdi bin Mohd Darus (Appointed on 27 May 2021)
CHIEF EXECUTIVE OFFICER
Najmi bin Haji Mohamed
(effective until 30 September 2020)
COMPANY SECRETARIES
Mohd Shah Bin Hashim (BC/M/148)
INVESTMENT COMMITTEE MEMBERS
Mansoor bin Ahmad
Nik Mohamed Zaki bin Nik Yusoff
Prof. Dr. Mohamed Aslam bin Mohamed Haneef
TRUSTEE
CIMB ISLAMIC TRUSTEE BERHAD
SHARIAH ADVISER
BIMB SECURITIES SDN BHD
AUDITORS
JAMAL, AMIN & PARTNERS
(effective until 17 March 2021)
MESSRS. AFRIZAN, TARMILI, KHAIRUL AZHAR
(effective from 15 April 2021)>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (4)
TABLE OF CONTENTS
1. FUND INFORMATION 6
1.1 FUND NAME 6
1.2 DATE OF LAUNCH 6
1.3 FUND CATEGORY/TYPE 6
1.4 FUND INVESTMENT OBJECTIVE 6
1.5 FUND PERFORMANCE BENCHMARK 6
1.6 FUND DISTRIBUTION POLICY 6
1.7 UNIT HOLDINGS AS AT 30 APRIL 2021 6-7
2. FUND PERFORMANCE DATA 8 – 10
2.1 PORTFOLIO COMPOSITION 8
2.2 PERFORMANCE DETAILS 9
3. MANAGER’S REPORT 11 – 29
3.1 FUND PERFORMANCE 11
3.2 INCOME DISTRIBUTION/UNIT SPLIT 11
3.3 POLICY AND INVESTMENT STRATEGY 11
3.4 ASSET ALLOCATION OF THE FUND 12
3.5 ECONOMIC REVIEW 13
3.6 EQUITY MARKET REVIEW 17>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (5)
TABLE OF CONTENTS
3.7 MONEY MARKET REVIEW 18
3.8 INTEREST OF UNIT HOLDERS 19
3.9 SOFT COMMISSIONS AND REBATES 19
4. TRUSTEE’S REPORT 30
5. SHARIAH ADVISER’S REPORT 31
6. STATEMENT BY MANAGER 32
7. FINANCIAL STATEMENT 33 – 61
8. BUSINESS INFORMATION NETWORK 62 – 64
9. INFORMATION OF INVESTOR RELATION 65
10. INVESTOR PROFILE UPDATE FORM 66>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (6)
1. FUND INFORMATION
1.1 FUND NAME
PMB SHARIAH ASEAN STARS EQUITY FUND – PMB SASEF.
1.2 DATE OF LAUNCH
28 March 2018.
1.3 FUND CATEGORY/TYPE
Equity (Shariah)/ Growth.
1.4 FUND INVESTMENT OBJECTIVE
To achieve capital growth over the medium term to long term period by
investing in a diversified portfolio of Shariah-compliant securities.
1.5 FUND PERFORMANCE BENCHMARK
Dow Jones Islamic Market ASEAN Index
1.6 FUND DISTRIBUTION POLICY
The distribution of income, if any, is incidental. Where the Fund distributes
its income, such distribution will be made in the form of additional units
and in the currencies in which those classes of units are denominated.
1.7 UNIT HOLDINGS AS AT 30 APRIL 2021
MYR CLASS
No. of Unit No. of Units
Size of Holdings % %
Holders Held
5,000 and below 146 46.95 350,835.93 6.21
5,001 - 10,000 69 22.19 545,884.45 9.66
10,001 - 50,000 72 23.15 1,690,903.50 29.94
50,001 - 500,000 23 7.39 2,472,011.10 43.77
500,001 and above 1 0.32 588,646.00 10.42
Total 311 100.00 5,648,280.98 100.00
* Note: Excluding manager’s unit>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (7)
1.7 UNIT HOLDINGS AS AT 30 APRIL 2021 (CONT.)
USD CLASS
No. of Unit No. of Units
Size of Holdings % %
Holders Held
5,000 and below - - - -
5,001 - 10,000 - - - -
10,001 - 50,000 1 100.00 10,540.55 100.00
50,001 - 500,000 - - - -
500,001 and above - - - -
Total 1 100.00 10,540.55 100.00>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (8)
2. FUND PERFORMANCE DATA
2.1 PORTFOLIO COMPOSITION
FOR PERIOD FINANCIAL YEAR ENDED 31 OCTOBER
ENDED
SECTOR 30 April 2020 2019 2018
2021
Local Market - Main % % % %
Basic Material 3.09 - - -
Consumer Products - 5.03 7.16 15.03
& Services
Energy - 4.49 8.04 7.90
Industrial Products & 24.89 26.75 4.98 7.78
Services
Plantations - - - 2.16
Technology 17.51 11.19 14.71 7.06
HealthCare - 17.30 - 7.65
Utilities 3.31 8.63 4.88 3.90
Financial Services - - 3.53 -
Foreign Market
Indonesia
Technology - - - 3.77
Basic Material 3.08 - 10.33 3.77
Consumer Goods 3.14 3.02 3.53 3.53
Financial 3.38 - 8.63 -
Properties - - 2.96 -
Philliphine
Basic Material 4.12 - - -
Utilities - - 2.97 2.68
Singapore
HealthCare - - - 3.35
Consumer Product 4.50 7.49 - -
Thailand
HealthCare - - 4.79 6.91
Consumer Product 4.61 - - -
Consumer Goods 5.54 3.76 3.28 -
Consumer Services - - 5.20 11.53
Basic Material 4.40 - - -
Industrial 4.81 - - -
Islamic Deposit / 16.71 12.34 15.01 12.98
Cash / etc
Total 100.00 100.00 100.00 100.00>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (9)
2.2 PERFORMANCE DETAILS
FOR FINANCIAL YEAR ENDED 31
PERIOD OCTOBER
ENDED
30 April 2020 2019 2018
2021
Net Asset Value (NAV) -xD (RM’000) 2,860 1,128 1,603 2,146
Unit in circulation
MYR Class (’000) 5,648 2,305 3,222 4,290
USD Class (’000) 11 0.035 0 0
NAV per unit -xD
MYR Class 0.5005 0.4473 0.4974 0.5003
USD Class 0.7680 0.6752 0.4879 0.4879
Price NAV pe runit (RM Class)
NAB Seunit - xD: Highest 0.5093 0.5001 0.5060 0.5073
NAB Seunit - xD: Lowest 0.4149 0.3497 0.4662 0.4961
Price NAV per unit (USD Class)
NAB Seunit - xD: Highest 0.7917 0.7262 0.4879 0.5000
NAB Seunit - xD: Lowest 0.6416 0.4879 0.4879 0.4879
Total Return * (%)
MYR Class 11.89 (10.07) (0.58) 0.06
USD Class 13.74 38.39 - (2.42)
Capital Growth * (%)
MYR Class 11.89 (10.07) (0.58) 0.06
USD Class 13.74 38.39 - (2.42)
Income Return (%) - - - -
Gross Distribution per unit (sen) - - - -
Net Distribution per unit (sen) - - -
Management Expenses Ratio (%) 1.41 3.10 2.62 1.32
(MER) ¹
Portfolio Turnover Ratio (times) 0.68 0.80 0.74 0.75
(PTR) ²
* Source: Lipper
¹ MER for PMB SASEF decreased by 0.24 percentage points to 1.41% from
1.26% in the corresponding period last year. The decreased was due to
increase in the average size of the Fund by 17.0% to RM1.41million from
RM1.38million.
² The PTR percentage up by 240% to 0.68 times from 0.20 times for the
financial year ended 30 April 2021, as compared to the same period of the
previous year. This was due to the increasing buy and sell of shares
activities in line with increasing in the average size of the fund.
Past performance is not necessarily indicative of future performance,
unit prices and investment returns may fluctuate.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (10)
2.2 PERFORMANCE DETAILS (CONT.)
MYR CLASS
* AVERAGE TOTAL RETURN (30 APRIL)
Since Operation
1-year
(18 Apr 2018 – 30 April 2021)
PMB SASEF 25.69% 0.03%
* ANNUAL TOTAL RETURN (31 OCTOBER)
Since Operation
2020 2019 (18 Apr 2018 – 31
October 2018)
PMB SASEF (10.07%) (0.58%) 0.06%
USD CLASS
* AVERAGE TOTAL RETURN (30 APRIL)
Since Operation
1-year
(18 Apr 2018 – 30 April 2021)
PMB SASEF 32.23% 15.19%
* ANNUAL TOTAL RETURN (31 OCTOBER)
Since Operation
2020 2019 (18 Apr 2018 – 31
October 2018)
PMB SASEF 38.39% - (2.42%)
* Source: Lipper
Past performance is not necessarily indicative of future performance,
unit prices and investment returns may fluctuate.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (11)
3. MANAGER’S REPORT
We are pleased to present the Manager’s report of PMB SASEF for the
financial period ended 30 April 2021 (1 November 2020 until 30 April
2021).
3.1 FUND PERFORMANCE
Fund’s performance measured against benchmark since operation on 18
April 2018 and ended 30 April 2021 is as follows:-
The graph illustrates the movement of the Fund’s return against the
benchmark since the operation on 18 April 2018 and ended 30 April 2021.
Since inception, the Fund’s NAV/unit for Malaysia Ringgit and US Dollar
recorded a return of 0.10% and 53.60% respectively while its benchmark
return fell by 4.92%.
For the period under review ended 30 April 2021, NAV/unit for MYR class
increased by RM0.0532 or 11.89% to RM0.5005 from RM0.4473 as at 31
October 2020. For USD class, the NAV/unit increased by US$0.0928 or
13.74% to US$0.7680 from US$0.6752.
3.2 INCOME DISTRIBUTION/UNIT SPLIT
For the half-year financial period ended 30 April 2021, the Fund has
declared no income distribution and unit split were declared during the
financial period ended 30 April 2021.
3.3 POLICY AND INVESTMENT STRATEGY
The Fund will invest in a diversified portfolio of Shariah-compliant equities
listed on any recognized stock exchanges in ASEAN member countries
where the respective regulatory authority is an ordinary or associate
member of the International Organization of Securities Commissions
(IOSCO). It will invest between 70% to 99.5% of the Fund’s NAV in
Shariah-compliant equities of any of the 300 largest companies in terms of
market capitalization (at the point of purchase) listed on recognized stock
exchange in any of the ASEAN member countries.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (12)
3.3 POLICY AND INVESTMENT STRATEGY ( CONT.)
During the 6-month period ended 30 April 2021, the fund manager
executed buy and sell activities for the fund based on relative-strength
analysis. The equity exposure of the Fund was maintained between 80%
and 95% throughout the period under review.
3.4 ASSET ALLOCATION OF THE FUND
Comparison of investment components based on NAV is as follows:-
ASSET ALLOCATION
Investment
30 April 31 October Exposure
2021 2020 Change Average
(%) (%) (%) (%)
Shariah-compliant Equity 86.37 87.66 (1.29) 87.01
Islamic Deposits/ cash/
13.63 12.34 1.29 12.99
others
As at 30 April 2021, 86.37% of the Fund’s NAV was invested in Shariah-
compliant equity market. The balance of 13.63% was held in Islamic deposits
and/or other permitted investments.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (13)
3.5 ECONOMIC REVIEW
MALAYSIA
The economy registered a negative growth of 3.4% in the 4Q 2020 (3Q
2020: -2.6%), largely attributable to the imposition of the Conditional
Movement Control Order (CMCO) on a number of states since mid-
October. For 2020 as a whole, the economy contracted by 5.6%. The
restrictions on mobility, especially on inter-district and inter-state travel,
weighed on economic activity during the fourth quarter. Nevertheless, the
continued improvement in external demand provided support to growth.
Consequently, except for manufacturing, all economic sectors continued
to record negative growth. On the expenditure side, moderating private
consumption and public investment activities weighed on domestic
demand. On a quarter-on-quarter seasonally-adjusted basis, the economy
registered a decline of 0.3% (3Q 2020: 18.2%).
For the quarter, headline inflation declined to -1.5% in part reflecting the
larger decline in retail fuel prices as compared to the corresponding period
last year. Core inflation moderated to 0.8% due mainly to lower inflation
for communication services and rental.
The ringgit appreciated by 3.6% against the US dollar during the 4Q 2020,
driven mainly by non-resident portfolio inflows as investors’ risk appetite
continued to improve. Positive investor sentiment during the quarter was
driven by news of successful vaccine trials and the rollout of vaccination
programmes in major economies, as well as greater clarity on US policy
direction following the outcome of the US presidential election. Taken
together, these factors formed the basis of a more positive investor
outlook for the recovery of the global health crisis, which strengthened
expectations for the eventual normalisation of economic activity. From 1
January to 8 February 2021, the ringgit has depreciated by 1.2% against
the US dollar, in line with broad-based weakening in major and regional
currencies, following the strengthening of US dollar amidst enhanced
prospects for an economic rebound in the US. Concerns over the rise in
COVID-19 infections and its implications for domestic economic activity
also weighed on investor sentiments. Portfolio investments recorded a
smaller net outflow of RM6.9 billion in the 4Q 2020 (3Q 2020: -RM23.1
billion), while net FDI recorded an inflow of RM6.1 billion (3Q 2020: -
RM0.8 billion). In the near term, the risk of heightened exchange rate
volatility remains as lingering uncertainties surrounding the momentum of
the global economic recovery will continue to have a bearing on investor
sentiments.
Net financing to the private sector continued to expand at 4.4% on an
annual basis. Total outstanding loans grew by 3.7% (3Q 2020: 4.7%)
supported by continued growth in the household and business segments.
Total loan disbursements to both businesses and household increased
during the quarter. Business loan repayments were also higher, with its
growth outpacing that of disbursements. Loan demand remained
forthcoming especially in the household segment.
While near-term growth in 2021 will be affected by the re-introduction of
stricter containment measures, the impact, however, will be less severe
than that experienced in 2020. The growth trajectory is projected to
improve from the second quarter onwards. The improvement will be driven
by the recovery in global demand, where the International Monetary Fund
(IMF) has revised upwards their 2021 global growth forecast by 0.3
percentage points to 5.5%.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (14)
3.5 ECONOMIC REVIEW ( CONT.)
MALAYSIA ( CONT.)
Growth will also be supported by a turnaround in public and private sector
expenditure amid continued support from policy measures including
PENJANA, KITA PRIHATIN, 2021 Budget and PERMAI, and higher
production from existing and new facilities in the manufacturing and
mining sectors. The vaccine roll-out which will commence this month is
also expected to lift sentiments.
In line with earlier assessments, the average headline inflation was at -
1.2% in 2020 due mainly to the substantially lower global oil prices. For
2021, headline inflation is projected to average higher, primarily due to
higher global oil prices. Underlying inflation is expected to remain subdued
amid continued spare capacity in the economy. The outlook, however, is
subject to global oil and commodity price developments.
(Source: Bank Negara Malaysia Website)
INDONESIA
Indonesia's International Investment Position (Posisi Investasi
Internasional Indonesia, PII) in the 4Q 2020 recorded a strengthening of
foreign capital inflows. At the end of the 4Q 2020, Indonesia's PII recorded
a net liability of US$281.2 billion (26.5% of GDP), an increase compared
to the position of net liabilities at the end of the 3Q 2020 which was
recorded at US$260.0 billion (24.3% of GDP). The increase in net
liabilities was due to an increase in the position of Foreign Financial
Liabilities (Kewajiban Finansial Luar Negeri, KFLN) that was greater than
the increase in the position of Foreign Financial Assets (Aset Finansial
Luar Negeri, AFLN), in line with the strengthening of foreign capital
inflows.
The position of Indonesia's KFLN at the end of the 4Q 2020 increased by
5.2% (Q-to-Q) from US$651.6 billion to US$685.5 billion. The increase in
the KFLN position was due to an increase in foreign ownership positions in
government debt instruments and an inflow of direct investment in the form
of equity. Another factor of change is the positive revaluation of the value
of domestic financial assets denominated in Rupiah which has led to an
increase in the KFLN position, in line with the improvement in the Jakarta
Composite Index (JCI) and the strengthening of the Rupiah against the US
dollar.
The AFLN position at the end of the 4Q 2020 grew by 3.3% (Q-to-Q), from
US$391.6 billion to US$404.3 billion. Apart from transaction factors, the
AFLN's rising position was influenced by a positive revaluation factor due
to an increase in the average stock index of countries where assets were
placed, along with the weakening of the US dollar against the majority of
the world's major currencies.
Indonesia's PII recorded net liabilities of US$281.2 billion in 2020 (26.5%
of Gross Domestic Product - GDP), a decrease compared to the position
of net liabilities at the end of 2019 of US$337.9 billion (30.2% of GDP).
The decrease in PII net liabilities was driven by the AFLN position which
increased by US$29.0 billion (7.7% Year-on-Year - YoY), especially other
investment assets, while the KFLN position decreased by US$27.8 billion
(3.9% YoY) due to the decline portfolio investment liability position.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (15)
3.5 ECONOMIC REVIEW ( CONT.)
INDONESIA ( CONT.)
Bank Indonesia views the development of Indonesia's PII in the 4Q 2020
and overall 2020 to be maintained. This is reflected in the declining ratio of
Indonesia's PII to GDP for 2020 compared to 2019. In addition, the
structure of Indonesia's PII liabilities is dominated by long-term
instruments. Despite this, Bank Indonesia will continue to monitor potential
risks related to PII's net liability to the economy. Going forward, Bank
Indonesia believes that Indonesia's PII performance will be maintained in
line with efforts to recover Indonesia's economy from the impact of the
COVID-19 pandemic, which is supported by the synergy of the policy mix
between Bank Indonesia and the Government and other relevant
authorities.
(Source: Bank Indonesia’s Website)
SINGAPORE
The economy contracted by 2.4% YoY in the 4Q 2020, an improvement
from the 5.8% contraction in the preceding quarter. On a quarter-on-
quarter (QoQ) seasonally-adjusted basis, the economy expanded by 3.8%,
following the 9.0% growth in the third quarter.
The manufacturing sector grew by 10.0% year-on-year in the 4Q 2020,
extending the 11.0% expansion in the previous quarter. Growth was
supported by output expansions in the electronics, biomedical
manufacturing, precision engineering and chemicals clusters, which more
than offset output declines in the transport engineering and general
manufacturing clusters.
The services producing industries collectively contracted by 4.7% YoY in
the 4Q 2020, improving from the 8.3% contraction in the previous quarter.
Among the services sectors, only the finance & insurance (4.9%),
information & communications (2.6%) and wholesale trade (1.8%) sectors
posted positive growth. Meanwhile, the construction sector shrank by
27.0% YoY in the 4Q 2020, improving from the 53.0% contraction in the
third quarter. The improved performance of the sector came on the back of
the resumption of more construction activities in the 4Q 2020 as compared
to the previous quarter.
(Source: Singapore’s Ministry of Trade and Industry’s Website)
PHILIPHINES
The Philippine GDP posted a growth rate of -8.3% in the 4Q 2020,
resulting in the -9.5% full-year growth rate for 2020.
On the other hand, contributors to the decline of the GDP growth for the
4Q 2020 were Construction at -25.3%; Other Services at -45.2%; and
Accommodation and Food Service Activities at -42.7%.
Among the major economic sectors, Agriculture, Forestry, and Fishing
(AFF) registered -2.5% growth rate in the 4Q 2020, while Services and
Industry posted -8.4%, and -9.9% respectively. On an annual basis, the
growth rates are as follows: AFF at -0.2%, followed by Services at -9.1%,
and Industry at -13.1%.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (16)
3.5 ECONOMIC REVIEW ( CONT.)
PHILIPPINES ( CONT.)
On the expenditure side, the Government Final Consumption Expenditure
(GFCE) posted positive growth of 4.4% in the 4Q 2020. Household Final
Consumption Expenditure (HFCE) declined by -7.2%, along with the Gross
Capital Formation (GCF) at -29.0%; Exports, -10.5%; and Imports, -18.8%.
For full-year 2020, GFCE grew by 10.4%; HFCE at -7.9%; GCF at -35.8%;
Exports at -16.7%; and Imports at -21.9%.
The Net Primary Income (NPI) from the Rest of the World, and the Gross
National lncome (GNI) have corresponding growth rates of -53.2%, and -
12.0% in the 4Q 2020, while full-year 2020 growth rates of NPI and GNI
were at -27.3%, and -11.1% respectively.
(Source: Philippine Statistics Authority’s Website)
THAILAND
GDP in 4Q 2020 decreased by 4.2%, improving from a fall of 6.4% in 3Q
2020, as a result of expansions in private final consumption expenditure
and government final consumption expenditure, following the
improvements in the investment and exports of goods. However, service
receipts continued to decline. In terms of production, agricultural
production increased by 0.9%, due mainly to the increase in main crops
included paddy, cassava, and maize. On the contrary, the non-agricultural
production declined by 4.7%, improving from a fall of 6.7% in 3Q 2020,
due to the recovery of the global economy and domestic consumption
expenditure. Furthermore, the government’s economic stimulus measures
also supported the recovery of manufacturing and service sectors, which
fell by 0.7% and 5.9%, improving from falls of 5.3% and 7.2% in 3Q 2020,
respectively. The recovered service sectors included wholesale and retail
trade, and transportation and storage, meanwhile information and
communication; financial and insurance activities; human health and social
work activities; and education continued to increase. In terms of
expenditure, private final consumption expenditure increased by 0.9%.
Moreover, government final consumption expenditure expanded by 1.9%.
However, gross fixed capital formation, and exports and imports of goods
and services contracted by 2.5%, 21.4%, and 7.0%, respectively. After
seasonal adjustment, the Thai economy in 4Q 2020 expanded by 1.3%
(QoQ SA).
Private final consumption expenditure increased by 0.9%, recovering from
a fall of 0.6% in 3Q 2020. Spending on non-durable and net service items
expanded by 1.1%, and 7.5%, respectively. However, spending on durable
and semi-durable items decreased by 9.2%, and 12.4%, respectively.
General government final consumption expenditure increased by 1.9%,
compared to 2.5% in 3Q 2020. The gradual expansion was mainly
attributed to the compensation of employees, with a 3.0% rise. Moreover,
purchases of goods and services grew by 4.4%. However, social transfers
in kind also decreased by 0.8%. Gross fixed capital formation decreased
by 2.5%, compared to a fall of 2.6% in 3Q 2020. Private investment
decreased by 3.3%, compared to a 10.6% reduction in 3Q 2020.
Machinery items was major contributing factor, with a reduction of 3.2%,
improving from a fall of 13.9% in 3Q 2020. Meanwhile, private construction
decreased by 3.8%. Public investment expanded by 0.6%, compared to
17.6% in 3Q 2020.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (17)
3.5 ECONOMIC REVIEW ( CONT.)
THAILAND ( CONT.)
The slight expansion resulted from a 2.9% increase in public construction,
on the contrary, a 6.4% contraction in public machinery items. Changes in
inventories at current market prices in 4Q 2020 increased to the value of
282.9 billion Baht. Accumulation in stocks included paddy, rubber,
cassava, mining, computers and peripheral equipment, motor vehicles,
and gold. Meanwhile, reduction in stocks came mainly from rice, sugar,
slaughtering, and chilled and frozen chicken meat, and basic chemicals.
Goods and services balance at current market prices recorded a surplus of
31.1 billion Baht, comprising a surplus of 252.6 billion Baht in trade
balance and a deficit of 221.5 billion Baht in service balance.
(Source: Bank of Thailand’s Website)
3.6 EQUITY MARKET REVIEW
For the 6-month period under review ended 30 April 2021, the benchmark
for PMB Shariah ASEAN Star Fund, Dow Jones Islamic Market ASEAN
Index (“DJIASN”), had slightly up by 109.59 points or 10.15% to 1,189.33.
During that period, DJIASN posted its highest level of 1,271.03 on 8
January 2021 while the lowest level of 1,075.42 was recorded on 2
November 2020. The movement range for the DJIASN Index during the
stipulated financial period was 195.61 points as compared to 408.23 points
during the same period in the previous year.
For the period under review, ASEAN market saw marginal upside as
external sector ticked positive, offset by COVID-19 controls taking a turn
for the worse in some part of the region. Among the regional markets, only
Malaysia recorded negative outflow of foreign during that period. The net
foreign outflow to Malaysia was US$1.14 billion. Meanwhile, Thailand,
Indonesia and Philippines saw foreign inflow of US$8.36 billion, US$568
million and US$948 million, respectively. Sign of economic recovery
gained momentum following the release of encouraging economic data,
couple with a strong first corporate result.
COVID-19 vaccine rollouts in the US and UK have continued with 44%
and 51% of their respective populations having received at least one dose
of vaccine, leading toward a sustained reopening of their economies. The
rollout of vaccinations among ASEAN countries showed positive sign.
Philippines projects a growth of 6.5% to 7.5% in 2021as the economy
reopens further, and vaccination began. In Indonesia, sectors with high
overseas demand have partially recovered due to a rebound in commodity
prices and expect GDP to grow between 4.5% and 5.5%. Singapore
expects its forecast of GDP growth of 4% to 6% for 2021. In Malaysia,
global bank forecast Malaysia’s economy to growth 6% in 2021 after
contracting by 5.6% in 2020, premised on the effective roll-out of
vaccination programme, continue improvements in exports, consumption,
and investment. Malaysia vaccination rate is third highest in ASEAN with
1.57% of the total population received at least one doses, behind
Singapore at 17.95% and Indonesia at 3.16%.
ASEAN market expected to remain conservative outlook on the back of
improving economy health growth in corporate profit this year. The equity
market may face some hurdle due to rising risk of inflationary pressure on
better macro-economic data, expansive valuation and rising global
COVID-19 cases.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (18)
3.7 MONEY MARKET REVIEW
Since the cash portion of the fund was placed in Malaysia, the money
market review will be done specific to Malaysian market.
Throughout 6-month financial period ended 30 April 2021, Bank Negara
Malaysia (BNM) held the Overnight Policy Rate (OPR) unchanged at
1.75% since a series of meeting on 2 – 3 November 2020, 20 January,
and 4 March 2021. Earlier, the central bank had slashed the interest rates
by an accumulated 125 basis points since early 2020 to bring the OPR
rate to the lowest on record of 1.75% to support the coronavirus-hit
economy.
The global economic recovery, while uneven, is gaining momentum,
supported by steady improvements in manufacturing and trade activity.
The ongoing roll-out of vaccination programmes in many economies,
together with policy support, will further facilitate an improvement in private
demand and labour market conditions. While financial markets have
experienced bouts of volatility, financial conditions remain supportive of
economic activity. Risks to the growth outlook have abated slightly, but
remain tilted to the downside, primarily due to uncertainty over the path of
the COVID-19 pandemic and effectiveness of the vaccination
programmes.
For Malaysia, latest indicators point to improvements in external demand
and continued consumer spending. While the re-imposition of containment
measures will affect growth in the first quarter, the impact is expected to
be less severe than that experienced in the second quarter of 2020. Going
forward, growth is projected to improve from the second quarter onwards,
driven by the recovery in global demand, increased public and private
sector expenditure amid continued support from policy measures and
more targeted containment measures. Growth will also be supported by
higher production from existing and new manufacturing facilities,
particularly in the E&E and primary-related sub-sectors, as well as oil and
gas facilities. The roll-out of the domestic COVID-19 vaccine programme
will also lift sentiments and economic activity. The growth outlook,
however, remains subject to downside risks, stemming mainly from
ongoing uncertainties in developments related to the pandemic, and
potential challenges that might affect the roll-out of vaccines both globally
and domestically.
Headline inflation in 2021 is projected to average higher, primarily due to
higher global oil prices. In terms of trajectory, headline inflation is
anticipated to temporarily spike in the second quarter of 2021 due to the
lower base from the low domestic retail fuel prices in the corresponding
quarter of 2020, before moderating thereafter. Underlying inflation is
expected to remain subdued amid continued spare capacity in the
economy. The outlook, however, is subject to global oil and commodity
price developments.
The MPC considers the stance of monetary policy to be appropriate and
accommodative. Given the uncertainties surrounding the pandemic, the
stance of monetary policy going forward will continue to be determined by
new data and information, and their implications on the overall outlook for
inflation and domestic growth. The Bank remains committed to utilise its
policy levers as appropriate to foster enabling conditions for a sustainable
economic recovery.
(Source: Bank Negara Malaysia Website)>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (19)
3.8 INTEREST OF UNIT HOLDERS
For the financial year under review, there is no circumstances that
materially affect any interest of the unit holders other than business
transaction in accordance with the limitations imposed under the Deeds,
Securities Commission’s Guidelines, the Capital Markets and Services Act
2007 and other applicable laws during the financial period then ended.
3.9 SOFT COMMISSIONS AND REBATES
During the 6-month financial period ended 30 April 2021, the Fund
Manager received services from one of the stockbroking institutions that
indirectly assists in the decision-making process pertaining to the fund's
investment. The services received are in the form of advisory services on
Shariah matters. In addition, the FM also received soft commission from
brokers in term of software and computer hardware related to fund’s
investment, stock market and economic matters.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (20)
3. LAPORAN PENGURUS
Bagi tempoh enam (6) bulan berakhir 30 April 2021 (1 November 2020
hingga 30 April 2021).
3.1 PRESTASI DANA
Prestasi Dana berbanding tanda aras sejak mula beroperasi untuk
jangkamasa kewangan berakhir 30 April 2021 adalah seperti berikut:-
Sumber: Lipper
Graf di atas mencerminkan pergerakan pulangan Dana sejak ia mula
beroperasi pada 18 April 2018 dan berakhir 30 April 2021. Sepanjang
tempoh tersebut, NAB/unit Dana bagi Ringgit Malaysia dan Dolar AS
masing-masing mencatat pulangan sebanyak 0.10% dan 53.60%.
Penanda aras Dana jatuh sebanyak 4.92%.
Bagi tempoh 6-bulan kewangan berakhir 30 April 2021, NAB/unit Dana
untuk Ringgit Malaysia meningkat sebanyak RM0.0532 atau 11.89%
kepada RM0.5005 daripada RM0.4473 pada 31 Oktober 2020 . Untuk
Dolar AS, NAB/unit meningkat sebanyak US$0.0928 atau 13.74% kepada
US$0.7680 daripada US$0.6752.
3.2 PENGAGIHAN PENDAPATAN/TERBITAN UNIT PECAHAN
Bagi tempoh 6-bulan kewangan berakhir 30 April 2021, Dana telah
mengisytiharkan tiada pengagihan pendapatan dan tiada sebarang unit
pecahan dicadangkan sepanjang tempoh setahun kewangan berakhir 30
April 2021.
3.3 POLISI DAN STRATEGI PELABURAN
Dana dilabur dalam portfolio yang pelbagai dalam ekuiti patuh Syariah
syarikat-syarikat yang tersenarai di bursa saham yang diiktiraf di negara
anggota ASEAN di mana pihak pengawalseliaan pasaran yang berkuasa
adalah merupakan ahli biasa atau bersekutu kepada Pertubuhan
Suruhanjaya Sekuriti Antarabangsa (IOSCO). Dana melabur di antara
70% dan 99.5% daripada nilai aset bersih dalam ekuiti patuh Syariah
dikalangan mana-mana 300 syarikat terbesar dari segi modal pasaran
(pada masa pembelian) yang tersenarai di bursa saham yang diiktiraf di
mana-mana negara anggota ASEAN.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (21)
3.3 POLISI DAN STRATEGI PELABURAN (SAMB.)
Dalam tempoh 6-bulan kewangan berakhir 30 April 2021, pengurus dana
melaksanakan aktiviti penjualan dan pembelian ekuiti di dalam portfolio
Dana berdasarkan analisa “relative-strength”. Pendedahan ekuiti Dana
dikekalkan antara 80% dan 95% sepanjang tempoh kajian.
3.4 PERUMPUKAN ASET DANA
Pecahan seunit mengikut kelas aset adalah seperti berikut:-
PECAHAN SEUNIT MENGIKUT KELAS ASET
30 April 31 Purata
2021 Oktober Perubahan Pendedahan
2020 Peratus Pelaburan
(%) (%) Mata (%)
Ekuiti Patuh Syariah 86.37 87.66 (1.29) 87.01
Deposit Islam dan lain-lain 13.63 12.34 1.29 12.99
Pada 30 April 2021, pegangan ekuiti patuh Syariah Dana ialah sebanyak
86.37%. Baki 13.63% berada dalam deposit Islam dan pelaburan-pelaburan
lain yang dibenarkan.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (22)
3.5 SUASANA EKONOMI NEGARA
MALAYSIA
Ekonomi mencatatkan pertumbuhan negatif sebanyak 3.4% pada suku
keempat (S3 2020: -2.6%), terutamanya berikutan pelaksanaan Perintah
Kawalan Pergerakan Bersyarat (PKPB) di beberapa negeri semenjak
pertengahan bulan Oktober. Pada tahun 2020 secara keseluruhan,
ekonomi menguncup sebanyak 5.6%. Sekatan pergerakan, terutamanya
perjalanan antara daerah dan antara negeri, menjejaskan kegiatan
ekonomi pada suku keempat. Walau bagaimanapun, permintaan luaran
yang terus bertambah baik telah menyokong pertumbuhan. Kesannya,
kesemua sektor ekonomi kecuali perkilangan terus mencatatkan
pertumbuhan negatif. Dari segi perbelanjaan, aktiviti penggunaan swasta
dan pelaburan awam yang sederhana menjejaskan permintaan dalam
negara. Pada asas suku tahunan terlaras secara bermusim, ekonomi
mencatatkan penurunan sebanyak 0.3% (S3 2020: 18.2%).
Pada suku tersebut, inflasi keseluruhan menurun kepada -1.5%
mencerminkan sebahagiannya penurunan harga bahan api runcit yang
lebih besar berbanding dengan tempoh yang sama pada tahun
sebelumnya. Inflasi teras menjadi sederhana sedikit kepada 0.8%
disebabkan terutamanya oleh inflasi yang lebih rendah untuk
perkhidmatan komunikasi dan sewa.
Ringgit menambah nilai sebanyak 3.6% berbanding dengan dolar AS pada
suku keempat 2020, dipacu terutamanya oleh aliran masuk portfolio bukan
pemastautin apabila kesanggupan pelabur mengambil risiko terus
meningkat. Sentimen pelabur yang positif pada suku itu didorong oleh
berita kejayaan ujian penggunaan vaksin dan program pemvaksinan yang
mula dilaksanakan di negara-negara utama, serta hala tuju dasar di AS
yang semakin jelas susulan keputusan pilihan raya presiden AS. Secara
kolektif, faktor-faktor ini membentuk asas prospek pelaburan yang lebih
positif untuk pemulihan krisis kesihatan global, lantas memperkukuh
jangkaan kegiatan ekonomi akhirnya akan kembali normal. Dari 1 Januari
hingga 8 Februari 2021, ringgit menurun nilai sebanyak 1.2% berbanding
dengan dolar AS. Hal ini adalah sejajar dengan penurunan nilai mata
wang utama dan serantau secara keseluruhan, berikutan pengukuhan
dolar AS dalam keadaan prospek pemulihan ekonomi AS bertambah baik.
Kebimbangan mengenai peningkatan kes jangkitan COVID-19 dan
kesannya terhadap kegiatan ekonomi dalam negara juga mempengaruhi
sentimen pelabur. Pelaburan portfolio mencatatkan aliran keluar bersih
yang lebih kecil sebanyak RM6.9 bilion pada suku keempat (S3 2020: -
RM23.1 bilion), sementara FDI bersih mencatatkan aliran masuk
sebanyak RM6.1 bilion (S3 2020: -RM0.8 bilion). Bagi tempoh jangka
pendek, masih wujud risiko bahawa volatiliti kadar pertukaran akan
meningkat. Hal ini disebabkan oleh ketidakpastian yang berlarutan
berhubung dengan momentum pemulihan ekonomi global yang akan terus
mempengaruhi sentimen pelabur.
Pembiayaan bersih kepada sektor swasta terus berkembang pada asas
tahunan sebanyak 4.4%. Jumlah pinjaman terkumpul meningkat 3.7% (S3
2020: 4.7%) disokong oleh pertumbuhan yang berterusan dalam segmen
isi rumah dan perniagaan. Jumlah pengeluaran pinjaman untuk sektor
perniagaan dan isi rumah meningkat pada suku tersebut.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (23)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
MALAYSIA (SAMB.)
Pertumbuhan pembayaran balik pinjaman perniagaan juga lebih tinggi,
iaitu mengatasi pengeluaran pinjaman. Permintaan terhadap pinjaman
terus menggalakkan terutamanya dalam segmen isi rumah.
Walaupun pertumbuhan jangka pendek pada tahun 2021 akan
dipengaruhi oleh pelaksanaan semula langkah-langkah pembendungan
yang lebih ketat, namun kesannya tidak seteruk yang dialami pada tahun
2020. Trajektori pertumbuhan diunjurkan bertambah baik dari suku kedua
dan seterusnya. Peningkatan ini akan didorong oleh pemulihan
permintaan global, apabila Tabung Kewangan Antarabangsa (IMF) telah
menaikkan unjuran pertumbuhan global tahun 2021 sebanyak 0.3 mata
peratusan kepada 5.5%. Pertumbuhan ini juga akan disokong oleh
perubahan perbelanjaan sektor awam dan swasta berikutan sokongan
yang berterusan daripada langkah-langkah dasar termasuk PENJANA,
KITA PRIHATIN, Belanjawan 2021 dan PERMAI, serta pengeluaran yang
lebih tinggi daripada fasiliti perkilangan dan perlombongan yang sedia ada
dan baharu. Pemberian vaksin yang akan bermula pada bulan ini juga
diharapkan dapat meningkatkan sentimen.
Sejajar dengan penilaian sebelum ini, purata inflasi keseluruhan adalah -
1.2% pada tahun 2020 disebabkan terutamanya oleh harga minyak dunia
yang ketara lebih rendah. Bagi tahun 2021, purata inflasi keseluruhan
diunjurkan lebih tinggi, terutamanya disebabkan oleh kenaikan harga
minyak dunia. Inflasi asas dijangka kekal rendah dalam keadaan lebihan
kapasiti yang berterusan dalam ekonomi. Walau bagaimanapun, prospek
pertumbuhan ini bergantung pada perkembangan harga minyak dunia dan
komoditi.
(Sumber: Laman sesawang Bank Negara Malaysia)
INDONESIA
Kedudukan Pelaburan Antarabangsa Indonesia (PII) pada S4 2020
mencatat pengukuhan aliran masuk modal asing. Pada akhir S4 2020, PII
Indonesia mencatat liabiliti bersih AS$281.2 bilion (26.5% daripada
KDNK), peningkatan berbanding dengan kedudukan liabiliti bersih pada
akhir S320 yang mencatat AS$260.0 bilion (24.3% daripada KDNK).
Peningkatan liabiliti bersih disebabkan oleh kenaikan kedudukan Liabiliti
Kewangan Asing (Kewajiban Finansial Luar Negeri, KFLN) yang lebih
besar daripada kenaikan posisi Aset Kewangan Asing (Aset Finansial Luar
Negeri, AFLN), seiring dengan penguatan aliran masuk modal asing.
Kedudukan KFLN Indonesia pada akhir S4 2020 meningkat 5.2% (suku-
ke-suku) daripada AS$651.6 bilion kepada AS$685.5 bilion. Peningkatan
kedudukan KFLN disebabkan oleh kenaikan posisi pemilikan asing dalam
instrumen hutang pemerintah dan aliran masuk pelaburan langsung dalam
ekuiti. Faktor perubahan lain adalah penilaian semula positif nilai aset
kewangan domestik dalam Rupiah yang menyebabkan kenaikan
kedudukan KFLN, sejajar dengan peningkatan Indeks Komposit Jakarta
(Jakarta Composite Index, JCI)) dan pengukuhan Rupiah berbanding dolar
AS.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (24)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
INDONESIA (SAMB.)
Kedudukan AFLN pada akhir S4 2020 meningkat sebanyak 3.3% (suku-
ke-suku) daripada AS$391.6 bilion kepada AS$404.3 bilion. Selain dari
faktor transaksi, peningkatan kedudukan AFLN dipengaruhi oleh faktor
penilaian semula yang positif disebabkan oleh kenaikan purata indeks
saham negara di mana aset diletakkan, berserta kelemahan dolar AS
berbanding majoriti mata wang utama dunia.
PII Indonesia mencatat liabiliti bersih AS$281.2 bilion pada tahun 2020
(26.5% daripada Keluaran Dalam Negara Kasar - KDNK), penurunan
berbanding dengan kedudukan liabiliti bersih pada akhir 2019 sebanyak
AS$337.9 bilion (30.2% daripada KDNK). Penurunan liabiliti bersih PII
didorong oleh kedudukan AFLN yang meningkat sebanyak AS$29.0 bilion
(7.7% Tahun ke Tahun - YoY), terutamanya lain-lain pelaburan aset,
sementara kedudukan KFLN menurun sebanyak AS$27.8 bilion (3.9%
YoY) disebabkan oleh penurunan kedudukan liabiliti pelaburan portfolio.
Bank Indonesia melihat pengembangan PII Indonesia pada S4 2020 dan
keseluruhan 2020 akan dipertahankan. Ini tercermin dalam nisbah
penurunan PII Indonesia terhadap KDNK untuk 2020 berbanding tahun
2019. Di samping itu, struktur liabiliti PII Indonesia dikuasai oleh instrumen
jangka panjang. Walaupun begitu, Bank Indonesia akan terus memantau
potensi risiko yang berkaitan dengan liabiliti bersih PII terhadap ekonomi.
Melangkah ke hadapan, Bank Indonesia percaya bahawa prestasi PII
Indonesia akan dipertahankan seiring dengan usaha untuk memulihkan
ekonomi Indonesia dari impak pandemik COVID-19, yang didukung oleh
sinergi gabungan polisi antara Bank Indonesia dan Kerajaan Indonesia
dan lain-lain pihak berkuasa yang berkaitan.
(Sumber: Laman Sesawang Bank Indonesia)
SINGAPURA
Ekonomi menguncup sebanyak 2.4% YoY pada S4 2020, peningkatan
daripada pengecutan 5.8% pada suku sebelumnya. Berdasarkan Suku ke
Suku (QoQ) yang diselaras secara bermusim, ekonomi berkembang
sebanyak 3.8%, berikutan pertumbuhan 9.0% pada suku ketiga.
Sektor pembuatan berkembang 10.0% YoY pada S4 2020, meneruskan
pengembangan 11.0% pada suku sebelumnya. Pertumbuhan disokong
oleh pengembangan output dalam kelompok elektronik, pembuatan
bioperubatan, kejuruteraan ketepatan dan bahan kimia, yang dapat
mengimbangi penurunan output dalam kluster kejuruteraan pengangkutan
dan pembuatan am.
Industri penghasil perkhidmatan secara kolektif menguncup sebanyak
4.7% YoY pada S4 2020, meningkat daripada penguncupan 8.3% pada
suku sebelumnya. Di antara sektor perkhidmatan, hanya sektor kewangan
& insurans (4.9%), maklumat & komunikasi (2.6%) dan perdagangan
borong (1.8%) yang mencatat pertumbuhan positif. Sementara itu, sektor
pembinaan menyusut 27.0% YoY pada S4 2020, meningkat daripada
penguncupan 53.0% pada suku ketiga. Prestasi sektor yang bertambah
baik ini disokong oleh penyambungan semula aktiviti pembinaan pada S4
2020 berbanding suku sebelumnya.
(Sumber: Laman Sesawang Singapore’s Ministry of Trade and Industry)>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (25)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
FILIPINA
KDNK Filipina mencatat kadar pertumbuhan -8.3% pada S4 2020,
menghasilkan kadar pertumbuhan -9.5% untuk tahun 2020.
Selanjutnya, penyumbang penurunan pertumbuhan KDNK untuk S4 2020
ialah sektor Pembinaan pada -25.3%; Lain-lain Perkhidmatan pada -
45.2%; dan Kegiatan Perkhidmatan Penginapan dan Makanan pada -
42.7%.
Di antara sektor ekonomi utama, Pertanian, Perhutanan, dan Perikanan
(AFF) mencatat kadar pertumbuhan -2.5% pada S4 2020, sementara
Perkhidmatan dan Industri masing-masing mencatat -8.4%, dan -9.9%.
Secara tahunan, kadar pertumbuhan adalah seperti berikut: AFF pada -
0.2%, diikuti oleh Perkhidmatan pada -9.1%, dan Industri pada -13.1%.
Dari segi perbelanjaan, Perbelanjaan Penggunaan Akhir Kerajaan (GFCE)
mencatat pertumbuhan positif sebanyak 4.4% pada S4 2020.
Perbelanjaan Penggunaan Akhir Rumah Tangga (HFCE) menurun
sebanyak -7.2%, bersama dengan Pembentukan Modal Kasar (GCF)
pada -29.0%; Eksport, -10.5%; dan Import, -18.8%. Untuk keseluruhan
tahun 2020, GFCE meningkat sebanyak 10.4%; HFCE pada -7.9%; GCF
pada -35.8%; Eksport pada -16.7%; dan Import pada -21.9%.
Pendapatan Utama Bersih (NPI) dari Seluruh Dunia, dan Pendapatan
Nasional Kasar (GNI) mempunyai kadar pertumbuhan -53.2%, dan -12.0%
pada S420, sementara kadar pertumbuhan keseluruhan tahun 2020 NPI
dan GNI masing-masing berada pada -27.3%, dan -11.1%.
(Sumber: Laman Sesawang Philippine Statistics Authority)
THAILAND
KDNK Thailand pada S4 2020 menurun sebanyak 4.2%, meningkat dari
kejatuhan 6.4% pada S3 2020, ekoran peningkatan perbelanjaan
penggunaan akhir swasta dan perbelanjaan penggunaan akhir kerajaan,
serta peningkatan dalam pelaburan dan eksport barangan. Walau
bagaimanapun, penerimaan perkhidmatan terus menurun. Dari segi
pengeluaran, pengeluaran pertanian meningkat 0.9%, terutama
disebabkan oleh peningkatan tanaman utama termasuk padi, ubi kayu,
dan jagung. Sebaliknya, pengeluaran bukan pertanian menurun sebanyak
4.7%, meningkat daripada kejatuhan 6.7% pada S3 2020, disebabkan
oleh pemulihan ekonomi global dan perbelanjaan penggunaan domestik.
Selain itu, langkah-langkah rangsangan ekonomi kerajaan juga
menyokong pemulihan sektor pembuatan dan perkhidmatan, yang
masing-masing turun 0.7% dan 5.9%, meningkat dari penurunan masing-
masing 5.3% dan 7.2% pada S3 2020. Sektor perkhidmatan yang pulih
termasuk perdagangan borong dan runcit, dan pengangkutan dan
penyimpanan, sementara itu maklumat dan komunikasi; aktiviti kewangan
dan insurans; aktiviti kesihatan manusia dan kerja sosial; dan pendidikan
terus meningkat. Dari segi perbelanjaan, perbelanjaan penggunaan akhir
swasta meningkat sebanyak 0.9%. Selain itu, perbelanjaan penggunaan
akhir kerajaan meningkat 1.9%. Walau bagaimanapun, pembentukan
modal tetap kasar, dan eksport dan import barang dan perkhidmatan
masing-masing menyusut sebanyak 2.5%, 21.4%, dan 7.0%. Selepas
penyesuaian musiman, ekonomi Thailand pada S4 2020 berkembang
1.3% (QoQ SA).>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (26)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
THAILAND (SAMB.)
Perbelanjaan penggunaan akhir swasta meningkat 0.9%, pulih dari
kejatuhan 0.6% pada S3 2020. Perbelanjaan untuk item tidak tahan lama
dan perkhidmatan bersih masing-masing meningkat sebanyak 1.1% dan
7.5%. Walau bagaimanapun, perbelanjaan untuk item tahan lama dan
separa tahan lama masing-masing menurun sebanyak 9.2% dan 12.4%.
Perbelanjaan penggunaan akhir kerajaan am meningkat 1.9%, berbanding
2.5% pada S3 2020. Pengembangan secara beransur-ansur terutama
disebabkan oleh pampasan pekerja, dengan kenaikan 3.0%. Lebih-lebih
lagi, pembelian barang dan perkhidmatan meningkat sebanyak 4.4%.
Walau bagaimanapun, pemindahan sosial dalam bentuk barangan juga
menurun sebanyak 0.8%. Pembentukan modal tetap kasar menurun
sebanyak 2.5%, berbanding kejatuhan 2.6% pada S3 2020. Pelaburan
swasta menurun sebanyak 3.3%, berbanding penurunan 10.6% pada S3
2020. Item mesin adalah faktor penyumbang utama, dengan penurunan
3.2%, meningkat dari kejatuhan 13.9% pada S3 2020. Sementara itu,
pembinaan swasta menurun sebanyak 3.8%. Pelaburan awam
berkembang 0.6%, berbanding 17.6% pada S3 2020. Pembinaan awam
meningkat sedikit kepada 2.9%, sebaliknya, barang mesin awam
mengecut 6.4%. Perubahan inventori pada harga pasaran semasa pada
S42020 meningkat menjadi nilai 282.9 bilion Baht. Pengumpulan
simpanan termasuk padi, getah, ubi kayu, perlombongan, komputer dan
peralatan persisian, kenderaan bermotor, dan emas. Sementara itu,
pengurangan stok berlaku terutamanya dari beras, gula, penyembelihan,
daging ayam sejuk dan beku, dan bahan kimia asas. Imbangan barangan
dan perkhidmatan pada harga pasaran semasa mencatat lebihan 31.1
bilion Baht, yang terdiri daripada lebihan 252.6 bilion Baht dalam
imbangan dagangan dan defisit 221.5 bilion Baht dalam imbangan
perkhidmatan.
(Sumber: Laman Sesawang Bank of Thailand)
3.6 SUASANA BURSA SAHAM TEMPATAN
Untuk tempoh 6-bulan berakhir pada 30 April 2021, penanda aras untuk
PMB Shariah ASEAN Star Fund, Dow Jones Islamic Market ASEAN Index
(“DJIASN”), meningkat sebanyak 109.59 mata atau 10.15% kepada
1,189.33.
Dalam tempoh itu, DJIASN mencatatkan tahap tertinggi pada 1,271.03
pada 8 Januari 2021 sementara tahap terendah 1,075.42 dicatatkan pada
2 November 2020. Julat pergerakan untuk Indeks DJIASN dalam tempoh
kewangan yang ditetapkan adalah 195.61 mata berbanding 408.23 mata
pada tempoh yang sama pada tahun sebelumnya.
Untuk tempoh tersebut, pasaran ASEAN menyaksikan kenaikan marginal
ketika sektor luaran positif, diimbangi oleh COVID-19 yang berubah
menjadi buruk di beberapa bahagian rantau ini. Di antara pasaran
serantau, hanya Malaysia yang mencatat aliran keluar asing yang negatif
dalam tempoh tersebut. Malaysia mencatatkan aliran bersih keluar asing
sebanyak AS$1.14 bilion. Sementara itu, Thailand, Indonesia dan Filipina
masing-masing mencatatkan aliran bersih masuk asing sebanyak
AS$8.36 bilion, AS$568 juta dan AS$948 juta.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (27)
3.6 SUASANA BURSA SAHAM TEMPATAN (SAMB.)
Momentum tanda pemulihan ekonomi diperlihatkan melalui pengumuman
data ekonomi yang memberangsangkan, dan keputusan korporat pada
suku tahun pertama yang kukuh.
Pelancaran vaksin COVID-19 di AS dan UK berterusan dengan masing-
masing mencatatkan 44% dan 51% populasi yang telah menerima
sekurang-kurangnya satu dos vaksin, menuju ke arah pembukaan semula
ekonomi mereka secara kekal. Pelaksanaan vaksinasi di kalangan
negara-negara ASEAN menunjukkan tanda positif. Filipina mengunjurkan
pertumbuhan 6.5% hingga 7.5% pada tahun 2021 ketika ekonomi kembali
dibuka, dan bermulanya vaksinasi. Di Indonesia, sektor yang mempunyai
permintaan tinggi di luar negara kembali pulih sebahagiannya disebabkan
oleh kenaikan harga komoditi dan jangkaan pertumbuhan KDNK antara
4.5% dan 5.5%. Singapura menjangkakan unjuran pertumbuhan KDNK
4% hingga 6% untuk tahun 2021. Di Malaysia, Bank Dunia meramalkan
ekonomi Malaysia tumbuh sebanyak 6% pada tahun 2021 setelah
menguncup sebanyak 5.8 5.6% pada tahun 2020, dengan mendasarkan
kepada pelaksanaan program vaksinasi yang berkesan, peningkatan
eksport yang berterusan, kepenggunaan dan pelaburan. Kadar vaksinasi
Malaysia adalah yang ketiga tertinggi di ASEAN sebanyak 1.57% daripada
jumlah penduduk menerima sekurang-kurangnya satu dos, di belakang
Singapura pada 17.95% dan Indonesia pada 3.16%.
Unjuran pasaran ASEAN dijangka kekal konservatif berikutan
pertumbuhan ekonomi yang memberangsangkan pada tahun ini terutama
bagi keuntungan korporat. Pasaran ekuiti dijangka berhadapan dengan
beberapa halangan ekoran peningkatan risiko berkaitan tekanan inflasi
susulan data-data makro-ekonomi yang baik, penilaian yang mahal dan
peningkatan kes COVID-19 di seluruh dunia.
3.7 SUASANA PASARAN WANG TEMPATAN SEMASA
Laporan pasaran wang hanya dilakukan untuk pasaran wang tempatan
kerana bahagian tunai dana ini hanya didepositkan di dalam pasaran
wang tempatan.
Sepanjang 6-bulan berakhir 30 April 2021, Bank Negara Malaysia (BNM)
mengekalkan Kadar Dasar Semalaman (OPR) tidak berubah pada 1.75%
dalam beberapa siri mesyuaratnya pada 2 – 3 November 2020, 20
Januari, dan 4 Mac 2021. Sebelumnya, ia telah memotong kadar faedah
sebanyak 125 mata asas (terkumpul) sejak awal 2020 untuk membawa
kadar OPR ke tahap terendah pada rekod 1.75% bagi menyokong
ekonomi yang dilanda koronavirus.
Pemulihan ekonomi global semakin rancak meskipun tidak sekata,
disokong oleh peningkatan yang stabil dalam aktiviti perkilangan dan
perdagangan. Program pemberian vaksin yang sedang dilaksanakan di
banyak negara, bersama-sama dengan sokongan dasar, akan terus
membantu menambah baik keadaan permintaan swasta dan pasaran
tenaga kerja. Meskipun pasaran kewangan telah mengalami volatiliti,
keadaan kewangan terus menyokong kegiatan ekonomi. Risiko terhadap
prospek pertumbuhan telah berkurang sedikit, tetapi terus cenderung ke
arah pertumbuhan menjadi lebih perlahan. Hal ini disebabkan
terutamanya oleh ketidakpastian berhubung dengan pandemik COVID-19
dan keberkesanan program pemberian vaksin.>>> INTERIM REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (28)
3.7 SUASANA PASARAN WANG TEMPATAN SEMASA (SAMB.)
Bagi Malaysia, penunjuk terkini menunjukkan permintaan luaran
bertambah baik dan perbelanjaan pengguna berterusan. Walaupun
pelaksanaan semula langkah-langkah pembendungan akan menjejaskan
pertumbuhan pada suku pertama, kesannya dijangka tidak seteruk yang
dialami pada suku kedua tahun 2020. Pada masa hadapan, pertumbuhan
diunjurkan meningkat mulai suku kedua dan seterusnya. Keadaan ini
didorong oleh pemulihan permintaan global, peningkatan perbelanjaan
sektor awam dan swasta berikutan sokongan yang berterusan daripada
langkah-langkah dasar serta langkah-langkah pembendungan yang lebih
bersasar. Pertumbuhan juga akan disokong oleh pengeluaran yang lebih
tinggi daripada fasiliti sedia ada dan baharu dalam sektor perkilangan,
khususnya dalam subsektor elektrik dan elektronik (E&E) dan subsektor
berkaitan sumber, serta loji pengeluaran minyak dan gas. Program
pemberian vaksin COVID-19 dalam negara juga akan meningkatkan
sentimen dan kegiatan ekonomi. Walau bagaimanapun, prospek
pertumbuhan terus bergantung pada risiko pertumbuhan ekonomi menjadi
rendah. Keadaan ini berpunca terutamanya daripada ketidakpastian yang
berterusan mengenai perkembangan yang berkaitan dengan pandemik
serta cabaran yang akan dihadapi yang boleh menjejaskan pemberian
vaksin pada peringkat global dan dalam negara.
Purata inflasi keseluruhan pada tahun 2021 diunjurkan lebih tinggi
disebabkan terutamanya oleh harga minyak yang meningkat. Dari segi
trajektori, inflasi keseluruhan dijangka naik mendadak untuk sementara
waktu pada suku kedua tahun 2021. Hal ini disebabkan oleh asas yang
lebih rendah daripada harga runcit bahan api dalam negara yang rendah
pada suku yang sama tahun 2020, sebelum menjadi sederhana. Inflasi
asas dijangka kekal rendah dalam keadaan lebihan kapasiti yang
berterusan dalam ekonomi. Walau bagaimanapun, prospek ini bergantung
pada perkembangan harga minyak dunia dan komoditi.
MPC menyifatkan pendirian dasar monetari adalah wajar dan akomodatif.
Berikutan keadaan pandemik yang terus tidak menentu, pendirian dasar
monetari pada masa hadapan akan terus ditentukan oleh data dan
maklumat baharu, serta kesannya kepada prospek keseluruhan inflasi
dan pertumbuhan dalam negara. BNM terus komited untuk menggunakan
alat-alat dasarnya yang bersesuaian bagi mewujudkan keadaan yang
menyokong pemulihan ekonomi yang berterusan.
(Sumber: Laman sesawang Bank Negara Malaysia)
3.8 KEPENTINGAN PEMEGANG-PEMEGANG UNIT
Sepanjang tempoh kajian, tiada sebarang kejadian yang menjejaskan
kepentingan Pemegang-Pemegang Unit selain daripada urusniaga-
urusniaga yang dijalankan selaras dengan Surat Ikatan Amanah,
Garispanduan Tabung Unit Amanah, Akta Pasaran Modal dan
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