ENDED 31 OCTOBER 2020 - PMB SHARIAH ASEAN STARS EQUITY FUND
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Islamic Fund Management Company (IFMC)
PMB SHARIAH
ASEAN STARS
EQUITY FUND
ANNUAL REPORT FOR
THE FINANCIAL YEAR
ENDED 31 OCTOBER 2020>>> ANNUAL 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 Customer Relations Unit at 03-41453900 or email at investorrelation@pelaburanmara.com.my Thank you.
>>> ANNUAL 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 Relations Unit 03-4145 3900.
>>> ANNUAL 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) 4145 3901
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
Najmi bin Haji Mohamed
(Effective until 13 October 2020)
YM Tengku Ahmad Badli Shah bin Raja Hussin
Isnami bin Ahmad Mohtar
(Appointed on 12 October 2020)
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>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (4)
TABLE OF CONTENTS
1. FUND INFORMATION 6-7
1.1 FUND NAME 6
1.2 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 31 OCTOBER 2020 6-7
2. FUND PERFORMANCE DATA 8 – 10
2.1 PORTFOLIO COMPOSITION 8
2.2 PERFORMANCE DETAILS 9 - 10
3. MANAGER’S REPORT 11 – 19
3.1 FUND PERFORMANCE 11
3.2 INCOME DISTRIBUTION/UNIT SPLIT 11
3.3 POLICY AND INVESTMENT STRATEGY 12
3.4 ALLOTMENT OF FUND ASSETS 12>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (5)
TABLE OF CONTENTS
3.5 ECONOMIC REVIEW 13 - 17
3.6 EQUITY MARKET REVIEW 17 - 18
3.7 MONEY MARKET REVIEW 18
3.8 INTEREST OF UNIT HOLDERS 19
3.9 SOFT COMMISSIONS AND REBATES 19
4. TRUSTEE’S REPORT 29
5. SHARIAH ADVISER’S REPORT 30
6. STATEMENT BY MANAGER 31
7. AUDITOR’S REPORT 32 – 35
8. FINANCIAL STATEMENT 36 – 70
9. BUSINESS INFORMATION NETWORK 71 – 74
10. INFORMATION OF INVESTOR RELATION 75
11. INVESTOR PROFILE UPDATE FORM 76>>> ANNUAL 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 (DJIASN 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 31 OCTOBER 2020
MYR CLASS
No. of Unit No. of Units
Size of Holdings % %
Holder Held
5,000 and below 97 57.40 213,720.38 9.27
5,001 - 10,000 32 18.93 259,139.23 11.24
10,001 - 50,000 27 15.98 619,846.60 26.89
50,001 - 500,000 13 7.69 1,212,262.90 52.60
500,001 and above - - - -
Total 169 100.00 2,304,969.11 100.00>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (7)
1.7 UNIT HOLDINGS AS AT 31 OCTOBER 2020 (CONT.)
USD CLASS
No. of Unit No. of Units
Size of Holdings % %
Holder Held
5,000 and below - - - -
5,001 - 10,000 - - - -
10,001 - 50,000 2 100.00 34,539.94 100.00
50,001 - 500,000 - - - -
500,001 and above - - - -
Total 2 100.00 34,539.94 100.00>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (8)
2. FUND PERFORMANCE DATA
2.1 PORTFOLIO COMPOSITION
The Shariah-compliant equity securities held by the Fund are categorized based
on their principal business activities according to the Global Industry Classification
Standard for both Local Shariah-compliant Equities and Foreign Shariah-
compliant Equities.
31 October
Since Operation
2020 2019 (18/4/2018-
31/10/2018)
Sector % of NAV % of NAV % of NAV
Local
Malaysia
Market:
Basic Materials - - 3.49
Consumer Goods &
5.03 7.16 17.19
Services
Financial - 3.53 -
Health Care 17.30 - 7.65
Industrial 26.74 19.81 8.24
Oil & Gas 4.49 4.06 3.95
Technology 11.20 3.86 7.06
Utilities 8.63 4.88 3.90
73.39 43.30 51.48
Foreign
Market:
Indonesia
Basic Materials - 10.33 3.77
Consumer Goods &
3.02 3.53 3.53
Services
Financial - 8.63 -
Properties - 2.96 -
Technology - - 3.77
3.02 25.45 11.07
Philippines
Utilities - 2.97 2.68
Singapore
Consumer Goods &
7.49 - 3.35
Services
Thailand
Consumer Goods &
3.76 8.48 11.53
Services
Health Care - 4.79 6.91
3.76 13.27 18.44
Total Shariah-
compliant Equity 87.66 84.99 87.02
Islamic Deposits and 12.34 15.01 12.98
others
Total 100.00 100.00 100.00>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (9)
2.2 PERFORMANCE DETAILS
31 October
Since Operation
2020 2019 (18/4/2018-
31/10/2018)
Performance Details
Net Asset Value (NAV) - xD
MYR Class (RM‟000) 1,128 1,603 2,146
USD Class - - -
Unit in Circulation („000)
MYR Class 2,305 3,222 4,290
USD Class 0.035 - -
NAV per unit - xD
MYR Class 0.4473 0.4974 0.5003
USD Class 0.6752 0.4879 0.4879
NAV per unit - xD: Highest
MYR Class 0.5001 0.5060 0.5073
USD Class 0.7262 0.4879 0.5000
NAV per unit - xD: Lowest
MYR Class 0.3497 0.4662 0.4961
USD Class 0.4879 0.4879 0.4879
Total Return * (%)
MYR Class (10.07) (0.58) 0.06
USD Class 38.39 - (2.42)
Capital Growth * (%)
MYR Class (10.07) (0.58) 0.06
USD Class 38.39 - (2.42)
Income Return (%) - - -
Gross Distribution per unit (sen) - - -
Net Distribution per unit (sen) - - -
Management Expenses
(%) 3.10 2.62 1.32
Ratio (MER) ¹
Portfolio Turnover Ratio
(times) 0.80 0.74 0.75
(PTR) ²
* Source: Lipper
¹ MER for PMB SASEF increased by 0.48 percentage points to 3.10% from
2.62% in the corresponding period last year. The increase was due to a
decrease in total expenditure by 8.51%, followed by a larger decrease in the
average size of the fund by 22.93% to RM1.38 million from RM1.79 million.
² The PTR increased by 8.10% to 0.80 times from 0.74 times for the financial
year ended 31 October 2020, as compared to the same period of the
previous year. This was due to the decreased in buy and sell of shares
activities in line with the market conditions during the reviewed period. The
purchase and sell activities were carried out based on a changing investment
strategy in accordance with market conditions.
Past performance is not necessarily indicative of future performance,
unit prices and investment returns may fluctuate.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (10)
2.2 PERFORMANCE DETAILS (CONT.)
MYR CLASS
* ANNUAL TOTAL RETURN (31 OCTOBER)
Since Operation
2020 2019
(18 Apr 2018 until 31 Oct 2018)
PMB
(10.07%) (0.58%) 0.06%
SASEF
* AVERAGE TOTAL RETURN (31 OCTOBER )
Since Operation
1-year
(18 Apr 2018 until 31 Oct 2020)
PMB SASEF (10.05%) (4.29%)
* Source: Lipper
USD CLASS
* ANNUAL TOTAL RETURN (31 OCTOBER)
Since Operation
2020 2019
(18 Apr 2018 until 31 Oct 2018)
PMB
38.39% - (2.42%)
SASEF
* AVERAGE TOTAL RETURN (31 OCTOBER)
Since Operation
1-year
(18 Apr 2018 until 31 Oct 2020)
PMB SASEF 37.49% 15.52%
* Source: Lipper
Past performance is not necessarily indicative of future performance,
unit prices and investment returns may fluctuate.>>> ANNUAL 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 year ended 31 October 2020 (1 November 2019 until 31 October
2020).
3.1 FUND’S PERFORMANCE
For MYR class, PMB Shariah ASEAN Stars Equity Fund has not met its
objective, which is to achieve capital growth over the medium to long term.
Based on data from Lipper, the Fund's returns for the period from 18 April
2018 to 31 October 2020 was -10.54%. For the 1-year financial period
ended 31 October 2020, the Fund‟s return fell 10.07%.
For USD class, the Fund has met its objective when registered the positive
return of 35.04% since the fund‟s inception while for 1-year period ended
31 October 2020, the Fund rose 38.39%.
Fund‟s performance measured against benchmark since operation date
from 18 April 2018 to 31 October 2020 is as follows:-
Source: Lipper
The graph illustrates the movement of the Fund‟s return against the
benchmark since operation on 18 April 2018. During the period ended 31
October 2020, the Fund‟s NAV/unit for Malaysia Ringgit and US Dollar
recorded a return of -10.54% and 35.04% respectively while its benchmark
return fell by 13.68%.
For the period under review ended 31 October 2020, NAV/unit for MYR
class decreased by RM0.0501 or -10.07% to RM0.4473 from RM0.4974 as
at 31 October 2019. For USD class, the NAV/unit increased by US$0.1873
or 38.39% to US$0.6752 from US$0.4879.
3.2 INCOME DISTRIBUTION/UNIT SPLIT
No income distribution and unit split were declared during the 1-year
period ended 31 October 2020.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (12)
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.
During the financial year ended 31 October 2020, the fund manager
executed buy and sell activities for the fund based on relative strength
analysis. The Shariah-compliant equity exposure of the Fund was
maintained between 80% and 95% throughout the period under review.
3.4 ALLOTMENT OF FUND ASSETS
Comparison of investment components based on NAV is as follows:-
ASSET ALLOCATION
Investment
31 Oct 31 Oct Exposure
2020 2019 Change Average
(%) (%) (%) (%)
Shariah-compliant Equity 87.66 84.99 2.67 86.33
Islamic Deposits & others 12.34 15.01 (2.67) 13.67
As at 31 October 2020, 87.66% of the Fund‟s NAV was invested in
Shariah-compliant equity market. The balance of 12.34% was held in
Islamic deposits and/or other permitted investments.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (13)
3.5 ECONOMIC REVIEW
MALAYSIA
The Malaysian economy contracted by 17.1% in the second quarter of
2020 (1Q 2020: 0.7%). The decline reflected the unprecedented impact of
the stringent containment measures to control the COVID-19 pandemic
globally and domestically. In Malaysia, the nationwide Movement Control
Order (MCO) included various measures that restricted production and
consumption activities. This resulted in demand and supply shocks that
emanated not only from significantly weak external demand conditions, but
also production constraints in many economic sectors. Additionally, there
was a marked decline in tourism activity due to international border
closures and restricted interstate travel. On the supply side, most
economic sectors registered negative growth, while most expenditure
components declined. On a quarter-on-quarter seasonally-adjusted basis,
the economy contracted by 16.5%.
During the quarter, headline inflation was at -2.6%, mainly due to
substantially lower retail fuel prices compared to last year and the tiered
electricity tariff rebate. Core inflation moderated slightly to 1.2%.
In the second quarter of 2020, the ringgit appreciated by 0.5% against the
US dollar, following resumption of non-resident portfolio inflows as investor
sentiments and risk appetite improved. This was due to the quick
implementation of large-scale liquidity injections and policy responses by
central banks and governments. Additionally, investor sentiments were
also supported by the gradual easing of movement restrictions in a number
of countries. This development is in line with regional currencies, which
also appreciated against the US dollar during the quarter. In the more
recent period beyond the second quarter, the low global interest rate
environment and optimism on a recovery in global growth continue to drive
the positive market momentum within the region. As a result, Malaysia
continued to experience non-resident portfolio inflows and the ringgit
appreciated by 2.2% against the US dollar since end-June 2020 (as at 13
August). However, the global environment remains highly uncertain in the
near-term, which may lead to capital flows and exchange rate volatility
going forward.
Net financing to the private sector continued to expand at 3.7% on an
annual basis. Growth in outstanding business loans increased from 3.4%
in 1Q 2020 to 3.9% in 2Q 2020, while outstanding household loan growth
was sustained. On a monthly basis, disbursements for business loans
recovered to normal levels in June from low levels during the MCO in April
and May. This was in line with business loan demand that increased
during the quarter, especially for working capital needs, while household
demand for loans continued to decline amid more cautious sentiments.
Economic activity has resumed since the economy began to reopen in
early May 2020. Consequently, growth is expected to have troughed in the
second quarter of 2020, with a gradual recovery in the second half. This
outlook is underpinned by the rebound of key indicators such as wholesale
and retail trade, industrial production, gross exports, and electricity
generation.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (14)
3.5 ECONOMIC REVIEW (CONT.)
MALAYSIA (CONT.)
This improvement in growth will also be supported by the recovery in
global growth and continued domestic policy support. In particular,
consumption and investment activity is projected to benefit from the wide-
range of measures in the fiscal stimulus packages, continued financial
measures and low interest environment. With the reopening of economic
activities, a concurrent improvement in labour market conditions is
expected. Overall, the Malaysian economy is therefore forecasted to
contract within the range of -3.5% to -5.5% in 2020, before staging a
rebound within a growth range of 5.5% to 8.0% in 2021.
Average headline inflation in 2020 is likely to be negative, in line with the
earlier projected range of -1.5% to 0.5%, primarily reflecting the
substantially lower global oil prices. The risks of a broad-based and
persistent decline in prices are assessed to be limited as economic activity
gradually resumes and demand conditions improve. Underlying inflation is
expected to average within expectations for the year as a whole. For 2021,
headline inflation is forecasted to average higher, between 1% to 3%, in
line with the longer-term historical average. This mainly reflects the
expected recovery in global oil prices and improvement in domestic
demand conditions. However, the outlook will continue to be significantly
affected by uncertainties surrounding global oil and commodity prices as
well as the evolving COVID-19 developments.
(Source: Bank Negara Malaysia Website)
INDONESIA
The COVID-19 pandemic adversely impacted national economic growth in
Indonesia during the second quarter of 2020. Consequently, Indonesia‟s
economy contracted 5.32% (y-o-y) in Q2/2020 period after expanding
2.97% (y-o-y) in Q1/2020. The recent contraction is consistent with global
economic weaknesses stemming from the COVID-19 pandemic as well as
containment measures in the form of large-scale social restrictions to
break the domestic chain of transmission. Through its policy mix, Bank
Indonesia will continue to strengthen synergy with the Government and
other relevant authorities in order to ensure the effectiveness of various
policies implemented to build economic recovery momentum.
Domestic economic growth has declined across all Gross Domestic
Product (GDP) components from the expenditure side. Household
consumption contracted 5.51% (y-o-y) compared with positive 2.83%
(y-o-y) in the first quarter of 2020. Likewise, investment posted an 8.61%
(y-o-y) contraction, down from 1.70% (y-o-y) in the previous period. Muted
government stimuli in line with seasonal trends have also fed through to a
6.90% (y-o-y) contraction of government consumption, falling steeply from
3.75% (y-o-y) in the first quarter of 2020. In addition, exports experienced
an 11.66% (y-o-y) contraction in the reporting period due to the shrinking
global economy and sliding international commodity prices. Mirroring
domestic demand and exports, imports recorded a 16.96% (y-o-y)
contraction in the reporting period.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (15)
3.5 ECONOMIC REVIEW (CONT.)
INDONESIA (CONT.)
All economic sectors experienced a contraction in the second quarter of
2020, excluding Information and Communications; Water Supply; Health,
Education and Financial Services; as well as Agriculture. Economic
moderation has primarily been driven by Transportation and Storage,
Trade and Accommodation, as well as Manufacturing. In contrast, the
Information and Communications sector posted stronger growth in line with
greater uptake of digital media in response to Work From Home (WFH)
and School From Home (SFH) protocols. Furthermore, the Agricultural
sector has been boosted by the ongoing harvesting season.
(Source: Bank Indonesia’s website)
SINGAPORE
The Singapore economy contracted by 12.6% on a y-o-y basis in the
second quarter of 2020, due to the Circuit Breaker (CB) measures that
were implemented from 7 April to 1 June to slow the spread of COVID-19,
which included the suspension of nonessential services and closure of
most workplace premises, as well as weak external demand amidst a
global economic downturn precipitated by the COVID-19 pandemic. On a
q-o-q seasonally-adjusted annualised basis, the economy shrank by
41.2% in the second quarter.
The manufacturing sector grew by 2.5% on a y-o-y basis in the second
quarter, slower than the 8.2% growth in the previous quarter. Growth
during the quarter was primarily due to a surge in output in the biomedical
manufacturing cluster. On the other hand, weak external demand and
workplace disruptions during the CB period weighed on output in the
chemicals, transport engineering and general manufacturing clusters. On a
q-o-q seasonally-adjusted annualised basis, the manufacturing sector
shrank by 23.1%, a sharp reversal from the 45.5% expansion in the
preceding quarter. The construction sector contracted by 54.7% on a y-o-y
basis in the second quarter, a significant deterioration from the 1.1%
decline in the previous quarter. Construction output weakened on account
of the CB measures which led to a stoppage of most construction activities
during the period, as well as manpower disruptions arising from additional
measures to curb the spread of COVID-19, including movement
restrictions at foreign worker dormitories. On a q-o-q seasonally-adjusted
annualised basis, the construction sector shrank by 95.6% in the second
quarter, far worse than the 12.2% contraction in the preceding quarter.
The services producing industries contracted by 13.6% on a y-o-y basis in
the second quarter, steeper than the 2.4% decline in the previous quarter.
Within services, tourism-related sectors like accommodation and the air
transport sector were severely affected by global and domestic travel
restrictions, which brought visitor arrivals and air travel to a standstill.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (16)
3.5 ECONOMIC REVIEW (CONT.)
SINGAPORE (CONT.)
Other outward-oriented services sectors such as wholesale trade and
water transport were adversely affected by a fall in external demand as
many countries around the world grappled with the COVID-19 pandemic.
Meanwhile, domestically oriented services sectors such as food services,
retail and business services were significantly affected by the CB
measures. On a q-o-q seasonally adjusted annualised basis, the services
producing industries shrank by 37.7 % in the second quarter, extending
the 13.4 % decline recorded in the preceding quarter.
(Source: Singapore’s Ministry of Trade and Industry’s website)
PHILIPPINES
The GDP growth rate dropped by 16.5% in the second quarter of 2020, the
lowest recorded quarterly growth starting 1981 series. The main
contributors to the decline were: Manufacturing, -21.3%; Construction, -
33.5%; and Transportation and Storage, -59.2%. Among the major
economic sectors, only Agriculture, forestry, and fishing increased with
1.6% growth. Industry and Services both decreased during the period by
22.9% and 15.8%, respectively.
On the expenditure side, major items that declined were: Household Final
Consumption Expenditure (HFCE), 15.5%; Gross Capital Formation
(GCF), 53.5%; Exports, 37.0%; and Imports, 40.0%. On the other hand,
Government Final Consumption Expenditure (GFCE) posted positive
growth of 22.1%. Net Primary Income (NPI) from the Rest of the World and
Gross National Income (GNI) both decline by 22.0% and 17.0%
respectively.
(Source: Philippine Statistics Authority’s website)
THAILAND
Overall economic activity in the second quarter of 2020 substantially
contracted as a result of the strong implementation of COVID-19
containment measures in both Thailand and abroad, temporarily disrupting
economic activities. External demand contracted sharply both in the
tourism sector affected by international travel restriction measures, and
merchandise exports affected by weakening trading partner demand.
Consequently, domestic economic activities were affected especially
private consumption and private investment indicators as well as
manufacturing production. However, public spending expanded and
played an important role in supporting Thai economy. On the stability front,
headline inflation was negative mainly from a decline in energy prices,
while core inflation was slightly positive.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (17)
3.5 ECONOMIC REVIEW (CONT.)
THAILAND (CONT.)
The current account posted a small deficit compared with a large surplus
in the previous quarter, attributed to a drop in tourism sector receipt
coupled with the seasonal remittance of profits and dividends by foreign
businesses operating in Thailand. The capital and financial accounts
registered a surplus from the asset and the liability positions.
Thailand's GDP shrank by 12.2% y-o-y in the second quarter of 2020,
following a revised 2.0% contraction in Q1 and compared with market
consensus of a 13.3% plunge. This was the worst economic downturn
since the second quarter 1998, as both supply and demand took a hit from
the pandemic crisis. Both private consumption (-6.6% vs 2.7% in Q1) and
fixed investment (-8.0% vs -6.5%) declined, and net external demand
contributed negatively to GDP growth. Meanwhile, government spending
rebounded (1.4% vs -2.8%). On the production side, output contracted
mostly for agriculture (-3.2%), manufacturing (-14.4%), transportation and
storage (-38.9%), accommodation and food service activities (-50.2%),
administrative and support services activities (-25%). Considering the first
half of the year, the economy shrank by 6.9%.
(Source: Bank of Thailand’s website)
3.6 EQUITY MARKET REVIEW
For 1-year period ended 31 October 2020, the benchmark for PMB
Shariah ASEAN Stars Equity Fund, Dow Jones Islamic Market ASEAN
Index (“DJIASN”), decreased by 35.63 points or -3.19% to 1,079.74.
During period under review, DJIASN posted its highest level of 1,152.89
on 6 August 2020 while the lowest level of 728.58 was recorded on 23
March 2020. The movement range for the DJIASN Index during the
stipulated financial period was 424.31 points as compared to 124.73 points
during the same period in the previous year.
ASEAN countries were being severely affected by the COVID-19 crisis.
Foreign portfolio funds have as predictably exited ASEAN equity markets
in droves this year, as the pandemic hit, fleeing back to the relative safety
of the developed markets. As at YTD, Thailand and Malaysia experienced
net foreign outflow of USD 9.51billion and USD 5.44 billion respectively,
while Indonesia and Philippines experienced net foreign outflow of USD
2.88 billion and USD 2.07 billion respectively.
Following that, various fiscal stimulus packages being implemented in
2020, to cushion the impact of COVID-19 on economies. In terms of total
stimulus packages introduced in South-East Asia, Malaysia has spent the
most, at 20.2% of GDP. This was closely followed by Singapore (19.9%),
then Thailand (14.2%) and Indonesia (5.1%) – less than what European
countries spent, but higher than that of the North Asian states.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (18)
3.6 EQUITY MARKET REVIEW (CONT.)
GDP growth in 2020 was expected to decline by 2.9% on average in
Emerging Asia and by 2.8% in ASEAN-10. Growth rates was projected to
edge higher in 2021, by 5.6% in ASEAN. With an estimated GDP decline
of 6.7% in 2020, Thailand is expected to be the worst affected economy in
Emerging Asia.
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.
At its meeting on 10 September 2020, Monetary Policy Committee (MPC)
of BNM decided to maintain the Overnight Policy Rate (OPR) at 1.75%
after reduced it by 125 basis points during their meeting held on 3 March,
5 May and 7 July 2020.
The global economy continues to improve, with the easing of containment
measures across more economies and strong policy support. The re-
opening of production facilities has led to a resumption of manufacturing
and trade activity. However, the recovery in the services sector has been
slower. Financial conditions have improved, although risk aversion
remains elevated. The outlook is still subject to downside risks and
uncertainty, primarily due to the risk of a resurgence of the pandemic and
weaker labour market conditions.
For Malaysia, economic activity continues to recover from the trough in
April this year. Latest high frequency indicators show that labour market
conditions, household spending and trade activity have continued to
improve. Also supporting the economic recovery are the fiscal stimulus
packages, alongside monetary and financial measures. Looking ahead,
the improvement is expected to continue into 2021, supported by the
recovery in external demand and expansion in private sector expenditure.
However, the pace of recovery will be uneven across sectors, with
economic activity in some industries remaining below pre-pandemic levels,
and a slower improvement in the labour market. This outlook is still subject
to downside risks, particularly from ongoing uncertainties surrounding the
course of the pandemic domestically and globally.
Inflationary pressures are expected to remain muted in 2020. Headline
inflation is likely to average negative in 2020 given the substantially lower
global oil prices, and average higher in 2021, within the earlier projected
ranges. The outlook, however, will continue to be significantly affected by
global oil and commodity prices. Underlying inflation is expected to be
subdued amid spare capacity in the economy.
The cumulative 125 basis points reduction in the OPR this year will
continue to provide stimulus to the economy. Given the outlook for growth
and inflation, the MPC considers the stance of monetary policy to be
appropriate and accommodative. The Bank remains committed to utilise its
policy levers as appropriate to create enabling conditions for a sustainable
economic recovery.
(Source: Bank Negara Malaysia Website)>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (19)
3.8 INTEREST OF UNIT HOLDERS
For the financial period 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 1-year financial period ended 31 October 2020, 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 Fund Manager also received soft
commission from brokers in term of software and computer hardware
related to fund‟s investment, stock market and economic matters.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (20)
3. LAPORAN PENGURUS
Bagi tempoh setahun berakhir 31 Oktober 2020 (1 November 2019 hingga
31 Oktober 2020).
3.1 ANALISA PRESTASI DANA
Bagi kelas Ringgit Malaysia, PMB Shariah ASEAN Stars Equity Fund tidak
mencapai objektifnya, iaitu untuk mencapai pertumbuhan modal dalam
jangka sederhana hingga panjang. Berdasarkan data daripada sumber
Lipper, pulangan Dana untuk tempoh dari 18 April 2018 sehingga 31
Oktober 2020 adalah -10.54%. Bagi tempoh setahun kewangan berakhir
31 Oktober 2020 pula, pulangan dana menyusut 10.07%.
Untuk kelas Dolar AS, Dana telah mencapai objektifnya apabila mencatat
pulangan positif sebanyak 35.04% sejak pelancarannya, manakala dalam
tempoh setahun berakhir 31 Oktober 2020, Dana meningkat 38.39%.
Prestasi Dana berbanding tanda aras sejak mula beroperasi untuk
jangkamasa kewangan berakhir 31 Oktober 2020 adalah seperti berikut:-
Sumber: Lipper
Graf di atas mencerminkan pergerakan pulangan Dana sejak ia mula
beroperasi dan berakhir 31 Oktober 2020. Sepanjang tempoh tersebut,
NAB/unit Dana bagi Ringgit Malaysia dan Dolar AS masing-masing
mencatat pulangan sebanyak -10.54% dan 35.04%. Penanda aras Dana
jatuh sebanyak 13.68%.
Bagi tempoh kajian berakhir 31 Oktober 2020, NAB/unit Dana untuk
Ringgit Malaysia menyusut sebanyak RM0.0501 atau -10.07% kepada
RM0.4473 daripada RM0.4974 pada 31 Oktober 2019 . Untuk Dolar AS,
NAB/unit meningkat sebanyak US$0.1873 atau 38.39% kepada
US$0.6752 daripada US$0.4879.
3.2 PENGAGIHAN PENDAPATAN/TERBITAN UNIT PECAHAN
Tiada sebarang pengagihan pendapatan dan/atau terbitan unit pecahan
dicadangkan sepanjang tempoh kajian berakhir 31 Oktober 2020.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (21)
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.
Dalam tahun kewangan berakhir 31 Oktober 2020, 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-ASET DANA
Pecahan seunit mengikut kelas aset adalah seperti berikut:-
PECAHAN SEUNIT MENGIKUT KELAS ASET
Purata
31 Oct 31 Okt Perubahan Pendedahan
2020 2019 Peratus Pelaburan
(%) (%) Mata (%)
Ekuiti Patuh Syariah 87.66 84.99 2.67 86.33
Deposit Islam dan lain-lain 12.34 15.01 (2.67) 13.67
Pada 31 Oktober 2020, pegangan ekuiti patuh Syariah Dana ialah
sebanyak 87.66%. Baki 12.34% berada dalam deposit Islam dan
pelaburan-pelaburan lain yang dibenarkan.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (22)
3.5 SUASANA EKONOMI NEGARA
MALAYSIA
Ekonomi Malaysia menguncup sebanyak 17.1% pada suku kedua tahun
2020 (S1 2020: 0.7%). Penurunan ini mencerminkan kesan langkah-
langkah pembendungan yang ketat bagi mengawal pandemik COVID-19
pada peringkat global dan dalam negeri yang belum pernah dialami
sebelum ini. Di Malaysia, Perintah Kawalan Pergerakan (PKP) yang
dilaksanakan di seluruh negara termasuk pelbagai langkah yang
menyekat aktiviti pengeluaran dan penggunaan. Hal ini mengakibatkan
kejutan bekalan dan permintaan yang bukan sahaja berpunca daripada
keadaan permintaan luaran yang sangat lemah tetapi juga kekangan
pengeluaran dalam banyak sektor ekonomi. Selain itu, aktiviti
pelancongan juga menurun dengan ketara disebabkan oleh penutupan
sempadan antarabangsa dan sekatan perjalanan antara negeri. Dari segi
penawaran, kebanyakan sektor ekonomi mencatatkan pertumbuhan
negatif, sementara kebanyakan komponen perbelanjaan turut menurun.
Pada asas suku tahunan terlaras secara bermusim, ekonomi menguncup
sebanyak 16.5%.
Pada suku kedua, inflasi keseluruhan adalah pada -2.6%, disebabkan
terutamanya oleh harga runcit bahan api yang ketara lebih rendah
berbanding dengan tahun sebelumnya serta pelaksanaan rebat tarif
penggunaan elektrik secara bertingkat. Inflasi teras menjadi sederhana
sedikit kepada 1.2%.
Pada suku kedua tahun 2020, ringgit menambah nilai sebanyak 0.5%
berbanding dengan dolar AS, susulan aliran masuk semula portfolio bukan
pemastautin berikutan sentimen dan kesanggupan pelabur mengambil
risiko yang bertambah baik. Hal ini disebabkan oleh pelaksanaan segera
suntikan mudah tunai berskala besar dan tindak balas dasar oleh bank-
bank pusat dan kerajaan. Selain itu, sentimen pelabur juga disokong oleh
pelonggaran sekatan pergerakan secara beransur-ansur di beberapa
negara. Perkembangan ini adalah sejajar dengan mata wang serantau
yang turut menambah nilai berbanding dengan dolar AS pada suku itu.
Pada tempoh selepas suku kedua baru-baru ini, persekitaran kadar
faedah global yang rendah dan sikap optimis terhadap pemulihan
pertumbuhan global terus memacu momentum pasaran yang positif dalam
rantau ini. Kesannya, Malaysia terus mengalami aliran masuk portfolio
bukan pemastautin dan ringgit menambah nilai sebanyak 2.2%
berbanding dengan dolar AS sejak akhir bulan Jun 2020 (setakat 13
Ogos). Walau bagaimanapun, persekitaran global masih sangat tidak
menentu dalam tempoh terdekat ini dan hal ini mungkin menyebabkan
aliran modal dan kadar pertukaran menjadi tidak menentu pada masa
hadapan.
Pada asas tahunan, pembiayaan bersih kepada sektor swasta terus
meningkat sebanyak 3.7%. Pertumbuhan pinjaman perniagaan terkumpul
meningkat daripada 3.4% dalam suku pertama tahun 2020 kepada 3.9%
pada suku kedua tahun 2020, manakala pertumbuhan pinjaman isi rumah
terkumpul terus stabil. Pada asas bulanan, pengeluaran pinjaman
perniagaan pulih ke paras yang wajar pada bulan Jun daripada paras
yang rendah semasa PKP pada bulan April dan Mei.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (23)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
MALAYSIA (SAMB.)
Hal ini adalah sejajar dengan permintaan untuk pinjaman perniagaan yang
bertambah pada suku kedua, terutamanya untuk keperluan modal kerja.
Permintaan isi rumah untuk pinjaman pula terus menurun berikutan
sentimen yang lebih berhati-hati.
Kegiatan ekonomi telah disambung semula sejak ekonomi dibuka kembali
pada awal bulan Mei 2020. Kesannya, pertumbuhan dijangka berada pada
paras terendah pada suku kedua tahun 2020 dan pulih secara beransur-
ansur pada separuh tahun kedua. Prospek ini disokong oleh peningkatan
semula penunjuk utama seperti perdagangan borong dan runcit,
pengeluaran perindustrian, eksport kasar dan penjanaan elektrik.
Pertumbuhan yang bertambah baik ini juga akan disokong oleh pemulihan
dalam pertumbuhan global dan sokongan dasar dalam negeri yang
berterusan. Khususnya, aktiviti penggunaan dan pelaburan dijangka
mendapat manfaat daripada pelbagai langkah yang terdapat dalam pakej
rangsangan fiskal, langkah kewangan yang berterusan dan persekitaran
kadar faedah yang rendah. Dengan penyambungan semula kegiatan
ekonomi, keadaan pasaran pekerja juga dijangka bertambah baik. Secara
keseluruhan, ekonomi Malaysia diunjurkan menguncup dalam julat antara
-3.5% hingga -5.5% pada tahun 2020, sebelum kembali pulih dalam julat
pertumbuhan antara 5.5% hingga 8.0% pada tahun 2021.
Purata inflasi keseluruhan pada tahun 2020 dijangka kekal negatif sejajar
dengan unjuran sebelum ini iaitu dalam julat antara -1.5% hingga 0.5%.
Hal ini mencerminkan terutamanya harga minyak dunia yang ketara lebih
rendah. Risiko penurunan harga yang menyeluruh dan berterusan adalah
terhad apabila kegiatan ekonomi diteruskan semula secara beransur-
ansur dan keadaan permintaan bertambah baik. Purata inflasi asas
diunjurkan mengikut jangkaan bagi keseluruhan tahun ini. Bagi tahun
2021, purata inflasi keseluruhan diunjurkan lebih tinggi iaitu antara 1%
hingga 3%, sejajar dengan purata jangka lebih panjang yang pernah
dicatatkan. Hal ini mencerminkan terutamanya harga minyak dunia yang
dijangka pulih dan keadaan permintaan domestik yang bertambah baik.
Walau bagaimanapun, prospek ini akan terus dipengaruhi dengan ketara
oleh harga minyak dan komoditi dunia yang tidak menentu serta
perkembangan COVID-19 yang berubah-ubah.
(Sumber: Laman sesawang Bank Negara Malaysia)
INDONESIA
Pandemik COVID-19 memberi kesan buruk kepada pertumbuhan ekonomi
nasional di Indonesia pada suku kedua 2020. Akibatnya, ekonomi
uncupan baru-baru ini selaras dengan kelemahan ekonomi global yang
berpunca dari pandemik COVID-19 serta langkah-langkah pengekangan
dalam bentuk sekatan sosial berskala besar untuk memutuskan rantaian
penularan domestik. Menerusi dasar yang digabung, Bank Indonesia akan
terus meningkatkan sinergi dengan kerajaan dan pihak berkuasa lain yang
relevan untuk memastikan keberkesanan pelbagai dasar yang
dilaksanakan untuk membangun momentum pemulihan ekonomi.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (24)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
INDONESIA (SAMB.)
Pertumbuhan ekonomi domestik telah menurun di semua komponen
Keluaran Dalam Negara Kasar (KDNK) dari sisi perbelanjaan.
Penggunaan isi rumah menguncup 5.51% (y-o-y) berbanding positif 2.83%
(y-o-y) pada suku pertama 2020. Begitu juga, pelaburan mencatat
pengecutan 8.61% (y-o-y), turun dari 1.70% (y-o-y) pada tempoh
sebelumnya. Tiada rangsangan dari kerajaan dan juga seiring dengan tren
bermusim telah menyebabkan pengurangan penggunaan kerajaan
sebanyak 6.90% (y-o-y), jatuh dari 3.75% (y-o-y) pada suku pertama 2020.
Di samping itu, eksport mengalami penguncupan 11.66% (y-o-y) dalam
tempoh pelaporan kerana kemerosotan ekonomi global dan penurunan
harga komoditi antarabangsa. Mengimbangi permintaan dan eksport
domestik, import mencatatkan penguncupan 16.96% (y-o-y) dalam
tempoh pelaporan.
Semua sektor ekonomi mengalami penguncupan pada suku kedua 2020,
tidak termasuk Maklumat dan Komunikasi; Bekalan air; Perkhidmatan
Kesihatan, Pendidikan dan Kewangan; dan juga Pertanian. Ekonomi
menyederhana terutama didorong oleh Pengangkutan dan Penyimpanan,
Perdagangan dan Penginapan, serta Pembuatan. Sebaliknya, sektor
Maklumat dan Komunikasi mencatatkan pertumbuhan yang lebih tinggi
seiring dengan penggunaan media digital yang lebih besar sebagai tindak
balas terhadap protokol bekerja dari rumah (WFH) dan sekolah dari rumah
(SFH). Selanjutnya, sektor Pertanian telah didorong oleh musim penuaian
yang berterusan.
(Sumber: Laman sesawang Bank Indonesia)
SINGAPURA
Ekonomi Singapura menguncup sebanyak 12.6% berdasarkan tahun ke
tahun pada suku kedua 2020, disebabkan oleh tindakan Circuit Breaker
(CB) yang dilaksanakan dari 7 April hingga 1 Jun untuk mengekang
penyebaran COVID-19, yang merangkumi penangguhan perkhidmatan
yang tidak penting dan penutupan kebanyakan premis tempat kerja, serta
permintaan luaran yang lemah di tengah kemerosotan ekonomi global
yang disebabkan oleh wabak COVID-19. Pada asas tahunan yang
diselaraskan secara suku ke suku, ekonomi menyusut 41.2% pada suku
kedua.
Sektor pembuatan tumbuh 2.5% pada asas tahun ke tahun pada suku
kedua, lebih perlahan daripada pertumbuhan 8.2% pada suku
sebelumnya. Pertumbuhan pada suku tersebut disebabkan oleh
peningkatan pengeluaran dalam kelompok pembuatan bioperubatan.
Sebaliknya, permintaan luaran yang lemah dan gangguan di tempat kerja
dalam tempoh CB membebankan output dalam kelompok kimia,
kejuruteraan pengangkutan dan pembuatan umum. Pada asas tahunan
yang diselaraskan secara suku ke suku, sektor pembuatan menyusut
23.1%, pembalikan ketara dari pengembangan 45.5% pada suku
sebelumnya.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (25)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
SINGAPURA (SAMB.)
Sektor pembinaan menguncup sebanyak 54.7% pada asas tahun ke tahun
pada suku kedua, kemerosotan yang ketara dari penurunan 1.1% pada
suku sebelumnya. Output pembinaan melemah kerana tindakan CB yang
menyebabkan penghentian kebanyakan aktiviti pembinaan dalam tempoh
tersebut, serta gangguan tenaga kerja yang timbul dari langkah tambahan
untuk membendung penyebaran COVID-19, termasuk sekatan pergerakan
di asrama pekerja asing. Pada asas tahunan yang diselaraskan secara
suku ke suku, sektor pembinaan menyusut 95.6% pada suku kedua, jauh
lebih buruk daripada penguncupan 12.2% pada suku sebelumnya.
Industri penghasil perkhidmatan menguncup sebanyak 13.6%
berdasarkan tahun ke tahun pada suku kedua, lebih curam daripada
penurunan 2.4% pada suku sebelumnya. Dalam perkhidmatan, sektor
yang berkaitan dengan pelancongan seperti penginapan dan sektor
pengangkutan udara terjejas teruk oleh sekatan perjalanan global dan
domestik, yang menyebabkan kedatangan pengunjung dan perjalanan
udara terhenti. Sektor perkhidmatan lain yang berorientasikan luaran
seperti perdagangan borong dan pengangkutan air terjejas oleh
penurunan permintaan luaran kerana banyak negara di seluruh dunia
bergelut dengan wabak COVID-19. Sementara itu, sektor perkhidmatan
yang berorientasikan domestik seperti perkhidmatan makanan, runcit dan
perkhidmatan perniagaan banyak dipengaruhi oleh langkah CB. Pada
asas tahunan yang diselaraskan secara suku ke suku, industri penghasil
perkhidmatan menyusut 37.7% pada suku kedua, meneruskan penurunan
13.4 % yang dicatatkan pada suku sebelumnya.
(Sumber: Laman sesawang Kementerian Perdagangan dan Industri Singapura)
FILIPINA
Kadar KDNK turun sebanyak 16.5% pada suku kedua 2020, pertumbuhan
suku tahunan terendah yang dicatatkan bermula pada tahun 1981.
Penyumbang utama penurunan tersebut adalah: Pembuatan, -21.3%;
Pembinaan, -33.5%; dan Pengangkutan dan Penyimpanan, -59.2%. Di
antara sektor ekonomi utama, hanya Pertanian, perhutanan, dan
perikanan yang meningkat dengan pertumbuhan 1.6%. Industri dan
Perkhidmatan masing-masing menurun dalam tempoh masing-masing
sebanyak 22.9% dan 15.8%.
Dari segi perbelanjaan, item utama yang menurun adalah: Perbelanjaan
Penggunaan Akhir Isi Rumah (HFCE), 15.5%; Pembentukan Modal Kasar
(GCF), 53.5%; Eksport, 37.0%; dan Import, 40.0%. Sebaliknya,
Perbelanjaan Penggunaan Akhir Kerajaan (GFCE) mencatat pertumbuhan
positif 22.1%. Pendapatan Utama Bersih (NPI) dari Seluruh Dunia dan
Pendapatan Nasional Kasar (PNK) masing-masing merosot sebanyak
22.0 % dan 17.0%.
(Sumber: Laman sesawang Philippine Statistics Authority)>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (26)
3.5 SUASANA EKONOMI NEGARA (SAMB.)
THAILAND
Keseluruhan aktiviti ekonomi pada suku kedua tahun 2020 menguncup
secara substansial kesan daripada pelaksanaan tindakan pencegahan
COVID-19 di Thailand dan di luar negara, sehingga mengganggu aktiviti
ekonomi buat sementara waktu. Permintaan luaran menguncup di sektor
pelancongan yang dipengaruhi oleh langkah-langkah sekatan perjalanan
antarabangsa, dan eksport barang dagangan dipengaruhi oleh permintaan
yang lemah dari rakan dagang. Oleh itu, aktiviti ekonomi dalam negeri
terjejas terutamanya penggunaan swasta dan petunjuk pelaburan swasta
serta pengeluaran pembuatan. Walau bagaimanapun, perbelanjaan awam
berkembang dan memainkan peranan penting dalam menyokong ekonomi
Thailand. Dari segi kestabilan, inflasi dasar adalah negatif terutamanya
dari penurunan harga tenaga, sementara inflasi teras sedikit positif. Akaun
semasa mencatatkan defisit kecil berbanding dengan lebihan yang besar
pada suku sebelumnya, disebabkan oleh penurunan penerimaan sektor
pelancongan ditambah dengan pengiriman wang dan dividen bermusim
oleh perniagaan asing yang beroperasi di Thailand. Akaun modal dan
kewangan mencatatkan lebihan daripada aset dan kedudukan liabiliti.
KDNK Thailand menyusut 12.2% tahun ke tahun pada suku kedua 2020,
berikutan penguncupan 2.0% yang disemak semula pada S1 dan
dibandingkan dengan konsensus pasaran yang meramalkan penurunan
13.3%. Ini adalah kemerosotan ekonomi terburuk sejak suku kedua 1998,
kerana penawaran dan permintaan terjejas ekoran krisis pandemik.
Kedua-dua penggunaan swasta (-6.6% vs 2.7% pada S1) dan pelaburan
tetap (-8.0% vs -6.5%) menurun, dan permintaan luaran bersih
memberikan sumbangan negatif kepada pertumbuhan KDNK. Sementara
itu, perbelanjaan kerajaan meningkat semula (1.4% berbanding -2.8%).
Dari segi pengeluaran, output menguncup kebanyakannya untuk pertanian
(-3.2%), pembuatan (-14.4%), pengangkutan dan penyimpanan (-38.9%),
aktiviti penginapan dan perkhidmatan makanan (-50.2%), aktiviti
pentadbiran dan perkhidmatan sokongan (- 25%). Untuk separuh pertama
tahun ini, ekonomi menyusut 6.9%.
(Sumber: Laman sesawang Bank of Thailand)
3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA
Bagi tempoh setahun berakhir 31 Oktober 2020, penanda aras untuk PMB
Shariah ASEAN Star Fund, Dow Jones Islamic Market ASEAN Index
(“DJIASN”), telah menyusut sebanyak 35.63 mata atau 3.19% kepada
1,079.74. Dalam tempoh tersebut, DJIASN mencatatkan tahap tertinggi
pada 1,152.89 pada 6 Ogos 2020 sementara tahap terendah 728.58
dicatatkan pada 23 Mac 2020. Julat pergerakan untuk Indeks DJIASN
dalam tempoh kewangan yang dipantau adalah 424.31 mata berbanding
124.73 mata semasa tempoh yang sama pada tahun sebelumnya.
Negara-negara ASEAN terjejas teruk oleh krisis COVID-19. Dana portfolio
asing telah keluar dari pasaran ekuiti ASEAN tahun ini, ketika wabak
tersebut melanda, kembali ke pasaran maju yang relatifnya lebih selamat.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (27)
3.6 SUASANA BURSA SAHAM TEMPATAN SEMASA (SAMB.)
Bagi tempoh awal tahun sehingga 31 Oktober 2020, Thailand dan
Malaysia mengalami aliran keluar asing bersih masing-masing sebanyak
AS$9.51 bilion dan AS$5.44 bilion, sementara Indonesia dan Filipina
mengalami aliran keluar asing bersih masing-masing sebanyak AS$2.88
bilion dan AS$2.07 bilion.
Berikutan itu, pelbagai pakej rangsangan fiskal dilaksanakan pada tahun
2020, untuk mengurangkan kesan COVID-19 terhadap ekonomi. Dari segi
jumlah pakej rangsangan yang diperkenalkan di Asia Tenggara, Malaysia
telah membelanjakan paling banyak, iaitu 20.2% daripada KDNK. Ini diikuti
oleh Singapura (19.9%), kemudian Thailand (14.2%) dan Indonesia (5.1%)
- kurang dari apa yang dibelanjakan oleh negara-negara Eropah, tetapi
lebih tinggi daripada negara-negara Asia Utara.
Pertumbuhan KDNK pada tahun 2020 dijangka menurun sebanyak 2.9%
secara purata di Asia Baru Muncul dan 2.8% di ASEAN. Kadar
pertumbuhan diunjurkan meningkat lebih tinggi pada tahun 2021, iaitu
5.6% di ASEAN. Dengan jangkaan penurunan KDNK 6.7% pada tahun
2020, Thailand dijangka menjadi ekonomi yang paling teruk terjejas di Asia
Baru Muncul.
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.
Pada mesyuarat yang berlangsung pada 10 September 2020,
Jawatankuasa Polisi Monetari (MPC) BNM memutuskan untuk
mengekalkan Kadar Dasar Semalaman (OPR) pada kadar 1.75% selepas
mengurangkannya sebanyak 125 mata asas dalam mesyuarat-mesyuarat
yang telah berlangsung pada 3 Mac, 5 Mei dan 7 Julai 2020.
Ekonomi global terus pulih dengan pengurangan langkah-langkah
pembendungan pandemik COVID-19 oleh lebih banyak ekonomi dan
sokongan dasar yang kukuh. Pembukaan kembali kemudahan
pengeluaran telah menyebabkan penyambungan semula aktiviti
perkilangan dan perdagangan. Walau bagaimanapun, pemulihan dalam
sektor perkhidmatan adalah lebih perlahan. Keadaan kewangan telah
bertambah baik, walaupun kegiatan penghindaran risiko masih tinggi.
Prospek pertumbuhan masih tertakluk pada risiko pertumbuhan menjadi
lebih rendah dan ketidakpastian, disebabkan terutamanya oleh risiko
penularan semula pandemik dan keadaan pasaran pekerja yang lebih
lemah.
Bagi Malaysia, aktiviti ekonomi terus pulih daripada paras terendah pada
bulan April tahun ini. Penunjuk berfrekuensi tinggi yang terkini
menunjukkan bahawa keadaan pasaran pekerja, perbelanjaan isi rumah
dan aktiviti perdagangan terus bertambah baik. Pakej rangsangan fiskal
turut menyokong pemulihan ekonomi, di samping langkah-langkah
monetari dan kewangan.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (28)
3.7 SUASANA PASARAN WANG TEMPATAN SEMASA (SAMB.)
Peningkatan ini dijangka berterusan pada tahun 2021, disokong oleh
pemulihan permintaan luar negeri dan pengembangan perbelanjaan
sektor swasta. Walau bagaimanapun, kadar pemulihan ini dijangka tidak
sekata merentas sektor, dengan aktiviti ekonomi dalam beberapa industri
kekal berada di bawah paras sebelum pandemik, dan peningkatan yang
lebih perlahan dalam pasaran pekerja. Prospek pertumbuhan ini adalah
tertakluk pada risiko pertumbuhan menjadi lebih rendah berpunca
terutamanya daripada ketidakpastian yang berterusan mengenai
perkembangan pandemik pada peringkat domestik dan antarabangsa.
Tekanan inflasi dijangka terus sederhana pada tahun 2020. Purata inflasi
keseluruhan dijangka negatif pada tahun 2020 memandangkan harga
minyak dunia yang jauh lebih rendah, dan berpurata lebih tinggi pada
tahun 2021. Kedua-dua purata tersebut berada dalam lingkungan unjuran
sebelum ini. Walau bagaimanapun, prospek akan terus dipengaruhi
dengan ketara oleh harga minyak dan komoditi dunia. Inflasi asas dijangka
rendah dalam keadaan kapasiti ekonomi yang berlebihan.
Pengurangan OPR sebanyak 125 mata asas secara kumulatif tahun ini
akan terus merangsang ekonomi. Berdasarkan prospek pertumbuhan
ekonomi dan inflasi, MPC menyifatkan pendirian dasar monetari adalah
wajar dan akomodatif. 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
Perkhidmatan 2007 dan undang-undang lain yang berkuatkuasa.
3.9 REBAT DAN KOMISEN RINGAN
Sepanjang tempoh setahun kewangan berakhir 31 Oktober 2020,
Pengurus Dana menerima perkhidmatan daripada salah sebuah institusi
broker saham yang membantu proses membuat keputusan berkaitan
pelaburan dana secara tidak langsung. Perkhidmatan yang diterima
adalah dalam bentuk khidmat nasihat berkaitan hal-hal Syariah. Sebagai
tambahan, Pengurus Dana juga telah menerima komisen ringan daripada
syarikat broker saham dalam bentuk perisian dan perkakasan komputer
yang berkaitan dengan pengurusan pelaburan dana dan pengurusan
pasaran saham dan ekonomi.
Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam
Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan
Bahasa Inggeris.>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (29)
4. TRUSTEE’S REPORT
To the Unit Holders of
PMB SHARIAH ASEAN STARS EQUITY FUND
We, CIMB Islamic Trustee Berhad being the trustee for PMB Shariah ASEAN
Stars Equity Fund (“the Fund”), are of the opinion that PMB Investment Berhad
(“the Manager”), acting in the capacity as the Manager of the Fund, has fulfilled its
duties in the following manner for the financial year ended 31 October 2020.
a) The Fund has been managed in accordance with the limitations imposed on
the investment powers of the Manager under the Deed, the Securities
Commission Malaysia‟s Guidelines on Unit Trust Funds, the Capital Markets
and Services Act 2007 (as amended from time to time) and other applicable
laws;
b) Valuation and pricing for the Fund has been carried out in accordance with
the Deed and relevant regulatory requirements; and
c) Creation and cancellation of units have been carried out in accordance with
the Deed and relevant regulatory requirements.
For and on behalf of
CIMB Islamic Trustee Berhad
LEE KOOI YOKE
Chief Executive Officer
Kuala Lumpur, Malaysia
21 December 2020>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (30)
5. SHARIAH ADVISER’S REPORT
To the Unit Holders of
PMB SHARIAH ASEAN STARS EQUITY FUND (“Fund”)
We hereby confirm the following:
1. To the best of our knowledge, after having made all reasonable
enquiries, PMB Investment Berhad has operated and managed the
Fund during the period covered by these financial statements in
accordance with Shariah principles and complied with the applicable
guidelines, rulings or decisions issued by the Securities Commission
Malaysia pertaining to Shariah matters; and
2. The asset of the Fund comprises instruments that have been
classified as Shariah compliant.
For and on behalf of the Shariah Adviser,
BIMB SECURITIES SDN BHD
IR. DR. MUHAMAD FUAD ABDULLAH
Designated Shariah Person
KUALA LUMPUR
22 December 2020>>> ANNUAL REPORT - PMB SHARIAH ASEAN STARS EQUITY FUND >>> (31) 6. STATEMENT BY MANAGER To the Unit Holders of PMB SHARIAH ASEAN STARS EQUITY FUND We, TENGKU AHMAD BADLI SHAH BIN RAJA HUSSIN and NIK MOHAMED ZAKI BIN NIM YUSOFF, being two of the Directors of PMB INVESTMENT BERHAD, do hereby state that in the opinion of the Manager, the financial statements give a true and fair view on the financial position of the Fund as at 31 October 2020 and of its statement of comprehensive income, changes in equity and cash flows of the Fund for the financial year ended 31 October 2020 in accordance with Malaysian Financial Reporting Standards (MFRSs), International Financial Reporting Standards (IFRSs) and modified in accordance with the Guidelines on Unit Trust Funds by the Securities Commission Malaysia. For and on behalf of PMB INVESTMENT BERHAD As Manager of PMB SHARIAH ASEAN STARS EQUITY FUND TENGKU AHMAD BADLI SHAH BIN RAJA HUSSIN Director NIK MOHAMED ZAKI BIN NIK YUSOFF Director KUALA LUMPUR 16 DECEMBER 2020
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