ICM 153 Minutes_draft

8/2/2019 ICM 153 Minutes_draft

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BIMB Investment Management Berhad 1

MINUTES OF THE 152nd BIMB INVESTMENT MANAGEMENT BERHAD, INVESTMENT COMMITTEE

MEETING (August & September) HELD AT MEETING ROOM, LEVEL 19, MENARA BANK ISLAM,

JLN PERAK, 50450 K.L ON MONDAY, 31st

OCTOBER 2011 AT 02.30P.M.

Present : Tuan Haji Ghazali Awang IC Member / Chairman

Encik Mustapha Hamat IC Member

Mr. Jeroen P.M.M Thijs IC MemberPuan Norashikin Mohd Kassim IC Member

In attendance : Nazaruddin Othman Chief Operating Officer (COO)

Encik Hanafi Husin Investment Manager

Puan Fatimatul Zainulha Compliance Manager

Minute By : Muhammad Faris Aizuddin Investment Analyst

NO AGENDA DISCUSSEDACTION/

INFO

OPENING REMARK

Chairman commenced the meeting with the recitation of Surah Al-Fatihah.

INFO

1. CONFIRMATION OF MINUTES OF MEETING

The previous meeting minutes of ICM No: 151 held on 19th August 2011 was reviewedand confirmed by the meeting committee, subject to amendments of the highlighted items.

MEETINGSECRETARY

2. MATTERS ARISING

2a. Appointment of the New Chief Investment Officer (CIO)

COO highlighted to the committee that the new CIO will report on duty on 29th

November 2011.

The new CIO is the seconded staff from Bank Islam.

2b. Suggestion for ICM to be held in monthly basis

Chairman suggested for ICM to be held in monthly basis

Chairman also suggested that ICM should be proceed even though at the absent for

any of IC member as long as three IC member present during the meeting

INFO


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3. FUND PERFORMANCE AND RANKING

3.1 FUNDS RETURN

The following performance review is for the period from 31st

July 2011 to 31st

August

2011.

The following performance review is for the period from 31st

August 2011 to 30th

September 2011.

NOTED BY ICMEMBERS

NOTED BY ICMEMBERS


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3.2 FUND RANKING

Lipper Table as at26th

August 2011.

Lipper Table as at23rd

September 2011.

NOTED BY ICMEMBERS

NOTED BY ICMEMBERS


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3.3 PERFORMANCE REVIEW P&L

As at 31st

August 2011

BIMB I-GROWTH

Review The fund recorded realized loss of RM930.5k as compared to realized gain of RM264k

previously.

The funds total gross loss to date was RM 683.6k.

The funds recorded net unrealized gain of RM1.04m as compared to RM3.6m previously

Strategy

Equity exposure reduced from 80.2% to 69.9%.

Equity and portfolio beta reduced from 1.07x to 1.01x and from 0.77x to 0.71x

respectively.

NOTED BY ICMEMBERS

INFO

Realised Curr Cum Current Previous

Equity -987,666 -987,666 -

Dividend 233,483 16,638 216,845

Isl amic Bonds 34,823 17,399 17,424

Money Market 35,738 23,086 29,913

-683,622 -930,543 264,182

Fund NAV (RM) 49,436,887 52,835,211

Unit in Circulation 168,862,637 168,257,268

Fund NAV per unit(RM) 0.2928 0.314

Unrealised Current Previous

Equity - Profit 2,409,830 4,791,522

(Loss) -1,413,065 -1,188,288

Bonds - Profit 53,920 29,520

(Loss) -19,440 -18,990

Money Market 6,463 1,500

Unrealised Profit 2,470,213 4,822,542

Unrealised Loss -1,432,505 -1,207,278

Net Profit/(Loss) 1,037,708 3,615,263

BIMB i-Growth

As at 31August 2011


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AL-MUNSIF

Review

The fund recorded realized gain of RM 659k as compared to RM 473k reported

previously.

The funds total gross profit to date was RM3.43 m

The funds recorded net unrealized loss of -RM 2.5m as compared to unrealized

gain of RM 365k previously

Strategy

Equity exposure reduced from 54.7% to 52.9% due to net sell

Equity increased from 1.08x to 1.11x and portfolio beta reduced from 0.63x to0.59x

To maintain equity exposure at the current level.

NOTED BY ICMEMBERS

INFO


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AL FALAH

Review

The fund recorded realized gain of RM 194k as compared to RM 158k reported

previously.

The funds total gross profit to date was RM 2.25m

The funds recorded net unrealized loss of -RM 1.02m as compared to unrealized

gain of RM 132k previously.

Strategy

Equity exposure reduce from 48.2% to 45.6%

Equity increased from 1.22x to 1.23x and portfolio reduced from 0.73x to 0.67x.

NOTED BY ICMEMBERS

INFO


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AL FAKHIM

Review

The fund earned an income of RM 45.1k as compared to RM 42.3k previously.

The total income recorded to-date was RM 570.7k.

The funds recorded net unrealized gain of RM 141k as compared to RM 68k

reported previously.

Strategy

Sukuk exposure at 81%, invested in Government Investment Issue (GII) and 19%

was in money market, which consists of GIA and SIA.

Fund strategy is to participate in any existing or new issuance of P1 or Marc-1

Commercial paper tenders (if any)

NOTED BY ICMEMBERS

INFO


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BIMB INVEST MONEY MARKET (BIMMF)

Review

The fund earned an income of RM 693k as compared to RM 741k reported

previously.

The total income recorded to-date was RM 1.433 mil.

Strategy



NOTED BY ICMEMBERS

INFO


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BIMB i-Dividend Fund

Review

The fund earned an income of RM 24k as compared to RM 33k reported

previously.

The total income recorded to-date was RM 139k.

The funds recorded net unrealized loss of-RM 88k as compared to a loss of -RM

53k reported previously

Strategy

Equity exposure reduced from 45.7% to 69.6%.

Equity beta marginally increased from 0.77x to 0.79 and from 0.35x to 0.55x

respectively

NOTED BY ICMEMBERS

INFO


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As at 30th

September 2011

BIMB I-GROWTH

Review

The fund recorded realized gain of RM 199.7k as compared to realized loss of RM

930.5k previously.

The funds total gross loss to date was -RM 483.9k.

The fund recorded net unrealized loss of RM 682.1k as compared to unrealized

gain of RM 1.04m previously.

Strategy

Equity exposure reduced from 69.9% to 69.2% (77.7% to 76.9% of 90% equity

exposure for the fund)

Equity beta marginally reduced from 1.02x to 1.01x and portfolio beta marginally

increased from 0.71x to 0.72x

NOTED BY ICMEMBERS

INFO


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AL-MUNSIF

Review

The fund recorded realized gain of RM 209.9k as compared to RM 659.1k reported

previously.

The funds total gross profit to date was RM 209.9k.

The funds recorded un-realized gain of RM 830k as compared to RM 638k

reported previously.

Strategy


exposure for the fund)

Equity and portfolio beta reduced from 1.27x to 1.09x and from 0.68x to 0.56x

respectively.

To maintain equity exposure at current level

NOTED BY ICMEMBERS

INFO


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AL FALAH

Review

The fund recorded realized gain of RM 85.1k as compared to RM 193.5k reported

previously.

The funds total gross profit to date was RM 85.1k.

The fund recorded net unrealized loss of RM 1.7m as compared to loss of RM1.0m previously.

Strategy


exposure for the fund).

Equity and portfolio beta increased from 1.38x to 1.11x and from 0.63x to 0.5x

respectively.

NOTED BY ICMEMBERS

INFO


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BIMB INVEST MONEY MARKET (BIMMF)

Review

The fund earned an income of RM 796k as compared to RM693k previously.

The total income recorded to-date was RM2.23m

Strategy



NOTED BY ICMEMBERS

INFO

BIMB Invest Money Market

As at 30 September 2011

Realised Curr Cum Current Previous

Bonds

Money Market 2,230,545 796,898 693,052

2,230,545 796,898 693,052

Unrealised Current Previous

Bonds - Profit

(Loss)

Money Market 1,787,845 830,378

Unrealised Profit 1,787,845 830,378Unrealised Loss - -

Net Profit/(Loss) 1,787,845 830,378


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BIMB I-DIVIDEND

Review

The fund earned an income of RM 72.7k as compared to RM 24.2k reported

previously. The total income recorded to-date was RM 212.0k.

The funds recorded net unrealized loss of RM 380.1k as compared to loss of RM

390.5k reported previously.

Strategy

Equity exposure reduced from 69.9% to 69.2%

Equity and portfolio beta increased from 0.79x to 0.81x and from 0.55x to 0.56x

respectively


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4. MARKET REVIEW AND OUTLOOK (For August 2011)

4.1 Market Review

For the month of August 2011, the KLCI plunged 102pts or -6.6% to 1,447 points.

Global markets came under heavy selling pressure due to the downgraded on US

credit rating and concern on Europe crisis.

In addition, the disappointing August financial results season weighed down on

many larger cap GLCs including Axiata, MISC, PetChem, CIMB, MAS and Proton .

4.2 Global Indicators

US Leading Indicators rose to 0.5% mom in July.

The US Conference Boards index of leading indicators, which provides an early

signal on the direction of the economy over the next three to six months, rose to0.5% mom in July, after moderating to +0.3% in June but lower than the +0.7% gain

in May.

The mom improvement in the leading index lifted the six-month annualized rate of

change to 6.0% in July, from +5.2% in June, but lower than the high of +8.2% in

March, suggesting that the pace of the recovery remains weak.

Global PMI for Services Moderated in August

Global PMI for services moderated to 52.0 in August after a short rebound to 53.0 in

July as compared to 52.2 in June

Despite the moderation, the reading suggests that global services activities

continued to expand even though at a moderate pace

US PMI of the ISM for non manufacturing picked up in August The PMI pick up in August of 53.3 was the first in 3 months and was higher than

the median forecast of 51.0, suggesting that consumer spending held up well

during the month even as unemployment remained high at above 9.0%

Foreign Fund Flow as at 9 Sept 2011

On the week ended as at 9 September, there was an outflow of foreign investment

to Asian equity amounted to USD2.0b, based on data from the 7 proxy markets

(Korea, Taiwan, Thai, Malaysia, Indonesia, Philippines and India.)

There was a significant outflow from the Developed markets of Korea and Taiwan

amounted USD1.2b and USD1.1b respectively

In the local market, foreign investors remained net buyers for the second

conservative weeks, in thin trading. They bought equity amounted to RM85.2m oran average of only RM17m per day, compared with an average of RM170m the

week before.

Local institutions were on the sideline. Gross trade amounted to only RM5.5b

compared with an average for a full trading week this year of RM8.1b.

INFO

INFO

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4.3 Local Indicator

GDP Slowed Down to 4.0%yoy 2Q 2011

The Malaysian real GDP growth slowing down to 4.0% yoy in 2Q 2011, comparedto +4.9% in the 1Q and +9.0% in the corresponding quarter of 2010.

This was due to a moderation in consumer and business spending during the

quarter

Private and public investment weakened in the 2Q, leading to a slower increase in

domestic demand. These were however, mitigated by a pickup in real export

growth, which grew at a faster pace during the quarter.

On the supply side, the manufacturing sector slowed down in the 2Q, due partly to

Japans earthquake that had disrupted the supply chain and production as well as

weaker domestic demand

The services sector moderated slightly, because of slower consumer and business

spending. The mining output contracted by a larger magnitude, while construction activities

weakened sharply during the quarter. These, however, mitigated by a strong

rebound in agriculture output.

Domestic demand expected to improve in the 3Q and gather pace in the 4Q.

Growth will likely be driven by higher business spending and resilience in

consumer spending.

CPI eased to 3.4% yoy in July 2011

The inflation eased to 3.4% yoy in Jul from 3.5% in June. The headline inflation

was lower than consensus (3.6%).

This was due to easing on transport prices but prices of food and housing and

utilities remained high.

BNM should continue to hold rates at 3.00% in Sep.

Bank Negara Malaysia (BNM) is believed to keep the overnight policy rate (OPR)

unchanged at 3.00% for the second time in a row at its upcoming monetary policy

meeting on 8 Sep.

INFO

INFO

INFO


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4.4 Market Outlook : Equity

Negative outlook from the US credit sentiment is spilling over to the global market.

We expect a downtrend movement in the market will continue in the next few weeks. Eurozone sovereign debt crisis remain a concern. Cautious on unexpected events

could cause the reversal of capital flow earlier than expected.

Domestically, news flow continue to be positive especially those sectors in the

Governments ETP, but may still be clouded by global developments.

Corrections may occur from time to time but equity market will be supported by high

liquidity.

At 1,477 points, FBMKLCI trades at 12.58x forward PE.

4.5 Market Outlook : IDS

Private Debts Securities (PDS) trading volume surged by 58.2% month-on-month

(MoM) to RM10.7 billion (July 2011: RM6.7 billion). The AA rating and AAA rating

segments continued to garner the strongest trade shares at 42% and 36%

respectively, while the A rating and non-rated segments were less popular but

volumes were close to the RM1.0 billion mark with 10.3% and 9% trade shares

respectively. Investors lack of confidence amid the U.S and Euro debt crisis can be

seen through recent trading trends, which skewed to safe-haven papers. Papers on

government related entities, banking and power sector dominated with

approximately 75% of total PDS trades in August 2011. Credit environment

deteriorated, as the positive/negative ratio declined from 0.50x to 0.20x MoM

Looking forward, government bonds yield expected to be remains supported withanticipation that BNM holds the OPR at 3.0% until end of this year as growth

concerns outweigh inflation risks. The central bank is believed to reassess its

monetary stance in November as it gauges the impact from the recent volatility in the

financial markets on the domestic economy.

To look for sovereign Islamic securities or high credit papers with the focus will be

more on new issues of Islamic corporate bond

The following tables depict the yield changes of the sovereign and AAArated

Sukuk/Islamic Bonds and Conventional Bonds for 3-year, 5-year, 7-year and 10-

year tenures

INFO

INFO

INFO


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5.MARKET REVIEW AND OUTLOOK (For September 2011)

5.1 Market Review

For the month ended September, FBMKLCI down 60pts or 4.1% to 1,387 points.Average value traded on Bursa in September eased 15% mom to RM1.81bn per day(RM2.14bn previously) as investors continued to de-risk as fears of a double-dip inEurope and US peaked.

Emerging markets outperformed other markets in July and August but succumbed toheavy profit taking and selling pressure towards mid-September

5.2 Global Indicators

The OECD Composite Leading Indicators (CLI) down for the 4 straight month.

The OECD composite leading indicators (CLI) continued to point to slowing

economic activity in most OECD countries and non-member economies. The OECD

CLI fell 0.50pt mom to 101.57pts in Jul (-0.43pt in Jun), marking the fourth straight

INFO

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month of widening declines in major economies, suggesting slower economic

activities going forward.

The CLIs for the United States, Eurozone, Canada, France, Germany, Italy and the

UK show stronger signs of slower economic activity on the horizon. However,

Japans CLI points to a potential turning point in economic activity. This indicates

the advanced economies continue to worsen markedly.

The CLIs for emerging economies i.e. Brazil, Russia, India and China continued torecord negative monthly changes, suggesting a continued moderate pace of

economic growth. The CLIs for China and India contracted at a slower pace while

those for Brazil and Russia accelerated.

The CLIs for major Asian economies point the same trend. The magnitude of the

slowdown will differ from country to country, as some countries will cushion by

resilient domestic demand.

US Economy Grew At A Revised 1.3% Annualized In The 2Q

The US real GDP grew at a revised annualized rate of 1.3% in the 2Q, faster than

+1.0% estimated last month, underpinned by higher-than-expected contribution

from net exports, as exports grew at a faster pace than earlier estimate and importsgrowth came in at a much slower pace.

Slightly stronger-than-expected consumer spending, which grew by 0.7% in the 2Q

versus + 0.4% estimated last month but weaker than 1Q with recorded a growth of

+2.1.

Consensus expects the US economy to expand by 1.8% annualized in the 3Q

(down from the previous estimate of 2.1%), before inching up to +2.2% in the 4Q

(down from the previous estimate of 2.5%)

IMF Lowered Its Forecast Of Global Growth

The International Monetary Fund(IMF) slashed its forecast of global growth to

4.0% in 2011 and 2012, or by 0.3 and 0.5 percentage points respectively, from the

earlier forecast of +4.3% and +4.5% respectively made in June, as global

economic activity has turned weaker and more uneven, on top of falling

confidence, resulting in increasing downside risks.

This was attributed to cuts in the growth forecast of advanced economies to 1.6%

and 1.9%, from +2.2% and +2.6% in 2011 and 2012 respectively, due to the

weaker outlook in the Eurozone economy.

Eurozones Manufacturing And Services Activities Contracted In September

Eurozones Preliminary Purchasing Managers Index (PMI) for the manufacturing

sector, which records manufacturing activity across all the major Eurozoneeconomies, fell to 48.4 in September, from 49.0 in August. This was the lowest

reading since August 2009, and marked the second straight month of contraction

in manufacturing activities, on the back of falling confidence in the economic

outlook in the region. This was due to a sharper decline in new orders, which fell

for the fourth consecutive month and at the steepest rate since May 2009 during

the month.

Eurozones Preliminary Purchasing Managers Index (PMI) for the services sector,

slipped into a contraction at 49.1 in September, compared with 51.5 in August.

This was the lowest since July 2009, dragged down by a contraction in activity and

new business inflow during the month.

As a whole, the regions composite index fell to 49.2 in September, from 50.7 inAugust, marking the first month of contraction in more than two years. The

forward-looking indicators indicated higher risk of further contraction in the coming

INFO

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months. This suggests that the Eurozone economy will likely stagnate in the 3Q,

after slowing to +0.2% qoq in the 2Q.

Foreign Fund Flow as at 30 Sept 2011

On the week ended, 30 September, there was an aggregate net inflow of foreign

investment amounted to USD1.2b from the seven proxy markets i.e. Korea,

Taiwan, Thai, Malaysia, Indonesia, Philippines and India. The flow of data was mixed among emerging markets.

There was a net inflow to Indonesia, Korea and Taiwan amounted to USD844m,

USD502m and USD144m respectively.

Malaysia, Thailand and the Philippines reported an outflow of USD118m, USD21

and USD49m respectively.

Locally, local institutions were net buyers while local retailers were net seller.

5.3 Local Indicator

Leading Index (LI) sustained at 1.9% yoy in July

The Leading Index (LI), which provides an early signal of the direction that the

economy is heading, sustained at a moderate growth of 1.9% yoy in July,

suggesting that the economy is likely to hold up well in the months ahead amid the

challenging global economic environment.

This was reflected in a decline in both the Bursa Malaysia Industrial Index (-0.1%)

and real imports of semi-conductors (-0.1%) during the month. Similarly, the real

money supply and expected manufacturing sales stagnated (0.0%) in July, after

growing by +0.2% and +0.1% respectively in June.

These however, mitigated by stagnation in the real imports of other basic precious

and other non-ferrous metals (0.0%) in July, compared with a decline of 0.2% inJune.

The number of housing permits approved, on the other hand, grew at the same

pace (+0.1%) in July, the same as in the previous month. Similarly, the number of

new companies registered fell at the same pace (- 0.1%) during the month, as in

June.

We believe that domestic drivers will support the continued expansion of domestic

demand.

Inflation eased to 3.3% in August

The headline inflation rate moderated to 3.3% yoy in August, marking the second

straight month of easing, from +3.4% in July and off a 26-month high of +3.5% inJune. This came in line with market expectations (3.3%).

This was primarily due to a moderation in the food & non-alcoholic beverage

prices.

Going forward, inflation will likely moderate but stay elevated at around 2.8% in

2012, compared with +3.3% estimated for 2011 driven by reduction in subsidies for

fuel and power tariff by government. As slower economic growth and demand will

likely to mitigate the impact. This likely be aided by lower commodities and crude

oil price

As a result, Bank Negara Malaysia (BNM) is believe to hold its OPR unchanged at

3.0% in the near future, as the downside risk to the Malaysian economic growth

has increased and the Central Bank has shifted its focus from inflation to growth.


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Manufacturing Sales edged up to 10.8% yoy in July

Manufacturing sales edged up to 10.8% yoy in July, faster than the revised growth

of +10.0% in June. This was the fastest growth in three months but is unlikely to

sustain due to weaker growth prospect in the manufacturing sector resulted from

almost stagnant in exports of manufactured goods during the month.

Because of softening sales performance, manufacturering sector turned more

cautious in its recruitment of workers in July. In total, 1.019 million workers werehired in the sector for July, a decrease of 2,721 workers hired from previous month

of June .

Going forward, outlook of the economy will still clouded by fear that the Eurozones

debt crisis could not be resolved any time soon and it is showing signs of

worsening.

5.4 Market Outlook : Equity

Negative outlook from the US credit sentiment is spilling over to the global market

Eurozone sovereign debt crisis remain a concern. Market is driven by news flow of Eurozone and US.

Another correction is expected but with limited downside as market has scaled down

of worst-case scenario i.e. Greece to be defaulted.

Domestically, news flow continued to be positive:

News flow in construction (MRT, LRT, government land development)

Rising Petronas capex spending RM300bn over next 5 years

Mergers & acquisitions (M&A)

General election

Local market may still be clouded by global developments.

Local equity market will be supported by high liquidity

5.5 Market Outlook: IDS

In the last MPC meeting held in September 2011, Bank Negara Malaysia (BNM)

maintained the OPR and SRR at 3.00% and 4.00% respectively. BNM is unlikely to

raise OPR further in near term as inflationary pressure had subsided and external

environment posed downside risk to the Malaysian economy, compounded by the

strengthening of US dollar.

PDS trading volume increased by merely 8% MoM to RM11.5 billion in September

2011. The AA segment continued to dominate trade with 45% trading share followed

by the AAA segment with 36% share.

The reopening of GII 11/16 auction drew strong demand with bid-to-cover ratio of 2.8x

compared with the last opening of 5-year GII with bid-to-cover ratio of 1.9x. The RM4

billion, 5-year GII sold at an average yield of 3.375%.

Looking forward, PDS trading will remain active, with net buying opportunities still

exist. Even amidst risk of slowing economic growth and corporate earnings, credit

conditions have not deteriorated. At end of September, a total of 33 facilities were

carrying Negative ratings outlook by either RAM Ratings or MARC, versus a total of

38 facilities at end December 2010.

To look for sovereign Islamic securities or high credit papers with the focus will be

more on new issues of Islamic corporate bond.

The following tables depict the yield changes of the sovereign and AAAratedSukuk/Islamic Bonds and Conventional Bonds for 3-year, 5-year, 7-year and 10-year

tenures.


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6. INVESTMENT STRATEGY

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6.1 Investment Premises

Rising concern on global economic growth in 2011.

Local market will be clouded by external factors.

6.2 Asset Allocation With the external factors that are expected to have an impact on our market

outlook and economy, our target asset allocation would be: Equity : 75 % of maximum equity exposure of the fund

Fixed Income/Cash: 25

6.3 Investment Focus

A defensive investment strategy Stock selection: Good earnings visibility & strong balance sheet High dividend yield

High liquidity

INFO

INFO

7. OTHER MATTERS

7.1 Proposal to restructure of ASBI Dana al-Munsif, ASBI Dana al-Falah and ASBI

Dana al-Fakhim

PROPOSED

CEO proposed to restructure Dana al-Falah, Dana al-Munsif and Dana Al-Fakhim

Under the proposal, CEO proposed:

i.To consolidate Dana al-Munsif and Dana al-Falah

ii.To change the category for Dana al-Fakhim

iii.To change trustee for the eventual 2 funds

iv.To rebrand and relaunch the consolidated fund and the new category of fund.

The investment committee approved the proposal for the consolidation of Dana al-

Munsif and Dana al-Falah

7.2 Sector Review

Sector review are as follows:

Sector Sub-Sector Recommendation

1) Plantation - Positive (Maintained)

2) Trading &Services

Oil & Gas Positive (Maintained)

Telco Positive (Maintained)

Utility Neutral (Maintained)

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Confirmed as correct,

Chairman of the Meeting

Investment Committee

3)Construction - Positive(Maintained)

4)Properties - Neutral (Maintained)

5) ConsumerProducts

Automobile Neutral (Maintained)

Media Neutral (Maintained)

6)IndustrialProducts

Building Material Neutral (Maintained)

Manufacturing Negative(Maintained)

Log/Timber Negative(Maintained)

INFO

8. COMPLIANCE

FZ confirmed that all funds comply with the regulatory requirements for both monthsunder review (March and April).

INFO

CONCLUSION

With no other matters arising, the meeting adjourned at 04:30pm and a note of thanks to

all attendees.

NOTED BY ICMEMBERS

ICM 153 Minutes_draft

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