prospectus_geld investment

GELD AGGRESSIVE

SHARIAH FUND

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PROFILE

Name GELD Investment Bhd.

Established Date 20/01/2012

Address No. 150, Jalan Bangsar,

59000, Kuala Lumpur,

Malaysia.

Tel: +603 2212 7200

Fund Managers Mirra Nabila Mohd Sukri

Yasmin Abd Rahman

Shuang Ge

GELD Investment Bhd invests based on

Shariah principles strictly prohibited any

business activities that includes interest,

uncertainty, gambling, and any other

disallowed activities. We focus on giving

the Islamic alternative in portfolio

management. Thus far, we operate only

in Malaysian market where most of the

Islamic finance infrastructures are

adequate to avoid uncertainty on the

Shariah issue.

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SUMMARY OF THE

FUND

This portfolio is customized for Albukhary Foundation of

Malaysia, with an objective of seeking long-term capital

appreciation and growth in this portfolio. Investment of this

portfolio is based on Shariah principles, strictly prohibited

any business activities that includes interest, uncertainty,

gambling, and any other disallowed activities. However, the

portfolio is subject to the market's uncertainty and risks

that are normally associated with making investment in

securities. Therefore, investors cannot be guaranteed

against a loss of the principals invested in. When investing

in this portfolio, investors should consider the risk factors

carefully before make investments.

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SUMMARY OF THE

FUND

Portfolio Category:

Shariah compliant Equity

Objective of the Portfolio:

To be in line with Shariah Principles, this portfolio aims to provide

investors with medium to long term balanced-capital appreciation by

investing in Shariah compliant equities.

Exit Strategy:

a. If any equity in the portfolio decrease by 5 percent changed from

its targeting weighting, the stock will be sold or the portfolio will

be rebalanced.

b. If any equity in the portfolio increase by 25 percent changed from

its targeting weighting, the portfolio will be rebalanced or the

stock will be sold.

Asset Allocation:

100% of the fund will be invested in Shariah-compliant stocks. Up to

20% of the fund will be invested in Property sector and Technology

sector respectively. Almost 35% of the fund will be invested in

Services sector. Any surplus arises from the changing circumstances of

the stock in the portfolio will be invested in Mudarabah account.

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SUMMARY OF THE

FUND

Risk Barometer:

Moderate

Risks Involved in the Portfolio:

Market Risk

Default Risk

Business Risk

Inflation Risk

Investor Profile:

Albukhary Foundation

Established in 1996

Participate in securities market only

Seeks long-term capital appreciation on its investment

Has moderate risk tolerance

Seeks Shariah-compliant investments

Size of Fund:

1 million MYR

Time Horizon:

From June 11, 2014 until June 11, 2019 (5 years)

Income Generated:

Dividends will be deposited into investor's bank account.

Performance Indicator:

FTSE Bursa Malaysia EMAS Shariah Index

Dow Jones Islamic Emerging Market Index

Malaysian Government Bond Yield - 5 year

Currency Risk

Liquidity Risk

Country Risk

Governance Risk

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OBJECTIVE The funds aims to provide investors

with medium to long term balanced-

capital appreciation through investing

principally in Shariah compliant

equities duly listed in Bursa Malaysia.

The fund also seeks to outperform the

benchmark.

In line with its objective to facilitate

investor with Shariah compliant

equities, the equity chosen had been

screened by Securities Commission

Malaysia, thus, guaranteed the fund

will not tainted with elements of riba,

gharar, maysir and immoral activities

such as prostitutions. In order to

achieve its objective to outperform

the market, the fund had been well

rounded with diversification of its

equities, consists of an aggressive and

blue chips securities as the risk shield.

PHILOSOPHY This fund adopted capital growth

strategy in order to maximize

investor’s capital gains, therefore, the

equities chosen is from small and

undervalued companies, with

characteristics of their earning is

expected to grow at above average

rate as compared to its industry or

overall market. These is based on the

life cycle theory of corporations which

indicates that ‘the best time to invest

is when its small before its shares ‘gain

in stature’ and sell at high price

earnings ratios’. Therefore, this fund is

active and closely monitored by the

fund manager.

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METHODOLOGY As all the selected stocks in this

portfolio are listed stocks in Bursa

Malaysia, obviously they are all

Shariah compliant stocks which were

approved by the Securities

Commission of Malaysia (SC).

Therefore, this portfolio follows the

screening methodology of SC that

consists of both quantitative and

qualitative analysis in assessing the

Shariah compliance of equities. A

newly-revised screening methodology

has been applied to the Shariah-

compliant securities in Bursa Malaysia

since November 2013. The following

table explains the newly revised

benchmarks of the new methodology.

[Source: Shariah Screening Methodology, Adopting a Two-Tier Quantitative

Approach, Malaysia International Islamic Finance Centre (MIFC)]

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METHODOLOGY In addition, the work process of newly

revised Shariah screening

methodology can be summarized into

four stages. Firstly, companies whose

primary activities or core businesses

are Shariah non-compliant are

eliminated. For instance, conventional

banks and insurance companies who

provide riba-based products and

services are unable to meet this

requirement thus been dropped.

Secondly, a mixed activities’ company

where no-halal elements are

secondary to its core business are

examined based on the 5% and 20%

benchmarks. At the third stage,

besides the income based benchmark,

financial ratios on debt and cash level

are also assessed as they must be less

than 33%. Finally a qualitative

assessment is still necessary before

the security is deemed as Shariah-

compliant one. Example is the public

image of the company must be

positive and the core activities are

considered as maslahah (public

interest) to society. The following

diagram simplifies the four stages

process flow of the newly revised

Shariah screening methodology.

(Source: Towards Tightening the Shariah Compliance of Equities in Malaysia, ISRA)

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PORTFOLIO STRATEGY 1. Diversification

Modern Portfolio Theory (MPT)

disciple that, a well-diversified

portfolio will outperform a

concentrated portfolio during market

downturn period. Consequently,

diversification within this portfolio is

expected to avoid undue risk of large

losses over the time horizon of the

portfolio. The portfolio is well

diversified based on different industry

sector, for instance, healthcare,

telecommunication, construction and

service. Furthermore, diversification is

also applied according to the category

of the stock, whether it is a blue chip

company’s stock with a favorable

return or growth stock. To protect the

portfolio against unexpected

outcomes due to the assumption of

large risk, portfolio managers are

responsible to precaution excessive

investment concentrations in the asset

allocation of portfolio.

2. Customization

This portfolio is custom built for

Albukhary Foundation in Malaysia. The

establishment of this portfolio is

unique as it reflects certain group’s

specific Replace. When constructing

this portfolio, we take into account

various aspects of our client’s Replace.

First of all, we examine the risk

tolerance level of Albukhary

foundation and also the implications

of any unrealized losses it might bear.

In general, we attempt to maximize

the total return of our client that

includes both income and capital

appreciation. Last but not least,

Shariah compliance is the main

principle we should do consider when

we customize portfolio for our client

to meet its objective.

3. Monitoring

Our portfolio managers will monitor

the portfolio consistently to ensure

that the portfolio is invested as

expected and to meet the stated

objective of our client. We will keep

your investment strategy on track and

review your portfolio semiannually

(June 30 and December 30). Rather

than that, a composite benchmark

consisting of the following market

indexes is used to monitor the

performance of this portfolio.

a. FTSE Bursa Malaysia EMAS

Shariah Index

b. Dow Jones Islamic Market

World Index

c. Malaysian Government Bond

Yield – 5 year

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Taking FTSE Bursa Malaysia EMAS

Shariah Index as an example, the

following chart and table state the

total return five years performance of

this index. Therefore, when we

monitor the performance of our

portfolio, the return of our portfolio

should not be less than this amount

from year to year.

(Source: FTSE Group as at 30 June 2014)

4. Rules of Engagement and

Disengagement

During the period of this investment,

the fund will be invested fully in the

Shariah compliant stocks as a

portfolio. It is expected that the

portfolio’s target stock allocation will

be changed when a certain stock does

not meet the requirement. Therefore,

the portfolio will be rebalanced from

time to time to enable the efficient

management of the portfolio.

However, in case of adverse economic

and market condition, the portfolio

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manager may be defensive to become

inconsistent with the investment

strategy. In this Replace, the manager

may reallocate the stock and change it

into Mudarabah investment account

which is defensive naturally. When

new money is added in, the

investment portfolio will be

rebalanced to the target by selling

whatever has gone up and buying

whatever has gone down. The

following parameters will be applied in

our rebalancing part:

a. If any equity in the portfolio

decrease by 5 percent changed

from its targeting weighting, the

stock will be sold or the portfolio

will be rebalanced.

b. If any equity in the portfolio

increase by 25 percent changed

from its targeting weighting, the

portfolio will be rebalanced or the

stock will be sold.

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RISK FACTOR The fund is exposed to equity

investment risk in profit/loss-sharing

investments on the asset aside. Equity

investment can lead to volatility in the

fund’s earning arising from liquidity,

credit, and market risks associated

with equity holdings.

1) Market risk

Market risk arises in the form of

unfavourable price movements

such as yields (rate of return risk),

benchmark rates (interest rate

risk), foreign exchange rates (FX

risk), equity and commodity price

(price risk) which have a potential

impact on the financial value of an

asset.

2) Default risk

Default risk occurred when the

Company is having difficulties to

make the required payments on

their debt obligations thus further

will exposed to a bankruptcy risk.

3) Inflation risk

Inflation risk exists due to

uncertainty over the future real

value (after inflation) of investor’s

investment.

4) Liquidity risk

Liquidity risk referred to an ability

to convert an asset to cash

immediately. It represents a

company’s ability to accommodate

the demand for funding in the loan

and investment portfolio.

5) Business risk

The fund exposed to the business

risk due company invested

exposed to business environment,

including the macroeconomic and

policy concerns, legal and

regulatory factors and overall

infrastructure. It also includes the

risk of becoming insolvent.

6) Country risk

Country risk can also be known as

political risk in which investor

might face due to the changes of

political changes or instability of

the country. Political unrest of

instability may affect investor’s

investment return due to changes

of government, legislative bodies

or military control.

7) Currency risk

Currency risk arises due the

changes in price of one currency

against another, especially to the

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investor or the company whose

operates across national border.

8) Governance risk

Governance risk refers to the risk

arising from a failure in governing

the institutions, negligence in

conducting business and meeting

contractual obligations, and from a

weak internal and external

institutional environment,

including legal risk.

Risk management

The company is committed in

maintaining a sound system of risk

management practice. In pursuing

these objectives, the company has put

in place an Operational Risk

Management framework within the

company to ensure that there is

ongoing process of identifying,

evaluating, monitoring and managing

the significant risk exposures

surrounding the portfolio.

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GLOBAL OUTLOOK The world’s economic position

exhibits the suppressed growth in

2013 but a steady rebound is expected

in the 2014-2015. This is a result by

the impetus in the high-income

countries except the drawbacks in the

United States due to severe natural

climate change and financial market

turbulence as well as the conflict in

Ukraine which affects the whole world

variously in the first quarter. The

growth of these economies is

expected to be at 1.9 percent in 2014,

accelerate the economic growth to 2.4

percent in 2015 and in 2016, 2.5

percent.

The developing economies will not

contribute more to the global growth

since of them are already fully

recovered and currently moving close

to potential. The high income

countries contribution to the world’s

growth is expected to rise from less

than 40 percent in 2013 to roughly 15

percent in 2015. The global economy

is expected to progress quicker by 2.8

percent this year underpinning the 3.4

and 3.5 percent growth in 2015 and

2016.

2010 2011 2012 2013 2014

World 5.176 3.939 3.221 3.005 3.586

Advanced Economies 3.035 1.72 1.421 1.293 2.223

Emerging market and

developing economies

7.516 6.272 5.05 4.688 4.904

ASEAN 5 6.972 4.528 6.176 5.166 4.946

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014

Gross Domestic Product (%)World

Advancedeconomies

Emerging marketand developingeconomiesASEAN-5

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Productivity Stagnation

World economy is expected to be

reshaped according to the birth rates

in most part of the world steep

decline. 600million is said to be 65

years old or older, forming the

percentage of 8% of world population

currently. The number has doubled

within 25 years and is expected to

increase over the years according to

UN projections. The momentum

created is more than enough to cause

a ‘productivity stagnation’ which has

significant impact on the economy.

This will result in a slower economic

growth and less savings in the world.

Interest rate will strike in response to

this circumstance. The change of

average age of workforce affects the

size of the workforce in the world,

subsequently reflected in the rate of

productivity growth and in addition

also changes the pattern of savings.

However, education and skills are seen

to be the way out for this

encumbrance. Besides that,

governments all over the world are

perceived to take the steps where

they cut the pension guarantee and

manage the budget deficit which is

seen will help the savings to elevate in

the economy.

Global risk

Overall global risk has decline

although more needs to be done and

the economy remains sensitive to the

volatility especially in the financial

market. Medium and short term risks

are presence in both high income and

developing countries. The medium

term risk for example the fiscal

sustainability challenges,

unconventional monetary policy exit,

deflation risk and the need for

structural reforms in order to boost

productivity growth, are seen to be

experience by mostly high income

country. Apart from that, risks are

seen to be declining due to realization

of risks over the past years and

economic adjustments made have

reduced the vulnerabilities particularly

among the developing countries.

However, rising risks in several

economies could spill over other

countries. It is observed that domestic

price and wage pressures in some

countries could shake the evenness in

several economies if domestic

demand credit and demand start to

expand too rapidly. Policies need to be

tightened to fights inflation, fiscal

balance deterioration and to add as a

buffer in the event of economic

shocks. Generally, the risk in

structural form and policy need to be

observed very carefully to absorb any

mishap from outside of the country

while managing domestic issues in this

post-crisis period.

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2010 2011 2012 2013 2014

World 3.591 4.913 3.945 3.561 3.492

Advanced Economies 1.539 2.713 1.973 1.372 1.515

Emerging market and

developing economies 5.888 7.285 5.993 5.761 5.476

ASEAN 5 4.426 5.962 3.837 4.387 4.733

2010 2011 2012 2013 2014

Commodity Prices (Fuel

and Non-Fuel) 152.086 191.889 185.654 182.854 180.311

Energy 79.03 104.008 105.007 104.069 104.171

Food 166.479 231.239 236.376 218.26 173.619

Metal 202.32 229.719 191.034 182.897 172.957

0

1

2

3

4

5

6

7

8

2010 2011 2012 2013 2014

Inflation (%)

World

Advanced economies

Emerging market anddeveloping economies

ASEAN-5

0

50

100

150

200

250

2010 2011 2012 2013 2014

Commodity Prices Index

Commodity Prices (Fuel and Non-Fuel) Energy Food Metal

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MALAYSIA ECONOMIC

OUTLOOK Gross Domestic Product

Malaysia is developing country with a diversified and highly open economy. The

Gross Domestic Product in Malaysia boost to 6.2 percent in the first quarter of 2014.

The average GDP in

Malaysia from 2000

until 2014 is 4.68.

The largest sector

constituting the GDP

is the service sector

which contributes 54

percent of the GDP.

25 percent of the

GDP is contributed

by the manufacturing

sector which has been growing in the past few years.

Inflation

The inflation rate in Malaysia reached 3.20 percent in May 2014 and it is averaged

3.71 percent from 1973 until 2014. It has declined from previous months which

recorded 4.1 averages in

the first quarter of 2014.

Interest Rate

Central Bank of Malaysia

decided to increase the

overnight policy rate at

the end of second

quarter, for the first time

Services54%

Manufacturing

25%

Mining and Quarring

9%

Agriculture9%

Other3%

Sector Constitute GDP

2.95 2.95

4.013.20 3.26

3.88

Inflation Rate (%)

Inflation Rate

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in three years. All this while, the

interest rate has been capped to 3.00

percent and recently, it has been

increased by 25 basis points to 3.25

percent with the floor and ceiling rates

are 3.00 and 3.50 percent

respectively.

Business Confidence increases to

103.10 in the first quarter 2014 as

compared to 92 in the last quarter. It

averaged 104.93 and covers 11

industries in the aspect of production

level, sales, inventory management,

new job openings and bankruptcy

likelihood. The sustainability of

Malaysia is accelerated by the

structural reforms. Aiming to be a high

income nation in 2020, the

implementation economic model

impact many areas and increase the

competitiveness and human

capabilities since they are the key for

long term growth. Taking into

consideration this fund is intended to

be invested in Malaysia for 5 years

time while all this reformation taking

place, we can benefit from the

economic development.

Current Outlook

High Income Country Prospect

Q1 2014 May 2014 2015 (estimates)

GDP Growth 6.06 6.20 5.29

Inflation Rate 4.01 3.20 3.26

Interest Rate 3.00 3.25 3.50

Business Confidence 97.19 103.10 96.68

2020

GDP Growth 3.25

Inflation Rate 3.88

Interest Rate 3.17

Business Confidence 132

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ASSET ALLOCATION We choose our stocks in Malaysia

market only and screen to only

Shariah-compliant stock. We mix the

portfolio with blue-chips stock, new

and technology stock which traded in

ACE market. For diversification, the

portfolio is divided to the various

markets even it is in the same trading

platform, Bursa Malaysia. In choosing

the stock, we adapt the fundamental

analysis. The selected stocks comprise

of well diversified sectors. The graph

shows the diversification in among the

sector in our portfolio stock selection.

Division in Service Sector

Service (industry)

Service (diversified)

Service (oil & gas)

Service (Postal_

Service (shipping)

Services (Healthcare)

Services (power)

Sector Amount

Consumer 50,000

Industrial Product

100,000

Property 200,000

Services 350,000

Technology 200,000

Transportation 50,000

Utilities 50,000

1.00

2.00

4.00

7.00

4.00

1.00 1.00

Consumer Industrial Product Property

Services Technology Transportation

Utilities

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FUNDAMENTAL ANALYSIS

KPJ HEALTHCARE BHD

Current Business and Prospect

KPJ is a holding company of healthcare

provider. Its dynamic strategy includes

investing in leading edge equipment

and state-of-the-art technology

promising the bright future in this

industry. The business also well-

diversified demonstrates the effective

risk management functions within the

company.

Corporate Governance

There is experienced and balanced

composition of directors in the aspects

of expertise and there is clear

separation if power between board

and management. They have their

own internal policy, “Corporate

Disclosure Policy” to ensure

transparency.

Financial Standpoint

EPS 0.26

Dividend Yield 0.04

FinancingDebt equity

ratio0.57

Liquidity

WarningAcid-Test Ratio 0.87

Indicator Average

Performance

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2009 2010 2011 2012 2013

Sales/Revenue

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

2009 2010 2011 2012 2013

Total assets

0

100,000

200,000

300,000

400,000

2009 2010 2011 2012 2013

Cash Flow

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FUNDAMENTAL ANALYSIS KLCC PROPERTY BHD


KLCCP owns a diverse property

portfolio largely within the KLCC

Development. With its niche position

in property investment and facility

management services, KLCC Property

intends to continue to grow its

earnings potential by building on the

strength of its premium assets,

maintaining high standards in its

operational performance and

exploring prospects for sustainable

progress.


Apart from compliance with relevant

law and guidelines, the Board and

Management exhibit a satisfactory

level of independence, governance,

commitment and competency. There

are also clear responsibilities for the

Board and Management. They also

promote full disclosure subject to

current legislation.


Indicator Average

Performance EPS 0.76

Dividend Yield

0.03

Financing Debt equity ratio

0.22

Liquidity Warning

Acid-Test Ratio

2

0

500,000

1,000,000

1,500,000

2009 2010 2011 2012 2013

Sales/Revenue

0

500,000

1,000,000

1,500,000

2009 2010 2011 2012 2013

Cash Flow

0

5,000,000

10,000,000

15,000,000

20,000,000

2009 2010 2011 2012 2013

Total assets

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FUNDAMENTAL ANALYSIS SUMATEC RESOURCES BHD


Sumatec Resources Berhad is a service

provider in the downstream sector of

the oil and gas industry. It is entering

the upstream sector via a joint

investment agreement with other

companies to develop the

Rakushechnoye Oil and Gas Field in

West Kazakhstan. The company looks

for opportunities to acquire and

develop new and under-performing

fields. The target assets will be mainly

onshore, as this reduces the capital

cost of infrastructure required.


The Board gives special attention to

transparency and they ensure timely

and high quality disclosure as they

valued shareholders to access the

company information. There

experienced people on board which

ensure the reporting are accurate and

risk is controlled.


0

100,000

200,000

300,000

2009 2010 2011 2012 2013

Sales/Revenue

0

200,000

400,000

600,000

800,000

1,000,000

2009 2010 2011 2012 2013

Total assets

-25,000.00

-20,000.00

-15,000.00

-10,000.00

-5,000.00

0.00

5,000.00

10,000.00

2009 2010 2011 2012 2013

Cash Flow

Indicator Average

Performance EPS -0.29

Dividend Yield

0.00


4.54

Liquidity Warning

Acid-Test Ratio

0.54

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PESTECH INTERNATIONAL

BHD


PESTECH International Berhad

(PESTECH) is an integrated electric

power technology group of companies

listed on the Main Market of Malaysia

Stock Exchange (5219 / PESTECH).

Currently, the Group focuses on

emerging and developing countries

where there is demand for the

development, improvement and

builds up of electricity transmission

and distribution assets.


This company believes that having

effective and productive

communication with its shareholders

and investors is essential in ensuring

good corporate governance and to

improve disclosure and transparency.


0

50,000

100,000

150,000

200,000

2012 2013

Sales/Revenue

0

100,000

200,000

300,000

2012 2013

Total assets

0

5,000

10,000

15,000

20,000

2012 2013

Cash Flow

Indicator Average


Dividend Yield

0.02


0.51

Liquidity Warning

Acid-Test Ratio

1.39

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MEXTER TECHNOLOGY BERHAD


The Mexter Group, which commenced

operations in 1992, provides a wide

range of solutions and services such as

E-manufacturing Solutions, Talent

Outsourcing and Recruitment Services,

Computing and Electronics Services,

The provision of Mobile Services and

Solutions.

The corporate plan is to reduce

exposures in a single large sector,

business have been diversified into

renewable energy sector, digital

security solutions and supply of hi-

tech building products.


There are clear functions of the Board

and Management. Both Board and

Management involve continuing

education program to sustain

competency. They also undergo timely

assessment in reinforcing

independent, integrity and

compliance.


Indicator Average


Dividend Yield

0.00


0.28

Liquidity Warning

Acid-Test Ratio

1.48

0

20,000

40,000

60,000

2009 2010 2011 2012 2013

Sales/Revenue

0

10,000

20,000

30,000

2009 2010 2011 2012 2013

Total assets

0

5,000

10,000

15,000

2009 2010 2011 2012 2013

Cash Flow

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NETX HOLDINGS BHD


NetX Holdings (formerly known as

Ariantec Global) serves the growing

demand in data communication,

managed security, hardware and

software solutions, e-business strategy

and business consulting.

This company prospect is on end-to-

end ICT projects within the

telecommunication, education,

government and financial sectors.

Most of these areas are to develop

their own ICT strategies in keeping

with the Government’s National Key

Economic Agenda (“NKEA”).


The Board of Directors continue to

ensure compliance to Bursa Malaysia

Listing Requirements for the ACE

Market and strives to adopt and

adhere to the principals and best

practices of good corporate

governance.


0

20,000

40,000

60,000

2009 2010 2011 2012

Sales/Revenue

0

50,000

100,000

2009 2010 2011 2012

Total assets

0

1,000

2,000

3,000

2009 2010 2011 2012

Cash Flow

Indicator Average


Dividend Yield 0.00


0.28

Liquidity Warning

Acid-Test Ratio

2.23

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EASTERN & ORIENTAL BERHAD


Eastern & Oriental Berhad is a premier

luxury lifestyle property developer

with a proven track record for

delivering innovative concepts of

exceptional quality, is built across a

series of exclusive addresses in Kuala

Lumpur and Penang Island. The core

business of Eastern & Oriental Berhad

(E&O) contains property development,

hospitality and lifestyle, and property

investment.


The Board Charter of Eastern &

Oriental Berhad (E&O) sets out the

principles for the operation of the

Board of Directors and describes the

functions of the board and also those

delegated to the management of the

company. The board ensures the high

standards of corporate governance of

the company and also the efficient

management team of the company.


0

1,000,000

2,000,000

3,000,000

2009 2010 2011 2012 2013

Total assets

0

200,000

400,000

600,000

2009 2010 2011 2012 2013

Cash Flow

Indicator Average


Dividend Yield 0.01


0.85

Liquidity Warning

Acid-Test Ratio

1.65 0

200,000

400,000

600,000

800,000

2009 2010 2011 2012 2013

Sales/Revenue

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FUNDAMENTAL ANALYSIS RAPID SYNERGY BERHAD


Rapid Synergy Berhad (RSB) is one of

the pioneers of the tool-making

industry in Malaysia. Over the years,

RSB’s products have earned a

reputation for high precision and

endurance in the semi-conductor

industry. Besides, RSB also make

investments on properties. RSB

Group’s current investment strategy is

to invest in a diversified portfolio of

income-producing real estate with

particular focus on retail, office and

shops properties. The primary

objectives are to provide shareholders

with stable cash flows with the

potential for sustainable growth,

principally from the ownership of

properties, and to enhance long-term

stock value.


The board structure of RSB is clear

enough to ensure a high level of

independence, governance and

competency between the

management and its stakeholders. The

responsibilities of board and

management are separated to each

party and recognized well by both

parties.


0

20,000,000

40,000,000

2009 2010 2011 2012 2013

Sales/Revenue

0

200,000,000

400,000,000

2009 2010 2011 2012 2013

Total assets

-10,000,000.00

0.00

10,000,000.00

20,000,000.00

2009 2010 2011 2012 2013

Cash Flow

Indicator Average


Dividend Yield 0.01


0.85

Liquidity Warning

Acid-Test Ratio

1.65

27 | P a g e


LTKM BERHAD


LTKM Berhad is one of the largest egg

producers in Malaysia, it is currently

amongst the leading producers in the

industry in terms of profitability. LTKM

Group's core business continues to be

production and sales of eggs.

However, it has also recently begun its

diversification into manufacturing and

property development, albeit a

smaller scale.


LTKM embodies its Corporate

Values in striving towards its Vision.

The Group’s management style is clear

and direct yet insightful and remains

focused on its Mission. The Directors

of LTKM support high standard of

corporate behaviour and

accountability. The board of LTKM is

clear on its responsibilities.


0

50,000,000

100,000,000

150,000,000

200,000,000

2009 2010 2011 2012 2013

Sales/Revenue

0

50,000,000

100,000,000

150,000,000

200,000,000

2009 2010 2011 2012 2013

Total assets

0.00

5,000,000.00

10,000,000.00

15,000,000.00

20,000,000.00

1 2 3 4 5

Cash Flow

Indicator Average


Dividend Yield 0.05


0.30

Liquidity Warning

Acid-Test Ratio

1.95

28 | P a g e


PRICEWORTH INTERNATIONAL BERHAD

Current Business and Replace

Priceworth Wood Products Berhad

(PWPB) ， established in 1992 has

developed a strong presence in the

Malaysian timber industry. Today the

Company has successfully established

an effective integrated upstream and

downstream operation while

maintaining a strong corporate

responsibility towards the

environment in which it operates.

Having secured among the largest

logging concession rights in the

country, PWPB is able to tap into a

steady source of quality raw material

to ensure efficient production in the

years to come. The Company adheres

by strict quality control measures to

ensure PWPB products maintain world

class standards to meet a strong

international demand.


PWPB’s corporate structure includes a

high performance group of companies

with specialised focus areas to support

its fully integrated harvesting,

manufacturing and distribution

businesses. Recently, the Board of

PWPB has formalized the Board

Charter of the Company, in which

defined the roles, duties and division

of responsibilities between the Board

and those delegated to the

management, the Board Committees.

Trainings were provided to directors

to aid them in discharging their duties

and responsibilities more effectively.

29 | P a g e


0

200,000,000

400,000,000

600,000,000

2009 2010 2011 2012 2013

Sales/Revenue

0200,000,000400,000,000600,000,000800,000,000

2009 2010 2011 2012 2013

Total assets

0.00

5,000,000.00

10,000,000.00

15,000,000.00

20,000,000.00

2009 2010 2011 2012 2013

Cash Flow

Indicator Average


Dividend Yield 0.07


1.09

Liquidity Warning

Acid-Test Ratio

0.62

30 | P a g e


INARI AMERTRON BERHAD


The Inari Amertron Berhad Group

started in June 2006 with the

establishment of Inari Technology Sdn

Bhd (Inari Technology). Inari

Technology is an EMS company

principally involved in back-end

semiconductor packaging, which

comprises back- end wafer processing,

package assembly and RF final testing

for the electronics/semiconductor

industry. In June 2013, the group

acquired Amertron Global Inc and

changed name to Inari Amertron

Berhad. The acquisition of Amertron

Global added opto-electronics and

fiber optic capabilities to the group

and manufacturing facilities in

Malaysia, Philippines and China.


Inari has an efficient management

team with the leadership of board of

directors to ensure the regular flow of

its business operation. In addition, the

board structure is also clear enough to

assist directors understanding on their

own roles and responsibilities. The

Board also maintains an effective

communications policy that enables

both the Board and management to

communicate effectively with

shareholders, stakeholders and the

general public.

31 | P a g e


0

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000

300,000,000

2011 2012 2013

Sales/Revenue

0

100,000,000

200,000,000

300,000,000

400,000,000

2011 2012 2013

Total assets

0

20,000,000

40,000,000

60,000,000

2011 2012 2013

Cash Flow

Indicator Average


Dividend Yield 0.03


0.02

Liquidity Warning

Acid-Test Ratio

0.94

32 | P a g e


NESTLE (MALAYSIA) BERHAD Current Business and Replace

Nestle Malaysia is one of the oldest

brands in the country, has grown

together with the nation and was

listed on the Bursa Malaysia in 1989.

The Company has since grown in

depth and magnitude, taking its place

as part of the Malaysian psyche and

part of the community. The food

business of Nestle Malaysia is widely

from milks, beverages to ice creams

and etc.


Nestle Malaysia Berhad has its own

board namely Creating Shared Value

(CSV) Advisory Board, which provides

the Company with a diversity of

informed ideas, recommendations and

feedback, which help assess their

progress, opportunities and

challenges. CSV Advisory Board

represents a high level of competency,

independence, integrity and

governance.


0

2,000,000

4,000,000

6,000,000

2009 2010 2011 2012 2013

Sales/Revenue

0

1,000,000

2,000,000

3,000,000

2009 2010 2011 2012 2013

Total assets

0.00

20,000.00

40,000.00

60,000.00

2009 2010 2011 2012 2013

Cash Flow

Indicator Average


Dividend Yield 0.03


1.65

Liquidity Warning

Acid-Test Ratio

0.53

33 | P a g e


POS MALAYSIA BERHAD


Pos Malaysia Berhad is Malaysia’s

premier postal service provider which

has a widespread network of over

1,000 touch points countrywide. Pos

Malaysia’s 5 Business Clusters, aimed

to provide quality, reliable, timely and

innovative solutions to our customers,

encompasses the communication and

distribution solutions, supply chain

solutions, one-stop solutions, digital

solutions and international business

solutions. Throughout the years, Pos

Malaysia has grown from strength to

strength and is progressing from being

a mail and postal services provider

towards becoming a dynamic

communications, financial services

and supply chain solutions provider.


The Board of Directors and

Management of Pos Malaysia Berhad,

remain committed to upholding and

continuously improving good

corporate governance practices

throughout the Pos Malaysia Group of

Companies for the protection and

creation of greater shareholder and

other stakeholder value and for

maintaining integrity, trust and

confidence in the Company.

34 | P a g e


0

500,000

1,000,000

1,500,000

2,000,000

2009 2010 2012 2013

Sales/Revenue

0

500,000

1,000,000

1,500,000

2,000,000

2009 2010 2012 2013

Total assets

0.00

100,000.00

200,000.00

300,000.00

400,000.00

500,000.00

600,000.00

2009 2010 2012 2013

Cash Flow

Indicator Average


Dividend Yield 0.00


0.63

Liquidity Warning

Acid-Test Ratio

1.27

35 | P a g e


DIALOG GROUP BERHAD


Dialog Group Berhad is a Malaysia-

based company engaged in

investment holding and the provision

of management services to its various

subsidiaries in the oil, gas and

petrochemical industry. The company

is leading integrated technical services

provider to the upstream and

downstream sectors in the petroleum

and petrochemical industry.


The Board had emphasize on

strengthening their shareholder value,

retaining their staff talent, upholding

robust Health, Safety and the

Environment (HSE) practices and

reinforcing high standard on the

Quality Assurance and Quality Control,

and not to forget to 'give back' to

society via their Corporate Social

Responsibility initiatives.

Besides that, the Board is committed

to upholding the tenets of integrity,

transparency and accountability to

safeguard their business reputation

and stakeholders’ interests to ensure

the long-term viability of their

business through adopt and

implementing good corporate

governance practices as advocated by

the Malaysian Code on Corporate

Governance 2012.

36 | P a g e


0

500,000,000

1,000,000,000

1,500,000,000

2009 2010 2011 2012 2013

Sales/Revenue

0

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

2009 2010 2011 2012 2013

Total assets

0.00

50,000,000.00

100,000,000.00

150,000,000.00

200,000,000.00

20092010201120122013

Cash Flow

Indicator Average


Dividend Yield 2.73


0.25

Liquidity Warning

Acid-Test Ratio

1.80

37 | P a g e


TENAGA NASIONAL BHD


Tenaga Nasional Berhad (TNB) is

engaged in the business of the

generation, transmission, distribution

and sale of electricity. Through its

subsidiaries, the Company is in the

manufacture of transformers, high

voltage switchgears and cables; the

provision of professional consultancy

services; architectural, civil, electrical

engineering works and services, repair

and maintenance; as well as in

research and development; property

development, and management

services.

The company aspiration is for TNB to

live up to their new motto of Domestic

Dominance and Regional Champion

and deliver higher value to their

stakeholders. In order for them to

deliver on their new aspiration, the

company had developed a 1TNB

Transformation Programme, which

will revolutionise the business

strategies and operations towards

their motto a ‘Better and Brighter’

TNB.


The Board also confident that with the

regulatory and policy changes taking

place, coupled with internal

transformation initiatives, they stand

in a good position in order to attain

their vision of Domestic Dominance

and Regional Champion.

38 | P a g e


0

10,000

20,000

30,000

40,000

2009 2010 2011 2012 2013

Sales/Revenue

0

20,000

40,000

60,000

80,000

100,000

120,000

2009 2010 2011 2012 2013

Total assets

0.00

2,000.00

4,000.00

6,000.00

8,000.00

10,000.00

2009 2010 2011 2012 2013

Cash Flow

Indicator Average


Dividend Yield 0.00


0.70

Liquidity Warning

Acid-Test Ratio

1.43

39 | P a g e


UMW HOLDINGS BERHAD


UMW Holdings Berhad is an industrial

enterprise with global interests in the

automotive, equipment,

manufacturing and engineering, and

oil and gas industries. The company is

a confident to be a leading role in

shaping the future of their industries

globally. They had been inspired by

vibrant ideas, nurturing potential,

pioneering partnerships and delivering

excellence in everything they do and

the rewards of which contribute to the

progress and well-being of all the

Company’s stakeholders.


The governance framework adopted

by the UMW Group is based on the

principle that sound CG practices are

fundamental towards long term

sustainability of business and values

via closely monitoring in their

operations, business efficiency and

quality of the accounting function,

financial reporting and system of

internal controls of each division.


0

10,000,000

20,000,000

2009 2010 2011 2012 2013

Sales/Revenue

0

10,000,000

20,000,000

2009 2010 2011 2012 2013

Total assets

0.00

100,000.00

200,000.00

300,000.00

2009 2010 2011 2012 2013

Cash Flow

Indicator Average


Dividend Yield 0.04


0.36

Liquidity Warning

Acid-Test Ratio

1.37

40 | P a g e


TAMBUN INDAH LAND BERHAD


The company main core business is in

the development and marketing of its

own property development projects

comprising mainly of residential,

commercial and industrial buildings.


Besides of complied with Malaysian

Code of Corporate Governance 2012

(“MCCG”), the Company also adopt

with other requirement and guidelines

such as Main Market Listing

Requirements of Bursa Malaysia

Securities Berhad (“Bursa Securities”),

Corporate Governance Guide:

Towards Boardroom Excellence of

Bursa Securities and Code of Ethics for

Company Directors issued by the

Companies Commission of Malaysia.

The Board had clearly guided the

company via establishing clear roles

and responsibilities, thus, we may

conclude that the Board had strongly

emphasized on ethical and ruling to be

followed by the Company in order to

maintain their business in the long

run.

The implementation of such is proven

as the company had been awarded by

Forbes Asia’s as list of “200 Best Under

A Billion”.

41 | P a g e


0

100,000,000

200,000,000

300,000,000

400,000,000

2010 2011 2012 2013

Sales/Revenue

0

200,000,000

400,000,000

600,000,000

2010 2011 2012 2013

Total assets

0

50000000

100000000

150000000

2010 2011 2012 2013

Cash flow

Indicator Average


Dividend Yield 0.06


0.31

Liquidity Warning

Acid-Test Ratio

25.23

42 | P a g e


HUA YANG BERHAD


Hua Yang Berhad is an investment

holding Company. It is engaged in the

business of property development and

provision of management services. Its

subsidiary companies currently are

involved in investment holding,

provision of management services,

property development and building

construction.


The company is taking seriously on

accountability and auditing in their

financial reporting and risk

management framework and internal

control. Besides that, the Board

believed that a strong company

requires not only skilled but driven,

motivated and loyal employees, thus,

the Board had giving attention on

their human capital development. Not

only have that, the Company also

concerned in equality of education in

order to create a better community

development. Besides that, the

company also sensitive towards

environmental practices in its business

environment. Therefore, it shows that

the Company is not profit-centered,

but also concerning other elements in

order to build a better nation.

43 | P a g e


0

200,000,000

400,000,000

600,000,000

2009 2010 2011 2012 2013

Sales/Revenue

0

200,000,000

400,000,000

600,000,000

800,000,000

2009 2010 2011 2012 2013

Total assets

0.00

10,000,000.00

20,000,000.00

30,000,000.00

40,000,000.00

2009 2010 2011 2012 2013

Cash flow

Indicator Average


Dividend Yield 0.06


0.31

Liquidity Warning

Acid-Test Ratio

25.23

44 | P a g e


FRONTKEN CORPORATION BERHAD


Frontken Corporation Berhad is an

investment holding company and

engaged in the provision of

management services to its

subsidiaries. It is engaged in the

provision of engineering services. It is

a service provider of surface

metamorphosis engineering in the

Asia Pacific region. The Company

provides upgrade, maintenance, repair

and overhaul services on

stationary/rotating equipments and its

components. The Company has

operations in Malaysia, Singapore,

Philippines, Taiwan, Hong Kong and

Indonesia. Its subsidiaries include

Frontken (Singapore) Pte. Ltd.


The Company recognises the

importance of adopting high standards

of corporate governance in the

Company in order to safeguard

stakeholders’ interests as well as

enhancing shareholder’s value. The

Director had emphasized their

Corporate Governance via four key

concepts namely four key concepts,

namely transparency, accountability,

integrity as well as corporate

performance.

45 | P a g e


0

100,000,000

200,000,000

300,000,000

2009 2010 2011 2012 2013

Sales/Revenue

0

100,000,000

200,000,000

300,000,000

400,000,000

2009 2010 2011 2012 2013

Total assets

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

2009 2010 2011 2012 2013

Cash flow

Indicator Average


Dividend Yield 0.00


0.30

Liquidity Warning

Acid-Test Ratio

1.584

46 | P a g e


DAGANG NEXCHANGE BERHAD


TIME Engineering Berhad (TIME) is a Malaysia

based investment holding company. The

Company operates in two segments:

Information communication technology and

corporate. Information communication

technology is engaged in supplying, delivering,

installation, testing, commissioning and

maintenance of information technology (IT)

hardware, development, management and

provision of business to business (B2B)

ecommerce and computerized transaction

facilitation services, providing of cyber

security solutions, managed services, project

fulfillment, assets maintenance and contact

centers.


The Company via their Corporate Governance

Statement shows concern on their staff roles

and responsibilities, upholding integrity in

financial reporting, risk management,

strengthening their relationship with the

shareholder’s despite of emphasize on

nurturing talent for the staff and ensuring the

environment sustainability.

47 | P a g e


0

50,000

100,000

150,000

200,000

2009 2010 2011 2012 2013

Sales/Revenue

0

500,000

1,000,000

2009 2010 2011 2012 2013

Total assets

0.00

50,000.00

100,000.00

150,000.00

2009 2010 2011 2012 2013

Cash flow

Indicator Average


Dividend Yield 0.38


0.24

Liquidity Warning

Acid-Test Ratio

2.06

48 | P a g e

PORTFOLIO

PERFORMANCE The portfolio has been monitored for

approximately one month calendar

period (22 days if we exclude the day

when the market is close). We

benchmark the portfolio with three

indices namely FTSE Bursa Malaysia

EMAS Index, Dow Jones Islamic

Market Emerging Market Index and

Malaysian Government Bond Yield - 5

Years. We compare with Dow Jones

Islamic Market Emerging Market Index

to see the performance against the

comparable market in the world. The

Malaysian Government Bond Yield is

taken to demonstrate the return

against risk free securities

performance.

The graphs exhibit our return

outperformed all three indices by

producing the annualized return of

6.42% where as the annualized return

for FTSE Bursa Malaysia EMAS Shariah

Index, Dow Jones Islamic Market

Emerging Market Index and Malaysian

Government Securities 5 Years Index

are 1.22%, 0.36% and -1.18%

respectively. We take FTSE Bursa

Malaysia EMAS Shariah Index as our

main benchmark since all the stocks

comprised in the portfolio are

Malaysian stock. The capital

appreciation contributes 100% of the

rate of return stated above while the

dividend income generated apart from

that calculation.

0.024 is the Treynor Ratio which

measures returns earned in excess as

compared to riskless investment per

each unit of market risk. The Sharpe

ratio shows 27.7 excess returns gained

for the extra volatility endured. We

see that we have excess return and

our portfolio has outperformed the

three indices.

Return

Portfolio Annualized Return

6.42%

FTSE Bursa Malaysia EMAS Shariah Index

1.22%

Dow Jones Islamic Market Emerging Market Index

0.36%

Malaysian Government Securities 5 Years Index

-1.18%

Risk-Adjusted Return

BETA 1.14

Standard Deviation 0.001

Treynor Ratio 0.024

Sharpe Ratio 27.7

Jensen Alpha 0.00

Excess Return 2.77%

49 | P a g e

Portfolio Performance Against FTSE Bursa Malaysia EMAS Shariah Index

Portfolio Performance Against Dow Jones Islamic Market Emerging Market

Portfolio Performance Against Malaysian Government Bond Yield – 5 years

-0.60%

-0.40%

-0.20%

0.00%

0.20%

0.40%

0.60%

0.80%

PORTFOLIO FTSE Bursa Malaysia EMAS Shari’ah Index

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

PORTFOLIO DJIMEM

-1.00%

-0.50%

0.00%

0.50%

1.00%

PORTFOLIO MGS

50 | P a g e

APPENDIX

prospectus_geld investment

Documents