CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2016
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
CONTENTS
PAGE(S)
INVESTORS' LETTER
1
MANAGER’S REPORT
2-7
Fund Objective and Policy
Performance Data
Market Review
Fund Performance
Portfolio Structure
Market Outlook
Investment Strategy
Unit Holdings Statistics
Soft Commissions and Rebates
STATEMENT BY MANAGER
8
TRUSTEE'S REPORT
9
INDEPENDENT AUDITORS’ REPORT
10 - 11
STATEMENT OF COMPREHENSIVE INCOME
12
STATEMENT OF FINANCIAL POSITION
13
STATEMENT OF CHANGES IN EQUITY
14
STATEMENT OF CASH FLOWS
15
NOTES TO THE FINANCIAL STATEMENTS
DIRECTORY
LIST OF CWA (an Agency force of CIMB-Principal) OFFICES
16 - 35
36
37 - 41
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
INVESTORS' LETTER
Dear Valued Investors,
Thank you for investing in CIMB-Principal Australian Equity Fund. We are pleased to let you know
that we have been recently named the Best Asset & Fund Manager (2007-2016) in Malaysia by
Alpha Southeast Asia for its Southeast Asia's 10th Annual Best Financial Institutions Awards 2016.
The award came at the right time, proving that CIMB-Principal Asset Management Berhad (“CIMBPrincipal”) is a consistent performer beyond the industry benchmarks even in a challenging market
environment.
Please be informed that with effect from 30 June 2016, the following sentence under the "Processing
a withdrawal” in the Fund's prospectus has been removed: "If you request a specific amount in
Ringgit Malaysia (“RM”), the number of units will be calculated by dividing the requested amount in
RM by the unit pricing, and the number of units will be rounded to the second decimal place."
Nevertheless, you are able to withdraw the desired amount from the CIMB-Principal Australian Equity
Fund, where the amount will be derived by multiplying the units of the Fund with the Net Asset Value
(“NAV”) per unit of the Fund, subject to the minimum withdrawal unit. Please refer to the Master
Prospectus Issue No. 20 dated 30 June 2016 for further details.
Moving forward, we are committed to deliver a better customer experience to you. For your
information, we have started a customer information update exercise through e-mails, phone and
registered mail so that we can interact better with you in the future. For those who have not updated
their information, you are strongly encouraged to contact our Customer Care Centre directly at 037718 3100 or your Consultant to update your latest information.
We would like to take this opportunity to thank you for your continuous support and confidence in our
services. CIMB-Principal remains committed in helping you to grow your investment.
Yours faithfully,
for CIMB-Principal Asset Management Berhad
Munirah Khairuddin
Chief Executive Officer/Executive Director
1
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
MANAGER’S REPORT
FUND OBJECTIVE AND POLICY
What is the investment objective of the Fund?
The Fund aims to achieve medium to long-term capital appreciation predominantly through
investment in a portfolio of Australian securities.
Has the Fund achieved its objective?
For the financial year under review, the performance of the Fund is in line with its stated objective.
What are the Fund investment policy and principal investment strategy?
In order to achieve its objective, the Fund will invest at least 95% of its NAV in the Schroder
Australian Equity Fund (“Target Fund”); an Australian-domiciled fund established on 3 March 1964
which invests in Australian equities, with an emphasis on investments in companies with sustainable
competitive advantage in the long-term. The Fund will also maintain up to maximum of 5% of its NAV
in liquid assets.
Information on the Target Fund:
Investment Manager/Management Company: Schroder Investment Management Australia Limited
Regulatory Authority: Australian Securities and Investments Commission
Fund category/type
Feeder Fund/Growth
How long should you invest for?
Recommended at three (3) years or more
Indication of short-term risk (low, moderate, high)
High
When was the Fund launched?
20 March 2010
What was the size of the Fund as at 30 September 2016?
RM16.35 million (47.48 million units)
What is the Fund’s benchmark?
Standard & Poor’s (“S&P”)/Australian Securities Exchange 200 (“ASX200”) Accumulation Index
Note: Investors to note that the risk profile of the Fund is different from the risk profile of the benchmark.
What is the Fund distribution policy?
The Manager has the discretion to distribute part or all of the Fund’s distributable income. The
distribution (if any) may vary from period to period depending on the performance of the Fund.
What was the net income distribution for the financial year ended 30 September 2016?
There was no distribution made for the financial year ended 30 September 2016.
2
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
PERFORMANCE DATA
Details of portfolio composition of the Fund for the last three financial years are as follows:
Collective investment scheme
Cash and other net assets
30.09.2016
%
30.09.2015
%
30.09.2014
%
96.29
3.71
100.00
98.82
1.18
100.00
97.47
2.53
100.00
Performance details of the Fund for the last three financial years are as follows:
30.09.2016
16.35
47.48
0.3443
0.3476
0.2689
12.11
12.11
2.16
0.19
NAV (RM Million)
Units in circulation (Million)
NAV per unit (RM)
Highest NAV per unit (RM)
Lowest NAV per unit (RM)
Total return (%)
- Capital growth (%)
- Income distribution (%)
Management Expense Ratio (“MER”) (%) ^
Portfolio Turnover Ratio (“PTR”) (times) #
30.09.2015
17.16
55.85
0.3072
0.3433
0.2926
(0.94)
(0.94)
2.00
0.49
30.09.2014
30.20
97.41
0.3100
0.3410
0.2993
(2.73)
(2.73)
1.94
0.33
^ The Fund’s MER increased from 2.00% to 2.16% mainly due to the decrease in average NAV
during the financial year under review.
# The Fund’s PTR fell from 0.49 times to 0.19 times during the financial year. The low turnover
reflects the feeder status of the Fund.
30.09.2016
%
30.09.2015
%
30.09.2014
%
30.09.2013
%
30.09.2012
%
12.11
(0.94)
(2.73)
16.27
19.49
Annual total return
(Launch date: 20 March 2010)
Past performance is not necessarily indicative of future performance and that unit prices and investment returns may go
down, as well as up. All performance figures for the financial year have been extracted from Lipper.
3
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
MARKET REVIEW (1 OCTOBER 2015 TO 30 SEPTEMBER 2016)
For the financial year under review, the ASX200 Index rose by 16.02%.
In the fourth quarter of 2015, Australian equities gained by 6.0%, supported by strong returns from
the financial sector. All four megabanks raised home loan interest rates during the quarter, moves
expected to add over US Dollar (“USD”) 1 billion in annual revenues to the industry. However,
plummeting commodity prices weighed on the shares of energy and materials companies. BHP
Billiton fell to a 10-year low after a Brazilian court declared the firm would be partially responsible for
billions of dollars of environmental damages from a burst dam. After declining for much of the year,
the Australian Dollar (“AUD”) reversed its trend, gained by 4.0% against the USD.
The ASX200 Index hit a 12-month low on the eve of the US Federal Reserve’s (the “Fed”) highlyanticipated interest rate decision, but a surge over the remainder of December 2016 saw the Index
finish up for the month (+2.5%). Australia’s outperformance provided welcome respite from a long
period through which the Index lagged its developed market peers. The Fed lifted interest rates for
the first time in almost ten years. The Reserve Bank of Australia (“RBA”) ended 2015 comfortably on
hold, with the Governor telling the market to "chill out".
It was a traumatic start to 2016, with all the major indices ending the month down – the Morgan
Stanley Capital International (“MSCI”) World Index shed (-6.1%). Escalating concerns surrounding the
health of the Chinese economy coupled with ham-fisted efforts to manage falling markets and the
currency served to deeply undermine global confidence. The ASX200 Index declined by 5.5% at
5,006 in January 2016. The RBA left the cash rate steady at 2.0% in February 2016 and March 2016.
The Governor opted for few changes in the statement announcing the decision, despite the softer run
of data in the back half of February 2016. March 2016 was a positive month for equity investors, with
the ASX200 Index enjoying a 4.1% return. The rising of the commodities price saw ASX 200
Resources Index post its second consecutive positive monthly return (+5.8%); the biggest monthly
move since December 2012.
The second quarter of 2016 started positively, with the ASX200 Index enjoying a return of 3.3% in
April 2016 while the RBA continued to maintain the cash rate. May 2016 shared the same positive
performance, with ASX200 Index gained by 2.4%. The RBA decided to lower the cash rate 25 basis
points (“bps”) to 1.75% in May 2016. The decision followed the release of inflation data that was
‘shockingly’ low. In the statement announcing the decision, the RBA also softened their rhetoric
around the outlook for the labour market and growth. British voters wrong-footed global markets in
June 2016, with an unexpected majority voting to exit the European Union (“EU”). In the run-up to the
referendum on 23 June 2016, financial markets and the bookmakers were pointing to a comfortable
win for the 'Remain' camp. The result proved to be anything but comfortable, with the vote to end
Britain’s 43-year EU membership sending global markets into a tailspin. The ASX200 Index fell by
2.7% in June 2016. The RBA left the cash rate unchanged in June 2016, the Board judged that
leaving the stance of monetary policy unchanged in June 2016 would be consistent with returning
inflation to target.
July 2016 was an extraordinary month for market returns, with the S&P/ASX 200 Index gained by 6%.
For the first time in several years, commodity prices had risen this year and taken the equity prices of
the smaller, leveraged commodity companies with them. The ASX200 Index endured a torrid August
2016, with the Index slipped by 2.3%. The results season disappointed; only about 25.0% beat
expectations from an earnings perspective. Materials were the standout in terms of beats, with 52.4%
coming in above expectations. On the economic front, the RBA cut the target cash rate to 1.5%. The
minutes of the RBA board meeting acknowledged that the rate cut was due to low inflation and the
need for stronger growth. Having already eased 50 bps this year, the central bank was widely
expected to remain on hold for the remainder of 2016. The Resources sector was yet again the
stand-out in September 2016, with a market-topping gain of 5.2%. The surprise decision late in the
month by Organisation of the Petroleum Exporting Countries (“OPEC”) to agree to an ‘in principle’
production cut failed to lift Energy out of the red.
4
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
FUND PERFORMANCE
Income
Capital
Total Return
Benchmark
Average Total Return
1 year to
30.09.2016
%
12.11
12.11
16.02
12.11
3 years to
30.09.2016
%
8.03
8.03
23.63
2.61
5 years to
30.09.2016
%
50.09
50.09
73.32
8.46
Since inception
to 30.09.2016
%
38.05
38.05
54.85
5.05
For the financial period under review, the Fund gained 12.11% which underperformed the benchmark
which gained 16.02%.
Changes in NAV
30.09.2016
30.09.2015
16.35
0.3443
17.16
0.3072
NAV (RM Million)
NAV/Unit (RM)
Changes
%
(4.72)
12.08
For the 1-year period, total NAV fell by 4.72%, while the NAV per unit gained by 12.08%. The fall in
the total NAV was due to the total net redemption and the gain in NAV per unit was due to investment
performance over the 1-year financial period.
Performance data represents the combined income and capital return as a result of holding units in the Fund for the
specified length of time, based on NAV to NAV price. The performance data assumes that all earnings from the Fund are
reinvested and are net of management and trustee fees. Past performance is not reflective of future performance and
income distributions are not guaranteed. Unit prices and income distributions, if any, may fall and rise. All performance
figures for the financial year have been extracted from Lipper.
5
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
PORTFOLIO STRUCTURE
Asset allocation
(% of NAV)
Collective investment scheme
Cash and other net assets
TOTAL
30.09.2016
96.29
3.71
100.00
30.09.2015
98.82
1.18
100.00
The Fund was fully invested during the financial year under review. A minimal level of liquid assets
was maintained primarily for liquidity purposes.
MARKET OUTLOOK*
The Australian economy grew at its slowest pace in one year in the second quarter of 2016,
hampered by poor performance from the external sector and slower growth in private consumption.
Data for the third quarter of 2016 indicate that both business and consumer confidence have
remained broadly stable compared to the previous period. At the same time, retail sales in August
2016 grew at their fastest pace since January 2016, following a flat reading in July 2016. Taken
together, the evidence suggests meek growth in the third quarter. Strong consumer confidence in
October 2016, thanks in part to an improving labor market, points to the economy being on a more
solid footing at the start of fourth quarter of 2016.
Meanwhile, according to the RBA, some segments of the housing market have started to show signs
of weakness: newly built apartments are staying on the market for longer and are increasingly being
sold for less than the asking price, due to a combination of higher supply and more stringent lending
standards.
* This market outlook does not constitute an offer, invitation, commitment, advice or recommendation to make a purchase of
any investment. The information given in this article represents the views of CIMB-Principal or based on data obtained from
sources believed to be reliable by CIMB-Principal. Whilst every care has been taken in preparing this, CIMB-Principal
makes no guarantee, representation or warranty and is under no circumstances liable for any loss or damage caused by
reliance on, any opinion, advice or statement made in this market outlook.
INVESTMENT STRATEGY
The Fund will continue to remain fully invested in the Target Fund with minimal cash kept for liquidity
purposes. Our asset allocation decision will continue to be subject to market conditions.
6
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
UNIT HOLDINGS STATISTICS
Breakdown of unit holdings by size as at 30 September 2016 are as follows:
Size of unit holdings (units)
No. of unit holders
5,000 and below
5,001 to 10,000
10,001 to 50,000
50,001 to 500,000
500,001 and above
Total
6
13
56
41
6
122
No. of units held
(million)
0.02
0.10
1.52
6.09
39.75
47.48
% of units held
0.04
0.21
3.20
12.83
83.72
100.00
SOFT COMMISSIONS AND REBATES
CIMB-Principal Asset Management Berhad (the “Manager”) and the Trustee (including their officers)
will not retain any form of rebate or soft commission from, or otherwise share in any commission with,
any broker in consideration for directing dealings in the investments of the Funds unless the soft
commission received is retained in the form of goods and services such as financial wire services and
stock quotations system incidental to investment management of the Funds. All dealings with brokers
are executed on best available terms.
During the financial year under review, the Manager and the Trustee did not receive any rebates from
the brokers or dealers but have retained soft commissions in the form of goods and services such as
financial wire services and stock quotations system incidental to investment management of the
Funds.
7
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
STATEMENT BY MANAGER TO THE UNIT HOLDERS OF
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
I, being a Director of CIMB-Principal Asset Management Berhad (the “Manager”), do hereby state
that, in the opinion of the Manager, the accompanying audited financial statements set out on pages
12 to 35 are drawn up in accordance with the provisions of the Deeds and give a true and fair view of
the financial position of the Fund as at 30 September 2016 and of its financial performance, changes
in equity and cash flows for the financial year then ended in accordance with the provisions of the
Malaysian Financial Reporting Standards (“MFRS”) and International Financial Reporting Standards
(“IFRS”).
For and on behalf of the Manager
CIMB-Principal Asset Management Berhad
(Company No.: 304078-K)
MUNIRAH KHAIRUDDIN
Chief Executive Officer/Executive Director
Kuala Lumpur
15 November 2016
8
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
TRUSTEE'S REPORT TO THE UNIT HOLDERS OF
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
We have acted as Trustee of CIMB-Principal Australian Equity Fund (the “Fund”) for the financial year
ended 30 September 2016. To the best of our knowledge, CIMB-Principal Asset Management Berhad
(the “Manager”), has operated and managed the Fund in accordance with the following:a)
limitations imposed on the investment powers of the Manager and the Trustee under the Deeds,
the Securities Commission’s Guidelines on Unit Trust Funds, the Capital Markets and Services Act
2007 and other applicable laws;
b)
valuation/pricing is carried out in accordance with the Deeds and any regulatory requirements; and
c)
creation and cancellation of units are carried out in accordance with the Deeds and any regulatory
requirements.
For HSBC (Malaysia) Trustee Berhad
Tan Bee Nie
Head, Trustee Operations
Kuala Lumpur
15 November 2016
9
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
INDEPENDENT AUDITORS’ REPORT TO THE UNIT HOLDERS OF
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
REPORT ON THE FINANCIAL STATEMENTS
We have audited the financial statements of CIMB-Principal Australian Equity Fund (the "Fund") on
pages 12 to 35, which comprise the statement of financial position as at 30 September 2016 of the
Fund, and the statement of comprehensive income, statement of changes in equity and statement of
cash flows for the financial year then ended, and a summary of significant accounting policies and
other explanatory notes, as set out on Notes 1 to 16.
Manager’s Responsibility for the Financial Statements
The Manager of the Fund is responsible for the preparation of financial statements so as to give a
true and fair view in accordance with Malaysian Financial Reporting Standards and International
Financial Reporting Standards. The Manager is also responsible for such internal control as the
Manager determines is necessary to enable the preparation of financial statements that are free from
material misstatement whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with approved standards on auditing in Malaysia. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on our judgment, including the
assessment of risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, we consider internal control relevant to the Fund’s
preparation of financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Manager’s internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by the Manager,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
10
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
INDEPENDENT AUDITORS’ REPORT TO THE UNIT HOLDERS OF
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND (CONTINUED)
REPORT ON THE FINANCIAL STATEMENTS (CONTINUED)
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the Fund
as of 30 September 2016 and of its financial performance and cash flows for the financial year then
ended in accordance with Malaysian Financial Reporting Standards and International Financial
Reporting Standards.
OTHER MATTERS
This report is made solely to the unit holders of the Fund and for no other purpose. We do not
assume responsibility to any other person for the content of this report.
PRICEWATERHOUSECOOPERS
(No. AF: 1146)
Chartered Accountants
Kuala Lumpur
15 November 2016
11
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
STATEMENT OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2016
Note
INVESTMENT INCOME
Dividend income
Interest income from deposits with licensed
financial institutions
Net gain/(loss) on financial assets at fair value
through profit or loss
Net foreign exchange (loss)/gain
Other income
8
4
EXPENSES
Management fee
Trustee’s fee
Audit fee
Tax agent’s fee
Other expenses
5
6
PROFIT BEFORE TAXATION
7
Taxation
PROFIT AFTER TAXATION AND TOTAL
COMPREHENSIVE INCOME FOR THE
FINANCIAL YEAR
Profit after taxation is made up as follows:
Realised amount
Unrealised amount
2016
RM
2015
RM
721,733
1,036,334
1,345
10,544
1,217,980
(21,444)
94,018
2,013,632
(345,633)
63,300
150,970
915,515
277,650
18,000
7,760
4,000
26,145
333,555
455,695
20,253
6,448
4,000
19,692
506,088
1,680,077
409,427
(8,502)
(18,503)
1,671,575
390,924
516,807
1,154,768
1,671,575
2,436,806
(2,045,882)
390,924
The accompanying notes to the financial statements form an integral part of the audited financial
statements.
12
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2016
2016
RM
2015
RM
244,671
15,742,491
643,742
16,630,904
359,151
16,957,574
12,378
17,329,103
244,056
14,842
6,696
17,045
282,639
138,224
16,798
1,151
12,348
168,521
NET ASSET VALUE OF THE FUND
16,348,265
17,160,582
EQUITY
Unit holders’ capital
Retained earnings
NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS
13,951,463
2,396,802
16,348,265
16,435,355
725,227
17,160,582
47,481,392
55,853,335
0.3443
0.3072
Note
ASSETS
Cash and cash equivalents
Financial assets at fair value through profit or loss
Amount due from Manager
TOTAL ASSETS
9
8
LIABILITIES
Amount due to Manager
Accrued management fee
Amount due to Trustee
Other payables and accruals
TOTAL LIABILITIES
NUMBER OF UNITS IN CIRCULATION (UNITS)
10
NET ASSET VALUE PER UNIT (RM)
The accompanying notes to the financial statements form an integral part of the audited financial
statements.
13
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2016
Unit holders’
capital
RM
Retained
earnings
RM
Total
RM
Balance as at 1 October 2015
Movement in unit holders’
contributions:
- Creation of units from applications
- Cancellation of units
Total comprehensive income for the
financial year
16,435,355
725,227
17,160,582
3,333,689
(5,817,581)
-
3,333,689
(5,817,581)
-
1,671,575
1,671,575
Balance as at 30 September 2016
13,951,463
2,396,802
16,348,265
Balance as at 1 October 2014
Movement in unit holders’
contributions:
- Creation of units from applications
- Cancellation of units
Total comprehensive income for the
financial year
27,486,312
2,712,190
30,198,502
12,882,943
(23,933,900)
(2,377,887)
-
390,924
390,924
16,435,355
725,227
17,160,582
Balance as at 30 September 2015
12,882,943
(26,311,787)
The accompanying notes to the financial statements form an integral part of the audited financial
statements.
14
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2016
Note
CASH FLOWS FROM OPERATING ACTIVITIES
Proceeds from disposal of collective investment scheme
Purchase of collective investment scheme
Dividend income received
Interest income received from deposits with licensed
financial institutions
Management fee paid
Management fee rebate received
Trustee’s fee paid
Payments for other fees and expenses
Net realised foreign exchange loss
Net cash generated from operating activities
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds from units created
Payments for cancellation of units
Net cash used in financing activities
Net decrease in cash and cash equivalents
Effects of foreign exchange differences
Cash and cash equivalents at the beginning of the financial
year
Cash and cash equivalents at the end of the financial
year
9
2016
RM
2015
RM
4,161,377
(1,736,187)
713,231
19,306,780
(7,159,515)
1,025,141
1,345
(281,594)
96,125
(12,455)
(33,326)
(18,257)
2,890,259
10,544
(473,368)
150,969
(21,342)
(29,606)
(27,394)
12,782,209
2,702,325
(5,711,749)
(3,009,424)
12,909,816
(26,273,460)
(13,363,644)
(119,165)
4,685
(581,435)
66,383
359,151
874,203
244,671
359,151
The accompanying notes to the financial statements form an integral part of the audited financial
statements.
15
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2016
1.
THE FUND, THE MANAGER AND ITS PRINCIPAL ACTIVITY
CIMB-Principal Australian Equity Fund (the “Fund”) is governed by a Principal Master Deed
dated 15 May 2008, a Seventh Supplemental Master Deed dated 11 February 2010, a
Thirteenth supplemental Master Deed dated 26 June 2012 and an Eighteenth supplemental
Master Deed dated 25 March 2015 (collectively referred to as the “Deeds”), made between
CIMB-Principal Asset Management Berhad (the “Manager”) and HSBC (Malaysia) Trustee
Berhad (the “Trustee”).
The Fund will invest at least 95% of its NAV in the Target Fund; an Australian-domiciled fund
established on 3 March 1964 which invests in Australian equities, with an emphasis on
investments in companies with sustainable competitive advantage in the long-term. The Fund
will also maintain up to maximum of 5% of its NAV in liquid assets.
All investments are subjected to the Securities Commission Malaysia (“SC”) Guidelines on
Unit Trust Funds, SC requirements, the Deeds, except where exemptions or variations have
been approved by the SC, internal policies and procedures and the Fund’s objective.
The Manager, a company incorporated in Malaysia, is a subsidiary of CIMB Group Sdn Bhd
and regards CIMB Group Holdings Berhad as its ultimate holding company. The Manager is
also an associate of Principal International (Asia) Limited, which is a subsidiary of Principal
Financial Group Inc. The principal activities of the Manager are the establishment and
management of unit trust funds and fund management activities.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies have been used consistently in dealing with items which are
considered material in relation to the financial statements:
(a)
Basis of preparation
The financial statements have been prepared in accordance with the provisions of the
MFRS and IFRS.
The financial statements have been prepared under the historical cost convention, as
modified by financial assets at fair value through profit or loss.
The preparation of financial statements in conformity with MFRS and IFRS requires the
use of certain critical accounting estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and expenses
during the reported financial year. It also requires the Manager to exercise their
judgment in the process of applying the Fund’s accounting policies. Although these
estimates and assumptions are based on the Manager’s best knowledge of current
events and actions, actual results may differ.
The areas involving a higher degree of judgment or complexity, or areas where
assumptions and estimates are significant to the financial statements are disclosed in
Note 2(i).
16
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a)
Basis of preparation (continued)
Standards, amendments to published standards and interpretations to existing
standards that are effective:
There are no new accounting standards, amendments to published standards and
interpretations that are effective for the first time for the financial year beginning on 1
October 2015.
The standards, amendments to published standards and interpretations to existing
standards that are applicable to the Fund but not yet effective and have not been early
adopted are as follows:
(i)
Financial year beginning on/after 1 October 2016
•
Amendments to MFRS 101 “Presentation of financial statements Disclosure Initiative” (effective from 1 January 2016) provide clarifications
on a number of issues, including:
Materiality – an entity should not aggregate or disaggregate information in a
manner that obscures useful information. Where items are material,
sufficient information must be provided to explain the impact on the
financial position or performance.
Disaggregation and subtotals – line items specified in MFRS 101 may need
to be disaggregated where this is relevant to an understanding of the
entity’s financial position or performance. There is also new guidance on
the use of subtotals.
Notes – confirmation that the notes do not need to be presented in a
particular order.
Other comprehensive income (“OCI”) arising from investments accounted
for under the equity method – the share of OCI arising from equityaccounted investments is grouped based on whether the items will or will
not subsequently be reclassified to profit or loss.
Each group should then be presented as a single line item in the statement
of other comprehensive income.
According to the transitional provisions, the disclosures in MFRS 108
regarding the adoption of new standards/accounting policies are not
required for these amendments.
•
Annual Improvements to MFRS 2012 – 2014 Cycle (effective from 1
January 2016)
As these amendments merely clarify the existing requirements, they do not
affect the Fund’s accounting policies or any of the disclosures.
17
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a)
Basis of preparation (continued)
(ii)
Financial year beginning on/after 1 October 2017
•
Amendments to MFRS 107 ‘‘Statement of Cash Flows – Disclosure
Initiative’’ (effective from 1 January 2017) introduce an additional disclosure
on changes in liabilities arising from financing activities.
The Fund will apply this standard when effective. This standard is not
expected to have a significant impact on the Fund’s financial statements.
(iii)
Financial year beginning on/after 1 October 2018
•
MFRS 15 “Revenue from Contracts with Customers” (effective from 1
January 2018) replaces MFRS 118 ‘’Revenue’’ and MFRS 111
‘‘Construction Contracts’’ and related interpretations. The core principle in
MFRS 15 is that an entity recognises revenue to depict the transfer of
promised goods or services to the customer in an amount that reflects the
consideration to which the entity expects to be entitled in exchange for
those goods or services.
Revenue is recognised when a customer obtains control of goods or
services, i.e. when the customer has the ability to direct the use of and
obtain the benefits from the goods or services.
A new five-step process is applied before revenue can be recognised:
• Identify contracts with customers;
• Identify the separate performance obligations;
• Determine the transaction price of the contract;
• Allocate the transaction price to each of the separate performance
obligations; and
• Recognise the revenue as each performance obligation is satisfied.
•
Key provisions of the new standard are as follows:
• Any bundled goods or services that are distinct must be separately
recognised, and any discounts or rebates on the contract price must
generally be allocated to the separate elements.
• If the consideration varies (such as for incentives, rebates, performance
fees, royalties, success of an outcome etc), minimum amounts of
revenue must be recognised if they are not at significant risk of reversal.
• The point at which revenue is able to be recognised may shift: some
revenue which is currently recognised at a point in time at the end of a
contract may have to be recognised over the contract term and vice
versa.
• There are new specific rules on licenses, warranties, non-refundable
upfront fees, and consignment arrangements, to name a few.
• As with any new standard, there are also increased disclosures.
18
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(a)
Basis of preparation (continued)
(iii)
Financial year beginning on/after 1 October 2018 (continued)
•
MFRS 9 “Financial Instruments” (effective from 1 January 2018) will replace
MFRS 139 “Financial Instruments: Recognition and Measurement”.
MFRS 9 retains but simplifies the mixed measurement model in MFRS 139
and establishes three primary measurement categories for financial assets:
amortised cost, fair value through profit or loss and fair value through OCI.
The basis of classification depends on the entity's business model and the
contractual cash flow characteristics of the financial asset. Investments in
equity instruments are always measured at fair value through profit or loss
with an irrevocable option at inception to present changes in fair value in
OCI (provided the instrument is not held for trading). A debt instrument is
measured at amortised cost only if the entity is holding it to collect
contractual cash flows and the cash flows represent principal and interest.
For liabilities, the standard retains most of the MFRS 139 requirements.
These include amortised cost accounting for most financial liabilities, with
bifurcation of embedded derivatives. The main change is that, in cases
where the fair value option is taken for financial liabilities, the part of a fair
value change due to an entity’s own credit risk is recorded in OCI rather
than the income statement, unless this creates an accounting mismatch.
MFRS 9 introduces an expected credit loss model on impairment that
replaces the incurred loss impairment model used in MFRS 139. The
expected credit loss model is forward-looking and eliminates the need for a
trigger event to have occurred before credit losses are recognised.
The Fund will apply this standard when effective. This standard is not
expected to have a significant impact on the Fund’s financial statements.
(b)
Financial assets and financial liabilities
Classification
The Fund designates its investment in collective investment scheme as financial
assets at fair value through profit or loss at inception.
Financial assets are designated at fair value through profit or loss when they are
managed and their performance evaluated on a fair value basis.
Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market and have been included in current
assets. The Fund’s loans and receivables comprise cash and cash equivalents, and
amount due from Manager.
Financial liabilities are classified according to the substance of the contractual
arrangements entered into and the definitions of a financial liability.
The Fund classifies amount due to Manager, amount due to Trustee, accrued
management fee, and other payables and accruals as other financial liabilities.
19
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b)
Financial assets and financial liabilities (continued)
Recognition and measurement
Regular purchases and sales of financial assets are recognised on the trade-date, the
date on which the Fund commits to purchase or sell the asset. Investments are initially
recognised at fair value.
Financial liabilities, within the scope of MFRS 139, are recognised in the statement of
financial position when, and only when, the Fund becomes a party to the contractual
provisions of the financial instrument.
Financial assets are derecognised when the rights to receive cash flows from the
investments have expired or have been transferred and the Fund has transferred
substantially all risks and rewards of ownership.
Financial liabilities are derecognised when it is extinguished, i.e. when the obligation
specified in the contract is discharged or cancelled or expired.
Unrealised gains or losses from changes in the fair value of the financial assets at fair
value through profit or loss are presented in the statement of comprehensive income
within net gain or loss on financial assets at fair value through profit or loss in the
financial year which they arise.
Dividend income from financial assets at fair value through profit and loss is
recognised in the statement of comprehensive income as part of gross dividend
income when the Fund’s right to receive payments is established.
Collective investment scheme is valued based on the most recent published NAV per
unit or share of such collective investment scheme or, if unavailable, on the last
published price of such unit or share (excluding any sales charge included in such
selling price).
Deposits with licensed financial institutions are stated at cost plus accrued interest
calculated on the effective interest method over the period from the date of placement
to the date of maturity of the respective deposits.
Loans and receivables and other financial liabilities are subsequently carried at
amortised cost using the effective interest method.
20
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b)
Financial assets and financial liabilities (continued)
Impairment for assets carried at amortised costs
For assets carried at amortised cost, the Fund assesses at the end of the reporting
year whether there is objective evidence that a financial asset or group of financial
assets is impaired. A financial asset or a group of financial assets is impaired and
impairment losses are incurred only if there is objective evidence of impairment as a
result of one or more events that occurred after the initial recognition of the asset (a
‘loss event’) and that loss event (or events) has an impact on the estimated future cash
flows of the financial asset or group of financial assets that can be reliably estimated.
The amount of the loss is measured as the difference between the asset’s carrying
amount and the present value of estimated future cash flows (excluding future credit
losses that have not been incurred) discounted at the financial asset’s original effective
interest rate. The asset’s carrying amount is reduced and the amount of the loss is
recognised in statement of comprehensive income. If ‘loans and receivables’ has a
variable interest rate, the discount rate for measuring any impairment loss is the
current effective interest rate determined under the contract.
As a practical expedient, the Fund may measure impairment on the basis of an
instrument’s fair value using an observable market price.
If, in a subsequent financial year, the amount of the impairment loss decreases and
the decrease can be related objectively to an event occurring after the impairment was
recognised (such as an improvement in the debtor’s credit rating), the reversal of the
previously recognised impairment loss is recognised in statement of comprehensive
income.
When an asset is uncollectible, it is written off against the related allowance account.
Such assets are written off after all the necessary procedures have been completed
and the amount of the loss has been determined.
(c)
Foreign currency
Functional and presentation currency
Items included in the financial statements of the Fund are measured using the
currency of the primary economic environment in which the Fund operates (the
“functional currency”). The financial statements are presented in RM, which is the
Fund’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions or valuation where items are
remeasured. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of monetary assets
and liabilities denominated in foreign currencies are recognised in the statement of
comprehensive income, except when deferred in OCI as qualifying cash flow hedges.
21
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(d)
Income recognition
Dividend income is recognised on the ex-dividend date when the right to receive
payment is established.
Interest income from deposits with licensed financial institutions is recognised on a
time proportionate basis using the effective interest rate method on an accrual basis.
Realised gain or loss on disposal of collective investment scheme is accounted for as
the difference between the net disposal proceeds and the carrying amount of
investments, determined on a weighted average cost basis.
(e)
Cash and cash equivalents
For the purpose of statement of cash flows, cash and cash equivalents comprise bank
balances and deposits held in highly liquid investments that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in
value.
(f)
Taxation
Current tax expense is determined according to Malaysian tax laws at the current rate
based upon the taxable profit earned during the financial year.
Tax on income from foreign collective investment scheme is based on the tax regime
of the respective countries that the Fund invests in.
(g)
Unit holders’ capital
The unit holders’ contributions to the Fund meet the criteria to be classified as equity
instruments under MFRS 132 “Financial Instruments: Presentation”. Those criteria
include:



the units entitle the holder to a proportionate share of the Fund’s NAV;
the units are the most subordinated class and class features are identical;
there is no contractual obligations to deliver cash or another financial asset
other than the obligation on the Fund to repurchase; and

the total expected cash flows from the units over its life are based substantially
on the profit or loss of the Fund.
The outstanding units are carried at the redemption amount that is payable at each
financial year if unit holder exercises the right to put the unit back to the Fund.
Units are created and cancelled at prices based on the Fund’s NAV per unit at the time
of creation or cancellation. The Fund’s NAV per unit is calculated by dividing the net
assets attributable to unit holders with the total number of outstanding units.
(h)
Segment information
Operating segments are reported in a manner consistent with the internal reporting
used by the chief operating decision-maker. The chief operating decision-maker is
responsible for allocating resources and assessing performance of the operating
segments.
22
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(i)
Critical accounting estimates and judgments in applying accounting policies
The Fund makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, rarely equal the related actual results. To
enhance the information content of the estimates, certain key variables that are
anticipated to have material impact to the Fund’s results and financial position are
tested for sensitivity to changes in the underlying parameters.
Estimates and judgment are continually evaluated by the Manager and are based on
historical experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
In undertaking any of the Fund’s investment, the Manager will ensure that all assets of
the Fund under management will be valued appropriately, that is at fair value and in
compliance with the SC Guidelines on Unit Trust Funds.
3.
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT OBJECTIVES AND POLICIES
Financial instruments of the Fund are as follows:
2016
Cash and cash equivalents (Note 9)
Collective investment scheme
(Note 8)
Amount due from Manager
2015
Cash and cash equivalents (Note 9)
Collective investment scheme
(Note 8)
Amount due from Manager
Financial
assets at fair
value through
profit or loss
RM
Loans and
receivables
RM
Total
RM
-
244,671
244,671
15,742,491
15,742,491
643,742
888,413
15,742,491
643,742
16,630,904
-
359,151
359,151
16,957,574
16,957,574
12,378
371,529
16,957,574
12,378
17,329,103
All current liabilities are financial liabilities which are carried at amortised cost.
The Fund aims to achieve medium to long-term capital appreciation predominantly through
investment in a portfolio of Australian securities.
The Fund is exposed to a variety of risks which include market risk (inclusive of price risk,
interest rate risk and currency risk), credit risk and liquidity risk.
Financial risk management is carried out through internal control process adopted by the
Manager and adherence to the investment restrictions as stipulated in the Deeds and SC
Guidelines on Unit Trust Funds.
23
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
3.
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
(a)
Market risk
(i)
Price risk
This is the risk that the fair value of an investment in collective investment
scheme will fluctuate because of changes in market prices (other than those
arising from interest rate risk and currency risk). The value of collective
investment scheme may fluctuate according to the activities of individual
companies, sector and overall political and economic conditions. Such
fluctuation may cause the Fund’s NAV and prices of units to fall as well as rise,
and income produced by the Fund may also fluctuate.
The price risk is managed through diversification and selection of collective
investment scheme and other financial instruments within specified limits
according to the Deeds.
The Fund’s overall exposure to price risk was as follows:
Financial assets at fair value through profit
or loss:
- Collective investment scheme
2016
RM
2015
RM
15,742,491
16,957,574
The table below summarises the sensitivity of the Fund’s profit after tax and
NAV to movements in price of collective investment scheme at the end of each
reporting year. The analysis is based on the assumptions that the price of the
collective investment scheme fluctuated by 5% with all the other variables held
constant. This represents management’s best estimate of a reasonable
possible shift in the collective investment scheme, having regard to the
historical volatility of the prices.
% Change in price
of collective
investment scheme
Market value
RM
Impact on
profit after tax/NAV
RM
2016
-5%
0%
5%
14,955,366
15,742,491
16,529,616
(787,125)
787,125
2015
-5%
0%
5%
16,109,695
16,957,574
17,805,453
(847,879)
847,879
24
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
3.
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
(a)
Market risk (continued)
(ii)
Interest rate risk
Fair value interest rate risk is the risk that the value of a financial instrument will
fluctuate due to changes in market interest rates.
Interest rate is a general economic indicator that will have an impact on the
management of the Fund.
The Fund’s exposure to fair value interest rate risk arises from deposits with
licensed financial institutions. The interest rate risk is expected to be minimal
as the Fund’s investments comprise mainly short term deposits with approved
licensed financial institutions. As at the end of each financial year, the Fund is
not exposed to a material level of interest rate risk.
The Fund is not exposed to cash flow interest rate risk as the Fund does not
hold any financial instruments at variable interest rate.
(iii)
Currency risk
Currency risk is associated with investments that are quoted and/or priced in
foreign currency denomination. Foreign currency risk is the risk that the value
of financial instruments will fluctuate due to changes in foreign exchange rates.
The Manager will evaluate the likely directions of a foreign currency versus RM
based on considerations of economic fundamentals such as interest rate
differentials, balance of payments position, debt levels, and technical chart
considerations.
The following table sets out the foreign currency risk concentrations arising
from the denomination of the Fund’s financial instruments in foreign currencies
of the Fund:
Cash and
cash
equivalents
RM
Financial assets at
fair value through
profit or loss
RM
Total
RM
2016
AUD
3,074
15,742,491
15,745,565
2015
AUD
28,512
16,957,574
16,986,086
25
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
3.
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
(a)
Market risk (continued)
(iii)
Currency risk (continued)
The table below summarises the sensitivity of the Fund's profit after tax and
NAV to changes in foreign exchange rate movements at the end of each
reporting year. The analysis is based on the assumption that the foreign
exchange rate fluctuated by 5%, with all other variables remain constant. This
represents management’s best estimate of a reasonable possible shift in the
foreign exchange rate, having regard to historical volatility of this rate.
Disclosures below are shown in absolute terms, changes and impacts could be
positive or negative.
Change in
foreign
exchange
rate
Impact on profit after tax/NAV
2016
2015
RM
RM
%
HKD
(b)
5
787,278
849,304
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in financial loss to the Fund.
The credit risk arising from placements of deposits in licensed financial institutions is
managed by ensuring that the Fund will only place deposits in reputable licensed
financial institutions. The settlement terms of the proceeds from the creation of units
receivable from the Manager are governed by the SC Guidelines on Unit Trust Funds.
The following table sets out the credit risk concentration of the Fund at the end of each
reporting year:
2016
Finance
- CIMB Islamic Bank
Bhd (AAA)
- HSBC Bank
Malaysia Bhd
(AAA)
Others
- Not Rated
Cash and cash
equivalents
RM
Amount due
from
Manager
RM
Total
RM
217,020
-
217,020
27,651
-
27,651
244,671
643,742
643,742
643,742
888,413
26
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
3.
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
(b)
Credit risk (continued)
The following table sets out the credit risk concentration of the Fund at the end of each
reporting year (continued):
2015
Finance
- HSBC Bank
Malaysia Bhd
(AAA)
Others
- Not Rated
Cash and
cash
equivalents
RM
Amount
due from
Manager
RM
Total
RM
359,151
-
359,151
359,151
12,378
12,378
12,378
371,529
All financial assets of the Fund as at the end of financial year are neither past due nor
impaired.
(c)
Liquidity risk
Liquidity risk is the risk that the Fund will encounter difficulty in meeting its financial
obligations.
The Manager manages this risk by maintaining sufficient level of liquid assets to meet
anticipated payments and cancellations of the units by unit holders. Liquid assets
comprise bank balances, deposits with licensed financial institutions and other
instruments, which are capable of being converted into cash within 7 business days.
The Fund’s investments in collective investment scheme is realisable which are
capable of being converted into cash within 10 business days. This is expected to
reduce the risks for the entire portfolio without limiting the Fund’s growth potentials.
The table below summarises the Fund’s financial liabilities into relevant maturity
groupings based on the remaining period on the statement of financial position date to
the contractual maturity date. The amounts in the table are the contractual
undiscounted cash flows.
2016
Amount due to Manager
Accrued management fee
Amount due to Trustee
Other payables and accruals
Contractual undiscounted
cash flows
27
Less than
1 month
RM
Between
1 month
to 1 year
RM
Total
RM
244,056
14,842
6,696
1,293
15,752
244,056
14,842
6,696
17,045
266,887
15,752
282,639
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
3.
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
(c)
Liquidity risk (continued)
2015
Amount due to Manager
Accrued management fee
Amount due to Trustee
Other payables and accruals
Contractual undiscounted
cash flows
(d)
Less than
1 month
RM
Between
1 month
to 1 year
RM
Total
RM
138,224
16,798
1,151
1,077
11,271
138,224
16,798
1,151
12,348
157,520
11,271
168,521
Fair value estimation
Fair value is defined as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the
measurement date (i.e. an exit price).
The fair value of financial assets traded in active markets (such as trading securities)
are based on quoted market prices at the close of trading on the financial year end
date. The Fund utilises the last traded market price for financial assets were the last
traded price falls within the bid-ask spread. In circumstances where the last traded
price is not within the bid-ask spread, the Manager will determine a point within the
bid-ask spread that is most representative of the fair value.
An active market is a market in which transactions for the asset or liability take place
with sufficient frequency and volume to provide pricing information on an ongoing
basis.
The fair value of financial assets that are not traded in an active market is determined
by using valuation techniques.
(i)
Fair value hierarchy
The table below analyses financial instruments carried at fair value. The
different levels have been defined as follows:



Quoted prices (unadjusted) in active market for identical assets or
liabilities (Level 1)
Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices) (Level 2)
Inputs for the asset and liability that are not based on observable
market data (that is, unobservable inputs) (Level 3)
The level in the fair value hierarchy within which the fair value measurement is
categorised in its entirety is determined on the basis of the lowest level input
that is significant to the fair value measurement in its entirety. For this purpose,
the significance of an input is assessed against the fair value measurement in
its entirety.
28
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
3.
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT OBJECTIVES AND POLICIES
(CONTINUED)
(d)
Fair value estimation (continued)
(i)
Fair value hierarchy (continued)
If a fair value measurement uses observable inputs that require significant
adjustment based on unobservable inputs, that measurement is a Level 3
measurement.
Assessing the significance of a particular input to the fair value measurement in
its entirety requires judgment, considering factors specific to the asset or
liability.
The determination of what constitutes ‘observable’ requires significant
judgment by the Fund. The Fund considers observable data to be that market
data that is readily available, regularly distributed or updated, reliable and
verifiable, not proprietary, and provided by independent sources that are
actively involved in the relevant market.
Level 1
RM
Level 2
RM
Level 3
RM
Total
RM
2016
Financial assets at fair
value through profit or
loss:
- Collective investment
scheme
15,742,491
-
-
15,742,491
2015
Financial assets at fair
value through profit or
loss:
- Collective investment
scheme
16,957,574
-
-
16,957,574
Investments whose values are based on quoted market prices in active
markets, and are therefore classified within Level 1, include collective
investment scheme. The Fund does not adjust the quoted prices for these
instruments. The Fund’s policies on valuation of these financial assets are
stated in Note 2(b).
(ii)
4.
The carrying values of cash and cash equivalents, amount due from Manager,
and all current liabilities are a reasonable approximation of their fair values due
to their short term nature.
OTHER INCOME
Other income represents the Fund’s entitlement to management fee rebate from the Manager.
For the financial year ended 30 September 2016, the other income is recognised at a rate of
0.58% per annum (2015: 0.58% per annum) calculated and accrued daily based on the NAV
of the collective investment scheme.
29
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
5.
MANAGEMENT FEE
In accordance with the Deeds, the Manager is entitled to a maximum management fee of
3.00% per annum, calculated daily based on the NAV of the Fund.
For the financial year ended 30 September 2016, the management fee is recognised at a rate
of 1.80% per annum (2015: 1.80% per annum).
There will be no further liability to the Manager in respect of management fee other than the
amount recognised above.
6.
TRUSTEE’S FEE
In accordance with the Deeds, the Trustee is entitled to a maximum fee of 0.20% per annum,
calculated daily based on the NAV of the Fund, subject to a minimum fee of RM18,000 per
annum. The Trustee’s fee includes the local custodian fee but excludes the foreign subcustodian fees (if any).
There are other fees indirectly incurred by a feeder fund such as annual custodian fees and
transaction fees of the Target Fund. As such, Unit holders of a feeder fund are indirectly
bearing the custodian fees and transaction fees charged at the Target Fund level. A dilution
fee may be charged in relation to a Fund’s application for and/or redemption of units in
collective investment scheme managed by other fund managers.
For the financial year ended 30 September 2016, the Trustee’s fee is recognised at a rate of
0.08% per annum (2015: 0.08% per annum).
There will be no further liability to the Trustee in respect of Trustee’s fee other than the
amount recognised above.
7.
TAXATION
Tax charged for the financial year:
- Current taxation
2016
RM
2015
RM
8,502
18,503
A numerical reconciliation between the profit before taxation multiplied by the Malaysian
statutory income tax rate and tax expense of the Fund is as follows:
Profit before taxation
Taxation at Malaysian statutory rate of 24%
(2015: 25%)
Tax effects of:
Investment income not subject to tax
Expenses not deductible for tax purposes
Restriction on tax deductible expenses for Unit
Trust Funds
Effects of foreign tax on foreign taxable income
Taxation
30
2016
RM
2015
RM
1,680,077
409,427
403,218
102,357
(483,272)
9,848
(228,879)
6,649
70,206
8,502
8,502
119,873
18,503
18,503
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
8.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Designated at fair value through profit or loss at inception:
- Collective investment scheme
Net gain/(loss) on financial assets at fair value through
profit or loss:
- Realised gain on disposals
- Unrealised fair value gain/(loss)
2016
RM
2015
RM
15,742,491
16,957,574
67,897
1,150,083
1,217,980
1,759,322
(2,104,955)
(345,633)
Quantity
Units
Aggregate
cost
RM
Market
value
RM
Percentage
of NAV
%
Schroder Australian Equity
Fund
533,674
14,177,987
15,742,491
96.29
TOTAL COLLECTIVE
INVESTMENT SCHEME
533,674
14,177,987
15,742,491
96.29
Name of Counter
2016
COLLECTIVE INVESTMENT
SCHEME
ACCUMULATED
UNREALISED GAIN ON
FINANCIAL ASSETS AT
FAIR VALUE THROUGH
PROFIT OR LOSS
1,564,504
TOTAL FINANCIAL ASSETS
AT FAIR VALUE THROUGH
PROFIT OR LOSS
15,742,491
2015
COLLECTIVE INVESTMENT
SCHEME
Schroder Australian Equity
Fund
628,047
16,543,153
16,957,574
98.82
TOTAL COLLECTIVE
INVESTMENT SCHEME
628,047
16,543,153
16,957,574
98.82
ACCUMULATED
UNREALISED GAIN ON
FINANCIAL ASSETS AT
FAIR VALUE THROUGH
PROFIT OR LOSS
414,421
TOTAL FINANCIAL ASSETS
AT FAIR VALUE THROUGH
PROFIT OR LOSS
16,957,574
31
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
9.
CASH AND CASH EQUIVALENTS
Deposits with licensed financial institutions
Bank balances
2016
RM
2015
RM
217,020
27,651
244,671
359,151
359,151
The weighted average effective interest rate per annum is as follows:
Deposits with licensed financial institutions
2016
%
2015
%
3.35
-
Deposits with licensed financial institutions of the Fund have an average maturity of 3 days
(2015: Nil).
10.
NUMBER OF UNITS IN CIRCULATION (UNITS)
At the beginning of the financial year
Add : Creation of units from applications
Less: Cancellation of units
At the end of the financial year
11.
2016
No. of units
2015
No. of units
55,853,335
10,326,294
(18,698,237)
47,481,392
97,409,766
39,779,691
(81,336,122)
55,853,335
2016
%
2015
%
2.16
2.00
MANAGEMENT EXPENSE RATIO (“MER”)
MER
MER is derived based on the following calculation:
MER
=
(A + B + C + D + E) x 100
F
A
B
C
D
E
F
=
=
=
=
=
=
Management fee
Trustee’s fee
Audit fee
Tax agent’s fee
Other expenses
Average NAV of the Fund calculated on a daily basis
The average NAV of the Fund for the financial year calculated on a daily basis is
RM15,409,028 (2015: RM25,264,252).
32
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
12.
PORTFOLIO TURNOVER RATIO (“PTR”)
PTR (times)
2016
2015
0.19
0.49
PTR is derived based on the following calculation:
(Total acquisition for the financial year + total disposal for the financial year)  2
Average NAV of the Fund for the financial year calculated on a daily basis
where:
total acquisition for the financial year = RM1,740,795 (2015: RM7,115,253)
total disposal for the financial year = RM4,173,857 (2015: RM17,486,194)
13.
UNITS HELD BY THE MANAGER AND PARTIES RELATED TO THE MANAGER, AND
SIGNIFICANT RELATED PARTIES TRANSACTIONS AND BALANCES
The related parties and their relationship with the Fund are as follows:
Related parties
Relationship
CIMB-Principal Asset Management Bhd
The Manager
CIMB Group Sdn Bhd
Holding company of the Manager
CIMB Group Holdings Bhd (“CIMB”)
Ultimate holding company of the
Manager
CIMB Bank Bhd
Fellow subsidiary of the Manager
Subsidiaries and associates of CIMB as
disclosed in its financial statements
Subsidiaries and associated companies
of the ultimate holding company of
the Manager
Units held by the Manager and parties related to the Manager
2016
Manager
CIMB-Principal Asset
Management Bhd
2015
No. of
units
RM
No. of
units
RM
17,741
6,108
10,156
3,120
In the opinion of the Manager, the above units were transacted at the prevailing market price.
The units are held beneficially by the Manager for booking purposes. Other than the above,
there were no units held by the Directors or parties related to the Manager.
In addition to related party disclosures mentioned elsewhere in the financial statements, set
out below are other significant related party transactions and balances. The Manager is of the
opinion that all transactions with the related companies have been entered into in the normal
course of business at agreed terms between the related parties.
33
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
13.
14.
UNITS HELD BY THE MANAGER, PARTIES RELATED TO THE MANAGER, AND
SIGNIFICANT RELATED PARTIES TRANSACTIONS AND BALANCES (CONTINUED)
2016
RM
2015
RM
Significant related party transactions
Interest income from deposits with licensed
financial institutions:
- CIMB Bank Bhd
307
2,815
Significant related party balances
Deposits with licensed financial institutions:
- CIMB Bank Bhd
217,020
-
TRANSACTIONS WITH BROKERS/DEALERS/FINANCIAL INSTITUTIONS
Details of transactions with the brokers/dealers for the financial year ended 30 September
2016 are as follows:
Brokers/Dealers
Schroder Investment
Management (S) Ltd
Value of
trades
RM
Percentage
of total
trades
%
Brokerage
fees
RM
Percentage
of total
brokerage
fees
%
5,914,652
100.00
-
-
Details of transactions, primarily cash placements with the financial institutions for the financial
year ended 30 September 2016 are as follows:
Financial institutions
Value of placements
RM
Percentage of
total placements
%
4,234,000
2,732,000
2,500,000
9,466,000
44.73
28.86
26.41
100.00
Public Bank Bhd
CIMB Bank Bhd #
Malayan Banking Bhd
Details of transactions with the brokers/dealers for the financial year ended 30 September
2015 are as follows:
Brokers/Dealers
Schroder Investment
Management (S) Ltd
Value of
trades
RM
Percentage
of total
trades
%
Brokerage
fees
RM
Percentage
of total
brokerage
fees
%
26,360,770
100.00
-
-
34
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
14.
TRANSACTIONS WITH BROKERS/DEALERS/FINANCIAL INSTITUTIONS (CONTINUED)
Details of transactions, primarily cash placements with the financial institutions for the financial
year ended 30 September 2015 are as follows:
Financial institutions
CIMB Bank Bhd #
Public Bank Bhd
Alliance Bank Malaysia Bhd
RHB Bank Bhd
Hong Leong Bank Bhd
Malayan Banking Bhd
AmBank Bhd
Affin Bank Bhd
#
15.
Value of placements
RM
Percentage of
total placements
%
19,035,000
17,269,000
12,242,000
7,680,000
7,132,000
4,100,000
615,000
496,000
68,569,000
27.76
25.18
17.85
11.20
10.40
5.98
0.90
0.73
100.00
Included in the transactions are trades conducted with CIMB Bank Bhd, a fellow subsidiary
of the Manager amounting to RM2,732,000 (2015: RM19,035,000). The Manager is of the
opinion that all transactions with the related companies have been entered into in the
normal course of business at agreed terms between the related parties.
SEGMENT INFORMATION
The internal reporting provided to the chief operating decision-maker for the Fund’s assets,
liabilities and performance is prepared on a consistent basis with the measurement and
recognition principles of MFRS and IFRS. The chief operating decision-maker is responsible
for the performance of the Fund and considers the business to have a single operating
segment located in Malaysia. Asset allocation decisions are based on a single, integrated
investment strategy and the Fund’s performance is evaluated on an overall basis.
The Fund aims to achieve medium to long-term capital appreciation predominantly through
investment in a portfolio of Australian securities. The reportable operating segment derives its
income by seeking investments to achieve targeted returns consummate with an acceptable
level of risk within the portfolio. These returns consist of dividend income and interest income
earned from investments and gains on the appreciation in the value of investments, which are
derived from Ringgit-denominated deposits with licensed financial institutions in Malaysia and
Australian domiciled collective investment scheme.
There were no changes in reportable operating segment during the financial year.
16.
APPROVAL OF FINANCIAL STATEMENTS
The financial statements have been approved for issue by the Manager on 30 November
2016.
35
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
DIRECTORY
Head office of the Manager
CIMB-Principal Asset Management Berhad (Company No.: 304078-K)
10th Floor, Bangunan CIMB,
Jalan Semantan,
Damansara Heights,
50490 Kuala Lumpur, MALAYSIA.
Tel: (03) 2084 8888
Postal address
CIMB-Principal Asset Management Berhad (Company No.: 304078-K)
P.O.Box 10571,
50718 Kuala Lumpur, MALAYSIA.
Website
www.cimb-principal.com
E-mail address
[email protected]
General investment enquiries
(03) 7718 3100
Trustee for the CIMB-Principal Australian Equity Fund
HSBC (Malaysia) Trustee Berhad (Co. No. 001281 -T)
13th Floor, Bangunan HSBC, South Tower,
No. 2, Leboh Ampang,
50100 Kuala Lumpur MALAYSIA.
Tel: (03) 2075 7800
Fax: (03) 2179 6511
Auditors of the Trusts and of the Manager
PricewaterhouseCoopers (Company No. AF: 1146)
Level 10, 1 Sentral,
Jalan Rakyat, Kuala Lumpur Sentral,
PO Box 10192, 50706 Kuala Lumpur, MALAYSIA.
Tel: (03) 2173 1188
Fax: (03) 2173 1288
36
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
LIST OF CWA (an Agency force of CIMB-Principal) OFFICES
ADDRESS
TELEPHONE
REGIONAL OFFICE
Northern Region
No 5, Jalan Todak 4, Bandar Sunway, Seberang Jaya,
13700 Perai, Pulau Pinang.
04-370 2155
04-370 2156
Southern Region
23 & 23A, Jalan Harimau Tarum, Taman Century,
80250 Johor Bahru, Johor.
07-334 1748
Central Region
46, 2nd Floor, Jalan SS 21/39, Damansara Utama,
47400 Petaling Jaya, Selangor.
03-7712 2888
Sarawak
5B, Lot 414, Section 10, KTLD Jalan Rubber,
93400 Kuching, Sarawak.
082-259 777
Sabah
No 1, Jalan Pasar Baru, Kampung Air,
88000 Kota Kinabalu, Sabah.
088-239 951
088-239 952
Ipoh
30A, 1st Floor, Persiaran Greentown 1, Greentown
Business Centre, 30450 Ipoh, Perak.
05-243 9001
05-243 9002
Kota Bharu
Ground Floor, No 298-B, Jalan Tok Hakim,
15000 Kota Bharu, Kelantan.
09-747 1172
09-747 1190
Ampang
No 13B, 2nd Floor, Jalan Mamanda 7/1,
Off Jalan Ampang, 68000 Ampang, Selangor.
03-4270 2970
Sri Petaling
169-2, Jalan Radin Bagus, Bandar Baru Sri Petaling,
57000 Kuala Lumpur.
03-9059 2333
Melaka
21, Jalan Melaka Raya 24, Taman Melaka Raya,
75000 Melaka.
06-281 1111
Miri
1st & 2nd Floor, Lot 1092, Jalan Merpati,
98000 Miri, Sarawak.
085-432 525
Kuantan
No. 44 & 44A, Jalan Putra Square 6, Putra Square,
25000 Kuantan, Pahang.
09-513 4400
BRANCHES
FINANCIAL CARE CENTER (FCC)
Financial Planning
Centre
46, 2nd Floor, Jalan SS 21/39, Damansara Utama,
47400 Petaling Jaya, Selangor.
37
03-7718 3000
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
LIST OF CWA (an Agency force of CIMB-Principal) OFFICES (CONTINUED)
ADDRESS
TELEPHONE
SALES OFFICES - Klang Valley
Charisma Legacy
AAAAA Wealth
Builders
B-1-22 & B-2-22 & B-2-21, Block B 10 Boulevard,
Jalan Cempaka Sungai Kayu Ara,
47400 Petaling Jaya, Selangor.
Lot C-615 & Lot C-616, Level 6 Block C Kelana
Square, 17 Jalan SS7/26, Kelana Jaya,
47301 Petaling Jaya, Selangor.
03-7722 3895
03-7880 6893
Megas
2-6A, Jalan PJU 8/3A, Bandar Damansara Perdana,
47820 Petaling Jaya, Selangor.
03-7725 6320
Preferred Wealth
Advisors
No 12-01, D’Bayu Business Centre, Jalan Serambi
U8/24, Bukit Jelutong, 40150 Shah Alam, Selangor.
03-6142 8382
Otye Xcellence
Consultants
Lot No 35-2, 2nd Floor, Jalan Sepah Puteri 5/1B,
Pusat Dagangan Seri Utama, PJU 5 Kota Damansara,
47410 Petaling Jaya, Selangor.
03-6140 3046
Elite Group
Consultants
No 6-2, Jalan Dagang 1/1A, Taman Dagang,
68000 Ampang, Selangor.
03-4251 1129
Prestige Wealth
Advisors
I-91-2, Block I, Jalan Teknologi 3/9, Kota Damansara,
47810 Petaling Jaya, Selangor.
03-6140 7275
Magnificent
Champion Agency
Office
47A, Tingkat 1, Jalan Badminton 13/29, Seksyen 13,
40100 Shah Alam, Selangor.
03-5523 2693
Diamond Star
Agency Office
Block E-1-03A & E-2-03A, Jalan SS6/20A,
Dataran Glomac, 47301 Kelana Jaya, Selangor.
03-7880 7082
JAT XO Group
D-10-08-G & D10-08-1, Pusat Perdagangan Dana 1,
Jalan PJU 1A/46, 47301 Petaling Jaya, Selangor.
03-7831 1267
Nsg Wealth
Advisors
Platinum
Platinum 2
Dynamics Wealth
Advisors
32-3, 4th Floor, Jalan Wangsa Delima 6, Kuala Lumpur
Satelite Centre (KLSC), Section 5 Wangsa Maju,
53300 Kuala Lumpur.
A-2-1, Block A, 8 Jalan PJU 1A/20A,
Dataran Ara Damansara , 47301 Petaling Jaya,
Selangor.
A-2-3, Block A, 8 Jalan PJU 1A/20A,
Dataran Ara Damansara, 47301 Petaling Jaya,
Selangor.
Unit B-3A-1, Setiawangsa Business Suites, Jalan
Setiawangsa 11, Taman Setiawangsa,
54200 Kuala Lumpur.
38
03-4142 2911
03-7843 0506
03-7843 0503
03-4256 6277
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
LIST OF CWA (an Agency force of CIMB-Principal) OFFICES (CONTINUED)
ADDRESS
TELEPHONE
SALES OFFICES - Klang Valley (Continued)
My Financial
Freedom Advisors
No. 3A, Jalan Hentian 3, Pusat Hentian Kajang,
43000 Kajang, Selangor.
03-8741 4382
Success Concepts
Life Planners
J-06-01, Level 6 Block J, Solaris Mont’ Kiara, Jalan
Solaris, 50480 Kuala Lumpur.
03-6204 0113
ACES Advisors
37-2, Jalan Cecawi 6/33, PJU 5, Kota Damansara,
47810 Petaling Jaya, Selangor.
03-6142 2970
Monalisa Private
Wealth Advisors
No 41B, 43B, Jalan Wan Kadir 2,
Taman Tun Dr Ismail, 60000 Kuala Lumpur.
03-7724 1789
SA-7
No 35B-2 (2nd Floor), Jalan Keluli Am 7/Am, Pusat
Perniagaan Bukit Raja, Seksyen 7, 40000 Shah Alam,
Selangor.
03-3341 4978
Tremendous
Agency
No 65-2, Jalan Nelayan A, 19/A Pusat Daerah
Seksyen 19, 40300 Shah Alam, Selangor.
03-5480 0296
The One Asia
Advisors
Wealth Resources
Group Advisors
Evoque Wealth
Advisors
No B-3A-23 Merchant Square, Jalan Tropicana
Selatan 1, Tropicana Golf & Country Resort,
47410 Petaling Jaya, Selangor.
No 41B, 3B Curve Business Park, Medan Pusat
Bandar 2D, Seksyen 9, 43650 Bandar Baru Bangi,
Selangor.
2nd Floor No 32A-2, Jalan PJU 5/20D, The Strand,
Pusat Perdagangan Kota Damansara,
Kota Damansara PJU 5, 47810 Petaling Jaya,
Selangor.
03-7887 4408
03-8926 4155
03-6151 9512
KPG Management
Resources
19-2, Jalan Adenium 2G/9, Adenium Business Centre,
Bukit Beruntung, 48300 Rawang, Selangor.
03-6021 7385
Emmaz Wealth
Empire
No 17-2, Jalan Rampai Maju 1, Taman Sri Rampai,
53300 Kuala Lumpur.
03-4141 7574
Fidelis Wealth
Advisors
Charisma Legacy 1
KPG Capital
Growth Solution
No 70-2, Jalan Tasik Utama 7, Medan Niaga Tasik
Damai, The Trillium Lake Fields, 57000 Sungai Besi,
Kuala Lumpur.
B-3-21, Block Bougainvellea, 10 Boulevard,
Lebuhraya Sprint, PJU 6A, 47400 Petaling Jaya,
Selangor.
No 15-1, Jalan Adenium 2G/9, Adenium Business
Centre, 48300 Bukit Beruntung, 48300 Rawang,
Selangor.
39
03-9054 8596
03-7733 5009
03-6021 7188
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
LIST OF CWA (an Agency force of CIMB-Principal) OFFICES (CONTINUED)
ADDRESS
TELEPHONE
SALES OFFICES - Klang Valley (Continued)
Global Amazing
Entrepreneur
C-10-2 & C-11-2, Bangi Gateway Shopping Complex,
Persiaran Pekililing, Seksyen 15,
43650 Bandar Baru Bangi, Selangor.
03-8920 9038
NRICH Wealth
Advisory Group
ZP-02-12, Zest Point, Lebuhraya Bukit Jalil,
Bandar Kinrara, 47180 Puchong, Selangor.
03-8074 8485
Charisma Legacy 3
SWM Advisors
Group
B-3-17, Block Bouganvilla, 10 Boulevard, Lebuhraya
Sprint, PJU 6A, Kayu Ara, Damansara Jaya,
47400 Petaling Jaya, Selangor.
Block E-13-2, 2nd Floor, Jalan Serai Wangi M/16M,
Alam Avenue 2 Seksyen 16, 40200 Shah Alam,
Selangor.
03-7733 4211
019-388 2067
Synergy Wealth
Entrepreneur
98-2, Jalan Dwitasik, Dataran Dwitasik,
Bandar Sri Permaisuri, Cheras, 56000 Kuala Lumpur.
03-9226 5344
Charisma Legacy 2
B-3-25, Block Bougainvillea, 10 Boulevard, Lebuhraya
Sprint, PJU 6A, 47400 Petaling Jaya, Selangor.
03-7733 2460
Charisma Legacy
Sepang
32A, 1st Floor, Jalan Gemilang 1, Pusat Perniagaan
Gemilang, Sepang, 47300 Selangor.
03-8705 3240
SALES OFFICES - Northern
Charisma Legacy
Kota Bharu
PT1671 & 1672, Tingkat 2, Jalan Raja Perempuan
Zainab 2, Kubang Kerian, 16150 Kota Bharu,
Kelantan.
NZ Group
PT 650, 1st & 3rd Floor, Jalan Sri Cemerlang,
Seksyen 27,15300 Kota Bharu, Kelantan.
09-747 6932
My IFP Kemaman
PT 10725, Ground Floor, Jalan Kubang Kurus, Taman
Cukai Utama Fasa 4, 24000, Kemaman, Terengganu.
09-858 9911
Amg Synergy
Multiresources Sdn
Bhd
No 50, Tingkat 1, Jalan Putra Square 1, Malay Town,
25200 Kuantan, Pahang.
09-516 1430
40
016-223 6343
CIMB-PRINCIPAL AUSTRALIAN EQUITY FUND
LIST OF CWA (an Agency force of CIMB-Principal) OFFICES (CONTINUED)
ADDRESS
TELEPHONE
SALES OFFICES - Southern
GVG Solution
Agency
24-1, Jalan Padi Emas 4/1, Pusat Bandar Tampoi,
81200 Johor Bahru, Johor.
07-232 6976
Kyzan Jaguar
Agency
16-01, Jalan Padi Emas 1/5, UDA Business Centre,
81200 Johor Bahru, Johor.
07-300 9350
GVG Pasir Gudang
Solution
No 38-01, Jalan Serangkai 18, Taman Bukit Dahlia,
81700 Pasir Gudang, Johor.
012-707 6107
Victorious Agency
98-02, Jalan Pertama 1, Pusat Perdagangan Danga
Utama, 81200 Johor Bahru, Johor.
011-121 1840
Soha Barakah
Wealth
Consultancy
No 55-2, 57-2, 59-2, Jalan TU 49A,
Taman Tasik Utama, Ayer Keroh, 75450, Melaka.
06-2533 289
Premier Wealth
Advisors
No 18-1, Jalan S2 B18, Biz Avenue Seremban 2,
70300 Seremban, Negeri Sembilan.
06-601 5749
PremierOne Wealth
No 527-1, Jalan Pusat Bandar Senawang, Pusat
Bandar Senawang, 70450 Senawang, Negeri
Sembilan.
06-671 8253
SALES OFFICES - East Malaysia
Sibu
15A, Jalan Ruby, 96000 Sibu, Sarawak.
JAT XO Group
Bintulu
Shop Lot No 2, Block 49, Of Parent Lot 2646, Park City
Commerce Square, Jalan Kambar Bubin Off Jalan Tun
Ahmad Zaidi, 97000 Bintulu, Sarawak.
41
084-325 515
012-217 2269