FIMM is a Self-Regulating Organization now. What does it mean?

During a speech at The Edge-Lipper Awards 2011 yesterday, Chairman of Securities Commission (SC) Malaysia highlighted that Federation of Investment Managers Malaysia (FIMM) as a Self-Regulatory Organization (SRO).

"I am pleased to note that the Minister of Finance approved the SC's recommendation to recognize FIMM as an SRO, through a notice that was gazetted on 20 January 2011. I have full confidence that FIMM will be able to discharge its role as an SRO effectively in self-regulating its members for the benefit of the industry as well as investors" said SC's chairman.

Tan Sri Zarinah Anwar, Chairman of Securities Commission Malaysia

What is the role of SRO?

Through SROs, industry players can expand beyond the confines of their own interests and align their interests with that of the public. This will result in the values of ethical behavior and integrity being ingrained into corporate and market cultures.

According to Investopedia, SRO meaning that a non-governmental organization that has the power to create enforce industry regulations and standards. The priority is to protect investors through the establishment of rules that promote ethics and equality.

What does it meant for FIMM?

As an SRO, FIMM is expected to regulate its members, including through self enforcement, and also develop rules that are designed to set standards of behavior for its members while promoting investor protection.

FIMM's immediate tasks is to enhance professionalism of sales agents and distributors and to formulate a robust sales practices regime with adequate supervision and monitoring by FIMM in order to:

• Enhance investor confidence
• Enhance investor protection
• Ensure that investors are not misled into investing in products that are not suitable to them

Some of the possible changes in Unit Trust industry soon...

1. More innovative products, such as zero-upfront funds
2. More stringent rules to eliminate unprofessional unit trust consultants (UTC)
3. UTC must fulfill the minimum Continuing Professional Education (CPE) training hours set
4. More stringent licensing issues to deter unqualified UTCs
5. Easier and faster way of sales and redemption processing, etc online transactions

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Game-Over for Construction Sector? (28 Feb 2011)

All are going very well for Malaysia construction sector last year in line with the recovery of economy until it hit the first "hard bump" last week. We all know that construction sector is very volatile, influenced by the health of global economy, government's pump-priming projects, and of course the huge overhead costs such as labor and building materials costs.

Somehow, unrest at Middle East are hogging the bright future of Malaysia's construction counters. First, surging oil prices put pressure on the bottom-line of the companies. Second, projects from that oil-rich nations will dampened the outlook with a slew of Malaysian companies venturing successfully into that region.

The Game still going on?

According to CIMB Research, the selling pressure on construction stocks is overdone as jobs in the Middle East account for 3 - 41% of the order books of WCT, IJM Corp, Gamuda and Muhibbah Engineering and the projects are mostly at the tail end with no payment issues so far. 

For instance, IJM only has 3% order book exposure while Muhibbah's balance of works at NDIA 

is backed by the Qatar government's push to complete the job by end-2011. WCT has a geographical advantage in Qatar which appears to be at the lowest risk of a political unrest. As for Gamuda, its Middle East exposure is minimal.

However, Finance Malaysia opine that the panic selling is understandable given the past experience of LCL Corp. Before the 2008 financial crisis, and also with high oil prices (just like right now), LCL has a bunch of projects in Middle East especially Dubai. All seems pretty well, until a sudden sharp drops in oil prices landed the oil-rich nation into huge budget deficit. Subsequently, LCL is facing cash flow problems which forced the company being delisted. A company with great potential go burst in few months. Of course, traders do take precautions now to avoid that same fate.

But, given the continuous ETP projects being rolled out by government this year, and also the "election factor", I think construction sector is very happening at least for another few months. Government: "The game must go on?"

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Motor Insurance to cost more starting 2012?

Last year, Malaysia Automobile Association (MAA) reported a record number of cars sold. Are you one of them? If you're not in that statistic yet and planning to own a new car now, please read this post which could scare you away.

In fact, petrol prices are heading up again since 2008 with prices of RON97 reviewing monthly. Without failed, the price of RON97 is going up consecutively for the past few months. Anyway, are you driving fuel-efficiency car like me? Despite that I am pumping RON95 petrol and driving the so called "fuel-efficiency" car, I still feel the pain of pumping money.

Source: Malaysia Automobile Association

What to do?

If you don't eat, your car still have to "drink" ma. Uncertainties in Middle East is already spiking up oil prices globally. You think this is the worst for motorists like us?

By "pouring oil on fire" (to make things even worse), government plans to gradually increase motor insurance premiums from 2012 onwards under the new motor insurance framework to be prepared by Bank Negara Malaysia (BNM).

How much more?

Up by between 250% to 450%?

Bank Negara assistant governor citing it totally incorrect. He said the premiums increases would be gradual, and spread over 4 years. See chart below for illustration made. Please take note that the increase will depends on vehicle's age and motorist's history of claims.

www.financemalaysia.blogspot.com

Why we need the new framework?

1. This is the 1st revision since 1978
2. Government plan to do away with tariffs for motor insurance business in 2016
3. Insurance companies are crying over high claim costs which make their business unprofitable

On the flip side, the new scheme would see improvements in the overall delivery system including addressing issues relating to affordability and accessibility to Malaysian Motor Insurance Pool cover. Hence, it could significantly reduce claims settlement period to between 6 - 18 months from more than a year currently.

According to Bank Negara, the motor insurance business incurred an estimated annual loss of RM650 million as at 2009/2010, which means the motor insurance business is unsustainable if we don't act now.

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KLCI to continue its downtrend tomorrow? (Feb 24)

Today (Feb 24), FBM KLCI down more than 20 points as it continue it's free-fall after breaking down the crucial psychological 1,500 level. Thanks Libya, thanks Qadaffi for causing uncertainties and panic selling of global markets. In between, Finance Malaysia found a very interesting statistic.

Yes. KLCI beat regional markets for "falling the most" today. Below is the performance of regional markets:

• KLCI fell 1.41% (Champion of the day)
• Hong Kong fell 1.34%
• Japan fell 1.19%
• Singapore fell 0.96%
• South Korea fell 0.60%

KLCI to continue it's downtrend tomorrow?

How about KNM?

Scare so... Based on the chart shown, technically KLCI is heading for its 3rd wave of downtrend since hitting historical high last month. In fact,  Normally, 3rd wave is steeper or faster. Furthermore, it still not yet reach the over-sold position by looking at stochastic. Very soon, KLCI may touch near 1,450 level. Hopefully, it will stop there. Or else, bye bye bye.

Bargain hunting for KNM?

Zooming in further, KNM slumps 14% after reporting a not so promising 4th quarter earnings. Technically, this is not the right time yet to accumulate KNM. It breaks the RM2.68 support today, and the next support only seen at RM2.20. Couple with the extremely high volume recorded today, it would most probably going south tomorrow. Also, over-sold sign just not yet shown on stochastic Just wait.

Good luck

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2. Global Food Crisis: A repeat of 2008?
3. Super BIG Xmas gift for KNM

Svenska miljonvillor - ett nytt fenomen!

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En miljonvilla i Sverige idag är inte mycket att visa upp för grannarna eller att yvas över i inredningstidningarna. Inte om vi räknar i svenska kronor vill säga. Om vi pratar om $US, d.v.s. amerikanska dollar, blir det en annan femma. I Lund/Malmö, där jag bor, ligger priset för en stor trevlig sekelskiftsvilla i de bästa områdena kring 10 miljoner kronor, d.v.s. ca $1.5 miljoner. Det finns alltså riktiga miljonvillor både i Lund och Malmö, anno 2011!

OK, vart vill jag komma med detta? Jo, jag skulle vilja hävda att detta är ett helt nytt fenomen och att detta borde vara ytterligare ett tecken på att bostadsmarknaden i Sverige borde börja klassas som bubbelmässig. Eller åtminstone borde det vara något man kan skänka åtminstone en kort tanke innan man skuldsätter sig för livet i tron att man ska tjäna lika mkt på värdeökningen på sitt nya stora hus som på sitt (välbetalda) jobb. [N.B., det finns inte många hushåll med mångmiljoninkomster i Lund/Malmö och antalet mångmiljonärer torde vara ännu mindre så kontantköp av villor är nog ovanligt.]

En snabb jämförelse av huspriser (i $US) idag och för ett ynka decennium sedan ger vid handen att svenska kronans förstärkning tillsammans med husprisuppgången (ungefär en dubbling i kronor räknat på tio år) gör att dagens $1.5 miljonersvilla i Malmö kostade för tio år sedan i runda slängar $500 000! D.v.s. långt ifrån en miljonvilla i dollar räknat! Och det var 2001, d.v.s. vi pratar knappast förhistoria här…..

Jag har faktiskt aldrig sett någon som belyser denna facett av husmarknaden i Sverige tidigare! Jag inser att husmarknaden är en tämligen nationell marknad men vi är ju trots allt alla världsmedborgare nu för tiden (såg någonstans att typ 20% av 40-talisterna vill lämna landet när de går i pension) så varför ska vi alltid mäta allt i kronor?

EPF declares 5.8% dividend rate for 2010

For the financial year ended 31 December 2010, Employees Provident Fund (EPF) announced a 5.8% dividend rate. This translates into RM21.61 billion, which is the highest dividend payout amount ever to members, an increase of 11.55% over the 2009 dividend payout of RM19.37 billion.

For the year 2009, the dividend rate is 5.65%. "The remarkable investment income achieved in 2010 was especially driven by the performance of equity investments. The improved financial and economic conditions provided the market with sufficient liquidity, allowing profit taking activities throughout the year", said EPF chairman in statement issued.

Who is the main contributor?

Buoyed by a good year for the equities market, equities were the largest contributor to the EPF's gross investment income in 2010, representing 45.45% of EPF's total gross investment income. (See Table 1)

Source: EPF website

During the year under review, EPF total investment assets also continued to register healthy growth by crossing the RM400 billion mark to stand at RM440.52 billion as at 31 December 2010.

EPF's investment strategies are broadly guided by its Strategic Asset Allocation model which was designed to fit EPF's risk and return profile and to maintain consistent returns in the long run. The year 2010 saw about 2/3 of EPF's total investment assets remaining in low risks fixed income instruments with stable streams of income.

Accordingly, members may check their EPF Account Statement for the crediting of the 2010 dividend, either via EPF kiosks, counters or i-Akaun, from 21 February 2011 onwards.

Source: EPF website

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University Campus Election?

Even before the much awaited general election, our universities under-graduates are up for the upcoming campus elections. Candidates are going all out, day and night, to campaign for votes for the past few days. Election will be held from Feb 21 to Feb 24.

News excerpt from The Star newspaper (17 Feb 2011)

Successfully, every year, campus election which initially meant for universities only, got the attention of public and full coverage from major dailies. Malaysian is like watching European Cup (campus election), prior to the more important FIFA World Cup (general election). Meanwhile, politician tends to monitor the progress of the campus elections for various reasons:

1. Read the minds of undergraduates
2. Identify the potential future politicians
3. Predicting the youth trends on politics

Penggerak Mahasiswa or Pro-Mahasiswa?

Not surprisingly, campus elections are heated up once again this year. As a graduate from one of Malaysia's public university, it reminded me on campus election. those days Brochures and banners seen every corner. Ceramah-ceramah by candidates are being held here and there. But, to be honest, I'm really not sure who are the candidates and what is their promises and whether those promises materialized.

At USM, Pro-Mahasiswa candidates and supporters campaigning in the campus. (SinChew Daily)

Finance Malaysia is wondering:

Why we have these campus election at the first place?

And, is it wise to have it?

Or, should we amend it?
 

They says that campus election can build the charisma of undergraduates who are the future leaders. But, other than campus election, there is no other ways to instill such good values to our undergraduates nowadays? You must be joking...

In campus election, one can win the election by simply campaigning for few days to fish vote, and gone missing for the whole year. If this is your purpose of having campus election, our future politicians would be worse. It is wasting time and money.

News excerpt from mStar online reporting a scuffle happens at UKM which needed the help of FRU last year.

Very often, government is blamed by undergraduates for not allowing them to involve in politics. Reasons being for the benefit of undergraduates and to encourage them to just focus on their studies. But then, why allowed them to involve in campus election? Is it totally unrelated between campus election and politics? You must be fooling yourself if you said no...

In my opinion, we should either ALLOW or NOT ALLOW. By allowing, please let them to engage in politics freely. Otherwise, please abolish such campus election totally to let them focus on their studies 100%. Do not please our undergraduates simply because you forbidding them to engage in politics, and you do not want to arouse their anger at the same time.

Are you in the right sector?

What would be your benchmark to measure whether a sector is good or bad? Anyway, I believe most of us use "salary" as the main or only benchmark. Obviously, salary or income is one of the main factor for fresh graduates nowadays to consider whether to take the job or not.

Yesterday, I attended a forum on Economic Transformation Programme (ETP) organized by Malaysia Financial Planning Council (MFPC). Of course, no one is more suitable to answer those questions other than the CEO of PEMANDU, which is the main backbone to the success of ETP.

Excerpt from TheStar newspaper

So, are you regretted of what you are practicing now?

The statement cannot just simply applied to every Malaysians, as that was just an average benchmark. In fact, there are many engineers who earns big-bucks out there. As long as you are determine and posses the right attitude and behavior, you could be a high income individual.

The interpretation should be:

"Along with the growing Malaysia economy, financial sector poised to outperform other sector especially when we're talking about high-income nation. When people are resourceful, they will save and invest, which ultimately benefiting the financial sector which provides services like investment, stock broking, insurance, personal wealth management..."

Also, please take note that the financial sector will not prosper, if Malaysia do not have enough professional, such as engineers, doctors, lawyers and accountants. Can our nation grows without these professionals? If a country were lacking behind, can financial sector prosper, subsequently can their employees? We should not simply jump into particular sector based on such survey.

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Insurance: Importance of Nomination (Part 2)

In Part 1, we have discussed the importance of nomination in insurance. But, what happens if it is someone else, like an uncle, niece or even a friend was named as nominee(s)?

www.financemalaysia.blogspot.com

 

When a nominee is not automatically a beneficiary

Under a non-Muslim's policy, the nominee in such a case is not entitled to the policy monies as a beneficiary. He or she only receives them as an executor, and must pass it on to the deceased's estate to be distributed according to the will.

1. If there is a will, but the nominee in this case is not named as a beneficiary under the will, he or she will not get a single sen.
2. If there is no will, then the property will be distributed according to the existing laws of distribution.

What if I named my siblings (brother or sister) as a nominee?

Well, it will form as a trust policy, and your siblings will act as an executor instead. So, please take note. Anyway, you can change your nomination, but must sought the consent from your said siblings who is a trustee in this case.

The lesson here is that if your intended beneficiary is not a spouse, child or parent, then you must write a will naming that person as a beneficiary. Once you do, your nominee will receive the policy monies subject to the laws of distribution -- once all your estate's debts have been settled.

When to nominate?

Of course, the sooner the better. I would suggest you did it when you fill-in the proposal forms. Or else, you may nominate after the application or after you get the policy.

Can I name more than one nominee?

Yes, you can. Normally, you can name up to 4 nominees in a policy. But, you should state the proportion to which each person is entitled. Otherwise, each will receives an equal share.

Can I change my nominee(s)?

You can make any changes on your nomination anytime as you like. There is no restriction on the number of changes. The latest nomination will supersede all previous nomination. A nomination will also be considered revoked upon the demise of nominee, or all of the nominees (if more than one nominee), during the lifetime of policy owner. However, in the case of a trust policy, a nomination cannot be revoked without the written consent of the trustee.

What is the nomination procedures?

1. Fill in nomination form:
•  It usually requires details of your nominee's name, date of birth, NRIC, and address
2. Witness
• It must be signed by a witness who is above 18 years old, of sound mind, and who is not named as one of your nominee
• Alternatively, your insurance agent can be the witness
3. Endorsement
• Ensure that your insurance company endorses the nomination
• For new policy, it is written in you policy document
• For existing policy, make sure you receives a letter highlighting any changes to your nomination

Source: Life Insurance Association of Malaysia (LIAM)

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Insurance: Importance of Nomination (Part 1)

Insurance: Importance of Nomination

Well, one of the most important objective of having an insurance policy is to ensure that our loved ones are always financially well-prepared. However, that objective will failed if we did not make the necessary nomination in our policy. By naming our loved ones as nominees, you can ensure that they will receive the monies from your policy fast and easy. This is where an insurance policy will be the most useful to them. Think about our loved ones !!!

What if I did not make a nomination?

Failure to do so means that the insurance company would not be able to make payment until a court has given your loved ones a Grant of Probate (where there is a will) or Letters of Administration (where there is no will). In other words, WAIT for months if not years.

What if I did make a nomination?

Good. If you are a non-Muslim and you have nominated your spouse, child or parent (where there is no surviving spouse or child), they are entitled to the policy monies without having to wait for the time-consuming Grant.

Moreover, a trust policy would be created for them under which these monies do not form part of your estate. As such, they are not subject to your estate's debts. This means your spouse, child or parent will receive the sum due in full.

Meanwhile, a trust policy does not apply in the case of a Muslim policyholder, in which case the nominee acts as an executor and must distribute the policy monies according to Islamic law.

You wait, or Your Loved Ones wait...

In order for a swift payout to your loved ones, please do not wait anymore. Making a nomination today, call up your insurance agent now, fill-in the nomination form. It's that simple. Or else, your loved ones would have to wait for your policy monies. Think about it !!!

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Stock Watch: Benalec Holdings Bhd (5190)

Being one of the most successful new listing this year, Benalec is consistently closing higher than its IPO price of RM1.00. Listed on the main board of Bursa Malaysia, Benalec was categorized as a construction counter with more than RM1 billion market capitalization.

Company Info

• Incorporated since 1978
• Principally involved in the provision of marine construction services mainly in the area of land reclamation and dredging, rock revetment works, shore protection works, beach nourishment, marine piling, and construction of marine structures.
• Providing vessel chartering on time and voyage charters as well as tow-age services to third parties.
• Owning a full-service shipyard to carry out any ship repair, ship maintenance, shipbuilding or fabrication works.
• Owning a large and diversified fleet of 91 vessels

Expertise?

Benalec strength lies in their ability to operate a 1-stop centre offering Total Service and Complete In-House expertise, ranging from marine construction, marine transportation and support services, shipyard and shipbuilding, and vessels maintenance, refurbishment and modification and steel fabrication.

In 2010, Benalec achieved another key milestone when it expanded to Singapore and subsequently obtained ISO 9001:2008 and OHSAS 18001:2007.

Currently, Benalec is bidding for marine construction projects worth RM 5.7bn in Melaka, Penang, Selangor and Johor, and expects contracts to be awarded within 1-2 years time. Being an integrated marine construction specialist, Benalec enjoys healthy profit margins due to its ability to maintain cost efficiency in its marine construction projects. The company achieved a high core net profit margin averaging at about 20.3% over the past 3 years, excluding gain on disposal of land and vessels. (RHB Research)

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Cypark Resources Bhd

MPHB seeks 100% ownership in Magnum

After much speculation on the reason of suspension since yesterday 2.30pm, Multi-Purpose Holdings Bhd (MPHB) finally unveil its answer. An memorandum of understanding (MOU) was signed with two parties (as elaborate further below) seeking to take over its associate Magnum Holdings Bhd. This would cost MPHB around RM1.65 billion to complete the exercise.

MOU with CVC Capital Partners Asia Pacific group

• To acquire the remaining 49% stake in Magnum
• To acquire RM674.65 mil nominal value RCULS-C
• Total costing RM1.627 billion
• Acquisitions via 343.82 mil new MPHB shares at RM2.30 each and RM 809.20 mil cash

MOU with Management of Magnum

• To acquire 2 mil magnum shares or 2% equity interest
• To acquire RM4.86 mil nominal value of RCULS-C together with all accrued interest remaining unpaid
• Total purchase costing RM37.20 mil
• Acquisitions via 16.17 mil new MPHB shares at RM2.30 each

What is the rationale behind?

MPHB said the proposed acquisition will enable MPHB to have 100% ownership in Magnum, thus making gaming as the core business of the group. "It would further improve and strengthen the future profitability and cash flow position of the MPHB group via the higher share of Magnum's earnings and cash flows," it said. The stock was last traded at RM2.68 before suspension.

Bloomberg: Past 6 months share price of MPHB

However, Finance Malaysia reckon that the said corporate exercise was to facilitate the exit of CVC Capital, in order to path the way for the re-listing of Magnum on Bursa Malaysia, 3 years after it was privatized. At RM2.30 per new share to be issue, it was deemed fair for CVC Capital to cash out. Reportedly, MPHB believes that the re-listing of Magnum could fetch a high valuations, given the only listed number forecast operator (NFO) was BJTOTO currently. Another NFO under the umbrella of Tanjong (Da Ma Cai), was privatized last year.

Analyzing Latexx Partners' takeover offer

Just before CNY, Latexx surprisingly announcing that the company had accepted a non-binding takeover offer by two private equity funds. However, the deal looks unattractive with limited upside given the offer price of RM3.10 only. For your information, it is only 10.7% above the last trading price of RM2.80 only.

About the offer:

• The offer values Latexx at 8.2x P/E only versus sector's average of 11.7x
• The takeover offer needs to secure a 75% shareholders' approval as lay out by the new rules
• With RM3.10 per share, the offer was valued as RM 852.03 million (inclusive of 55.03 million warrants)

Would the deal materialize?

Finance Malaysia doubt the deal will go through, given the unattractive valuations attached. Please take note that Latexx was one of the largest medical examinations gloves producers globally. By taking over at a mere 8.2x P/E, it would be a very good buy, but not a good sell at all. Another issue which sparks our interest was that the background of the two private equity funds being the acquirers.

Navis Asia VI Management Company Limited (Navis), a wholly owned unit of Navis Capital Partners, a US$ 3bn investment firm. Meanwhile, Mettiz, a holding company owned by Michael Tang Vee Mun, was the provider of equity financing for KNM Group's failed management buyout early last year. (CIMB research)

Would it be another "failed" buyout by Mettiz? A repeat of the dramatic KNM's tumbling version? Finance Malaysia really can't predict the outcome from the EGM to be convened soon on the offer. It's all depends on Latexx's shareholders to decide.

But, judging from the "not so performing" share price the day after the said announcement, most probably the outcome is already been factor-in... which was "failed". Anyway, we may heed the advise from the independent adviser appointed by Latexx's board of directors -- Hong Leong Investment Bank -- before voting.

After all, I like Supermax and Kossan for its lower P/E and larger players in the same industry.

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Lastfartyg och dess finansiella betydelse – Del III

En av mina gamla studenter önskade sig lite mer bloggande om lastfartyg härom månaden och nu har jag fått tummarna loss! Det blir en hederlig gammal ”trading story” men det får duga, alltid finns det väl ngt man kan lära sig av det också. Inte minst med tanke på de supersvarta moln som tornar upp sig kring Suez-kanalen :(

I somras (26/7) skrev jag följande här på bloggen: ".....i bloggen från i mars var min huvudpoäng att jag trodde den gängse tolkningen av charterkostnaden som en indikator på världskonjunkturen för en tid kommer att vara förpassad till någon mörk och undanglömd plats. Tesen var att det var det stora utbudet av nya fartyg som sänkte charterkostnaden, inte ett lågt globalt efterfrågetryck. Jag tror fortfarande att så kan vara fallet och min tolkning är helt enkelt att de låga charterkostnaderna inte är en så stark bear-signal vad gäller globala aktier som man skulle kunna tro!" Se Lastfartyg eller stekarjolle för mer detaljer.

Sedan jag skrev min blog i somras har charterkostnaderna (återigen mätt som Baltic Dry Index, Capesize) sjunkit ännu mer MEN samtidigt har en global aktieportfölj (MSCI World) gått upp hela 20%! D.v.s min tes om att förpassa charterkostnaden (som indikator på världskonjunkturen och som positivt korrelerad med aktievärderingar) till en mörk och undangömd plats var sannerligen ”spot on”!

För att citera mig själv och bloggen Lastfartyg och dess finansiella betydelse ”den smarta investeraren kan få utlopp för sina tradingidéer genom att använda Baltic Dry Index som trigger för handel på andra marknader som aktier eller FX!” Det gäller bara att förstå när och hur man ska använda indexen! Hemligheten är att man alltid ska