kenanga syariah growth fund - kenangainvestors.com.my · and equity related securities of companies...

AnnuAl REPORT

For the Financial Year Ended 31 May 2018

KEnAnGA SyARiAh GROwTh fund

KEnAnGA SyARiAh GROwTh fund

Contents Page

Corporate directory ii - iiiDirectory of Manager’s Offices ivfund information 1Manager’s Report 2 - 5fund Performance 6 - 8Trustee’s Report 9Shariah Adviser’s Report 10independent Auditors’ Report 11 - 13Statement by the Manager 14financial Statements 15 - 46

ii Kenanga Syariah Growth Fund Annual Report

CORPORATE diRECTORyManager: Kenanga investors Berhad (Company No. 353563-P)

Registered OfficeLevel 17, Kenanga Tower,237, Jalan Tun Razak,50400 Kuala Lumpur, Malaysia.Tel: 03-2172 2888Fax: 03-2172 2999

Business OfficeLevel 14, Kenanga Tower,237, Jalan Tun Razak,50400 Kuala Lumpur, Malaysia.Tel: 03-2172 3000Fax: 03-2172 3080E-mail:[email protected]: www.KenangaInvestors.com.my

Board of directorsDatuk Syed Ahmad Alwee Alsree (Chairman)Syed Zafilen Syed Alwee (independent

director)Peter John Rayner (independent director)Imran Devindran bin Abdullah (independent

director)Dato’ Bruce Kho Yaw Huat (independent

director)Ismitz Matthew De Alwis

investment Committee Dato’ Bruce Kho Yaw Huat (Chairman) Syed Zafilen Syed Alwee (independent

Member)Peter John Rayner (independent Member)Imran Devindran bin Abdullah (independent

Member)Ismitz Matthew De Alwis

Company Secretary: norliza Abd Samad (MAICSA 7011089)

Level 17, Kenanga Tower, 237, Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia

External fund Manager: Kenanga islamic investors Berhad (Company No. 451957-D)

Registered Office Level 17, Kenanga Tower,237, Jalan Tun Razak,50400 Kuala Lumpur, Malaysia.Tel: 03-2172 2888Fax: 03-2172 2999

Business Office Level 14, Kenanga Tower,237, Jalan Tun Razak,50400 Kuala Lumpur, Malaysia.Tel: 03-2172 3000Fax: 03-2172 3080

Trustee: CiMB islamic Trustee Berhad (Company No. 167913-M)

Registered Office Level 13, Menara CIMBJalan Stesen Sentral 2Kuala Lumpur Sentral50490 Kuala Lumpur.Tel: 03-2261 8888Fax: 03-2261 0099Website:www.cimb.com

Business Office Level 21, Menara CIMBJalan Stesen Sentral 2Kuala Lumpur Sentral50490 Kuala Lumpur.Tel: 03-2261 8888Fax: 03-2261 9889

Shariah Adviser: iBfiM (Company No. 763075-W)

Registered Office Suite 13.03, 13th FloorMenara Tan & Tan 207 Jalan Tun Razak 50400 Kuala Lumpur.

Business Office 3rd Floor, Menara Takaful MalaysiaJalan Sultan Sulaiman50000 Kuala Lumpur, Malaysia.Tel: 03-2031 1010Fax: 03-2078 5250

Kenanga Syariah Growth Fund Annual Report iii

Auditor: Ernst & young (AF: 0039)

Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur.Tel: 03-7495 8000 Fax: 03-2095 5332

Tax Adviser: Ernst & young Tax Consultants Sdn Bhd (Company No. 179793-K)

Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur.Tel: 03-7495 8000 Fax: 03-2095 5332

Membership: federation of investment Managers Malaysia (fiMM)19-06-1, 6th Floor, Wisma Tune, 19, Lorong Dungun, Damansara Heights, 50490 Kuala Lumpur, Malaysia.Tel: 03-2093 2600 Fax: 03-2093 2700 Website: www.fimm.com.my

iv Kenanga Syariah Growth Fund Annual Report

diRECTORy Of MAnAGER’S OffiCESRegional Branch Offices :

Kuala lumpurLevel 13, Kenanga Tower,237, Jalan Tun Razak,50400 Kuala Lumpur, Malaysia.Tel: 03-2172 3123 Fax: 03-2172 3133

Johor BahruLot 11.03, 11th Floor, Menara MSC CyberportNo. 5, Jalan Bukit Meldrum80300 Johor Bahru , JohorTel: 07-223 7505 / 4798 Fax: 07-223 4802

MelakaNo. 25-1, Jalan Kota Laksamana 2/17Taman Kota Laksamana, Seksyen 275200 MelakaTel: 06-281 8913 / 06-282 0518Fax: 06-281 4286

Kuching1st Floor, No 71Lot 10900, Jalan Tun Jugah93350 Kuching, SarawakTel: 082-572 228 Fax: 082-572 229

KlangNo. 12, Jalan Batai Laut 3, Taman Intan41300 Klang, Selangor Darul EhsanTel: 03-3341 8818 / 03-3348 7889 Fax: 03-3341 8816

KuantanNo. B8, Ground Floor, Jalan Tun Ismail 125000 Kuantan, Pahang.Tel : 09-514 3688Fax : 09-514 3838

Penang5.04, 5th Floor, Menara Boustead Penang No. 39, Jalan Sultan Ahmad Shah 10050 Penang. Tel : 04-210 6628Fax : 04-210 6644

ipohSuite 1, 2nd Floor,No. 63, Persiaran Greenhill,30450 Ipoh, Perak, MalaysiaTel: 05-254 7573 / 7570 / 7575Fax: 05-254 7606

Miri 2nd Floor, Lot 1264, Centre Point Commercial Centre, Jalan Melayu, 98000 Miri, Sarawak Tel: 085-416 866 Fax: 085-322 340

Kota KinabaluLevel 8, Wisma Great EasternNo. 68, Jalan Gaya, 88000 Kota Kinabalu, SabahTel: 088-203 063 Fax: 088-203 062

Seremban 2nd Floor, No. 1D-2, Jalan Tuanku Munawir 70000 Seremban, Negeri Sembilan Tel: 06-761 5678 Fax: 06-761 2242

Petaling Jaya44B, Jalan SS21/35Damansara Utama47400 Petaling Jaya, SelangorTel: 03-7710 8828Fax: 03-7710 8830

Kenanga Syariah Growth Fund Annual Report 1

1. fund infORMATiOn

1.1 fund name

Kenanga Syariah Growth fund (KSGf or the fund)

1.2 fund Category / Type

Equity (Islamic) / Growth

1.3 investment Objective

The Fund aims to provide unit holders with long-term capital growth by investing principally in equities that comply with Shariah requirements.

1.4 investment Strategy

The Fund will invest principally in a diversified portfolio of Malaysian Shariah-compliant equity and equity related securities of companies with sustainable business model and trading at a discount to its intrinsic value.

1.5 duration

The Fund was launched on 29 January 2002 and shall exist as long as it appears to the Manager and the Trustee that it is in the interests of the unit holders for it to continue.

1.6 Performance Benchmark

FTSE-Bursa Malaysia Emas Shariah Index (FBMS).

1.7 distribution Policy

Income distribution is incidental, if any.

1.8 External fund Manager

Kenanga Islamic Investors Berhad

1.9 Breakdown of unit holdings of KSGf as at 31 May 2018

Size of holdingsno. of

unit holdersno. of units

held5,000 and below 4,628 12,131,3545,001 - 10,000 3,283 24,320,76910,001 - 50,000 6,094 137,822,23550,001 - 500,000 1,569 166,730,604500,001 and above 29 69,669,485Total 15,603 410,674,447

2 Kenanga Syariah Growth Fund Annual Report

2. MAnAGER’S REPORT

2.1 Explanation on whether the fund has achieved its investment objective

The Fund boasts a return of 341.31% since inception; hence it has achieved its investment objective of achieving consistent capital appreciation over the long term by primarily investing in Shariah-compliant securities with good growth prospects.

2.2 Comparison between the fund’s performance and performance of the benchmark

Performance Chart Since launch (29/1/2002 - 31/5/2018)Kenanga Syariah Growth fund vs fTSE-Bursa Malaysia Emas Shariah index

Source: Novagni Analytics & Advisory

2.3 Investment strategies and policies employed during the financial year under review

For the financial year under review, the Fund continued with its strategy of investing in Shariah compliant securities of companies with sustainable business models and competent management, whilst trading at a discount to their intrinsic / fair value. The Fund focused on companies whose top line / revenue should prove to be relatively more resilient to a global economic slowdown and have the ability to maintain their profit margins.

2.4 The fund’s asset allocation as at 31 May 2018 and comparison with the previous financial year

Asset 31 May 2018 31 May 2017Listed Shariah-compliant investment securities 78.4% 76.1%Short term Islamic deposits and cash 21.6% 23.9%

Reason for the differences in asset allocation

The Fund’s invested level increased to 78.4% due to the fund manager taking advantage of market weaknesses.


2.5 fund performance analysis based on nAV per unit (adjusted for income distribution; if any) since last review year

year under review

Kenanga Syariah Growth fund -3.45%fTSE-Bursa Malaysia Emas Shariah index (fBMS) -4.91%

Source: Lipper

For the financial year under review, the Fund outperformed the FBMS benchmark by 1.46% mainly due to Shariah compliant stock selection.

2.6 Review of the market

Market Review

During the year under review, FBM Emas Shariah Index declined by 4.91% while the FBM Small Cap corrected 19.9% and the KLCI lagged regional peers at -1.4%.

Asian markets continued to perform well in June with key indices reaching all-time high. As a widely expected move, US Fed raised interest rates for the second time in 2017 by 25bps after upgrading GDP growth forecast to 2.2% and unemployment rate to 4.3% for 2017. The International Monetary Fund (IMF) remained confident that the global economic recovery is on a firmer footing for 2017 on expectations of accelerating growth in the Euro-zone, Japan and China. In the July 2017 update of its World Economic Outlook (WEO), the IMF kept its global GDP forecast at 3.5% for 2017 and 3.6% for 2018 – unchanged from its April 2017 outlook.

Major European and Asian Indexes fell early August with concerns over North Korea, Hurricane Harvey, Spain terror attacks and the US political environment. Stronger economic data and positive corporate earnings propped up August numbers. The regional markets continued to be jittery in September as sabre rattling by North Korea sent investors into selling mode while heightened expectations of another US interest rate hike and balance sheet contraction this year following comments from Federal Reserve officials also added to the downbeat sentiment. Meanwhile, the Asian Development Bank came out a report and remained confident that the global economic recovery is on a firmer footing this year as controlled growth moderation in China is balanced by expected healthy growth elsewhere.

Regional markets fared better in October compared to previous month driven by a recovery in tech stocks and easing geopolitical tension between China and Korea following the year-long standoff over deployment of anti-missile systems. Following this, both economies agreed to a currency swap agreement, which was key rerating catalyst for China-centric Korean equities while the month of November started off with the Bank of England raising UK interest rates for first time since 2007. The Bank of England raised rates by 25bps but the Pound still fell as gloomy forecasts for growth appeared to rule out the prospect of steep increases in the cost of credit before 2020.

Key markets saw 2017 ended with mixed performance amid thin trading volume towards the end of the year. All three major US indices ended 2017 with the best annual gains since 2013. Nasdaq recorded the biggest yearly gain of 28.2% followed by Dow Jones and S&P500 which advanced by 25.1% and 19.4% each respectively. Fed then started to double the pace of its balance sheet reduction from USD10billion to USD20billion and will increase it by USD10billion every three months. China’s December data were broadly within expectations but 4Q17 GDP growth was higher than expected and brought 2017 GDP growth to 6.9%, the first pick-up since 2010. After the US Government shutdown ended, President Trump slapped steep tariffs of 20%-50% on imported washing machines and solar panels. Korea stock exchange announced KRX300 Index to be launched on February 5, another bright spot for small-mid caps.


2.6 Review of the market (Contd.)

Market Review (contd.)

The month of February began with three days of intense sell-offs. Fears of rising interest rates in the US, due to measures aimed at controlling inflation, resulted in heightened volatility. Regional stock markets tumbled after Wall Street plummeted, as investors fled to safe havens in a highly volatile global market. Although the market did stage a mild rebound thereafter, it weakened again on news that the US would impose import tariffs on steel and aluminium, raising concern of higher prices and trade war. Asian equities dropped in line with global trend while the FOMC raised benchmark interest rate by 25bps, marking the sixth increase since the start of monetary policy tightening. The People’s Bank of China (PBOC) also lifts short-term interest rates, following the Fed’s move of rate normalization. The national people’s congress approved merging China Insurance Regulatory Commission with the China Banking Regulatory Commission, while Yi Gang has been appointed as the new PBOC governor, as part of a sweeping reshuffle of China’s cabinet cementing President Xi Jinping already strong influence.

Global equities were mixed in April as trade war rhetoric continued to dominate headlines despite US announcing its willingness to hold negotiations for a resolution on the escalating trade rift with China; whilst geopolitical advances were seen as North and South Korea pledged to bring a formal end to the Korean War. Meanwhile, geopolitical tensions in the Middle East continued to weigh on global equity markets. Markets were then rattled by the return of US-China trade conflicts after President Donald Trump announced that a final list involving USD50billion in Chinese imports that would be subjected to 25% tariffs, would be released in mid-June, with investment restrictions on Chinese acquisitions of U.S. technology to be announced shortly thereafter. At the close of the month, Trump administration also announced that it will place tariffs on steel and aluminium imports from the European Union, Mexico and Canada – a news that was immediately responded with threats of proportional reciprocal measures from all affected countries.

Market Outlook

Despite the KLCI performing resiliently in the immediate aftermath of the stunning GE14, revelation of a larger-than-expected national debt of RM1trillion as well as the cancellation of MRT Line 3 and High Speed Rail projects in the weeks that followed have spooked the market. We intend to take advantage of the market weakness to bottom fish on stocks which remain fundamentally attractive regardless of the latest change.

Strategy

We are cautiously optimistic and continue to be selective towards Shariah-compliant stocks with stable earnings and growing momentum. In the same time adopting a slightly more trading orientated approach to take advantage of the market volatility.

2.7 distribution

For the financial year under review, the Fund did not declare any distribution.

2.8 details of any unit split exercise

The Fund did not carry out any unit split exercise during the financial year under review.


2.9 Significant changes in the state of affair of the Fund during the financial year

There were no significant changes in the state of affair of the Fund during the financial year and up until the date of the Manager’s report, not otherwise disclosed in the financial statements.

2.10 Circumstances that materially affect any interests of the members

During the financial year under review, there were no circumstances that materially affected any interests of the unit holders.

2.11 Cross trade

During the financial year under review, no cross-trade transaction was undertaken by investment manager for the Fund.

2.12 Rebates & Soft commissions

It is the policy of the Manager to credit any rebates received into the account of the Fund. Any soft commissions received by investment manager on behalf of the Fund are in the form of research and advisory services that assist in the decision making process relating to the investment of the Fund which are of demonstrable benefit to unit holders of the Fund. For the financial year under review, the Manager has received soft commissions from the stockbrokers.


3. fund PERfORMAnCE

3.1 Details of portfolio composition of the Fund for last three financial years as at 31 May are as follows:

a. distribution among industry sectors and category of Shariah-compliant investments:

fy fy fy2018 2017 2016

% % %

Trading/Services 26.1 20.5 23.8Industrial products 14.0 12.7 12.4Consumer products 12.4 4.9 4.1Constructions 8.9 13.7 8.0Properties 4.7 8.7 5.7Technology 4.6 3.5 2.1Finance 4.2 4.1 4.1Plantations 2.3 2.6 5.3Infrastructure - 1.6 4.2Islamic Real Estate Investments

Trusts 0.9 3.8 4.6Shariah-compliant warrants 0.3 - 0.1Short term Islamic deposits and

cash 21.6 23.9 25.6

100.0 100.0 100.0

Note: The above mentioned percentages are based on total Shariah-compliant investment market value plus cash.

b. distribution among markets

The Fund invests in local Shariah-compliant investment securities and cash instruments only.


3.2 Performance details of the Fund for the last three financial years ended 31 May are as follows:

fy fy fy2018 2017 2016

Net asset value (“NAV”) (RM Million) 421.03* 361.64 241.24Units in circulation (Million) 410.67 340.58 243.01NAV per unit (RM) 1.0252 * 1.0618 0.9927Highest NAV per unit (RM) 1.1678 1.0802 1.1285Lowest NAV per unit (RM) 1.0217 0.9868 0.9851Total return (%) -3.45 6.95 -0.47- Capital growth (%) -3.45 6.95 -9.74- Income growth (%) - - 9.26Gross distribution per unit (sen) - - 10.11Net distribution per unit (sen) - - 10.11Management expense ratio (“MER”) (%) 1 1.70 1.69 1.70Portfolio turnover ratio (“PTR”) (times) 2 1.05 0.48 0.39

Note: Total return is the actual return of the Fund for the respective financial years, computed based on NAV per unit and net of all fees.

MER is computed based on the total fees and expenses incurred by the Fund divided by the average fund size calculated on a daily basis. PTR is computed based on the average of the total acquisitions and total disposals of Shariah-compliant investment securities of the Fund divided by the average fund size calculated on a daily basis.

1. MER for the financial year under review has not changed significantly as compared to previous financial year.

2. PTR for the financial year under review is higher due to increased trading activities by the fund manager.

* Based on bid price fair valuation method on all Shariah-compliant investments held by the Fund as at 31 May 2018, the NAV and NAV per unit would be RM419.26 million and RM1.0209 respectively.

(As disclosed under Note 13 of the financial statements)


3.3 Average total return of the fund

1 year31 May 17 - 31 May 18

3 years31 May 15 - 31 May 18

5 years31 May 13 - 31 May 18

Kenanga Syariah Growth fund -3.45% 1.24% 2.98%fTSE-Bursa Malaysia Emas Shariah index (fBMS) -4.91% -0.64% 0.00%

Source: Lipper

3.4 Annual total return of the fund

Period under review

31 May 17 - 31 May 18

1 year31 May 16 - 31 nov 17

1 year 31 May 15 - 31 May 16

1 year31 May 14 - 31 May 15

1 year31 dec 12 - 31 May 14

Kenanga Syariah Growth fund -3.45% 6.96% -0.47% -1.30% 28.72%fTSE-Bursa Malaysia Emas Shariah index (fBMS) -4.91% 7.39% -5.20% -4.26% 14.02%

Source: Lipper

investors are reminded that past performance is not necessarily indicative of future performance. Unit prices and investment returns may fluctuate.


4 TRuSTEE’S REPORT TO ThE uniT hOldERS Of KEnAnGA SyARiAh GROwTh fund

We, CIMB Islamic Trustee Berhad being the Trustee of Kenanga Syariah Growth Fund (“the Fund”) are of the opinion that Kenanga Investors Berhad (“the Manager”), acting in the capacity as Manager of the Fund, has fulfilled its duties in the following manner for the financial year ended 31 May 2018.

a) The Fund has been managed in accordance with the limitations imposed on the investment powers of the Manager under the Deed, the Securities Commission Malaysia’s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 (as amended from time to time) and other applicable laws;

b) Valuation/pricing of units of the Fund has been carried out in accordance with the Deed and relevant regulatory requirements; and

c) Creation and cancellation of units have been carried out in accordance with the Deed and relevant regulatory requirements.

For and on behalf of CIMB Islamic Trustee Berhad Liew Pik Yoong Chief Executive Officer Kuala Lumpur, Malaysia

16 July 2018


5. ShARiAh AdViSER’S REPORT TO ThE uniT hOldERS Of KEnAnGA SyARiAh GROwTh fund

We have acted as the Shariah Adviser of Kenanga Syariah Growth Fund. Our responsibility is to ensure that the procedures and processes employed by Kenanga Investors Berhad are in accordance with Shariah principles.

In our opinion, Kenanga Investors Berhad has managed and administered Kenanga Syariah Growth Fund in accordance with Shariah principles and complied with applicable guidelines, rulings and decisions issued by the Securities Commission Malaysia pertaining to Shariah matters for the financial year ended 31 May 2018.

In addition, we also confirm that the investment portfolio of Kenanga Syariah Growth Fund comprises securities which have been classified as Shariah-compliant by the Shariah Advisory Council of the Securities Commission Malaysia. As for the securities which are not certified by the Shariah Advisory Council of the Securities Commission Malaysia, we have reviewed the said securities and opine that these securities are designated as Shariah-compliant.

For and on behalf of the Shariah AdviserIBFIM

Muhammad Khairulnizam Bin AliasConsultant (Shariah)/Designated Person Responsible for Shariah Advisory

Kuala Lumpur

16 July 2018


6. indEPEndEnT AudiTORS’ REPORT TO ThE uniT hOldERS Of KEnAnGA SyARiAh GROwTh fundREPORT On ThE AudiT Of ThE finAnCiAl STATEMEnTS

Opinion

We have audited the financial statements of Kenanga Syariah Growth Fund (“the Fund”), which comprise the statement of financial position as at 31 May 2018, and the statement of comprehensive income, statement of changes in net asset value and statement of cash flows of the Fund for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information, as set out on pages 15 to 46.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as at 31 May 2018 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.

Basis for opinion

We conducted our audit in accordance with approved standards of auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence and other ethical responsibilities

We are independent of the Fund in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.

Information other than the financial statements and auditors’ report thereon

The Manager of the Fund (“the Manager”) is responsible for the other information. The other information comprises the information included in the annual report of the Fund, but does not include the financial statements of the Fund and our auditors’ report thereon.

Our opinion on the financial statements of the Fund does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements of the Fund, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements of the Fund or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.


6. indEPEndEnT AudiTORS’ REPORT TO ThE uniT hOldERS Of KEnAnGA SyARiAh GROwTh fund (COnTd.)

Responsibilities of the Manager and Trustee for the financial statements

The Manager is responsible for the preparation of financial statements of the Fund that give a true and fair view in accordance with Malaysia 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 of the Fund that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements of the Fund, the Manager is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

The Trustee is responsible for overseeing the Fund’s financial reporting process. The Trustee is also responsible for ensuring that the Manager maintains proper accounting and other records as are necessary to enable true and fair presentation of these financial statements.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements of the Fund as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with approved standards of auditing in Malaysia and International Standards on Auditing, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements of the Fund, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit 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 Fund’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager.


6. indEPEndEnT AudiTORS’ REPORT TO ThE uniT hOldERS Of KEnAnGA SyARiAh GROwTh fund (COnTd.)

Auditors’ responsibilities for the audit of the financial statements (contd.)

• Conclude on the appropriateness of the Manager’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements of the Fund or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Fund to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements of the Fund, including the disclosures, and whether the financial statements of the Fund represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Manager regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Other matters

This report is made solely to the unit holders of the Fund, as a body, in accordance with the Guidelines on Unit Trust Funds issued by the Securities Commission Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.

Ernst & Young Chan Hooi LamAF: 0039 No. 02844/02/2020 JChartered Accountants Chartered Accountant

Kuala Lumpur, Malaysia

16 July 2018


7. STATEMEnT By ThE MAnAGER

I, Ismitz Matthew De Alwis, being a director of Kenanga Investors Berhad, do hereby state that, in the opinion of the Manager, the accompanying statement of financial position as at 31 May 2018 and the related statement of comprehensive income, statement of changes in net asset value and statement of cash flows for the financial year ended 31 May 2018 together with notes thereto, are drawn up in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards so as to give a true and fair view of the financial position of Kenanga Syariah Growth Fund as at 31 May 2018 and of its financial performance and cash flows for the financial year then ended and comply with the requirements of the Deed.

For and on behalf of the Manager KENANGA INVESTORS BERHAD

ISMITZ MATTHEW DE ALWIS Executive Director/Chief Executive Officer

Kuala Lumpur, Malaysia

16 July 2018


8. finAnCiAl STATEMEnTS

8.1 STATEMEnT Of COMPREhEnSiVE inCOME fOR ThE finAnCiAl yEAR EndEd 31 MAy 2018

note 2018 2017RM RM

inVESTMEnT inCOME

Dividend income 10,431,798 6,229,834Profit income 1,717,473 2,142,092Net (loss)/gain from Shariah-compliant

investments:- Financial assets at fair value through profit or

loss (“FVTPL”) 4 (19,142,369) 16,454,219(6,993,098) 24,826,145

EXPEnSES

Manager’s fee 5 5,887,988 4,259,909Trustee’s fee 6 196,266 141,997Auditors’ remuneration 14,000 10,000Tax agent’s fee 9,400 3,500Administration expenses 575,826 397,732Brokerage and other transaction costs 2,690,162 1,138,183

9,373,642 5,951,321

nET (lOSS)/inCOME BEfORE TAX (16,366,740) 18,874,824

Income tax 7 - -

nET (lOSS)/inCOME AfTER TAX, REPRESEnTinG TOTAl COMPREhEnSiVE (lOSS)/inCOME fOR ThE finAnCiAl yEAR (16,366,740) 18,874,824

Net (loss)/income after tax is made up as follows:Realised gain 2,069,400 2,859,621Unrealised (loss)/gain 4 (18,436,140) 16,015,203

(16,366,740) 18,874,824

The accompanying notes form an integral part of the financial statements.


8.2 STATEMEnT Of finAnCiAl POSiTiOn AS AT 31 MAy 2018

note 2018 2017RM RM

ASSETS

inVESTMEnTS

Financial assets at FVTPL 4 325,110,386 284,193,046Short term Islamic deposits 8 89,327,122 89,046,674

414,437,508 373,239,720

OThER ASSETS

Amount due from licensed financial institutions 9 8,717,294 2,950,070Amount due from Manager - 277,435Other receivables 10 980,762 644,489Tax recoverable 9,092 9,092Cash at bank 22,790 14,307

9,729,938 3,895,393

TOTAl ASSETS 424,167,446 377,135,113

liABiliTiES

Amount due to licensed financial institutions 9 4,069,280 16,876,892Amount due to Manager 725,255 -Amount due to Trustee 18,316 14,852Other payables 11 91,487 80,783TOTAl liABiliTiES 4,904,338 16,972,527

EQuiTy

Unit holders’ contribution 417,044,494 341,577,232Retained earnings 2,218,614 18,585,354nET ASSET VAluE (“nAV”) ATTRiBuTABlE

TO uniT hOldERS 12 419,263,108 360,162,586

TOTAl liABiliTiES And EQuiTy 424,167,446 377,135,113

nuMBER Of uniTS in CiRCulATiOn 12(a) 410,674,447 340,583,836

nET ASSET VAluE PER uniT (RM) 13 1.0209 1.0575



8.3 STATEMEnT Of ChAnGES in nET ASSET VAluEfOR ThE finAnCiAl yEAR EndEd 31 MAy 2018

noteunit holders’ contribution

Retained earnings Total nAV

RM RM RM

2018At beginning of the financial year 341,577,232 18,585,354 360,162,586 Total comprehensive loss - (16,366,740) (16,366,740)Creation of units 12(a) 122,166,685 - 122,166,685 Cancellation of units 12(a) (47,743,728) - (47,743,728)Distribution equalisation 12(a) 1,044,305 - 1,044,305At end of the financial year 417,044,494 2,218,614 419,263,108

2017At beginning of the financial year 240,725,559 (289,470) 240,436,089 Total comprehensive income - 18,874,824 18,874,824 Creation of units 12(a) 117,337,227 - 117,337,227 Cancellation of units 12(a) (16,794,426) - (16,794,426)Distribution equalisation 12(a) 308,872 - 308,872 At end of the financial year 341,577,232 18,585,354 360,162,586



8.4 STATEMEnT Of CASh flOwSfOR ThE finAnCiAl yEAR EndEd 31 MAy 2018

2018 2017RM RM

CASh flOwS fROM OPERATinG And inVESTinG ACTiViTiES

Proceeds from sale of financial assets at FVTPL 374,679,010 87,394,675 Dividends received 10,087,613 6,035,871 Profit from Islamic deposits received 1,725,385 2,120,350 Tax agent’s fee paid (9,400) (7,000)Auditors’ remuneration paid (12,000) (10,000)Trustee’s fee paid (192,802) (137,233)Payment for other fees and expenses (454,765) (350,324)Manager’s fee paid (5,784,058) (4,107,854)Purchase of financial assets at FVTPL (456,116,074) (165,252,122)Net cash used in operating and investing activities (76,077,091) (74,313,637)

CASh flOwS fROM finAnCinG ACTiViTiES

Cash received from units created 123,806,685 119,067,954 Cash paid on units cancelled (47,440,663) (16,826,979)Net cash generated from financing activities 76,366,022 102,240,975

nET inCREASE in CASh And CASh EQuiVAlEnTS 288,931 27,927,338 CASh And CASh EQuiVAlEnTS AT BEGinninG Of

ThE finAnCiAl yEAR 89,060,981 61,133,643 CASh And CASh EQuiVAlEnTS AT End Of ThE

finAnCiAl yEAR 89,349,912 89,060,981

Cash and cash equivalents comprise:Cash at bank 22,790 14,307 Short term Islamic deposits 89,327,122 89,046,674

89,349,912 89,060,981



8.5 nOTES TO ThE finAnCiAl STATEMEnTSfOR ThE finAnCiAl yEAR EndEd 31 MAy 2018

1. ThE fund, ThE MAnAGER And ThEiR PRinCiPAl ACTiViTiES

Kenanga Syariah Growth Fund (“the Fund”) was constituted pursuant to the executed Master Deed dated 8 January 2002 (collectively, together with deeds supplemental thereto, referred to as “the Deed”) between the Manager, Kenanga Investors Berhad, and HSBC (Malaysia) Trustee Berhad (“the Trustee” prior to 3 December 2013). The Fund has changed its trustee to CIMB Commerce Trustee Berhad (“the Trustee” with effect from 3 December 2013). The aforesaid change was effected on 3 December 2013 via a Second Master Supplemental Deed dated 19 November 2013. The Fund commenced operations on 29 January 2002 and will continue to be in operation until terminated by the Trustee, as provided under Part 12 of the Deed.

Kenanga Investors Berhad is a wholly-owned subsidiary of Kenanga Investment Bank Berhad. Prior to 1 November 2016, Kenanga Investment Bank Berhad was a wholly-owned subsidiary of K & N Kenanga Holdings Berhad that was listed on the Main Market of Bursa Malaysia Securities Berhad. Pursuant to an internal reorganisation exercise completed on 1 November 2016, Kenanga Investment Bank Berhad has become the holding company of K & N Kenanga Holdings Berhad. On 2 November 2016, Kenanga Investment Bank Berhad has assumed the listing status of K & N Kenanga Holdings Berhad. All of these companies are incorporated in Malaysia.

The principal place of business of the Manager is Level 14, Kenanga Tower, 237, Jalan Tun Razak, 50400 Kuala Lumpur.

The Fund seeks to provide unitholders with long term capital growth by investing principally in equities that comply with Shariah requirements.

The financial statements were authorised for issue by the Chief Executive Officer of the Manager on 16 July 2018.

2. finAnCiAl RiSK MAnAGEMEnT OBJECTiVES And POliCiES

The Fund is exposed to a variety of risks including market risk (which includes interest rate risk and price risk), credit risk, liquidity risk and reclassification of Shariah status risk. Whilst these are the most important types of financial risks inherent in each type of financial instruments, the Manager and the Trustee would like to highlight that this list does not purport to constitute an exhaustive list of all the risks inherent in a Shariah-compliant investment in the Fund.

The Fund has an approved set of investment guidelines and policies as well as internal controls which sets out its overall business strategies to manage these risks to optimise returns and preserve capital for the unit holders, consistent with the long term objectives of the Fund.


2. finAnCiAl RiSK MAnAGEMEnT OBJECTiVES And POliCiES (COnTd.)

a. Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk includes interest rate risk and price risk.

Market risk arises when the value of the Shariah-compliant investments fluctuates in response to the activities of individual companies, general market or economic conditions. It stems from the fact that there are economy-wide perils, which threaten all businesses. Hence, investors are exposed to market uncertainties. Fluctuation in the Shariah-compliant investments’ prices caused by uncertainties in the economic, political and social environment will affect the NAV of the Fund.

The Manager manages the risk of unfavourable changes in prices by cautious review of the Shariah-compliant investments and continuous monitoring of their performance and risk profiles.

i. interest rate risk

Interest rate risk refers to how the changes in the interest rate environment would affect the valuation of Shariah-compliant instruments. In the event of a rising interest rate environment, the valuation of Shariah-compliant instruments may decrease, and vice versa. Interest rate, such as the Overnight Policy Rate set by Bank Negara Malaysia, will have an impact on the investment decisions of the Fund regardless of whether it is a Shariah-compliant fund or otherwise. It does not in any way suggest that the Fund will invest in conventional financial instruments.

The Fund is not exposed to significant interest rate risk as its Islamic deposits are short term in nature and have fixed profit rates.

interest rate risk exposure

The following table analyses the Fund’s interest rate risk exposure. The Fund’s financial assets and financial liabilities are disclosed at fair value and categorised by the earlier of contractual re-pricing or maturity dates.



a. Market risk (contd.)

i. interest rate risk (contd.)

interest rate risk exposure (contd.)

up to 1 year

non-exposure

to interest rate

movement Total

weighted average effective

rate of return*

RM RM RM %

2018AssetsFinancial assets at

FVTPL - 325,110,386 325,110,386Short term Islamic

deposits 89,327,122 - 89,327,122 3.3Other assets - 9,720,846 9,720,846

89,327,122 334,831,232 424,158,354

liabilitiesOther liabilities - 4,812,851 4,812,851

Total interest rate sensitivity gap 89,327,122 330,018,381 419,345,503

2017AssetsFinancial assets at

FVTPL - 284,193,046 284,193,046Short term Islamic

deposits 89,046,674 - 89,046,674 3.1Other assets - 3,886,301 3,886,301

89,046,674 288,079,347 377,126,021

liabilitiesOther liabilities - 16,891,744 16,891,744

Total interest rate sensitivity gap 89,046,674 271,187,603 360,234,277

* Computed based on Shariah-compliant assets with exposure to interest rate movement only.




ii. Price risk

Price risk is the risk of unfavourable changes in the fair values of listed Shariah-compliant equity securities, listed Shariah-compliant collective investment schemes and listed Shariah-compliant warrants. The Fund invests in listed Shariah-compliant equity securities, listed Shariah-compliant collective investment schemes and listed Shariah-compliant warrants which are exposed to price fluctuations. This may then affect the NAV of the Fund.

Price risk sensitivity

The Manager’s best estimate of the effect on the profit for the financial year due to a reasonably possible change in investments in listed Shariah-compliant equity securities, listed Shariah-compliant collective investment schemes and listed Shariah-compliant warrants with all other variables held constant is indicated in the table below:

Changes in price

Effects on profit for the financial

yearincrease/

(decrease)increase/

(decrease)Basis points RM

2018Financial assets at FVTPL 5/(5) 162,555/(162,555)

2017Financial assets at FVTPL 5/(5) 142,097/(142,097)

In practice, the actual trading results may differ from the sensitivity analysis above and the difference could be material.

Price risk concentration

The following table sets out the Fund’s exposure and concentration to price risk based on its portfolio of Shariah-compliant financial instruments as at the reporting date.

fair value Percentage of nAV2018 2017 2018 2017

RM RM % %

financial assets at fVTPl 325,110,386 284,193,046 77.5 78.9




ii. Price risk (contd.)

Price risk concentration (contd.)

The Fund’s concentration of Shariah-compliant investment security price risk from the Fund’s listed Shariah-compliant equity securities, listed Shariah-compliant collective investment schemes and listed Shariah-compliant warrants analysed by sector is as follows:

fair valuePercentage of

nAV2018 2017 2018 2017

RM RM % %

Trading/Services 108,331,039 76,570,346 25.8 21.2Industrial products 58,126,119 47,500,889 13.9 13.2Consumer products 51,346,042 18,298,331 12.3 5.1Constructions 36,943,612 51,010,611 8.8 14.2Properties 19,568,064 32,295,555 4.7 9.0Technology 19,045,367 13,082,713 4.5 3.6Finance 17,332,548 15,450,950 4.1 4.3Plantations 9,606,604 9,676,717 2.3 2.7Infrastructure - 5,960,214 - 1.6Islamic Real Estate

Investment Trust 3,723,342 14,175,317 0.9 3.9Shariah-compliant

warrants 1,087,649 171,403 0.2 0.1325,110,386 284,193,046 77.5 78.9

b. Credit risk

Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss to the Fund by failing to discharge an obligation. The Manager manages the credit risk by undertaking credit evaluation to minimise such risk.

i. Credit risk exposure

As at the reporting date, the Fund’s maximum exposure to credit risk is represented by the carrying amount of each class of financial asset recognised in the statement of financial position.

ii. financial assets that are either past due or impaired

As at the reporting date, there are no financial assets that are either past due or impaired.



b. Credit risk (contd.)

iii. Credit quality of financial assets

The Fund invests in Islamic deposits with financial institutions licensed under the Islamic Financial Services Act 2013. The following table analyses the licensed financial institutions by rating category:

Short term islamic deposits

Percentage of total short term islamic

deposits Percentage of nAV2018 2017 2018 2017

% % % %

RatingWR 100.0 41.4 21.3 10.2 P1 - 58.6 - 14.5

100.0 100.0 21.3 24.7

c. liquidity risk

Liquidity risk is defined as the risk that the Fund will encounter difficulty in meeting obligations associated with financial liabilities that are to be settled by delivering cash or another financial asset. Exposure to liquidity risk arises because of the possibility that the Fund could be required to pay its liabilities or cancel its units earlier than expected. The Fund is exposed to cancellation of its units on a regular basis. Units sold to unit holders by the Manager are cancellable at the unit holders’ option based on the Fund’s NAV per unit at the time of cancellation calculated in accordance with the Deed.

The Islamic liquid assets comprise cash, short term Islamic deposits with licensed financial institutions and other Shariah-compliant instruments, which are capable of being converted into cash within 7 days.



c. liquidity risk (contd.)

The following table analyses the maturity profile of the Fund’s financial assets and financial liabilities in order to provide a complete view of the Fund’s contractual commitments and liquidity.

up to 1 yearnote 2018 2017

RM RM

AssetsFinancial assets at FVTPL 325,110,386 284,193,046 Short term Islamic deposits 89,327,122 89,046,674 Other assets 9,720,846 3,886,301

i. 424,158,354 377,126,021

liabilitiesOther liabilities ii. 4,812,851 16,891,744

Equity iii. 419,263,108 360,162,586

Liquidity gap 82,395 71,691

i. financial assets

Analysis of financial assets at FVTPL into maturity groupings is based on the expected date on which these assets will be realised. The Fund’s investments in listed Shariah-compliant equity securities, listed Shariah-compliant collective investment schemes and listed Shariah-compliant warrants have been included in the “up to 1 year” category on the assumption that these are highly liquid Shariah-compliant investments which can be realised should all of the Fund’s unit holders’ equity be required to be redeemed. For other assets, the analysis into maturity groupings is based on the remaining period from the end of the reporting period to the contractual maturity date or if earlier, the expected date on which the assets will be realised.

ii. financial liabilities

The maturity grouping is based on the remaining period from the end of the reporting period to the contractual maturity date or if earlier, the date on which liabilities will be settled. When the counterparty has a choice of when the amount is paid, the liability is allocated to the earliest period in which the Fund can be required to pay.

iii. Equity

As the unit holders can request for redemption of their units, they have been categorised as having a maturity of “up to 1 year”.



d. Reclassification of Shariah status risk

The risk that the currently held Shariah-compliant securities in the portfolio of Shariah-compliant funds may be reclassified to be Shariah non-compliant upon review of the securities by the Shariah Advisory Council of the Securities Commission Malaysia (“SACSC”) performed twice yearly. If this occurs, the Manager will take the necessary steps to dispose of such securities.

There may be opportunity loss to the Fund due to the Fund not being allowed to retain the excess capital gains derived from the disposal of the Shariah non-compliant equities. The value of the Fund may also be adversely affected in the event of a disposal of Shariah non-compliant equities at a price lower than the investment cost.

e. Regulatory reportings

It is the Manager’s responsibility to ensure full compliance of all requirements under the Guidelines on Unit Trust Funds issued by Securities Commission Malaysia. Any breach of any such requirement has been reported in the mandatory reporting to Securities Commission Malaysia on a monthly basis.

3. SuMMARy Of SiGnifiCAnT ACCOunTinG POliCiES

a. Basis of accounting

The financial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”) as issued by the Malaysian Accounting Standards Board (“MASB”) and International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

The accounting policies adopted are consistent with those of the previous financial year except for the adoption of the new and amended MFRS which became effective for the Fund on 1 June 2017. The adoption of the new and amended MFRS did not have any significant impact on the financial position or performance of the Fund.

The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below.


3. SuMMARy Of SiGnifiCAnT ACCOunTinG POliCiES (COnTd.)

b. Standards, amendments and interpretations issued but not yet effective

As at the reporting date, the following Standards, Amendments and Interpretation Committee’s (“IC”) Interpretations that have been issued by MASB will be effective for the Fund in future periods. The Fund intends to adopt the relevant standards when they become effective.

description

Effective for financial period beginning on

or after

Amendments to MFRS contained in the documents entitled “Annual improvements to MFRS Standards 2014 - 2016 Cycle” 1 January 2018

Amendments to MFRS 1: First-time Adoption of Malaysian Financial Reporting Standards contained in the documents entitled “Annual Improvements to MFRS Standards 2014-2016 Cycle” 1 January 2018

Amendments to MFRS 128: Investment in Associates and Joint Ventures contained in the documents entitled “Annual improvements to MFRS Standards 2014 - 2016 Cycle” 1 January 2018

MFRS 9: Financial Instruments 1 January 2018MFRS 15: Revenue from Contracts with Customers 1 January 2018Clarifications to MFRS 15: Revenue from Contracts with

Customers 1 January 2018Amendments to MFRS 2: Classification and Measurement

of Shared-based Payment Transactions 1 January 2018

Amendments to MFRS 4: Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts

Temporary exemption from MFRS 9 subject

to certain criteria being met for annual periods

beginning on or after 1 January 2018

Amendments to MFRS 140: Transfers of Investment Property 1 January 2018

IC Interpretation 22: Foreign Currency Transactions and Advance Consideration 1 January 2018

Amendments to MFRS contained in the documents entitled “Annual improvements to MFRS Standards 2015 - 2017 Cycle” 1 January 2019

Amendments to MFRS 3: Business Combinations contained in the documents entitled “Annual improvements to MFRS Standards 2015 - 2017 Cycle” 1 January 2019



b. Standards, amendments and interpretations issued but not yet effective (contd.)

description

Effective for financial period beginning on

or after

Amendments to MFRS 11: Joint Arrangements contained in the documents entitled “Annual improvements to MFRS Standards 2015 - 2017 Cycle” 1 January 2019

Amendments to MFRS 112: Income Tax Consequences of Payments on Financial Instruments Classified as Equity contained in the documents entitled “Annual improvements to MFRS Standards 2015 - 2017 Cycle” 1 January 2019

Amendments to MFRS 123: Borrowing Costs Eligible for Capitalisation contained in the documents entitled “Annual improvements to MFRS Standards 2015 - 2017 Cycle” 1 January 2019

MFRS 16: Leases 1 January 2019Amendments to MFRS 9: Prepayment Features with

Negative Compensation 1 January 2019Amendments to MFRS 128: Long-term interests in

Associates and Joint Ventures 1 January 2019IC Interpretation 23: Uncertainty Over Income Tax

Treatments 1 January 2019MFRS 17: Insurance Contracts 1 January 2021Amendments to MFRS 10 and MFRS 128: Sale or

Contribution of Assets between an Investor and its Associate or Joint Venture

To be announced by MASB

The Fund will adopt the above pronouncements when they become effective in the respective financial periods. These pronouncements are not expected to have any significant impact to the financial statements of the Fund upon their initial application, other than MFRS 9.

MFRS 9 replaces MFRS 139 on the following requirements: classification and measurement of financial assets and financial liabilities as defined in MFRS 139, impairment methodology and hedge accounting. The Fund does not expect any change in classification and any potential material financial impact arising from the adoption of this standard.



c. financial assets

Shariah-compliant Financial assets are recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the financial instruments.

When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at FVTPL, directly attributable transaction costs.

The Fund determines the classification of its financial assets at initial recognition.

i. financial assets at fVTPl

Shariah-compliant Financial assets are classified as financial assets at FVTPL if they are held for trading or are designated as such upon initial recognition.

Shariah-compliant Financial assets held for trading include listed Shariah-compliant equity securities, listed Shariah-compliant collective investment schemes and listed Shariah-compliant warrants acquired principally for the purpose of selling in the near term.

Subsequent to initial recognition, financial assets at FVTPL are measured at fair value. Changes in the fair value of those Shariah-compliant financial instruments are recorded in profit or loss.

Profit earned and dividend revenue elements of such Shariah-compliant instruments are recorded separately in “profit income” and “dividend income”, respectively.

ii. Receivables

Financial assets with fixed or determinable payments that are not quoted in an active market are classified as receivables.

Subsequent to initial recognition, receivables are measured at amortised cost using the effective yield method. Gain or loss is recognised in profit or loss when the receivable is derecognised or impaired, and through the amortisation process.

A financial asset is derecognised when the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration received is recognised in profit or loss.

d. Impairment of financial assets

The Fund assesses at each reporting date whether there is any objective evidence that a financial asset is impaired.

To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Fund considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments.



d. Impairment of financial assets (Contd.)

If any such evidence exists, the amount of impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective rate of return. The impairment loss is recognised in profit or loss.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets, with the exception of receivables, where the carrying amount is reduced through the use of an allowance account. When a receivable becomes uncollectible, it is written off against the allowance account.

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, the previously recognised impairment loss is reversed to the extent that the carrying amount of the assets does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss.

e. income

Income is recognised to the extent that it is probable that the economic benefits will flow to the Fund and the income can be reliably measured. Income is measured at the fair value of consideration received or receivable.

Profit income is recognised using the effective yield method.

Dividend income is recognised on declared basis, when the right to receive the dividend is established.

The realised gain or loss on sale of Shariah-compliant investments is measured as the difference between the net disposal proceeds and the carrying amount of the Shariah-compliant investment.

f. Cash and cash equivalents

For the purposes of the statement of cash flows, cash and cash equivalents include cash at bank and short term Islamic deposits with licensed financial institutions with insignificant risk of changes in value.

g. income tax

Income tax on the profit or loss for the financial year comprises current tax. Current tax is the expected amount of income taxes payable in respect of the taxable profit for the financial year.

As no temporary differences have been identified, no deferred tax has been recognised.

h. unrealised reserves

Unrealised reserves represent the net gain or loss arising from carrying Shariah-compliant investments at their fair values at reporting date. This reserve is not distributable.



i. financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability.

Financial liabilities 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. The Fund’s financial liabilities are classified as other financial liabilities. The Fund’s financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective yield method.

A financial liability is derecognised when the obligation under the liability is extinguished. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process.

j. unit holders’ contribution - nAV attributable to unit holders

The unit holders’ contribution to the Fund is classified as equity instruments.

Distribution equalisation represents the average amount of undistributed net income included in the creation or cancellation price of units. This amount is either refunded to unit holders by way of distribution and/or adjusted accordingly when units are released back to the Trustee.

k. functional and presentation currency

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 Ringgit Malaysia (“RM”), which is also the Fund’s functional currency.

l. distribution

Distributions are at the discretion of the Manager. A distribution to the Fund’s unit holders is accounted for as a deduction from retained earnings.

m. Significant accounting judgments and estimates

The preparation of financial statements requires the use of certain accounting estimates and exercise of judgment. Estimates and judgments are continually evaluated and are based on past experience, reasonable expectations of future events and other factors.

i. Critical judgments made in applying accounting policies

There are no major judgments made by the Manager in applying the Fund’s accounting policies.

ii. Key sources of estimation uncertainty

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4. finAnCiAl ASSETS AT fVTPl

2018 2017RM RM

Financial assets held for trading, at FVTPL:Listed Shariah-compliant equity securities 320,299,395 269,846,326 Listed Shariah-compliant collective investment schemes 3,723,342 14,175,317 Listed Shariah-compliant warrants 1,087,649 171,403

325,110,386 284,193,046

Net (loss)/gain on financial assets at FVTPL comprised:Realised(loss)/gain on disposals (706,229) 439,016 Unrealised changes in fair values (18,436,140) 16,015,203

(19,142,369) 16,454,219

Details of financial assets at FVTPL as at 31 May 2018:

QuantityAggregate

cost fair valuePercentage

of nAVRM RM %

listed Shariah-compliant equity securities

Trading/ServicesAxiata Group Berhad 3,030,928 16,064,269 13,184,537 3.1Chin Hin Group Berhad 2,519,500 3,295,985 2,103,783 0.5Century Logistics

Holdings Berhad 1,007,500 1,334,902 664,950 0.1Dialog Group Berhad 4,858,576 9,296,316 15,790,372 3.8PESTECH International

Berhad 3,339,264 3,058,090 5,342,822 1.3Serba Dinamik Holdings

Berhad 2,244,200 7,458,788 7,316,092 1.7Sime Darby Berhad 2,203,000 4,799,386 5,353,290 1.3Sunway Berhad 4,900,092 7,563,374 7,105,133 1.7Tenaga Nasional Berhad 1,804,100 27,022,041 25,979,040 6.2TIME dotCom Berhad 1,352,800 11,119,787 10,146,000 2.4Yinson Holdings Berhad 3,519,500 13,328,840 15,345,020 3.7

104,341,778 108,331,039 25.8


4. finAnCiAl ASSETS AT fVTPl (COnTd.)

Details of financial assets at FVTPL as at 31 May 2018: (contd.)

QuantityAggregate


of nAVRM RM %

listed Shariah-compliant equity securities (contd.)

industrial productsHibiscus Petroleum

Berhad 10,054,300 8,752,281 8,948,327 2.1Kossan Rubber Industries

Berhad 616,800 4,431,419 4,718,520 1.1Pecca Group Berhad 2,147,900 3,327,959 1,868,673 0.4PETRONAS Chemicals

Group Berhad 2,980,800 24,630,897 23,995,440 5.7Rohas Tecnic Berhad

(formerly known as Tecnic Group Berhad) 147,400 191,546 191,620 0.1

SCGM Berhad 84,233 179,220 139,827 -SKP Resources Bhd 1,317,800 1,741,710 1,976,700 0.5SLP Resources Berhad 2,444,880 3,902,038 2,334,860 0.6Top Glove Corporation

Berhad 1,247,800 12,290,326 12,777,472 3.1V. S. Industry Berhad 652,600 1,098,254 1,174,680 0.3

60,545,650 58,126,119 13.9

Consumer productsAjinomoto (Malaysia)

Berhad 243,600 5,192,136 5,403,048 1.3 CCK Consolidated

Holdings Berhad 5,002,400 4,870,918 9,154,392 2.2 CCM Duopharma Biotech

Berhad 987,500 3,204,961 3,318,000 0.8 Fraser & Neave Holdings

Bhd 236,500 7,119,661 8,897,130 2.1 Lay Hong Berhad 5,648,000 5,252,560 5,252,640 1.3 Nestlé (M) Berhad 89,100 6,297,173 13,177,890 3.1 QL Resources Berhad 1,019,525 3,058,030 5,383,092 1.3 Salutica Berhad 1,670,000 2,471,054 759,850 0.2

37,466,493 51,346,042 12.3



Details of financial assets at FVTPL as at 31 May 2018 :(contd.)

Quantity Aggregate

cost fair value Percentage

of nAVRM RM %

listed Shariah-compliant equity securities(contd.)

ConstructionsAhmad Zaki Resources

Berhad 2,412,800 2,518,556 868,608 0.2 Econpile Holdings Berhad 7,539,200 7,379,501 4,221,952 1.0 Gabungan AQRS Berhad 5,591,900 9,368,206 3,550,857 0.9 Gamuda Berhad 2,060,700 9,643,461 6,882,738 1.6 Kerjaya Prospek Group

Berhad 4,820,140 6,290,923 7,037,404 1.7 MGB Berhad (formerly

known as ML Global Berhad) 5,980,900 7,228,935 6,160,327 1.5

Sunway Construction Group Berhad 3,194,100 7,538,025 5,557,734 1.3

TRC Synergy Berhad 5,986,500 4,887,707 2,663,992 0.6 54,855,314 36,943,612 8.8

PropertiesLBS Bina Group Berhad -

ordinary shares 9,900,440 8,780,706 8,464,876 2.0LBS Bina Group Berhad -

preference shares 817,580 899,338 817,580 0.2Malton Berhad 2,126,900 2,903,479 1,191,064 0.3Paramount Corporation

Berhad 1,494,400 2,734,334 2,869,248 0.7Sentoria Group Berhad

(Note 14(a)) 2,349,930 1,559,499 1,292,462 0.3Sime Darby Property Bhd 2,468,300 3,595,119 2,838,545 0.7S P Setia Berhad -

preference shares B 428,546 377,121 359,979 0.1Tambun Indah Land

Berhad 2,297,100 3,928,084 1,734,310 0.424,777,680 19,568,064 4.7



Details of financial assets at FVTPL as at 31 May 2018: (contd.)

QuantityAggregate


of nAVRM RM %

listed Shariah-compliant equity securities (contd.)

TechnologyGlobetronics Technology

Bhd. 4,130,466 9,945,052 9,706,595 2.3Inari Amertron Berhad 4,132,200 6,416,221 9,338,772 2.2

16,361,273 19,045,367 4.5

financeBIMB Holdings Berhad 1,945,600 8,315,128 7,548,928 1.8Syarikat Takaful Malaysia

Berhad 2,541,200 7,060,958 9,783,620 2.315,376,086 17,332,548 4.1

PlantationsBatu Kawan Berhad 235,600 4,310,327 4,193,680 1.0Sarawak Oil Palms

Berhad 264,242 1,184,816 842,932 0.2Sime Darby Plantation

Bhd 826,400 4,772,617 4,569,992 1.110,267,760 9,606,604 2.3

Total listed Shariah-compliant equity securities 323,992,034 320,299,395 76.4

listed Shariah-compliant collective investment scheme

Axis Real Estate Investment Trust 2,433,557 3,828,759 3,723,342 0.9

Total listed Shariah-compliant collective investment scheme 3,828,759 3,723,342 0.9



Details of financial assets at FVTPL as at 31 May 2018:(contd.)

QuantityAggregate


of nAVRM RM %

listed Shariah-compliant warrants

Hibiscus Petroleum Berhad- Warrant C 1,611,620 - 757,462 0.2

Kerjaya Prospek Group Berhad-Warrant WB 384,360 - - -

Malaysian Resources Corporation Berhad-WB 400,581 - 76,110 -

Matrix Concepts Holdings Berhad-WA 225,853 - 48,559 -

SCGM Berhad-WA 91,133 - 18,682 -Sunway Berhad-WB 511,880 - 186,836 -Total listed Shariah-

compliant warrants - 1,087,649 0.2

Total financial assets at fVTPl 327,820,793 325,110,386 77.5

unrealised loss on financial assets at fVTPl (2,710,407)

5. MAnAGER’S fEE

The Manager’s fee is calculated on a daily basis at a rate not exceeding 1.50% per annum of the NAV of the Fund as provided under Clause 13.1 of the Deed.

The Manager is currently charging Manager’s fee of 1.50% per annum (2017: 1.50% per annum) of the NAV of the Fund .

6. TRuSTEE’S fEE

Pursuant to the Third Master Supplemental Deed dated 25 July 2014, the Trustee’s fee is calculated at a rate not exceeding 0.05% per annum of the NAV of the Fund effective from 1 August 2014.

The Trustee’s fee is currently calculated at 0.05% per annum (2017: 0.05% per annum) of the NAV of the Fund.


7. inCOME TAX

Income tax is calculated at the Malaysian statutory tax rate of 24% of the estimated assessable income for the current and previous financial years.

Income tax is calculated on investment income less partial deduction for permitted expenses as provided for under Section 63B of the Income Tax Act, 1967.

A reconciliation of income tax expense applicable to net (loss)/income before tax at the statutory income tax rate to income tax expense at the effective income tax rate of the Fund is as follows:

2018 2017RM RM

Net (loss)/income before tax (16,366,740) 18,874,824

Tax at Malaysian statutory tax rate of 24% (2017: 24%) (3,928,018) 4,529,958Tax effect of:

Income not subject to tax (2,915,825) (5,958,275)Loss not deductible for tax purposes 4,594,169 -Expenses not deductible for tax purposes 812,364 382,594Restriction on tax deductible expenses for unit trust fund 1,437,310 1,045,723

Income tax for the financial year - -

8. ShORT TERM iSlAMiC dEPOSiTS

Short term Islamic deposits are held with licensed financial institutions in Malaysia at the prevailing profit rates.

9. AMOunT duE fROM/TO liCEnSEd finAnCiAl inSTiTuTiOnS

Amount due from/to licensed financial institutions relates to the amount to be received from or to licensed financial institutions arising from the sales and purchase of Shariah-compliant investments.

10. OThER RECEiVABlES

2018 2017RM RM

Profit receivable from short term Islamic deposits 44,525 52,437Dividend receivable 936,237 592,052

980,762 644,489


11. OThER PAyABlES

2018 2017RM RM

Accrual for auditors’ remuneration 12,000 10,000 Accrual for tax agent’s fees 4,000 4,000 Provision for printing and other expenses 75,487 66,783

91,487 80,783

12. nET ASSET VAluE ATTRiBuTABlE TO uniT hOldERS

NAV attributed to unit holders is represented by:

note 2018 2017RM RM

Unit holders’ contribution (a) 417,044,494 341,577,232 Retained earnings:

Realised reserves 4,929,021 2,859,621 Unrealised reserves (2,710,407) 15,725,733

2,218,614 18,585,354

419,263,108 360,162,586

(a) unit holders’ contribution

2018 2017no. of units RM no. of units RM

At beginning of the financial year 340,583,836 341,577,232 243,014,965 240,725,559

Add: Creation of units 113,855,544 122,166,685 114,155,547 117,337,227

Less: Cancellation of units (43,764,933) (47,743,728) (16,586,676) (16,794,426)

Distribution equalisation - 1,044,305 - 308,872

At end of the financial year 410,674,447 417,044,494 340,583,836 341,577,232

The number of units legally or beneficially held by the Manager, Kenanga Investors Berhad, and parties related to the Manager as at 31 May 2018 were nil (2017: nil).


13. nET ASSET VAluE PER uniT

In line with the adoption of MFRS 139, financial assets at FVTPL have been valued at the bid prices at the close of business. In accordance with the Deed, the calculation of NAV attributable to unit holders per unit for the creation and cancellation of units is computed based on financial assets at FVTPL valued at the last done market price.

A reconciliation of NAV attributable to unit holders for creation/cancellation of units and the NAV attributable to unit holders per the financial statements is as follows:

2018 2017RM RM/unit RM RM/unit

NAV attributable to unit holders for creation/cancellation of units 421,033,265 1.0252 361,642,049 1.0618

Effects of adopting bid prices as fair value (1,770,157) (0.0043) (1,479,463) (0.0043)

NAV attributable to unit holders per statement of financial position 419,263,108 1.0209 360,162,586 1.0575

14. ShARiAh infORMATiOn Of ThE fund

The Shariah Adviser confirmed that the investment portfolio of the Fund is Shariah-compliant, which comprises the following:

a. Equity securities listed on Bursa Malaysia Securities Berhad which have been classified as Shariah-compliant by the SACSC for the financial year under review except for Sentoria Group Berhad. The security has been reclassified as Shariah non-compliant by SACSC on 25 May 2018. As per the SACSC’s advice, the security will be disposed of soonest practical, once the total amount of dividends received and the market value of the security held equals the original investment cost;

b. Investment in collective investment schemes listed on Bursa Malaysia Securities Berhad which was verified as Shariah-compliant by the Shariah Adviser; and

c. Liquid assets in the local market, which have been placed in Shariah-compliant investments and/or instruments.

15. PORTfOliO TuRnOVER RATiO (“PTR”)

PTR for the financial year is 1.05 times (2017: 0.48 times).

PTR is the ratio of average sum of acquisitions and disposals of Shariah-compliant investments of the Fund for the financial year to the average NAV of the Fund, calculated on a daily basis.


16. MAnAGEMEnT EXPEnSE RATiO (“MER”)

MER for the financial year is 1.70% (2017: 1.69%).

MER is the ratio of total fees and recovered expenses of the Fund expressed as a percentage of the Fund’s average NAV, calculated on a daily basis.

17. TRAnSACTiOnS wiTh liCEnSEd finAnCiAl inSTiTuTiOnS

Transaction value

Percentage of total

Brokerage, stamp duty

and clearing fee

Percentage of total

RM % RM %

Kenanga Investment Bank Berhad* 169,451,332 20.7 417,882 20.0

UOB Kay Hian Securities (M) Sdn Bhd 125,529,249 15.3 317,789 15.2

CIMB Investment Bank Berhad 116,612,585 14.2 275,326 13.2

Affin Hwang Investment Bank Berhad 108,045,563 13.2 281,716 13.5

Maybank Investment Bank Berhad 101,853,138 12.4 268,571 12.8

RHB Investment Bank Berhad 67,684,667 8.3 200,838 9.6

KAF-Seagroatt & Campbell Securities Sdn Bhd 41,399,506 5.1 107,221 5.1

Public Investment Bank Berhad 28,995,714 3.5 76,439 3.6

Alliance Investment Bank Berhad 23,591,466 2.9 62,078 3.0

JPMorgan Securities (Malaysia) Sdn Bhd 13,084,627 1.6 32,455 1.5

Others 23,013,908 2.8 52,934 2.5819,261,755 100.0 2,093,249 100.0

* Kenanga Investment Bank Berhad is a related party of Kenanga Investors Berhad.

The above transaction values are in respect of of listed Shariah-compliant equity securities, listed Shariah-compliant collective investment schemes and listed Shariah-compliant warrants.

The directors of the Manager are of the opinion that the transactions with the related party have been entered into in the normal course of business and have been established on terms and conditions that are not materially different from that obtainable in transactions with unrelated parties. The Manager is of the opinion that the above dealings have been transacted on an arm’s length basis.


18. SEGMEnTAl REPORTinG

a. Business segments

In accordance with the objective of the Fund, the Fund can invest 75% to 95% in listed Shariah-compliant investment securities. The following table provides an analysis of the Fund’s revenue, results, assets and liabilities by business segments:

listed Shariah-

compliant investment

securities

Other Shariah-

compliant investments Total

RM RM RM

2018RevenueSegment (loss)/income (8,710,571) 1,717,473 Segment expenses (2,690,162) -Net segment (loss)/income

representing segment results (11,400,733) 1,717,473 (9,683,260)Unallocated expenditure (6,683,480)Loss before tax (16,366,740)Income tax -Net loss after tax (16,366,740)

AssetsFinancial assets at FVTPL 325,110,386 -Short term Islamic deposits - 89,327,122 Other segment assets 9,653,531 44,525 Total segment assets 334,763,917 89,371,647 424,135,564Unallocated assets 31,882

424,167,446

liabilitiesSegment liabilities 4,069,280 - 4,069,280 Unallocated liabilities 835,058

4,904,338


18. SEGMEnTAl REPORTinG (COnTd.)

a. Business segments (contd.)

listed Shariah-

compliant investment

securities

Other Shariah-

compliant investments Total

RM RM RM

2017RevenueSegment income 22,684,053 2,142,092 Segment expenses (1,138,183) -Net segment income representing

segment results 21,545,870 2,142,092 23,687,962 Unallocated expenditure (4,813,138)Income before tax 18,874,824 Income tax -Net income after tax 18,874,824

AssetsFinancial assets at FVTPL 284,193,046 -Short term Islamic deposits - 89,046,674 Other segment assets 3,542,122 52,437 Total segment assets 287,735,168 89,099,111 376,834,279Unallocated assets 300,834

377,135,113

liabilitiesSegment liabilities 16,876,892 - 16,876,892 Unallocated liabilities 95,635

16,972,527

b. Geographical segments

As all of the Fund’s investments are located in Malaysia, disclosure by geographical segments is not relevant.


19. finAnCiAl inSTRuMEnTS

a. Classification of financial instruments

The Fund’s financial assets and financial liabilities are measured on an ongoing basis at either fair value or at amortised cost based on their respective classification. The significant accounting policies in Note 3 describe how the classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognised.

The following table analyses the financial assets and financial liabilities of the Fund in the statement of financial position by the class of financial instruments to which they are assigned and therefore by the measurement basis.

financial assets at

fVTPl Receivablesfinancial liabilities Total

RM RM RM RM

2018AssetsListed Shariah-

compliant equity securities 320,299,395 - - 320,299,395

Listed Shariah-compliant collective investment schemes 3,723,342 - - 3,723,342

Listed Shariah-compliant warrants 1,087,649 - - 1,087,649

Short term Islamic deposits - 89,327,122 - 89,327,122

Amount due from licensed financial institutions - 8,717,294 - 8,717,294

Other receivables - 980,762 - 980,762 Cash at bank - 22,790 - 22,790

325,110,386 99,047,968 - 424,158,354

liabilitiesAmount due from

licensed financial institutions - - 4,069,280 4,069,280

Amount due to Manager - - 725,255 725,255

Amount due to Trustee - - 18,316 18,316

- - 4,812,851 4,812,851


19. finAnCiAl inSTRuMEnTS (COnTd.)

a. Classification of financial instruments (contd.)

financial assets at

fVTPl Receivablesfinancial liabilities Total

RM RM RM RM

2017AssetsListed Shariah-



Listed Shariah-compliant warrants 171,403 - - 171,403

Short term Islamic deposits - 89,046,674 - 89,046,674

Amount due from licensed financial institutions - 2,950,070 - 2,950,070

Amount due from Manager - 277,435 - 277,435

Other receivables - 644,489 - 644,489Cash at bank - 14,307 - 14,307

284,193,046 92,932,975 - 377,126,021

liabilitiesAmount due from

licensed financial institutions - - 16,876,892 16,876,892

Amount due to Trustee - - 14,852 14,852

- - 16,891,744 16,891,744

b. financial instruments that are carried at fair value

The Fund’s financial assets at FVTPL are carried at fair value. The fair values of these financial assets were determined using prices in active markets.


19. finAnCiAl inSTRuMEnTS (COnTd.)

b. financial instruments that are carried at fair value (contd.)

The following table shows the fair value measurements by level of the fair value measurement hierarchy:

level 1 level 2 level 3 TotalRM RM RM RM

investments:2018Listed Shariah-


Listed Shariah-compliant collective investment scheme 3,723,342 - - 3,723,342

Listed Shariah-compliant warrants 1,087,649 - - 1,087,649

2017Listed Shariah-



Listed Shariah-compliant warrants 171,403 - - 171,403

Level 1: Listed prices in active marketLevel 2: Model with all significant inputs which are observable market dataLevel 3: Model with inputs not based on observable market data

The fair values of listed Shariah-compliant equity securities, listed Shariah-compliant collective investment schemes and listed Shariah-compliant warrants are determined by reference to Bursa Malaysia Securities Berhad’s bid prices at reporting date.

c. financial instruments not carried at fair value and which their carrying amounts are reasonable approximations of fair value

The carrying amounts of the Fund’s other financial assets and financial liabilities are not carried at fair value but approximate fair values due to the relatively short term maturity of these financial instruments.


20. CAPiTAl MAnAGEMEnT

The capital of the Fund can vary depending on the demand for creation and cancellation of units to the Fund.

The Fund’s objectives for managing capital are:

a. To invest in Shariah-compliant investments meeting the description, risk exposure and expected return indicated in its prospectus;

b. To maintain sufficient liquidity to meet the expenses of the Fund, and to meet cancellation requests as they arise; and

c. To maintain sufficient fund size to make the operations of the Fund cost-efficient.

No changes were made to the capital management objectives, policies or processes during the current and previous financial years.

This page has been intentionally left blank

investor Services CenterToll Free Line: 1 800 88 3737Fax: +603 2172 3133Email: [email protected]

Head Office, Kuala LumpurLevel 14, Kenanga Tower, 237 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia.Tel: 03-2172 3000 Fax: 03-2172 3080

kenanga syariah growth fund - kenangainvestors.com.my · and equity related securities of companies...

Documents