![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Genesis Maly.Pf | LSE:BB40 | London | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.50 | 0 | 01:00:00 |
GENESIS MALAYSIA MAJU FUND LIMITED UNAUDITED HALF YEAR RESULTS 6 MONTHS TO 30TH JUNE 2008 To the Members of Genesis Malaysia Maju Fund Limited (the "Company") These unaudited Half Year Results have been produced by the Company to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose. These unaudited Half Year Results relate to the period from 1st January 2008 to 30th June 2008, and contain information that covers this period and up to the date of publication of these Half Year Results, unless otherwise specified. The full Half Yearly Report is available at www.giml.co.uk under the relevant fund links: Jun 2008 Investment Objective To achieve long-term capital growth, primarily through investment in equity securities of small and medium-sized Malaysian companies. Benchmark Kuala Lumpur Composite Index Material Events In the first half of 2008 the Malaysian capital markets turned down sharply, and the NAV of the fund fell 25.3% in US dollars. It seems two main forces were at work. In the newly cautious investment climate around the world, smaller companies have been sold more aggressively than larger ones. In Malaysia the performance differential has been stark. This has affected the Fund, whose focus is on under-researched smaller companies, such that performance was below that of the Kuala Lumpur Composite Index (KLCI) in the first half. The KLCI Index fell by 16.9% in US dollars during this period. A second, and more indigenous, explanation for investors' caution lies in the outcome of the general election in March 2008. Contrary to most expectations (including ours) the ruling coalition lost its two-thirds majority and four key states. A two-thirds majority is required to alter the constitution and while the power to do so may be largely symbolic, losing it represents a significant shift in Malaysian politics. It seems voters were registering their disillusion with a government that has dominated domestic politics for many years, and which is labouring under increasing accusations of graft. It is ironic that the Prime Minister - who presided over the opening up of public life that enabled these accusations - will probably lose his job because of it. From a longer-term perspective, having a proper parliamentary democracy represents a coming-of-age for Malaysia, which should be hugely positive for governance and economic efficiency. However in the short term the prospect of more political noise frightened investors so much that the index fell 10% in a day. The economy seems to have had a mixed first half, starting with a surprisingly strong 7.1% year-on-year growth in GDP in the first quarter. At this point the economy was firing on all cylinders, with both private and public consumption rising in double digits and exports, notably of electronic and electrical equipment, growing strongly. Then a cold wind blew in March on two sides, from the global credit crunch on one hand and the general election shock on the other. A number of companies from different industries have commented that they noticed a sudden change in their operating environment in March. In the weeks that followed, as the international oil price climbed to an unprecedented level, it was only a matter of time before the government would be forced to reform its oil subsidies. Without reform the budget deficit would have grown unsustainably. The announcement duly came in June, when the government laid out its longer term intention to move the economy towards greater reliance on market prices - an inevitable conclusion if Malaysia's subsidy mentality is to be rescinded. Until this point the country had been protected from rising food and fuel prices, resulting in fuel smuggling and inefficient resource use (many Malaysian offices are kept uncomfortably chilly, noticeably cooler than those in, say, China). The 40% or so increase in the local petrol price has inflationary implications, yet it seems the central bank is on the lookout for negative fallout from the petrol price shock and remains more concerned about growth than inflation. 30th June 31st December 30th June 2008 2007 2007 Net Asset Value $57.63 $77.15 $70.38 per Participating Preference Share Total (Deficit)/Return over $(19.52) $6.77 $17.93 previous six months per Participating Preference Share Outlook for the Company Elsewhere, niche exporters in areas such as oil services, specialised manufacturing and construction (particularly infrastructure in India and the Middle East) are reporting brisk business. In addition, the price of palm oil rose in tandem with petroleum in the early part of the year and, while it has also fallen in tandem, it remains far higher than usual. Indeed, commodities in general have given a major boost to the rural economy, which partly helps to explain Malaysia's economic resilience. We look forward to steady progress in the second half and trust that share prices - particularly of smaller companies - will be able to lift themselves out of the single digit price-earnings ratios to better reflect the investment opportunities that are available in this increasingly efficient economy. For latest NAV and share price information please refer to the Investment Adviser's website www.giml.co.uk. Interim Management Report The Company is required to make the following disclosures in its half year report. Principal Risks and Uncertainties The principal risks and uncertainties faced by the Company fall into five broad categories: investment and strategy; accounting, legal and regulatory; corporate governance and shareholder relations; operational and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 30th September 2007. Related Parties Transactions During the first six months of the current financial year, no transactions with related parties have taken place, which have materially affected the financial position or the performance of the Company during the period. Interim Management Report (continued) Directors' Responsibilities The Board of Directors confirms that, to the best of its knowledge: (i) the condensed set of financial statements contained within the half yearly report has been prepared in accordance with the Accounting Standards Board's Statement 'Half-Yearly Financial Reports'; and (ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules. Portfolio Profile As at 30th June 2008 Ten Largest Holdings % By Sector % Batu Kawan 8.4 Financials 23.6 Wilmar International7.1 Materials 19.8 Muhibbah Engineering6.8 Industrials 18.2 Aeon 6.0 Consumer Staples 16.6 Bumiputra Commerce 5.9 Consumer Discretionary13.5 IOI Properties 5.0 Other 3.6 Wah Seong 5.0 Health Care 1.6 YTL Cement 4.2 Utilities 1.3 Manulife Insurance 4.1 Information Technology1.3 Hap Seng Plantations3.9 Energy 0.6 Total 56.4% of Portfolio Number of holdings: 32 Performance To 30th June 2008 Annualised (%p.a.) % Returns - US$ June 1 Year 3 5 Since Years Years Incepti on Maju Fund (net of annual (11.8) (18.1) 15.7 13.4 10.0 Fees) KLCI Index (7.8) (7.4) 15.8 14.8 2.6 Statistical Sources: Fund Performance - Genesis' own records. NAV to NAV. Net of all expenses, including management fees and tax suffered. Net income reinvested. Index Performance - Calculated by Genesis based upon index values supplied by KLCI. Past performance should not be relied upon as a guide to future performance, which is not guaranteed. The value of investments can go down as well as up and there is no guarantee that you will get back the amount originally invested. Genesis invests in emerging markets which tend to be more volatile than more established stock markets and therefore your investment is at greater risk. UNAUDITED BALANCE SHEET as at 30th June 2008 (Audited) 30th June 31st December 2008 2007 $ $ ASSETS Financial assets at 84,547,484 116,882,779 fair value through profit or loss Amounts due from - 1,366,338 brokers Dividends and interest 177,820 120,715 receivable Prepaid expenses 3,460 3,651 Other debtors 10,790 10,790 Cash and cash 3,161,951 572,793 equivalents TOTAL ASSETS 87,901,505 118,957,066 LIABILITIES Amounts due to brokers - 1,235,665 Bank overdraft - 21,140 Creditors and accrued 227,863 341,600 expenses TOTAL LIABILITIES 227,863 1,598,405 TOTAL NET ASSETS $87,673,642 $117,358,661 EQUITY Called-up share 26,000 26,000 capital Share premium 13,736,332 13,736,332 Capital reserve 61,401,154 92,245,448 Revenue account 12,510,156 11,350,881 TOTAL EQUITY $87,673,642 $117,358,661 EQUITY PER PARTICIPATING PREFERENCE SHARE $57.63 $77.15 UNAUDITED INCOME STATEMENT for the six months ended 30th June 2008 2008 2007 $ $ INCOME Net realised gains on 4,992,247 4,219,294 investments sold Net unrealised (losses)/gains (35,107,846) 22,935,328 on investments Net exchange (losses)/gains (33,086) 8,374 Dividend income 1,992,762 1,460,363 Deposit interest 3,116 24,887 $(28,152,807) $28,648,246 EXPENSES Management fees (761,339) (728,653) Administration fees (45,517) (34,056) Custodian fees (65,024) (64,728) Transaction costs (68,791) (73,335) Directors' fees and expenses (74,419) (63,144) Other expenses (45,704) (75,885) TOTAL OPERATING EXPENSES $(1,060,794) $(1,039,801) OPERATING (LOSS)/PROFIT (29,213,601) 27,608,445 FINANCE COSTS Bank charges - (58) Interest expense (6,008) - TOTAL FINANCE COSTS (6,008) (58) Withholding taxes (465,410) (338,921) (LOSS)/PROFIT FOR THE PERIOD (29,685,019) 27,269,466 (DEFICIT)/RETURN PER $(19.516) $17.928 PARTICIPATING PREFERENCE SHARE * * Calculated on an average number of 1,521,022 Participating Preference Shares outstanding (2007 - 1,521,022) UNAUDITED STATEMENT OF CASH FLOWS for the six months ended 30th June 2008 2008 2007 $ $ OPERATING ACTIVITIES Investment income received 1,926,842 1,093,527 Withholding taxes paid (465,410) (338,921) Interest received 11,931 29,361 Operating expenses paid (1,180,348) (744,188) Purchase of investments (8,797,174) (10,089,886) Proceeds from sale of investments 11,147,543 15,120,914 Exchange (losses)/gains (33,086) 8,374 NET CASH INFLOW FROM OPERATING $2,610,298 $5,079,181 ACTIVITIES NET INCREASE IN CASH AND CASH 2,610,298 5,079,181 EQUIVALENTS Cash and cash equivalents at the 551,653 758,030 beginning of the period CASH AND CASH EQUIVALENTS AT THE $3,161,951 $5,837,211 END OF THE PERIOD RECONCILIATION OF PUBLISHED NET ASSET VALUE ATTRIBUTABLE TO PARTICIPATING PREFERENCE SHAREHOLDERS TO THE IFRS EQUIVALENT 30th June, 2008 Total Per $ Participat- ing Preference Share $ Published Net Asset Value 87,662,852 57.63 Equity Share Capital 10,790 Net Asset Value under IFRS $87,673,642 31st December 2007 Total Per $ Participat- ing Preference Share $ Published Net Asset Value 117,347,871 77.15 Equity Share Capital 10,790 Net Asset Value under IFRS $117,358,661 For Genesis Malaysia Maju Fund Limited HSBC Securities Services (Guernsey) Limited, Secretary 28th August 2008
1 Year Genesis Maly.Pf Chart |
1 Month Genesis Maly.Pf Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions