Not sure if anyone discuss it yet. Just in case no one did, the ASB's annual report is out
http://www.asnb.com.my/v3_/pdf/produk/ASB/2016_AR-ASB.pdf

Few things I noticed:
- This year income is more than 2015 but they pay less dividend because they did not use previous year profits to pay out as dividend (whether because no more extra profit or they didn't want to, I wouldn't be able to tell)
- This year no impairment on investments recognised

Although you guys also buy shares and unit trust, you guys seem to ignore the NAV of the underlying assets for ASx funds

If the variable funds that ASNB offers give you a glimpse of how ASNB funds performed; then you would notice the net returns for those VP funds were negative for 2016.

If I must speculate, the reserves for ASB need to be used to set off with the reduction in NAV of the FP funds in order to still maintain the RM1.00 fixed price

*Purely speculation and no evidence to support the above comment, don't jail me using seditions act*

And this is the same organisation you entrust your hard earned 6 digit (or more?) with

Sorry, just couldn't help it. I'm not IT expert, but was involved as user in UAT; what they did is not something acceptable for a normal financial institution. Have you seen a bank launching their beta site to general public for them to crash it? Just because unit holders are desperate for units don't make it right for them to do something like this

I doubt banks get much out of processing those FP transactions; hence the tellers usually is not super keen to do it. But the ASB loans and VP funds are more lucrative and hence the attitude of the bank staff change 360 degree when you tell them you want those instead

Besides, management fee charged by PNB is very low; for ASB that I remember is only 0.35%; they won't be paying much to the banks for processing the transactions I guess. Expense ratio seem low as well

Technically with the good YTD returns they should be able to declare more div for ASM. Probably not higher than 6.7% or the ASB folks would mengamuk; but I would not be surprised if it exceeds 6%

ASB and EPF was tough cos as at 31 Dec things were bad

I don't think anyone cares about trustee fees; even after revision it's 0.08% per annum. If you have 100,000 in ASM for example, it only costs RM80 per year. Usually people look at management fee more as that's more substantial. If I remember correctly, ASB's mgmt fee is only 0.35% which is very low compared to any unit trust in Msia. Then again, the AUM is much higher.

Anyway, your dividends are net of all these cost so for once it's right for ppl to focus on dividend rate than anything else.

Wah, my prediction not so bad wor
But I'm no longer vested, no effect to me

Wahid has the tendency of only paying what they can afford; so it depends on the market by Aug/Sep.
And with ASW's portfolio more mature than AS1M, ASW should be higher than AS1M

What makes you think they do as well as KGF? Shouldn't you be comparing the FP fund performance to their own VP funds instead. If must compare to outside fund, should compare to large cap funds like public ittikal, cimb DALI funds. KGF is a broad based local fund. They buy a lot of mid cap funds

You go on the assumption that the realised investment income and cost is the only thing to consider.

As I mentioned many times on this thread (but usually ignored), there's a "hidden" profit/loss that FP funds also has to consider. The capital gains/losses. The buffer has to take into consideration the losses sustained from holding the shares/investments. For example one of the major holding for most ASx funds is Maybank shares. If you see the share price as at 31/12/2016, it was RM8.20 per share; in the previous year end 31/12/2015, it was RM8.40 per share. What the profit show would be the dividend income received; but it doesn't take into consideration the RM0.20 per share of capital loss year-on-year

Therefore they usually cannot declare too much as they need to cover the capital fluctuations; and some bad years, need to still maintain certain % of dividend above FD rate to avoid bank run. If I remember correctly ASB did declare more dividend than profits in 2015

Auditor is E&Y. Actually I don't think your AA or BB is that relevant. As demonstrated above, the reserves need to be used to cover capital losses (if any). If I draw parallel to Tabung Haji, their capital loss on investments as at 31/12/2016 amounted to RM4.5b. But PNB is smarter, they don't have to show the unrealised losses because the published financial statements do not have balance sheet.

Now, WHY there's no balance sheet? That's a question you should be asking yourself

If you go CIMB or pub mut MY large cap and islamic funds it'll be the same. The problem is the underlying holdings

You know what is the most ironic thing I noticed? On 31/8 everyone is cursing why 6% so low terrible Wahid

Today few pages on top up good news. So who's to blame for low dividends?

lol... sure or not because of me?

But I'm glad you learn that "capital guaranteed" comes with a price. Wished more Malaysians would learn that, and how to be responsible of their own money.

Ah boy ar, have you look at CPF's returns if u don't take out to invest? If U see it you would be grateful with EPF

https://www.cpf.gov.sg/Assets/common/Docume...nterestRate.pdf

You made me curious enough to take a look at the CPF financial statements. 99% of members fund invested in SGS bonds, most of it special purpose and cannot be sold in open market

That's why the returns is so low. Basically pegged. Makes you wonder what the gov used the bonds for... I supposed nation building. Did you read that conspiracy that got the Singaporean blogger into trouble?

Having said that, SRS is a much more superior product than PRS. CPF vs EPF.... I reserve my comments

Suddenly EPF looks respectable, for making our money works harder, try to improve returns given to the members

Compare PRS to SRS, SRS certainly seem better. The tax penalty arises from the tax savings when you invest in SRS. PRS has similar feature. There's also the tax exempt portion you can withdraw annually post retirement

But I gotta say I have very limited knowledge about SRS, just read the brochures on SG gov site

Still want to wait? Later it climb back up to 3.17 and you will hold and curse MYR again. It's lowest since July, apa lagi lu mau

Other currencies like AUD, Euro shows signs of strengthening already. MYR strength as you can observe for the past 2 years doesn't hold longer than 2 weeks. It's likely the end of this wave

This post has been edited by dasecret: Sep 19 2017, 05:27 PM

Not stalk you la, every now and then I'll come to this thread to troll ma give unpopular feedback/comments

3.08?.... Good luck

One should not mix up what PNB owns and what ASx funds invest in. Although balance sheet is not presented by ASx fixed price funds, the fund mandate clearly says msian equities. Those properties are not part of ASx. Since the fund master prospectus also clearly states that the fund is not capital guaranteed, what the fund can pay you is what the fund owns. Not what PNB owns. PNB helps manage the ASx funds and get paid management fee for it

Eh, new rules? Previously is unlimited

The rule I know is, cash withdrawal from ASNB office is rm10k per day. I didn't know bank allow over the counter withdrawal. I've always thought bank as agent only process withdrawal to bank account. Then you can do what you want with the amount in bank account. That one no limit