Today Permodalan Nasional Berhad (PNB) through its subsidiary, ASNB (Amanah Saham Nasional Berhad) has declared a 6.7 sen dividend per unit of AS1M for financial year ending on 30 September 2013. According to PNB Chairman, Tun Ahmad Sarji Abdul Hamid, RM593.06million, an increase of 30.9% over last year's RM453.03million will be distributed to 365,355 unitholders who have subscribed to 9.28 billion units of AS1M. The dividend will automatically be credited into unitholders' accounts on 1 October and will be based on the average monthly minimum balance held.
Though it is higher by 0.10 sen compared to last financial year 2012 at 6.60 sen, I am rather disappointed that the income distribution is less than those of ASD and ASM at 6.8 sen per unit declared in June and February respectively.
I note that the BURSA counters held by AS1M are on the whole the same as those in ASD and ASM the only thing I could think of is the timing of the income distribution. For those two unit trusts, the counters were profitable before the Feds gave hints of ceasing their quantitative easing activities. Then stock markets the world over started reacting the middle of year causing volatility. For example, TM one of the common counters for PNB investments for all its unit trusts started to decline. This appears to indicate that foreign investors are beginning to withdraw their funds from our market putting pressure on selective stock prices.
The difference in the rate of distribution is substantial when a unitholder owns, say more than one million units of AS1M. Anyway, this 10 billion fixed price unit trust has a quota of 50%, 30%,15% and 5% for Bumiputeras,Chinese,Indians and other Malaysians respectively. Only the Bumi's portion is still available for subscription and that also look like only 0.72 billion units are left at current figures of unit holdings underscoring the high demand for this PNB unit trust.
Notwithstanding the lower comparative income distribution rate, historically for AS1M, this year's dividend is the highest since its launching in 2009 as follows:
YEAR DIVIDEND RATE
2010 6.38
2011 6.50
2012 6.60
2013 6.70
And so this is the final dividend declaration for PNB unit trusts for 2013. The next one will be in January 2014 for ASB and ASN and I would like to reserve my prediction on their income distribution rates!
Sources: BERNAMA, Businesstimes
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| The Chairman of PNB, Tun Ahmad Sarji (L) and CEO Tan Sri Hamad at the dividend declaration for AS1M 2013 (Photo by BERNAMA) |
I note that the BURSA counters held by AS1M are on the whole the same as those in ASD and ASM the only thing I could think of is the timing of the income distribution. For those two unit trusts, the counters were profitable before the Feds gave hints of ceasing their quantitative easing activities. Then stock markets the world over started reacting the middle of year causing volatility. For example, TM one of the common counters for PNB investments for all its unit trusts started to decline. This appears to indicate that foreign investors are beginning to withdraw their funds from our market putting pressure on selective stock prices.
The difference in the rate of distribution is substantial when a unitholder owns, say more than one million units of AS1M. Anyway, this 10 billion fixed price unit trust has a quota of 50%, 30%,15% and 5% for Bumiputeras,Chinese,Indians and other Malaysians respectively. Only the Bumi's portion is still available for subscription and that also look like only 0.72 billion units are left at current figures of unit holdings underscoring the high demand for this PNB unit trust.
Notwithstanding the lower comparative income distribution rate, historically for AS1M, this year's dividend is the highest since its launching in 2009 as follows:
YEAR DIVIDEND RATE
2010 6.38
2011 6.50
2012 6.60
2013 6.70
And so this is the final dividend declaration for PNB unit trusts for 2013. The next one will be in January 2014 for ASB and ASN and I would like to reserve my prediction on their income distribution rates!
Sources: BERNAMA, Businesstimes
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