Second Semester Examination Academic Session
2007 l2OO8April 2008
External Degree Programme Bachelor in Management (Honours)
AFP363E - Security Investment & Portfolio Management [Pelaburan Sekuriti & Pengurusan Portfolio]
Duration: 3 hours [Masa:
3jam]
Please ensure that this examination paper consists of FOURTEEN printed pages before you begin the examination.
[Sila pastikan bahawa kertas pepeiksaan ini mengandungi EMPAT BELAS muka
suratyang bercetak sebelum anda memulakan pepeiksaan inil.
Instructions: Answer FIFTEEN (15) questions. Choose and ansuer FIVE
(5)questions from Section A, Section B and Section C. You may answer a question
either Bahasa
lAFP363EI
-2-
Section
NBahagian A:
Answer
anyFIVE
(5) questions.lJawab mana-manaLIMA
(5) soalan.QtrcstionllSoalan I
You
are considering investingRMl,000 in
a completeportfolio.
The completeportfolio
is composedof
treasurybills that
pay 5%o and arisky portfolio,
P, constructedwith 2 risky
securitiesX
andY.
The weightof X
andY in
P arc 600/o and 40Yo respectively.X
has an expected rate of returnof
l4Yo andY
has an expected rate of returnof l}Vo.
Anda memikir
hendakmelabur kM1000 pada portfolio
lenglmp.Portfulio lenglmp ini terdiri daripada
bil perbendaharaanyang
membayar 5o/o danportfolio
berisiko,P terdiri
daripada 2 sekuriti berisilm,X
dan Y. PerkadaranX
dan Y adalah masing-masingnya 600%dan 40%.
X
mempunyai lradar pulangan dijangka 14% dan Y mempunyai kndar pulangan dijangkaI0%.
(a) To form a complete portfolio with an
expectedrate of return of
8olo, whatpercentage should you invest
in
the Treasurybill, X,
and Y?Untuk membentuk
portfolio
lengkap dengan lmdar pulangan dijanglrn 8o%, apalmh peratusan pelaburan pada bil perbendaharaan,X,
dan Y?(b)
What are theRM
valuesof
your positionsin X
andY
respectivelyif
you decide tohold
30%of
your completeportfolio in
therisky portfolio
and 600/o in the treasurybills.
Apalmh nilai RM bagi X dan
Y sekiranyaanda
memegang30% dari portfolio
lenglrnp pada
portfolio berisila,
dan 60% pada bil perbendaharaan?[
10marks/markahl
...3t-
Question2/Soalan 2
Based on the
following
graft:B e r das ar lran gr af b er ikut :
ts%
10%
5%
0
(a)
Return/pulangan
What is the expected retum on the market?
Apakah lmdar pulangan dijangka lce atas pasaran?
What is the beta for a
portfolio with
an expected returnof
I5o/o?Apaknh
nilai
beta bagiportfolio
yang mempunyai kndar pulangan dijangko 15%?What is the expected return for a
portfolio with
a betaof
0.5?Apalrah lrndar pulangan dijangka bagi
portfolio
dengan beta 0.5?[
10 marks/marknh) (b)(c)
lAFP363EI
-4-
Qtrcstion3lSoalan 3
(a) A
coupon bond which pays interestof
RM40 annually, has a par valueof RMl,000,
matures
in 5
years, andis selling
today at a RM159.71 discountfrom
par value.Calculate the yield to maturity on this bond.
Bon berhtpon membayar bunga RM40 setiap tahun, mempunyai nilai par
RML,000, matang pada 5 tahun dan
dijual
sekarang pada RML59.71 diskaundari par.
Kiral<annilai
hasil hingga matang bagi bon ini.(b)
PenangHill Trading
companyis
expectedto
have EPSin the
upcoming yearof
RM8.00. The expected ROE
is
18.0%.An
appropriate required return on the stockis l4%. If the firm
hasa plowback ratio of
70%o,what is it's dividend in
the upcoming year?Syarikat
PenangHill Trading
menjangka pendapatan sesahampada
tahun aknn datangpada kM8.00.
Pulangan keatas ekuitipada I8%. Kadar
pulanganperlu
bersesuaianpada saham ini ialah I4%. Jilu
nisbahpelaburan
semulafirma adalah
70%, apalcah dividen pada tahun akan datang?[
10marks/markahl
Question4lSoalan 4
Art
Zee Corporation produces a good thatis very
maturein their
productlife
cycles.Art
Zee Corporation is expected to pay a dividendin
year 1of
RM3.00, a dividendin
year 2of RM2.00,
and a dividendin
year 3of RMl.00. After
year 3, dividends are expected to declineat the
rateof
2Yo peryear. An
appropriate required returnfor the
stockis
8o%.Using the multistage
DDM,
find the value of the stock today.Art Zee Corporation
mengeluarkan baranganyang
beradapada tahap kitaran
hidup barangan yang matang.Art
Zee Corporation menjangka membayardividen
pada tahun I sebanyakRM3.00, dividen tahun
dua padaRM2.00,
dan dividen tahun3
padaRMl.00.
Selepas tahun ketiga, dividen dijangka menurun pada kadar 2% setahun. Kadar pulangan perlu unhrk saham
ini
adalah 8%. Menggunakan kaedahDDM
berperingkat, kirakannilai
saham pada hariini.
[
10 marks/markah]QuestionSlSoalan 5
Use the
following
to answer:Guna yang berilatt untuk membuat
j
aw apan :Day 7234
Advances
Declines 870 ?60 960 840
880 990 790 910
Volume Advancine (m) 580 620 480 510 Volume Declining (m) 6?0 580 'l2O 520
Yield on top rated
Corporate bonds 6.8% 6.7Vo 61Vo 6.6%
Yield on intermediate
Grade corporate bonds
'7.4o/o J.4o/o ?.5o4 'l.6VE
Calculate:
Kirakan;
(a)
TheTrin
on day three.Trin pada
hari
ketiga.O)
The Confidence Index on day two.Indek keyakinan pada
hari
kedua.(c)
The Breadth on day one."Breadth"
pada hari pertama.(d)
The cumulative breadth for the firsttwo
days."Breadth"
terkumpul padahari
kedua.[
10 marks/marknh]lAFP363El
-6-
Qvestion6lSoalan 6
The average returns, standard deviations and betas
for
three funds are givenbelow
alongwith
data for the S&P 500index.
Therisk
free return during the sample period is 6Vo.Purata Pulangan, sisihan piawai dan beta bagi tiga dana diberikan seperti
berikut bersama data Indeks S&P 500. Kadar faedah tanpa risiko
untuk sampel adalah 60%.Fund/Dana
A
B C
s&P 500
13.60A T3.ro t2.40A t2.Oyo
Avg.Retl;rnPur Pu I St.DevlS is P iawBeta
4Oyo 25yo 300/o
rcoh
1.1
1.0 1.3 1.0
(b)
(a)
You wish to
evaluatethe three mutual funds using the
Sharpe measurefor
performanceevaluation. Show which fund
hasthe highest
Sharpe measureof
performance.
Anda ingin menilai ketiga-tiga dana
tersebut menggunaknnpengulnr penilaian pencapaian Sharpe. Tunjuklwn dana yang mana memberi pengukur
Sharpetertinggi.
You wish to
evaluatethe three mutual funds using the Treynor
measurefor
performance evaluation.Show which fund
hasthe
highestTreynor
measureof
performance.
Anda ingin menilai ketiga-tiga dana
tersebut menggunalmn pengukurpenilaian pencapaian Treynor.
Tunjukkandana yang mana
memberipengukur
Treynortertinggi.
(c) You wish to
evaluatethe three mutual funds using the
Jensen measureperformance evaluation. Show which has the lowest Jensen
measure performance.Anda ingin menilai ketiga-tiga dana
tersebut menggunaknnpenguh,r penilaian
pencapaian Jensen. Tunjukkan yang mana memberi pengukur Jensen terendah.I l0 markslmarknh]
for
of
Section
BlBahagian B:
Answer
anyFIVE
questions././awah mana-manaLIMA
soalan.QuestionTlSoalan 7
You purchased 1000 shares
of
SPS common stock on margin at RM50 per share. Assume theinitial
marginis
50% and the maintenance marginis
30%.At
what stock pricewould
you get a margincall?
Assume the stock pays no dividend and ignore interest on margin.Anda
membeli 1000 syer saham SPSpada
margin RM50 sesaham. Andaikan margin m,val adalah 50% dan margin penyelenggaraan adalah 30%. Apakah tahap harga dimana anda alran mendapatpanggilan margin? Andai
stokini tidak
membayar dividen dan abailcan bunga pada margin.15 m.ark{marl<ahl
QuestionSlSoalan 8
Assume that
you
have recently purchased 1000 sharesin
an investment company. Uponexamining the
balance sheet,you note the firm is reporting
RNI225million in
assets,RM30 million in liabilities, and
10million
shares outstanding.What is the Net
Asset Value(NAV)
of these shares?Andailran anda telah baru-baru ini membeli 1000 syer
sahampada
sehuah syarikatpelaburan. Setelah mengkaji htnci kira-kiranya, anda
mendapatiJtrma
melaporkonRM225
juta pada
aset, RM30juta pada liabiliti,
dan mempurryaiI0 juta
syer terbitan.Apaknh
nilai
aset bersihNAV)
sesaham?[
5 marksirnarkah]lAFP363El
-8-
Question9lSoalan 9
(a)
What is the geometric average retum over one yearif
the quarterly retums are 3o/o, 5oA, 4Vo, and 7 %o, respectively?Apakah purata pulangan geometrik untuk satu tahun jika pulangan
setiap penggal adalah 3o/o, 5o/o, 4ok, dan 7o%?O)
Transportation sector stocks currentlyprovide
an expected rateof
returnof
I5%.Mega Trans, a large transportation company,
will
pay a year-end dividendof
RM3per share. If the
stockis selling
atRM60 per
share, what must bethe
market's expectation of the growth rateof
Mega Trans dividends?Stok sector pengangkutan pada masa
kini
memberi kadar pulangan dijanglca I5%.Mega
Trans, sebuah syarikat penganghttanyang
besar, almn membayar dividenalrhir tahun RM3
sesaham.Jilm
sahamini dijual pada harga RM60
sesaham, apakahjangkaan pasaran berknitan
dengan Imdarpertumbuhan dividen
Mega Trans?l5 markslmarlmhl
Questionl0lSoalan l0
(a)
The
expectedreturn of portfolio is 8.9%
andthe risk free rate is
3.5o/o.If
theportfolio
standard deviationis
12.0%o, what is the reward tovariability ratio of
theportfolio?
Pulangan
dijanglm
bagiportfulio adalah 8.9% dan
kadarfaedah tanpa
risilco adalah 3.5%.Jika
sisihanpiawai portfulio
adolah 12ok, apakah nisbah ganjaran pada perubahan untukportfolio?
Consider the
CAPM
where the risk-free rateis
6Yo and the expected return on the marketis 18%.
What is the expected retum on a stockwith
a betaof
1.3?Berdasarknn CAPM dimana
kndarfaedah tanpa risiko adalah 6% dan
kadarpulangan pasaran adalah I8%. Apakah pulangan dijangka
keatasstok yang
mempunyai beta
L3?
[
5marks/zarkahf
o)
...9t-
QuestionlllSoalan lI
A
coupon bondwhich
pays interest annually, has a par valueof
RM1,000, maturesin
5yearsandhasayieldtomaturity of l2%. Ifthecouponrateis 9%o,whatiistheintrinsic
value of the bond today?Bon
berkupon membayarbunga
tahunan, mempunyainilai par HMI,1)Q
kematanganpoda 5 tahun dan lmdar hasil
sehinggamatang
12%.Jil(n kadar latpon adalah
9%, apalrnhnilai intrinsikbagi
bon padahari ini?
[
5 marks/rnarkahlQuestionl2lSoalan
12Consider a no-load mutual fund
with
RM400million in
assets, RM50million in
debt, and 15million
shares at the startof
the year; and RM500million in
assets,RM
40million in
debt, and 18million
shares at the end of theyear.
During the year investors have received income distributionsof
RM0.50 per share, and capital gains distributionsof
RM0.30 pershare.
Assuming that thefund
carries no debt, and that thetotal
expenseratio is
0.75yo, what is the rate of return on the fund?Pertimbanglmn
dana amanah "no-load"
dengan asetbernilai
RM400juto,
mempunyaihutang RM50
juta
dan I5juta
syer saham pada permulaan tahun; dan RM500juta
aset, RM40iuta hutang dan
18juta
syerpada akhir tahun. Pada tahun
tersebut,pelabur
menerima pendapatan terselaras sebanyak RM0.50 se syer dan pengagihan keuntunganlaba modal RM0.30 sesyer. Andaikan dana ini tiada hutang dan nlsbah jumlah
perbelanjaan adalah 0.75o/o, apakah kadar pulangan pada dana?[ 5
marks/zarkah]
Section
ClBahagian
CzAnswer
anyFIVE
questions./ulawab mana-manaLIMA
soalan.Ouestionl3lSoalan l3
[AFP363El - 10-
Qtestionl4lSoalan
14What is meant by market effrciency? Explain what is the implications
of
marketefiiciency
to technical analysis and fundamental analysis.Apalenh
yang
dimaksudkan dengan kecelmpanpasaran.
Terangkanimplikasi
kecekapan pas ar anpada
anali s is telvtikal dan analisis fundament al.l5 markslmarlmhl
QuestionlllSoalan l5
Explain the business cycle and the sensitivities
of
industries to this cycle. Give examples.Teranglmn kitaran perniagaan dan kepekaan industri lcepada
kitaran ini. Beri
contoh.[
5marks/zarknh]
Questionl6lSoalan
16Explain and provide examples of the differences between financial asset and real asset.
Teranglrnn and beri contoh perbezaan antara aset kcwangan dan aset sebenar.
f
5markslmarlmhl
QuestionlTlSoalan
17Explain the major differences of assets traded
in
money market and capital market.Teranglan perbezaan utama aset yang diperdagangkan pada pasaran wang dan pasaran modal.
l5 mxkslmarkahl
QrestionlSlSoalan l8
Explain what is meant by technical analysis. Provide
two
examples of technical indicators.Terangkan
apalrah dimalcsudkan dengananalisis telmikal. Beri dua contoh
indikntor telmikal.[
5 marks/markah]...lll-
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'oa18 9.196 ur{96 18.61 t19Jl1 20291
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19.515 2r.1r2 2r.1r1 25545 2A132 3{r.906
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)zrz9 37.o5r lL98l 19ffi 58{0' 68528 80698 y5fi9 rlz,n Lt{^zr r9O70 272x' 3tt.ro
'ga;fr '66.N 5t922 1716.1 35Et3 7121:t rt?il3
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