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Second Semester Examination Academic Session

2007 l2OO8

April 2008

External Degree Programme Bachelor in Management (Honours)

AFP363E - Security Investment & Portfolio Management [Pelaburan Sekuriti & Pengurusan Portfolio]

Duration: 3 hours [Masa:

3

jam]

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

surat

yang 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

(2)

lAFP363EI

-2-

Section

NBahagian A:

Answer

any

FIVE

(5) questions.lJawab mana-mana

LIMA

(5) soalan.

QtrcstionllSoalan I

You

are considering investing

RMl,000 in

a complete

portfolio.

The complete

portfolio

is composed

of

treasury

bills that

pay 5%o and a

risky portfolio,

P, constructed

with 2 risky

securities

X

and

Y.

The weight

of X

and

Y in

P arc 600/o and 40Yo respectively.

X

has an expected rate of return

of

l4Yo and

Y

has an expected rate of return

of l}Vo.

Anda memikir

hendak

melabur kM1000 pada portfolio

lenglmp.

Portfulio lenglmp ini terdiri daripada

bil perbendaharaan

yang

membayar 5o/o dan

portfolio

berisiko,

P terdiri

daripada 2 sekuriti berisilm,

X

dan Y. Perkadaran

X

dan Y adalah masing-masingnya 600%

dan 40%.

X

mempunyai lradar pulangan dijangka 14% dan Y mempunyai kndar pulangan dijangka

I0%.

(a) To form a complete portfolio with an

expected

rate of return of

8olo, what

percentage should you invest

in

the Treasury

bill, X,

and Y?

Untuk membentuk

portfolio

lengkap dengan lmdar pulangan dijanglrn 8o%, apalmh peratusan pelaburan pada bil perbendaharaan,

X,

dan Y?

(b)

What are the

RM

values

of

your positions

in X

and

Y

respectively

if

you decide to

hold

30%

of

your complete

portfolio in

the

risky portfolio

and 600/o in the treasury

bills.

Apalmh nilai RM bagi X dan

Y sekiranya

anda

memegang

30% dari portfolio

lenglrnp pada

portfolio berisila,

dan 60% pada bil perbendaharaan?

[

10

marks/markahl

...3t-

(3)

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 return

of

I5o/o?

Apaknh

nilai

beta bagi

portfolio

yang mempunyai kndar pulangan dijangko 15%?

What is the expected return for a

portfolio with

a beta

of

0.5?

Apalrah lrndar pulangan dijangka bagi

portfolio

dengan beta 0.5?

[

10 marks/marknh) (b)

(c)

(4)

lAFP363EI

-4-

Qtrcstion3lSoalan 3

(a) A

coupon bond which pays interest

of

RM40 annually, has a par value

of RMl,000,

matures

in 5

years, and

is selling

today at a RM159.71 discount

from

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 diskaun

dari par.

Kiral<an

nilai

hasil hingga matang bagi bon ini.

(b)

Penang

Hill Trading

company

is

expected

to

have EPS

in the

upcoming year

of

RM8.00. The expected ROE

is

18.0%.

An

appropriate required return on the stock

is l4%. If the firm

has

a plowback ratio of

70%o,

what is it's dividend in

the upcoming year?

Syarikat

Penang

Hill Trading

menjangka pendapatan sesaham

pada

tahun aknn datang

pada kM8.00.

Pulangan keatas ekuiti

pada I8%. Kadar

pulangan

perlu

bersesuaian

pada saham ini ialah I4%. Jilu

nisbah

pelaburan

semula

firma adalah

70%, apalcah dividen pada tahun akan datang?

[

10

marks/markahl

Question4lSoalan 4

Art

Zee Corporation produces a good that

is very

mature

in their

product

life

cycles.

Art

Zee Corporation is expected to pay a dividend

in

year 1

of

RM3.00, a dividend

in

year 2

of RM2.00,

and a dividend

in

year 3

of RMl.00. After

year 3, dividends are expected to decline

at the

rate

of

2Yo per

year. An

appropriate required return

for the

stock

is

8o%.

Using the multistage

DDM,

find the value of the stock today.

Art Zee Corporation

mengeluarkan barangan

yang

berada

pada tahap kitaran

hidup barangan yang matang.

Art

Zee Corporation menjangka membayar

dividen

pada tahun I sebanyak

RM3.00, dividen tahun

dua pada

RM2.00,

dan dividen tahun

3

pada

RMl.00.

Selepas tahun ketiga, dividen dijangka menurun pada kadar 2% setahun. Kadar pulangan perlu unhrk saham

ini

adalah 8%. Menggunakan kaedah

DDM

berperingkat, kirakan

nilai

saham pada hari

ini.

[

10 marks/markah]
(5)

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)

The

Trin

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 first

two

days.

"Breadth"

terkumpul pada

hari

kedua.

[

10 marks/marknh]
(6)

lAFP363El

-6-

Qvestion6lSoalan 6

The average returns, standard deviations and betas

for

three funds are given

below

along

with

data for the S&P 500

index.

The

risk

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 tan

pa 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

evaluate

the three mutual funds using the

Sharpe measure

for

performance

evaluation. Show which fund

has

the highest

Sharpe measure

of

performance.

Anda ingin menilai ketiga-tiga dana

tersebut menggunaknn

pengulnr penilaian pencapaian Sharpe. Tunjuklwn dana yang mana memberi pengukur

Sharpe

tertinggi.

You wish to

evaluate

the three mutual funds using the Treynor

measure

for

performance evaluation.

Show which fund

has

the

highest

Treynor

measure

of

performance.

Anda ingin menilai ketiga-tiga dana

tersebut menggunalmn pengukur

penilaian pencapaian Treynor.

Tunjukkan

dana yang mana

memberi

pengukur

Treynor

tertinggi.

(c) You wish to

evaluate

the three mutual funds using the

Jensen measure

performance evaluation. Show which has the lowest Jensen

measure performance.

Anda ingin menilai ketiga-tiga dana

tersebut menggunaknn

penguh,r penilaian

pencapaian Jensen. Tunjukkan yang mana memberi pengukur Jensen terendah.

I l0 markslmarknh]

for

of

(7)

Section

BlBahagian B:

Answer

any

FIVE

questions././awah mana-mana

LIMA

soalan.

QuestionTlSoalan 7

You purchased 1000 shares

of

SPS common stock on margin at RM50 per share. Assume the

initial

margin

is

50% and the maintenance margin

is

30%.

At

what stock price

would

you get a margin

call?

Assume the stock pays no dividend and ignore interest on margin.

Anda

membeli 1000 syer saham SPS

pada

margin RM50 sesaham. Andaikan margin m,val adalah 50% dan margin penyelenggaraan adalah 30%. Apakah tahap harga dimana anda alran mendapat

panggilan margin? Andai

stok

ini tidak

membayar dividen dan abailcan bunga pada margin.

15 m.ark{marl<ahl

QuestionSlSoalan 8

Assume that

you

have recently purchased 1000 shares

in

an investment company. Upon

examining the

balance sheet,

you note the firm is reporting

RNI225

million in

assets,

RM30 million in liabilities, and

10

million

shares outstanding.

What is the Net

Asset Value

(NAV)

of these shares?

Andailran anda telah baru-baru ini membeli 1000 syer

saham

pada

sehuah syarikat

pelaburan. Setelah mengkaji htnci kira-kiranya, anda

mendapati

Jtrma

melaporkon

RM225

juta pada

aset, RM30

juta pada liabiliti,

dan mempurryai

I0 juta

syer terbitan.

Apaknh

nilai

aset bersih

NAV)

sesaham?

[

5 marksirnarkah]
(8)

lAFP363El

-8-

Question9lSoalan 9

(a)

What is the geometric average retum over one year

if

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 currently

provide

an expected rate

of

return

of

I5%.

Mega Trans, a large transportation company,

will

pay a year-end dividend

of

RM3

per share. If the

stock

is selling

at

RM60 per

share, what must be

the

market's expectation of the growth rate

of

Mega Trans dividends?

Stok sector pengangkutan pada masa

kini

memberi kadar pulangan dijanglca I5%.

Mega

Trans, sebuah syarikat penganghttan

yang

besar, almn membayar dividen

alrhir tahun RM3

sesaham.

Jilm

saham

ini dijual pada harga RM60

sesaham, apakah

jangkaan pasaran berknitan

dengan Imdar

pertumbuhan dividen

Mega Trans?

l5 markslmarlmhl

Questionl0lSoalan l0

(a)

The

expected

return of portfolio is 8.9%

and

the risk free rate is

3.5o/o.

If

the

portfolio

standard deviation

is

12.0%o, what is the reward to

variability ratio of

the

portfolio?

Pulangan

di

janglm

bagi

portfulio adalah 8.9% dan

kadar

faedah tanpa

risilco adalah 3.5%.

Jika

sisihan

piawai portfulio

adolah 12ok, apakah nisbah ganjaran pada perubahan untuk

portfolio?

Consider the

CAPM

where the risk-free rate

is

6Yo and the expected return on the market

is 18%.

What is the expected retum on a stock

with

a beta

of

1.3?

Berdasarknn CAPM dimana

kndar

faedah tanpa risiko adalah 6% dan

kadar

pulangan pasaran adalah I8%. Apakah pulangan dijangka

keatas

stok yang

mempunyai beta

L3?

[

5

marks/zarkahf

o)

...9t-

(9)

QuestionlllSoalan lI

A

coupon bond

which

pays interest annually, has a par value

of

RM1,000, matures

in

5

yearsandhasayieldtomaturity of l2%. Ifthecouponrateis 9%o,whatiistheintrinsic

value of the bond today?

Bon

berkupon membayar

bunga

tahunan, mempunyai

nilai par HMI,1)Q

kematangan

poda 5 tahun dan lmdar hasil

sehingga

matang

12%.

Jil(n kadar latpon adalah

9%, apalrnh

nilai intrinsikbagi

bon pada

hari ini?

[

5 marks/rnarkahl

Questionl2lSoalan

12

Consider a no-load mutual fund

with

RM400

million in

assets, RM50

million in

debt, and 15

million

shares at the start

of

the year; and RM500

million in

assets,

RM

40

million in

debt, and 18

million

shares at the end of the

year.

During the year investors have received income distributions

of

RM0.50 per share, and capital gains distributions

of

RM0.30 per

share.

Assuming that the

fund

carries no debt, and that the

total

expense

ratio is

0.75yo, what is the rate of return on the fund?

Pertimbanglmn

dana amanah "no-load"

dengan aset

bernilai

RM400

juto,

mempunyai

hutang RM50

juta

dan I5

juta

syer saham pada permulaan tahun; dan RM500

juta

aset, RM40

iuta hutang dan

18

juta

syer

pada akhir tahun. Pada tahun

tersebut,

pelabur

menerima pendapatan terselaras sebanyak RM0.50 se syer dan pengagihan keuntungan

laba 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

Cz

Answer

any

FIVE

questions./ulawab mana-mana

LIMA

soalan.

Ouestionl3lSoalan l3

(10)

[AFP363El - 10-

Qtestionl4lSoalan

14

What is meant by market effrciency? Explain what is the implications

of

market

efiiciency

to technical analysis and fundamental analysis.

Apalenh

yang

dimaksudkan dengan kecelmpan

pasaran.

Terangkan

implikasi

kecekapan pas ar an

pada

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.

[

5

marks/zarknh]

Questionl6lSoalan

16

Explain and provide examples of the differences between financial asset and real asset.

Teranglrnn and beri contoh perbezaan antara aset kcwangan dan aset sebenar.

f

5

markslmarlmhl

QuestionlTlSoalan

17

Explain 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 dengan

analisis telmikal. Beri dua contoh

indikntor telmikal.

[

5 marks/markah]

...lll-

(11)

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(12)

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-t2-

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Rujukan

DOKUMEN BERKAITAN

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