MEDIA STATEMENT: QUESTIONABLE EPF & KWAP INVESTMENTS IN FGV EPF and KAWP are state-controlled pension funds, which ultimately belong to the contributors and the civil servants. As such the government and the fund managers are under a much higher standard of duty and care in their investment approach. In the case of their investments in Felda Global Venture Holding Berhad ("FGV") shares, KEADILAN is of the view that both EPF and KWAP have a lot of explaining to do. As early as August 9th 2012, overall analyst views and recommendations on the stock had turned from positive to negative, with buy recommendations disappearing fast. From that date to 4th January 2013, despite the overall negative views on the stock and it falling share price, EPF continued to buy. It added another 46 million shares to its portfolio. For the same period KWAP added 10 million shares. The buying behavior of EPF and KWAP are extremely contrarian. This seems unbecoming of a pension fund. In addition, their overall forays in the open market from 29th June 2012 to 4th January 2013, spending an estimated Rm455m (EPF) and RM305m (KWAP) have resulted in an estimated paper loss of RM40m for EPF and RM35m for KWAP. KEADILAN believes that EPF holders and the civil servants have a right to know whether these buys, a significant portion of which is against analyst recommendations and market views, are politically motivated. KEADILAN therefore demands EPF and KWAP to answer this question: did you ever receive any implicit or explicit instructions from the government or any politicians to buy and support the share price of FGV. Here is the current score card: EPF
On listing of FGV, EPF had 185 million allotted shares.
From 29th June 2012 to 4th January 2013, EPF increased its FGV shares by 90 million, spending an estimated RM455 million.
This is a big increase of 46% from its initial holding.
These 90 million shares were acquired at an estimated weighted average price of RM5.05.
At the current price of RM4.60, the six months of trading has resulted in a paper loss of approximately RM40 million.
KWAP
On listing of FGV, KWAP had 194 million allotted shares.
From 29th June 2012 to 4th January 2013, KWAP increased its FGV shares by 59 million, spending an estimated RM305 million.
This is a substantial increase of 35% from its initial holding.
These 59 million shares were acquired at an estimated weighted average price of RM5.19.
At the current price of RM4.60, the six months of trading has resulted in a paper loss of approximately RM35 million.
The immediate future does not look good: Base case scenario? Current average analysts target price for FGV is RM4.19. If it continues to drop down to that level, EPF and KWAP would have paper losses of about RM146m and RM129m respectively. Worst case scenario? If the price drops to the Alliance Research target of RM3.53 (the second lowest among the 12 most recent recommendations on the stock), EPF and KWAP would have paper loss of about RM327 million and RM295 million. YB Wong Chen PKR Investment & Trade Bureau 11 January 2013
KENYATAAN MEDIA: PELABURAN KWSP & KWAP DALAM FGV DIPERSOALKAN KWSP dan KWAP adalah dana pencen negara kepunyaan penyumbang dan pejawat awam. Tujuan
utama dana ini adalah untuk menyediakan simpanan persaraan yang cukup untuk mereka. Oleh itu, kerajaan dan pengurus-pengurus dana mempunyai satu tanggungjawab dan amanah yang tinggi menjaga pelaburan mereka. Dalam kes pelaburan saham Felda Global Venture Holding Berhad ("FGV") saham oleh KWSP dan KWAP, KEADILAN berpendapant bahawa kedua-dua KWSP dan KWAP perlu membuat lebih banyak penjelasan. Seawal 9 Ogos 2012, pandangan majoriti besar penganalisis saham telah bertukar daripada positif kepada negatif terhadap saham FGV, dan rekomendasi membeli saham ini lesap hilang. Dari tarikh itu kepada 4 Januari 2013, walaupun pandangan terhadap FGV memang negatif dan harga saham itu jatuh mendadak, KWSP terus membeli saham dari pasaran. KWSP menambah lagi 46 juta saham kepada portfolionya. Bagi tempoh yang sama KWAP menambah lagi 10 juta saham. Tingkah laku pembelian KWSP dan KWAP adalah amat bertentangan (contrarian). Tingkah laku sedemikian tidak patut diamalkan oleh sesebuah dana pencen. Di samping itu, pada keseluruhannya pembelian mereka dalam pasaran terbuka dari 29 June 2012 hingga 4 Januari 2013, telah menelan anggaran belanja sebanyak RM455 juta (KWSP) dan RM305 juta (KWAP). Pembelian ini telah mengakibatkan kerugian kertas anggaran RM40m untuk KWSP dan RM35m untuk KWAP.
KEADILAN percaya bahawa penyumbang KWSP dan penjawat awam mempunyai hak untuk KEADILAN percaya bahawa penyumbang KWSP dan penjawat awam mempunyai hak untuk mengetahui sama ada pembelian saham FGV, (yang sebahagian besar bertentangan dengan pandangan penganalisis dan pasaran) bermotifkan politik. Oleh itu KEADILAN menuntut KWSP dan KWAP menjawab soalan ini: pernahkan badan anda menerima apa-apa arahan yang tersurat atau tersirat daripada kerajaan atau mana-mana ahli-ahli politik untuk membeli dan menyokong harga saham FGV. Berikut adalah repot kad semasa: KWSP
Pada penyenarian FGV, KWSP mempunyai 185 juta saham yang diperuntukkan.
Dari 29 Jun, 2012 hingga 4 Januari 2013, KWSP menambah 90 juta saham FGV, membelanjakan kira-kira RM455 juta.
Ini adalah satu peningkatan yang amat besar sebanyak 46% daripada saham peruntukkan.
90 juta saham telah dibeli pada anggaran harga purata berwajaran RM5.05 se-saham.
Pada harga saham semasa RM4.60, aktiviti jual beli saham selama enam bulan telah anggaran kerugian kertas RM40 juta.
KWAP
Pada penyenaraian FGV, KWAP mempunyai 194 juta saham yang diperuntukkan.
Dari 29 Jun, 2012 hingga 4 Januari 2013, KWAP menambahkan saham FGV sebanyak 59 juta, membelanjakan kira-kira RM305 juta.
Ini adalah peningkatan yang ketara sebanyak 35% daripada saham peruntukkan.
59 juta saham telah dibeli pada anggaran harga purata berwajaran RM5.19 se-saham.
Pada harga semasa RM4.60, aktiviti jual beli saham selama enam bujan telah menyebabkan anggarankerugian kertas RM35 juta.
Saham FGV, masa depan yang gelap: Kes Senario Pangkal (Base case scenario)? Harga purata saham penganalisis untuk FGV adalah RM4.19. Jika saham FGV jatuh ke tahap itu, KWSP dan KWAP akan menimpa anggaran kerugian kertas RM146m (KWSP) dan EM129m (KWAP). Kes Senario Paling Teruk (Worst case scenario)? Jika harga turun kepada sasaran Alliance Research iaitu pada harga RM3.53 (kedua terendah antara 12 analisis terkini mengenai saham FGV), KWSP dan KWAP akan menimpa anggaran kerugian kertas RM327m (KWSP) dan RM295m (KWAP). YB Wong Chen Biro Pelaburan & Perdangangan PKR 11 Januari 2013