GOLDETF+20230210+-+Gold+price+final+run+Update Final

PHILLIP RESEARCH SDN BHD
199001007125 (198695-X)
B-18-6, Megan Avenue II, No 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur.
Tel No: 03-2783 0300, Fax No: 03-27113036
Bursa ETF Watch: Capital Market Navigator 13th February 2023

EXCHANGE TRADED FUND: TRADEPLUS SHARIAH GOLD TRACKER (0828EA)
RATING : BUY
TARGET PRICE : MYR2.8070
The ETF and Its Objective
The TradePlus Shariah Gold Tracker ("Fund") provide investors a Shariah -compliant avenue to invest in physical gold
without the hassle of storing or insuring gold bullion. The Fund closely tracks the returns of gold through an Exchange-
traded Fund structure.
Key Points: Gold price final run? Update Fund vs. Benchmark Performance in MYR
• Since our previous update titled “Gold price final

run?” dated 23rd December 2022, we note that
we believe that the war is still far from being over.
This may nudge investors to seek gold
investment for its safe-haven characteristic.
• FOMC February has closed its curtain with a

well-expected 25bps rate hike announced,
effectively bringing the benchmark rate to a 4.50-
4.75% target range. Historically, gold prices do
react positively during interest rate hike regimes.
• We maintained our target price of MYR2.8070

and a BUY rating, which reflects a 9.65% upside
for the 12-month forecast return.
Source: Bloomberg*
Shariah Compliant YES Partners

Exchange Bursa Securities Fund Management Affin Hwang Asset
Company Management Bhd
ISIN MYL0828EA003
Benchmark Index LBMA Glbmaold Price AM
Stock Short Name GOLDETF
Trustee TMF Trustees Malaysia Bhd
Bursa Securities Code 0828EA
Affin Hwang Investment Bank Bhd
Bloomberg Ticker GOLDETF MK Equity Participating Dealer
Malacca Securities Sdn Bhd
Price Fundamentals
Affin Hwang Investment Bank Bhd
Current Price* MYR2.5600 Market Maker
Malacca Securities Sdn Bhd
NAV* MYR2.5562
Shariah Adviser Amanie Advisors Sdn Bhd
Discount/premium -0.15%
Date of Inception 28th November 2017
52-Week High MYR2.7200
AUM* MYR56,951,113.50
52-Week Low MYR2.3850
Units in Circulation (units)* 22,279,600
Current P/E -
100-Day Average Volume* 23,799 units
1-year forward P/E -
Min. Tradeable Lot 1 lot = 100 units
Tracking Error (%)
Min Aggregate Creation/
1- month 1.12 500,000 units
Redemption (unit block)
1- year 0.88
Income Distribution -
3- year annualised 0.84
Fees Information
5 -year annualised 0.77
Annual Management Fee 0.30% p.a.
* As at 10th February 2023
Source: Bloomberg, Lipper, GOLDETF Website Trustee Fee 0.06% p.a.
Custody Fee 0.20% p.a.
License Fee 0.0075% quarterly
PHILLIP RESEARCH SDN BHD Page 1 of 14

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Opinion/Outlook
Since our previous update titled “Gold price final run?” dated 23rd December 2022, we note that we believe that the war
is still far from being over and closing up to the 1st anniversary of Russia invading Ukraine on 24 th February, the war
tension may rise again. This may nudge investors to seek gold investment for its safe-haven characteristic. Since then,
there have been headlines that are worth noting as seen in Exhibit 1 which show investors seeking gold investment as
a safe haven.
Exhibit 1: Gold as safe haven instrument.
Source: Various, Bloomberg, PRSB, compiled by PRSB
In the meantime, the FOMC February has closed its curtain with a well-expected 25bps rate hike announced, effectively
bringing the benchmark rate to a 4.50-4.75% target range. Historically, gold prices do react positively during interest rate
hike regimes (Exhibit 2). However, Jerome Powell’s acknowledgement of disinflation is underway was too welcoming for
investors despite he remained much of the Fed’s hawkish remarks. In short, Powell’s speech outlined three important
points the Fed continued to focus on where the Fed’s kept its hawkish stance:
1) “We think we’ve covered a lot of ground. Even so, we have more work to do” and “Restoring price stability
will likely require maintaining a restrictive stance for some time,” Powell told reporters. While recent re adings
on price pressures were encouraging, he added that “it would be very premature to declare victory.”
2) “The committee anticipates that ongoing increases in the target range will be appropriate in order to attain
a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time, repeating
language it has used in previous communications.
3) “It is gratifying to see the disinflationary process now getting under way and we continue to get strong labour
market data,” Powell said. Still, officials would need “substantially more evidence” that inflation was on a
sustained downward path.
So, looking at technical analysis, the gold price (Exhibit 3) was able to breach the downtrend channel since our last
update (6th December) and appears to trade in an uptrend since. The double bottom formation coupled with the breaching
of the downtrend channel plus the gold price has been trading above the psychological 1,800 level, this indicates that
the uptrend price momentum may stay for longer. Although the Stochastic oscillator lines are within the overbought level,
the two lines did intercept recently, which signals a reversal of price momentum from buying to selling again, but we think
this would not stay for long as the gold price would have to breach the 0.236 Fibonacci level of 1,832.49 first. Thus,
should this buying momentum continue as the tension between Ukraine-Russia continues to fill headlines, the gold price
may trend higher to the next psychological level of 1,900.00 or 0.000 Fibonacci level of 2,032.20. Thus, we maintained
our target price of MYR2.8070 and a BUY rating, which reflects a 9.65% upside for the 12-month forecast return.

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Exhibit 2: Gold Price against FED Fund Rate Upper Band
Source: Bloomberg, FOMC, compiled by PRSB
Exhibit 3: Gold Price (USD / Oz)
Source: Chart created using tradingview.com's tools, PRSB

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Key Statistics
Total return (%) 3 years Since inception

1 month 3 months 6 months 1 year
based on (annualised) (annualised)
Price -0.54 1.44 0.64 5.63 6.44 8.23

NAV -1.04 1.25 1.59 5.18 6.55 8.43
Benchmark -1.47 0.77 1.46 5.40 7.35 9.47
As at 10th February 2023
Source: Bloomberg
Dividend yield 1H FY 2022 1H FY 2021 1H FY 2020

Income Distribution (%) - - -
Gross Distribution (sen per unit) - - -
Distribution yield (%) - - -
Source: GOLDETF Website
FYE (December) 1H FY 2022 1H FY 2021 1H FY 2020

Net Asset Value (USD ‘million) 12.510 13.404 9.914
Units in circulation (million) 21.780 23.880 17.350
Market Capitalisation (USD ‘million) 12.555 13.522 10.008
Net asset value per unit (USD) 0.5744 0.5613 0.5714
Management expense ratio (%) 0.09 0.26 0.39
Portfolio turnover ratio (times) 1.26 0.43 0.56
Source: GOLDETF Website
Asset Allocation as at 19th December 2022 Total Return on NAV in USD (%)
Tradeplus Shariah LBMA Glbmaold
Year
Gold Tracker Price AM Index
2015 - -11.42
2016 - 9.12
2017 - 11.85
2018 -2.14 -1.15
2019 17.44 18.83
2020 22.66 24.17
2021 -5.64 -3.75
2022 5.93 5.48
Source : GOLDETF Website YTD* 1.61 1.21
* As at 10th February 2023
Source: Bloomberg
Definition and benefits of investing in ETF

Kindly refer to the link below:-
http://www.bursamarketplace.com/mkt/themarket/etf
Risk in investing in the ETF

GOLDETF in subjected to the following general risks; 1) returns not guaranteed, where investors should be aware that by
investing in ETF, there is no guarantee of any income distribution, returns or capital appreciation, 2) general market risk,
where the ETF’s NAV will fluctuate with changes in governmental policies, interest rates, broad market sentiment and
external shocks, 3) inflation risk, where there is potential loss in the purchasing power of your investment due to a general
increase of consumer prices, 4) Loan financing risk, where the borrowing cost may vary over time depending on fluctuation
of interest rate, 5) risk of non-compliance, where the Manager may not conform with laws, rules, regulations, prescribed
practices and internal policies and procedures, 6) tracking error risk, where the Fund NAV are unlikely to replicate the
exact changes in the Underlying Index.
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For more information on ETF, kindly refer to the

1) fund’s website or its prospectus,
https://tradeplus.com.my/gold-tracker
2) Bursa’s Website or
https://www.bursamarketplace.com/mkt/themarket/etf/TRAD

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GLOSSARY
CREATION/ Creation application is an application to create new units. Redemption application is an application to redeem
REDEMPTION exiting units. For more information on the unit creation/redemption block, please refer to the respective ETF’s
prospectus.
DIVIDEND YIELD The amount of money a company pays shareholders (over the course of a year) for owning a share of its stock
divided by its current stock price—displayed as a percentage.
EXCHANGE The fund represents a basket of securities (that typically track an index), and is listed and trades like stocks on an
TRADED FUND: exchange. ETFs can be traded throughout the day.
H SHARES: Securities of companies incorporated in the People’s Republic of China (PRC) and nominated by the Central
Government for listing and trading on the SEHK (Stock Exchange of Hong Kong). They can only be traded by
Chinese investors under the Qualified Domestic Institutional Investors Scheme (QDII). There are no restrictions for
international investors.
INDEX: An imaginary portfolio of securities representing a particular market or a portion of it.
K INDICATOR: K indicator is defined by K(d) = 1−N(d−7)/N(d), where d is the number of days from the reference date, and N(d)
and N(d−7) are the total number of infected people on days d and (d−7), respectively. Since N(d) is greater than
N(d−7) during the period from the initiation of spread to convergence, K takes a value between 0 and 1.Without
loss of generality, the daily evolution of N(d) can be expressed with a time dependent exponential factor a(d) as
N(d+ 1) = exp (a(d))N(d). Our assumption is that a(d) can be expressed by a geometric series.
NET ASSET Value of an ETF on per share basis and is calculated as total asset minus total liabilities divided b y number of
VALUE (NAV): shares.
PRICE TO The ratio for valuing a company that measures its current share price relative to its per-share earnings. It is used
EARNINGS by investors and analysts to determine the relative value of a company's shares in an apples-to-apples comparison.
It can also be used to compare a company against its own historical record or to compare aggregate markets
against one another or over time.
PRICE TO BOOKS It is the measure to compare a firm's market capitalization to its book value and calculated by dividing the
company's stock price per share by its book value per share (BVPS). An asset's book value is equal to its carrying
value on the balance sheet, and companies calculate it netting the asset against its accumulated depreciation.
P CHIPS: P Chip companies are incorporated outside of the PRC and traded on the SEHK. A P Chip is a company that is
controlled by the Mainland Chinese individuals with its establishment and origin of the company in the PRC. The
company has at least 50 percent of its revenue or assets to be derived from the Mainland China.
RATINGS: Equity:
BUY: Total stock return (including dividends) expected to exceed 20% annually;
O-PF: Total expected return below 20% annually but exceeding market return;
U-PF: Total expected return positive but below market return;
SELL: Total return expected to be negative.
For relative performance, we benchmark the 12-month total forecast return (including dividends) for the stock
against the 12-month forecast return (including dividends) for the market on which the stock trades.
ETFs (Criteria applies to rating assignments from 16 th December 2019):

STRONG BUY: Total return (including dividends) expected to exceed 20% annually;
BUY: Total expected return below 20% but exceed 5% or then 1-year rate, whichever is higher;
SELL: Total return of not more than 5% or then 1-year rate, whichever is higher.
The ratings are based on the forecast total return (including dividends) over the next 12 months.
ETFs (Criteria applies to rating assignments before 16 th December 2019):

The rating a mathematical scoring system that include risks (standard deviation (unit trusts), tracking errors
(ETFs) and Sharpe Ratio (unit trusts) and returns (1-year, 3-year, 5-year and consistency)
BUY: Total return (including income distribution) is positive and above peers’ average while risk factors are
low;
O-PF: Total return is positive and above peers’ average but has higher risk factors;
SELL: Total return is negative.
Funds
The rating a mathematical scoring system that include risks (standard deviation, Sharpe Ratio) and returns (1 -
year, 3-year, 5-year and consistency)
BUY: Total return (including income distribution) is positive and above peers’ average while risk factors are low;

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GLOSSARY
RED CHIPS: Red Chip companies are incorporated outside of the PRC that trade on the SEHK. A Red Chip is a company that
has at least 30 percent of its shares in aggregate held directly or indirectly by Mainland China state entities, and
has at least 50 percent of their sales revenue or operating assets derived from Mainland China.
SHARIAH Shariah-compliant funds are investment funds governed by the requirements of Shariah law and the principles of
COMPLIANT: the Muslim religion. Shariah-compliant funds are considered to be a type of socially responsible investing.
STANDARD Standard deviation is a statistical measurement on the historical volatility of the fund. The greater the standard
DEVIATION: deviation, the greater the variance between each price and the mean, indicating a larger price range. For example,
a volatile stock has a high standard deviation, while the deviation of a stable blue-chip stock is usually rather low.
TARGET PRICE: A Target Price, if discussed, indicates the forecast for the Index/ETF/share price with a 12-month time horizon.
The achievement of any target price may be impeded by general market and macroeconomic tre nds, and by other
risks related to the company or the market, and may not occur if the actual market/macroeconomic trends differ
from forecasted scenario.
TRACKING Reported as standard deviation percentage difference, which refers to the difference between the return an investor
ERROR: receives and that of the benchmark they were attempting to imitate

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ISSUER SPECIFIC REGULATORY DISCLOSURES

Materially mentioned issuers
Issuer Ticker Price Price date Stock rating Sector rating Disclosures
Due to time critical of this report, this information is unavailable at the time of publication
RATINGS
Tradeplus Shariah Gold Tracker (GOLDETF MK) MYR2.6000 (13 Feb 2023) BUY
(Sector Rating (N/A))
Rating and price chart ( three years/since inception history) Date Rating Closing Price
15/07/2020 Buy MYR 2.5100
05/08/2020 Buy MYR 2.7700
04/09/2020 Buy MYR 2.5900
06/11/2020 Buy MYR 2.5600
08/02/2021 Buy MYR 2.3500
26/02/2021 Sell MYR 2.2900
10/06/2021 Sell MYR 2.4900
28/07/2021 Sell MYR 2.4300
30/09/2021 Sell MYR 2.4300
10/12/2021 Sell MYR 2.4000
10/01/2022 Sell MYR 2.3900
21/02/2022 Sell MYR 2.5100
25/02/2022 Sell MYR 2.5600
02/09/2022 Sell MYR 2.4200
30/11/2022 Sell MYR 2.4900
22/12/2022 Buy MYR 2.5200
13/02/2023 Buy MYR 2.6000
Source: Bloomberg
TradePlus DWA Malaysia Momentum Tracker (MOMETF MK) MYR0.9400 (13 Feb 2023) BUY
Rating and price chart ( three years/since inception history)
Date Rating Closing Price
18/02/2021 Buy MYR 1.1500
01/04/2021 Buy MYR 1.1500
02/06/2021 Buy MYR 1.1200
30/06/2021 Buy MYR 1.0600
30/09/2021 Buy MYR 1.0800
29/11/2021 Buy MYR 1.0900
04/01/2022 Buy MYR 1.0900
10/01/2022 Buy MYR 1.1000
01/04/2022 Buy MYR 0.9900
30/05/2022 Buy MYR 0.9700
05/07/2022 Sell MYR 0.9050
04/10/2022 Sell MYR 0.8870
01/12/2022 Sell MYR 0.8910
04/01/2023 Buy MYR 0.9270
Source: Bloomberg

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Tradeplus HSCEI Daily (2x) Leveraged Tracker (HSCEI2XL MK) MYR0.6050 (13 Feb 2023) STRONG BUY

Rating and price chart (three years/since inception history) 22/06/2020 Strong Buy MYR 1.5500
09/07/2020 Buy MYR 1.7700
04/09/2020 Sell MYR 1.5300
30/09/2020 Sell MYR 1.3600
11/01/2021 Sell MYR 1.4200
26/02/2021 Strong Buy MYR 2.0000
14/04/2021 Strong Buy MYR 1.7700
30/06/2021 Sell MYR 1.7300
28/07/2021 Sell MYR 1.1600
30/08/2021 Sell MYR 1.1800
21/02/2022 Sell MYR 0.9900
25/02/2022 Sell MYR 0.9150
19/04/2022 Sell MYR 0.5300
02/09/2022 Strong Buy MYR 0.6100
04/11/2022 Sell MYR 0.4050
28/12/2022 Sell MYR 0.5400
Source: Bloomberg
# Based on rating criteria before 16th December 2019
Tradeplus HSCEI Daily (-1x) Inverse Tracker (HSCEI1XI MK) MYR 2.2750 (13 Feb 2023) SELL

Rating and price chart ( three years/since inception history) 22/06/2020 Sell MYR 2.0400
09/07/2020 Sell MYR 1.8200
04/09/2020 Buy MYR 1.8400
30/09/2020 Buy MYR 1.9500
11/01/2021 Buy MYR 1.7400
26/02/2021 Sell MYR 1.6700
14/04/2021 Sell MYR 1.7500
30/06/2021 Buy MYR 1.7600
28/07/2021 Buy MYR 1.7600
30/08/2021 Buy MYR 1.7600
21/02/2022 Buy MYR 2.1200
25/02/2022 Buy MYR 2.1200
19/04/2022 Buy MYR 2.1200
02/09/2022 Sell MYR 2.1800
04/11/2022 Sell MYR 2.5450
28/12/2022 Sell MYR 2.2750
Source: Bloomberg
TRADEPLUS NYSE® FANG+™ Daily (2x) Leveraged Tracker MYR7.700 (13 Feb 2023) STRONG BUY
(FANG2XL MK) (Sector Rating (N/A))
22/06/2020 Strong Buy MYR 5.5100
08/10/2020 Strong Buy MYR 9.2700
06/11/2020 Strong Buy MYR 10.290
04/12/2020 Strong Buy MYR 10.360
08/02/2021 Strong Buy MYR 14.660
14/04/2021 Strong Buy MYR 14.680
30/04/2021 Strong Buy MYR 14.080
25/05/2021 Strong Buy MYR 12.760
02/06/2021 Strong Buy MYR 12.940
30/06/2021 Strong Buy MYR 15.080
28/07/2021 Strong Buy MYR 14.800
29/11/2021 Strong Buy MYR 17.200
02/12/2021 Strong Buy MYR 17.200
21/01/2022 Strong Buy MYR 14.020
Source: Bloomberg 21/02/2022 Strong Buy MYR 11.420
30/05/2022 Sell MYR 6.5000
# Based on rating criteria before 16th December 2019 20/09/2022 Strong Buy MYR 7.8000
04/11/2022 Sell MYR 4.4000
01/12/2022 Sell MYR 5.0600

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Tradeplus NYSE® FANG+™Daily (-1x) Inverse Tracker MYR1.4500 (13 Feb 2023) SELL
(FANG1XI MK) (Sector Rating (N/A))
Rating and price chart ( three years/since inception history)

22/06/2020 Sell MYR 2.4500
08/10/2020 Sell MYR 2.0100
06/11/2020 Sell MYR 1.9800
04/12/2020 Sell MYR 1.8400
08/02/2021 Sell MYR 1.7200
14/04/2021 Sell MYR 1.5600
30/04/2021 Sell MYR 1.5400
25/05/2021 Sell MYR 1.6600
02/06/2021 Sell MYR 1.6000
30/06/2021 Sell MYR 1.5400
28/07/2021 Sell MYR 1.4600
29/11/2021 Sell MYR 1.3400
Source: Bloomberg 02/12/2021 Sell MYR 1.3400
21/01/2022 Buy MYR 1.4500
21/02/2022 Buy MYR 1.5500
30/05/2022 Buy MYR 1.8800
20/09/2022 Sell MYR 1.7100
04/11/2022 Strong Buy MYR 1.9000
01/12/2022 Strong Buy MYR 1.8000
Principal FTSE ASEAN 40 Malaysia (CIMBA40 MK) MYR1.6600 (13 Feb 2023) BUY
– formerly known as CIMB FTSE ASEAN 40 (Sector Rating (N/A))
28/09/2018 Outperf orm# MYR 1.9000
30/10/2018 Outperf orm# MYR 1.8200
01/03/2018 Outperf orm# MYR 1.8750
15/03/2019 Outperf orm MYR 1.8550
03/09/2019 Outperf orm# MYR 1.8300
18/09/2019 Outperf orm# MYR 1.8300
16/12/2019 Buy MYR 1.8050
24/01/2020 Buy MYR 1.7950
25/02/2020 Sell MYR 1.7400
06/03/2020 Sell MYR 1.6800
18/03/2020 Sell MYR 1.4200
16/04/2020 Sell MYR 1.3900
20/08/2020 Sell MYR 1.4350
04/09/2020 Sell MYR 1.4200
11/09/2020 Sell MYR 1.3800
18/02/2021 Sell MYR 1.7450
26/02/2021 Sell MYR 1.6350
14/04/2021 Sell MYR 1.6900
28/07/2021 Sell MYR 1.6000
30/08/2021 Sell MYR 1.6000
01/10/2021 Sell MYR 1.6100
10/01/2022 Sell MYR 1.7200
21/02/2022 Sell MYR 1.6900
25/02/2022 Sell MYR 1.7500
19/04/2022 Sell MYR 1.7300
30/06/2022 Sell MYR 1.6400
29/07/2022 Buy MYR 1.5800
09/09/2022 Buy MYR 1.6400
19/12/2022 Buy MYR 1.6500

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MyETF MSCI SEA Islamic Dividend (MEMSID MK) MYR0.8420 (13 Feb 2023) BUY
22/06/2020 Sell MYR 0.6100
20/08/2020 Sell MYR 0.6350
04/09/2020 Sell MYR 0.6900
11/09/2020 Sell MYR 0.6900
04/12/2020 Sell MYR 0.7300
18/02/2021 Sell MYR 0.7850
26/02/2021 Sell MYR 0.7850
14/04/2021 Sell MYR 0.7350
10/06/2021 Sell MYR 0.8000
28/07/2021 Sell MYR 0.7300
30/08/2021 Sell MYR 0.7450
01/10/2021 Sell MYR 0.8000
10/01/2022 Sell MYR 0.7800
21/02/2022 Sell MYR 0.7900
25/02/2022 Sell MYR 0.7900
19/04/2022 Sell MYR 0.8100
Source: Bloomberg
30/06/2022 Sell MYR 0.7850
29/07/2022 Buy MYR 0.7750
09/09/2022 Buy MYR 0.8450
19/12/2022 Buy MYR 0.8200
# Based on rating criteria before 16th December 2019
MyETF Dow Jones U.S. Titans 50 (METFUS50 MK) USD1.7300 (13 Feb 2023) BUY
28/09/2018 Buy # USD 1.0700
23/11/2018 Buy # USD 1.0050
21/12/2018 Outperf orm# USD 0.9510
22/02/2019 Buy # USD 1.0200
18/03/2019 Buy # USD 1.0650
17/05/2019 Buy # USD 1.0750
28/06/2016 Buy # USD 1.1300
03/09/2019 Buy # USD 1.1150
30/09/2019 Buy USD 1.1600
16/12/2019 Buy USD 1.2600
23/12/2019 Buy USD 1.2800
24/01/2020 Buy USD 1.3600
24/02/2020 Buy USD 1.3600
05/03/2020 Buy USD 1.4000
14/05/2020 Buy USD 1.5000
Source: Bloomberg
22/06/2020 Buy USD 1.3250
04/09/2020 Buy USD 1.5100
06/10/2020 Buy USD 1.3900
06/11/2020 Buy USD 1.4900
18/12/2020 Buy USD 1.6300
18/02/2021 Buy USD 1.7200
23/03/2021 Buy USD 1.6700
14/04/2021 Buy USD 1.7350
10/06/2021 Buy USD 1.8500
28/07/2021 Buy USD 1.9000
20/09/2021 Buy USD 2.0400
01/10/2021 Buy USD 2.0400
21/01/2022 Buy USD 2.2300
21/02/2022 Buy USD 2.1300
25/02/2022 Buy USD 1.9500
02/09/2022 Buy USD 1.8250
20/09/2022 Buy USD 1.8200
04/11/2022 Sell USD 1.6500

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Principal FTSE China 50 (CIMBC25 MK) MYR1.2500 (13 Feb 2023) BUY
– formerly known as CIMB FTSE China 50 (Sector Rating (N/A))

Rating and price chart ( three years/since inception history) 28/09/2018 Buy # MYR 1.5800
30/11/2018 Buy # MYR 1.5500
11/01/2019 Buy # MYR 1.4650
01/03/2019 Buy # MYR 1.6050
28/03/2019 Buy # MYR 1.5950
28/06/2019 Buy # MYR 1.5850
03/09/2019 Buy # MYR 1.4800
30/09/2019 Buy MYR 1.5400
16/12/2019 Buy MYR 1.5950
23/12/2019 Buy MYR 1.6200
24/01/2020 Buy MYR 1.6300
25/02/2020 Buy MYR 1.6100
06/03/2020 Buy MYR 1.6100
02/04/2020 Buy MYR 1.3800
16/04/2020 Buy MYR 1.4450
09/07/2020 Buy MYR 1.7300
04/09/2020 Buy MYR 1.6100
18/12/2020 Sell MYR 1.6850
11/01/2021 Sell MYR 1.6950
26/02/2021 Strong Buy MYR 1.8300
14/04/2021 Strong Buy MYR 1.8300
10/06/2021 Buy MYR 1.7800
30/06/2021 Sell MYR 1.7850
28/07/2021 Sell MYR 1.6100
30/08/2021 Sell MYR 1.6100
02/12/2021 Sell MYR 1.5100
21/02/2022 Sell MYR 1.4700
25/02/2022 Sell MYR 1.4350
19/04/2022 Sell MYR 1.2900
02/09/2022 Buy MYR 1.2900
20/09/2022 Buy MYR 1.2600
08/11/2022 Sell MYR 1.1300
28/12/2022 Sell MYR 1.1800

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PHILLIP RESEARCH SDN BHD

Bursa ETF Watch: Capital Market Navigator 13th February 2023

• Since our previous update titled “Gold price final

• FOMC February has closed its curtain with a

• We maintained our target price of MYR2.8070

Shariah Compliant YES Partners

PHILLIP RESEARCH SDN BHD Page 1 of 14

Exhibit 1: Gold as safe haven instrument.

Source: Various, Bloomberg, PRSB, compiled by PRSB

PHILLIP RESEARCH SDN BHD Page 2 of 14

Exhibit 2: Gold Price against FED Fund Rate Upper Band

Source: Bloomberg, FOMC, compiled by PRSB

Exhibit 3: Gold Price (USD / Oz)

Source: Chart created using tradingview.com's tools, PRSB

PHILLIP RESEARCH SDN BHD Page 3 of 14

Total return (%) 3 years Since inception

Price -0.54 1.44 0.64 5.63 6.44 8.23

Dividend yield 1H FY 2022 1H FY 2021 1H FY 2020

FYE (December) 1H FY 2022 1H FY 2021 1H FY 2020

Definition and benefits of investing in ETF

Risk in investing in the ETF

For more information on ETF, kindly refer to the

PHILLIP RESEARCH SDN BHD Page 5 of 14

ETFs (Criteria applies to rating assignments from 16 th December 2019):

ETFs (Criteria applies to rating assignments before 16 th December 2019):

PHILLIP RESEARCH SDN BHD Page 6 of 14

PHILLIP RESEARCH SDN BHD Page 7 of 14

ISSUER SPECIFIC REGULATORY DISCLOSURES

PHILLIP RESEARCH SDN BHD Page 8 of 14

Date Rating Closing Price

# Based on rating criteria before 16th December 2019

Date Rating Closing Price

PHILLIP RESEARCH SDN BHD Page 9 of 14

Rating and price chart ( three years/since inception history)

PHILLIP RESEARCH SDN BHD Page 10 of 14

# Based on rating criteria before 16th December 2019

PHILLIP RESEARCH SDN BHD Page 11 of 14

Date Rating Closing Price

PHILLIP RESEARCH SDN BHD Page 12 of 14

Key to PRSB investment ratings:

ETFs (Criteria applies to rating assignments from 16th December 2019):

PHILLIP RESEARCH SDN BHD

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