OF all the exclusions in the latest Shariah-compliant securities list review (November 2021), Yinson Holdings Bhd seems to be most notable given that it’s an institutional fund favourite.
However, a quick glance of the energy infrastructure and technology company across its top 30 shareholders does not appear to show any Shariah-based fund holdings, hence impact of this inclusion is likely to be muted, according to PublicInvest Research.
“(This is with the exception of) Asia File Corp Bhd which counts Amanah Saham Bumiputera as a significant shareholder though it is not known how the latter will categorise this particular shareholding,” the research house pointed out.
“While there is still no compulsion for anyone to sell should investments be out-of-money, past instances have suggested compliance (ie immediate disposals) by funds regardless.”
More broadly, PublicInvest Research noted that the number of inclusions (33) outnumbered the exclusions (25).
Of the 33 included, only four were new listings, suggesting that companies are seeing the increasing need of being shariah-compliant hence doing the necessary to warrant inclusion.
None of the names excluded in the May 2021 review made it back at the first time of asking, though possibly due to timing differences given the need to rely on most-recently audited financial statements which may not have been necessarily available at the time of review.
“This is reflected by November 2020 dropouts (Advance Information Marketing Bhd, SHL Consolidated Bhd, TAS Offshore Bhd and Turiya Bhd) making it back this round,” observed PublicInvest Research.
A marginally higher 751 (May 2021: 746) securities are now classified Shariah-compliant, with the proportion slightly lower at 79.3% (May 2021: 79.7%) on account of the higher number of 948 (May 2021: 936) securities listed on Bursa Malaysia.
At 10.32am, Yinson was down 31 sen or 5.31% to RM5.53 with 1.36 million shares traded, thus valuing the company at RM6.08 bil. – Nov 26, 2021
