Table of Contents

1.0 Risk and Return...............................................................................................................................1

1.1Monthly Closing Share Price*......................................................................................................1
1.2 Average Monthly Returns & Standard Deviation*.......................................................................1
1.3 Covariance and Correlation*.......................................................................................................1
1.4 Comment.....................................................................................................................................1
1.5 Critical Incidents Affecting Share Prices.....................................................................................2
2.0 Capital Asset Pricing Model (CAPM).............................................................................................2
2.1 Beta*............................................................................................................................................2
2.2 Required Rate of Return (RRR)...................................................................................................3
2.3 Efficient? Chaotic? Whats the New Finance?.............................................................................3
2.4 Does the Capital Asset Pricing Model Work?..............................................................................4
3.0 Diversification.................................................................................................................................4
3.1 MahSing Stock and Risk-Free Asset............................................................................................4
3.2 MahSing Stock and Retail Bond..................................................................................................5
3.3 Analysis and Comparison............................................................................................................5
3.4 Efficient Portfolio........................................................................................................................6
4.0 Evaluation of the Company.............................................................................................................6
4.1 Risk and Return...........................................................................................................................6
4.2 Capital Asset Pricing Model (CAPM)..........................................................................................7
4.3 Implications of Budget 2015........................................................................................................7
5.0 Recommendation and Reflection.....................................................................................................9
5.1 Recommendation.........................................................................................................................9
5.2 Individual Reflective Statement.................................................................................................10
6.0 Brokerage Record of Transactions.................................................................................................15
7.0 Appendix.......................................................................................................................................16
7.1 Average Monthly Returns, Standard Deviation, Covariance, Correlation, Beta of MahSing and
FBM KLCI, & Risk-free rate...........................................................................................................16
7.2 DanaInfra Nasional Bond..........................................................................................................17
7.3 Efficient Portfolio......................................................................................................................19
7.4 RPGT Rates...............................................................................................................................20
8.0 Reference List................................................................................................................................21

1.0 Risk and Return

1.1Monthly Closing Share Price*

1.2 Average Monthly Returns & Standard Deviation*

1.3 Covariance and Correlation*

1.4 Comment
From April 2014 to March 2015, Mah Sing Group Berhad (MahSing) has performed
better than the market as it reported a higher average monthly return. MahSing also has a
higher standard deviation than the market which means that MahSing is more volatile than
the market.
The covariance and correlation between MahSing and FBM KLCI are positive values.
As such, MahSings share returns tend to move together with the market; however, only to a
small degree because the correlation between these two stocks is slightly positive with the
1

value of 0.292. If the market share price increases, then MahSings share price would also
increase by a small degree.

1.5 Critical Incidents Affecting Share Prices

As the stock market reopened on May 6, 2013, a day after Malaysias General
Election, MahSing had experienced an upward trend on its share prices from RM2.35 to
RM3.35 within two weeks. The status quo of Barisan Nasional provided investors political
certitude and confidence which boosted the whole Malaysian Stock Index (Chandran, 2013).
MahSing, being in one of the high-beta sectors had experienced favourable outcomes as
political continuity of the ruling coalition enabled policies and procedures on the
development of properties to be unaffected (Chee, 2013).
Effective from January 1, 2014, the government had implemented an increase in Real
Property Gain Tax (RPGT) from 15% to 30% if the properties are sold within three years of
acquisition which aims to avert probable property bubbles from emerging by reducing
speculation and stabilising prices of properties in Malaysia (Mahzan and Loh, 2013). This
implementation poses high market risk which diminishes the interests of short-term investors
and speculators that accelerates sales after launching. MahSing, being part of the property
sector had been afflicted after the tabling of Budget 2014 on October 25, 2013. The
downward trend from RM2.43 to RM2.24 within one week proved that the demand for
property market shares decreased as short-term investors were unwilling to invest.

2.0 Capital Asset Pricing Model (CAPM)

2.1 Beta*
Beta of Mah Sing (m) = 0.7541

MahSing, with a beta of 0.7541 indicates that MahSing is less risky than the market.
If the market performance were to increase by 10%, then MahSings share price will increase
only by 7.541%. A beta below 1 shows that MahSing is not very sensitive to the fluctuations
of the market; thus, it is not as risky as the market.

2.2 Required Rate of Return (RRR)

2.3 Efficient? Chaotic? Whats the New Finance?

According to Efficient Market Theory (EMH), stocks are always traded at their fair
value due to the swift flow of all relevant market information in the stock exchange market.
Therefore, the possibly ideal method for investors to earn higher returns is by investing in
riskier stocks. Moreover, the portfolio theory diversifies all downside risks of investments by
creating a basket of stocks which represents all the markets upside potential. CAPM
represents rational investors who would seek a premium to compensate the risks that they
may encounter when investing in risky investments.
However, a latest research concluded that beta was the false measure of risk and
hence the reliability of CAPM is doubtful. It was also viewed that CAPM discouraged
companies from investing more freely as a result of a cost of capital that was fixed too high
and vice versa. In essence, investors should focus more on company fundamentals in order to
apprehend the companys real value for the remote future.
As opposed to the rational market theory, the chaos theory treats the market as a
complicated and interdependent system, which encourages managers to consider new
investment methods which will create new opportunities, learning possibilities or other
advantages. All in all, there is no distinct single answer as to whether which theory works
best, and hence, senior management find it more helpful to incorporate the new theories and
concepts to enhance the assumptions and limitations of the old financial models.
3

2.4 Does the Capital Asset Pricing Model Work?

The assumptions of CAPM are that the securities markets are very efficient and that
these markets are dominated by investors who seek maximum satisfaction on their earnings.
CAPM also assumes that the market participants are risk-averse investors who demand a
compensation for taking on market risk. These assumptions are very theoretical and
unrealistic as inefficiencies exist in the markets and not all portfolios are well-diversified to
completely eliminate unsystematic risk. Furthermore, the beta are uncertain as it is calculated
based on historical returns; meanwhile, the estimates of risk-free rate and expected market
return in CAPM are also subjected to errors which create doubts on the model. However, as
several empirical tests show that beta appears to be related to past returns, a positive trade-off
between risk and return exists and the relationship appears to be linear, the CAPM model still
serves its main implication for investors.
Although CAPM is said to be too idealised and unreasonable, the model is still widely
applied by many financial decision makers. Despite the limitations that CAPM has, the
simple model is still useful in quantifying risk, translating risk into expected return and
calculating the cost of equity. CAPM gives investors a benchmark data that they can use to
make decisions on investments. Even so, investors should not solely rely on CAPM but
combine it with other approaches to gauge better decision-making.

3.0 Diversification
3.1 MahSing Stock and Risk-Free Asset

3.2 MahSing Stock and Retail Bond

3.3 Analysis and Comparison

The tables 3.1.1 and 3.2.1 show how diversification can increase investors expected
return and reduce their risk exposure. In portfolio 1, the incorporation of Maybank FD has
decreased the beta from 0.7541 to 0.3393, indicating a lower risk. The lower risk is result of
FD being a zero-beta security, which has guaranteed returns from the bank. By incorporating
55% of FD which is not subjected to any risk into the portfolio, the unsystematic risk is
diversified away and hence decreases the portfolio risk. Moreover, the expected rate of return
has also increased from 0.42% to 2.004%; signifying that a higher annual return is expected
from the portfolio. As such, the inclusion of the risk-free asset allows investors to gain a
higher expected return at a lower risk.
By incorporating 55% of retail bond into Portfolio 2, it has a lower beta of 0.4418 and
gives a higher expected annual return of 1.6476% as compared to fully investing in MahSing.
Subsequently, the unsystematic risk has also been diversified away. However, provided with
the same weightage of risk-free asset and retail bond, Portfolio 2 has a higher beta value than
Portfolio 1, indicating that the bond has a higher risk than FD. Theoretically, securities with
higher risk should offer higher returns to compensate its investors. However, in the case of
DanaInfra bond, investors expect a lower annual return from it despite the higher risk
exposed. Instead, Portfolio 1 offers a slightly higher expected annual return despite having a
lower risk than Portfolio 2 which then indicates that Portfolio 1 is a better option for
investment.
5

3.4 Efficient Portfolio

To create a well-diversified portfolio, the portfolio should ideally consists of stocks

with perfectly negative correlation (-1). However, to find two stocks with a correlation of -1
is merely impossible. Nestle and MahSing have a correlation of -0.255 which indicates that
some of the negative returns can be offset by positive returns. The firm-specific risks have
been diversified away by combining two stocks from different industries (i.e. MahSing is in
the property development industry and Nestle is in the fast-moving consumer goods
industry), because the probability of them facing the same unsystematic risk is very low.
Investing fully in MahSing offers the lowest return and highest risk exposure; while
investing fully in Nestle offers the highest return and a relatively low risk exposure. As an
investor who wish to minimise risk, a combination of 20% MahSing stock and 80% Nestle
stock is being chosen because it gives the lowest risk exposure (volatility of 1.54%) and high
expected annualised return of 6.61%.

4.0 Evaluation of the Company

4.1 Risk and Return
Instead of investing only in one security, rational investors can obtain a higher market
return at a lower risk by diversifying their portfolios. A well-diversified portfolio eliminates
the unsystematic risk and leaves only the market risk which is undiversifiable, minimising the
volatility of the portfolio (Statman, 1987). The volatility of the portfolio can be further
reduced by having a portfolio of securities which are negatively correlated. The lower the
correlation between the securities in the portfolio, the lower the volatility of the portfolio as it
is able to offset the unsystematic risk faced by each security (Berk and DeMarzo, 2014). The
selection of Nestle is due to the negative correlation between Nestle and MahSing, which
means that they are less dependent on each other and are able to minimise losses when one of
the companies faces firm- or industry-specific issues.
6

While unsystematic risk can be eliminated by diversifying, the market risk is

undiversifiable even with holding a large portfolio. Hence, the investors are compensated
with market risk premium for taking the market risk (Shih, et al., 2013) which includes risk
of economy failure, interest rate fluctuations and natural disasters that affect the whole
economy. At a given risk level, the investment needs to meet the RRR to persuade the
investors to invest which in this case, MahSing needs to meet the RRR of 2.548% in order to
convince investors to invest.

4.2 Capital Asset Pricing Model (CAPM)

As discussed in 2.4, CAPM is a tool used to estimate the RRR or the cost of capital of
an investment under an over-idealised assumptions. By using CAPM, investors are able to
measure the risk of investments using beta. With beta value of less than one, MahSing is a
defensive stock which means that the stock is stable in various business cycle and is less
sensitive towards market changes (Pedone, 2014). For example, if the market price would to
fall by 10%, MahSing price would fall by only 7.541%.
With CAPM, a security market line (SML) can be plotted, of which investors can
determine whether an individual stock is underpriced, accurately priced, or overpriced.
According to Bursa Marketplace (2015), MahSing has outperformed. It shows that MahSing
is undervalued and lies above the SML which indicates that the stock is worth buying as
investors would normally buy the shares of undervalued companies with strong financial
performance and those that outperformed the market (Reeves, 2010). However, CAPM model
only works under some assumptions, such as investors holding fully diversified portfolios,
single-period transaction horizon, and perfect capital market (ACCA Global, 2015). In the
case where the market gives a negative market return, CAPM could not be used and hence an
assumption of positive market return would have to be made in order to calculate the RRR.

4.3 Implications of Budget 2015

The cooling measures executed in 2013 by Bank Negara Malaysia and the April GST
implementation have undoubtedly impacted the whole property market. Moodys stated that
the lull in demand of properties after GST could last six to nine months. Although residential
properties are exempt from GST, most property developers would implicitly transfer the
additional costs from production, building materials, and services to the final consumers

(Nadaraj, 2015). As such, investors may opt to wait and see before taking the next step (Woo,
2015).
While Yeong (2015) reported that the property market will remain flat with lesser
sales and property launches in the second quarter of 2015 after GST implementation,
MahSing will not be slowing down on launches for ongoing projects to achieve its
RM3.43billion sales target this year (Chew, 2015). MahSing forecasted that GST will
increase its costs, but the increment may be outweighed by the effects of the lower global oil
prices which may reduce manufacturing costs for construction materials. MahSing remains a
positive outlook on their companys sales demand which is supported by strong fundamentals
like the enticing mortgage rates, rising middle income group and stable employment rate that
are driving the property market (MahSing, 2015).
Furthermore, the government, in the effort to spur first-home ownership among
married youths aged between 25 and 40, introduced the Malaysian Youth Housing Scheme
(MYHS) (KPMG, 2014). This scheme is in tandem with MahSings focus on affordable
housing in 2015 where 44% of its residential launches will be priced below RM500,000 (The
Star, 2014). The scheme is said to provide a direct positive impact on MahSings financial
performance with respect to 70% of their customers being 40 years old and below and
additionally, 45% of their 2014 residential launches are under RM500,000 (Kinibiz, 2014).
It was also announced that the partial stamp duty exemption of 50% on all instruments
of transfer and loan agreements has been extended to December 31, 2016; meanwhile, the
ceiling price of purchasing the first residential property has been increased to RM500,000
(KPMG, 2014). As such, the demand for MahSings properties may increase due to the
reduced transaction cost of home ownership (Kinibiz, 2014).
The increment to RM1million as the minimum threshold price in real property for
foreign acquisition will not affect MahSing substantially because most of their properties
attract local buyers. Additionally, the properties which attract foreigners are usually price
above RM1million (Yeong, 2013). Although Lee (2014) reported that about 31% of
properties that ranges from RM500,001 to RM1million were still left unsold for three years
since completion, MahSing has not addressed this issue as a threat to their company.

To curb property speculation activities, the government maintained the RPGT rates
for real property disposals and shares in real property companies as shown in Appendix 7.4.
Effective from January 1, 2015, all acquirers of real properties have to remit 3% of the
disposable price to the Inland Revenue. Despite the RPGT policy revision, MahSing is
confident that the company will not be affected as most of its buyers are owner-occupiers or
investors looking for rental income and these buyers tend to keep properties for a longer time
frame (The Star, 2014).
Despite the cooling measures taken in 2013, MahSing has chartered record-breaking
sales figure of RM3billion, which is 20% growth from 2012 and distributed dividends
slightly over 40% of its net profit (MahSing, 2013). With the recent GST implementation, the
effect from various cooling measures and fluctuations of global oil price, MahSing has
nevertheless achieved RM761million in sales as at April 22, 2015 and is confident of meeting
its 2015 sales target because of its product mix at the right locations and attractive pricing
(Yeong, 2015).

5.0 Recommendation and Reflection

5.1 Recommendation
The viability to obtain profit from MahSing is largely conditioned by the
characteristic of the investors. From the analysis, MahSing showed a 2.372% higher standard
deviation than market indicating higher probability towards fluctuation of stock prices.
Despite the negative monthly returns of the market which shows slight deceleration of
market, MahSing continued to yield positive monthly returns. Temporary fluctuations should
be ignored as corporate fundamentals suggests short-term fluctuations may not affect the
long-term value of the company and positive covariance implies potential investment
opportunity for investors. Lower volatility of MahSings share prices in comparison with the
market was emulated by the lower than 1 beta at 0.7541. Conservative investors should
purchase low beta MahSings shares under current sluggish market to even out the
declination of stock prices in their investment portfolio to lower their investment risk through
diversification.
Further evaluation advocates that MahSing exhibits a promising and favourable
performance in the entire market. Together with the implementation of MYHS and extension
of partial stamp duty under budget 2015, MahSing is looking forward to more room for
growth. Incontrovertibly, the effect of GST would definitely influence the outlook of
9

potential property investors. Nevertheless, properties being a necessity and MahSings

variation of property development and strategies will satisfy the demands of target market in
the long run. Therefore, current and long-term investors should hold the shares until the
market recovers from its slight bearish state; whereas investors who are risk-averse should
purchase MahSings shares together with other higher beta stocks to maximise diversity in
their portfolio.

10

5.2 Individual Reflective Statement

HENG SHU KHAI (SID: 11072980)
This assignment gave me a chance to learn how to trade in stock market. This is my
first time trading in stock market, it was a great experience even though we were trading
using virtual money during the three weeks of trading. I realised the importance of
conducting background research on the chosen company and knowing the industry. These
need an understanding on the financial data of the company, extensive readings on the
business news and being alert on the factors that might affect the stock price. Although it is
not easy, this assignment is a stepping stone for me.
One week before trading, we spent some time to do research on the potential
companies and eventually MahSing is chosen because it is a well-established company.
During the stock simulation exercise, it was exciting watching MahSing stock moving up and
down. It was difficult to make the buying or selling decisions. All investors wish to buy at
low price and sell at high price (buy low sell high), however, it is not easy to achieve in real
world. The stock market is very volatile, and predictions on the movement of the stocks
might not be accurate. This assignment required us to act as corporate investor and broker at
the same time. Since I am the representative of the group, I have a chance to deal with the
customer and the broker.
I have also learned how to apply theories learned such as using CAPM to calculate the
required return, using the historical data and data calculated to evaluate the investment or to
predict future, knowing the difference between short-term and long-term investment,
constructing an efficient portfolio and etc.
Last but not least, all of us have good team spirit. We finished all the task assigned to
us on time and helped each other to solve problems we faced. Although the assignment was
challenging, we have finally completed the assignment.

11

LIM FEI YING (SID: 13040787)

This assignment has given me a glimpse of how stock trading works in the real world.
I have become more aware of the differences between day-trading and long-term investments.
For long-term investments, of which this assignment emphasises, it is important for us to
conduct background research of companies and their industries before investing in their
stocks; for example, learning about the firms financial standing and track record for the past
three to five years, the outlook of the industry, the market trend, and the economy and
political issues.
During the stock stimulation exercise, it was exciting yet thrilling to observe Mah
Sings share price rise and fall especially toward market closing. Although we are only
allowed to trade at closing day price, I have nevertheless learned that in the real world, the
fluctuation of share prices are mainly driven by the market supply and demand which can be
influenced by the vast number of market players, perception of investors towards
information, speculation, and insider information.
The calculations and analysis performed may not be entirely reliable to predict the
stocks future movement as the data used are historical data. Hence, it is important to read up
on the latest news about the company and market in order to evaluate and gauge the
companys performance in the market. Even so, it is still difficult to achieve a 100% accuracy
in predicting the stocks movement due to the vast number of market players. Insider
information would certainly be helpful but such information are not easily accessible by the
public.
Stock trading demands a lot of time and effort as it requires investors to be constantly
updated with the latest market trend, news, and the vast information accessible online. With
shallow understanding about the stock market prior to this assignment, I find it difficult to
catch up with the news and announcements available to ensure that our investment decisions
are correct. Nonetheless, this assignment was a good start for me to read up on the business
news. Additionally, while analysing Budget 2015, I have gained a better understanding about
the property development industry and the governments initiatives and policies in curbing
speculation activities, and giving incentives and subsidies to young married couples and
property developers, respectively.
One of the limitations of this report is that it excluded dividends while calculating for
the average monthly returns. Hence, the annual returns computed may be distorted and
12

subsequently affecting the expected portfolio annualised return rate. Furthermore, we had to
assume the negative market return as positive because of the limitations of CAPM.
LOW JIAN LYNN (SID: 13061965)
The financial market was vague and ambiguous to me before I took up finance as my
core subject and especially through this assignment, I found my passion in the world of
derivatives. Prior to the simulation exercise, assumption was made to only purchase blue chip
stocks as these corporations record more stable earnings. Undeniably, choosing blue chip
stocks are considered a safe decision as these companies are usually large corporations that
had already been in the market for a long period of time. Alternatively, we could choose to
purchase non blue chip stocks as we were only given three weeks to maximise our
profitability but that would mean a high level of risk exposure. Intensive research was made
as we scout through corporations from various industries. Ultimately, Mah Sing was chosen
because of their positive financial performance over the years and our decision was proven
worthwhile as we made RM 2450.90 over the past three weeks of the simulation exercise.
In my opinion, the judgement of our investments were only limited to the analysis that
we made when in reality, the stock market are influenced by many internal and external
factors. The fact that we are trading virtually posed as a challenge for us as it was difficult to
estimate the pattern of share prices as our trading volume had no impact on the movement of
the share market making it necessary for us to implement qualitative and quantitative analysis
to identify the trend of the share movement. Investors need to be invariably aware of news
regarding the company invested as it is necessary to obtain the latest news so that decisions of
buying, holding and selling could be made.
Through this assignment, I learned that investors should do thorough research before
investing in a share and not just follow their intuition. Moreover, investors could gain
competitive advantage if they have connections with people in order to get updated with
latest news regarding the company. It is necessary to consider not only internal factors that
affects the corporation but also the external factors and how one could maximise their profits
through diversification using various financial analysis. Although we were bounded by the
word limit in this report, I personally felt that it did not hinder our capability to showcase the
depth of our analysis.

13

TAN QIU JIN (SID: 13060470)

After going through this assignment, I now see the financial world from a different
view, from an investors view. Our team started with researching about a few potential
companies to be shortlisted as the company selection for our assignment. By scanning
through the stock market, I caught a glimpse on how stock markets perform and how
different one company is from another. Eventually, MahSing was selected as it is in a
potential industry property market, which we were quite familiar with. Through the trading
simulation, I have learnt a little on how to read a market trend, whereby in the week our
trading, I could see that the price was slightly stagnant, but gradually increasing in a very
slow rate. Hence, we decided to buy and keep the stock till the last day of trading. That
decision was fortunately correct as it goes higher by a small margin every week. I realised
that in stock market, every RM0.01 matters, it determines whether an investor gains or loses
money. Throughout the assignment, I was more aware of business news, I would look into
Starbiz and online stock market whenever I have time.
The calculation and analysis done by our team is the utmost best for us as there were
many uncertainties going about. We realised that the risk-free rate is constantly reviewed and
changed by banks, as the FBMKLCI was making a loss, we had a negative market return
which we then face problems in calculating the required rate of return using CAPM.
Furthermore, the data that we used for the calculation are historical prices of only a year and
are subjected to market conditions of that period. Even so, by going through the calculations,
I realised that the analysis process is not easy and are subjected to many more uncertainties in
the real complex world compared to in our assignments where there are a few assumptions
that helped limit the other possibilities.
The preparation of report made me realise that historical price of a stock is important
to do an analysis of the company performance. In the assignment, we only look at one year of
the past performance, however in the reality, we would need to do beyond that if we want a
more accurate analysis. Even though the calculation and analysis that we had done may not
be as practical in the real world as there are a few limitations to CAPM, it would still be an
important indication that we need to know as an investor. Overall, I would say that this
assignment has gave us many insights on how the finance world works.

14

SAM SHU JING (SID: 11066206)

The past three weeks of the simulation exercise has been really insightful and eyeopening to me. I have always been interested in investing in stocks, but I had no clue on how
the stock markets work before this assignment. For instance, given both the role of being an
investor and a broker enlightened me about various transaction costs like the brokerage
commission fees which have to be taken into account in determining the real gain in profit.
Moreover as an investor, I realize that choosing a company to invest in is not a
decision which can be made overnight, but a lot of research has to be done to evaluate the
financial performance of the company, including revising the companys annual reports and
researching about the external investors perspectives of the company. During the three weeks
of virtual trading, my daily routine involved checking the stock market every day and making
critical decisions with my team members as rational investors as whether to buy or sell the
stocks. Henceforth, I had to search for news which may affect the movement of share price of
my chosen company.
On the other hand, although the figures used for calculations and analysis aid our
companys share investment decisions, the reliability and practicality of these figures may be
lacking in the real investment world. This is because the parameters used in the calculation of
the CAPM like the companys beta value and risk free rate are always changing consecutively
in the real world. However, in the case of this assignment, investment decisions are made
based on the closing price of the day and the simulation was carried out for only three weeks,
where the fluctuation in the companys share price would not be as high as compared to
investing in the real world where investors would generally invest for longer than three
weeks.
One of the challenges faced in this assignment was that a negative required rate of
return was obtained from the stock market because the market currently is suffering from a
downfall. Hence, in order to make sense out of the figure calculated from the CAPM for
making relevant investment decisions, we had to make the assumption that the markets
required rate of return is positive in this assignment.
Personally, I think that this assignment is a good stepping stone for me to participate
in the stock market in the future. I must admit that this assignment was a challenging one, but
nonetheless, the experience and additional knowledge which I have gained have helped to

15

enhance my understanding in this subject because I was able to apply the financial concepts
in real practice.

16

6.0
Brokerage
Record of

Transactions

17

7.0 Appendix
7.1 Average Monthly Returns, Standard Deviation, Covariance, Correlation, Beta of
MahSing and FBM KLCI, & Risk-free rate

Monthly closing price for Mah Sing Group Berhad and FBM KLCI is obtained from Yahoo
Finance.
18

Source: Maybank2u (2015)

7.2 DanaInfra Nasional Bond

19

Monthly closing price and monthly bond index are obtained from klse.info and BPAM.

20

7.3 Efficient Portfolio

21

Monthly Closing Price for Nestle (Malaysia) Berhad is obtained from Yahoo Finance.

7.4 RPGT Rates

22

8.0 Reference List

Berk, J. and Demarzo, P., 2014. Corporate finance. 3rd ed. Harlow: Pearson/Addison Wesley.
Bursa Market Place, 2015. Mah Sing Group Berhad. [online] Available at:
<http://www.bursamarketplace.com/index.php?
ch=ch_themarket&pg=pg_tm_stocksss&ac=2482> [Accessed 13 April 2015].
Chandran, N., 2013. Malaysia Stocks Hit Record High After Elections. CNBC, [online] 5
May. Available at: < http://www.starproperty.my/index.php/articles/property-news/abetter-malaysia-no-matter-the-winners/> [Accessed 18 April 2015].
Chew, R., 2015. Mah Sing forges ahead with launches in 2015. The Edge Financial Daily,
[online] 6 March. Available at:
<http://tefd.theedgemarkets.com/2015/FDsetia/FDsetia_20150306bchik7.pdf?
hc_location=ufi> [Accessed 29 April 2015].
Kinibiz, 2014. Reactions to Budget 2015. [online] Available at: <
http://www.kinibiz.com/story/corporate/112851/reactions-to-budget-2015.html>
[Accessed 13 May 2015].
KPMG, 2014. Malaysia 2015 Budget Highlights. [pdf] Available at:
<http://www.kpmg.com/MY/en/IssuesAndInsights/ArticlesPublications/Documents/2
014/Budget%202015.pdf> [Accessed 22 April 2015].
Lee, L., 2014. Malaysia's property sector cooling off. The Star, [online] 12 September.
Available at: <http://www.thestar.com.my/Business/BusinessNews/2014/09/12/Property-cools/?style=biz> [Accessed 13 May 2015].
Mah Sing Group Berhad, 2013. Master of Strategy: Annual Report 2013. [online] Available
at: <
http://www.mahsing.com.my/Files/FinanceReport/20140617150612_1402037288_A
R2013.pdf> [Accessed 13 May 2015].
Mah Sing Group Berhad, 2015. Complying with the Different Tax Treatments. [online]
Available at:
<http://www.mahsing.com.my/Files/News/20150330093234_MY_3175_20150330_N
_TEFD_SUP_PGS8_d3855.pdf> [Accessed 20 April 2015].
Mahzan, A., and Loh, V., 2014. Budget 2014 Property Tax Changes. [online] Available at: <
http://www.malaysiapropertyinc.com/pdf/featured-articles/Budget
%202014%20Property%20Tax%20Changes.pdf> [Accessed 18 April 2015].
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