Investment Management: Return Construction, Asset Pricing, Beta Estimation

This report discusses investment management in the hospitality industry of Malaysia, focusing on Air Asia Airline and Perak Transit Berhad. It covers topics such as return construction, asset pricing, and beta estimation.

Investment
Management

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................1
RETURN CONSTRUCTION.........................................................................................................1
ASSET PRICING..........................................................................................................................44
Calculation of CAPM................................................................................................................44
BETA ESTIMATION...................................................................................................................45
Estimation of Beta.....................................................................................................................45
CONCLUSION..............................................................................................................................46
REFERENCES..............................................................................................................................47

INTRODUCTION
Investment management could be defined as the process of taking different types of
actions that are mainly focused with taking specific steps while planning to make investment. It
is very important for all the investors that they analyse the actual value of the entity before taking
any decision regarding making investment (Alkaraan, 2016). Present report is based upon
investment management of two companies of Malaysia which are operating business under
hospitality industry. These companies are Air Asia Airline and Perak Transit Berhad. Both of
them are operating under travel, leisure and hospitality industry of Malaysia and successfully
carrying out operational activities. Present report covers different topics such as return
construction of companies, asset pricing and beta estimations of both the entities.
RETURN CONSTRUCTION
Monthly data of Share price, Treasury bill and FBMKLSECI (Sultana, Zulkifli and Zainal,
2018).
Date
Monthly
share price
of Air Asia
Monthly share
price of Perak
Monthly
value of
treasury
bill FBMKLSECI
01-12-2016 2.73 0.1 4.38 1629
01-01-2017 2.29 0.1 4.23 1636
01-02-2017 2.44 0.103125 4.16 1672
01-03-2017 2.44 0.109375 4.12 1698
01-04-2017 3.12 0.1625 4.14 1745
01-05-2017 3.35 0.159375 4.02 1773
01-06-2017 2.98 0.175 3.88 1763
01-07-2017 3.25 0.196875 3.97 1762
01-08-2017 3.22 0.19375 4 1765
01-09-2017 3.32 0.225 3.92 1772
1

01-10-2017 3.44 0.29 3.95 1760
01-11-2017 3.36 0.32 3.99 1744
01-12-2017 3.14 0.28 3.93 1718
01-01-2018 3.35 0.28 3.92 1793
01-02-2018 4.14 0.29 3.93 1870
01-03-2018 4.59 0.295 4.03 1861
01-04-2018 3.93 0.265 3.96 1851
01-05-2018 3.85 0.245 4.16 1852
01-06-2018 3.09 0.24 4.2 1755
01-07-2018 3 0.26 4.21 1685
01-08-2018 3.58 0.29 4.06 1778
01-09-2018 3.3 0.28 4.05 1814
01-10-2018 3.16 0.295 4.08 1798
01-11-2018 2.67 0.255 4.1 1709
01-12-2018 3.13 0.26 4.09 1700
01-01-2019 2.97 0.235 4.07 1668
01-02-2019 3.04 0.23 4.08 1684
01-03-2019 2.77 0.235 3.9 1701
01-04-2019 2.68 0.23 3.78 1644
01-05-2019 2.73 0.22 3.8 1632
01-06-2019 2.89 0.2 3.76 1655
01-07-2019 2.75 0.22 3.65 1684
01-08-2019 1.96 0.2 3.57 1639
01-09-2019 1.79 0.205 3.33 1592
01-10-2019 1.77 0.2 3.32 1575
2

01-11-2019 1.91 0.235 3.4 1593
01-12-2019 1.7 0.255 3.45 1562
01-01-2020 2.493 0.205 Forecasted
The above data is changed on the basis of daily data of the share price of both the
companies.
Line charts:
3

Calculation of covariance and correlation:
Expected rate of return: Formula = ending value or price – starting value or price / starting
value or price * 100
Share of Air Asia: 2.49 – 2.73 / 2.49 * 100
= -0.3 / 2.49 *100
= -0.12 * 100
= -12%
Share of Perak: 0.205 – 0.1 / 0.205 * 100
= 0.105 / 0.205 * 100
= 0.51 *100
= 51%
Treasury Bill: 3.45 – 4.38 / 3.45 * 100
= -0.93 / 3.45 * 100
= -0.27 * 100
= -27%
FBMKLSECIS: 1562 – 1629 / 1562 * 100
= -67 / 1562 * 100
= -0.43 *100
4

= -43%
Calculations of variances, standard deviation, covariance and correlation:
Variance 0.417 0.003 0.065 6771.688
Standard deviation 0.638 0.057 0.251 81.171
Covariance Between Airasia and
FBMKLSECI 47.756
Correlation between Airasia and
FBMKLSECI 0.917
Covariance Between Perak and
FBMKLSECI 1.436
Correlation Between Perak and
FBMKLSECI 0.353
Covariance between treasury bill and
FBMKLSECI 12.642
Correlation between treasury bill and
FBMKLSECI 0.649
Share price of Air Asia on daily basis from 01 December 2016 to 31st December 2019 (Share
price of Air Asia, 2019).
Date Airasia
01-12-2016 2.73
02-12-2016 2.7
05-12-2016 2.61
06-12-2016 2.59
07-12-2016 2.52
08-12-2016 2.54
09-12-2016 2.52
13-12-2016 2.56
14-12-2016 2.52
15-12-2016 2.51
16-12-2016 2.53
19-12-2016 2.49
20-12-2016 2.47
21-12-2016 2.4
5

22-12-2016 2.34
23-12-2016 2.35
27-12-2016 2.31
28-12-2016 2.22
29-12-2016 2.33
30-12-2016 2.29
02-01-2017 2.29
03-01-2017 2.3
04-01-2017 2.31
05-01-2017 2.22
06-01-2017 2.18
09-01-2017 2.23
10-01-2017 2.17
11-01-2017 2.18
12-01-2017 2.38
13-01-2017 2.5
16-01-2017 2.44
17-01-2017 2.44
18-01-2017 2.44
19-01-2017 2.44
20-01-2017 2.44
23-01-2017 2.44
24-01-2017 2.44
25-01-2017 2.44
26-01-2017 2.44
27-01-2017 2.44
31-01-2017 2.44
02-02-2017 2.44
03-02-2017 2.44
06-02-2017 2.44
07-02-2017 2.44
08-02-2017 2.44
10-02-2017 2.44
13-02-2017 2.44
14-02-2017 2.44
15-02-2017 2.44
16-02-2017 2.44
17-02-2017 2.44
20-02-2017 2.44
21-02-2017 2.44
22-02-2017 2.44
6

23-02-2017 2.44
24-02-2017 2.44
27-02-2017 2.44
28-02-2017 2.44
01-03-2017 2.44
02-03-2017 2.44
03-03-2017 2.44
06-03-2017 2.44
07-03-2017 2.44
08-03-2017 2.44
09-03-2017 2.44
10-03-2017 2.44
13-03-2017 2.44
14-03-2017 2.44
15-03-2017 2.44
16-03-2017 2.44
17-03-2017 2.44
20-03-2017 2.44
21-03-2017 2.44
22-03-2017 2.44
23-03-2017 2.44
24-03-2017 2.44
27-03-2017 2.44
28-03-2017 2.44
29-03-2017 2.44
30-03-2017 2.44
31-03-2017 2.44
03-04-2017 3.12
04-04-2017 3.12
05-04-2017 3.14
06-04-2017 3.06
07-04-2017 3.11
10-04-2017 3.02
11-04-2017 3.08
12-04-2017 3.05
13-04-2017 3.05
14-04-2017 3.06
17-04-2017 3.05
18-04-2017 3.04
19-04-2017 3.13
20-04-2017 3.19
7

21-04-2017 3.21
24-04-2017 3.24
25-04-2017 3.25
26-04-2017 3.28
27-04-2017 3.33
28-04-2017 3.32
02-05-2017 3.37
03-05-2017 3.39
04-05-2017 3.37
05-05-2017 3.35
08-05-2017 3.4
09-05-2017 3.41
11-05-2017 3.47
12-05-2017 3.48
15-05-2017 3.53
16-05-2017 3.58
17-05-2017 3.53
18-05-2017 3.43
19-05-2017 3.42
22-05-2017 3.5
23-05-2017 3.4
24-05-2017 3.2
25-05-2017 2.94
26-05-2017 3.13
29-05-2017 3.06
31-05-2017 2.94
01-06-2017 2.98
02-06-2017 3.1
05-06-2017 3.23
06-06-2017 3.3
07-06-2017 3.28
08-06-2017 3.38
09-06-2017 3.34
13-06-2017 3.31
14-06-2017 3.31
15-06-2017 3.4
16-06-2017 3.35
19-06-2017 3.27
20-06-2017 3.22
21-06-2017 3.17
22-06-2017 3.11
8

23-06-2017 3.16
26-06-2017 3.18
27-06-2017 3.18
28-06-2017 3.19
29-06-2017 3.18
30-06-2017 3.23
03-07-2017 3.25
04-07-2017 3.26
05-07-2017 3.2
06-07-2017 3.22
07-07-2017 3.15
10-07-2017 3.15
11-07-2017 3.16
12-07-2017 3.15
13-07-2017 3.15
14-07-2017 3.08
17-07-2017 3.08
18-07-2017 3.17
19-07-2017 3.28
20-07-2017 3.25
21-07-2017 3.25
24-07-2017 3.3
25-07-2017 3.26
26-07-2017 3.2
27-07-2017 3.15
28-07-2017 3.25
31-07-2017 3.28
01-08-2017 3.22
02-08-2017 3.2
03-08-2017 3.24
04-08-2017 3.26
07-08-2017 3.29
08-08-2017 3.3
09-08-2017 3.3
10-08-2017 3.3
11-08-2017 3.31
14-08-2017 3.24
15-08-2017 3.29
16-08-2017 3.3
17-08-2017 3.28
18-08-2017 3.24
9

21-08-2017 3.25
22-08-2017 3.24
23-08-2017 3.26
24-08-2017 3.3
25-08-2017 3.29
28-08-2017 3.29
29-08-2017 3.31
30-08-2017 3.24
31-08-2017 3.32
01-09-2017 3.32
04-09-2017 3.32
05-09-2017 3.31
06-09-2017 3.35
07-09-2017 3.4
08-09-2017 3.4
11-09-2017 3.54
12-09-2017 3.5
13-09-2017 3.34
14-09-2017 3.4
15-09-2017 3.41
18-09-2017 3.41
19-09-2017 3.49
20-09-2017 3.5
21-09-2017 3.47
22-09-2017 3.41
25-09-2017 3.44
26-09-2017 3.53
27-09-2017 3.42
28-09-2017 3.43
29-09-2017 3.46
02-10-2017 3.44
03-10-2017 3.43
04-10-2017 3.46
05-10-2017 3.45
06-10-2017 3.42
09-10-2017 3.45
10-10-2017 3.43
11-10-2017 3.4
12-10-2017 3.41
13-10-2017 3.43
16-10-2017 3.48
10

17-10-2017 3.5
18-10-2017 3.44
19-10-2017 3.45
20-10-2017 3.4
23-10-2017 3.42
24-10-2017 3.42
25-10-2017 3.38
26-10-2017 3.28
27-10-2017 3.26
30-10-2017 3.21
31-10-2017 3.19
01-11-2017 3.36
02-11-2017 3.48
03-11-2017 3.44
06-11-2017 3.42
07-11-2017 3.35
08-11-2017 3.21
09-11-2017 3.27
10-11-2017 3.28
13-11-2017 3.26
14-11-2017 3.23
15-11-2017 3.24
16-11-2017 3.2
17-11-2017 3.17
20-11-2017 3.17
21-11-2017 3.18
22-11-2017 3.18
23-11-2017 3.18
24-11-2017 3.19
27-11-2017 3.16
28-11-2017 3.12
29-11-2017 3.08
30-11-2017 3.24
01-12-2017 3.14
04-12-2017 3.15
05-12-2017 3.22
06-12-2017 3.24
07-12-2017 3.21
08-12-2017 3.2
11-12-2017 3.24
12-12-2017 3.22
11

13-12-2017 3.23
14-12-2017 3.25
15-12-2017 3.26
18-12-2017 3.34
19-12-2017 3.38
20-12-2017 3.31
21-12-2017 3.33
22-12-2017 3.31
25-12-2017 3.31
26-12-2017 3.32
27-12-2017 3.3
28-12-2017 3.31
29-12-2017 3.33
02-01-2018 3.35
03-01-2018 3.34
04-01-2018 3.42
05-01-2018 3.5
08-01-2018 3.59
09-01-2018 3.61
10-01-2018 3.75
11-01-2018 3.78
12-01-2018 3.81
15-01-2018 3.85
16-01-2018 3.94
17-01-2018 3.86
18-01-2018 3.9
19-01-2018 3.87
22-01-2018 3.94
23-01-2018 4.14
24-01-2018 4.13
25-01-2018 4.11
26-01-2018 4.22
29-01-2018 4.29
30-01-2018 4.17
02-02-2018 4.3
05-02-2018 4.2
06-02-2018 4
07-02-2018 4.15
08-02-2018 4.18
09-02-2018 3.97
12-02-2018 4.18
12

13-02-2018 4.2
14-02-2018 4.23
15-02-2018 4.25
16-02-2018 4.32
19-02-2018 4.36
20-02-2018 4.27
21-02-2018 4.29
22-02-2018 4.35
23-02-2018 4.41
26-02-2018 4.45
27-02-2018 4.45
28-02-2018 4.28
01-03-2018 4.59
02-03-2018 4.75
05-03-2018 4.36
06-03-2018 4.27
07-03-2018 4.15
08-03-2018 3.98
09-03-2018 4.05
12-03-2018 4.05
13-03-2018 4.04
14-03-2018 4.03
15-03-2018 4.12
16-03-2018 4.1
19-03-2018 4.18
20-03-2018 4.1
21-03-2018 4.11
22-03-2018 4.06
23-03-2018 3.83
26-03-2018 3.92
27-03-2018 3.97
28-03-2018 3.96
29-03-2018 3.93
30-03-2018 3.96
02-04-2018 3.93
03-04-2018 3.93
04-04-2018 3.93
05-04-2018 3.93
06-04-2018 3.93
09-04-2018 3.93
10-04-2018 3.93
13

11-04-2018 3.93
12-04-2018 3.93
13-04-2018 3.93
16-04-2018 3.88
17-04-2018 3.93
18-04-2018 3.89
19-04-2018 3.86
20-04-2018 3.77
23-04-2018 3.79
24-04-2018 3.77
25-04-2018 3.78
26-04-2018 3.66
27-04-2018 3.78
30-04-2018 4
02-05-2018 3.84
03-05-2018 3.82
04-05-2018 3.73
07-05-2018 3.69
08-05-2018 3.67
14-05-2018 3.25
15-05-2018 3.5
16-05-2018 3.44
17-05-2018 3.49
18-05-2018 3.46
21-05-2018 3.25
22-05-2018 3.33
23-05-2018 3.34
24-05-2018 3.3
25-05-2018 3.3
28-05-2018 3.24
30-05-2018 3.31
31-05-2018 3.08
01-06-2018 3.09
04-06-2018 3.11
05-06-2018 3.1
06-06-2018 3.22
07-06-2018 3.3
08-06-2018 3.2
11-06-2018 3.21
12-06-2018 3.15
13-06-2018 3.1
14

14-06-2018 3.12
18-06-2018 3.15
19-06-2018 3.17
20-06-2018 3.09
21-06-2018 3.12
22-06-2018 3.12
25-06-2018 3.1
26-06-2018 3.02
27-06-2018 3.02
28-06-2018 2.98
29-06-2018 3.08
02-07-2018 3
03-07-2018 3.13
04-07-2018 3.06
05-07-2018 3.1
06-07-2018 3.1
09-07-2018 3.04
10-07-2018 2.93
11-07-2018 3.03
12-07-2018 3.02
13-07-2018 3.03
16-07-2018 3.07
17-07-2018 3.17
18-07-2018 3.12
19-07-2018 3.21
20-07-2018 3.25
23-07-2018 3.24
24-07-2018 3.4
25-07-2018 3.37
26-07-2018 3.45
27-07-2018 3.53
30-07-2018 3.51
31-07-2018 3.51
01-08-2018 3.58
02-08-2018 3.61
03-08-2018 3.51
06-08-2018 3.49
07-08-2018 3.55
08-08-2018 3.6
09-08-2018 3.57
10-08-2018 3.49
15

13-08-2018 3.43
14-08-2018 3.41
15-08-2018 3.39
16-08-2018 3.38
17-08-2018 3.4
20-08-2018 3.53
21-08-2018 3.55
23-08-2018 3.45
24-08-2018 3.45
27-08-2018 3.45
28-08-2018 3.44
29-08-2018 3.4
30-08-2018 3.52
03-09-2018 3.3
04-09-2018 3.37
05-09-2018 3.32
06-09-2018 3.16
07-09-2018 3.15
12-09-2018 3.2
13-09-2018 3.05
14-09-2018 3.12
18-09-2018 3.08
19-09-2018 3.04
20-09-2018 3.08
21-09-2018 3.07
24-09-2018 3.06
25-09-2018 3.01
26-09-2018 3
27-09-2018 3.02
28-09-2018 3.03
01-10-2018 3.16
02-10-2018 3.07
03-10-2018 3.14
04-10-2018 3.08
05-10-2018 3.05
08-10-2018 3.03
09-10-2018 3.01
10-10-2018 2.99
11-10-2018 2.75
12-10-2018 2.7
15-10-2018 2.75
16

16-10-2018 2.68
17-10-2018 2.73
18-10-2018 2.69
19-10-2018 2.69
22-10-2018 2.59
23-10-2018 2.56
24-10-2018 2.44
25-10-2018 2.45
26-10-2018 2.46
29-10-2018 2.41
30-10-2018 2.4
31-10-2018 2.64
01-11-2018 2.67
02-11-2018 2.66
05-11-2018 2.72
07-11-2018 2.7
08-11-2018 2.71
09-11-2018 2.7
12-11-2018 2.68
13-11-2018 2.6
14-11-2018 2.71
15-11-2018 2.84
16-11-2018 2.99
19-11-2018 3.13
21-11-2018 3.05
22-11-2018 3.07
23-11-2018 3
26-11-2018 2.95
27-11-2018 3.06
28-11-2018 2.97
29-11-2018 3.04
30-11-2018 3.12
03-12-2018 3.13
04-12-2018 3.1
05-12-2018 3.06
06-12-2018 3.09
07-12-2018 3.06
10-12-2018 3.1
11-12-2018 3.1
12-12-2018 2.67
13-12-2018 2.56
17

14-12-2018 2.7
17-12-2018 2.74
18-12-2018 2.7
19-12-2018 2.67
20-12-2018 2.63
21-12-2018 2.72
24-12-2018 2.7
26-12-2018 2.77
27-12-2018 2.85
28-12-2018 2.98
31-12-2018 2.99
02-01-2019 2.97
03-01-2019 2.95
04-01-2019 2.91
07-01-2019 2.93
08-01-2019 2.96
09-01-2019 3
10-01-2019 2.93
11-01-2019 2.95
14-01-2019 2.93
15-01-2019 2.95
16-01-2019 3
17-01-2019 3.08
18-01-2019 3.05
22-01-2019 3
23-01-2019 3.03
24-01-2019 3.04
25-01-2019 3.09
28-01-2019 3.09
29-01-2019 3.1
30-01-2019 3.12
31-01-2019 3.04
04-02-2019 3.1
07-02-2019 3.14
08-02-2019 3.1
11-02-2019 3.12
12-02-2019 3.13
13-02-2019 3.12
14-02-2019 3.1
15-02-2019 3.07
18-02-2019 3.08
18

19-02-2019 2.99
20-02-2019 2.98
21-02-2019 3.12
22-02-2019 3.21
25-02-2019 3.13
26-02-2019 3.08
27-02-2019 3.12
28-02-2019 2.85
01-03-2019 2.77
04-03-2019 2.75
05-03-2019 2.8
06-03-2019 2.8
07-03-2019 2.8
08-03-2019 2.84
11-03-2019 2.76
12-03-2019 2.77
13-03-2019 2.77
14-03-2019 2.8
15-03-2019 2.78
18-03-2019 2.8
19-03-2019 2.79
20-03-2019 2.8
21-03-2019 2.8
22-03-2019 2.8
25-03-2019 2.74
26-03-2019 2.73
27-03-2019 2.75
28-03-2019 2.71
29-03-2019 2.71
01-04-2019 2.68
02-04-2019 2.65
03-04-2019 2.67
04-04-2019 2.66
05-04-2019 2.68
08-04-2019 2.65
09-04-2019 2.67
10-04-2019 2.61
11-04-2019 2.54
12-04-2019 2.5
15-04-2019 2.51
16-04-2019 2.47
19

17-04-2019 2.49
18-04-2019 2.49
19-04-2019 2.45
22-04-2019 2.5
23-04-2019 2.47
24-04-2019 2.5
25-04-2019 2.52
26-04-2019 2.58
29-04-2019 2.72
30-04-2019 2.7
02-05-2019 2.73
03-05-2019 2.67
06-05-2019 2.68
07-05-2019 2.65
08-05-2019 2.6
09-05-2019 2.57
10-05-2019 2.66
13-05-2019 2.64
14-05-2019 2.5
15-05-2019 2.54
16-05-2019 2.6
17-05-2019 2.53
21-05-2019 2.52
23-05-2019 2.48
24-05-2019 2.47
27-05-2019 2.49
28-05-2019 2.58
29-05-2019 2.61
30-05-2019 3.01
31-05-2019 2.86
03-06-2019 2.89
04-06-2019 2.87
05-06-2019 2.86
06-06-2019 2.86
07-06-2019 2.88
10-06-2019 2.9
11-06-2019 2.91
12-06-2019 2.85
13-06-2019 2.88
14-06-2019 2.84
17-06-2019 2.83
20

18-06-2019 2.83
19-06-2019 2.78
20-06-2019 2.78
21-06-2019 2.74
24-06-2019 2.77
25-06-2019 2.75
26-06-2019 2.74
27-06-2019 2.76
28-06-2019 2.75
01-07-2019 2.75
02-07-2019 2.82
03-07-2019 2.9
04-07-2019 2.98
05-07-2019 3
08-07-2019 2.98
09-07-2019 2.98
10-07-2019 2.96
11-07-2019 2.9
12-07-2019 2.94
15-07-2019 2.93
16-07-2019 2.93
17-07-2019 2.92
18-07-2019 2.91
19-07-2019 2.87
22-07-2019 2.88
23-07-2019 2.88
24-07-2019 2.89
25-07-2019 2.87
26-07-2019 2.88
29-07-2019 1.99
31-07-2019 2.05
01-08-2019 1.96
02-08-2019 1.95
05-08-2019 1.91
06-08-2019 1.8
07-08-2019 1.82
08-08-2019 1.79
09-08-2019 1.82
13-08-2019 1.9
14-08-2019 1.88
15-08-2019 1.82
21

16-08-2019 1.86
19-08-2019 1.87
20-08-2019 1.86
21-08-2019 1.86
22-08-2019 1.82
23-08-2019 1.81
26-08-2019 1.78
27-08-2019 1.77
28-08-2019 1.79
29-08-2019 1.75
30-08-2019 1.78
03-09-2019 1.8
04-09-2019 1.78
05-09-2019 1.79
06-09-2019 1.81
10-09-2019 1.83
11-09-2019 1.82
12-09-2019 1.81
13-09-2019 1.82
17-09-2019 1.79
18-09-2019 1.78
19-09-2019 1.8
20-09-2019 1.81
23-09-2019 1.8
24-09-2019 1.81
25-09-2019 1.82
26-09-2019 1.8
27-09-2019 1.8
30-09-2019 1.79
01-10-2019 1.77
02-10-2019 1.77
03-10-2019 1.73
04-10-2019 1.71
07-10-2019 1.69
08-10-2019 1.7
09-10-2019 1.7
10-10-2019 1.7
11-10-2019 1.68
14-10-2019 1.72
15-10-2019 1.75
16-10-2019 1.86
22

17-10-2019 1.9
18-10-2019 1.88
21-10-2019 1.91
22-10-2019 1.91
23-10-2019 1.87
24-10-2019 1.87
25-10-2019 1.9
29-10-2019 1.9
30-10-2019 1.91
31-10-2019 1.89
01-11-2019 1.91
04-11-2019 1.9
05-11-2019 1.92
06-11-2019 1.92
07-11-2019 1.91
08-11-2019 1.92
11-11-2019 1.93
12-11-2019 1.92
13-11-2019 1.92
14-11-2019 1.89
15-11-2019 1.84
18-11-2019 1.87
19-11-2019 1.89
20-11-2019 1.85
21-11-2019 1.82
22-11-2019 1.78
25-11-2019 1.79
26-11-2019 1.77
27-11-2019 1.76
28-11-2019 1.71
29-11-2019 1.72
02-12-2019 1.7
03-12-2019 1.69
04-12-2019 1.67
05-12-2019 1.66
06-12-2019 1.67
09-12-2019 1.7
10-12-2019 1.68
11-12-2019 1.66
12-12-2019 1.67
13-12-2019 1.65
23

16-12-2019 1.67
17-12-2019 1.7
18-12-2019 1.76
19-12-2019 1.8
20-12-2019 1.75
23-12-2019 1.74
24-12-2019 1.73
26-12-2019 1.71
27-12-2019 1.72
30-12-2019 1.72
Share price of Perak on daily basis from 01 December 2016 to 31st December 2019 (Share price
of Perak, 2019).
Date
Share
price
01-12-2016 0.1
02-12-2016 0.1
05-12-2016 0.1
06-12-2016 0.103125
07-12-2016 0.1
08-12-2016 0.1
09-12-2016 0.1
13-12-2016 0.1
14-12-2016 0.1
15-12-2016 0.1
16-12-2016 0.1
19-12-2016 0.1
20-12-2016 0.096875
21-12-2016 0.103125
22-12-2016 0.096875
23-12-2016 0.1
27-12-2016 0.096875
28-12-2016 0.096875
29-12-2016 0.096875
30-12-2016 0.1
02-01-2017 0.1
03-01-2017 0.1
04-01-2017 0.1
05-01-2017 0.1
06-01-2017 0.103125
24

09-01-2017 0.1
10-01-2017 0.1
11-01-2017 0.1
12-01-2017 0.103125
13-01-2017 0.103125
16-01-2017 0.103125
17-01-2017 0.103125
18-01-2017 0.103125
19-01-2017 0.103125
20-01-2017 0.1
23-01-2017 0.103125
24-01-2017 0.1
25-01-2017 0.1
26-01-2017 0.103125
27-01-2017 0.1
31-01-2017 0.103125
02-02-2017 0.1
03-02-2017 0.103125
06-02-2017 0.103125
07-02-2017 0.103125
08-02-2017 0.103125
10-02-2017 0.103125
13-02-2017 0.10625
14-02-2017 0.103125
15-02-2017 0.103125
16-02-2017 0.103125
17-02-2017 0.103125
20-02-2017 0.10625
21-02-2017 0.103125
22-02-2017 0.103125
23-02-2017 0.10625
24-02-2017 0.109375
27-02-2017 0.1125
28-02-2017 0.1125
01-03-2017 0.109375
02-03-2017 0.1125
03-03-2017 0.11875
06-03-2017 0.121875
07-03-2017 0.11875
08-03-2017 0.121875
09-03-2017 0.128125
25

10-03-2017 0.125
13-03-2017 0.125
14-03-2017 0.128125
15-03-2017 0.128125
16-03-2017 0.128125
17-03-2017 0.153125
20-03-2017 0.14375
21-03-2017 0.146875
22-03-2017 0.140625
23-03-2017 0.140625
24-03-2017 0.146875
27-03-2017 0.146875
28-03-2017 0.153125
29-03-2017 0.165625
30-03-2017 0.16875
31-03-2017 0.165625
03-04-2017 0.1625
04-04-2017 0.159375
05-04-2017 0.159375
06-04-2017 0.15625
07-04-2017 0.153125
10-04-2017 0.15625
11-04-2017 0.153125
12-04-2017 0.146875
13-04-2017 0.15
14-04-2017 0.15
17-04-2017 0.15
18-04-2017 0.15
19-04-2017 0.1625
20-04-2017 0.1625
21-04-2017 0.1625
24-04-2017 0.1625
25-04-2017 0.1625
26-04-2017 0.159375
27-04-2017 0.15625
28-04-2017 0.15625
02-05-2017 0.159375
03-05-2017 0.159375
04-05-2017 0.1625
05-05-2017 0.159375
08-05-2017 0.159375
26

09-05-2017 0.1625
11-05-2017 0.1625
12-05-2017 0.1625
15-05-2017 0.159375
16-05-2017 0.184375
17-05-2017 0.18125
18-05-2017 0.171875
19-05-2017 0.175
22-05-2017 0.175
23-05-2017 0.175
24-05-2017 0.175
25-05-2017 0.175
26-05-2017 0.178125
29-05-2017 0.16875
31-05-2017 0.171875
01-06-2017 0.175
02-06-2017 0.175
05-06-2017 0.178125
06-06-2017 0.1875
07-06-2017 0.184375
08-06-2017 0.184375
09-06-2017 0.184375
13-06-2017 0.1875
14-06-2017 0.190625
15-06-2017 0.19375
16-06-2017 0.190625
19-06-2017 0.190625
20-06-2017 0.1875
21-06-2017 0.1875
22-06-2017 0.190625
23-06-2017 0.190625
26-06-2017 0.196875
27-06-2017 0.196875
28-06-2017 0.19375
29-06-2017 0.196875
30-06-2017 0.196875
03-07-2017 0.196875
04-07-2017 0.196875
05-07-2017 0.196875
06-07-2017 0.19375
07-07-2017 0.190625
27

10-07-2017 0.190625
11-07-2017 0.1875
12-07-2017 0.18125
13-07-2017 0.18125
14-07-2017 0.184375
17-07-2017 0.184375
18-07-2017 0.19375
19-07-2017 0.190625
20-07-2017 0.190625
21-07-2017 0.19375
24-07-2017 0.190625
25-07-2017 0.19375
26-07-2017 0.190625
27-07-2017 0.190625
28-07-2017 0.19375
31-07-2017 0.19375
01-08-2017 0.19375
02-08-2017 0.19375
03-08-2017 0.190625
04-08-2017 0.19375
07-08-2017 0.19375
08-08-2017 0.19375
09-08-2017 0.190625
10-08-2017 0.1875
11-08-2017 0.1875
14-08-2017 0.1875
15-08-2017 0.184375
16-08-2017 0.190625
17-08-2017 0.1875
18-08-2017 0.1875
21-08-2017 0.190625
22-08-2017 0.203125
23-08-2017 0.20625
24-08-2017 0.203125
25-08-2017 0.20625
28-08-2017 0.215625
29-08-2017 0.215625
30-08-2017 0.215625
31-08-2017 0.225
01-09-2017 0.225
04-09-2017 null
28

05-09-2017 0.228125
06-09-2017 0.221875
07-09-2017 0.234375
08-09-2017 0.234375
11-09-2017 0.24375
12-09-2017 0.31
13-09-2017 0.35
14-09-2017 0.335
15-09-2017 0.325
18-09-2017 0.31
19-09-2017 0.315
20-09-2017 0.305
21-09-2017 0.31
22-09-2017 0.295
25-09-2017 0.3
26-09-2017 0.3
27-09-2017 0.295
28-09-2017 0.305
29-09-2017 0.29
02-10-2017 0.29
03-10-2017 0.285
04-10-2017 0.285
05-10-2017 0.28
06-10-2017 0.285
09-10-2017 0.28
10-10-2017 0.29
11-10-2017 0.29
12-10-2017 0.29
13-10-2017 0.29
16-10-2017 0.33
17-10-2017 0.32
18-10-2017 0.32
19-10-2017 0.32
20-10-2017 0.325
23-10-2017 0.32
24-10-2017 0.31
25-10-2017 0.335
26-10-2017 0.325
27-10-2017 0.315
30-10-2017 0.31
31-10-2017 0.315
29

01-11-2017 0.32
02-11-2017 0.32
03-11-2017 0.315
06-11-2017 0.305
07-11-2017 0.295
08-11-2017 0.3
09-11-2017 0.305
10-11-2017 0.3
13-11-2017 0.3
14-11-2017 0.3
15-11-2017 0.3
16-11-2017 0.3
17-11-2017 0.29
20-11-2017 0.295
21-11-2017 0.295
22-11-2017 0.285
23-11-2017 0.295
24-11-2017 0.305
27-11-2017 0.295
28-11-2017 0.29
29-11-2017 0.29
30-11-2017 0.285
01-12-2017 0.28
04-12-2017 0.28
05-12-2017 0.29
06-12-2017 0.29
07-12-2017 0.285
08-12-2017 0.275
11-12-2017 0.28
12-12-2017 0.275
13-12-2017 0.28
14-12-2017 0.29
15-12-2017 0.29
18-12-2017 0.285
19-12-2017 0.285
20-12-2017 0.28
21-12-2017 0.285
22-12-2017 0.285
25-12-2017 0.28
26-12-2017 0.28
27-12-2017 0.285
30

28-12-2017 0.29
29-12-2017 0.285
02-01-2018 0.285
03-01-2018 0.285
04-01-2018 0.3
05-01-2018 0.295
08-01-2018 0.295
09-01-2018 0.305
10-01-2018 0.31
11-01-2018 0.3
12-01-2018 0.305
15-01-2018 0.3
16-01-2018 0.3
17-01-2018 0.295
18-01-2018 0.29
19-01-2018 0.285
22-01-2018 0.29
23-01-2018 0.29
24-01-2018 0.29
25-01-2018 0.285
26-01-2018 0.29
29-01-2018 0.29
30-01-2018 0.29
02-02-2018 0.29
05-02-2018 0.285
06-02-2018 0.27
07-02-2018 0.28
08-02-2018 0.275
09-02-2018 0.265
12-02-2018 0.275
13-02-2018 0.28
14-02-2018 0.285
15-02-2018 0.29
16-02-2018 0.29
19-02-2018 0.295
20-02-2018 0.305
21-02-2018 0.3
22-02-2018 0.305
23-02-2018 0.305
26-02-2018 0.315
27-02-2018 0.3
31

28-02-2018 0.3
01-03-2018 0.295
02-03-2018 0.29
05-03-2018 0.295
06-03-2018 0.285
07-03-2018 0.28
08-03-2018 0.28
09-03-2018 0.275
12-03-2018 0.28
13-03-2018 0.275
14-03-2018 0.28
15-03-2018 0.28
16-03-2018 0.28
19-03-2018 0.27
20-03-2018 0.27
21-03-2018 0.27
22-03-2018 0.265
23-03-2018 0.255
26-03-2018 0.25
27-03-2018 0.255
28-03-2018 0.26
29-03-2018 0.27
30-03-2018 0.26
02-04-2018 0.265
03-04-2018 0.25
04-04-2018 0.25
05-04-2018 0.225
06-04-2018 0.23
09-04-2018 0.23
10-04-2018 0.24
11-04-2018 0.255
12-04-2018 0.255
13-04-2018 0.25
16-04-2018 0.255
17-04-2018 0.255
18-04-2018 0.265
19-04-2018 0.255
20-04-2018 0.26
23-04-2018 0.26
24-04-2018 0.25
25-04-2018 0.255
32

26-04-2018 0.245
27-04-2018 0.25
30-04-2018 0.25
02-05-2018 0.245
03-05-2018 0.245
04-05-2018 0.245
07-05-2018 0.245
08-05-2018 0.24
14-05-2018 0.245
15-05-2018 0.26
16-05-2018 0.255
17-05-2018 0.26
18-05-2018 0.26
21-05-2018 0.255
22-05-2018 0.26
23-05-2018 0.26
24-05-2018 0.25
25-05-2018 0.25
28-05-2018 0.25
30-05-2018 0.24
31-05-2018 0.24
01-06-2018 0.24
04-06-2018 0.24
05-06-2018 0.25
06-06-2018 0.25
07-06-2018 0.25
08-06-2018 0.255
11-06-2018 0.255
12-06-2018 0.255
13-06-2018 0.26
14-06-2018 0.26
18-06-2018 0.27
19-06-2018 0.28
20-06-2018 0.265
21-06-2018 0.275
22-06-2018 0.26
25-06-2018 0.27
26-06-2018 0.265
27-06-2018 0.26
28-06-2018 0.255
29-06-2018 0.26
33

02-07-2018 0.26
03-07-2018 0.26
04-07-2018 0.26
05-07-2018 0.265
06-07-2018 0.265
09-07-2018 0.26
10-07-2018 0.26
11-07-2018 0.255
12-07-2018 0.255
13-07-2018 0.26
16-07-2018 0.265
17-07-2018 0.27
18-07-2018 0.27
19-07-2018 0.28
20-07-2018 0.275
23-07-2018 0.28
24-07-2018 0.28
25-07-2018 0.28
26-07-2018 0.285
27-07-2018 0.29
30-07-2018 0.285
31-07-2018 0.29
01-08-2018 0.29
02-08-2018 0.295
03-08-2018 0.29
06-08-2018 0.295
07-08-2018 0.285
08-08-2018 0.29
09-08-2018 0.285
10-08-2018 0.28
13-08-2018 0.285
14-08-2018 0.285
15-08-2018 0.29
16-08-2018 0.285
17-08-2018 0.305
20-08-2018 0.305
21-08-2018 0.31
23-08-2018 0.31
24-08-2018 0.305
27-08-2018 0.295
28-08-2018 0.29
34

29-08-2018 0.28
30-08-2018 0.29
03-09-2018 0.28
04-09-2018 0.275
05-09-2018 0.285
06-09-2018 0.28
07-09-2018 0.275
12-09-2018 0.275
13-09-2018 0.275
14-09-2018 0.275
18-09-2018 0.285
19-09-2018 0.285
20-09-2018 0.29
21-09-2018 0.29
24-09-2018 0.285
25-09-2018 0.29
26-09-2018 0.285
27-09-2018 0.29
28-09-2018 0.29
01-10-2018 0.295
02-10-2018 0.305
03-10-2018 0.3
04-10-2018 0.29
05-10-2018 0.29
08-10-2018 0.29
09-10-2018 0.285
10-10-2018 0.285
11-10-2018 0.27
12-10-2018 0.275
15-10-2018 0.275
16-10-2018 0.275
17-10-2018 0.275
18-10-2018 0.28
19-10-2018 0.285
22-10-2018 0.28
23-10-2018 0.28
24-10-2018 0.275
25-10-2018 0.27
26-10-2018 0.27
29-10-2018 0.265
30-10-2018 0.255
35

31-10-2018 0.255
01-11-2018 0.255
02-11-2018 0.26
05-11-2018 0.27
07-11-2018 0.27
08-11-2018 0.275
09-11-2018 0.27
12-11-2018 0.26
13-11-2018 0.26
14-11-2018 0.26
15-11-2018 0.265
16-11-2018 0.265
19-11-2018 0.265
21-11-2018 0.255
22-11-2018 0.27
23-11-2018 0.27
26-11-2018 0.265
27-11-2018 0.265
28-11-2018 0.26
29-11-2018 0.255
30-11-2018 0.255
03-12-2018 0.26
04-12-2018 0.265
05-12-2018 0.255
06-12-2018 0.255
07-12-2018 0.265
10-12-2018 0.265
11-12-2018 0.26
12-12-2018 0.26
13-12-2018 0.26
14-12-2018 0.265
17-12-2018 0.265
18-12-2018 0.26
19-12-2018 0.255
20-12-2018 0.245
21-12-2018 0.23
24-12-2018 0.23
26-12-2018 0.235
27-12-2018 0.235
28-12-2018 0.235
31-12-2018 0.235
36

02-01-2019 0.235
03-01-2019 0.23
04-01-2019 0.24
07-01-2019 0.25
08-01-2019 0.245
09-01-2019 0.24
10-01-2019 0.24
11-01-2019 0.235
14-01-2019 0.25
15-01-2019 0.235
16-01-2019 0.235
17-01-2019 0.23
18-01-2019 0.235
22-01-2019 0.235
23-01-2019 0.23
24-01-2019 0.23
25-01-2019 0.23
28-01-2019 0.235
29-01-2019 0.23
30-01-2019 0.23
31-01-2019 0.23
04-02-2019 0.23
07-02-2019 0.235
08-02-2019 0.235
11-02-2019 0.235
12-02-2019 0.235
13-02-2019 0.24
14-02-2019 0.245
15-02-2019 0.245
18-02-2019 0.245
19-02-2019 0.245
20-02-2019 0.245
21-02-2019 0.25
22-02-2019 0.25
25-02-2019 0.245
26-02-2019 0.245
27-02-2019 0.24
28-02-2019 0.235
01-03-2019 0.235
04-03-2019 0.24
05-03-2019 0.235
37

06-03-2019 0.245
07-03-2019 0.24
08-03-2019 0.24
11-03-2019 0.235
12-03-2019 0.235
13-03-2019 0.235
14-03-2019 0.24
15-03-2019 0.24
18-03-2019 0.24
19-03-2019 0.235
20-03-2019 0.235
21-03-2019 0.235
22-03-2019 0.235
25-03-2019 0.235
26-03-2019 0.23
27-03-2019 0.235
28-03-2019 0.23
29-03-2019 0.235
01-04-2019 0.23
02-04-2019 0.24
03-04-2019 0.24
04-04-2019 0.235
05-04-2019 0.235
08-04-2019 0.235
09-04-2019 0.23
10-04-2019 0.23
11-04-2019 0.23
12-04-2019 0.23
15-04-2019 0.225
16-04-2019 0.225
17-04-2019 0.225
18-04-2019 0.22
19-04-2019 0.225
22-04-2019 0.225
23-04-2019 0.22
24-04-2019 0.225
25-04-2019 0.225
26-04-2019 0.225
29-04-2019 0.225
30-04-2019 0.225
02-05-2019 0.225
38

03-05-2019 0.22
06-05-2019 0.215
07-05-2019 0.22
08-05-2019 0.22
09-05-2019 0.22
10-05-2019 0.225
13-05-2019 0.22
14-05-2019 0.21
15-05-2019 0.21
16-05-2019 0.215
17-05-2019 0.21
21-05-2019 0.215
23-05-2019 0.215
24-05-2019 0.2
27-05-2019 0.2
28-05-2019 0.205
29-05-2019 0.2
30-05-2019 0.2
31-05-2019 0.2
03-06-2019 0.2
04-06-2019 0.2
05-06-2019 0.2
06-06-2019 0.2
07-06-2019 0.2
10-06-2019 0.2
11-06-2019 0.2
12-06-2019 0.205
13-06-2019 0.2
14-06-2019 0.205
17-06-2019 0.205
18-06-2019 0.205
19-06-2019 0.205
20-06-2019 0.205
21-06-2019 0.2
24-06-2019 0.205
25-06-2019 0.205
26-06-2019 0.21
27-06-2019 0.21
28-06-2019 0.22
01-07-2019 0.22
02-07-2019 0.215
39

03-07-2019 0.22
04-07-2019 0.22
05-07-2019 0.215
08-07-2019 0.215
09-07-2019 0.21
10-07-2019 0.215
11-07-2019 0.21
12-07-2019 0.215
15-07-2019 0.215
16-07-2019 0.21
17-07-2019 0.21
18-07-2019 0.21
19-07-2019 0.21
22-07-2019 0.21
23-07-2019 0.205
24-07-2019 0.205
25-07-2019 0.205
26-07-2019 0.2
29-07-2019 0.205
31-07-2019 0.2
01-08-2019 0.2
02-08-2019 0.2
05-08-2019 0.2
06-08-2019 0.195
07-08-2019 0.2
08-08-2019 0.195
09-08-2019 0.2
13-08-2019 0.195
14-08-2019 0.2
15-08-2019 0.19
16-08-2019 0.195
19-08-2019 0.195
20-08-2019 0.19
21-08-2019 0.195
22-08-2019 0.195
23-08-2019 0.2
26-08-2019 0.2
27-08-2019 0.21
28-08-2019 0.21
29-08-2019 0.21
30-08-2019 0.21
40

03-09-2019 0.21
04-09-2019 0.21
05-09-2019 0.22
06-09-2019 0.225
10-09-2019 0.22
11-09-2019 0.215
12-09-2019 0.215
13-09-2019 0.215
17-09-2019 0.22
18-09-2019 0.215
19-09-2019 0.215
20-09-2019 0.21
23-09-2019 0.21
24-09-2019 0.21
25-09-2019 0.205
26-09-2019 0.21
27-09-2019 0.205
30-09-2019 0.205
01-10-2019 0.2
02-10-2019 0.205
03-10-2019 0.205
04-10-2019 0.205
07-10-2019 0.205
08-10-2019 0.2
09-10-2019 0.2
10-10-2019 0.2
11-10-2019 0.205
14-10-2019 0.205
15-10-2019 0.205
16-10-2019 0.21
17-10-2019 0.215
18-10-2019 0.225
21-10-2019 0.22
22-10-2019 0.225
23-10-2019 0.22
24-10-2019 0.215
25-10-2019 0.22
29-10-2019 0.22
30-10-2019 0.215
31-10-2019 0.22
01-11-2019 0.235
41

04-11-2019 0.245
05-11-2019 0.24
06-11-2019 0.24
07-11-2019 0.235
08-11-2019 0.24
11-11-2019 0.24
12-11-2019 0.245
13-11-2019 0.25
14-11-2019 0.25
15-11-2019 0.25
18-11-2019 0.255
19-11-2019 0.255
20-11-2019 0.245
21-11-2019 0.245
22-11-2019 0.26
25-11-2019 0.265
26-11-2019 0.265
27-11-2019 0.265
28-11-2019 0.26
29-11-2019 0.265
02-12-2019 0.255
03-12-2019 0.255
04-12-2019 0.245
05-12-2019 0.24
06-12-2019 0.235
09-12-2019 0.23
10-12-2019 0.235
11-12-2019 0.225
12-12-2019 0.23
13-12-2019 0.225
16-12-2019 0.235
17-12-2019 0.235
18-12-2019 0.235
19-12-2019 0.235
20-12-2019 0.235
23-12-2019 0.245
24-12-2019 0.24
26-12-2019 0.245
27-12-2019 0.24
30-12-2019 0.245
42

ASSET PRICING
Calculation of CAPM
Formula: = 𝑟𝑒 = 𝑟𝑓𝑟 + 𝐵 (𝑅𝑚 − 𝑟𝑓𝑟)
CAPM for Air Asia: 3.935 + 114.52 (1717.081 – 3.935)
= 3.935 + 114.52 *.1713.146
= 3.935 + 196187.48
= 196193.42
CAPM for Perak: 3.935 + 478.67 (1717.081 – 3.935)
= 3.935 + 478.67 * 1713.146
= 3.935 + 820031.60
= 820035.54
Calculation of Beta: Formula: Covariance / Variance
Beta for Air Asia = 47.756 / 0.417
= 114.52
Beta for Perak = 1.436 / 0.003
= 478.67
The risk-free rate and market proxy are taken on average basis of Treasury bill and
FBMKLSECI. The above calculations are showing that the Beta of Perak is higher than Air
Asia which shows that the company will have higher CAPM (Carboni and Medda, 2018).
BETA ESTIMATION
Estimation of Beta
Beta for year 2019 for Air Asia is 114.52 and for Perak it is 478.67 (Malaysia Treasury
Bill, 2019). The estimated Beta for upcoming one and three years is as follows:
It has been estimated that Beta for year 2020 will be increased by 5 % for both the
Companies so the Beta for year 2020 will be 120.246 for Air Asia and 502.604 for Perak
(FBMKLSECI, 2019).
The estimated Beta for 2021 and 2022 are calculated on the basis of Forecast Model in
Excel (Dor and Elovici, 2016). The values of the estimated beta are as follows:
Years Air Asia Perak
43

2019 114.52 478.67
2020 120.246 502.604
2021 125.972 526.538
2022 131.698 550.472
On the basis of the above estimated data it has been analysed that Beta for Air Asia and
Perak will be increasing year by year (Puška, Beganović and Šadić, 2018). Stability across time
for the Beta of both the companies is high. Apart from this, sensitivity to the market index for the
beta is also high because the calculation of beta for year 2019 which is base year for other
calculation were based upon the data of treasury bill and FBMKLSECI (Dhochak and Sharma,
2016).
CONCLUSION
From the above project report it has been concluded that while planning to determine the
changes in share prices it is very important for the investors to analyse the historical data in
detail. It can help to evaluate the potential changes that may take place in future. There are
various types of tools which could be used to evaluate the information. These are variance,
covariance, Beta, CAPM, standard deviation and correlation.
44

REFERENCES
Books and Journals:
Alkaraan, F., 2016. Strategic investment decision-making–scanning and screening investment
opportunities. Meditari Accountancy Research.
Carboni, O. A. and Medda, G., 2018. R&D, export and investment decision: Evidence from
European firms. Applied Economics. 50(2). pp.187-201.
Dhochak, M. and Sharma, A. K., 2016. Identification and prioritization of factors affecting
venture capitalists’ investment decision-making process. Journal of Small Business and
Enterprise Development.
Dor, D. and Elovici, Y., 2016. A model of the information security investment decision-making
process. Computers & security. 63. pp.1-13.
Puška, A., Beganović, A. and Šadić, S., 2018. Model for investment decision making by
applying the multi-criteria analysis method. Serbian Journal of management. 13(1).
pp.7-28.
Sultana, S., Zulkifli, N. and Zainal, D., 2018. Environmental, social and governance (ESG) and
investment decision in Bangladesh. Sustainability. 10(6). p.1831.
Online
Share price of Air Asia. 2019. [Online]. Available through:
<https://finance.yahoo.com/quote/5099.KL/history?
period1=1480550400&period2=1577750400&interval=1mo&filter=history&frequency
=1mo>
Share price of Perak. 2019. [Online]. Available through:
<https://finance.yahoo.com/quote/0186.KL/history?
period1=1480550400&period2=1577750400&interval=1mo&filter=history&frequency
=1mo>
Malaysia Treasury Bill. 2019. [Online]. Available through:
<https://tradingeconomics.com/malaysia/government-bond-yield>
FBMKLSECI. 2019. [Online]. Available through:
<https://tradingeconomics.com/malaysia/stock-market>
45