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15 comment(s). Last comment by stockraider at Dec 12, 2020 10:16 AM
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mlchin06
1 post

Posted by mlchin06 > Aug 30, 2020 8:09 PM | Report Abuse

I find this article extremely insightful, so thank you for sharing. Both my husband and I have worked in a few public listed companies and we found that corporate governance is one area that authorities/govt must address. The Minority Shareholder Watchdog Group do not seem to have enough bite regarding this issue. Just attend a few AGMs and you will see how the major shareholders circumvent all the doubts raised. The mechanism of approving proposals can be impoved too. Something needs to done to protect public funds from going into the wrong pockets!


Sslee
5990 posts

Posted by Sslee > Aug 30, 2020 10:48 PM | Report Abuse

Dear Choivo,
Q&A Tunepro 9th AGM
https://www.insage.com.my/Upload/Docs/TUNEPRO/Full%20set%20of%20Q&A.pdf#view=Full

Answer to Question A6
We will continue to work closely with the AirAsia eco system to explore opportunities to deepen our existing collaboration within their eco system and overcome any regulatory constraints. We will consider any opportunities in health and wellness protection. Our businesses are in general insurance and general reinsurance while life, savings and education insurance are typically distributed by life insurance companies.
Is the answer implied Tunepro do not have license to do life insurance?

Answer to Question A11
We adopt a conservative investment approach due to the short-tailed nature of our business. Our investment objective is to achieve an investment return which commensurate with the Group’s risk appetite. Moving forward, we will continue to adopt a prudent stance. To take advantage of the low interest rate environment, we have increased the allocation in fixed income portfolios, with more weight on highly rated securities, good underlying credit strength and those which are government guaranteed. The Group has also shifted its funds from Money Market/Deposits Funds to Conservative Bond Funds (mainly government-guaranteed) for yield improvements. As at 30 June 2020, fixed income funds and debt securities/bonds made up 90% of our investment portfolio
Is the answer implied Tunepro are only allowed to invest in fixed income funds and debt securities/bonds?

Your comment will be appreciated as I will seek further clarification on Tunepro AGM Q&A.


abang_misai
1927 posts

Posted by abang_misai > Aug 30, 2020 11:21 PM | Report Abuse

Abang mengantok membaca


Choivo Capital
3652 posts

Posted by Choivo Capital > Aug 30, 2020 11:29 PM | Report Abuse

Sslee,

That was really disappointing.

Low yield environment, let's go buy more bonds.

Smack head.


patrico8
293 posts

Posted by patrico8 > Aug 30, 2020 11:45 PM | Report Abuse

A very detailed history of AA's tortuous accounts. Wonder what gives you the energy and motivation on this rather long article. A love of numbers, I guess. Thanks.


supersaiyan3
2775 posts

Posted by supersaiyan3 > Aug 31, 2020 12:33 AM | Report Abuse

Hi, Choivo, sorry, can't finish reading it.

1. TF bankrupt every other business he had, next on the line is AAX, and he will be left with Airasia.

This makes TF a speculator, not an entrepreneur. This is against everything we read about him.

2. What Airasia has been doing it wrongly: a. Airasia treat all subsidiaries as colony. Colonization and force planting/flying has proven failure. b. Failed hedging strategy, Airasia buy very little oil futures contract when oil price is low and buy a lot when oil price is high. They are trying to speculate rather than hedge and they speculate extremely noob. c. they have stopped/slowed innovation, expenditures keep rising as a percentage of revenue. d. they reacted too slow to COVID-19, say inflight preventive measures or switch fast to cargo?

3. Airasia has portray itself as a competitive company, in fact it is not. Airasia was doing well in Malaysia because MAS is weak. In every other markets, Airasia can barely make money.

4. In Airline industry, you buy a ticket because you trust the company, so you pay premium to its ticket, Airasia has no trust premium. Why would people want to join franchise to sell cheap? That's also the reason most subsidiaries failed.

5. In management, if you let an Accountant runs the company, that's what will happen. (I think accountant cannot comprehend big matrix in their brain, too many attributes....)


Choivo Capital
3652 posts

Posted by Choivo Capital > Aug 31, 2020 2:32 AM | Report Abuse

Supesaiyan,

you basically summarized in those few para's what i took 10k words to say.Haha.

Except i would disagree on 5. I think most people cannot, its just that often the people who climb to the top have a numbers background, therefore giving rise to this particular steretype.

Haha, as you can see from my post, im one myself.

but i get where you're coming from. I think a often fail in thinking exponentially when it comes to business. Too much focus on the past and not enough on the future.


Choivo Capital
3652 posts

Posted by Choivo Capital > Aug 31, 2020 2:34 AM | Report Abuse

Quite frankly, i felt like giving up many times.

But i said it would get done and wanted to do a good job. It took me about 1-2 months of parsing and reparsing the numbers, And about 1 month to properly understand the flow of the number and corporate history for each major subsidiary. To be fair i procrastinated quite abit and had work stuff to attend to.

And to finish it off, a 48 hour writing and editing marathon this weekend haha.


=====
patrick8 A very detailed history of AA's tortuous accounts. Wonder what gives you the energy and motivation on this rather long article. A love of numbers, I guess. Thanks.
30/08/2020 11:45 PM


supersaiyan3
2775 posts

Posted by supersaiyan3 > Aug 31, 2020 7:06 AM | Report Abuse

Finally I finished reading it, sort of.

Its a wonderful piece, you should publish it. Hire an editor and put in some pictures, get comments from TF, title is good enough.


supersaiyan3
2775 posts

Posted by supersaiyan3 > Aug 31, 2020 7:19 AM | Report Abuse

One other thing, what Airasia has been doing is actually not true innovation, semi-innovation maybe?? They incorporate available technologies into new application which is destructive (rather than disruptive, because they are selling cheap) to the industry.

Isn't it a negative-sum game in every industry Airasia enters?

I used to think Airasia is disruptive, however I change my view after Airasia gets irrational by wanted to kill MAS once and for all in 2018-19. (You can't kill a competitor, a company only dies when the owners are giving up).

A wise shoe salesman (謝家華)once said, if there is only one crazy player (keen on price competition) in the industry/on the table, the whole industry is doomed.


kalteh
97 posts

Posted by kalteh > Aug 31, 2020 8:43 PM | Report Abuse

You should consider doing this detailed analysis for compensation, very insightful. Thanks for sharing!


RainT
8144 posts

Posted by RainT > Sep 1, 2020 2:17 PM | Report Abuse

Omg

super long


paperplane
21283 posts

Posted by paperplane > Sep 1, 2020 10:17 PM | Report Abuse

WHY TONY NO RIGHT ISSUE THIS TIME AH? WHY AH? WHY? WHY NOT BORROW FROM BANK BUY OWN COMPANY AH


godhand
1686 posts

Posted by godhand > Dec 12, 2020 9:00 AM | Report Abuse

u didnt include 1 thing. the power of branding. the brand airasia has already stay deep in malaysian mind. the quote will forever buried in malaysian mind too 'everyone can fly'. branding is something u cant quantify.


stockraider
22786 posts

Posted by stockraider > Dec 12, 2020 10:16 AM | Report Abuse

Get ready for the coming big upside potential of insas in view of its growth potential, value rerating and big improvement in financial stock business mah....!!

Jump in & buy big b4 too late loh....!!

INSAS IS A MISUNDERSTOOD STOCK LOH....!!

IF U LOOK BACK AT INSAS FOR PAST 10 YEARS, IT HAS BEEN CREATING VALUE NON STOCK ALMOST EVERY YEAR WITH INCREASING SHAREHOLDER FUND MAH...!!

THATS THE REASONS WHY ITS NTA GROW FROM RM 1.00 SAY 10 YEARS AGO TO ALMOST RM 4.00- 5.00 AS AT NOW MAH...!!

INSAS BIGGEST WINNER LIKE INARI, CONTRIBUTE MORE THAN RM 1.4B MARKET CAP & SMALLER WINNER LIKE SENGENIC CAN CONTRIBUTE MORE THAN RM 60M LOH...!!

SMALL INVESTMENT LIKE OMESTI & DGSB ARE DOING EXTREMELY WELL LOH...!!

INSAS IS LIKE BERKSHIRE HATHAWAY BUSINESS MODEL LOH...!!

BUT UNLIKE BERSHIRE, ACTUALLY INSAS IS BETTER IT PAYS DIVIDEND BUT BERSHIRE DON'T PAY LOH...!!

THOSE INVESTING IN INSAS IS GETTING COMPOUND GROWTH RETURN AVERAGING 10 TO 12% PA EVERY YEAR LOH....!!

IF U BUY INSAS NOW U R PAYING RM 0.865 FOR A FAIR VALUE OF RM 4.00 IN INSAS LOH....!!

A GREAT INVESTMENT LOH...!!

BUT MOST EXCITING PART THIS INSAS IS GROWING WITH GOOD PROFITABILITY MAH!


Just look at the amazing growth track record of value creation of insas for the past 10 yrs

Sept 2020- Nta Rm 2.75

June 2019- Nta Rm 2.62

Dec 2018- Nta Rm 2.54

Dec 2017..Nta rm 2.49

Dec 2016 ...Nta Rm 2.18

Dec 2015..Nta Rm 1.96

Dec 2014..Nta rm 1.82

Dec 2013 nta..rm 1.71

Dec 2012 nta ..rm 1.51

Dec 2011 nta..rm 1.38

Dec 2010 nta...rm 1.22

Dec 2009 nta ..rm 1.14

INSAS IS GROWING STRONGLY MAH....ONLY THOSE PEOPLE DO NOT UNDERSTAND BERKSHIRE HATHWAY BUSINESS MODEL ARE SAYING INSAS HATHWAY BUSINESS MODEL ARE LOUSY LOH...!!

BUT INSAS BUSINESS MODEL ARE SAME SAME MAH, IN FACT INSAS GENERATE COMPOUND EARNINGS OF 12% PA SAME SAME AS BERKSHIRE WOH..!!...HOW COULD BE BERKSHIRE VERY GOOD & INSAS VERY BAD LEH ??

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