supersaiyan3

舊的飛機保養費比較高，AAC裡面大部份的飛機也折舊得差不多，換新飛機可以節省15%油，本來就是要賣掉的。

2017-02-09 04:27

supersaiyan3

一些人只想到拿特別股息，的確，那就短視了。

我覺得，東尼說亞航被低估已經有好幾年了，說得累了，也有點氣了，只好連續出幾個大招把股價推上去。

Not many people understands this: a dollar retains in company must create more than one dollar market value [Warren Buffett]. Lately, Tony Fernandez said market does not put any value in AAC, so he sells it. Finally he realised that.

2017-02-09 04:46

meathere

supersaiyan3,

I don't think TF meant in the context like what you said .......market does not put any value in AAC, so he sells it. Finally he realised that.

Actually AAC is a very valuable asset below AAX and the group wanted to sell AAC to unlock the value and use it for the group balance sheet.

Eventually the group will sell all its investment assets including AAX, Tune Insurance, Aviation Training JV because these are investment assets to generate cash flow and can be monetized by selling it off. That is actually TF's big plan.

2017-02-09 12:00

supersaiyan3

I will try to explain in more details:

One of the tenets of Warren Buffett says, "For every dollar retained, make sure the company has created at least one dollar of market value. "

If you have a dollar, you must choose between retain it (put it in current account/FD etc of the company), distribute it to owners (dividend etc), invest, etc. (Most companies choose to waste it however, lol!)

The decision should be based on which action(s) creates the most value. This is just rational thinking.

To illustrate this:
Airasia before sale of AAC valued at RM8.5b.
Airasia + AAC after sale = say 12b.

So, better sell.

Of course this is just part of the reasons. AAC's planes are older (means higher maintenance cost), mostly depreciated, and new planes are more fuel-efficient. Also, its a good price.

2017-02-09 15:30

supersaiyan3

TF means "the value of AAC held within Airasia Group is not being valued by investors, reflecting in the share price of Airasia".

2017-02-09 15:32