[AIRASIA GROUP BHD：衍生品的公允价值亏损和未变现汇兑亏损]

该集团报告的税前亏损（LBT）为3.476亿令吉，而3Q18的税前盈利（PBT）为3.085亿令吉。 LBT包括2亿3千770万令吉，即衍生品的公允价值亏损和2亿630万令吉的未变现汇兑亏损，以及被9,210万令吉的房地产，厂房和设备出售收益所抵消。

航空公司：
PT Indonesia AirAsia的单位乘客收入增长了1％，菲律宾AirAsia的增长了3％，而Malaysia AirAsia的下降了5％。3Q19的集团CASK从去年同期的3.30美分增至3.66美分。在3Q19，CASK ex fuel从3Q18的1.93美分增加至2.31美分。这主要是由于采用MFRS16：租赁的影响和员工成本，维修和大修，用户费用及其他相关费用以及其他运营费用的增加。集团在3Q19的航空业务EBITDA为6.623亿令吉，而在3Q18为2.73亿令吉。该集团的航空公司联营公司TAA和AAJ报称亏损总计6180万令吉，其中AAI和AJJ的亏损未获确认。

泰国亚洲航空有限公司：
由于收入增加和燃油价格下跌，泰国亚航报告的EBITDAR为13.231亿泰铢，比3Q18的EBITDAR 10.979亿泰铢高21％。由于竞争对手的低价格，RASK继续受到压力，从1.48泰铢下降到1.42泰铢，下降了4％。

亚洲航空（印度）有限公司：
印度亚航的EBITDA为负11.905亿印度卢比，是3Q18的28.824亿印度卢比的一半以上。 RASK上涨27％至257.38印度卢比，而CASK-ex燃料上涨18％至209.58 INR。成本的增加与印度亚洲航空的额外机位相一致。

亚洲航空日本有限公司：
日本亚洲航空的净亏损为37.103亿日元。

非航空公司：
Teleport巩固了印度尼西亚，菲律宾和马来西亚长途航线的市场，从而为集团带来了更好的价值，显示出收入和EBITDA的增长。随着Ourshop的发展，Airasia.com将慢慢开始产生额外的收入，而Shop365会增加其销售额。Big Pay收入随着其在市场上的吸引力而增加。

QoQ：
集团在这季度录得净亏损6,750万令吉，而截至2019年6月30日止的上一季度则录得4,680万令吉的净利润，这主要是由于将衍生品的公允价值损失确认，因为有销售和回租的交易完成。

前景：
他们计划在2019年，在整个AOC上净增加18架飞机。他们于2019年11月收到了第一架A321neo，它将在人口稠密的航线上以及在基础设施受限的机场运行。与A320neo相比，A321neo具有高效的运营效率和增加50个以上的座位，这将帮助他们满足持续的强劲需求，并降低航空公司cost per available seat kilometre。

他们还以布伦特平均对冲价格60.72美元/桶的价格对冲了其2019年第四季度燃料需求的86％。对于未来一年，他们以60.22美元的平均布伦特对冲价格对冲2020年需求的73％。他们很荣幸在2019年11月宣布airasia.com扩大了其在线服务，卖包括其他航空公司的航班。在Kiwi.com的支持下，亚航的网站用户将能够预订100多家航空公司的航班，飞往目前亚航无法提供的目的地，包括欧洲，澳大利亚，新西兰，中东和美洲。他们的物流部门Teleport在2019年9月推出Teleport.social方面也迈出了重大一步，冲击了物流业，Teleport将提供超越传统的B2B航空货运业务，并通过社交媒体促进C2C贸易。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.97 (dividend RM0.025) in 1 year 3 months 15 days, total return is 179%

b) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.99 in 3 months 2 days, total return is 117.6%

c) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.17 in 10 months 7 days, total return is 103.5%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.39 (dividend RM0.04) in 1 year 4 months 26 days, total return is 79.9%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.42 (dividends RM0.083) in 1 Year 1 month 20 days, total return is 57.4%

f) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.23 in 11 months 11 days, total return is 53.8%

g) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.54 (dividend RM0.01) in 5 months 25 days, total return is 52.7%

h) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.31 (dividend RM0.018) in 11 months 4 days, total return is 37.6%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.67 (dividend RM0.07) in 1 Year 9 days, total return is 37%

j) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.14 in 4 months 27 days, total return is 26.7%

k) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.16 (dividend RM0.22) in 1 Year 1 month 13 days, total return is 25.9%

l) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.30 in 5 months 25 days, total return is 25%

m) SWKPLNT (SARAWAK PLANTATION BHD), recommended on 24 Mar 19, initial price was RM1.55, rose to RM1.72 (dividend RM0.05) in 8 months 3 days, total return is 14.2%

n) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.35 (dividends RM0.111) in 1 Year 3 months 27 days, total return is 12.7%

o) FIAMMA (FIAMMA HOLDINGS BHD), recommended on 23 Sep 18, initial price was RM0.495, rose to RM0.505 (dividend RM0.0225) in 1 year 2 months 4 days, total return is 6.6%

我希望将我的策略分享给读者，希望他们在阅读后能够表现出色。我正在使用基本面分析（Fundamental Analysis）：

预计公司每年的增长率必须> 14％

我想说服读者学习基本面分析FA以便能从股市赚钱。

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12月20日星期五：AG Hotel Penang, George Town 2份点心

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有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
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Facebook Group: https://www.facebook.com/groups/jamesinvesting

这个是我的TELEGRAM Group链接，大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

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这个分享纯属讨论以及领域的分析，买或卖自负。请Like和Share这个post。最终决定永远是你的，谢谢。

James Ng
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[AIRASIA GROUP BHD: fair value loss on derivatives and unrealized losses on foreign exchange]

The Group reported a Loss Before Tax (“LBT”) of RM347.6 million compared to a Profit Before Tax (“PBT”) of RM308.5 million in 3Q18. Included in the LBT was an amount of RM237.7 million, being the fair value loss on derivatives and RM206.3 million of unrealized losses on foreign exchange, net off against gain on disposal of property, plant and equipment of RM92.1 million.

Airline:
Unit Passenger Revenue grew 1% for PT Indonesia AirAsia, 3% for Philippines AirAsia while Malaysia AirAsia showed a reduction of 5%. Group CASK for 3Q19 increased to 3.66 US cents from 3.30 US cents in the corresponding quarter. For 3Q19, CASK ex fuel has increased to 2.31 US cents from 1.93 US cents in 3Q18. This was mainly brought about by increases in staff costs, provisions for maintenance and overhaul, user charges and other related expenses and other operating expenses, due to the increase in operations, as well as the impact of adopting MFRS16: Leases. The Group’s airline EBITDA for 3Q19 was RM662.3 million, compared to RM273.0 million in 3Q18. TAA and AAJ, the Group’s airline associates, reported losses totaling RM61.8 million with unrecognized losses for AAI and AAJ.

Thai Air Asia Co. Ltd (“Thai AirAsia”):
As a result of increase in revenue and better fuel prices, Thai AirAsia reported EBITDAR of THB1,323.1 million which is 21% higher than EBITDAR of THB1,097.9 million in 3Q18. RASK continues to be pressured as a result of low pricing from competitors, showing a decrease of 4% from THB1.48 to THB1.42.

AirAsia (India) Limited (“AirAsia India”):
AirAsia India reported a negative EBITDA of INR1,190.5 million, which have more than halved that of 3Q18 which was reported at INR2,882.4 million. RASK increased by 27% to INR257.38 whilst CASK-ex fuel increased by 18% to INR209.58. Costs have increased in line with the additional capacity for AirAsia India.

AirAsia Japan Co. Ltd (“AirAsia Japan”):
AirAsia Japan recorded a Net loss of JPY3,710.3 million.

Non-Airline:
Teleport shows an increase in revenue and EBITDA as it consolidates the belly space of Indonesia, Philippines and Malaysia long haul to better bring value to the Group. Airasia.com will slowly start to generate revenue as Ourshop, and Shop365 increases its sales. Big Pay revenue increases as it starts to gain traction in the market.

QoQ:
The Group recorded a Net Loss of RM67.5 million for the quarter under review, against the Net Profit of RM46.8 million in the immediately preceding quarter ended 30 June 2019 mainly due to additional impact on recognition of fair value loss on derivative as a result of completion of sales and leaseback transactions.

Prospects:
In 2019, they plan for a net fleet growth of 18 aircraft across their AOCs. They received their first A321neo in November 2019 that will be operated on populous routes and at airports with infrastructure constraints. With its operational efficiencies and 50 more seats as compared to the A320neo, the A321neo will help them meet ongoing strong demand as well as reduce the airlines cost per available seat kilometre.

They have also hedged 86% their fuel requirement for 4Q 2019 at average Brent hedge prices of US$60.72/bbl. For the year forward, they have hedge 73% of the year 2020 requirement at average Brent hedge prices of USD$60.22. They are proud to announce in November 2019 that airasia.com has expanded its online offerings to include flights on other airlines. Powered by Kiwi.com, AirAsia's website users will be able to book travel on more than 100 airlines to destinations currently not served by AirAsia, including Europe, Australia, New Zealand, the Middle East and the Americas. Teleport, their logistics arm, also took a significant step in disrupting the logistics industry by launching Teleport.social in September 2019, where Teleport will provide beyond the traditional B2B air cargo business and facilitate C2C commerce via social media.
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page.

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng