[AIRASIA GROUP BHD：净营运亏损提高，因有应占联营公司和合资公司业绩的亏损]

集团在4Q19录得净营运亏损3.739亿令吉，比2018年第4季度报告的净营运亏损高36％。4Q19净运营亏损的60％为应占联营公司和合资公司业绩的亏损。4Q19联营公司业绩包括因向亚航印度注资而蒙受的亚航印度亏损1.335亿令吉。

YTD 2019该集团报告的净营业亏损为4.571亿令吉，而YTD2018为净营业利润。由于亚航集团采用MFRS 16，2018年完成的售后回租飞机的全年影响以及2019年进一步完成的售后回租飞机的影响，对净营业利润产生了影响。由于采用了MFRS 16，因此净营业利润减少了1.309亿令吉。

航空公司：
机位的大幅增加导致负载系数降低了2％。考虑到MFRS 16对飞机销售和回租的影响，集团CASK ex Fuel增长了。亚航集团所有航空公司的联营公司在本季度录得亏损共计2亿2570万令吉，并在本年度亏损4亿8160万令吉。

泰国亚洲航空有限公司：
载客量微降1％，而座位载客率维持86％不变。泰国亚航EBITDAR为16.697亿泰铢，比2018年第4季度的EBITDAR 12.636亿泰铢高32％。 CASK Ex Fuel增加了3％，​​主要是由于员工成本的增加。

亚洲航空（印度）有限公司：
总成本的增加与收入的增加是同步的。员工成本增加了77％，这是由于增加了运营人员以增加飞机数量，以及前瞻性招聘以迎接2020年上半年要引进的更多飞机。YTD19税前亏损仅减少了6%到59.668亿印度卢比，因薪金成本的增加和维护成本的增加与飞机数量的增加相一致。

亚洲航空日本有限公司：
日本亚洲航空在4Q19录得净亏损10.867亿日圆，在YTD19录得净亏损47.97亿日圆。

非航空公司：
Teleport的收入和EBITDA有所增长，因为它巩固了印度尼西亚，菲律宾和马来西亚的长途航线的飞机空间，以便更好地为集团带来价值。 Airasia .com的收入比4Q18增加了一倍以上。随着BigPay获得市场份额，它将继续产生扩展成本。

QoQ:
这季度亚航集团录得净亏损3.854亿令吉，而截至2019年9月30日止的上一季度则录得净亏损6750万令吉，因联营公司亏损份额2.257亿令吉，一间附属公司的税收结算付款一笔4,930万令吉的税项拨备，以及4,000万令吉的长期应收款的discounting影响。

前景：
2020年初，作为旅游业一部分的航空业受到了corona virus（Covid 19）的迅速传播的严重影响。由于健康原因和许多国家的旅行限制，对航空旅行的需求已经大大下降。他们没有幸免于Covid 19的影响。他们正在采取积极的行动来应对这一挑战，方法是管理能力和成本。董事会预计，这年度可能无法实现内部的预测。
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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 RM2.27 (dividend RM0.025) in 1 year 6 months 16 days, total return is 221%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.96 (dividend RM0.04) in 1 year 7 months 27 days, total return is 151.6%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM4.02 (adjusted)(dividend RM0.01) in 8 months 26 days, total return is 141.3%

d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.24 in 1 year 1 month 8 days, total return is 115.7%

e) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.71 in 6 months 3 days, total return is 56%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.23 (dividends RM0.113) in 1 Year 4 months 21 days, total return is 47.4%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.62 (dividend RM0.105) in 1 Year 3 months 10 days, total return is 35.8%

h) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.18 in 7 months 29 days, total return is 31.1%

i) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.01 (dividend RM0.015) in 1 Year 2 months 12 days, total return is 28.1%

j) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.19 (dividend RM0.018) in 1 Year 2 months 5 days, total return is 25.2%

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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: higher Net Operating Loss due to losses from the share of results of associates and joint ventures]

The Group reported a Net Operating Loss of RM373.9 million for 4Q19, 36% higher than the Net Operating Loss reported in 4Q18. 60% of the Net Operating Loss of 4Q19 was losses from the share of results of associates and joint ventures. 4Q19 share of results of associates includes RM133.5 million recognized for AirAsia India losses on injection of investment into AirAsia India.

For YTD 2019, the Group reported Net Operating Loss of RM457.1 million as compared to a Net Operating Profit in YTD2018. The full year impact of the sales and leaseback aircraft which was completed in 2018 and further completion of sales and leaseback aircraft in 2019 impacted the Net Operating Profit as the Group adopted MFRS 16. The adoption reduced the Net Operating Profit by RM130.9 million.

AIRLINE:
The sizable increase in capacity has resulted in a drop in load factor of 2%. Group CASK ex Fuel grew after accounting for MFRS 16 impact on sales and leaseback of aircrafts. All the Group’s airline associates reported losses totaling RM225.7 million for the quarter and RM481.6 million for the year.

Thai Air Asia Co. Ltd (“Thai AirAsia”):
Passengers carried saw a marginal drop of 1% with seat Load factor remaining unchanged at 86%. Thai AirAsia reported EBITDAR
of THB1,669.7 million which is 32% higher than EBITDAR of THB1,263.6 million in 4Q18. CASK Ex Fuel increased by 3%, mainly from the increase in staff costs.

AirAsia (India) Limited (“AirAsia India”):
The increase in overall costs is in tandem with the increase in revenue. Staff costs increased by 77% due to additional operational staffs for increased number of aircraft and also forward hiring to cater for additional aircrafts to be inducted in first half 2020. YTD19 only reported a 6% lower Loss before tax at INR5,966.8 million as salary costs increased and maintenance costs increased in line with the additional number of aircrafts.

AirAsia Japan Co. Ltd (“AirAsia Japan”):
AirAsia Japan recorded a Net loss of JPY1,086.7 million for 4Q19 and JPY4,797.0 million for YTD19.

NON-AIRLINE:
Teleport reported 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 had more than doubled its 4Q18 revenue. BigPay will continue to incur expansion costs as it acquires market share.

QoQ:
The Group recorded a Net Loss of RM385.4 million for the quarter under review, against the Net Loss of RM67.5 million in the immediately preceding quarter ended 30 September 2019 mainly as a result of recognition of share of losses of associates of RM225.7 million, tax settlement payment one off tax provision of RM49.3 million in a subsidiary and discounting impact of a long term receivable of RM40.0 million.

Prospects:
The airline industry, being part of the travel industry, has been severely affected by the rapid spread of the corona virus (Covid 19) in early 2020. Due to health reasons and travel restrictions put in place by many countries, the demand for airline travel has seen a considerable decline. They are not spared the effects of Covid 19. They are taking positive actions to face this challenge by managing capacity and costs. The Board is projecting that it may not achieve internal projections for the year.
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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