AIRASIA X BERHAD

Renounceable rights issue of up to 1,779,071,540 new ordinary shares of RM0.15 each in AirAsia X Berhad ("AAX Shares") ("Rights Shares") together with up to 889,535,770 free detachable warrants ("Warrants"), on the basis of 3 Rights Shares for every 4 AAX Shares held as at 5.00 p.m. on 15 May 2015 ("Entitlement Date") and 1 Warrant for every 2 Rights Shares subscribed for by the entitled shareholders at an issue price of RM0.22 per Rights Share (the "Rights Issue with Warrants").

Kindly be advised of the following :

1) The Right commence of trading : <18 May 2015>
2) The Date of Despatch of the Prospectus and Provisional Allotment Letter of Offer : <19 May 2015>
3) The last day and time for Acceptance, Renunciation and Payment : <1 June 2015>
4) The Rights cessation quotation : <25 May 2015>

The Stock Short Name, Number and ISIN Code AAX-OR, 5238OR and MYL5238OR003

Remarks :- The Abridged Prospectus together with the Notice of Provisional Allotment and Rights Subscription Form (collectively, the "Documents") are only despatched to shareholders who have provided AAX's Share Registrar with a registered address in Malaysia and whose names appear in AAX's Record of Depositors as at 5.00 p.m. on the Entitlement Date. The Documents will also be made available on Bursa Malaysia Securities Berhad's website (www.bursamalaysia.com) from 15 May 2015 onwards.

RI starts trading from 18th to 25th May.

PRAL Q3 results:
http://www.parkson.com.sg/wp-content/uploads/PRA_FY2Q15_Q3_Announcement.pdf

Just wait for its Q1 report which should be due next week. Next, decide if you still want to hold to AAX shares.

The right term to use is additional rights issue not split. Shares Split does not require the share holders to subscribe and invest more money.

Price adjusted for the rights.

Not RM but USD. With the ex date, now you guys have no more choice but to trade the rights on 18 - 25 May. Mother shares will be quiet.

Go to Bursa to view. There's no easier way to invest.

If we valued TA based on potential asset sale, of course we should take note of its securities. If we value based on revenue and earning, then we should take note of its earning through properties and hotels. To me, I more to value TA on its properties and hotels rather than securities. Not that simple to find a buyer for it and get it materialize.

Treasury shares are not entitled to shares dividend. Hence, the calculation is 100% - Treasury shares (%) x 5%.

Shares buy back is now sufficient to declare another round of 20:1 shares dividend.

I need to repeat this again. Bear in mind that the previous hedging of high jet fuel is approximately around 50% for Q1 2015 and 25% for Q2 2015. And with the current Ringgit weakness throughout Q1, you shouldn't expect a better turnaround. Turnaround is only possible in Q3 and Q4 2015 which AAX may still be making loss for financial year 2015.

Why compared with Kenanga? TA main business is no longer stockbroking. It has moved most of its investment into properties such as Hotels.

This is just a small investment. Won't be significant in term of earning. I am more interested in their F&B venture in China and how that could contribute more to earning.

If you have hold on to your AAX until now, it is better for you to subscribe to the rights shares. This is to average down your purchase price. There's no point for you to dispose your AAX now. You should have done it earlier instead of waiting for the rights. I think now it is too late to abandon the "plane". It has took off from the airport and you can't just jump off from the plane when it is in the sky.

more to profit taking. The volumes growth and potential tariff revision will be able to offset the tax incentives

newuser9021 as for Warrant, you either trade it off after the listing of warrants on 11th June if not mistaken. Warrants can be traded just as normal AAX shares. The only different is they have maturity date and exercise price. If I am not mistaken, the tenure is 5 years which are actually quite long. The warrant is not entitled to any dividends, shares splits, or any other bonus shares though.

You may think on how do I make a profit from warrants then? Well, if AAX price is higher than 46 sen, you will make a profit by exercising your right. Let's say in 1 year time, AAX price is at 0.60. By exercising your rights, you only pay 0.46 to own a 0.60 AAX share. Immediately you have earned 0.14. On other hand, your right may worth 0.13 or more and you can sell it off instead of exercising it. Warrants usually grow in tandem with the mother shares.

if you ignore and dun do anything about it, at the end u still at the losing end cause AAX price will be adjusted ex date. i.e. from RM0.45 adjusted to RM0.35. If you dont plan to subscribe, just sell it and get back some money during the 1 week trading.

Mumukongkong: You can purchase additional right shares during the 1 week trading from 18th May to 25th May. I just gave an example of buying additional 3 right shares during that period. On other hand, you can just choose to sell off your right shares too. Then, you don't need to subscribe to anything.

Last min buying to 4.50

Last time when I subscribe to rights, my Investment Bank Broker will call me to inform me that I need to prepare enough fund in my trading account to subscribe by certain date. Besides, they will confirm with me again if I am subscribing to it. I don't need to deal with the company at all. My Investment Bank Broker will "Kao Tim" everything for me. I just make sure my trading account has enough fund.

newuser9021: After 25th May, u cannot trade the rights anymore and it would mean that you are subscribing to the rights. By that time, u need to prepare RM220 for each right shares u still own. For example you may hold 4 AAX shares now. So on 18th May, you will get 3 AAX rights for you to trade. After one week of trading, you bought another 3 AAX rights (for an amount you willing to pay during the trading week). By then, you would have own 6 AAX rights. With that, you will need to prepare RM220 x 6 = RM1320 to subscribe.

xconstantinez, by 18th May, you will have your rights shares in your trading account. You can just buy/sell it in Bursa like your normal shares trading. The only thing is that these right shares only can be traded from 18-25 May.

If you are holding 4000 AAX now, you will get 3000 AAX right shares by 18th May for you to trade. Usually the right shares will have some code extension like warrant. Bear in mind that since the issue price is RM0.22 per rights, your value for these rights should be around RM0.13 during the 18-25 May.

Theoretical ex price is RM0.35 sen based on 5 days weighted average. For those who doesn't want to subscribe, you can trade off your right shares from 18-25 May.

Refer to this for important dates.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/4722985

rich, it s all due to share buy back. Until now, it still doesn't break RM2.20. Prior to the Arbitration, the average prices is RM2.45 but now is RM2.10. All because of the Arbitration ruling. Means the market value PHB at RM2.10 and think it is fair price.

If there is another negative news like the Arbitration ruling, the price can go down below RM2. In 2 months time, when the appeal hearing result is out, we will know if PHB will go down further. Else, it should back to RM2.45.

I am wondering if the electricity tariff reduction in Sarawak would be good for plantation companies? The downstream companies which deal with refining should be positively impacted.

The previous financial results release has mentioned the proposal of 2 sen dividends. The management is in view to retain some profits for CAPEX/OPEX uses.

Q1 and Q2 won't be promising. Btw, oil is rebounding now and AAX may lost the advantage of lower fuel cost by Q3.

PRGL is challenging the Arbitration ruling.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4717513

In 2013, I also said that it will need more than 2 years to recover. Now's it's already 2015, it will need another 2 years to recover. Lol. I don't think it can recover to the level in 2009, 2010 and 2011 but to the level of 2013 perhaps.

The business in China has changed and the spending power has changed as well. Hence, PRGL should aim for halting the continuous profit reduction, and sustaining it. Next, to grow it in a sustainable rates. China is aiming for 7% growth in 2015. If PRGL can achieve a 5% growth in profit, that would be great already.

Can they stop the downtrend after these 3 years or maybe PHB is going to break the fourth year downtrend? It remains to be seen.

http://www.thestar.com.my/Business/Business-News/2015/04/21/AirAsia-X-agrees-to-compensate-passengers-after-Australia-scheduling-snafu/?style=biz

Compensating due to cancellation of flights in Aussie.

not necessary due to undervalue. Another reason is for the management to defend the share price. They have been buying back since 2013 and still buying now. However that didn't able to stop the price from dropping amid in a slower pace.

goodcompanies, your theory on lower sales will translate into "lower loss" isn't logic. The planes still need to take off even with lower passengers. The company still need to pay the fix cost on operations i.e. head counts, airport fee, maintenance fee, fuel charge, etc. The only cost saving is on the promotion and marketing saving.

I'm still stick to my opinion that Q1 and Q2 results won't be positive as mentioned before. Btw, for those holding AAX, prepare your cash to subscribe to rights. Don't hope and wish that you can exit the counters by higher price within this one month. It won't cause the market is waiting for the rights.

Today PRGL lao sai in HKex

That's only my opinion and so I don't think there will any movement on the shares unless some knew jerking reaction of some minority shareholders who don't understand the Mandatory Offer and got panic and sell their holdings. But it also a good opportunity to generate more publicity on PHB because analysts will usually analyze the offer and provide their fair value price.

In addition, it is regulated that the Board has to engage independent advisor to advise if the offer is fair and reasonable. Hence, it is also a good time for them to reevaluate the market worth of PHB.

It is a requirement to go for a mandatory offer once a major shareholders own 33% of the shares (voting). In fact, the bidder can team up with other shareholders to initiate the offers. If look into the current major shareholders, WC and his nephew already own more than 58% in PHB. Should both of them team up and initiate a mandatory offer, I believe they need to get 50% acceptance from the minority shareholders and also Tabung Haji before the offer can go through.

Looking at current condition, I don't think WC has the interest to privatize PHB. If he wanted to do it, he can do it long ago with voluntary offers or join with his nephew to trigger the Mandatory offer. The reason of him holding to almost 33% was due to 3 shares dividend payout for the past 2 years.

Should he really intended to privatize PHB, he should be prepared to fork out a minimum of RM2.63 as per last financial quarter NTA. Else, the offer will be deem unfair and the minority won't be agreeable to it.

To ensure the mandatory offer will not go through, usually the major shareholders will offer something below the last traded price. For Parkson, they might even go for RM1.95. With that, no one going to agree to it and WC is assured that he don't need to fork out additional money (from his own pockets). In fact, he should be worrying more on his steel business and pump his money there instead of PHB.

I only have 6 lots. Small investor. :)

ks55, no one blames you as an evil man. Don't take the comments here negatively or too personal. If you noticed from the analysis, only AMMB called for buy rating while others were calling for Hold and Sell. I m just citing my own observation and not meant to target or be little anyone. We all have our own analysis and opinions and that's what make a discussion fruitful.

My point was as long as the sentiments are negative, no matter what the analysis said, it will still be negative until PHB can turn the tide and prove the positive i.e. better revenue and profit. I too, made a huge loss from this counter and I have been keeping the counter from 2012. So you should have an idea of the "damage" it done to my portfolio so far.

The analysis call from AMMB isn't helping as the sentiment is quite a negative for PHB. AMMB has been giving a BUY rating since last year but the price is still on downtrend.

Until there're more positive news, I think the price will still be suppressed in the mid term. 3 years and it's still downtrend. Time to rebound and reap the fruits from all the transformation so far.

Btw thanks for the info on 38 departmental stores closed in China. That would give some breathing space for the retail competition. Sometime, you can't have so many players having a same pie. So in this sense, the fittest will win.

ks55, I understand that your argument were based on facts and history. However, I beg to disagree on the parts of moving forward. Based on the current transformation and economy, what is your opinion regarding this counter, minus the factors of past histories which you doubted its decisions? Let's try to give a proper and rationale opinion on Parkson now.

Unless you are saying that the management is repeating what they have been doing in the past and not in the direction and decision to revamp and transform the business model but to continue to plunder the current cash on hands just to save some big shot who is related to Parkson. If this is your point, then I would understand why you are not in favor of this counter.

As of now, to me, I can see that the management has realized about their business model in China and realized that they can't compete in their old ways, hence the transformation. The counter being suppressed recently from RM2.5 to RM2 was due to the negative news regarding the arbitration ruling and also sell down of Vietnam fund (all because Parkson is closing its business there). This could be some kind of regulatory or policies from Vietnam. All this happened within few weeks time and beyond their controls. The management can't ask Vietnam fund not to sell their investment or invest back in Vietnam just because they do not want this to happen.

Btw, on the Vietnam part, I do agree that they made a mistake in investing there. Anyway in business, you are bound to risk. In this case, Parkson made that mistake but am glad they only have few outlets in Vietnam which are manageable. Just like Carrefour, they too exited Malaysia market.

As for the reduced profits from China businesses, this is something the management need to tackle and they are tackling it now. It needs time for the transformation to bear fruits.

ks55: May I know if you are holding any PHB shares now? You seem to be in touch closely with this counter.

First time no shares buyback today. Exhausted the fund?

Treasury shares are not entitle for shares dividend. Meaning it just need approximately another 0.5% of shares buy back to declare a 1 for 20 shares dividend.

PRGL is still on uptrend today.

goldenshares, wait and see what?

PHB still being dumped each day.

PRGL goreng gao gao today.

Perhaps PRGL is planning to appeal the Arbitration ruling.

Cant wait for Q1 and Q2 results. That will give you some inputs on whether their plan is working or not. Bear in mind of the latest challenges with TAAX and IAAX. That would definitely impact the Q1 and Q2 results. Right issue to raise RM395 mil is just a short term measure and won't be sufficient to last the company until Q4 if things don't improve.

Something brewing which we are not aware again???