EPF can just sell Inari directly


12 Aug 2021 130,000 Disposed
12 Aug 2021 169,400 Disposed
12 Aug 2021 1,140,300 Disposed
12 Aug 2021 61,300 Disposed
11 Aug 2021 1,750,000 Disposed
11 Aug 2021 600,000 Disposed
11 Aug 2021 507,700 Disposed
11 Aug 2021 200,200 Disposed
11 Aug 2021 37,400 Disposed
09 Aug 2021 1,300,000 Disposed
09 Aug 2021 1,222,900 Acquired
05 Aug 2021 2,139,600 Disposed
05 Aug 2021 860,000 Disposed
04 Aug 2021 1,753,600 Disposed
04 Aug 2021 500,000 Disposed
04 Aug 2021 230,400 Disposed
03 Aug 2021 3,000,000 Disposed
03 Aug 2021 500,000 Disposed
03 Aug 2021 307,700 Acquired
02 Aug 2021 3,300,000 Disposed
02 Aug 2021 232,900 Disposed
30 Jul 2021 3,000,000 Disposed
30 Jul 2021 300,000 Disposed
30 Jul 2021 240,500 Disposed
29 Jul 2021 2,855,500 Disposed
29 Jul 2021 18,889,000 PP
29 Jul 2021 300,000 Disposed
29 Jul 2021 4,028,500 PP
29 Jul 2021 1,169,700 PP
29 Jul 2021 13,837,100 PP
29 Jul 2021 1,235,300 PP
29 Jul 2021 242,800 Disposed
29 Jul 2021 1,000,000 PP
29 Jul 2021 1,644,100 PP
27 Jul 2021 1,019,400 Disposed
27 Jul 2021 400,000 Disposed
26 Jul 2021 1,739,800 Disposed
23 Jul 2021 1,500,000 Disposed
22 Jul 2021 3,000,000 Disposed
21 Jul 2021 3,000,000 Disposed
21 Jul 2021 1,132,800 Disposed
19 Jul 2021 1,373,300 Disposed
19 Jul 2021 573,400 Disposed
15 Jul 2021 156,300 Disposed
14 Jul 2021 3,000,000 Disposed
12 Jul 2021 50,000 Acquired
09 Jul 2021 686,000 Acquired
07 Jul 2021 990,700 Disposed
07 Jul 2021 583,000 Disposed
06 Jul 2021 181,500 Disposed
06 Jul 2021 417,000 Disposed
05 Jul 2021 2,000,000 Disposed

lawpc128 Pnb, EPF, kyy, OTB - u all should takeover this company from dtk tong, sell off all the inari shares for 543mx3.60 =1954.8 m . even buy insas at 2 rgt ( nosh is 693m shares so at 2 rgt per share only cost 1386m ) on top is 800m cash. Then reward all the minority shareholders like us who has invested in insas but no rewards from current owners.
18/08/2021 11:21 AM

Yes, you are right to sell WC.

As for the value of Insas, go through all the SBUs and look at the return on capital employed.

The only valuation method that the market appears to be using is the sum of parts method, and it's only one third of Inari. (Keep an eye on EPF's disposal.)

I had wanted to give you some talking points when you next meet them.

However, the numbers do not suggest that the key decision maker will listen. That, in itself, may be a part of a series of issues that is causing the valuation gap.

Best wishes and may you achieve your targeted returns.


Sslee Ok thanks,
It mean I am right to sold WC and bought Insas.
16/08/2021 10:14 PM

No, I was not talking about the value of Insas.

I was referring to the theoretical price of Insas WC.

It is with heavy heart for me to say that the theoretical price of WC is currently only 0.27 when calculated using the traditional BSM (non-dliutive) model.

And if a dilutive model is used together with dividends, the theoretical price of WC will be around 0.22.

At 0.39, Insas WC is way over-priced.

p.s. I heard the pleas from millions of WC holders, asking me not to change the volatility percentage. I did everything I could until the final moment to save the pricing, at least until we have finished dealing with Covid-19 and the vaccination programme.

I could have taken the easy way out by sacrificing my principles to stay with the wrong volatility percentage. I chose otherwise.




Sslee Mean:
Insas is super undervalued!!!
16/08/2021 7:26 PM

Updated theoretical price of Insas-WC using the traditional BSM (non-dliutive) model:

Volatility: 35%
Stock Price: 0.935
Strike Price: 0.90
Interest Rate: 2.62%
Warrants/share: 1
Days to Expiration: 1140

Snapshot @0.935 __Calls
Price ___________ 0.274
Delta ___________ 0.696
Gamma _________ 0.602
Theta ___________ 0
Vega ___________ 0.006
Rho ____________ 0.012
Elasticity ________ 2.38

Stock Price ___ Theoretical Warrant $ __Time Value
0.23 _________ 0.002 ______________ 0.002
0.34 _________ 0.011 ______________ 0.011
0.45 _________ 0.032 ______________ 0.032
0.57 _________ 0.068 ______________ 0.068
0.68 _________ 0.116 ______________ 0.116
0.79 _________ 0.177 ______________ 0.177
0.90 _________ 0.247 ______________ 0.247
0.93 _________ 0.274 ______________ 0.244
1.01 _________ 0.326 ______________ 0.214
1.12 _________ 0.410 ______________ 0.188
1.23 _________ 0.501 ______________ 0.167
1.35 _________ 0.595 ______________ 0.150
1.46 _________ 0.692 ______________ 0.136
1.57 _________ 0.793 ______________ 0.125

Given the disposal of the car rental division, I recalculated the volatility using 1 year of data, from previously 3 years of data.

The theoretical pricing of Insas WC warrant is appended below.

Sample inputs and outputs using the traditional BSM (non-dliutive) model for Insas WC:

Volatility: 35%
Stock Price: 0.935
Strike Price: 0.90
Interest Rate: 2.62%
Warrants/share: 1
Days to Expiration: 1140

Snapshot @0.935 __Calls
Price ___________ 0.274
Delta ___________ 0.696
Gamma _________ 0.602
Theta ___________ 0
Vega ___________ 0.006
Rho ____________ 0.012
Elasticity ________ 2.38

Stock Price ___ Theoretical Warrant $ __Time Value
0.23 _________ 0.002 ______________ 0.002
0.34 _________ 0.011 ______________ 0.011
0.45 _________ 0.032 ______________ 0.032
0.57 _________ 0.068 ______________ 0.068
0.68 _________ 0.116 ______________ 0.116
0.79 _________ 0.177 ______________ 0.177
0.90 _________ 0.247 ______________ 0.247
0.93 _________ 0.274 ______________ 0.244
1.01 _________ 0.326 ______________ 0.214
1.12 _________ 0.410 ______________ 0.188
1.23 _________ 0.501 ______________ 0.167
1.35 _________ 0.595 ______________ 0.150
1.46 _________ 0.692 ______________ 0.136
1.57 _________ 0.793 ______________ 0.125


Sslee ** Up to 7 February 2020 - as disclosed in Note 44(a)(ii) to the financial statements.
Disposal of the Group's Singapore car rental division.
Hopefully with the disposal will save on director and staff cost
16/08/2021 7:18 AM

Sslee, FYI


Directors' remuneration
___ 2020 _____ 2019 _____ 2018 _____ 2017 ____ 2016 ____ 2015
___ 11,117 ____ 11,614 ___ 10,052 ____ 7,864 ____ 5,547 ___ 3,391


Financial Services, credit & leasing
Cum profit / Cum Assets = 3.12%

__________ 2020 _____ 2019 ____ 2018 ____ 2017 ____ 2016 ____ 2015
Revenue __ 67.266 ___ 60.644 ___ 66.369 ___ 55.247 __ 48.384 ___ 51.317
Profit _____ 23.182 ___ 19.350 ___ 7.585 ____ 14.299 __ 23.032 ___ 9.664
Assets ____ 643.901 __ 564.41 ___ 526.489 __ 508.765 _ 408.372 __ 459.275


Investment holding & trading
Cum profit / Cum Assets = -0.23%

__________ 2020 ______ 2019 _____ 2018 _____ 2017 ____ 2016 ______ 2015
Revenue __ 236.625 ___ 88.084 ___ 210.806 ___ 236.156 __ 140.457 ____ 280.657
Profit _____ (50.202) ___ (2.053) ___ (1.072) ____ 97.031 ___ (50.456) ___ (5.022)
Assets ____ 742.293 ___ 849.992 __ 821.200 ___ 922.978 __ 797.073 ____ 991.601


Technology & IT related
Cum profit / Cum Assets = 14.46%

__________ 2020 ____ 2019 ____ 2018 ____ 2017 ____ 2016 _____ 2015
Revenue __ 23.006 ___ 52.648 ___ 50.998 __ 34.662 ___ 47.157 ___ 61.217
Profit _____ 30.928 ___ 61.876 ___ 76.57 ___ 65.030 ___ 93.077 ___ 85.811
Assets ____ 588.784 __ 564.76 ___ 517.123 _ 408.483 __ 356.057 __ 238.307


Retail trading & car rental
Cum profit / Cum Assets = 0.69%

__________ 2020 ____ 2019 ____ 2018 _____ 2017 ____ 2016 _____ 2015
Revenue __ 46.026 ___ 77.810 ___ 78.623 ___ 74.829 ___ 65.23 ____ 34.827
Profit _____ 0.622 ____ 1.314 ____ (3.34) ____ (0.431) ___ 6.081 ____ 2.495
Assets ____ 77.594 ___ 188.364 __ 181.983 __ 206.018 __ 179.553 __ 139.931


Property investment & development
Cum profit / Cum Assets = 2.9%

___________ 2020 ____ 2019 _____ 2018 _____ 2017 _____ 2016 ____ 2015
Revenue ___ 3.411 ____ 2.27 _____ 1.245 _____ 6.807_____ 2.953 ____ 3.639
Profit ______ 10.507 ___ 1.632 ____ 10.662 ____ 4.712 ____ 6.239 ____ (0.465)
Assets _____ 202.301 __ 181.433 __ 174.405 ___ 158.735 __ 158.547 __ 112.637

alenac,

Yes you are right. Between 2009 and 2018, the total net outflow of FDI was more than USD20 Billions. Malaysia's National Debt went from RM376 Billions in 2009 to RM864 Billions in 2019.

If kleptocrats were to return, recession is a certainty, devaluation of the Ringgit is a probability, and downgrading of country's rating to CCC is a possibility.


_______ FDI Net Flow ________ National Debt
_______ (US$ Billions) ______ (RM Billions)
1990 __ 2.20 ________________ 95
1991 __ 3.82 ________________ 99
1992 __ 5.07 ________________ 97
1993 __ 3.94 ________________ 96
1994 __ 2.01 ________________ 93
1995 __ 1.69 ________________ 92
1996 __ 1.31 ________________ 91
1997 __ 2.46 ________________ 91
1998 __ 1.30 ________________ 104
1999 __ 2.47 ________________ 113
2000 __ 1.76 ________________ 126
2001 __ 0.29 ________________ 146
2002 __ 1.30 ________________ 165
2003 __ 1.10 ________________ 189
2004 __ 2.56 ________________ 217
2005 __ 0.99 ________________ 232
2006 __ 0.05 ________________ 248
2007 __ -2.74 _______________ 274
2008 __ -7.83 _______________ 317
2009 __ -6.63 _______________ 376
2010 __ -4.46 _______________ 427
2011 __ -2.99 _______________ 480
2012 __ -8.00 _______________ 530
2013 __ -2.11 _______________ 575
2014 __ -5.44 _______________ 621
2015 __ -0.68 _______________ 671
2016 __ 3.37 ________________ 697
2017 __ 3.76 ________________ 746
2018 __ 2.54 ________________ 806
2019 __ 1.39 ________________ 864


alenac Dino to resign next Monday, the market expects to panic. If kleptocrats are back, the market will be worst as even now foreign funds almost dry.


14/08/2021 7:21 PM

Between 2009 and 2018, the total net outflow of FDI was more than USD20 Billions. Malaysia's National Debt went from RM376 Billions in 2009 to RM864 Billions in 2019.

Sure you want Ah Jeep?

You wish the country's rating to drop to CCC?

Or you just want to watch reruns of C4, cement drum and cold blooded murders?


_______ FDI Net Flow ________ National Debt
_______ (US$ Billions) ______ (RM Billions)
1990 __ 2.20 ________________ 95
1991 __ 3.82 ________________ 99
1992 __ 5.07 ________________ 97
1993 __ 3.94 ________________ 96
1994 __ 2.01 ________________ 93
1995 __ 1.69 ________________ 92
1996 __ 1.31 ________________ 91
1997 __ 2.46 ________________ 91
1998 __ 1.30 ________________ 104
1999 __ 2.47 ________________ 113
2000 __ 1.76 ________________ 126
2001 __ 0.29 ________________ 146
2002 __ 1.30 ________________ 165
2003 __ 1.10 ________________ 189
2004 __ 2.56 ________________ 217
2005 __ 0.99 ________________ 232
2006 __ 0.05 ________________ 248
2007 __ -2.74 _______________ 274
2008 __ -7.83 _______________ 317
2009 __ -6.63 _______________ 376
2010 __ -4.46 _______________ 427
2011 __ -2.99 _______________ 480
2012 __ -8.00 _______________ 530
2013 __ -2.11 _______________ 575
2014 __ -5.44 _______________ 621
2015 __ -0.68 _______________ 671
2016 __ 3.37 ________________ 697
2017 __ 3.76 ________________ 746
2018 __ 2.54 ________________ 806
2019 __ 1.39 ________________ 864



ahbah So, Ah Jeep ... the best of the lots ?

He tunaikan all his janji n brought our klci to RECORD HIGH ?

Hidup Ah Jeep, on this score !
15/08/2021 2:55 PM

Leno,

The AH LONG business is getting only 6.97% ( 36,855/528,627), which is a shade above 6.53% for the RM328M borrowed from the bank.

And if the impairment is written off, the AH LONG yield will drop to ( (36,855-15,662) / 528,627) to 4.00%.

-->> 1) What niche market are you talking about?


Insas
_________________________________ 2020 ______ 2019
Revenue _________________________ 197,502 ____ 212,014
Profit before tax ____________________ 25,211 _____ 93,328

Staff Costs (excluding directors) _______ 27,337 _____ 26,417
Directors remuneration ______________ 11,117 _____ 11,614

Directors remuneration / Revenue ______ 5.629% ____ 5.478%
Directors remuneration / PBT __________ 44.09% ____ 12.44%
Directors remuneration / Staff Costs _____ 40.67% ____ 43.96%


MMC
_________________________________ 2020 _______ 2019
Revenue _________________________ 4,492,748 ___ 4,711,796
Profit before zakat and taxation ________ 653,714 ____ 521,991

Staff Costs (excluding directors) _______ 854,185 ____ 888,431
Directors remuneration ______________ 7,953 ______ 7,665

Directors remuneration / Revenue ______ 0.177% ____ 0.1627%
Directors remuneration / PBT __________ 1.217% ____ 1.468%
Directors remuneration / Staff Costs _____ 0.931% ____ 0.863%


-->> 2) What sort of nuclear science business is Insas running that requires Directors remuneration as a percent of revenue at 5.629% and Directors remuneration as percent of staff costs at 40.67%?

-->> 3) I assure you that you do not want me to look at Inari. You be courteous and I will look away.



leno
This year and last year is bad for most company.
Among the few very profitable business is the AH LONG business.

Inari Credit Leasing (ICL) is in a very the NICHE market.
They stand in between the bank and ah long.
Bank don't want lend, ah long too high interest, then u go to ICL.

The Receivables are all co-lateralised, ballooning because of very GOOD BUSINESS during this trying period, and ICL has "secured" all this business which going to pay good money for many many years to come. We are talking about 5 years, 10 years of SECURED profit.

And until now, we have not go into Inari share price of RM 3.50 !!
FAK U if u still cannot understand !

14/08/2021 9:41 AM


leno
U must be able to manage the company.
U take over, then all the staffs resign, how leh ?
U think this is glove company ?
any bangla or indon can be replaced aa ?

13/08/2021 11:37 PM

Condoms are no longer required for birth controls. Covid has done the job by inducing orchitis and/or decreasing testosterone levels, sperm counts, and motility


i3lurker Global GDP dives down as World's Third Biggest Port is shut down.
Without any trade, Global profits of anything, including but not limited to condoms goes down.

INSAS going underwater.
14/08/2021 12:14 AM

Agree.

Gordon Gekko would have said 'Blue horseshoe loves Insas'.

Why isn't he?



Sslee Just imagine without the WC Dato Sri Thong is more vulnerable to hostile takeover.

A very simple question why pay RM1.023 billion to own 330 million of inari when you can use the same amount to take over Insas ( 545.5 inari share and everything inside Insas)?
14/08/2021 12:00 AM

Small wheel turn big wheel is always a vulnerable situation.


Sslee PSAi3alert Since Dato Sri Thong will not vary his shareholdings, Leno should do a hostile takeover

The recent cash call Insas-PB with free WC are actually for Dato Sri Thong to collect more WC as a way to ensure his controlling shareholder status and to fight off any hostile takeover.
13/08/2021 11:43 PM

Leno,

I am a mind reader.

On the 9th of Aug, I printed the numbers in your mind ( daughter = WC , mother = Insas , grandmother = Inari ).

On the 13th of August, you spoke your mind.

Now, I am telling you that you will see a number of roadblocks.

You will either get down from the car and remove the roadblocks; or drive through them.

Mind Reader PSAi3alert



Stock: [INSAS-WC]: INSAS BERHAD

Aug 9, 2021 11:33 AM

Sslee,

I can read Leno's savant mind.

Her numbers are: daughter: 3.0 , mother: 3.93, grandmother: 5.0


Blog: The intrinsic value of HARTALEGA

Aug 13, 2021 11:47 AM | Report Abuse

to qqq :
harta TP RM 6
inari TP RM 5
insas TP RM 4
insas-WC TP RM 3

Some ppl prefer TP 6,
some like leno, who is not greedy, prefer RM 3 only.

Since Dato Sri Thong will not vary his shareholdings, Leno should do a hostile takeover.


Sslee @PSAi3alert : However, paying 6.53% for the RM328M borrowings is odd. Might as well use the FD to pay down the borrowings or do share buybacks.

Insas cannot do share buyback because currently Dato Sri' Thong and PAC hold 32.96% any share buy back resulting in Dato Sri Thong and PAC holding to reach 33% will required Dato Sri Thong to offer conditional MGO.
13/08/2021 11:12 PM

The decline in overall revenue was due to lower revenue in Technology and ICT services and Retail Trading and Car Rental.

The Investment Holding & Trading segment's revenue increase from RM64M to 86M but PBT went from RM1M to RM-49M

Investment holding & trading:
2020 Revenue (M): 86
2020 PBT (M): (49)
2019 Revenue (M): 64
2019 PBT (M): 1

Am I to understand that the RM433,354M worth of receivables (not past due and not impaired) is not a traditional form of receivables but is actually loans by ICL and share margin financings by M&A? (Dealer’s representatives’ deposits and clients’ trust monies have been specifically excluded from both assets and liabilities, so M&A's trading volumes will not impact receivables)

So the average interest rate earned by Financial services and credit & leasing will be 7.2% (36,855/513,010)?

Financial services and credit & leasing:-
____________________________________ 2020 ________ 2019
- Interest income ______________________ 36,855 ______ 36,679
- Brokerage commissions _______________ 17,392 ______ 11,2044

Placing almost RM700M in bank deposits at 1.7% per annum is prudent.

However, paying 6.53% for the RM328M borrowings is odd. Might as well use the FD to pay down the borrowings or do share buybacks.


Sslee Only M&A, ICL, car rental, stocks investment holding and property rental income contribute to revenue. Revenue will be reduced if less investment holding trading.
Most of the profit were from M&A, ICL, share of profit from associate companies (especially Inari) and fair value gain/loss from holding fair value investment assets/stocks.

The receivable increase was from increase loans given out by ICL and trade receivable from increase stocks trading volume by M&A brokering services. Interest expenses used at brokering business is reductable from net income for brokering.

Money deposite at bank did not earned much interest that is why I say the Board/Management of Insas is too conservative and prudent almost to a fault.
13/08/2021 5:26 PM

Results will be the same in KL.

Google 'papaya farm kl' and look at the top 2 results


trum Of course my uncle Trum will choose option B below lah. Who reject free milk trial?

13/08/2021 7:02 PM

trum,

Thanks.

Milk from lactating females who have been vaccinated with covid vaccines contain antibodies that help provide protection against the virus.

If there is a study to test the effectiveness via the following trials:

A: drink papaya leave juice for 1 month

B: suck breasts of 10 females, changed daily, 50% lactating, 50% non-lactating for 1 month

Which trial will your uncle Donald choose?


trum Papaya leaves juice can cure cobib lah. I gave papaya leaves juice to my pet with cobib and it recovered. May be you all can give this to you pets? Papaya leaves juice are anti viral.
13/08/2021 5:43 PM

trum,

Not a good offer.

1x RM30 durian = 100 x 300,000 MP allocations = rakyat go bankrupt


trum At last... this offer...

https://www.freemalaysiatoday.com/category/nation/2021/08/13/pm-makes-...


At a press conference here where he was surrounded by his key ministers, Muhyiddin said he would propose a framework for bipartisan political cooperation, including a RM300,000 allocation for all MPs and senators regardless of political parties.


13/08/2021 6:34 PM

stockraider / Sslee,

I have a couple of questions that you probably would have answers already.

1) Between 2019 and 2020, sales revenue decreased but receivables went up and, oddly, the current receivables went up as well.

2) The company has received interest income of RM11.442M on deposits of RM671.652M deposits, but paid RM21.452M interest expenses on RM328.087M borrowings. Wouldn't the company save on the interest expenses by using half of the cash balance to pay down the borrowings?


Thanks


____________________________________ 2020 ________ 2019
Revenue ____________________________ 197,502 ______212,014

Receivables
____________________________________ 2020 ________ 2019
Neither past due nor impaired ____________ 433,354 _____ 386,097
1 to 30 days past due not impaired ________ 1,121 _______ 1,390
31 to 60 days past due not impaired _______ 1,192 _______ 1,428
61 to 90 days past due not impaired _______ 847 _________ 1,747
91 to 120 days past due not impaired ______ 1,595 _______ 893
More than 121 days past due not impaired __ 59,239 ______ 51,541
____________________________________63,994 ______ 56,999
Impaired _____________________________ 15,662 ______ 15,315
____________________________________ 513,010 ______ 458,411

____________________________________ 2020 ________ 2019
Deposits with licensed banks and ________ 491,564 ______ 554,552
financial institutions
Cash and bank balances _______________ 180,088 ______ 95,148

Interest income from:- _________________ 11,442 _______ 15,086
- deposits and cash balances with
licensed banks and financial institutions

____________________________________ 2020 ________ 2019
Loans and borrowings __________________ 328,087 _____ 281,653

Interest expenses _____________________ 21,452 _______ 23,220

Yes, Pfizer, Merck and Shionogi are in the race in developing the protease inhibitor with Covid 19 antiviral properties.

Hopefully it's just dosage for few days and not for life like Tenofovir and Entecavir used in treating Hepatitis B.

i3lurker agree
thats why I already posted that US Govt now working on a Magic Pill just like Tamiflu specially targeted for covid-19


13/08/2021 2:37 PM

The paper by LWW is a study of 24 randomized controlled trials involving 3406 participants. Unfortunately Elgazzar one of the first papers, that led everyone to get into the idea that Ivermectin worked, was included in the LWW paper.

Read about flawed Ivermectin preprint here:

https://www.nature.com/articles/d41586-021-02081-w

"The paper’s irregularities came to light when Jack Lawrence, a master’s student at the University of London, was reading it for a class assignment and noticed that some phrases were identical to those in other published work.

When he contacted researchers who specialize in detecting fraud in scientific publications, the group found other causes for concern, including dozens of patient records that seemed to be duplicates, inconsistencies between the raw data and the information in the paper, patients whose records indicate they died before the study’s start date, and numbers that seemed to be too consistent to have occurred by chance."

We now know that there is something called 'faith-based Covid drug' studies.

KKM is already doing a double-blind clinical on Ivermectin and results will be published next month.

To take a peek at the KKM's clinical trial, you just need to be aware that:

- hospitals are already using all types of antibiotics, antivirals, hepatitis, HIV and parasite drugs as treatment options

- the principal MSD has issued a statement that there is no scientific basis for a potential therapeutic effect for Ivermectin

- Iverwar, made by India-based Noel, has flooded the Malaysian market at RM200 per box of 10x10

- cases and death rates continue to escalate in Malaysia



Sslee https://journals.lww.com/americantherapeutics/fulltext/2021/08000/iver...

Conclusions:
Moderate-certainty evidence finds that large reductions in COVID-19 deaths are possible using ivermectin. Using ivermectin early in the clinical course may reduce numbers progressing to severe disease. The apparent safety and low cost suggest that ivermectin is likely to have a significant impact on the SARS-CoV-2 pandemic globally.
13/08/2021 12:43 PM

"However, results from the WHO SOLIDARITY Trial conducted at 405 hospitals spanning across 40 countries involving 11,330 inpatients with COVID-19 who were randomized to receive remdesivir (2750) or no drug (4088) found that remdesivir had little or no effect on overall mortality, initiation of mechanical ventilation, and length of hospital stay"

Dexamethasone plus remdesivir is only palliative for the critically ill patients that require oxygen delivery through a high-flow device or noninvasive ventilation


https://www.ncbi.nlm.nih.gov/books/NBK570580/


i3lurker pearlwhite
thanks

no worries

btw
https://www.genengnews.com/news/coronavirus-chinas-brightgene-manufactures-apis-of-gileads-remdesivir/#:~:text=A%20publicly%20traded%20Chinese%20drug%20developer%2C%20BrightGene%20Bio-Medical,as%20a%20treatment%20for%20the%202019-nCoV%20novel%20coronavirus

pearlwhite,

It is untrue that Sinovac is unable to stop the delta variant.

Using Cambodia as an example, the country has so far received 24.5 million doses of COVID-19 vaccines, comprising 7.2 million shots from Sinopharm and 4.5 million shots were from Sinovac.

The deaths per 1M population due to Covid-19 in Cambodia is only 94.38 compared to a world average of 554.5 and 1,903 in the USA

Cambodia

Total Cases: 82,898
Total Deaths: 1,602
Population: 16,974,077

USA
Total Cases: 36,784,811
Total Deaths: 633,818
Population:333,146,077


pearlwhite .
======================ANNOUNCEMENT=========================


Current use of Sinovac is unable stop to spread the delta variant. (assumed 0%).

Note: Pfizer has a 42% chance of stopping the delta variant. Moderna has a 76% chance of stopping the delta variant.


TQ
.
13/08/2021 10:31 AM

Sslee, I do not think it's a question of will there be a man-made virus.

Have a look at the distribution of countries below.

Looks like the Middle Kingdom is winning against the Illuminati at this stage of biological warfare..


Distribution of countries with more than 10,000 reported cases

2,000-6,000 Deaths per 1M population
Peru Hungary Bosnia and Herzegovina Czechia Bulgaria North Macedonia Brazil Montenegro Colombia Argentina Slovakia Belgium Slovenia Italy Paraguay Croatia

1,000 - 1,999 Deaths per 1M po
Poland UK USA Mexico Chile Romania Ecuador Tunisia Spain Portugal Uruguay France Andorra Lithuania Panama Armenia Moldova Georgia Bolivia Sweden Latvia Luxembourg Greece Switzerland South Africa Namibia Ukraine Austria Lebanon Russia Suriname Iran Germany Netherlands Aruba Ireland Costa Rica

555-999 Deaths per 1M pop
Seychelles Jordan Malta Estonia Albania Belize Serbia Honduras Trinidad and Tobago Curaçao Bahrain Bahamas Botswana Oman Eswatini Guyana Israel Canada Palestine French Guiana Mayotte Guadeloupe Turkey Guatemala French Polynesia

WORLD AvERAGE: 554.5 Deaths per 1M pop

300-550 Deaths per 1M pop
Kuwait Libya Cabo Verde Azerbaijan Iraq Denmark El Salvador Jamaica Maldives Indonesia Belarus Kazakhstan Cyprus Kyrgyzstan Dominican Republic Fiji Martinique Nepal Malaysia Cuba Réunion India

100-299 Deaths per 1M pop
Morocco Philippines Zimbabwe Mongolia Sri Lanka Saudi Arabia Myanmar Qatar UAE Zambia Lesotho Finland Afghanistan Egypt Djibouti Norway Bangladesh Venezuela Mauritania Japan Syria Pakistan Algeria

30-99 Deaths per 1M pop
Malawi Cambodia Thailand Senegal Kenya Gabon Rwanda Sudan Uganda Somalia Mozambique Haiti Cameroon S. Korea Vietnam Ethiopia Australia Taiwan Madagascar Congo Angola

10-29 Deaths per 1M pop
Hong Kong Uzbekistan Ghana Mali Timor-Leste Papua New Guinea CAR Guinea Togo Ivory Coast Tajikistan DRC South Sudan Nigeria

1-9 Deaths per 1M pop
Burkina Faso Singapore China



Sslee Haha i3lurker is saying in a very near future US will man-made a virus that will make those with Chinese DNA to be more likely hospitalised and or die from disease cause by this man-made virus.
12/08/2021 9:26 PM

Replacing the faulty component should be the SOP.

One of the SOPs is to have 98% flap 3 landing that saves 8kg of fuel per landing.

Failure to observe the SOP resulted in the termination and legal suit against a pilot.

The Indian pilot used the Imphal airport as an example for the need for full flap landing.

Maybe Imphal is like Kai Tak airport. Sharp turn and steep descent when you see the Marlboro billboard.



Sslee but was always solved by resetting the RTLU system.
This is the correct SOP.

Unfortunately for this flight after repeat resetting the RTLU system for so many times the pilot recall he saw the technician pull out the fuse to reboot the system when similar alarm persist after resetting.

The pilot unseat from his sit and walk to the cetral fuse box and pull out the fuse mid flight. So the flight system go into reboot and lost controlled.

The rest is history.
12/08/2021 2:43 PM

TF is also a medical expert. He said that a person's memory can last long after death.

"And there's partners who have made so much money from you for 19 years, and then drop you like a hot potato. I'm going to remember that, long after I'm buried six feet under." - Tony Fernandes


Maybe the 162 occupants on AirAsia Flight 8501 did not know the following:

- AA did not have any official permission to fly the Surabaya–Singapore route on Sunday 28 December 2014

- there was malfunction in two of the plane's RTLU

- a tiny soldered electrical connection in the plane's RTLU was found to be cracked, likely for over a year, causing it to intermittently send amber master caution warnings to the electronic ECAM

- the plane's maintenance records show that the RTLU warning had been sent 23 times over the previous year

- the RTLU warning was never further investigated, which could have addressed the underlying electrical problem

- but was always solved by resetting the RTLU system


But the 162 occupants on AA 8501 might remember the last 2+ minutes:

- At 29,000 feet (8,800 m), the aircraft descent range changed to 12,000 feet (3,700 m) per minute




DickyMe The blind leads the blind as medical experts.
12/08/2021 12:32 PM

Question posted re Kpower's project to build a mini-hydropower plant in Apex Makalu, Nepal

calvintaneng,

In August 2020, KPower announced a RM192.68M project with Apex Makalu in Nepal.

The Mid-Hongu Khola A Hydropower Project was previously signed between Apex Makalu and CNEEC in Sep 2019.

However, on the 9th July 2021, Sanima Hydro and Engineering announced an agreement with Apex Makalu for Due Diligence for, again, the same Mid Hongu Khola – A Hydropower Project.

The coordinates of project area are:
86 51' 23" E to 86 53' 54" E
27 30' 51" N to 27 32' 08" N

-->> Can you please check with your contacts on how much of the RM192.68M contract has been recognized as receivables?

-->> Sanima just announced an agreement with Apex Makalu
-->> Can you please check if agreement between KPower and Apex Makalu is still in force or has it been terminated?

-->> Satellite images of the project area are showing no construction activities in the project area.
-->> Can you please check if the project has been abandoned?



23rd Sep 2019 - CNEEC's Press Statements

Mr. Chhabindra Parajuli, Commercial Consulate of Embassy of Nepal in China, and Mr. Zhao Hui, President of CNEEC witnessed the signing of EPC Contract for Nepalese Mid-Hongu Khola A Hydropower Project, which are undertaken by Mr. Kedar Nath Poudel Director of Apex Makalu Hydro Power Pvt. Ltd., and Mr. Ning Hui, Deputy General Manager of CNEEC No. 1 Business Department.


27th Aug 2020 - KPower's Press Statements

Kumpulan Powernet Bhd has secured a contract worth US46.2 million (RM192.68 million) for a hydropower project at Mahakulung VDC, Nepal.

In a bourse filing, the group said its wholly-owned subsidiary KPower International Ltd received a letter of award yesterday from Apex Makalu Hydro Power Pvt Ltd for the 22MW Mid Hongu Khola-A hydropower project in Nepal.

"The scope of work includes the engineering, construction, supervision, testing, commission, reliability test, remedy of defect during the defect liability period and provision of all equipment, both permanent works and temporary works in connection with the project," the company said.

The target completion date for the project is within 36 months from the commencement date, or not later than Aug 31, 2023.


9th July 2021 - Sanima's Press Statements

Sanima Hydro and Engineering (P.) Ltd signed a contract agreement with Apex Makalu Hydropower Ltd. for Due Diligence Study of Mid Hongu Khola – A Hydropower Project (22 MW) on 9th July, 2021. The project is located in Solukhumbu district, Province No.1 of Nepal. It has been planned as a run-of-river (RoR) type scheme with an installed capacity of 22 MW, design discharge at Q42.85 of 13.50 m3/sec, and gross head of 210.00 m.

Question posted re Kpower's project to build a mini-hydropower plant in Solukhumbhu, Nepal

calvintaneng,

Now that vespa mentioned about Nepal, there was a RM207.84M contract to build a mini-hydropower in Solukhumbhu, Nepal.

The coordinates of project area are:
86 48’ 26” E to 86 51’ 34” E
27 29’ 09” N to 27 30’ 51” N

-->> Can you please check with your contacts on how much of the RM207.84M contract has been recognized as receivables?

-->> Satellite images of the project area are showing no construction activities in the project area.
-->> Can you please check if the project has been abandoned?



Thursday, May 14th, 2020

KUMPULAN Powernet Bhd (KPower) has bagged a US$48 million (RM207.84 million) contract from Ghaurishankar Power Development Pte Ltd (GPD) to build a mini-hydropower plant in Solukhumbhu, Nepal.

The contract will require KPower to design, build and commission a mini-hydropower plant with a capacity of 22.9MW.

KPower expects to complete the project within 36 months from the commencement date or not later than May 12, 2023, it said in an exchange filing yesterday.

Questions on the Myagdi Khola hydro project:

--->>> Why is Serba announcing a project now when the same project was announced with a value of USD100M on the 16th Mar 2020

--->>> In Nepal, the projects under construction and being planned totaled 260 with capacity of 5,491MW, equivalent to 10 times of the capacity of hydro power projects in operation

--->>> Given the glut in the hydro power capacity in Nepal, how does Serba intend to finance the said project
11/08/2021 10:15 PM


Lifeunlimited https://www.klsescreener.com/v2/news/view/866315
11/08/2021 11:42 PM

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=117395&name=EA_GA_ATTACHMENTS

One of the contracts listed in the above announcement is for a hydropower project in Nepal.

The details are:

EPCC for 57.3MW Myagdi Khola Hydropower Project at Gandaki Province, Nepal
Client: Hydro Village Private Ltd(1)
Duration: 1 June 2021 – 31 May 2024
Note
(1) Subject to satisfaction of internals and regulatory approvals, SDIL would pursue with its asset ownership business model.


The same project was previously announced on the 16th Mar 2020:

https://www.hydroreview.com/hydro-industry-news/hydro-village-serba-dinamik-sign-agreement-for-57-3-mw-myagdi-khola-hydro-project/

"Malaysia-based Serba Dinamik International Limited (SDIL), a wholly owned subsidiary of Serba Dinamik Holdings Berhad (SDHB), has signed a memorandum of understanding (MoU) with Nepal-based Hydro Village Private Limited (HVPL) for development and operation of the 57.3-MW Myagdi Khola hydro project.

The project is estimated to cost about US$100 million, and HVPL has executed a power purchase agreement (PPA) with Nepal Electricity Authority and obtained required legal clearances from other concerned departments."

Nepal Electricity Authority Power Trade Department has listed the IPPs and capacities of hydropower projects grouped into various stages:

IPPs' Hydro Power Projects (Operation): 80 projects, total 552.345MW
IPPs' Hydropower Projects (Under Construction) (Financial Closure concluded projects): 116 projects, total 2,581.765MW
IPPs' Hydropower Projects in Different Stages of Development: (Without Financial Closure): 144 projects, total 2,909.944MW

The Myagdi Khola hydro project falls under the 'Without Financial Closure' category

Source: https://www.nea.org.np/admin/assets/uploads/supportive_docs/45415077.pdf


--->>> Why is Serba announcing a project now when the same project was announced with a value of USD100M on the 16th Mar 2020

--->>> The projects under construction and being planned totaled 260 with capacity of 5,491MW, equivalent to 10 times of the capacity of hydro power projects in operation

--->>> Given the glut in the hydro power capacity in Nepal, how does Serba intend to finance the said project

Random Musings

Anyone who is interested in looking at patterns,

- please go to https://www.worldometers.info/coronavirus/
- export all the numbers into a spreadsheet
- delete countries with less than 10,000 reported cases (because they will be outliers)
- sort by deaths per 1M population (you ought to see Peru at the top and China at the bottom)

The resulting stats ought to be as follows:

78 Countries with above world average deaths per 1M population:
Total Cases __ Total Deaths __ Deaths/Case __ Deaths per 1M __ Pop
147,666,612 __ 3,469,000 _____ 2.35% ________ 1765 __________ 1,964,904,467

82 Countries with below world average deaths per 1M population:
Total Cases __ Total Deaths __ Deaths/Case __ Deaths per 1M __ Pop
56,612,435 ___ 849,210 _______ 1.50% ________ 150 ___________ 5,668,028,255

By looking at the 82 countries with below world average deaths per 1M population, you'll likely see a lot of them being part of the OBOR

If it were a biological warfare, it looked like the Middle Kingdom retaliated against the Illuminati

The original vaccine was developed around April 2020 using MRNA by Drew Weissman and Katalin Karikó , both from the Perelman Institute of the University of Pennsylvania. (Donald Trump and Elon Musk both graduated from Wharton, University of Pennsylvania).

The MRNA-based vaccines were effective against the original virus variant but not subsequent variants.

Singapore is a curious case because they use only MRNA-based vaccines and still have the 2nd lowest death cases per 1M population. Unless antidotes were introduced into char siew pau and siew yook and not Iberico pork.

Yes, Slovakia is in the top ten percentile in terms of deaths per 1M population.

Slovakia
Total Cases: 39,3160
Total Deaths: 12,543
Cases per 1M population: 71,974
Deaths per 1M population: 2,296
Population: 5,462,565



chinaman the best, fair KPI is population density vs no. of cases...Otherwise, not accurate lei..As of 2017, Slovakia had a population of 5.435 million people, giving it a population density is 287 people per square mile (111 people per square kilometer),
11/08/2021 5:24 PM

Will "360 degrees turnaround" multiple times help in paying off the huge liabilities?

A few clients have 'wear grass' already...


__________________ 31/12/16 _____ 31/3/2021
Share capital _______ 531.80M _____ 2,291.51M
Loans & borrowings __ 639.66M _____ 3,975.42M
Total ____________ 1,171.46M ____ 6,266.94M


Cumulative Rev from 25/5/2016 – 31/3/2021

Malaysia _______ 5888.584M ... Petronas Chemical, Methanol, Carigali, Gas
Qatar __________ 4601.051M ...Process Dynamics, Pavilion, Halul
UAE ___________ 3380.402M ... New Thunder, Sum tech, Block 7, FDDS
Bahrain ________ 1756.658M ... Lata, Regno
Saudi __________ 1201.493M ... Midad
Turkmenistan ____ 721.542M ... Turkmengas
Indonesia _______ 613.514M ... Pilar
Oman __________ 580.59M ... Revenue Int
Kuwait __________ 224.697M
Tanzania _______ 194.809M ..... Sufini
India ___________ 60.028M ...... Captive, Analog
Uzbekistan ______ 40.33M ...... Hazarasp
UK ____________ 28.323M
Laos ___________ 20.99M ...... Nam Taep
Sri Lanka _______ 16.7M
Kazakhstan _____ 1.789M


Process Dynamics: Domain hosted with Penang-based Exabytes
Pavillion: Cleaning company run by Indian nationals, no licence for Oil n Gas
Halul: Domain hosted with Penang-based Exabytes
New Thunder: Hardware trading by Indian national, domain hosted by Exabytes
Block 7: Registered by Karim on 25/03/2020
FDDS: Registered by Karim on 13/01/2020
Lata: Hosted with Penang-based Yeahhost
Regno: Same shareholder as Lata
Midad: Company went off radar
Pilar: Supply Super Ultima (power quality) services does not make sense at all
Revenue Int: Cleaning company run by Indian nationals, no licence for Oil n Gas
Sufini: No evidence of plant in satellite images, JV partner Junaco insolvent, JV company licence expired
Captive: Registered by Serba's directors
Analog: Sell Analog's products and services back to Analog
Hazarasp: Another Chlor-Alkali Plant like in Sufini Tanzania
Nam Taep: Self awarded project terminated

robin5813, thanks for the link.

AirAsia’s media tour didn’t go according to plan
Dear readers,

AirAsia made a big splash when it announced that it would buy Gojek’s Thailand business to spark its super-app ambitions.

That kick-started a media blitz in which Tony Fernandes made the rounds to give interviews to tech outlets – us included.

But something unexpected happened after. A video showing a top AirAsia executive berating a staff member during a town hall session got leaked and went viral, igniting a public firestorm.

This happened while we were in the midst of writing up our interview with him.

AirAsia was roundly condemned after the video spread on social media. The ensuing anger, however, drowned out questions that needed to be asked: What is the company’s culture really like? Is it really as toxic as some people have made it out to be?

We tried to find out by speaking to nine current and ex-employees, some of whom held senior roles at the airline.

A polarizing picture emerged: AirAsia is progressive in how it enabled many minorities to rise up to roles that they would never get elsewhere. But it’s also regressive in how the behavior depicted in the video is a common occurrence.

What happened to a pilot in India who highlighted safety violations at the budget carrier is worth highlighting. After sacking him, the airline also sued him to try and shut him up, but it failed. The company, however, insists it has a whistleblower policy in place.

In the end, we published two stories: our interview with Fernandes, where he defended his super-app strategy, and our reporting on whether AirAsia’s work culture is toxic.

Are you a current or former AirAsia staff member? We’d certainly love to hear what you think.

Terence Lee
Editor-in-Chief
Techinasia


robin5813 https://www.techinasia.com/airasias-media-tour-didnt-plan
10/08/2021 6:19 PM

calvintaneng,

In August 2020, KPower announced a RM192.68M project with Apex Makalu in Nepal.

The Mid-Hongu Khola A Hydropower Project was previously signed between Apex Makalu and CNEEC in Sep 2019.

However, on the 9th July 2021, Sanima Hydro and Engineering announced an agreement with Apex Makalu for Due Diligence for, again, the same Mid Hongu Khola – A Hydropower Project.

The coordinates of project area are:
86 51' 23" E to 86 53' 54" E
27 30' 51" N to 27 32' 08" N

-->> Can you please check with your contacts on how much of the RM192.68M contract has been recognized as receivables?

-->> Sanima just announced an agreement with Apex Makalu
-->> Can you please check if agreement between KPower and Apex Makalu is still in force or has it been terminated?

-->> Satellite images of the project area are showing no construction activities in the project area.
-->> Can you please check if the project has been abandoned?



23rd Sep 2019 - CNEEC's Press Statements

Mr. Chhabindra Parajuli, Commercial Consulate of Embassy of Nepal in China, and Mr. Zhao Hui, President of CNEEC witnessed the signing of EPC Contract for Nepalese Mid-Hongu Khola A Hydropower Project, which are undertaken by Mr. Kedar Nath Poudel Director of Apex Makalu Hydro Power Pvt. Ltd., and Mr. Ning Hui, Deputy General Manager of CNEEC No. 1 Business Department.


27th Aug 2020 - KPower's Press Statements

Kumpulan Powernet Bhd has secured a contract worth US46.2 million (RM192.68 million) for a hydropower project at Mahakulung VDC, Nepal.

In a bourse filing, the group said its wholly-owned subsidiary KPower International Ltd received a letter of award yesterday from Apex Makalu Hydro Power Pvt Ltd for the 22MW Mid Hongu Khola-A hydropower project in Nepal.

"The scope of work includes the engineering, construction, supervision, testing, commission, reliability test, remedy of defect during the defect liability period and provision of all equipment, both permanent works and temporary works in connection with the project," the company said.

The target completion date for the project is within 36 months from the commencement date, or not later than Aug 31, 2023.


9th July 2021 - Sanima's Press Statements

Sanima Hydro and Engineering (P.) Ltd signed a contract agreement with Apex Makalu Hydropower Ltd. for Due Diligence Study of Mid Hongu Khola – A Hydropower Project (22 MW) on 9th July, 2021. The project is located in Solukhumbu district, Province No.1 of Nepal. It has been planned as a run-of-river (RoR) type scheme with an installed capacity of 22 MW, design discharge at Q42.85 of 13.50 m3/sec, and gross head of 210.00 m.

i3lurker,

Thanks. It's quite evident.


i3lurker thats why you can see 2 jokers here frantically looking for Suiyee Sucker Bilis to buy up AA shares

very frantic behavior....

PSAi3alert To make a profit or not make a profit. That is not the question.

The question is how fast TF can make money for himself in this crisis.

10/08/2021 12:52 AM

Sslee,

You posted a couple of questions regarding receivables recovery on another thread.

Those questions and my answers are reposted below.

In short, it's another hope-based investment.


Jul 23, 2021 2:03 PM

I will guess motherhood apple pie answers will be given.

Selling off the loss-making subsidiary for RM1 has provided the optics for an improved balance sheet and gives time for the company to smooth out the write-offs against earnings from the other profitable venture.

What is not visible, however, is the value of the previous subsidiary's tax losses. Four times ( 1/25%) of the accumulated losses can be used for channeling in pre-tax profits.

If transactions were to be undertaken to reap the benefits of the accumulated losses, and in parallel to the write-offs by the previous majority shareholder, secret profits would have been made. The party that has enjoyed the secret profits will become constructive trustee ( see also FHR Ventures v Cedar Capital ), and there is no statute of limitation for trust property.

The proper route that the Management should take is to get a judgment debtor sum and apply a garnishee order to attach the ex-subsidiary's bank accounts. In order to assess whether the Management will choose this route, I will do searches on the ex-subsidiary and the ex-subsidiary's now main shareholder's accounts and will zoom in on the names of officers and date of tabling of the last financial results.


Sslee Guess what Bursa reply me on below questions?

5. Impairment of trade receivables and other receivable bases on customers/related parties that are in financial difficulties and have defaulted on payments. Should Management take legal action to recover receivables and at what stages the law allowed debts as unrecoverable and to be written off?

6. What are the rules and regulations to safeguard abuse/misuse by Management/Executive to write off debts by related or friendly parties as impairment?
23/07/2021 10:41 AM

Yup, looks like one last grab.

Or perhaps do a stunt like what Rusdi Kirana did in starting Super Air Jet when Lion Air's problems are insurmountable.



i3lurker thats why you can see 2 jokers here frantically looking for Suiyee Sucker Bilis to buy up AA shares

very frantic behavior....

PSAi3alert To make a profit or not make a profit. That is not the question.

The question is how fast TF can make money for himself in this crisis.


2 August 2021
"On behalf of the Board, RHB Investment Bank wishes to announce that AAGB has implemented the LTIS with effect from 2 August 2021, being the date on which the Company is in full compliance with Paragraph 6.43(1) of the Listing Requirements."

-->> TF will get his money via free shares
10/08/2021 12:52 AM

calvintaneng,

Now that vespa mentioned about Nepal, there was a RM207.84M contract to build a mini-hydropower in Solukhumbhu, Nepal.

The coordinates of project area are:
86 48’ 26” E to 86 51’ 34” E
27 29’ 09” N to 27 30’ 51” N

-->> Can you please check with your contacts on how much of the RM207.84M contract has been recognized as receivables?

-->> Satellite images of the project area are showing no construction activities in the project area.
-->> Can you please check if the project has been abandoned?



Thursday, May 14th, 2020

KUMPULAN Powernet Bhd (KPower) has bagged a US$48 million (RM207.84 million) contract from Ghaurishankar Power Development Pte Ltd (GPD) to build a mini-hydropower plant in Solukhumbhu, Nepal.

The contract will require KPower to design, build and commission a mini-hydropower plant with a capacity of 22.9MW.

KPower expects to complete the project within 36 months from the commencement date or not later than May 12, 2023, it said in an exchange filing yesterday.


calvintaneng Don't simply pass judgment. Wait for all Receivables to be Turned into CASH Slowly then you will know
09/08/2021 10:52 PM

trum,

Why are you sad?


trum Very sad
10/08/2021 12:06 AM

To make a profit or not make a profit. That is not the question.

The question is how fast TF can make money for himself in this crisis.


Q1 2021
Lease liabilities
The lease liabilities amounting to RM12.5 billion includes deferred aircraft leases of approximately
RM1.8 billion
Sales in advance of carriage: RM971.688M

-->> RM1.8B lease payments in default
-->> Lessors can 'tarik kapalterbang'
-->> Refunds will be made soon (since Jan 2020 actually)


14 July 2021
‘I will not forget the lessors who have treated us badly’: AirAsia chief

-->> TF is angry because lessors want lease payments for the aircraft (that AA sold to the lessors in sale and leaseback agreements)


24 June 2021
"AirAsia, he said, also has large amounts of money owed to it, citing the US$200 million (RM800 million) tied up in Airbus. “I like to cancel the order and get my money back..."

-->> The non-refundable deposit with Airbus is TF's money. Not the company's, not passengers' refunds, not lessors.


2 August 2021
"On behalf of the Board, RHB Investment Bank wishes to announce that AAGB has implemented the LTIS with effect from 2 August 2021, being the date on which the Company is in full compliance with Paragraph 6.43(1) of the Listing Requirements."

-->> TF will get his money via free shares


Thank you

Appears to be savant-based investing done right.

Perth, Melbourne, Brisbane or Sydney?

Leno should choose Melbourne.


Sslee Leno is laughing all the way to the bank.

Mar 5, 2021 3:36 PM | Report Abuse

You make money also no give some to leno
You lose money, please don't come and borrow from leno.
Leno need the money to migrate to Australia.

WISH EVERYONE ALL THE BEST !!
CHIA YIU INSAS !!
LOVE YOU ALL !!
09/08/2021 11:47 AM

Sslee,

I can read Leno's savant mind.

Her numbers are: daughter: 3.0 , mother: 3.93, grandmother: 5.0



Sslee And by the way leno is looking at 50% gain from WC
09/08/2021 10:53 AM

humbleisland,

I'm not an analyst. One of the key measurement of a company's performance is staff happiness.

AA's staff are not happy because:

- pilots have to pay for their meals on board

- pilots get reprimanded for not achieving a 98% flap 3 landings (full flap landing will cost 8kg more of fuel

- top guys get RM400M worth of LTIS free shares despite losing RM972M in fuel speculation

- flights are undertaken without ATC's permission (Surabaya–Singapore route on Sunday)

- F words are used on subordinates

- I have personally seen how TF talked to a staff and it's completely different from his public cut-glass British accented persona

I am willing to debate on specific details down to each aircraft's tail number. But if you were to veer towards hope-based accounting that does not correlate with the share price movements, then the actual financial performance does not matter.

In that case, I will just use staff happiness as the only metric. And TF gets an F.


Finally, the beauty of financial engineering is that anyone can make any assumptions in order to derive a number that he/she wants or doesn't want. I am not suggesting your calcs above are right or wrong, but isn't that what an analyst will do? If a stock's price is in a downtrend, everyone will tweak their assumptions and revise figures downwards, and if a stock's price is in an uptrend and business prospects improve, analysts will waste no time in suddenly changing their tune. In some ways, that is what all of us are doing as well to convince ourselves that we are right and those who do not agree are wrong.
08/08/2021 3:17 PM

i3lurker,

There ought to be a distinction between faith-based accounting and hope-based accountinig.

Faith-based accounting is applicable for situations when plants and sites do not show up in satellite images; receivables are recorded for non-existent customers; and when client, supplier, contractor, proxy and licence issuer is effectively the same party.

In AA's case, all liabilities are real and the shareholders' equity is indeed negative RM4.19B. This scenario requires hope-based accounting.

With hope based-accounting:
- average aircraft utilization hours per day will be pushed from 13 to 26 (achievable by having more planes fly westward to gain on the GMT time difference)
- jet fuel price will be negative RM8/gallon over the next five years
- ABC maintenance checks are replaced by 'kicking the tire' checks

I did not bring up financial engineering in my previous post because humbleisland said that AA is only in aviation business.

Since you brought it up, I'll discuss the financial services part of the business.

One of the key liabilities is sales in advance of carriage: RM908,448M

And assets that can be collateralized are:
Deposits with Airbus: US$200M (RM820M)
BigPay fresh funds: US$100M (RM410M)

BigPay will issue ABS (asset backed securities) for the amount of RM908.448M by using those 2 asset items as collateral.

The funds raised from the ABS will be loaned to the customers who have 'sales in advance of carriage' with AA with the following terms:
- 18% per annum interest rate for a term of 5 years
- default if payments are missed for 3 cumulative (not consecutive) months
- the 18% per annum interest shall be compounded upon default

Invariably, all customers will default because no one will pay interest for money that is due to them.

The value of the loan portfolio will now swell to RM2,078.3M (RM908.448 x 1.18^5)

Since defaults have been triggered, the value of the ABS holders will drop by 50% to RM454.22M.
That ABS liability of RM454.22M will be converted to 'sales in advance of carriage' because redemption has to be within AA's ecosystem.

The deposits with Airbus and BigPay funds assets of RM1,230M is now freed up for more asset back securitisations.

Now AA should proceed to default on all aircraft leases. All the aircraft will be auctioned at 5% of book value which means that it will cost only RM455M to buy all the aircraft that previously had a ROU value of RM9.1B.

To settle with the lessors, AA shall pay 5% of the RM12.5B lease liabilities or RM625M.

The balance of RM150 (1,230M - 455M - 625M) will now be paid out as executive compensation.

Since everyone is hopeful that everything will be back to normal, aircraft assets will have to be revalued to half the book value of pre-pandemic valuations.

The final result will be:

ASSETS
Aircraft asset: RM455M
Revaluation surplus: RM4,095M
Loan portfolio: RM2078.3M
Airbus deposit: RM820M
BigPay funds: RM410M
Total Assets: RM7,858.3

LIABILITIES
Sales in advance of carriage: RM1362.67
ABS for purchasing aircraft and settling lessors: RM1,230M
Total Liabilities: RM2,592.67M

NET ASSETS: RM5,265.63

That will be hopeful accounting coupled with financial derivatives


i3lurker PSAi3alert

again you are raising up irrelevant issues

for a faith based share like Air Asia that is already bankrupt, valuation of bankrupt Air Asia is based on faith principles and miracle mathematics.

for Miracle Mathematics you just adjust those accounts by adding nine zeros to the assets and gains and then you just minus out also nine zeros to any liabilities and losses.


lu paham?
08/08/2021 11:37 AM

humbleisland,

First of all, I've never suggested that airlines should refund all sales in advance of carriage. It's a matter of how it's being managed. SIA's decrease in the 'sales in advance of carriage' was proportional to it's revenue decline. That is not the case for AA.

AA ______________________ FY2020 _________ FY2019
Revenue _________________ RM2,844.381M ___ RM11,379.669M
Sales in advance of carriage __ RM971.688M ____ RM1,182.155M

SIA ______________________ FY2020/21 ______ FY2019/20
Rev _____________________ S$3,815.9M _____ S$15,975.9M
Sales in advance of carriage __ S$568.1M ______ S$2,041.4M

The sales in advance (RM908,448M) and PSC payable to airport authorities (RM111.1M) has already exceeded RM1B. Sales in advance of carriage ought to have been parked in a client account to be drawn down only upon carriage by passengers.

I was not comparing an airline business with a financial services at all. BigPay has been suggested to be the savior for AA. BigPay is essentially a payment system, remittance and money lending services company.

If for some financial wizardry that can result in the RM908.448M worth of 'sales in advance' liabilities being mutated into credit to be used only in AA's ecosystem; that will be a financial derivative product which passengers did not pay for, nor consent to in the first place.

That was the reason why I thought AA is or going to be in financial services.

By looking at the 2020 annual report, I noted the RM976.168M fuel swap losses and almost thought that AA is in the jet fuel speculation business as well.

___________________ FY2020 ________FY2019
Revenue ___________ RM2,844.4M ____ RM11,379.7M
Aircraft fuel expenses _ (991.428M) _____ (4,204.77M)
- Fuel swap losses ___ (972.168M) ______ (-)

Since you have said that AA is only an airline services company, we shall not delve further into its prospects in financial services, fuel speculation, retailing of nasi lemak or mango distribution businesses.

AA was actually the largest shareholder in Fly Leasing. (I read the sale of Fly Leasing shares to be a forced sale to contra against rent deferrals granted.)

[---Background info: In 2018, BBAM-managed entities acquired a portfolio of 84 aircraft and 14 engines, of which 79 aircraft and 14 engines will be leased back to Airasia and its affiliates. FLY and Incline have also entered agreements to acquire 48 aircraft on order by Airasia, and taken an option to acquire a further 50 aircraft to be delivered.

FLY acquired 34 A320s and seven aircraft engines. Of these aircraft, 33 were on lease to five different airlines within the Airasia group.

Under the terms of the agreement, AAB received approximately $1 billion in cash and 3,333,333 newly­issued FLY shares at $15 per share as part of the initial stage of the transaction.

As at Dec 2020, Fly Leasing's portfolio comprised the following aircraft leased to AA:
AA Berhad 11 A320-200
AA India 2 A320-200
AA Indonesia 2 A320-200
AA Philippines 1 A320-200
AA Thai 1 A321neo, 1 A320-200

AAB 5 CFM56 engines
AA Japan 1 CFM56 engine
AA Indonesia 1 CFM56 engine

Out of the 33 aircraft originally leased to AA, 18 remained to be under lease. None of the 48 aircraft on order by AA and option for a further 50 aircraft was actually acquired ---]

As of Mar 2021, AA's liabilities were:
Lease liabilities _____ RM12.5 billion (supported by RM9.1 billion ROU)
Sales in advance ___ RM908,448M
Other payables ____ RM111.1M
Borrowings ________ 1,136.1M

Lets assume for the moment that your (a), (b) and (c) will come in (although I very much doubt that a 'data-backed' loan can circumvent PDPA).

The variables going forward for the next years will be:
Max 40,000M ASK (assuming Carlyle Aviation, Incline, NBB, BOC Aviation, Castlelake LP etc do not 'tarik' aircraft)
Cost per ASK - excluding fuel (sen) > 10
Jet Fuel Price (RM/gallon): 7 to 9

I do not know how the aviation industry work. Pray tell on how AA is going to make money in the next 5 years. No payment system, money lending, fuel speculation, nasi lemak or mango. Just the aviation part only and in specific without hope-based accounting.

humbleisland,

Whether I'm doing business or otherwise is irrelevant and is a strawman argument.

If AirAsia were to diversify into financial services, trust and integrity is utmost important. The way AA has handled sales refund indicates that they will manage money poorly.

On the aviation front, getting seat capacity requires funding.

Carlyle Aviation post acquisition of Fly Leasing will be more hard-nosed on lease agreements.

( NA of Fly Leasing is USD25/share and average book value per plane is only USD30M. Why did AA sell its share at USD17/share?
https://otp.tools.investis.com/clients/us/fly_leasing_ltd/SEC/sec-show.aspx?FilingId=14761455&Cik=0001407298&Type=PDF&hasPdf=1 )

Your (a) money is gone already
(b) is speculative and I am of the opinion that TF just want to bump up the LTIS free share ratios
(c) is also speculative, needs to be repaid and is just robbing Peter to pay Paul

Looking at the 3 Cs (character, credit and conduct), AA will face huge difficulties to convince financiers or lessors to give him the planes

Got $100m USD can settle outstanding first?

Lease liabilities
The lease liabilities amounting to RM12.5 billion includes deferred aircraft leases of approximately RM1.8 billion

Current liabilities
Sales in advance RM908,448M
Other payables RM111.1M

Other payables and accruals include accruals for operational expenses and passenger service charges payable to airport authorities

If want to fly again, please clear the liabilities first.

Thank you.

leno,

When a 8.5 sen dividend is indeed announced, the share price will jump to 1.80.

After ex-dividend, share price will adjust to 1.72

The theoretical warrant price will then be 1.08

Mother would have doubled and WC would have tripled

Everyone will be correct except stockraider

Is this what's on your mind?



leno to Psai :
Damn ! U really can read my mind.
I want to answer same thing, but on 2nd thought why waste time.
U cannot teach an old donkey any tricks.

HAHAHAHAHAH !!
06/08/2021 3:18 PM

leno,

Trust you got the answer. Sslee will issue 8.5 sen dividend to bring the share price down to 83 sen.



leno i mean, did leno say anything wrong ?

mother 83 sen, wc 35 sen
meaning mother over valued now, must sell mar.

or u can says mother 91.5 sen, wc should be 41.5 sen,
still same conclusion, sell mother to buy WC.

This is what your diagram say mar.
No ?
06/08/2021 12:47 PM


Sslee Haha,
No worries, I will ask for special dividend and shares dividend from Insas boss.
Also dividend policy of distribute not less than 75% dividend received from associate companies and fair value assets


06/08/2021 1:02 PM