Stony is just taking away from capA aviation its future earning/bottom line and give it to CAPI.

Do I need to worry about SCIB?
SCIB already turn around and going to get many more project in Sarawak?

By the way a 20,000 unit is my support for i3lurker. I3lurker never recommend any stock before, this is his first recommendation. I will keep that 20,000 units till 01/01/2025 or it reach RM 1.00.

The question did icapital NAV growth at 15% per year?

Unaudited NA of Brand AA as at 31 December 2023 is RM 14.24 million.

Brand AA Sdn Bhd is the entity has the rights to collect royalty fees from AirAsia Aviation Group Limited (AAAGL), the exclusive licensee of the AirAsia Brand for AAAGL’s aviation related business.

The royalty fee rate amounted to 1% of revenue from AirAsia’s four airlines in Malaysia, Thailand, Indonesia and the Philippines. Similarly, for AirAsia X and Thai AirAsia X, the fee is 0.5% and 1.5%, respectively.

In addition to the AirAsia brand, CAPI holds the intellectual property rights for 14 other renowned brands and over 224 trademarks spanning 23 countries. CAPI's platform integrates brand strategy, creative marketing and intellectual property development to strategically position its brands and cultivate cultural significance among consumers. The company intends to leverage the brand value of AirAsia through further licensing while implementing its successful strategy to propel and expedite the growth of its intellectual property portfolio

Stony can dream on so are many regional LCC in SEA.
Stony still live in his nostalgia year where AA rule the SEA sky and he set his big plan for AA India and AA China.

Lol Mike-tikus or OleOleOle you took how many hour to work out all the below funny figures for capA?

That said, refer to Q4FY23 financial statements,
Assets associated with AA leasing:
Non-current Liabilities = -13,434.5 mil (RM)
Current Liabilities = - 5,259.6 mil (RM)
Right to Used = 12,066.8 mil (RM)
------------------------------------------------
Net assets = - 6,627.3 mil (RM)
Note: This amount is to be removed from Cap-A statement.

Merger Offer to AAX: US$ 600 mil
Cash (US$200 mil bond)
AA Equity (US$400 mil)
(1US$ to RM4.5915) = 2,754.9 mil (RM)
Note: This amount will add to Cap-A statement.


Hence, Total AA Leasing assets considered:
= 13,434.5 mil (RM) + 5,259.6 mil (RM) + 2,754.9 mil (RM)
= 21,449.0 mil (RM)
= US$ 4,671.458 mil (=219 aircrafts)
OR Each aircraft = US$21.33 mil (***** vs at least US$25 mil per aircraft for a 2nd handed A320 aircraft)


Back to Cap-A, now how do to get out of PN17?
Total Equity Deficit = - 10,469.5 mil (RM)
AA Leasing Asset removed = 6,627.3 mil (RM)
AA Merger Offer get = 2,754.9 mil (RM)
US Listing Goodwill = 2,360.0 mil (RM)
--------------------------------------------------------------
Net Cap-A Equity = 1,272.7 mil (RM)
== 30c NAPS

Pity this dumbass trapped at Jaks 19 floor and refuse to take profit when jaks gap up on ard 1/9/2023 from RM 0.205 to RM 0.245

Me take profit on my Insas from RM 1.16 to 1.35 and balance insas shares is now zero cost to me.

The problem on jaks is how many more receivables in the book will need to impair in future Financial year and why no legal actions taken to recover the receivables?

LSS4:Revenue contribution of RM4.3 million was recognised in the Group from this division. This division incurred a loss before tax of RM0.4 million in the current quarter due to the depreciation charges and interest expenses.
This one mean have difficult in paying loan principal and interest.

The Group recorded a higher loss before tax of RM18.5 million in the fourth quarter of 2023 as compared to a loss before tax of RM5.3 million incurred in the corresponding quarter of the previous year. The higher loss was mainly due to lower share of profit recognised from the Vietnam joint venture of RM34.5 million, a reduction of RM11.7 million from the previous year’s corresponding quarter, mainly due to higher interest cost incurred by the joint venture, impairment loss on goodwill and receivables of RM23.5 million and RM32.9 million respectively.

The group impairment loss on receivable RM32.9. Mean after net off the reversal of provision made in previous years under Property Investment division the group impairment loss on receivable for FY2023 is RM32.9 million

Yes still holding my zero cost insas.

By the way you sound like someone promoting jaks:

My view on jaks.
Buy jaks only in year 2030. After JHDP pay off the 10 year term loans, JHDP will be a cash cow and can pay yearly big dividend to jaks.

Note: Mike-tikus did not know the share of profit from associate company JHDP is just paper profit. What important is dividend from JHDP. Without the JHDP dividend Jaks will have cashflow problems and need another PP or RI for many year till 2030.

JHDP although reported very good profit but can't afford to give good dividend because the 75% loans taken to finance the project was changed into 10 years term loans. JHPD going to have cashflow problems depreciation is 25 years (good profit) but 10 years term loans (need to pay loan principal and interest in 10 year thus poor cashflow for the first 10 years)

Go and read the latest quarterly financial report page 22 on where the revenue come from.

Review of Group Performance
The segmental information for the reportable segments for the quarters ended 31 December 2023 and 31 December 2022 are as follows:

Extrate from choivo capital blog:
Aircraft Operating Lease Income

With the purchase of these huge purchase planes to fund their regional ambitions, as stated previously, Airasia, the Group Company now had a new income stream that would grow far more profitable than expected.

It would not be unreasonable to say that by 2016, this has grown to be their second largest revenue and largest profit contributor.

Without it, the Airasia Group would be lossmaking.

Externally, this also caused huge headaches with accusations by GMT Research that Airasia was only profitable due to the leasing of these planes resulting in profit transfers from unprofitable regional Joint Ventures, to the group holding.

Internally, i’m sure the other joint venture or associate partners did not feel comfortable about this as well, as it could be seen as Airasia Berhad milking the associates for all its worth.

This culminated in the sale of the planes and the leasing business

28 Feb 2018 (Completed 31 Dec 2018) – BBAM Limited Partnership / FLY RM 9,775.6 million and RM 262.3 million (82 Aircraft and 14 Engines)

24 Aug 2018 (Completed 8 August 2019) – Castlelake L.P. USD 739.5 million (RM 3,559.5 million) (25 Aircraft)

25 July 2019 (Completed 31 December 2019) – Castlelake L.P. (RM 1,240 million) (14 Airbus A320-200)

Resulting in net gains of RM 298.8 million and RM 101.54 million, but a net loss in profit of around RM 643 million p.a until the new planes come in.

For the more cynical and realistic individuals, the real reason for the sale would be to settle Tony Fernandes’s and Kamarudin’s RM 1 billion margin loan that taken to inject into the company back in 2016 when prices of the shares were so low

Lease liabilities
The lease liabilities amounting to RM18.7 billion includes deferred aircraft leases of approximately RM2.3 billion. The lease liabilities are supported by ROU assets of RM12.1billion.

The Group had completed the restructuring of a total of 161 aircraft leases up to the date of this report including the waiver of lease rentals in arrears, as well as reducing future lease rates with a corresponding longer lease term, where necessary, and return of aircraft.

Are you high on drug or what?
CapA got planes lease business?

Below are amount capA need to pay to lessors in FY 2023:
From consolidated income statement
RM'000
Depreciation of ROU assets: 449,765 culmulative 12 months 1,574,356
Finance cost-lease liabilities: 252,438 culmulative 12 months 908,771

From Consolidated cash flow statement: cash flows from financial activties
RM'000
Repayment of lease liabilities: (1,664,295)

Note:Under MFRS 16:
(i) On the Consolidated Income Statement, expenses which were previously included under aircraft operating leases will be replaced by a)finance costs – lease liabilities and
b)depreciation of right of use asset

(ii) On the Consolidated Cash Flow Statement, operating lease rental outflows, previously recorded within net cash flow from operating activities, are classified as “net cash flow used in financing activities” for repayment of principal of lease liabilities.

Covid-19 had totally destroyed capA balance sheet. The only way to rebuilt/reset the balance sheet is debts restucture where everyone need to take a haircut. But for reason only knew to Stony only AAX go thro' a debts restructure but not capA.

With net current liabiliaties of RM (12,507,207,000) where can capA going to get the money to fulfill the obligation to pay the current liabilities for next 12 months.

31/12/2023: 31/12/2022
RM'000: RM'000
Total equity: (10,469,461): (9,516,958)
Shareholders' equity: (8,710,574): (5,725,093)
Net current liabiliaties: (12,507,207): (8,509,066)

In addition, we think the very term “value investing” is redundant. What is “investing” if it is not the act of seeking value at least sufficient to justify the amount paid?
Consciously paying more for a stock than its calculated value – in the hope that it can soon be sold for a still-higher price – should be labeled speculation (which is neither illegal, immoral nor – in our view – financially fattening)

Totally agreed.
Is geary using Warren Buffett word to tell buying capA now is amount to consciously paying more for a stock than its calculated value – in the hope that it can soon be sold for a still-higher price – should be labeled speculation (which is neither illegal, immoral nor – in our view – financially fattening)?

Do you think AAX will take over net lease liabilities of RM (6,627.3 million) from capA and on top of that pay CapA RM 2,754.9 mil for capA aviation' business?

Planes belong to lessors and do you think lessors will agreed to transfer the planes lease from capA to AAX knowing very well that AAX will go bankrupt the moment AAX take over capA aviation?

CapA can only survive by forcing the lessors to take a big haircut but then again most likely someone/someones has/have direct or indirect vested interest on these companies that lease planes to capA

Cap A Lease payment to lessors are now:
RM'000
Depreciation of ROU assets: 449,765 culmulative 12 months 1,574,356
Finance cost-lease liabilities: 252,438 culmulative 12 months 908,771

Stony intention is very clear to use AAX as Sacrificial lamb to save capA

Capital A is also selling its aviation business to AirAsia X Bhd (AAX) as the monetisation of the brand alone would not be enough to lift it out of PN17 status.

“One of the reasons why we have to sell the aviation business is to at least be clean. At least then, we can go and talk to Malaysian banks, raise equity and whatever. That is our big argument with Bursa [Malaysia]. My hands are tied, but I can’t raise capital from aviation,” says Fernandes.

Just imagine what will happen to AAX if AAX is forced to take over CapA insolvent aviation?

Repost from capA forum
EBITDA and Capital A returned to the black after four consecutive years of net losses with net profit of RM836.99 million in FY2023 versus a net loss of RM2.63 billion in FY2022. Revenue for the full year more than doubled to RM14.77 billion from RM6.44 billion a year earlier.

Are just statement to syoik sendiri/self induce pleasure by Stony.

The Balance sheet reality:
31/12/2023: 31/12/2022
RM'000: RM'000
Total equity: (10,469,461): (9,516,958)
Shareholders' equity: (8,710,574): (5,725,093)
Net current liabiliaties: (12,507,207): (8,509,066)

Is the above figures better or worst than it start off the year 2023?
Figures don't lie but man do lie about figures.
CapA is insolvent, no money to pay bills and keep roll over the bills.
The net current liabilities is now snowball to (RM 12,507,207,000)

EBITDA and Capital A returned to the black after four consecutive years of net losses with net profit of RM836.99 million in FY2023 versus a net loss of RM2.63 billion in FY2022. Revenue for the full year more than doubled to RM14.77 billion from RM6.44 billion a year earlier.

Are just statement to syoik sendiri/self induce pleasure by Stony.

The Balance sheet reality:
31/12/2023: 31/12/2022
RM'000: RM'000
Total equity: (10,469,461): (9,516,958)
Shareholders' equity: (8,710,574): (5,725,093)
Net current liabiliaties: (12,507,207): (8,509,066)

Is the above figures better or worst than it start off the year 2023?
Figures don't lie but man do lie about figures.
CapA is insolvent, no money to pay bills and keep roll over the bills.
The net current liabilities is now snowball to (RM 12,507,207,000)

Beside EPS need to look into cashflow because earning can be boosted up/down by revaluation fair value gain/loss of assets and share of profit/loss of associate companies.

KSL cashflow is good but the only problem is the controlling shareholders (3 brothers) pay themselve very well but refuse to give any dividend to shareholders and now they are appointing their children to the post of executive director.

By the way jayatiasa cashflow is very good. (3iii please take a look and tell me is jayatiasa a good or awful company?)

Note: Mike-tikus did not know the share of profit from associate company JHDP is just paper profit. What important is dividend from JHDP. Jaks now have cashflow problems and need another PP.

JHDP although reported very good profit but can't afford to give good dividend because the 75% loans taken to finance the project was changed into 10 years term loans. JHPD going to have cashflow problems depreciation is 25 years (good profit) but your loans 10 years term loans (poor cashflow for the first 10 years)

I invested in OSK because OSK give dividend 2 times per year.

I woukd have invested in KSL if only KSL ready to give dividend.

Jaks another PP
The issue price of the Placement Shares, where the Placement Shares will be price at no more
than 10% discount to the 5D-VWAMP of JAKS Shares for the 5 market days immediately
preceding the price fixing date(s).

By the way only billionaire can follow Dino 🦕 method to becoming multi millionaire…

Repost: A gentle reminder to jaks investors:

Jaks finance cost per quarter is now
RM '000
Finance cost (8,139)

Group borrowings as at 31 December 2023 including interest denominated in Ringgit Malaysia are as follows: -
RM’000
Short term borrowings 60,040
Overdraft 6,037
Long term borrowings 428,741
Total 494,818

Cash and cash equivalents included in the cash flow statements comprise the following balance sheet amounts RM'000
Deposits placed with licensed banks 22,222
Cash & bank balances 41,929
Bank overdrafts (6,037)
58,114
Less : Deposit held as security values (22,222)
Bank balance held as security values (904)
Debt service reserves account (11,240)
23,748

Quarter end 31/12/2023
RM'000
Other Operating, Administrative Expenses (68,753)

Mike-tikus,
Did jaks take up the addition 10% in JV JHDP?
Jaks with movable/available bank balance of RM 23.7 million can jaks have enough cash to pay other operating and admin expenses for next 3 months?

So PP or RI kambiiing. What will be the PP or RI price and at what discount to current share price?

Mike-tikus trapped at jaks 19 floor look very dangerous of collapsing anytime

Below are how Dino 🦕 becoming multi millionaire without selling and trapped in Insas for 15 fakking years…


leno Insas 1.18
WC 0.38

1 week after expire
WC 0.38 will become mother 1.18 automatically
= 210.5 % profit in 2 years !!

INSAS RM 60 RINGGIT is KAMBENGGGGGGGG AAAAAAAAAAAAAAA !!

😘😘
26/02/2024 9:16 AM

Aiyoyo this morning bought another 50,000 Jayatiasa at RM 1.18. Sudah berapa banyak untung?

In FY23, posted net profit of RM507 mil, mainly supported by recognition of RM1.4 bil from gain on remeasurement from previously held associate.

Stony wish list for 2024:
Positive outlook on macro indicators
○ Anticipated downward trajectory of brent Crude Oil Price, with prices estimated to reach as low as USD78 per barrel in 2024
○ Expected strengthening of MYR against US Dollar, with an estimated closure at RM4.20-RM4.40/USD by year-end.
○ Market expectations of further interest rate cuts in 2024, advantageous given that 70% of costs are denominated in US dollars.

● Continuous improvement on On-Time-Performance and Net Promoter Score by promoting transparency with guests. To be achieved through minimising delays and if there’s any, to provide timely and precise updates on delays, which also applies to refund progress

● Look forward to kickstarting operations of the newest AOC, AirAsia Cambodia in mid-2024 and potentially announcing a new AOC

If you follow The_JQuestion it will be like:
Malay Proverb: Terlepas dari mulut buaya, masuk ke mulut harimau
Similar English Proverb: Jump from the frying pan into the fire

The details of the directors’ remuneration for the financial year ended 31 December 2022 are set out below:
Group
2022 2021
RM RM
Directors’ remuneration:
- fee 90,000 90,000
- salary and other emoluments 39,087,000 26,206,100
- contribution to state plans 6,479,100 4,501,972
- other personnel costs 8,485 7,912
45,664,585 30,805,984

The three brothers Chairman, Executive Directors pay themselve very well.
But no dividend for minority shareholders.

Aiyoyo my trading account generate CTA earnings of RM 3,554.36 for month Feb.
Will today Jaks waterfall as PP and RI kambiiing?

Sorry typo error.
Correction: The Late Dato' Low Mong Hua

I leave SAB in year 2001 and former CEO the late Dato' Loh pass away with resulting family members fighting among each other. Since then no new projects was implemented. SAB is now living on what the late Dato' Loh had built.

I had my highest respect and profound memories of SAB founder the late Dato' Loh. So out of this respect I will not comment on internal affair of SAB.

Nothing to argue whether Insas is a value trap or not a value trap stock. As long as you can make money from your investment in Insas then Insas is a good stock.

I can only give you the available figures. You form your own facts whether capA can be uplifted from PN17.

By the way this is what one of my whatApp group say about Stony:
Lol.. he is a joke and a conman

31/12/2023: 31/12/2022
RM'000: RM'000
Total equity: (10,469,461): (9,516,958)
Shareholders' equity: (8,710,574): (5,725,093)

The CAPI and GMFI deal only help to boost its shareholder equity by RM2.49 billion.
Any more magic from Stony magic hat to boost shareholders' equity to min positive RM 40 million to be considered for PN17 uplifting?

Posted by xiaoeh > Mar 1, 2024 12:01 AM | Report Abuse
good night Mikecyc

Mike-tikus cannot sleep last night and still busy at jaks forum at 3:37 AM

Mikecyc Haha in fact Jaks Insiders had done a Great Task by Steering the company Diversified into Power Utility industry..👏👏👏..

This decline was primarily attributed to the
lower revenue recognition from the local construction works that are in their final
stages of completion.

👉 With the lower revenue, this division incurred a higher loss
before tax RM63.3 million in this fourth quarter
01/03/2024 3:37 AM

Jaks finance cost per quarter is now
RM '000
Finance cost (8,139)

Group borrowings as at 31 December 2023 including interest denominated in Ringgit Malaysia are as follows: -
RM’000
Short term borrowings 60,040
Overdraft 6,037
Long term borrowings 428,741
Total 494,818

Cash and cash equivalents included in the cash flow statements comprise the following balance sheet amounts RM'000
Deposits placed with licensed banks 22,222
Cash & bank balances 41,929
Bank overdrafts (6,037)
58,114
Less : Deposit held as security values (22,222)
Bank balance held as security values (904)
Debt service reserves account (11,240)
23,748

Quarter end 31/12/2023
RM'000
Other Operating, Administrative Expenses (68,753)

Mike-tikus,
Did jaks take up the addition 10% in JV JHDP?
Jaks with movable/available bank balance of RM 23.7 million can jaks have enough cash to pay other operating and admin expenses for next 3 months?

So PP or RI kambiiing. What will be the PP or RI price and at what discount to current share price?

Mike-tikus trapped at jaks 19 floor look very dangerous of collapsing anytime.

AAX
Revenue per ASK (sen) 17.16
Revenue per ASK (USc) 3.65
Cost per ASK (sen) 15.88
Cost per ASK (USc) 3.38
Cost exc fuel per ASK (sen) 5.96
Cost exc fuel per ASK (USc) 1.27

Whereas CapA
Revenue ASK (USD cents): 4.85
Cost ASK (USD cents): 5.06

Cap A Lease payment to lessors are now:
RM'000
Depreciation of ROU assets: 449,765 culmulative 12 months 1,574,356
Finance cost-lease liabilities: 252,438 culmulative 12 months 908,771

AAX after debts restructure where lessors take a big haircut:
RM'000
Aircraft lease expenses (28,251) culmulativev12 months (76,940)

Jayatiasa will give dividend 2 times per year the new norm and the dividend policy is payout not less than 20% of EPS.

Ann. Date
Ex Date
Type
Subject
Amount
View
29-Feb-2024 14-Mar-2024 DIVIDEND First Interim Dividend RM 0.0250 Dividend Detail
24-Aug-2023 12-Sep-2023 DIVIDEND Second Interim Dividend RM 0.0170 Dividend Detail
28-Feb-2023 14-Mar-2023 DIVIDEND First Interim Dividend RM 0.0150 Dividend Detail

At 31/9/2023
USD to MYR was 4.70
And at 31/12/2023
USD to MYR was at 4.60

Hence result in foreign exchange gain in quarter end 31/12/2023.
But if at end 31/3/2024 USD to MYR stay at 4.75 then it will be a big foreign exchange losses.

Mike-tikus how is your jaks.
I am looking forward to 2 Apri 2024 for my 2.5 sen dividend from Jayatiasa.
Currently 880*25= RM 22,000
Don't get envy ya!

Stock [JTIASA]: JAYA TIASA HOLDINGS BHD
Announcement Date 29-Feb-2024
Reference No ENT-29022024-00007
Corporate Action ID MY240229DVCA0006
Financial Year 30-Jun-2024
Subject First Interim Dividend
Type Dividend - Normal or Special
Description First Interim Dividend of 2.5 sen per ordinary share in respect of the financial year ending 30 June 2024
Amount RM 0.0250
Ex Date 14-Mar-2024
Entitlement Date 15-Mar-2024
Payment Date 02-Apr-2024

Looking forward to 02 Apri 2024 dividend 2.5 sen payment date.

6 months end 31/12/2023
RM'000
Net cash flows from operating activities: 228,370

1 United States Dollar equals 4,75 Malaysian Ringgit
29 Feb, 09.01 UTC · Disclaimer

If USD to MYR stay at this exchange rate till end of March 2024 then next quarter big foreign currency exhange losses.

Note: Loans, lease liabilities and payment, maintenance, fuel, etc are in USD.

As at
31/12/2023: 31/12/2022
RM'000: RM'000
Total equity: (10,469,461): (9,516,958)
Shareholders' equity: (8,710,574): (5,725,093)

This is how Stony bailout his AA Philippines buddy (buy over JV partner 60%) and thus transfer negative billion in Non-controlling interest to shareholders' equity

The CAPI and GMFI deal only help to boost its shareholder equity by RM2.49 billion.
Any more magic from Stony magic hat to boost shareholders' equity to min positive RM 40 million to be considered for PN17 uplifting?

Lease payment to lessors are now:
RM'000
Depreciation of ROU assets: 449,765 culmulative 12 months 1,574,356
Finance cost-lease liabilities: 252,438 culmulative 12 months 908,771

Wonder whether Stony hold any vested interest in lessors company?

So another lose making quarter.
OCT to DEC
Revenue ASK (USD cents): 4.85
Cost ASK (USD cents): 5.06
Average fuel price: USD 125/bbl

This mean Ah Thong accumulate/lock in to much value/current assets/cash/FD inside insas. Hence Insas ia a value trap waiting to be unlocked some fine day.

In conclusion buy below 90 sen and sell above RM 1.20 and repeat few times as what TheContrarian did for 4X gain.

The deal only help to boost its shareholder equity by RM2.49 billion.
It help but still far away from acheiving shareholders' equity of minimum RM 40 million to be considered for uplift from PN 17

At end-September, Capital A’s negative total equity stood at RM10.53 billion.
Shareholders' equity negative RM 8,427,155,000

The announcement also confirms the report in the Feb 19-25 edition of the The Edge Malaysia weekly, which said that parts of the proceeds of the deal, likely in the form of CAPI shares, will be distributed to Capital A shareholders.

The deal will help boost its shareholder equity by RM2.49 billion, a back-of-the-envelope calculation showed. At end-September, Capital A’s negative total equity stood at RM10.53 billion.

It is understood that the gains from the disposal will help Capital A in its road to exit its PN17 status.

Royalty fee for AirAsia brand
Moving forward, CAPI will charge AirAsia Aviation Group Ltd a royalty fee amounting to 1% of revenue from AirAsia’s four airlines in Malaysia, Thailand, Indonesia and the Philippines.

For long-haul carrier AirAsia X, the fee is 0.5%, while Thai AirAsia X will see a higher fee rate of 1.5% of revenue.

CAPI holds IP rights spanning 23 countries, said Capital A in a statement. It has a “stable and recurring revenue stream” from royalty fees, it added.