Will AAX's BOD be considered as commiting the below offend if they take on capA aviation's assets and liabilities knowingly very well that after the merged AAX most likely will default in debts repayment? (Need another round of debts restructure, capital reduction and shares consolidation)

The Companies Act 2016 (“CA 2016”) codifies a general duty on directors’ conduct of trading in a company close to the point of insolvency and any potential liabilities on that account. In broad terms, ‘insolvent trading’ may also be referred to as ‘wrongful trading’ and ‘fraudulent trading’.

Wrongful Trading
In the CA 2016, an offence of wrongful trading is captured in section 539(3) that:

“…an officer of the company who knowingly was a party to the contracting of a debt had, at the time the debt was contracted, no reasonable or probable ground of expectation, after taking into consideration the other liabilities, if any, of the company at the time, of the company being able to pay the debt, commits an offence…”

Fraudulent Trading
Whereas section 540(1) of the CA 2016 stipulates an offence of fraudulent trading as below:

“If it appears…that any business of the company has been carried on with intent to defraud the creditors of the company or creditors of any other person or for any fraudulent purpose, the Court may declare that any person who was knowingly a party to the carrying on of the business in that manner shall be personally responsible…”

If an offence under section 539(3) has been made out, offenders may be punishable with a maximum imprisonment of 5 years or a maximum fine of RM500,000, or both. Reading together with section 540 of the CA 2016, it is added that the offender may even bear personal liabilities for the payment of the whole or any part of the company’s debt without any limitation of liability upon a court’s declaration

I am chemical engineer by profession (MU 1986 chemical engineering graduate).
I had taken some course on accounting for non accountant as my jobs involved reading financial account and preparing project IRR and production costing.

Am I wrong to point out the below facts?

Capital A financial
- Group EBITDA up 325% YoY to RM462 mil on the back of Revenue of RM3.2 bil
- Group operating cash flow over RM1 bil.

Question 1: Why only present the positive; Group (“EBITDA”) of RM462 million in 2Q2023 and Group operating cash flow over RM1 billion to general investing public and IBs analyst but omitting to state that under MFRS 16:

(i) On the Consolidated Income Statement, expenses which were previously included under aircraft operating leases will be replaced by finance costs – lease liabilities and 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.

Just for information I am not a shareholder of AAX or capA but that did not stop me from presenting the available figures and facts to whoever interest in reading this i3 capA forum.

By the way anything wrong on facts and figures that I used to reprimand the TA analyst?

As a qualified and certified CFA your report should be based on your professional opinion/view on what was presented to you by CapitalA (Facts and Figures) and not your personal biased opinion. Quote; ”The increase in capital deficit would not derail its regularisation plan to uplift the company from PN17. In fact, the company has submitted the draft document for consultation to Bursa Malaysia and is confident to complete the regularisation plan by 4Q23 or 1Q24. The operating cash flow inflow was stable at RM484.9mn, boosting the group’s total cash to RM735mn as at June-23” Unquote

Monday 1 January 2024 1 USD = 4.5951 MYR
Friday 29 March 2024 1 USD = 4.7247 MYR

Brent crude at 1 Jan 2024: USD 75.54
Brent crude at 29 March 2024: USD 86.97

So quarter 1 end 31/3/2024.
What will be capA realised and unrealised currency exchange losses? And What will be capA jet fuel cost?
Can capA make any profit for quarter 1 end 31/3/2024?

And then there is this delusional OleOleOle:
Stony must be rolling on the floor laughing non-stop if he happen to read the below.

Posted by OleOleOle > Mar 15, 2024 1:31 AM | Report Abuse
New out of PN17 option without selling AA Aviation business to AAX:

Action 1:
Assume excess valuation for each plane of US$3.8mil. Or may be higher! LOL
Total 219 air planes yield excess value gain of RM3,821mil (1US$ to RM4.5915)

Action 2:
Don't give free CAPI shares to CapA investors, but instead use it to double the goodwill from US listing.
Goodwill RM2.36 bil to RM4.72 bil.

Action 3:
Make agressive profit target for 2024: RM2 bil net profit after tax. LOL

Action 4:
Stop buying new planes for one year. LOL


To get out of PN17:
Total Equity Deficit = - 10,469.5 mil (RM)
Valuation gain = 3,821.0 mil (RM)
US Listing Goodwill = 4,720.0 mil (RM) [Note: No free CAPI share to CapA investors.]
2024 Profit target = 2,000.0 mil (RM)
--------------------------------------------------------------
Net Cap-A Equity = 71.5 mil (RM)
== 1.7c NAPS

Many people suffered from confirmation bias where when one hold capA share he/she lose his ability to be impartial and tend to look only for information and process information in favor of capA no matter how bad the reality can be.

Anyway I do not blame them since Stony is such a sweet talker. Stony is so good and convicing in presenting his case on capA untill many are living in different reality.

Posted by Mabel > Mar 20, 2024 4:07 PM | Report Abuse
Yes lah..
Our Capital A so steady...
Every day cum it climbs just like AirBuss
Captain A, the Magician Airlines

Posted by The_JQuestion > Mar 29, 2024 6:07 PM | Report Abuse
https://www.nst.com.my/business/corporate/2024/03/1031977/airasia-pare...

Wow trip.com prominent name now partner with cap A ahead of nasdap lisitng... belum limit up KAH ?? jet setter

My comment is for everyone to think for a second is capA financial standing become better off or worse off from 31/12/2022 to 31/12/2023?

What has went wrong in the past 1 year when even MAS make profit but CapA finacially become worse off?

Did capA BOD and Management do the right thing for capA employees and shareholders?
And why capA did not negogiate a better lease and interest on lease payment from the lessors?

12 months end 31/12/2023: 12 months ens 31/12/2022
RM'000: RM'000
Depreciation on ROU asset:(1,574,356): (1,309,533)
Financial costs- lease liabilities: (908,711): (705,152)

Interest to know what the external auditor will say on capA annual report on the worsening of Balance sheet.
31/12/2023: 31/12/2022
RM'000: RM'000
Accumulated losses: (10,490,200): (8,923,188)
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)

Will our Malaysia auditors have the gut of Air Asia Philippines auditor Isla Lipana said these figures indicate that a “material uncertainty” exists on its ability to continue as a going concern.

One fine day I will sell my Insas at RM 1.50 and I will take a photo of that sell contract as my personal memorable.

Repost:
Mar 28, 2024 8:32 AM | Report Abuse
If you only used forward earning or EBITDA multiple or ROE to value a company then a high debt or even negative equity company like CapA will come out on top.

Insas after back door listing (RTO) of M&A now only have money lending Insas credit and leasing.

Insas is an investment holding company with billion in cash and billion in Inari holding alone. Then why people don't value Insas on NAV like icapital? Know what is the ROE of icapital?

Any one qualified are welcome to borrow money from Insas credit and leasing. No question ask even you intend to use the borrow money to make a hostile take over of Insas

Any price above RM 1.20 is a very good exit point for minority shareholders.

Any one still holding on to their Insas till today must be crazy or they are confident that Ah Thong able to take good care of Insas money or hoping someone like Ah Tong will make a friendly or hostile take over.

Hence what the complaint about?

I still keep some of my Insas because I believe one fine day I should be able to sell my Insas at my TP of RM 1.50

2018 is the year I attended Insas AGM where I reason with Dato Sri Thong controlling shareholder CEO for hours that a 1 sen dividend is unreasonable, unfair and unacceptable. Dato Dr. Tan try to come to Dato' Sri Thong rescue and that cost him many vote against his reelection as director.
Note: Dato Dr. Tan aguement is if you want dividend then invest in Inari. On hindsight I should have listen to his advise.

The next year new CEO Dato' Wong increase the dividend to 2 sen and ever since then every AGM I reasons with Dato Wing to increase the dividend.

I hold a small position in MHC for dividend and also I like their plantation estate in perak and sandakan book valued at about RM 10K per hectare.

I am hoping Jayatiasa, OSK, Pantech and Yinson will give me a good dividend and maybe become my multibaggers in my portfolio.

Meanwhile I will collect back Insas when the price is right.

https://klse.i3investor.com/blogs/Sslee_blog/2023-08-31-story-h-241058666-Follow_up_email_to_Bursa_A_Happy_Hari_Merdeka_Malaysia_August_31_2023.jsp

On Xingquan

Anyway I did not cut lose as I report to SC and Bursa on the miscounduct of BOD lying thro' their teeth in answering shareholders questions, external auditors not doing their jobs in auditing and verification of bank deposits, impairment of receivables and rejected goods.

Later I approach KYY to make a requisition for an EGM to appoint new external auditor for a forensic audit. Alas before we can submit our EGM request the China man BOD just purposely get Xingquan delist by not submitting quarterly report and not responding to SC and Bursa repeat warning.

So is SC and Bursa doing their job to protect shareholders interest?
I learn my hard lesson.

Mike-tikus bottom fishing Jaks at 19 floor thinking it is the bottom floor.
I was thinking bottom fishing way below Xingquan RI price of 30 sen should be a safe bet.
Mana tahu get my hand burnt hagus.

Post removed.Why?

By the way I start to invest in high growth, high debt and high ROE Yinson.

Will accumulate month by month and hopefully by end 2024 when two of Yinson newly assets FPSO hit first oil the earning will pour in.

If you only used forward earning or EBITDA multiple or ROE to value a company then a high debt or even negative equity company like CapA will come out on top.

Insas after back door listing (RTO) of M&A now only have money lending Insas credit and leasing.

Insas is an investment holding company with billion in cash and billion in Inari holding alone. Then why people don't value Insas on NAV like icapital? Know what is the ROE of icapital?

I lost 50% of my capital on xingquan thinking I can depend on Bursa SC to protect my interest. How naive I was then.

Nowadays if I smell something is not right I am the first to run fast fast.

My point is not whether Fisher or Benjamin Graham a better investor but market can be inefficient or depressed longer than you can remain patience/solvent.

So just invest with your spare money and make some money with whatever method that suit you.

But just remember do not lose your 50% capital no matter how good that stock can be.

No.
So far I only used one (1) ID, unlike dumbass Mike-tikus so many ID.

The U.S. Federal Reserve will set interest rates again on May 1. Fixed income markets expect that rates will remain at 5.25% to 5.5%, as they have been since last July. Nonetheless, summer rate cuts are expected.

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.

Q1 end 31/3/2024 almost come to the end.
Stony 2024 wishes will not be granted.

At current USD to MYR exchange rate, high Brent crude oil and no USD interest rate cut will Q1 ended 31/3/2024 another lose making quarter?

By the way did the BOD act in good faith or at the best interest of AAX and sharehoders when they signed the agreement to allow BrandAA/ CAPI to charge AAX 0.5% royalty fee and Thai AAX 1.5% loyalty fee?

I wonder will AAX BOD dare to go ahead with the take over of capA aviation business (assets and liabilities) that will cause AAX to fall back into PN17 and need another round of debts restructure, capital reduction and share consolidation?

Section 506 of the Penal Code (which is related to criminal intimidation).
Just because of an emotional old man kopitiam outburst talk on Akmal. Polis is now act so fast to make arrest and investigate the poor old man under section 506.

So had the old man make a direct verbal or written threat? Can't we different a kopitiam outburst talk and a criminal intimidation?

So far any Polis action to arrest the vigilantes under section 506 of the Penal Code (which is related to criminal intimidation)?

Vigilantes intimidate two men into confessing
Two other ugly incidents occurred earlier as a consequence of the socks controversy.

A video was circulated which showed a group of men intimidating Chiok Wai Loong and forcing him to confess to comments he made online about the socks controversy which were deemed to have insulted Islam.

Reports said another man, Ricky Shane Cagampang, was also allegedly intimidated and forced to confess to “offensive” remarks he had made online

Aiyoyo Mike-tikus do not know what it mean by share of profit from associate company JHDP and Dividend received from associate company JHDP.


1.) Where is the Money From ???
Note : From 2020 to December 2023 >
Total Share of Profit = RM 431.703 Million
Total Dividend = RM 97.386 Million
Grand Total = RM 529.089 Million


So Mike-tikus mind calculate from 2020 to Dec 2023 Insas share of profit from associate company Inari and dividend received from inari?
And Grand total?

Petrochemical industries in Europe is facing challenge of lifetime due to escalation cost in EU and cheaper China Petrochemical coming into market.

Pchem is only profitable due to Petronas support of cheaper NG cost.

Welcome EngineeringProfit to Insas club.

Dumbass Mike-tikus is so dumb and can't even understand basic accounting.

He even use his other ID trying his conjob/conmath in capA forum:
Stony must be rolling on the floor laughing non-stop

OleOleOle New out of PN17 option without selling AA Aviation business to AAX:
Action 1:
Assume excess valuation for each plane of US$3.8mil. Or may be higher! LOL
Total 219 air planes yield excess value gain of RM3,821mil (1US$ to RM4.5915)

Action 2:
Don't give free CAPI shares to CapA investors, but instead use it to double the goodwill from US listing.
Goodwill RM2.36 bil to RM4.72 bil.

Action 3:
Make agressive profit target for 2024: RM2 bil net profit after tax. LOL

Action 4:
Stop buying new planes for one year. LOL

To get out of PN17:
Total Equity Deficit = - 10,469.5 mil (RM)
Valuation gain = 3,821.0 mil (RM)
US Listing Goodwill = 4,720.0 mil (RM) [Note: No free CAPI share to CapA investors.]
2024 Profit target = 2,000.0 mil (RM)
--------------------------------------------------------------
Net Cap-A Equity = 71.5 mil (RM)
== 1.7c NAPS
15/03/2024 1:31 AM

Dumbass Mike-tikus below how M&A report its Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Quarter Ended 31 December 2023.
So go and figure out how Insas consolidate the M&A account ? And what are Other Operating Expense RM (12,173,000) and Other Operating Income RM 5,728,000 ?

Quarter Ended
31/12/2023
RM'000
Revenue 13,173
Cost of Sales 3
Other Operating Expense (12,173)
Other Operating Income 5,728
Profit from Operations 6,731

In i3 some dumbass appointed themselve as vigilators, policing i3forum and label people with different opiniins to his as conman, insult and red flag other people post to silence them.

https://focusmalaysia.my/sarawakians-told-to-rally-behind-kk-super-mart-to-save-the-states-pride-from-going-belly-up/

SARAWAK has lost all her local banks after a policy to have the banks merged with bigger banks.


Now Sarawak pride on the success of 24-hour convenience store chain KK Super Mart founded by Sarawakian Datuk Seri KK Chai. With the recent uproar on the few pair of socks said to have the ALLAH inscription on them, some politicians and activists are bent to see KK Super Mart be closed down.

Since KK Super Mart which has 881 outlets across Malaysia is a business founded by a Sarawakian, Parti Bumi Kenyalang urges the Sarawak state government to intervene to ensure that the current controversy would not ruin KK Super Mart.

Being a Sarawak-based company, the state government must see to it that KK Super Mart is supported by the Sarawak state government to spread its influence on Peninsula Malaysia.

As Sarawak has lost her local banks in the past, the state should not further lose KK Super Mart which is its “business ambassador”.

It already in BBC, CNA, Washington post, South China Morning post, Jakata Globe and etc
BBC
https://www.bbc.co.uk › news › w...
Malaysian convenience store owner charged over 'Allah socks'
6 hours ago — KK Super Mart and their Malaysian supplier, Xin Jian Chang, had apologised. The store also took them off the shelves. But the controversy.......

Investment Holdings: We are upbeat on YTLPOWR’s 500MW Green Data Centre project. Of note, its phase I 48MW IT Load Hyperscale Data Centre already has Sea Limited as its anchor (taking up 32MW). The Data centre is expected to contribute to earnings by 4QFY24. Overall, we do not expect data centre contribution to be significant yet in the near term but will be an important earnings driver once scaled up

According to a presentation by SingTel on Aug 23 this year, its Digital Infrastructure Co under which the RDC business is parked, recorded revenue of $72 million, and ebitda of $44 million in 1QFY2024 for the three months ended June, compared to revenue of $273 million and ebitda of $172 million in FY2023.

KKR’s purchase price of $1.1 billion for a 20% stake in SingTel’s RDC, translates into an enterprise value (EV) of $5.5 billion, and an historic EV/Ebitda multiple of 32x for the Digital Infrastructure Co. According to the presentation, 62MW is online, with plans to develop around 200MW. Hence, some analysts read it as KKR acquiring 31% of the RDC business for $1.1 billion.

Based on the Aug 23 presentation, in 1QFY2024, the utilisation rate for 62MW in Singapore was 99%. The revenue mix is a “balanced” mix from hyperscalers and enterprises.

Later the local supplier will also file lawsuit against China supplier.
So where will it end?

Collect Yinson only on the dip once news of first oil FPSO Maria Quiteria by 4QFY25 and FPSO Atlanta by 3QFY25, Yinson price should go up.

It like building a power plant during contruction period you can claim contruction profit but no cash flow because of capital outlay.

Only after COD or for FPSO first oil then lease rental come it that should take care of loan principal and interest payment plus profit that contribute to positive cash flow.

YINSON FY25 is from 31 Jan 2024 to 31 Jan 2025.
Hence
3QFY2025 is 1st july 24 to 31 Oct 2024
4QFY2025 is 1st Nov 24 to 31 Jan 2025.

Posted Date: 21 Mar, 2024
Yinson Production’s FPSO Atlanta set sail to Brazil today, marking the successful completion of the project execution phase, and is expected to arrive in the Atlanta field in the Santos Basin offshore Brazil during the second quarter 2024. The sail away follows the grand naming ceremony that was held for the FPSO in December 2023.

See see look look say he invested 50% in valued dividend stocks and 50% high risk high reward stocks.

So far he already trapped himself in jaks, capA and Hengyuan.

Knowing TheContrarian, he had been doing that not just for Insas but many of the undervalued stocks in Bursa.

Key takeaways from YINSON’s results briefing are:-

1. YINSON guided for first oil from FPSO Maria Quiteria by 4QFY25 and FPSO Atlanta by 3QFY25. FPSO Agogo is slated to start operations in FY27.

2. FPSO Agogo achieved a 50% completion rate in 4QFY24, doubling its progress from 25% in 3QFY24, keeping it on track for its scheduled delivery.

Yinson can't afford to give good dividend for next 3-5 years because cash is needed to expand business and paying bank interest.

I only hold a small position in Yinson. Sold my Armada to buy Yinson.
Armada Kraken lease rental will be reduced by 70% from April 2025. Fixed lease expired and option lease is 70% of fixed lease

YES csn't even compete with local telco. Do you think Ytlpower Data center can compete with many MNC companies data center?

As I said before jaks having cashflow problem till 2030.
So jaks price stay depressed till 2030.

Jaks need many more RI or PP from 2026 till 2030.
Jaks will not have money or access to bank facilities to undertake any new projects.