The question jaks need to answer is why every year still got impairment of trade and other receivables?

When will this impairment of trade and other receivables stop?

BANGKOK, 19 May, 2022 – Thai AirAsia X (XJ), the low fare long haul carrier, has begun preparations to initiate a rehabilitation process after its submission on 17 May,2022 was accepted by the Thai Central Bankruptcy Court on 18 May, 2022. The objective is to revamp the company’s administration process and restructure its debts, delivering greater efficiency and a solid platform for robust future growth after weathering the COVID-19 pandemic. The process will have no impact on passengers as operations will continue as usual and Thai AirAsia X prepares to reintroduce flights to South Korea and Japan from June 2022 onwards.

A 49% associate of AAX, TAAX is under bankruptcy protection or in other word AAX is still under PN17 on the below clause:

(f) a default in payment by a listed issuer, its major subsidiary or major associated company, as the case may be, as announced by a listed issuer pursuant to paragraph 9.19A of the Listing Requirements and the listed issuer is unable to provide a solvency declaration to the Exchange

I am not jealous nor have anything against Airasia, in fact I would like to thanks Airasia for providing affordable air travel that have benefited many people.

I am here trying to tell forummers to be objective and think rationally. CapitalA balance sheet is very bad

Balance Sheet as at 31/3/2023 :
Net current liabilities: RM (8,524,896,000)
And Net total assets/total equity : RM (9,376,200,000)

Thus CapitalA will not be able to meet Bursa deadline/dateline to submit PN17 regularisation plan (CapitalA badly need new capital injection or debts restructure which is not possible at current stage) hence perhaps delist is a good option for Stony to have a free hand to restructure the business units and list some of business units to raise capital for CapitalA.

It is my hope capitalA will make a comeback with a stronger balance sheet in future.

EngineeringProfit,
I do not hold any CapitalA (because of PN17 status). You should take some profit before the Q2 result (better operation result will be cancelled by foreign exchange loss) and also don't be the last one caught holding the bag on D day 7 Oct 2023.

Knowledge is power and with great power come great responsibility.

I just trying to do the right thing that investment should be based on facts and figures available (the financial report) and not based solely on hearsay or trend alone (this one for trading which my favorite are Armada and some plantation companies)

@EngineeringProfit long time no see, how are you?. What is your opinion on the incoming state election?

The unlifted of AAX from PN17 is not tie to CapitalA but on AAX major associate and JV (TAAX and IAAX) IAAX dormant but still has unpaid Indonesia tax and TAAX still under PN17 negative equity.

(f) a default in payment by a listed issuer, its major subsidiary or major associated company, as the case may be, as announced by a listed issuer pursuant to paragraph 9.19A of the Listing Requirements and the listed issuer is unable to provide a solvency declaration to the Exchange

TAAX recorded a net profit of RM63.96 million in the current quarter. As at 31 March 2023, the unrecognised amount of the Group's share of loss of TAAX which have not been equity accounted for amounted to RM453.4 million. In accordance to MFRS 128, any profits will only be recognised when its shares of the profits equals the share of losses previously not recognised.

IAAX has been dormant since FY2020. The Group has discontinued the recognition of its share of losses incurred by IAAX as the Group's interests had been reduced to zero. As at 31 March 2023, the unrecognised amount of the Group's share of loss of IAAX which have not been equity accounted for amounted to RM304.7

MAS done debts restructure.
AAX done debts restructure.
But CapitalA has not. Why???
Without creditors taking a hair cut, CapitalA will need to work very hard for next 10 year just to pay off the debts.

Note: With high interest rate and high oil price, CapitalA is running on empty tanks.

The fact is the more jobs Jaks tender or more projects undertake the more losses it will be.

The best way forward for jaks is don't do anything. Or can find someone like JHDP China partner, let the partner do everthing and Jaks is there to colllect money.

By the way jaks is short of money to undertake any more new project the MOUs are only for show that ALP is working hard and deserved the fat cat salary and free grant LTIP.

AAX is not an independent low cost/budget long haul airline. It depend on CapitalA for services(ticket sale, promotion, ground crew services, planes maintenance and etc)

So it is up to CapitalA whether AAX is profitable or not.

Before covid AAX did not make money because AAX too dependent on AA/CapitalA (for planes and services) or relate party transactions.

So whether AAX make money or not will still depend on how much CapitalA want to charge AAX for service provide. In short capitalA can just do profit transfer from associate/JV/relate party to CapitalA by overchanging the relate party transactions

https://www.investing.com/commodities/nymex-singapore-gasoil-platts-c1-futures-historical-data

Meaning during Major Turnaround schedule to take place in mid-June 2023, lasting for approximately seventy (70) days HRC would not be enjoying the current good crack spread.


Refine Finished Products and Brent crude price:

https://tradingeconomics.com/commodity/brent-crude-oil

https://www.investing.com/commodities/nymex-singapore-gasoil-platts-c1...

https://www.tradingview.com/symbols/NYMEX-AV02%21/

https://id.tradingview.com/symbols/NYMEX-AKS1%21/

If your company owned 49% of capitalA then in your company balance sheet the non current asset investment in associate company/JV value is zero. (It shoould be negative if you use equity accounting)

Only untill capitalA out of PN17 then only you can account for CapitalA share of profit.

TAAX recorded a net profit of RM63.96 million in the current quarter. As at 31 March 2023, the unrecognised amount of the Group's share of loss of TAAX which have not been equity accounted for amounted to RM453.4 million. In accordance to MFRS 128, any profits will only be recognised when its shares of the profits equals the share of losses previously not recognised.

IAAX has been dormant since FY2020. The Group has discontinued the recognition of its share of losses incurred by IAAX as the Group's interests had been reduced to zero. As at 31 March 2023, the unrecognised amount of the Group's share of loss of IAAX which have not been equity accounted for amounted to RM304.7 million

A cogen plant mean gas turbine + high pressure boiler + steam turbine and total generation capacity of gas turbine plus steam turbine = 600 MW

Beware HRC is having Major Turnaround schedule to take place in mid-June 2023, the duration of which will go on for approximately seventy (70) days.

The back door is designed by Tun M and now you know why Malaysians love back door. It is a short cut to success.

Matriculation is a backdoor design for certain group of people to enter certain courses in local university.

If you admit certain people that is not qualify to do a certain course then you need to open another back door (KPK) to help them to graduate.

After graduate due to their lack of indept knowledge, you need to open another back door to employ and promote them to admin.

No PP no problem still can RI.

One on a better option Stony should consider is to allow CapitalA to be delisted as at currrent stage or near future capitalA will not be able to meet Bursa Listing requirement. (Already too late for a debts restructure as creditors are smart enough to demand full payment with interest)

Once CapitalA is de-list then Stony will then has a free hand in how to restructure the business and relist some of those potential business units in futute in order to pay off all the debts.

The extension of time is without prejudice to Bursa Securities' right to proceed to suspend the trading of the listed securities of the Company and to de-list the Company in the event:

(i) the Company fails to submit its regularisation plan to the regulatory authorities on or before 7 October 2023;

What the above sentense implied?

Someone suddenly do not has confident that Stony will submit PN17 regularisation plan on or before 7th Oct 2023.

Somone is now on panic mood that CapitalA suspension and de-list is inevitable.

Profit for the financial quarter end 31/3/2023: RM 327,998,000 boosted by reversal of provisions on debts and investments amounting to
RM265.9 million.

Without the reversal the NP is RM (327.9-265.9) = RM 62 million.

So the statement last QR 70sen EPs clearly shows how profitable is the business now is only half truth.

Bursa already gave CapitalA ultamatum to submit PN17 regularisation plan on or before 7th Oct 2023 or face suspension and delist.

The truth about EV is if more EC on the road then the power generation and power grid will be overloaded.

Jet Fuel station in Airport Singapore
Airport Fuel Price EURO USD
CHANGI INTL Jet A-1 / F-35 or AVTUR 295.0 USD/100 UGL €267.61 $295
SELETAR AIRPORT BF Jet A-1 up to 50% SAF 176.83 SGD/100 L €121.01 $133.4
SELETAR AIRPORT AeroJet 204.03 SGD/100 L €139.63 $153.92
SELETAR AIRPORT Jet A-1 / F-35 or AVTUR 114.03 SGD/100 L €78.04 $86.03
SELETAR AIRPORT AVGAS 100LL (<0.1% benzene) 370.0 SGD

USD 295/100 UGL or USD 2.95x42=123.9 /bbl
04/08/2023 1:49 PM

Post removed.Why?

Jet Fuel station in Airport Malaysia
Airport Fuel Price EURO USD
KOTA KINABALU INTL Jet A-1 / F-35 or AVTUR 2.38 MYR/L €0.49 $0.54
MIRI Jet A-1 / F-35 or AVTUR 2.71 MYR/L €0.55 $0.61
KL INTERNATIONAL Jet A-1 / F-35 or AVTUR 200.0 USD/100 UGL €181.43 $200
LABUAN ISL Jet A-1 / F-35 or AVTUR 3.79 MYR/L €0.77 $0.85
TAWAU Jet A-1 / F-35 or AVTUR 3.79 MYR/L €0.77 $0.85
KUCHING INTL Jet A-1 / F-35 or AVTUR 2.38 MYR/L €0.49 $0.54


Note:
KL: USD 200/100 UGL or USD 2x42= 84/bbl
KK and Kuching RM 2.38/liter
Miri RM 2.71/liter
Labuan and Tawau already adjust the price to RM 3.79 per liter

Wait for next week price to see any price adjustment
https://jet-a1-fuel.com/price/malaysia

Malaysia is in a very sorry state where our only choice of government is cast your vote for the lesser of two evils.

But it is still better then USA force to choose between Biden and Trump

SINGAPORE JET KEROSENE (PLATTS) FUTURES

Kontrak berkelanjutan

AKS1!NYMEX

Pasar buka
112.834USDD
+1.658
+1.49%

https://id.tradingview.com/symbols/NYMEX-AKS1%21/

Case 4: Questionable financial/information disclosure on disposal of JSB 51% equity to ICD for consideration of RM1.00
Bursa Ref:
https://klse1.i3investor.com/blogs/Sslee_blog/2021-05-07-story-h1564320380-JAKS_What_should_I_response_Any_advice.jsp

JAKS Financial ended: 2022: 2021: 2020: 2019
Impairment loss on:
Trade receivables RM: 5,099,410: 9,848,415: 25,862,099: 5,318,354
Other receivables RM: 18,737,258: 13,461,525: 45,331,965: 7,188,995

SERBA DINAMIK HOLDINGS BERHAD
Financial: 9 months ended 31/3/2023: Year ended 30/6/2022: 30/6/21
Impairment of trade and other receivables RM: 865,009,000: 393,205,000: 394,998,000

I cannot believe that Bursa reply to me on impairment of receivable: Please also note that it is the prerogative of the Board of Directors of the listed issuer whether to take legal action with regard to recovery of the receivables.

So impairment of receivables did complied with approved accounting standards and can be used as a legal way to whitewash accounting fraud or siphoning listed company money to relate party, friendly party or to own private company?

Here we are talking about making Bursa an efficient, vibrant, fair and orderly market. But I can’t agree more on the feeling and frustration expressed by i3investor commentator:
hulwan These kinds of shenanigans, and then they wonder why our Bursa is in the doldrums

Referred to FY23 , 1 QR ended March 2023 :
a) Financial assets
Trade and other receivables 337,839,000

Revenue:
FY22: RM 89,794,000
FY21: RM 109,661,000
FY20: RM 259,378,000

Trade and other receivables is greater then sum of FY21 and F22 revenue.
Just waiting for external auditor to provide for impairment of Trade and other receivables FY2023.

RI of RPS with fixed interest payment and maturity date + free warrant is a way to reward rich shareholders who is rich enough to subscribe for the RI with excess application.

So now you know capitalA last RI is for what purpose?

Financial Year
Subject Rights Issue
Type RightIssue
Description RENOUNCEABLE RIGHTS ISSUE OF RM974,513,219.25 IN NOMINAL VALUE OF 7-YEAR REDEEMABLE CONVERTIBLE UNSECURED ISLAMIC DEBT SECURITIES ("RCUIDS") AT NOMINAL VALUE OF RM0.75 EACH BASED ON THE SHARIAH PRINCIPLE OF MURABAHAH (VIA TAWARRUQ ARRANGEMENT) ON THE BASIS OF 2 RCUIDS WITH 1 FREE DETACHABLE WARRANT FOR EVERY 6 ORDINARY SHARES IN AIRASIA GROUP BERHAD ("AAGB") HELD BY THE ENTITLED SHAREHOLDERS AT 5.00 P.M. ON 2 DECEMBER 2021 ("RIGHTS ISSUE")
Amount 2.0000 : 6.0000
Ex Date 01-Dec-2021
Entitlement Date 02-Dec-2021

Did someone know the different between RI of share and RI of RPS with fixed interest payment and maturity date?

I doubt if someone know what is lease liabilities?

Somone promoting Jaks but sadly not even know how to read financial report.
So did somone now know what is bank borrowing principal payment and flowing rate interest payment, how to calculate net profit and net cash flow available for dividend distribution?

Fundamental analysis (FA)

Fundamental analysts study anything that can affect the stock's value, including macroeconomic factors (e.g. economy and industry conditions) and microeconomic factors (e.g. financial conditions and company management). The end goal of fundamental analysis is to produce a quantitative value (Intrinsic Value) that an investor can compare with a stock's current market price, thus indicating whether the stock is undervalued or overvalued. Fundamental analysis is a method of evaluating a stock in an attempt to assess its intrinsic value.

In summary Fundamental Analysis cover:

QUANTITATIVE
Financial data/ratio contain in current and past financial report.

QUALITIVE
Economy condition (Current and future)
Industry condition (Current and future)
Company management (Current and future)
Profit growth prospect (Current and future)
In short what many people term as Business Sense (BS) is actually the qualitative part of Fundamental Analysis. BS is subset of FA.

Beside explaining the relationship between TA, FA and BS, I emphasis important of reading financial report: P&L statement, Balance sheet, Cash Flow and working out the intrinsic value.

Definition: Intrinsic value is the Present value of the investment of all the expected cash flow over the lifetime discounted at the appropriate discount rate.

Intrinsic value = (CF1/ (1+d)^1) + (CF2/(1+d)^2) + ----- +(CFn/(1+d)^n)

Where:
CF = Cash Flow in the Period
d = Discount rate
n = The period number
This Intrinsic value is actually a Discounted Cash Flow (DCF)
Example of intrinsic value of INSAS is then the Sum of DCF expected cash flow from varies business streams.
For INSAS assets rich case, it is my opinion that the liquid assets minus total liabilities should be added to this intrinsic value

Other countries are transitioning from a dependency on cheap labour to high-value investments, but Malaysia languishes in the old mantra, resulting in a lack of improvement in the standard of living for most people.

The sluggish economy is also seen in the stock market, with most listed companies’ valuations are based on share prices that are much lower than their actual assets.

So what to say when Insas is selling below its cash and bank deposits and Insas still hold 537,008,575 inari which provide consistant quarterly dividend to Insas.

CapitalA will survive or even prosper in longer term. But in immediate (current) term it will not meet Bursa Listing requirement and will be delist so that Stony can then have a free hand in how to restructure the business and relist some of those potential business units in futute in order to pay off all the debts.

https://klse.i3investor.com/blogs/Sslee_blog/2019-03-02-story196085-Investment_Bloggers_day_I3.jsp

I already done so in educate people on TA, FA, BS and inportant of reading financial report.

It doesn't matter whether you say the glass is half-full or half-empty. The fact remain the same.

Low-cost Airlines in Asia
From sources across the web

AirAsia
IndiGo
Scoot
Jetstar
Cebu Pacific
Lion Air
Nok Air
Jetstar Asia
SpiceJet
AirAsia X
Citilink
VietJet Air
Peach
Tiger Airways
Indonesia AirAsia
Spring Airlines
Thai AirAsia
Jeju Air
GoAir
Malindo Air
Jetstar Pacific
Jetstar Japan
Skymark Airlines
Air Busan

I only gave fair comment based on available fact.

Mind telling us what fact you based on to comment below???

Posted by CapitalB > Aug 2, 2023 12:27 PM | Report Abuse
Cap A price no up for this few today.. Why sslee so rush with bad comment? Really cant understand what the mad people mind thinking..

From the past record insiders press down price to issue more PP share at lower and lower price.

Form the number of PP share issues management can then allocate addiition 15% as LTIP.

Ann. Date
Date
Type
Units
Price
View
26-May-2023 29-May-2023 Private Placement 129,017,000 0.185 Additional Listing Detail
30-Jun-2021 01-Jul-2021 Private Placement 272,667,000 0.475 Additional Listing Detail
27-May-2019 28-May-2019 Private Placement 58,465,313 0.700 Additional Listing Detail
29-Mar-2018 30-Mar-2018 Private Placement 49,631,200 1.380 Additional Listing Detail
23-Mar-2017 24-Mar-2017 Private Placement 43,836,100 1.360 Additional Listing Detail

Basic accounting:
Profit is after depreciation and interest paymemt.

Operation cashflow is then = profit + depreciation + interest payment

Financial cash out flow = bank installments payment = principal payment + floating rate interest payment (0n principal sum balance)

Cash available for dividend is the operation cash flow minus financial cash outflow.

Petron closes first half with P6.14 billion net income amid market challenges
Aug 1, 2023

Petron reports consolidated net income of P3.4 billion in Q1 2023
May 10, 2023

Do anyone know that AA no more rule the skies.
Know how many low cost airlines in Asia now?

In Malaysia, the average annual salary is US$18,799 (RM83,035), but the estimated average annual minimum wage is only US$4,735. Even with the new minimum wage of RM1,500, it is only US$340 per month, compared to US$1,070 per week in the US.

Despite the government’s noble intention to increase the minimum wage, it only benefits the two million foreign workers, who receive an additional income of RM600 million per month or RM7.2 billion per year.


The bigger problem in Malaysia is the middle-income trap.

After more than 60 years of independence, engineers in the northern region working in unknown companies or non-multinational companies are known to be receiving a meagre starting salary of RM1,800 per month, which is well below the Poverty Line Income (PLI) of RM2,208.

According to a CEBR report in 2000, Malaysia’s per capita GDP was US$6,393, while Romania then recorded a figure of US$4,549 and China only US$2,194.

In 2021, while Romania and China’s per capita GDP increased to US$11,590 and US$11,188 respectively, Malaysians’ income grew moderately to US$10,827 per annum, indicating a stagnant economy since 2017. According to another data, Malaysia’s per capita GDP has actually remained static since 2014.


Other countries are transitioning from a dependency on cheap labour to high-value investments, but Malaysia languishes in the old mantra, resulting in a lack of improvement in the standard of living for most people.

The sluggish economy is also seen in the stock market, with most listed companies’ valuations are based on share prices that are much lower than their actual assets.

The GDP per capita data suggest that Malaysia is a prime example of a country stuck in the so-called middle income trap, where countries develop rapidly initially, taking advantage of supplies of cheap labour, but stagnate when their living standards reach a certain level as they fail to invest in higher productivity activities and lose out on international investment to countries with cheaper labour costs.

Only Falun Gong cult member has so much blind hatred toward CCP.

Only those with hidden agenda (either because of blind hatred or they are paid to do so) will be so free to selectively posted negative articles regularly/smear campaign to undermine a particular country and their government system.

Just ask any India poor what India government had done to eradicate poverty in India?

Singapore success follow Malaysia model???

Meritrocracy vs entitlement
Uncorruptable vs systematic corruption
Fair and square vs nepotism, cronyism and rent seeker
Government of the people for the people vs Government of the politician for the politician
Religion/race harmony and freedom vs religion/race bigotry and extremism
Rule by law vs rule by AG

Posted by Mabel > Jul 31, 2023 7:03 PM | Report Abuse

Singapore success follow Malaysia model with significant progress in recent years in terms of economic growth, modernization and expansion of its telecommunication system, and diversification of its economy from dependence on manufacturing, services, and tourism.