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Look closely...closely... .. and ask yourself this................. Is this retailers or institutions buying??


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Mark Wahlberg


The way Mark Wahlberg flip flop on the "H"....


Flip.... CI going 1400..... when he wanted to sell to you


Flop... CI is not going 1400.... after he has sold to you


Mark Wahlberg is more than bad attitude.... Mark Wahlberg is sinister

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Look closely...closely... .. and ask yourself this................. Is this retailers or institutions buying??


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GMT.. short selling... margin calls forced selling... short selling.. short selling... margin calls forced selling... short selling... more short selling... margin calls forced selling... short selling... more...


REMEMBER.... WELLINGTON is a hedge fund too

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MMSS... kindly show your workings on AirAsia... if any good.. I will regard as the sifu of sifu.. the grandmaster

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Mark Wahlberg

The way Mark Wahlberg flip flop on the "H"....

Flip.... CI going 1400... when he wanted to sell to you

Flop... CI is not going 1400.... after he has sold...


Mark Wahlberg is more than bad attitude.... Mark Wahlberg is sinister

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The problem is the headline is always this....

AIRASIA GOING BANKRUPT WEIGHTED DOWN BY ITS USD LOANS... SUBSTANTIAL USD LOANS

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Tq la... I have done the calculation last week...

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Very disappointed with you la... this kind of mistake.. is MMSS kind of mistakes la... aiya

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And... if RM stays at 4.20... jet fuel will stay very low too... saving from jet fuel will be much more than this..

Your calculation kindergarten level la.

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And... loans tenures over how many years... don't simply post... go check you calculation.... then come back to post again

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No worry.. this calculation is BEFORE HEDGING..



Icon8888 This company is going to pookai

RM12 billion loans almost all in USD

Loans were taken up when RM was at 3.2

Now RM is 4.2

Forex loss alone is RM12 billion x 4.2 / 3.2 = RM3.7 billion
26/08/2015 17:16

Going by the volume.... TuneAir itself could be hit today.... BEST OF OPPORTUNITY TO BUY!!

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The religious like devotion to sell...................

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So.... buy at what price now?

Nowadays... hardly see two cars with Jalur Gemilang on top.... not a good sign

Domino effect of forced selling..... you want to be standby some funds ler

Aiya... ah black... opposite is just as true la.. enough said

Now... cash is king... buyers market

k TQVM

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SinGor... TQVM...


If big part is still forced selling... than ain't that scary...


Have they lowered the % or capped the value lower nowadays??


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I myself explained it this way previously... at the price now?!

And... I said below 40.... not 30 or 25... which some analyst think is possible

Likewise....ah smart.... you a should ask who is dumb enough to keep throwing AirAsia at the price now...

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SinGor...

Are you saying a big part of the selling is still due to margin call??

Still margin call......

Have the banks reduced the % of margin or capped the value of individual counters lower??

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Ya...that is why I said.. should hedge when oil is below USD 40... in fact should rent idling FPSO to store one or two years supply

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It must be something which in third parties eyes is just plain crazy... but in their eyes is something absolutely right to do... a calling even..

A calling to sell AirAsia... For what higher purposes... ??????????????????

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This religious like devotion to sell???

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Wah.... a lot of people here.... good


How do you all explain this suicide bomber like selling????

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IAA... don't worry la... Tony.. my man.. my main man.. can sure kau tim one.. don't believe you just watch

Bazooka measure is good.... don't go nuclear... and scare the shit of the whole world

WTF....

Ya lo.... big political discount..

But... really getting no comfort at all from that... yearn for win win win for you and me lo... miss those easy money days lo

Bursa up 30+... those rushed into put yesterday kaput liao.. some of them have such high premiums and expiring very soon..

Should say................. data dependent..... not general statement.... Dont Hedge in 2016

Should hedge when fuel price hit bottom...

I know..... but I think when it is low enough should hedge 50%.... just in case... you know natural disaster ka.. apa ka...

You keep an eye on AirAsia.................. Both eyes on Malaysia

It is a crazy world................... I would think any time when oil below USD 35.... big hedge Tony

I would think any time when oil below USD 40.... hedge Tony

Trader vs Investor

MMSS too......

Fortune Teller does not give detail..........................

The difference between a CFA and a Fortune Teller is..... like this....... MMSSNew 78 sen soon.

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Give some details la............

MMSSNew 78 sen soon.
25/08/2015 15:11

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AirAsia Berhad TP: RM1.98 (+96.3%)

Good Opportunity to Accumulate Last Traded: RM1.01

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* BUY

Tan Kam Meng, CFA Tel: +603-2167 9605 kmtan@ta.com.my www.taonline.com.my
Review

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you read la.... which part is not good that you are disagreeable??

come on... about time you get into more details... and comment accordingly

dont copy and paste valuations done by a fixed template or done by a computer program

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AirAsia Berhad TP: RM1.98 (+96.3%)

Good Opportunity to Accumulate Last Traded: RM1.01

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY* BUY

Tan Kam Meng, CFA Tel: +603-2167 9605 kmtan@ta.com.my www.taonline.com.my
Review


AirAsia’s 1H15 adjusted core earnings (including contribution from lossmaking
IAA, PAA and AAI) of RM142.5mn came in within our expectation
but the reported net profit ex-EIs of RM392.4mn beat consensus estimate.

Malaysia (MAA) – back to 80% load in Q2. Load factor recovered to 80%
(from 75% in 1Q15) with stronger RPK (+7% QoQ, +7% YoY) as demand
responded positively to fuel surcharge removal, which has translated to
lower airfare. Although the fuel surcharge removal resulted in contraction
in RASK (-5.2% YoY), the impact was fully offset by decline in CASK (-10.8%
YoY) on the backdrop of lower jet fuel price (see Chart 3 & 4).



Thailand (TAA) – 2Q15 sustained above 80%. TAA’s load factor stood at
above 80% for fourth consecutive quarters as the growth in RPK (+25.2%
YoY) outpaced the increase in ASK (20.3% YoY). AirAsia continued adding
capacity (+3 aircraft) to TAA to meet the growing demand in the country.
As far as yield is concerned, RASK increased 4.7% YoY while CASK declined
10.5% YoY and this has helped to turnaround 2Q14’s losses into a profit of
THB374mn in 2Q15



Indonesia (IAA) – Gradual recovery. The recovery of load factor was
intact with 2Q15 load improved to 73.4% from 71.6% in 1Q15. RPK picked
up 7% QoQ as the group has restarted the marketing program. RASK and
CASK increased 2.4% and 1.2% QoQ respectively as the group allocated
more capacity to international destinations in 2Q15. However, this was
insufficient to reverse its losses and contributed to larger deficit in capital.

All in, AirAsia group’s 1H15 adjusted core PBT and core profit (after
stripping out EIs and adding back contributions from associate companies,
which have negative shareholders’ funds) surged more than 400% due to a
sharp reversal in TAA’s performance from a loss position last year.
Impact



As jet fuel price continued sliding to USD58/bbl and ringgit has weakened
to RM4.10/USD, we adjust some of our assumptions below. Essentially, we
believe jet fuel price to drop further in 2016 but the group will pass on some
of the cost savings to passengers in the form of lower airfares. Also, we
reduce the load factor of MAA and TAA after the Bangkok bombing incident.
All in, we twea

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TA has taken its time to analyse... and come up with a more in depth study


Two important issues.....................


Dealing with IAA’s negative capital position.

A new plan was proposed

for AirAsia to convert some of its receivable (ie, IAA) to IAA’s new issuance
of non-voting redeemable and convertible preference share. This will help
to address the negative equity position in IAA while not violating the
maximum 49% foreign shareholding rule. In the meantime, the company is
in discussions with existing and new shareholders about equity capital
injection (indicative USD40mn) and issuance of convertible bond
(USD150mn). The proceeds received will be used to retire some of the debt
owing to AirAsia.


Hedging position.

For jet fuel,

AirAsia maintained the hedge at 50% of fuel
requirement at an average of USD88/bbl. However, the company is
unhedged for 2016 and this would mean a big boost to cost saving and
earnings if jet fuel stays at current level of USD58/bbl.

For USD borrowing,

AirAsia hedged 36% of its borrowing used to finance the aircraft purchase.
Of the balance 64%, 37% of the borrowing is connected to the aircraft
finance for its affiliate’s operations, which the company will receive lease
income in dollar. This would mean the unhedged position is only 27% of
the group’s borrowing.