You say i am shaken up, Did I say I am no longer confident in AirAsia fundamental and want to sell my holding?

Frankly speaking, you are an ass**le.

Not fake, as mentioned in link shared by Batu88

Let me explain why you are so worst:
1. Camouflage falsify info with half truth:
2. Know nothing about accounting and yet try to pretend like professional and calling well declared info as "off-balance sheet debt", without asking why those item shouldnt be inside balance sheet.
3. Keep telling outdated news while ignoring latest news : look at what he said about EPF in b/s of AirAsia share.

People come to this forum to look for useful informations, so that they could make an informed decision. Unfortunately you are there to spread false info, making their informed decision become a misinformed decision.
While you may sleep well when you telling those misleading informations, people are insomia as they worry or actually lost money due to these misleading informations.
I thought research house are worst stakeholder in stock market, as they making profit from their retail client's lossess, but I am wrong. There is a guy who make no profit yet still continue to lead retail players into lossess.

Lol...
Calvin as always.
Did I say I am no longer confident in AirAsia fundamental and want to sell my holding?
If TF is unethical, you are even worse than him. While he take advantage of his public companies, you are spreading fear to scare of forumers here to sell their share, resulting into their lossess.
Seriously, you are far worse than BWC or any forumer and you should shame of yourself.

Batu88, we all know that TF is taking advantage of AirAsia by signing a lot of contracts with companies owned by them. However, this case is too over, it's definitely non-ethical.
We also dunno whether in that AAX's contract whether there were more competitive deals, AAX may lose some saving there.

Based on this fact, Rolls-Royce's Compliance Department had noted: "Rolls-Royce cannot give preferential rates on Corporate Care for the (AirAsia Group executive's) personal aircraft just because of the business done with Rolls-Royce by the airline of which he is (an executive).

"The two should not be linked as there are both legal and ethical implications to do so," it added.

This view was raised with the Rolls-Royce senior employee, who did not agree with it.

'AirAsia X used as intermediary for private jet credit'

According to the court filing, Rolls Royce employees in April 2012 began discussing a solution by directly transferring the involved credits to AirAsia X.

On Oct 17, 2012, a Rolls-Royce employee reported to the Rolls-Royce senior employee that the AirAsia Group executive was seeking to "make the corporate jet deal 'invisible' with its 'value covered within additional A330 Total Care Agreement charges" for AirAsia X".

AirAsia X was at that time in a commercial discussion for Rolls-Royce to provide maintenance to the aircraft that the budget airliner was purchasing, a service known as Total Care.

"In parallel, Rolls-Royce employees developed a proposal to provide US$2 million of credits to AirAsia X which AirAsia X could decide to spend how it wished.

"It would be for AirAsia X to declare to its shareholders if those funds were used to maintain the private jet," said the document.

However, it said the shape of the commercial deal with AirAsia X changed - with the prospect of a larger aircraft purchase - and so did the parallel discussion on the private jet.

On March 15, 2013, a Rolls-Royce employee reported to his senior that the AirAsia X senior employee, who had been negotiating for the Air Asia Group executive's private jet, wanted a "cash settlement that is off the record and not visible to the AirAsia X group".

The Rolls-Royce employee raised concern that it was "unethical and likely illegal" and would rather not handle the case.

The Rolls-Royce employee complained that the AirAsia X senior employee had avoided discussing the private jet in front of other AirAsia X or Rolls-Royce employees and refused to communicate via email about the matter unless it was verbally or on Blackberry Messenger, a secured chat application.

The Rolls-Royce employee was removed from the case for around two months after the AirAsia X senior employee complained about him.

In an interview during the SFO's investigation, the Rolls-Royce employee said the AirAsia X senior employee went as far as suggesting that the Corporate Care entry fee for the private jet be secretly spread across other AirAsia X payments to Rolls-Royce.

By May 2013, AirAsia X was about to finalise the commercial deal with Rolls-Royce where AirAsia X would lease six Airbus A330 aircraft with Rolls-Royce engines and would purchase Rolls-Royce's Total Care Agreement for the maintenance of the aircraft.

At this point, in parallel, Rolls-Royce employees offered to the AirAsia X senior employee US$3.252 million in credits for the private jet entering Rolls-Royce's Corporate Care programme.

It would be credited to AirAsia X, which would then be up to the company to apply the credits to the AirAsia Group executive's private jet.

"Rolls-Royce employees believe the relevance of the jet to the issuing of those credits was most likely to be concealed from AirAsia X executives by the AirAsia X senior employee.

"Even the contractual document (a Supplemental Financial Assistance Agreement) which would formalise the grant of credits by Rolls-Royce to AirAisa X, was initially not discussed by the AirAsia X senior employee in front of other AirAsia X senior employees," it said.

On July 8, 2013, three contractual documents were signed between Rolls-Royce and AirAsia X, including the Supplemental Financial Assistance Agreement which made reference to the US$3.2 million of credits.

However, none of the documents mentioned that the credits would be used for the private jet.

It said by late November 2013, the credits was transferred by the AirAsia X senior employee to the company which was the vehicle through which the AirAsia Group executive and other private individuals owned the jet.

UK's Serious Fraud Office (SFO) has named AirAsia Group as one of several foreign parties involved in bribery cases with jet engine manufacturer Rolls-Royce PLC.

AirAsia Group, in an immediate response, told Malaysiakini that it had complied with procedures in its dealing with Rolls-Royce.

The bribery in the AirAsia deal was one of 12 charges brought against Rolls-Royce after a four-year investigation into its dealings with clients in Indonesia, Thailand, India, Russia, China and Malaysia.

Rolls-Royce, in a Deferred Prosecution Agreement with the SFO on Tuesday, agreed to a disgorgement of 258.17 million pounds (RM1.42 billion) in illegal profits and an additional 239.08 million pounds (RM1.32 bilion) in financial penalty.

The profit disgorged from Rolls Royce's deal with AirAsia amounted to 17.08 million pounds (RM94.03 million).

In his judgment over the matter, Queen's Bench Division president Brian Leveson said that Rolls-Royce employees "took steps to pressure both junior sales and internal compliance personnel to create and approve corrupt arrangements" in the Malaysia case.

According to the Statement of Facts filed with the Crown Court at Southwark, Rolls-Royce failed to prevent its employees from providing an AirAsia Group executive with credits worth US$3.2 million (RM14.2 million) for the maintenance of a private jet.

This was despite Rolls-Royce employees believing that the credits would lead the AirAsia Group executive to perform his function "improperly".

"This financial advantage was given at the request of the AirAsia group executive, in return for showing favour towards Rolls-Royce in the purchase of products and services provided by Rolls-Royce and its subsidiaries, including Total Care Agreement services to be supplied to AirAsia X, a subsidiary of AirAsia Group," it said.

The document said the credits for the private jet used by the AirAsia group executive was solicited through an AirAsia X senior employee in 2011.

It also alleged that there was an attempt to conceal the fact that the credits, given to AirAsia X in 2013, would be used for the the private jet, which was unrelated to the AirAsia Group.

The document did not name who the AirAsia Group executive was.

AirAsia denies deal was concealed

AirAsia Group head of communications Audrey Progastama Petriny, in a statement to Malaysiakini, said AirAsia and AirAsia X board of directors and management were kept informed at all times of the transactions relating to the jet.

"The upkeep for which was also clearly spelt out in the annual reports for both companies and AirAsia X initial public offering prospectus," she said.

Petriny said the credits were obtained according to procedure and used to offset the operational costs of the corporate jet which was used by senior AirAsia X executives for business travel.

"The cost of maintaining and operating the aircraft has been fully borne by AirAsia and AirAsia X.

"AirAsia Berhad has acquired the aircraft in 2016 as announced on the Malaysian bourse," she said.

June last year, AirAsia Berhad reportedly purchased a Bombardier BD-700-1A10 Global Express which had been used by AirAsia Berhad executive chairperson Kamarudin Meranun and group chief executive officer Tony Fernandes since 2012.



The private jet (picture) was purchased from Caterhamjet Global Ltd (CJG), a company in which Kamaruddin and Fernandes held a 18.56 percent indirect stake and is also a member of the Tune group.

According to the details of the case, an AirAsia X senior employee had approached a Rolls-Royce employee in August 2011 about the maintenance of a new private jet which the AirAsia Group executive was planning to purchase.

In November 2011, a Rolls Royce senior employee who met with the AirAsia Group executive reported that the latter was "very offended" due to the high Corporate Care rate that was offered for his new Global jet.

The Corporate Care programme is a service provided by Rolls Royce for the maintenance of corporate jets. The programme required a US$3 million entry fee and could only offer a 15 percent discount.

The Rolls-Royce senior employee asked for the issue to be dealt with as AirAsia X and other companies connected to the AirAsia Group executive were sources of potential business.

The Statement of Facts, citing an internal Rolls-Royce email, stated that the jet was owned by the AirAsia executive, a second AirAsia executive and other private individuals.

Based on this fact, Rolls-Royce's Compliance Department had noted: "Rolls-Royce cannot give preferential rates on Corporate Care for the (AirAsia Group executive's) personal aircraft just because of the busine

AirAsia and/or AirAsia X involved in corruption case with Rolls Royce.
https://m.malaysiakini.com/news/370075

可以了，謝謝。
看到一半，TF說日本一月底開始運作。
還有一天就一月底了，還是一點消息都沒有，繼續浪費著錢

Wongchin, that's worst case, but you are right.
Life is, shit happens~
I did bought in highest point (and The only one), but shouldn't worry about that when you believe in its value.

Can't agree more with Rojak.
A 1.9% drop is nothing but just a normal range of correction. If you feel A 1.9% drop in 1 days is worst than a 1.9% drop in 1 month, or you feel a good stock should never drop at any day, you should never come to stock market. FD is really better.

Look at these 2 news:
http://aviationweek.com/awincommercial/airasia-targets-fleet-growth-a320neos
http://m.thehindubusinessline.com/economy/logistics/airasia-indias-control-resides-here/article9488133.ece

Look like AirAsia group has change their strategy at least for 2017. Associates except Thailand will lease from third parties. That mean no debt on AAB's balance sheet for those 15 aircrafts.

看不到，在想是ipad的問題，有link嗎？謝謝

It's secondary listing, not dual listing. It mean, all existing shares and new shares (if any) can trade in HK, but you can't actually do it freely. To trade existing KLSE stock in HKSE, you need to go through conversion procedure, which may take some time. The share price in 2 market isn't sync.

很棒的分享，謝謝！

進去blog後還是看不到短片

Also, as AirAsia current order for 400 aircrafts is most likely just for their growth, it is high chance AirAsia will just lease from future AAC directly if price is right. It's a big bargain for buyer.

Batu, yes it work in that way.
However, the price different wouldn't be that big, probably USD 4~8 mil an aircraft. 130 aircraft would mean 520~1040 mil extra.

However, do note that the valuable part of buying from AirAsia's existing order compare to placing new order to Airbus directly is: delivery schedule.
For example, if you place new order today, the earliest you could get your aircraft key is 2019~2020. That mean your leasing business only start operate after that. However, if u buy from AirAsia, you could start your business for new aircraft probably as earlier as end 2017. As today money always worth more than tomorrow money, even if AirAsia sell you aircraft as 50mil (as your example), you still earn more (in term of inflation) as you could do business 2 year earlier.

https://www.bloomberg.com/news/articles/2017-01-17/airasia-expects-to-get-binding-bids-for-leasing-unit-by-march

Cruger, AAC will receive 100 future aircrafts (A320neo I think) and 30% of A321neo order. In this way, it really could worth to 1.8b USD, like what MQ research mentioned.

MAS will not enter into price war for 2017 and 2018. From MAS CEO.
I doubt Malindo will aggressively enter into price war, as they are definitely loss making now, so with it parent Lion Air, who are probably losing market share to Citilink for 2015~2016.

Gcke, a sad news, a local talent who manage & grow AirAsia fleet from 2 outdated B737 to a fleet with 200 latest aircrafts.
Rest In Peace

Guys, just ignore him will do.

Dehouse11, u should look at quarter end level instead of average for forex loss

Yes, I believe in 500m net profit, in optimistic case, due to FFCC and cash flow hedge, I maybe wrong as this is just a wild guess

Icon, you are right, last 2 days r insider buying, but not due to AAC, it's dual listing.

http://www.thestar.com.my/business/business-news/2017/01/13/airasia-to-list-in-hong-kong/

Just my guess, I have no basic for that.
4Q15 result also include a 400mil recognising of previous profit impairment, which make it quite hard to break. But I do believe the growth this year will cover up this 400mil.
The only way to break 4Q2015 is with forex loss less than 100mil.

Deffered tax will help to offset but wouldn't be able to help when compare YOY, as last year also got 125mil deferred tax.
However, forex loss may be less than 300mil. Don't forget Fed rate raised last month and all AirAsia contract are fixed rate, so there will be some cash flow hedge to use to offset that 300mil.

Wongchin, u could always look at quarterly report, under AAC's balance sheet.
800 mil USD debt will go to AAC, together with 850 mil asset.
After removing it from 3Q16 balance sheet, NTA is RM2.01, but net gearing will drop from 1.47 to 1.21

Lol, Calvin, AA make net profit RM46 per seat and 8280 per flight as an aircraft has 180 seats
How about full service? They may make RM70 profit when sell 1 seat, but with much lesser seat capacity (150) and lower load factor, probably around 75%, they make only RM7875.
You really have no idea how business done and profit is make but still try to act like expert.

Calvin, its true a current commitment will convert to future debt. However, interprets it as debt at current stage will not help you to understand a PLC performance, but actually misleading.
The issue of commitment appear when u cannot take delivery in future but supplier force you to pay. However, the history has tell by itself that when AirAsia could always defer their delivery, probably without charge. Even when forced to pay, u pay only deposit for in-progress aircraft. You don't pay for thing haven't in production and you could always bring it to court.
The problem of you is you keep taking noise as precious, because you try to interpret differently.
When market don't see it as the way you do, you lose money.

John Lu, stop Attack Calvin in that way, please.

Nonono, we are talking about commitment (aka debt in Calvin view) and why you runaway?
Aren't SIA have a lot of "debt" too based on your theory?

If you want to talk about price, AirAsia throw millions of free seat yet make increasing net margin, while SIA load factor is dropping and have to rely on Scoot to make up some of the load.

Wow, I just notice that MAS is much more better than SIA, as MAS is now don't know what to do with their cash and not yet make big commitment.
Good point of view Calvin.
The even better one is those small airline or aircharterer, as they don't have commitment at all.

again, take commitment as debt...
In your way of interpretation, SIA is such a loudsy company with huge debt(commitment) too
Calvin Research house, make shift and non trustworthy as like normal research house.

If you go to bed 1 month ago and only wake up now, u will find AirAsia share price didn't change for much

Supermx2, I know 100 lots isn't that significant for you and probably you earn a lot from yesterday to today. It would help you to clear up your mind and think about what to do next.

Supersaiyan3, not sure if we could say some investor who sold their AA share and cash out RM may be coming back now?

Nakamura, I think first announcement is on July or August last year

Supermx2, calm down first and think what do u want what do you expect to get from this stock.
A good stock to invest is normally that it have so much room to raise that even if you think for 3 days you could still earn a lot from it. When thing go south, you will also could afford to calm down to think and act.
You are easy to lose your steadiness due to your past experience, so just like me, you need to have a reason, a solid one, to support your buy/sell decision.
If you worry about missing this chance, then buy 1 lot or 10 lot first lo, it will help. This is suggestion from my sifu in Value Investing.

Supersaiyan3, they may try, but I don't think Mavcom and DCA will allow it to happen, not even under Najib.
Anyway, TF & KM is slow in private placement, if interest rate is 5%, they would need to pay us 40~50 mil liao

JT, you got point there. If I am deep cash investor who want to buy AAC, I will also buy AA share, so that I can earn back some of my money here. It's like a cash back promo

I am very bad when come to buy/sell action, that's why TA isn't for me.

Finally I am not the only one who bought at 2.47, lol

Haha, time will tell

Grand Master Investo, true, no so easy to bluff. You know, I am just a newbie in bluffing, not like some seasoned master in it

Sorry, not hehe, should be Laugh

Hehe, by saying above 2 end of ringgit movement, I also can refer to either case later and talk like I am a genius in predicting. Hehe

For record, I say Ringgit will drop soon

For record, I say Ringgit will go up soon.