Posted by ongkkh > 2017-02-25 06:50 | Report Abuse

Hello Thanks for sharing

Posted by enghim > 2017-02-25 15:43 | Report Abuse

very good sharing. thanks

Posted by feicsh > 2017-02-25 20:44 | Report Abuse

Thanks for the sharing....here I drop some notes for the video briefing:

- For 4Q16, sales of aircraft has contributed 22M to the section "Other Incomes", the increased balance YOY (from 65.5M to 143.5M) is due to other growthing engine from associates sort like Brand Licensing fees from IAA and FAA which they have start paying, the normalized other income in future would be 100M.

-AACE IPO would generate 125M - 180M USD

-AAC 4~5weeks after 27th March to decide and announce. EGM for approval would be on May or June

-Air craft cost is substancially lower than many of AA competitor, that's one of the reason AA has lowest cost in the world.

-1st Qrt forecast load factor: MAA 89% TAA 87% IAA 82% PAA 92% AAI 89%

-Yield would go down because AA is expecting to promote air fares to push for load factor. Main concern is to focus on RASK instead of yield. Tony promised RASK would go up for 1Q17, but does not willing to anticipate for future quarters.

-IPO of FAA and IAA is scheduled to second quarter.

-Additional Aircraft this yr: MAA 8, TAA 6, IAA 2, AAI 6, PAA 5, JAA 3

-PAA if not including one off lost of disponsing 6 IEE old aircraft, it is actually making profit last yr. There would be another 2 aircraft to be disposed this year. PAA have record
profitable month this January. Bullish on PAA.

-Forex gain of 2016 is contributed by :
1.) Carry out corporate exercise of converting intercompany loans to perpectual notes with much higher rate.
2.) Convert back some years back Chinese Yuan Fixed deposit into RM which has significate rate gain.
Net off the corporate exercise, under normal operation, there could be RM50M~RM60M lost in forex for entire 2016.

-Stable state profit margin for AAC is about 23%-24%

-ASK growth with new plane would be about approximately below 10%

-Year 2016, out of 172 planes, 46 planes are on operating leases

-Out of the 30 new planes, some of them would be come from AAC.

-operating expenditure 50% hedged up to May 2017 is at rate of 4.3, would consider to hedge more.

-2018 fuel hedges just 1% started from today. (Everyone laugh, don't know whether this is joking)

-Not considering multiple years rolling fuel hedges.

Posted by 股海無涯 > 2017-02-28 12:23 | Report Abuse

@feichs, nice sum up!! thx