Posted by mlchin06 > 2020-08-30 20:09 | Report Abuse

I find this article extremely insightful, so thank you for sharing. Both my husband and I have worked in a few public listed companies and we found that corporate governance is one area that authorities/govt must address. The Minority Shareholder Watchdog Group do not seem to have enough bite regarding this issue. Just attend a few AGMs and you will see how the major shareholders circumvent all the doubts raised. The mechanism of approving proposals can be impoved too. Something needs to done to protect public funds from going into the wrong pockets!

Posted by Sslee > 2020-08-30 22:48 | Report Abuse

Dear Choivo,
Q&A Tunepro 9th AGM
https://www.insage.com.my/Upload/Docs/TUNEPRO/Full%20set%20of%20Q&A.pdf#view=Full

Answer to Question A6
We will continue to work closely with the AirAsia eco system to explore opportunities to deepen our existing collaboration within their eco system and overcome any regulatory constraints. We will consider any opportunities in health and wellness protection. Our businesses are in general insurance and general reinsurance while life, savings and education insurance are typically distributed by life insurance companies.
Is the answer implied Tunepro do not have license to do life insurance?

Answer to Question A11
We adopt a conservative investment approach due to the short-tailed nature of our business. Our investment objective is to achieve an investment return which commensurate with the Group’s risk appetite. Moving forward, we will continue to adopt a prudent stance. To take advantage of the low interest rate environment, we have increased the allocation in fixed income portfolios, with more weight on highly rated securities, good underlying credit strength and those which are government guaranteed. The Group has also shifted its funds from Money Market/Deposits Funds to Conservative Bond Funds (mainly government-guaranteed) for yield improvements. As at 30 June 2020, fixed income funds and debt securities/bonds made up 90% of our investment portfolio
Is the answer implied Tunepro are only allowed to invest in fixed income funds and debt securities/bonds?

Your comment will be appreciated as I will seek further clarification on Tunepro AGM Q&A.

Posted by abang_misai > 2020-08-30 23:21 | Report Abuse

Abang mengantok membaca

Posted by Choivo Capital > 2020-08-30 23:29 | Report Abuse

Sslee,

That was really disappointing.

Low yield environment, let's go buy more bonds.

Smack head.

Posted by patrick8 > 2020-08-30 23:45 | Report Abuse

A very detailed history of AA's tortuous accounts. Wonder what gives you the energy and motivation on this rather long article. A love of numbers, I guess. Thanks.

Posted by supersaiyan3 > 2020-08-31 00:33 | Report Abuse

Hi, Choivo, sorry, can't finish reading it.

1. TF bankrupt every other business he had, next on the line is AAX, and he will be left with Airasia.

This makes TF a speculator, not an entrepreneur. This is against everything we read about him.

2. What Airasia has been doing it wrongly: a. Airasia treat all subsidiaries as colony. Colonization and force planting/flying has proven failure. b. Failed hedging strategy, Airasia buy very little oil futures contract when oil price is low and buy a lot when oil price is high. They are trying to speculate rather than hedge and they speculate extremely noob. c. they have stopped/slowed innovation, expenditures keep rising as a percentage of revenue. d. they reacted too slow to COVID-19, say inflight preventive measures or switch fast to cargo?

3. Airasia has portray itself as a competitive company, in fact it is not. Airasia was doing well in Malaysia because MAS is weak. In every other markets, Airasia can barely make money.

4. In Airline industry, you buy a ticket because you trust the company, so you pay premium to its ticket, Airasia has no trust premium. Why would people want to join franchise to sell cheap? That's also the reason most subsidiaries failed.

5. In management, if you let an Accountant runs the company, that's what will happen. (I think accountant cannot comprehend big matrix in their brain, too many attributes....)

Posted by Choivo Capital > 2020-08-31 02:32 | Report Abuse

Supesaiyan,

you basically summarized in those few para's what i took 10k words to say.Haha.

Except i would disagree on 5. I think most people cannot, its just that often the people who climb to the top have a numbers background, therefore giving rise to this particular steretype.

Haha, as you can see from my post, im one myself.

but i get where you're coming from. I think a often fail in thinking exponentially when it comes to business. Too much focus on the past and not enough on the future.

Posted by Choivo Capital > 2020-08-31 02:34 | Report Abuse

Quite frankly, i felt like giving up many times.

But i said it would get done and wanted to do a good job. It took me about 1-2 months of parsing and reparsing the numbers, And about 1 month to properly understand the flow of the number and corporate history for each major subsidiary. To be fair i procrastinated quite abit and had work stuff to attend to.

And to finish it off, a 48 hour writing and editing marathon this weekend haha.


=====
patrick8 A very detailed history of AA's tortuous accounts. Wonder what gives you the energy and motivation on this rather long article. A love of numbers, I guess. Thanks.
30/08/2020 11:45 PM

Posted by supersaiyan3 > 2020-08-31 07:06 | Report Abuse

Finally I finished reading it, sort of.

Its a wonderful piece, you should publish it. Hire an editor and put in some pictures, get comments from TF, title is good enough.

Posted by supersaiyan3 > 2020-08-31 07:19 | Report Abuse

One other thing, what Airasia has been doing is actually not true innovation, semi-innovation maybe?? They incorporate available technologies into new application which is destructive (rather than disruptive, because they are selling cheap) to the industry.

Isn't it a negative-sum game in every industry Airasia enters?

I used to think Airasia is disruptive, however I change my view after Airasia gets irrational by wanted to kill MAS once and for all in 2018-19. (You can't kill a competitor, a company only dies when the owners are giving up).

A wise shoe salesman （謝家華）once said, if there is only one crazy player (keen on price competition) in the industry/on the table, the whole industry is doomed.

Posted by kalteh > 2020-08-31 20:43 | Report Abuse

You should consider doing this detailed analysis for compensation, very insightful. Thanks for sharing!

Posted by RainT > 2020-09-01 14:17 | Report Abuse

Omg

super long

Posted by paperplane > 2020-09-01 22:17 | Report Abuse

WHY TONY NO RIGHT ISSUE THIS TIME AH? WHY AH? WHY? WHY NOT BORROW FROM BANK BUY OWN COMPANY AH

Posted by godhand > 2020-12-12 09:00 | Report Abuse

u didnt include 1 thing. the power of branding. the brand airasia has already stay deep in malaysian mind. the quote will forever buried in malaysian mind too 'everyone can fly'. branding is something u cant quantify.

Posted by stockraider > 2020-12-12 10:16 | Report Abuse

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Sept 2020- Nta Rm 2.75

June 2019- Nta Rm 2.62

Dec 2018- Nta Rm 2.54

Dec 2017..Nta rm 2.49

Dec 2016 ...Nta Rm 2.18

Dec 2015..Nta Rm 1.96

Dec 2014..Nta rm 1.82

Dec 2013 nta..rm 1.71

Dec 2012 nta ..rm 1.51

Dec 2011 nta..rm 1.38

Dec 2010 nta...rm 1.22

Dec 2009 nta ..rm 1.14

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