Haha...I leave after work and find MAS is nearly kena PN-17 since the company become Net Tangible Liability (NTL). They managed to get a waiver and not put on PN-17 - somehow someone managed to get this waiver.

Actually, lots of airlines hedge against fuel price increase, but I think last year most, if not all, bet the wrong way and recorded losses due to fuel price drop.

The waiver takes into account that the reason it became NTL is due to hedging wrong way, NOT because MAS management failed to properly execute the MAS operations.

In fact, I bought MAS at 2.6 because I have faith that Idris Jala will turnaround the company, and not because it is a GLC. Based on the recovery from 2007, Idris Jala has shown he is capable to turnaround a loss company to profit, taking hard steps where needed. I believe that at the end of 2009, this company will already turn around and later the MTM losses will be history.

Hehe...Just my 2 cents.