AAX Summary... for the benefit of forumers

Fixed Asset = 2.16 billion (including 700 mil in tax asset and deposits)
Current Asset = 224 mil (only 24 mil cash)
Current liability = 953 mil (including 464 mil short term borrowing)
Non-Current liability = 917 mil long term borrowing
NTA = RM 0.35/share
Debt/Equity Ratio = 3.61 

2009 EPS = RM 0.66/share
2010 EPS = RM 0.63/share
2011 EPS = RM -0.36/share
2012 EPS (Proforma) = RM -0.22/share

2009 and 2010 gain is mostly in deferred taxation.. and not based on performance

Operational Profit/loss

2009 = LOSS RM 31 mil
2010 = PROFIT RM 7 mil
2011 = LOSS 60 mil
2012 (proforma) = Loss 10 mil

Now looking at how much future profit AAX can make

Gross Margin

2009 = 3.4%
2010 = 12.7%
2011 = 9%
2012 = 15.4%

Please note that revenue growth has been more or less stagnant in 2011 to 2012.
2009 = 8 planes
2010= 11 planes
2011 = 11 planes
2012 = 9 planes ( ) , 2 plane classified as asset for sale
Future = 2 more plane on order

Revenue per ASK is stagnant 2009-2012, cost per ASK also stagnant 2009-2012, basically cost of fuel is countered by fuel surcharge...

Now lets see what the pricing/share will be 

AAX Summary... for the benefit of forumers

Fixed Asset = 2.16 billion (including 700 mil in tax asset and deposits)
Current Asset = 224 mil (only 24 mil cash)
Current liability = 953 mil (including 464 mil short term borrowing)
Non-Current liability = 917 mil long term borrowing
NTA = RM 0.35/share
Debt/Equity Ratio = 3.61 

How do you get work out the Debt/Equity to be 3.61?

On page 256 of the prospectus:
Total borrowings = 1382 million
Shareholders' equity = 518 million

=> Debt/Equity = 2.67

D/E above 2.0 is common among airlines, I think...

Definition of 'Debt/Equity Ratio'

A measure of a company's financial leverage calculated by dividing its total liabilities by stockholders' equity. It indicates what proportion of equity and debt the company is using to finance its assets.

AAX Summary... for the benefit of forumers

Fixed Asset = 2.16 billion (including 700 mil in tax asset and deposits)
Current Asset = 224 mil (only 24 mil cash)
Current liability = 953 mil (including 464 mil short term borrowing)
Non-Current liability = 917 mil long term borrowing
NTA = RM 0.35/share
Debt/Equity Ratio = 3.61 

2009 EPS = RM 0.66/share
2010 EPS = RM 0.63/share
2011 EPS = RM -0.36/share
2012 EPS (Proforma) = RM -0.22/share

2009 and 2010 gain is mostly in deferred taxation.. and not based on performance

Operational Profit/loss

2009 = LOSS RM 31 mil
2010 = PROFIT RM 7 mil
2011 = LOSS 60 mil
2012 (proforma) = Loss 10 mil

Now looking at how much future profit AAX can make

Gross Margin

2009 = 3.4%
2010 = 12.7%
2011 = 9%
2012 = 15.4%

Please note that revenue growth has been more or less stagnant in 2011 to 2012.
2009 = 8 planes
2010= 11 planes
2011 = 11 planes
2012 = 9 planes ( ) , 2 plane classified as asset for sale
Future = 2 more plane on order

Revenue per ASK is stagnant 2009-2012, cost per ASK also stagnant 2009-2012, basically cost of fuel is countered by fuel surcharge...

Now lets see what the pricing/share will be 

I think fuel surcharge does not enough to cover for fuel cost increase.

If look at how much they collect fuel surcharge in 2011, it is only 44 million.

On the other hand fuel cost increase by 421million from 2010 to 2011. From 597million to 1,018 million.

Yes they maybe fly more as we can see the increase in revenue but revenue increase only 42% compare to fuel cost increase by 70% in the same period

I belive this is much better than ASTERUK

Look at total shares for PUBLIC ballot, its just 9% (71million shares out of 789 million shares)

MITI = 33% of total shares.

Debt equity ratio = (current liability +non-current liability)/equity = (953 mil+917 mil)/518 mil = 3.61 

No D/E ratio above 2 is not common in airlines... AA already super leveraged D/E ratio is only 1.95 

Yes you are right.. but we have to see the overall picture.. thats is why we commonly see the ASK cost.
ASK = Available Seat Kilometer, means total cost or revenue divided by number of seats and km traveled.

If you see this the cost increase in fuel has been countered by lowering the non-fuel ASK cost, it means they are using other method to counter rising fuel cost such as shorter haul flights and/or higher frequency flights. In maintaining ASK even though fuel cost is up, AAX is doing a great job...

If like that, why they are in red in 2011 & 2012 ?

cause ... price < cost  All those cheap flight offer they advertise all rugi one...

If you see this the cost increase in fuel has been countered by lowering the non-fuel ASK cost, it means they are using other method to counter rising fuel cost such as shorter haul flights and/or higher frequency flights. In maintaining ASK even though fuel cost is up, AAX is doing a great job...

LOL   .

That's very bad management. Advertise cheap flight until company losing money for years.

LOL   .

That's very bad management. Advertise cheap flight until company losing money for years.

Thats why they want to be listed A.S.A.P..... So they can use our money to cover those red zone..

Easy and fast way to collect monies...

zitis, u betul ke skip kali ini?

Yup! Betul-betul skip.... X main-main.