wah this IPO very special one. 

No draf prospectus but already come out in MITI

rushing for listing 

thru miti also taking 2  -3 month to open to retail.. so consider okeylah.. just compare with astro thru miti

So far from the info gathered here,the verdict is not in favour..any objections.

Maybe their tactic would be the same like ASTHROW, of coz same owner rite.... "looking for long term investors"...trap.....

Dont become like me! Now still trap inside ASTHROW! 

Better invest on other counter or wait for next IPO... Malakoff, Westports + Johorport......

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 

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

Never trust investment house 100%, take with a pinch of salt as some investment house has vested interest. (like those advising for IPO....)

IPO = It's Probably Overpriced

Is that mean their IPO also under experimentation? No wonder they were at loss-making now......

Need our monies to do their experiment..... Dangerous!

Already confirmed shareholders other than Tony & Datuk K are Rafidah Aziz & ex-Bursa chairman Dato' dont remember what his name....feel secure enough? 

This one got to hold for more than 6 months to gain some profit... Worth or not worth, think by urself...*CHA~ALIF~BA~WAU~TA*