Author: calvintaneng | Publish date: Wed, 25 May 2016, 10:38 PM
Hi Guys/Gals, Boys & Girls, Ladies & Gentlemen,
I just went through the Latest Result of AAX & I am horrified. So I looked at KSL again. AAX is a real hot air balloon now full of happy hot air riders totally oblivious to the danger ahead. So I took comfort in the safety of KSL on terra firma (solid ground).
Let's Review the Results of AAX again
A cursory glance will reveal that AAX has made an impressive Rm179 mil last quarter or about 4.3 cents.
A closer look shows that it only made Rm57 mil or 1.37 cents (after deducting one time forex gain). So it has a P/E of 7.2. Really?
Is it true that Annualized AAX has a P/E of 7.2 or 14% Annual Growth?
This is what Calvin Tan Research Discovered!!
Receivables have jumped from Rm282 millions to Rm349 millions - an increase of Rm67 millions!!
So minus the Rm57 millions reported profit from Rm67 millions increase in receivables AAX is actually in the red.
One of the Valuable Lessons my Johor Sifu Taught me is this: RECEIVABLES IS NOT CASH. NOTHING IS CASH UNTIL IT IS ACTUALLY RECEIVED & DEPOSITED AS CASH IN THE BANK.
SEE How Trusting Receivables As CASH sent many to Holland in IFCA! (Calvin's warnings fell on deft ears!)
Another warning sign is the CASH POSTION OF AAX Has GONE DOWN WHILE REVENUE INCREASED!
NET CASH POSITION HAS ACTUALLY DROPPED FROM RM252 MILLIONS TO ONLY RM206 MILLIONS ( A DROP OF RM46 MILLIONS!) Any accountant worth their salt can calculate & SEE.
Actually these are still Ok. What is the greatest danger to AAX then?
GO & READ THE LATEST QUARTER REPORT AGAIN VERY VERY CAREFULLY!!
32a. Capital commitments outstanding not provided for in the interim financial report:
Rm103 BILLIONS
WOW! Aircraft purchase commitment is a mindboggling RM103 BILLIONS!
This means that If AAX can earn NET PROFIT OF RM1 BILLION EACH YEAR IT WILL TAKE 103 YEARS TO PAY OFF ALL DEBT.
Will your Great Great Great Grand Children SEE real profit one hundred over years later?
And SEE these statements
The future minimum lease payments and sublease receipts under non-cancellable operating leases are as follows:-
Future minimum lease payments: RM8.5 BILLIONS.
As soon as a New Car leaves the ShowRoom it starts depreciating by the year, by the month, by the weak and it depreciates day by day.
The same applies to AAX's aircraft worth Rm103 Billions. How much will they be worth 1 year, 5 year and 10 years down the road. Will AAX be able to generate enough profit to pay for these depreciating planes. Now with fierce competition from SCOOT In Australia & TigerAir in North Asia?
So AAX is an unsustainable business model. With such HUGE COST and so little profit.
Will AAX go the way of Hubline?
SEE
I warned and warned people to get out of Hubline when it was still traded at 4 cents. Not heeding my warning they are now stuck at only 1 cent in the sinking, rotting ship of hubline
Posted by calvintaneng > Jan 15, 2015 03:52 PM | Report Abuse![]()
X
Calvin's Warnings On Hubline
1) Hubline has Huge Borrowings - Over RM200 Millions
2) It has only RM10 millions in cash
3) Its NTA is 13 cents.
A closer examination shows that it has 2 pieces of properties in East Malaysia. One is vacant. And another most probably its ship yard. Total Net Asset Value About RM15 Millions
What are the other NTA? If seaworthy ships. How much? If not, what will be its scrap value?
There is a great possibility that Hubline might fall into Insolvency in spite of its projected High NTA.
MaeMode gone bankrupt with High NTA.
High NTA is only Worth So Much If Things Can Be Sold in Market. Old Machinery & Old Ships will be of little worth.
No wonder Directors & Insiders Are All Jumping Ship
Posted by calvintaneng > Jan 16, 2015 12:21 PM | Report Abuse![]()
X
Hubline
Hug Line?
Still hugging the same line at 4 cents?
Aiyoyo! Looking at AAX results made me dizzy. Now look at KSL. KSL is on terra firma (solid ground). Of course on solid ground is safe but dull. Isn't it more exciting to fly kite, fly inside hot air balloon or climb Mt Everest?
KSL has now fallen to multi year low. Its business is getting more mature & stronger. More than 10% of KSL revenue comes from its MALL rental in Muar & JB. KSL has also got KSL CITY & HOTEL RESORT in Booming Iskandar.
Its Business Model is getting better and better as KSL might spin off a Reit like KPJ created Alaqar Reit with stable income.
Yes, in these very uncertain times WE WANT CERTAINTY & STABILITY FOREMOST. So get out of Hot Air Balloon & Stand Firm on Terra Firma
Regards,
Calvin,
From Singapore
Below are the Last Quarterly Reports & Price Charts of AAX & KSL
Last quarter profit was 6.55 sen for KSL now at bargain value of Rm1.16
Annualized it's a spectacular 22% Growth or P/E 4.42 (The Most Profitable Property Stock in all of Bursa now)
At Rm1.16 it is selling at nice discount of 43% discount to NTA of Rm2.02
With such solid prospect and margin of safety everyone can and do sleep soundly standing firmly on KSL
Good night everybody
ZZZZzzzzz,,,,.......
I just went through the Latest Result of AAX & I am horrified. So I looked at KSL again. AAX is a real hot air balloon now full of happy hot air riders totally oblivious to the danger ahead. So I took comfort in the safety of KSL on terra firma (solid ground).
Let's Review the Results of AAX again
A cursory glance will reveal that AAX has made an impressive Rm179 mil last quarter or about 4.3 cents.
A closer look shows that it only made Rm57 mil or 1.37 cents (after deducting one time forex gain). So it has a P/E of 7.2. Really?
Is it true that Annualized AAX has a P/E of 7.2 or 14% Annual Growth?
This is what Calvin Tan Research Discovered!!
Receivables have jumped from Rm282 millions to Rm349 millions - an increase of Rm67 millions!!
So minus the Rm57 millions reported profit from Rm67 millions increase in receivables AAX is actually in the red.
One of the Valuable Lessons my Johor Sifu Taught me is this: RECEIVABLES IS NOT CASH. NOTHING IS CASH UNTIL IT IS ACTUALLY RECEIVED & DEPOSITED AS CASH IN THE BANK.
SEE How Trusting Receivables As CASH sent many to Holland in IFCA! (Calvin's warnings fell on deft ears!)
Another warning sign is the CASH POSTION OF AAX Has GONE DOWN WHILE REVENUE INCREASED!
NET CASH POSITION HAS ACTUALLY DROPPED FROM RM252 MILLIONS TO ONLY RM206 MILLIONS ( A DROP OF RM46 MILLIONS!) Any accountant worth their salt can calculate & SEE.
Actually these are still Ok. What is the greatest danger to AAX then?
GO & READ THE LATEST QUARTER REPORT AGAIN VERY VERY CAREFULLY!!
32a. Capital commitments outstanding not provided for in the interim financial report:
Rm103 BILLIONS
WOW! Aircraft purchase commitment is a mindboggling RM103 BILLIONS!
This means that If AAX can earn NET PROFIT OF RM1 BILLION EACH YEAR IT WILL TAKE 103 YEARS TO PAY OFF ALL DEBT.
Will your Great Great Great Grand Children SEE real profit one hundred over years later?
And SEE these statements
The future minimum lease payments and sublease receipts under non-cancellable operating leases are as follows:-
Future minimum lease payments: RM8.5 BILLIONS.
As soon as a New Car leaves the ShowRoom it starts depreciating by the year, by the month, by the weak and it depreciates day by day.
The same applies to AAX's aircraft worth Rm103 Billions. How much will they be worth 1 year, 5 year and 10 years down the road. Will AAX be able to generate enough profit to pay for these depreciating planes. Now with fierce competition from SCOOT In Australia & TigerAir in North Asia?
So AAX is an unsustainable business model. With such HUGE COST and so little profit.
Will AAX go the way of Hubline?
SEE
I warned and warned people to get out of Hubline when it was still traded at 4 cents. Not heeding my warning they are now stuck at only 1 cent in the sinking, rotting ship of hubline
Posted by calvintaneng > Jan 15, 2015 03:52 PM | Report Abuse
Calvin's Warnings On Hubline
1) Hubline has Huge Borrowings - Over RM200 Millions
2) It has only RM10 millions in cash
3) Its NTA is 13 cents.
A closer examination shows that it has 2 pieces of properties in East Malaysia. One is vacant. And another most probably its ship yard. Total Net Asset Value About RM15 Millions
What are the other NTA? If seaworthy ships. How much? If not, what will be its scrap value?
There is a great possibility that Hubline might fall into Insolvency in spite of its projected High NTA.
MaeMode gone bankrupt with High NTA.
High NTA is only Worth So Much If Things Can Be Sold in Market. Old Machinery & Old Ships will be of little worth.
No wonder Directors & Insiders Are All Jumping Ship
Posted by calvintaneng > Jan 16, 2015 12:21 PM | Report Abuse
X
Hubline
Hug Line?
Still hugging the same line at 4 cents?
Aiyoyo! Looking at AAX results made me dizzy. Now look at KSL. KSL is on terra firma (solid ground). Of course on solid ground is safe but dull. Isn't it more exciting to fly kite, fly inside hot air balloon or climb Mt Everest?
KSL has now fallen to multi year low. Its business is getting more mature & stronger. More than 10% of KSL revenue comes from its MALL rental in Muar & JB. KSL has also got KSL CITY & HOTEL RESORT in Booming Iskandar.
Its Business Model is getting better and better as KSL might spin off a Reit like KPJ created Alaqar Reit with stable income.
Yes, in these very uncertain times WE WANT CERTAINTY & STABILITY FOREMOST. So get out of Hot Air Balloon & Stand Firm on Terra Firma
Regards,
Calvin,
From Singapore
Below are the Last Quarterly Reports & Price Charts of AAX & KSL
AIRASIA X BERHAD (5238)
Quarterly rpt on consolidated results for the financial period ended 31 Mar 2016
| AIRASIA X BERHAD |
| Financial Year End | 31 Dec 2016 |
| Quarter | 1 Qtr |
| Quarterly report for the financial period ended | 31 Mar 2016 |
| The figures | have not been audited |
- Default Currency
- Other Currency
Currency: Malaysian Ringgit (MYR)
SUMMARY OF KEY FINANCIAL INFORMATION
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
| ||||
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD | ||
31 Mar 2016
|
31 Mar 2015
|
31 Mar 2016
|
31 Mar 2015
| ||
$$'000
|
$$'000
|
$$'000
|
$$'000
| ||
| 1 | Revenue |
970,674
|
775,374
|
970,674
|
775,374
|
| 2 | Profit/(loss) before tax |
218,517
|
-117,278
|
218,517
|
-117,278
|
| 3 | Profit/(loss) for the period |
179,489
|
-125,916
|
179,489
|
-125,916
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
179,489
|
-125,916
|
179,489
|
-125,916
|
| 5 | Basic earnings/(loss) per share (Subunit) |
4.30
|
-5.30
|
4.30
|
-5.30
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
| ||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
0.2000
|
0.1500
| ||
Last quarter profit was 6.55 sen for KSL now at bargain value of Rm1.16
Annualized it's a spectacular 22% Growth or P/E 4.42 (The Most Profitable Property Stock in all of Bursa now)
At Rm1.16 it is selling at nice discount of 43% discount to NTA of Rm2.02
With such solid prospect and margin of safety everyone can and do sleep soundly standing firmly on KSL
Good night everybody
ZZZZzzzzz,,,,.......
KSL HOLDINGS BERHAD [S] (5038)
SUMMARY OF KEY FINANCIAL INFORMATION
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
| ||||
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD | ||
31 Dec 2015
|
31 Dec 2014
|
31 Dec 2015
|
31 Dec 2014
| ||
$$'000
|
$$'000
|
$$'000
|
$$'000
| ||
| 1 | Revenue |
95,482
|
166,581
|
686,108
|
801,026
|
| 2 | Profit/(loss) before tax |
75,921
|
155,489
|
342,373
|
431,800
|
| 3 | Profit/(loss) for the period |
65,247
|
131,956
|
267,640
|
342,317
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
65,247
|
131,956
|
267,640
|
342,317
|
| 5 | Basic earnings/(loss) per share (Subunit) |
6.55
|
16.68
|
27.28
|
43.85
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
5.00
|
0.00
|
5.00
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
| ||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
2.0200
|
2.0300
| ||
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