KUALA LUMPUR: AirAsia Bhd posted net losses of RM405.73mil in the third quarter ended Sept 30, 2015 as its bottomline took a hit from the Indonesia operations despite stronger overall operating profit.

The low-cost carrier announced on Thursday it recorded higher operating profit of RM316mil compared with RM200.38mil a year ago while net operating profit was RM166.05mil compared with RM102.86mil.

Net operating preofit was RM166.05mil compared with RM102.86mil a year ago.

However, it was impacted by its share of losses from Indonesia AirAsia (IAA) and India AirAsia.

The share of losses from IAA totalled RM625mil – which comprises of current year results of RM155.73mil and prior year unabsorbed losses of RM469.28mil. As for the losses from its Indian associates, they were RM29.74mil.

AirAsia recorded forex loss of RM435.97mil. However, this was offset by forex gain of RM439.85mil due from associates and jointly-controlled entities.

Loss before tax jumped to RM461.70mil, in stark contrast with the profit before tax of RM26.46mil a year ago.

AirAsia posted quarterly revenue of RM1.51 billion, up 15% from a year ago, due to a 19% year-on-year (on-year) growth in the number of passengers carried at 6.29 million which was ahead of the 7% capacity growth.

AirAsia recorded a high load factor of 82%, which was a on-year growth of 5 percentage points.

This was attributed to a more rational capacity and pricing environment by other players. These double digit growths was further aided by the improved demand of Chinese travellers which has grown 22% on-year this quarter.

For the nine-months period, while it posted net operating profit of RM401.09mil – a sharp improvement from the RM298.48mil in the previous corresponding period, it was impacted by its Indonesian and Indian operations and forex loss of RM820.66mil.

AirAsia’s net losses for the nine months were RM13.37mil compared with net profit of RM512.27mil. The net losses were mitigated by the deferred taxation of RM237.15mil during the nine-months ended Sept 30, 2015.

Net lost of 405mil, ..will impact to share price

If coming q result (profit)same or slightly better, this is positive to AA as will give more time for AA to perform

Will keep accumulate if price further drop... the positive aspect is its business visibility

Malakoff reported a strong 3QFY15 net profit of RM156.0m (+44.3% YoY, 80.8% QoQ) due to foreign exchange gains, lower finance costs, higher interest income and lower effective tax rate. Excluding net foreign exchange gain of RM25.7m, 9MFY15 core net earnings of RM130.2m exceeded expectations at 80% and 78% of our and consensus estimates respectively. 9MFY15 revenue of RM3.9bn (-4.5% YoY) was however within our and consensus estimates at about 70% of full year forecasts. The Group declared a second interim dividend of 2.0sen bringing total dividend payment to 5.0sen to-date. We continue to like Malakoff based on its stable IPP business model and reiterate our Outperform call with an unchanged TP of RM2.18.

3QFY15 revenue (-8.8% YoY, -0.9% QoQ). 3QFY15 revenue was affected by the lower capacity factor recorded by its gas and coal fired power plants, decrease in distillate-firing and scheduled outages at selected power plants as part of their maintenance cycle, but mitigated by contribution from PD Power following its full acquisition in April 2014. Prai’s availability factor was impacted by gas turbine compressor rectification works. The said plant has been back in operation since end September.
3QFY15 net profit surged to RM156.0m from RM108.1m in 3QFY14 due to: (i) lower administrative expenses (-27.7% YoY, -32.2% QoQ) mainly on forex translation gain of its EUR and USD-denominated cash balances, (ii) lower other operating expenses (-38.6% YoY, -20.9% QoQ) as there were fair value gains on hedging instruments as well as no provision for negative billings in TBP for FY15, (iii) Higher interest income(>100% YoY, -2.5% QoQ) due to higher fixed deposit interest rate and lower RULS interest recognised in KEV, (iv) cheaper finance cost (-18.15 YoY, -7.9% QoQ) arising from the redemption of Unrated Junior Sukuk Musharakah from the IPO proceeds, and (v) lower effective tax rate of 15% from write back of tax provision pursuant to a settlement agreement in a subsidiary.
Extension of PD Power. The government had recently announced short-term extensions for first generation IPPs which includes Malakoff’s PD Power. It was reported that PD Power has been given an extension of three years, from January 2016 to January 2019 with a capacity of 436MW. However, management clarified that the Group has yet to receive official notification on this extension but is expecting to receive it by this year-end. Tariff for extended PPAs is usually much lower as the power plant has been fully depreciated with no more financing costs. Assuming 80% discount to current tariff, we estimate there will be minimal impact to our valuation if PD Power’s PPA is extended for another 3 years.
Progress of Tanjung Bin Energy (TBE). Management is confident that TBE will commence operations on 1 March 2016 as scheduled. As of October 2015, the progress of physical completion stands at 98.1% with variation from actual to the original time line further reduced to 1.5%.
Source: PublicInvest Research - 23 Nov 2015

Disposed all and make breakeven..

Matched some at rm1.59

The Q result was a bit surprised, both revenue and profit poorer the last q ?????

Matched few lots at rm1.61

BIMB Securities Research has maintained its “Buy” rating on Malakoff Corporation Bhd ( Valuation: N/A, Fundamental: N/A) at RM1.62 with a revised target price of RM2.15 and said Malakoff’s 3QFY15 net earnings jumped 44.3% year-on-year (y-o-y) and 80.8% quarter-on-quarter (q-o-q) to RM156 million.
In a note today, the research house said Malakoff’s 9MFY15 net earnings of RM346.2 million was above house expectation, making up 100.1% from house estimates and 80.68% from consensus estimates.
It said 3QFY15 revenue of RM1,283.6 million however, dropped 4.5% y-o-y and 0.9% q-o-q due to lower availability factor from Prai and Tanjung Bin Power Plant.
“Malakoff’s higher earnings was mainly due to lower finance cost following the redemption of the junior sukuk musharakah via the IPO proceeds and lower losses from Kapar Energy Venture (KEV).
“We revised our net earnings forecast for FY15 and FY16 to RM500.1 million and RM596.6 million respectively from the previous forecast of RM345.8 million and RM481.6 million.
“Hence, we have a new target price of RM2.15 (implying to PER 18x of FY16 PER) via the Dividend Discounted Model (DDM) valuation of WACC 6.0%,” it said.

Accumulated at rm1.63..

UALA LUMPUR: Malakoff Corporation Bhd’s earnings rose 44.2% to RM156.10mil in the third quarter ended Sept 30, 2015 from a year ago due to lower losses due to its associate and lower finance costs.

Malakoff, which has the largest power generating capacity in Asean, said on Monday the earnings were higher from the RM108.13mil a year ago.

Earnings per share were 3.12 sen compared with 3.02 sen. It declared an interim dividend of two sen a share.

Its revenue fell 8.8% to RM1.283bil from RM1.407bil. Profit before tax was 14% higher at RM199mil compared with RM174.77mil.

“This (higher PBT) was mainly due to lower losses recorded by our associate company Kapar Energy Ventures, lower finance cost following the redemption of the unrated junior Sukuk Musharakah utilising the proceeds of the initial public offering offset by compressor rotor rectification works in Prai power plant,” it said.

Malakoff expected the performance for FY ending Dec 31, 2015 to better than the previous year.

It cited that the Tanjung Bin power plant was expected to perform significantly better as all its three units are now available at full capacity and the gas-fired power plants are expected to continue to perform well.

“The full year contribution from Port Dickson Power pursuant to its acquisition in April 2014 will further enhance the group’s profitability.

“The Group’s finance costs will be lower with the redemption of the unrated Junior
Sukuk Musharakah from the IPO proceeds,” it said.

In the nine months ended Sept 30, 2015, Malakoff said its earnings rose 51.2% to RM346.21mil from RM228.56mil in the previous corresponding period.

However, revenue was lower at RM3.926bil compared with RM4.112bil a year ago.

“This was mainly due to lower capacity factor registered by our gas fired power plants, lower distillate firing and scheduled outages taken by certain plants as part of its maintenance cycle which was offset by additional four months consolidation of Port Dickson Power’s (PDP) revenue pursuant to the completion of its acquisition in April 2014.

“The group’s PBT for the nine months was RM532.1mil, which is 35% higher than RM393.5mil recorded in YTD14.

“This was mainly due to higher contribution from Tanjung Bin Power, lower finance cost and higher interest income which was offset by higher share of losses from Kapar Energy Ventures, compressor rotor rectification works in Prai Power Plant, and fair valuation gains from our acquisition of the remaining 75% equity in PDP recorded in the corresponding period,” it said

The Q result is not bad although the revenue is lower than previous Q.
This should positive to the stock price.

Still hold , the only setback is one of the main shareholder always damps his share (still holding 11% of the share).

Smart move...mother share up 2 cents (6%) but warrant is up 2 cents (50%)..

Still hold as the dividend was similar to FD

Still positive with AA, failed to match at rm1.35...will average down the cost. Expect the price movement between rm1.30~rm1.40 for a while.. until Q result out on 26th Nov. Should slightly better base on devalue of rm.

（吉隆坡18日訊）TUNE保障（TUNEPRO，5230，主板金融組）9個月業績低於預期，分析員下調財測，但依然看好區域旅遊保險潛能。

聯昌研究指出，該公司9個月淨利按年跌8.3%至4千770萬令吉，是因為去年同期淨利受脫售建築一次性收益影響，排除此收益，淨利僅增長0.1%。

“9個月淨利低於預期，主要是受索償及管理開銷高於預期所致。”

TUNE保障總保費按年上揚6.5%，但成本也在增加，淨索償率按年揚10.9%，管理開銷則增29.2%。

因調高淨索償預測13.6%，聯昌下調2015至2017財政年每股盈利預測17%至18%，促使目標價也隨之下調。

不過，聯昌依然看好該公司區域旅遊保險業務潛能，認為泰國非壽保險業務長期正面展望及可能與其他航空公司合作而維持正面評級。

“管理層預計第四季業績將按季反彈，雖然2015財政年每股盈利可能下滑15.6%，但2016財政年將有望再成長15.6%。”

TUNE保障旅遊保險9個月總保費按年增長21.4%至9千400萬令吉，主要由大馬及泰國市場貢獻，因保費強勁擴張及250萬令吉未釋放匯率收益貢獻，9個月稅前淨利按年張11.7%至4千570萬令吉。

MIDF研究因9個月業績符合該行預期，維持TUNE保障財測不變，預測明年盈利將按年成長12.9%，主要是航空需求成長帶動旅遊保險、與其他航空公司達成夥伴協議及新投資機會帶動。



- See more at: http://biz.sinchew.com.my/node/126284?v=mobile#sthash.BBOtX8Ny.dpuf

Disposed all to lock in profir

For me, recent price dropped may due to rm drop to 4.4 (may expect to touch 4.5). This will give a big impact to AA . As Q1 2006 will give a better advantage to AA due to able to enjoy cheaper oil price and strengthen its subsidiaries, further drop will provide opportunity to accumulate...

Disposed all at rm2.24 ...

KUALA LUMPUR (Nov 16): Tune Protect Group Bhd, formerly Tune Ins Holdings Bhd (Valuation: 1.20, Fundamental: 1.80), posted a 20.44% year-on-year (y-o-y) drop in its net profit for the third quarter ended Sept 30, 2015 (3QFY15) to RM12.86 million from RM16.17 million, mainly due to higher management expenses and a one-off rebranding spend.
Its revenue for the quarter, on the other hand, rose 10.53% y-o-y to RM121.05 million, Tune's filing with Bursa Malaysia today showed.
Tune also declared a higher dividend of 4.04 sen per share, up from 3.86 sen in the previous corresponding period.
"In light of the softer economic outlook and ongoing geo-political circumstances, the group posted respectable, double-digit growth with strong contribution mainly from our Global Travel business.
"This year, we incurred higher management expenses due to higher royalty fees in the licensing of the Tune trademark, which was partially deferred to this year, and a one-time Tune Protect rebranding spend," said Tune's chief executive officer Junior Cho.
Cho added that there was an 11.7% growth in Tune's Global Travel business for the nine-month period (9MFY15), while its Malaysia's general insurance business jumped by 38.9% in the same period — after taking out the one-time gain from selling its former headquarters on Jalan Ampang last year.
For 9MFY15, Tune's net profit came to RM45.49 million or 6.05 sen a share, 8.59% lower than the previous corresponding period's RM49.76 million or 6.62 sen a share. Revenue, however, climbed by 6.95% to RM347.55 million.
Cho said its Global Travel business' growth came because of "healthy travel demand, despite recent regional events ranging from Bangkok bombings, Bali volcanic activity, and prolonged haze conditions in Malaysia, Singapore and Indonesia".
He is banking on Global Travel business' growth for the remainder of 2015, even when taking 2016's slower economic growth forecast into the equation.
"We see increased travel demand as we enter the last quarter of 2015 and with our continued education marketing and take-up rate initiatives, we hope to increase awareness in the value of travel insurance and capitalise on the peak travel season," Cho added.
"In addition, we will continue our rollout into travel agencies until mid-2016 to further extend our product offerings to customers who prefer doing travel bookings through offline channels," he said.
However, he conceded that the general insurance industry might face slower growth because of the uncertainty in the macroeconomic landscape.
"While Tune Insurance Malaysia Bhd (Tune's Malaysia general insurance business) will face similar headwinds, it is our expectation that its growth should outpace the industry average for the remainder of the year," he added.
Tune, part of the AirAsia Group of companies, closed flat today at RM1.47 after hitting a low of RM1.45 earlier, giving it a market capitalisation of RM1.11 billion.

KUALA LUMPUR (Nov 17): CIMB IB Research (Valuation: 1.65, Fundamental: 1.05) has maintained its “Add” rating on Tune Protect Group Bhd (Tune) RM1.47 with a lower target price of RM2.20 (from RM2.64) and said Tune’s 9MFY15 net profit came in below expectations, accounting for only 61% of house full-year forecasts and consensus.
In a note Nov 16, the research house said the variance mainly came from the higher-than-expected claims and management expenses.
In addition, it said there was an unexpected negative contribution (losses) from its entity in Thailand, which was also caused by higher commissions paid and management expenses. As the norm, no dividend was declared in 3Q15.
“We are cutting our FY15-17F EPS forecasts by about 17-18%, as we raise our projected net claims by circa 13.6%.
“This brought down our DDM-based target price from RM2.64 to RM2.20, despite rolling over our valuation to 2016. The key parameters for our DDM model include (1) a cost of equity of 9.2% and (2) terminal growth rate of 5%,” it said.
The research house however said that Tune remains an Add given the potential re-rating catalysts of (1) the growth potential for its travel insurance business in the region, (2) positive prospects for its non-life insurance unit in Thailand in the longer term and (3) possibly more tie-ups with other airlines.
“Furthermore, management is guiding for a qoq rebound in 4Q15.. We project a 15.6% drop in its FY15E EPS but we expect EPS growth to resume to 15.6% in FY16F,” it said.

From the Q result of Tunepro which released yesterday, it 11.7% growth in Tune's Global Travel business indicated AA revenue should higher..but let wait and see what of its profit.

KUALA LUMPUR (Nov 16): Tune Protect Group Bhd, formerly Tune Ins Holdings Bhd (Valuation: 1.20, Fundamental: 1.80), posted a 20.44% year-on-year (y-o-y) drop in its net profit for the third quarter ended Sept 30, 2015 (3QFY15) to RM12.86 million from RM16.17 million, mainly due to higher management expenses and a one-off rebranding spend.
Its revenue for the quarter, on the other hand, rose 10.53% y-o-y to RM121.05 million, Tune's filing with Bursa Malaysia today showed.
Tune also declared a higher dividend of 4.04 sen per share, up from 3.86 sen in the previous corresponding period.
"In light of the softer economic outlook and ongoing geo-political circumstances, the group posted respectable, double-digit growth with strong contribution mainly from our Global Travel business.
"This year, we incurred higher management expenses due to higher royalty fees in the licensing of the Tune trademark, which was partially deferred to this year, and a one-time Tune Protect rebranding spend," said Tune's chief executive officer Junior Cho.
Cho added that there was an 11.7% growth in Tune's Global Travel business for the nine-month period (9MFY15), while its Malaysia's general insurance business jumped by 38.9% in the same period — after taking out the one-time gain from selling its former headquarters on Jalan Ampang last year.

Accumulated back some lots at rm1.39

Thankfully, yes just play contra but it is seldom practised by me.i still prefer to get majority in cash as i expect most of the share market will experience a significant drop after Fed rate hike.
Better play safe.
If Malakoff is touched below rm1.60 , i will collect again as it is one of the safer stock for present market.

Accumulated back few lots at RM2.18, similar to Malakoff, MMC dropped quite significant but Malakoff able to recover.

Disposed all. Thanks for Malakoff.

Disposed some at RM1.44 to lock in profit

2nd sell wave is coming

Matched some at RM1.58, Q at 1.56, 1.54, 1.52

I see this is an opportunity as the revenue of Malakoff is secured no matter what happen. It 70% dividend policy is very attactive!

No news is good news. I think the foreign fund is withdraw from market

Good opportunity to accumulate at rm1.58

No matter what is going to happen, must has holding power and no goreng. A huge fund (USD 9T) may withdraw from all over the world which expect by coming 1~3months (Fed rate up is happened). RM will drop more than 4.5, oil and all commodities will down.
https://youtu.be/oopdBztMI_w

Oo..big drop in DJ.
Let see how the AA will perform today.

澳洲经济 时间：2015-11-12 14:49

国际投资专家罗杰斯（JimRogers）表示，他已稍微放慢投资步调，因为他担心全球负债沉重及热钱太多，会造成全球「熊市」。他预测全球股市可能还有高点，但最后会很惨。他也放空科技股及债券，开始做多中国股市及农产品，持有的货币资产以美元为主。

　　罗杰斯接受巴隆周刊专访时指出，「下一回合，我担心将会出大问题，因此我基本上不会再绕着市场追逐」。他承认，全球股市指数可能「还有高点」，因为各国央行心怀「恐慌」而使利率维持低档，但最后将会很惨。

　　他在评论全球股市展望时表示，美股将出现某种幅度的回文件，甚至跌入「熊市」，而下次「熊市」将比过去多数空头市场更糟，因为企业负债太高，未来一、两年将出大问题，因此多数股市及投资都不大适合「做多」。

　　问题主要源自美国，联准会（Fed）的错误最大。Fed率先大印钞票，英国、日本、欧洲等地的央行都跟进。以往「熊市」通常从小国开始，但下次「熊市」是主要国家都将陷入困境。股市还有一波涨势，但他猜测这将是最后一波。他现在正放空科技股。

Ignissimia, i think you refer to the old news.
For me, if the stock with good fundamental and price is under value likes AA(still has some risks), no need to afraid to accumulate some (below rm1.40 for mid term investment) but please keep most in cash.

I believe CSC is one of counter can withstand the impact of Fed rate up, the RM may touches 4.5 or even 4.6, since 80% is from US market, 10% fromEurope(compare with semiconductor depend on world market)..will benefit from rm drop and market is still there for CSC!

BANGKOK (Nov 9): Most Southeast Asian stock markets fell on Monday, in line with weak local currencies, as expectations of the US Fed's lift off in December and China's weak exports data hit risk appetite.
The Thai key stock index was down 0.9% at 1,402.57, the lowest close since Oct 30. Top losers included PTT Global Chemical, down 2.7%, after it posted weaker-than-expected quarterly profits.
Any slide in Thai stocks in coming weeks is likely to attract more investors of long term equity funds (LTFs) and retirement mutual funds (RMFS), brokers said.
Demand for the funds often increases towards the end of the year due to tax incentives.
Domestic-led selling sent Indonesian's index down 1.5% and the Philippine index 0.7% lower.
Indonesia saw a net inflow of 87 billion rupiah (US$6.38 million) while the Philippines had a net 66 million pesos (US$1.40 million) worth of inflows, stock exchange data showed.
Most emerging Asian currencies slid on Monday amid strength in the US dollar.
Vietnam closed down 0.3%, led by energy firms while volume reached a one-week high
Singapore fell 0.4% while Malaysia was little changed. Both markets will be closed on Tuesday for a holiday.

http://klse.i3investor.com/blogs/kianweiaritcles/85893.jsp
Very informative about AA

For me, it is mainly due to RM and even Indo, Thai & Phi will drop when the Fed rate is up, so this will put some risk to AA. So, the Institute buyers are selling AA... other counters will facing similar pressure. Value cap may only able to reduce the impact for index linked stocks.

Matched again at rm1.36..

Finally matched at rm1.38

My Q are rm1.38, 1.36, 1.34.... no deal yet

This may due to RM may drop further (Fed rate expects to up next month), but if you consider next Q, AA will benefit from low fuel price, govn promote tourism and present price already down quite a lot from reasonable price at least rm1.80. It is good to accumulate at low (around or below rm1.40)

Will dispose some if more than rm1.40

Q some lots below rm1.40.. see any luck

Supermix2, may be you are right. For me, i later believe if Fed rate is going to happen, then the rm may touch even above 4.5 and with the bad sentiment of all Asia markets, it is better to wait a better time to accumulate good stocks. At present, it is better to play safe to hold at least 2/3 in cash.

Announcement of EPF indicated the accumulation is come to the end, let see the price can sustain above RM1.37 or not for the short term. Cash out some to see the impact of the Fed rate up in Dec(may be i read too many Hu Li Yang articles). Anyway, Mahsing is good for middle and long term. Better cut some at this moment

Compare with other counters, AA share price has better room to perform. The major risk is when tbe Fed rate up, the rm will drop futher and the impact to world market(fund pull out from Asia). The good thing is hedging of fuel will end by this year and AA will save significantly by Q1 next year.
When price drop to around or below rm1.40, it is an opportunity to accumulate...

Surprise matched some lots at rm1.42, still q some lot at rm1.41&rm1.40
Anyway still happy to accumulate some lots even market is still has risk to down further.