Finding pattterns in random noise :-
Airlines are making profits with the low oil prices e.g. Cathay Pacific, RyanAir, AirNZ, TigerAir, MAB, SIA, AirAsia, etc. The full benefit of lower oil prices should be felt in 2016, when most fuel hedges will be based on the lower price environment seen in 2015 or Jan 2016.
Why AAX? Buy on the business that is on the turnaround as in many airlines in the world.

Which airline will do well will depend on how AAX can sort out its operating margin. Currently operating margins in AAX is 2%, AirAsia is 18%. Even a Greek airline like Aegean airline can do 10%. AAX and Airasia need to follow the Ryanair model and its achievement of 41% operating margin.
All Tony needs to do is to look for a clever CFO who understands Connectivity,Routes (& Airline Freedoms of the Air) and Margins. When AAX can achieve ave 15% operating margin, then it will be a 1 Ringgit share price.

Tony is borrowing 1B from bank or friends to put in more money for AirAsia (his own company). You only put more money into your own company if you believe that it is a good business. Dividend is also higher this year (4 sen - a 30% increase over last year). Share buybacks by Co or directors do not grow a company organically, it only helps in building confidence for shareholders. Tony's way is to put in more CASH (borrowed or otherwise) to grow the business and to control Asia's sky (like what Ryanair do to Europe and Southwest Airlines do to N.America). In an austere Economy, low cost carriers rule!

CIMB analyst knows nuthin' about Airlines to downgrade it to 15 sen. Nobody downgrades Airlines at these fuel prices. Boeing is laying off 4000 employees because of lower orders of aircraft. First, Airbus's wide body & more efficient aircrafts have stole most of their orders. Second, Airlines can continue to use old aircrafts because fuel is so cheap...