As at 29 Sept 2023
ORDINARY SHARES
Number of shares issued : 663,020,762 (excluding 30,327,291 treasury shares)
Class of shares : Ordinary shares
Voting rights : One vote per ordinary share

Because of coversion of 37,000 Insas-WC to insas shares thus the update NOSH: 663,020,762 + 37,000 + 30,327,291= 693,385,053

The detail listing of conversion of 37,000 Insas-WC to Insas shares on 6 March 2024.

Posted by TheContrarian > Mar 5, 2024 8:10 PM | Report Abuse
Got someone exercised on the warrants! Insas number of shares has increased

Stock [INSAS]: INSAS BHD
Announcement Date 05-Mar-2024
Reference No ALA-29022024-00001
Listing Date 06-Mar-2024
New type/class? No
Type Exercise of Warrants
Details Conversion of Warrants 2021/2026
No. of shares issued 37,000
Issue Price Malaysian Ringgit (MYR) 0.900
Par Value 0.000
Total NOSH 693,385,053

Leno is collecting more insas to become a billionaire.

INSAS RM 60 RINGGIT is KAMBENGGGGGGGG AAAAAAAAAAAAAAA !!

😘😘

March 5): Stagnating production and dwindling stockpiles will underpin palm oil prices relative to other edible oils in the near term, according to veteran trader Dorab Mistry.

Production in top grower Indonesia may fall by at least a million tons in 2024, while Malaysian output could remain flat, said Mistry, a director at Godrej International Ltd. The trend is likely to last at least five years, as the industry contends with ageing trees, erratic weather and little improvement in farming practices, he said in an interview.

“I think you have to be reasonably bullish on all oils, but particularly palm,” due to output constraints, he said on the sidelines of the Palm & Lauric Oils Price Outlook Conference in Kuala Lumpur. While production of other oilseeds is set to climb this year, “palm is unfortunately the laggard”, he said.

These supply problems are upsetting the hefty discount palm typically has to alternative oils. The tropical oil is trading at a premium to soybean oil and sunflower oil in some markets, an unusual phenomenon that’s set to continue until around October when palm production seasonally peaks, said Mistry, who has traded vegetable oils for decades.

Benchmark palm oil futures have risen about 6% this year and traded at RM3,942 a ton on Tuesday in Kuala Lumpur

KUALA LUMPUR (July 27): Maybank Investment Bank (Maybank IB) Research has re-initiated coverage on AirAsia X Bhd (AAX) with a “buy” rating at RM1.80 and target price (TP) of RM3.58 and said post-Covid-19, fares are a lot higher and aircraft lease rates are sharply lower relative to pre-pandemic.

In a note on Thursday (July 27), Maybank IB Research aviation analyst Samuel Yin Shao Yang said that moreover, AAX is now effectively debt-free.

He forecast record core net profit of RM160.1 million for FY2023 and RM256.5 million for FY2024.

“Ascribing 10 times CY2023 estimated PER (price-earnings ratio) to AAX, we derive a TP of RM3.58.

“With nearly 100% upside, we re-initiate coverage on AAX with a 'buy' call. Catalysts are: (i) lifting of Practice Note 17 classification; (ii) more upside from 49%-owned Thai AirAsia X; and (iii) more upside from acquisition of Capital A Bhd’s short-haul airlines,” he said.

Do you have a case to take legal action against Maybank IBs gave a TP of RM 3.40 ( gross negligence in getting so many figures and facts wrong) then and now revised TP down to RM 1.52 and cause you to lose your hard earned money?

KUALA LUMPUR: AirAsia X Bhd's (AAX) results for the fourth quarter ended Dec 31 2023 (Q4 2023) came in below Maybank Investment Bank's (Maybank IB) expectations.

The firm slashed its earnings per share (EPS) forecast for the company by 67 per cent and 58 per cent for financial years 2024 (FY24) and FY25.

"While it was recognition of under-accrued fuel expenses from previous quarters that drove the miss, we are also disappointed that AAX cannot yet equity account for Thailand AAX's strong earnings," it said in a note.

Maybank IB downgraded its call on the stock to "hold" with a lower target price of RM1.52 from RM3.40 previously (- 55 per cent).

AAX's core net loss of RM71.5 million brought FY23 core net loss to the same amount, whereas the firm had expected Q4 2023 core net profit of RM64.7 million.

The shortfall was due to Q4 2023 fuel expense surging 32 per cent QoQ to RM473.2 million, bringing FY23 fuel expense to RM1.31 billion, or 14 per cent more than we expected, and nil contribution from 49 per cent-owned Thai AirAsia X (TAAX) when we expected MYR10.0 million.

" AAX stated the surge in fuel expense was due to recognition of under-accrued fuel expense from previous quarters," it noted.

AAX previously stated that TAAX will contribute from Q4 2023 after its share of previously unrecognised losses zeroed out following its debt rehabilitation plan.

"We also take the opportunity to raise our average jet fuel price assumption to US$105 per barrel (bbl), the current spot price, from US$100/bbl," it added.

Mike-tikus tomorrow go buy toto and magnum jackpot 0151 and 5041 to become an instant multimillionaire.

At least Mr.Fox can see the future of Jaks unlike Mike-tikus promoting jaks for 8 months day and night 24/7/365.

I am saying anything can happen so just get ready your cash.

My record show on 19/3/2020 I manage to get 125K of Insas at 0.384 for total cost of RM 48,141.60

No harm trying

Waiting to collect back Insas below 90 sen.

TQVM TheContrarian
I still keep the cash from my sold down of Insas holding.
Waiting for correction to grab some good stocks.

By the way Jayatiasa is now my biggest holding in my portfolio.

I do not hold any DFX because I do not know how to do a valuation on technology business in Information and Communication Technology (“ICT”).

Below reply from Insas BOD on DFX during AGM:
Short term plan is to exit the Affected Listing Corporation (“ALC”) Status, DFX submitted waiver application to uplift the Company from its ALC status two months ago and is pending Bursa’s decision. We hope to hear some positive news from Bursa soon;

The long term plan for DFX is to grow the technology business in Information and Communication Technology (“ICT”)

If the deal go thro' value capI at USD 10 and more likely than not on the first day of capI trading Stony and gangs will sell their capI holding to take profit.

Specifically, the deal entails CAPI to merge with GMFI and takes over the latter’s listing status, CAPITALA will receive 94% of the enlarged share capital in the merged entity or CAPI at a value of USD1b. Of the 94%, CAPITALA plans to distribute a 47.9% stake in the merged entity to shareholders. After the proposal, CAPITALA and CAPITALA shareholders will hold 46.1% and 47.9% stake in CAPI, respectively. The remaining 6% will be held by existing Aetherium shareholders. Brand AA will take on a USD150m term loan currently held by CAPITALA’s unit, Asia Aviation Capital Ltd (Labuan).

Guess who can come up with below rubbish on capA?

OleOleOle After gone through the numbers, here is my take! Please do your own DD!

Total fleet of 219 aircrafts (12 under maintenance)
Estimate cost of each 2nd handed plane US$25 mil
Take exchange rate of 1US$ to RM4.5915
That's entire fleet of 219 aircrafts worth at least RM25 bil (rough est.) will come back to this later.

That said, refer to Q4FY23 financial statements,
Assets associated with AA leasing:
Non-current Liabilities = -13,434.5 mil (RM)
Current Liabilities = - 5,259.6 mil (RM)
Right to Used = 12,066.8 mil (RM)
------------------------------------------------
Net assets = - 6,627.3 mil (RM)
Note: This amount is to be removed from Cap-A statement.

Merger Offer to AAX: US$ 600 mil
Cash (US$200 mil bond)
AA Equity (US$400 mil)
(1US$ to RM4.5915) = 2,754.9 mil (RM)
Note: This amount will add to Cap-A statement.

Hence, Total AA Leasing assets considered:
= 13,434.5 mil (RM) + 5,259.6 mil (RM) + 2,754.9 mil (RM)
= 21,449.0 mil (RM)
= US$ 4,671.458 mil (=219 aircrafts)
OR Each aircraft = US$21.33 mil (***** vs at least US$25 mil per aircraft for a 2nd handed A320 aircraft)

Back to Cap-A, now how do to get out of PN17?
Total Equity Deficit = - 10,469.5 mil (RM)
AA Leasing Asset removed = 6,627.3 mil (RM)
AA Merger Offer get = 2,754.9 mil (RM)
US Listing Goodwill = 2,360.0 mil (RM)
--------------------------------------------------------------
Net Cap-A Equity = 1,272.7 mil (RM)
== 30c NAPS
02/03/2024 4:12 PM

CAPITALA’s FY23 results disappointed as it was unable to push yields higher. Its positive EBITDA was completely erased by depreciation, aircraft leasing charges and finance cost. There is an urgent need for it to firm up on its PN17 regularisation plan. We maintain our FY24F forecasts, TP of RM0.78 and MARKET PERFORM call.

It reported a core net loss of RM450m in FY23, against our full-year net loss forecast of RM33m and the full-year consensus net loss estimate of RM352m. We believe the variance against our forecast came largely from its inability to push yields higher without eroding demand.

Mike-tikus can't read financial report and come out with all the funny figures and wrong facts

https://bepi.mpob.gov.my/admin2/price_local_daily_view_cpo_msia.php?more=Y&jenis=1Y&tahun=2023
MPOB month average CPO spot price.
Oct 23: RM 3,640.00
Nov 23: RM 3,700.50
Dec 23: RM 3,656.50
Jan 24: RM 3,783.50
Feb 24: RM 3,949.50

By Surin Murugiah | theedgemalaysia.com | 2024-03-04 07:57:15
KUALA LUMPUR (March 4): RHB Retail Research said Jaya Tiasa Holdings Bhd has formed a bullish setup after breaking past the resistance on strong volume.

In a trading stocks note last Friday, the research house said the counter jumped above the RM1.23 resistance to form a bullish candlestick.

It noted that the 21-day simple moving average line is pointing upwards, indicating that the underlying trend remains bullish.

“The counter should trend upwards and head for RM1.35, followed by RM1.48.

“Meanwhile, falling below the RM1.17 support will nullify the bullish setup,” it said.

Mike-tikus trapped at jaks 19 floor, look like floor 19 already collapse and Mike-tikus blowwater about his jaks 1 sen is 6 digits gain/lose.

Mike-tikus how much your jaks book lose now?

Then again Stony also offload a USD 150 million loan from capA aviation to CAPI.

Stony is just taking away from capA aviation its future earning/bottom line and give it to CAPI.

Do I need to worry about SCIB?
SCIB already turn around and going to get many more project in Sarawak?

By the way a 20,000 unit is my support for i3lurker. I3lurker never recommend any stock before, this is his first recommendation. I will keep that 20,000 units till 01/01/2025 or it reach RM 1.00.

The question did icapital NAV growth at 15% per year?

Unaudited NA of Brand AA as at 31 December 2023 is RM 14.24 million.

Brand AA Sdn Bhd is the entity has the rights to collect royalty fees from AirAsia Aviation Group Limited (AAAGL), the exclusive licensee of the AirAsia Brand for AAAGL’s aviation related business.

The royalty fee rate amounted to 1% of revenue from AirAsia’s four airlines in Malaysia, Thailand, Indonesia and the Philippines. Similarly, for AirAsia X and Thai AirAsia X, the fee is 0.5% and 1.5%, respectively.

In addition to the AirAsia brand, CAPI holds the intellectual property rights for 14 other renowned brands and over 224 trademarks spanning 23 countries. CAPI's platform integrates brand strategy, creative marketing and intellectual property development to strategically position its brands and cultivate cultural significance among consumers. The company intends to leverage the brand value of AirAsia through further licensing while implementing its successful strategy to propel and expedite the growth of its intellectual property portfolio

Stony can dream on so are many regional LCC in SEA.
Stony still live in his nostalgia year where AA rule the SEA sky and he set his big plan for AA India and AA China.

Lol Mike-tikus or OleOleOle you took how many hour to work out all the below funny figures for capA?

That said, refer to Q4FY23 financial statements,
Assets associated with AA leasing:
Non-current Liabilities = -13,434.5 mil (RM)
Current Liabilities = - 5,259.6 mil (RM)
Right to Used = 12,066.8 mil (RM)
------------------------------------------------
Net assets = - 6,627.3 mil (RM)
Note: This amount is to be removed from Cap-A statement.

Merger Offer to AAX: US$ 600 mil
Cash (US$200 mil bond)
AA Equity (US$400 mil)
(1US$ to RM4.5915) = 2,754.9 mil (RM)
Note: This amount will add to Cap-A statement.


Hence, Total AA Leasing assets considered:
= 13,434.5 mil (RM) + 5,259.6 mil (RM) + 2,754.9 mil (RM)
= 21,449.0 mil (RM)
= US$ 4,671.458 mil (=219 aircrafts)
OR Each aircraft = US$21.33 mil (***** vs at least US$25 mil per aircraft for a 2nd handed A320 aircraft)


Back to Cap-A, now how do to get out of PN17?
Total Equity Deficit = - 10,469.5 mil (RM)
AA Leasing Asset removed = 6,627.3 mil (RM)
AA Merger Offer get = 2,754.9 mil (RM)
US Listing Goodwill = 2,360.0 mil (RM)
--------------------------------------------------------------
Net Cap-A Equity = 1,272.7 mil (RM)
== 30c NAPS

Pity this dumbass trapped at Jaks 19 floor and refuse to take profit when jaks gap up on ard 1/9/2023 from RM 0.205 to RM 0.245

Me take profit on my Insas from RM 1.16 to 1.35 and balance insas shares is now zero cost to me.

The problem on jaks is how many more receivables in the book will need to impair in future Financial year and why no legal actions taken to recover the receivables?

LSS4:Revenue contribution of RM4.3 million was recognised in the Group from this division. This division incurred a loss before tax of RM0.4 million in the current quarter due to the depreciation charges and interest expenses.
This one mean have difficult in paying loan principal and interest.

The Group recorded a higher loss before tax of RM18.5 million in the fourth quarter of 2023 as compared to a loss before tax of RM5.3 million incurred in the corresponding quarter of the previous year. The higher loss was mainly due to lower share of profit recognised from the Vietnam joint venture of RM34.5 million, a reduction of RM11.7 million from the previous year’s corresponding quarter, mainly due to higher interest cost incurred by the joint venture, impairment loss on goodwill and receivables of RM23.5 million and RM32.9 million respectively.

The group impairment loss on receivable RM32.9. Mean after net off the reversal of provision made in previous years under Property Investment division the group impairment loss on receivable for FY2023 is RM32.9 million

Yes still holding my zero cost insas.

By the way you sound like someone promoting jaks:

My view on jaks.
Buy jaks only in year 2030. After JHDP pay off the 10 year term loans, JHDP will be a cash cow and can pay yearly big dividend to jaks.

Note: Mike-tikus did not know the share of profit from associate company JHDP is just paper profit. What important is dividend from JHDP. Without the JHDP dividend Jaks will have cashflow problems and need another PP or RI for many year till 2030.

JHDP although reported very good profit but can't afford to give good dividend because the 75% loans taken to finance the project was changed into 10 years term loans. JHPD going to have cashflow problems depreciation is 25 years (good profit) but 10 years term loans (need to pay loan principal and interest in 10 year thus poor cashflow for the first 10 years)

Go and read the latest quarterly financial report page 22 on where the revenue come from.

Review of Group Performance
The segmental information for the reportable segments for the quarters ended 31 December 2023 and 31 December 2022 are as follows:

Extrate from choivo capital blog:
Aircraft Operating Lease Income

With the purchase of these huge purchase planes to fund their regional ambitions, as stated previously, Airasia, the Group Company now had a new income stream that would grow far more profitable than expected.

It would not be unreasonable to say that by 2016, this has grown to be their second largest revenue and largest profit contributor.

Without it, the Airasia Group would be lossmaking.

Externally, this also caused huge headaches with accusations by GMT Research that Airasia was only profitable due to the leasing of these planes resulting in profit transfers from unprofitable regional Joint Ventures, to the group holding.

Internally, i’m sure the other joint venture or associate partners did not feel comfortable about this as well, as it could be seen as Airasia Berhad milking the associates for all its worth.

This culminated in the sale of the planes and the leasing business

28 Feb 2018 (Completed 31 Dec 2018) – BBAM Limited Partnership / FLY RM 9,775.6 million and RM 262.3 million (82 Aircraft and 14 Engines)

24 Aug 2018 (Completed 8 August 2019) – Castlelake L.P. USD 739.5 million (RM 3,559.5 million) (25 Aircraft)

25 July 2019 (Completed 31 December 2019) – Castlelake L.P. (RM 1,240 million) (14 Airbus A320-200)

Resulting in net gains of RM 298.8 million and RM 101.54 million, but a net loss in profit of around RM 643 million p.a until the new planes come in.

For the more cynical and realistic individuals, the real reason for the sale would be to settle Tony Fernandes’s and Kamarudin’s RM 1 billion margin loan that taken to inject into the company back in 2016 when prices of the shares were so low

Lease liabilities
The lease liabilities amounting to RM18.7 billion includes deferred aircraft leases of approximately RM2.3 billion. The lease liabilities are supported by ROU assets of RM12.1billion.

The Group had completed the restructuring of a total of 161 aircraft leases up to the date of this report including the waiver of lease rentals in arrears, as well as reducing future lease rates with a corresponding longer lease term, where necessary, and return of aircraft.

Are you high on drug or what?
CapA got planes lease business?

Below are amount capA need to pay to lessors in FY 2023:
From consolidated income statement
RM'000
Depreciation of ROU assets: 449,765 culmulative 12 months 1,574,356
Finance cost-lease liabilities: 252,438 culmulative 12 months 908,771

From Consolidated cash flow statement: cash flows from financial activties
RM'000
Repayment of lease liabilities: (1,664,295)

Note:Under MFRS 16:
(i) On the Consolidated Income Statement, expenses which were previously included under aircraft operating leases will be replaced by a)finance costs – lease liabilities and
b)depreciation of right of use asset

(ii) On the Consolidated Cash Flow Statement, operating lease rental outflows, previously recorded within net cash flow from operating activities, are classified as “net cash flow used in financing activities” for repayment of principal of lease liabilities.

Covid-19 had totally destroyed capA balance sheet. The only way to rebuilt/reset the balance sheet is debts restucture where everyone need to take a haircut. But for reason only knew to Stony only AAX go thro' a debts restructure but not capA.

With net current liabiliaties of RM (12,507,207,000) where can capA going to get the money to fulfill the obligation to pay the current liabilities for next 12 months.

31/12/2023: 31/12/2022
RM'000: RM'000
Total equity: (10,469,461): (9,516,958)
Shareholders' equity: (8,710,574): (5,725,093)
Net current liabiliaties: (12,507,207): (8,509,066)

In addition, we think the very term “value investing” is redundant. What is “investing” if it is not the act of seeking value at least sufficient to justify the amount paid?
Consciously paying more for a stock than its calculated value – in the hope that it can soon be sold for a still-higher price – should be labeled speculation (which is neither illegal, immoral nor – in our view – financially fattening)

Totally agreed.
Is geary using Warren Buffett word to tell buying capA now is amount to consciously paying more for a stock than its calculated value – in the hope that it can soon be sold for a still-higher price – should be labeled speculation (which is neither illegal, immoral nor – in our view – financially fattening)?

Do you think AAX will take over net lease liabilities of RM (6,627.3 million) from capA and on top of that pay CapA RM 2,754.9 mil for capA aviation' business?

Planes belong to lessors and do you think lessors will agreed to transfer the planes lease from capA to AAX knowing very well that AAX will go bankrupt the moment AAX take over capA aviation?

CapA can only survive by forcing the lessors to take a big haircut but then again most likely someone/someones has/have direct or indirect vested interest on these companies that lease planes to capA

Cap A Lease payment to lessors are now:
RM'000
Depreciation of ROU assets: 449,765 culmulative 12 months 1,574,356
Finance cost-lease liabilities: 252,438 culmulative 12 months 908,771

Stony intention is very clear to use AAX as Sacrificial lamb to save capA

Capital A is also selling its aviation business to AirAsia X Bhd (AAX) as the monetisation of the brand alone would not be enough to lift it out of PN17 status.

“One of the reasons why we have to sell the aviation business is to at least be clean. At least then, we can go and talk to Malaysian banks, raise equity and whatever. That is our big argument with Bursa [Malaysia]. My hands are tied, but I can’t raise capital from aviation,” says Fernandes.

Post removed.Why?

EBITDA and Capital A returned to the black after four consecutive years of net losses with net profit of RM836.99 million in FY2023 versus a net loss of RM2.63 billion in FY2022. Revenue for the full year more than doubled to RM14.77 billion from RM6.44 billion a year earlier.

Are just statement to syoik sendiri/self induce pleasure by Stony.

The Balance sheet reality:
31/12/2023: 31/12/2022
RM'000: RM'000
Total equity: (10,469,461): (9,516,958)
Shareholders' equity: (8,710,574): (5,725,093)
Net current liabiliaties: (12,507,207): (8,509,066)

Is the above figures better or worst than it start off the year 2023?
Figures don't lie but man do lie about figures.
CapA is insolvent, no money to pay bills and keep roll over the bills.
The net current liabilities is now snowball to (RM 12,507,207,000)

Beside EPS need to look into cashflow because earning can be boosted up/down by revaluation fair value gain/loss of assets and share of profit/loss of associate companies.

KSL cashflow is good but the only problem is the controlling shareholders (3 brothers) pay themselve very well but refuse to give any dividend to shareholders and now they are appointing their children to the post of executive director.

By the way jayatiasa cashflow is very good. (3iii please take a look and tell me is jayatiasa a good or awful company?)

Note: Mike-tikus did not know the share of profit from associate company JHDP is just paper profit. What important is dividend from JHDP. Jaks now have cashflow problems and need another PP.

JHDP although reported very good profit but can't afford to give good dividend because the 75% loans taken to finance the project was changed into 10 years term loans. JHPD going to have cashflow problems depreciation is 25 years (good profit) but your loans 10 years term loans (poor cashflow for the first 10 years)

I invested in OSK because OSK give dividend 2 times per year.

I woukd have invested in KSL if only KSL ready to give dividend.

Jaks another PP
The issue price of the Placement Shares, where the Placement Shares will be price at no more
than 10% discount to the 5D-VWAMP of JAKS Shares for the 5 market days immediately
preceding the price fixing date(s).

By the way only billionaire can follow Dino 🦕 method to becoming multi millionaire…