Don't forget, Capital A will still own a substantial portion of the airline business via the shares. So they will be dividend upstream in the future. In addition, the airline business has to pay % of revenue to Capital A for use of the AirAsia brand. In addition, with their new 14 line MRO hangar at KLIA, the new AAX group will service their aircrafts there.

Symbiotic relationship. Both Capital A and the new enlarged AAX group will both win.

Investformilkmoney - For rights they will announce it in due course like any other rights. First have to have EGM, and then there will be an abridged prospectus with the subscription form that you have to fill up and hand it back to the share registrar.

PNB has a different agenda and has to save that sinking ship with the public's money.

I dont understand why people are saying cash calls on a yearly basis. This is AirAsia's first cash call since 2009. Illogical investors. Read up more,

Hello Humbleisland - Yup, this part you're slightly mistaken. Just to allay your fears. You can refer to Mode of Conversion at Page 29 - Its by surrendering only. For the Warrants, the Mode of Conversion will be via the Exercise Price and payment of the Exercise Price, Gorgeous deal right? We get a "discounted" price of RM0.75 from the current market price, with no immediate EPS dilution, 8% yield PA, and a warrant for every 2 RCUIDS subscribed for which will further "subsidise" the RM0.75 we are paying for the RCUIDS.

Can sit on the 8% for 7 years and get better returns than EPF.

Humbleisland - You're spot on. Except, the conversion is free, no need to pay another RM0.75. Say at anytime you want to convert, you just request and it will be converted to ordinary shares - And you will stop getting the 8% coupon since you will be holding ordinary shares instead of the RCUIDS. But why convert? I'd rather take the 8% yield, as the RCUIDS will be listed and will mirror the ordinary share price of AirAsia.

The only thing you have to pay for is the warrants, paying for the exercise price when you want to exercise it. That's all. Damn good deal. They structured this well. If they did an ordinary rights issuance there will be immediate EPS dilution (and cost of equity is super high nowadays due to our country risk premium) and have to offer a steep discount and there will be tons of ordinary shares floating in the market for AA. Whoever from AA who structured this is a genius and thought it through well for the minority shareholders.

It can only go upwards from here. Look at the US and UK

Domestic to open up in late-Feb, followed by International come late-March/early-April, most likely, in line with vaccinations.

PP is fair given the overall market sentiment. Plus the PP will be used a lot for investments in digital as that's their push. at least they are honest that they using monies for fuel and to keep their aircrafts tip top ready for borders reopening. Airasia will grow emerge from strength to strength coming out of covid. Look at Malindo - down to 4-5 planes. MH creditors restructuring. AA will dominate ASEAN. If we look at it from an objective point of view, the initial recovery the minute borders are open will be short-haul Asean. When borders open do you think you want to travel long-haul so quickly? Bangkok, Hong Kong, Manila, Chiang Mai, even domestically look at their load factor in their operating stats - will be the first short haul destinations we will travel to.

So clear as day someone is enjoying collecting it.

Seasonally Q2 and Q3 are softer quarters for AirAsia.

ermm.. the rights shares were 100% subscribed

CIMB maintained add

Its all way priced it already. For the amount of cash its sitting on, its undervalued. Plus the PAT was affected due to one-off events, forex and higher cost amortisation for P365. Revenue for P365 kicking in 2H16

Good to read the notes first..

B3. Business Prospects

For the current financial year, the Group is expecting a steady growth of our SaaS business
model. Nevertheless, we expect our enterprise software solution business remains challenging
in the current economic condition.

Our business in China and Indonesia is expected to grow and contribute positively to the Group.
With continuous effort to replenish existing order book and operation cost reduction exercise,
the Group is expected to achieve satisfactory performance in the year.

Our e-Commerce initiative, Property365 has gained good traction to-date. We have garnered
property inventory of over RM3 billion, and have partnered with thousands of agents nationwide.
We expect Property365 to generate revenue in the second half of 2016.

The Group is currently looking at strengthening its operating cost structure. Barring any
unforeseen circumstances, the Board is optimistic the Group will deliver satisfactory
performance in this financial year.

As at 31 March 2016, the Group has unbilled orders in hand amounting to RM27.5 million.

Yeah, small time investors who is not yet made aware of the special dividend. At this price, its a 7.7% yield. And historically, Sunway Berhad shares does not adjust after ex-dividend.

Noted. Thanks.

Got it. I just did it on the Bloomberg terminal. But 38.2% is at RM0.993?

nomanland: what do you mean? would appreciate it if you can explain it to me in layman's terms :)

Analyst briefing on Wednesday morning. So the earnings should be out on tomorrow evening.

I think its time we start looking at this counter again. Bonus issue of Shares and Warrants coming..

Onslaught today. No thanks to OPEC not cutting production even after the Yuan has been devalued. SKP is dragging the index down by 6 points.. almost 7 points this morning.

ckwong86: Indon acquisition not completed yet.

Alex Chan: Maybe receivables after that.. just guessing.

ckwong86: Where did you hear that the results will be explosive? Q115 is as high as it is going to get because of the GST revenue from companies looking to be GST compliant. Its given that even if we were to adjust its lower earnings, that it will probably be 15% short of the TP of RM2.04, plus the other catalysts such as the acquisition and property365.. But I'm curious where did you derive your assumptions for Q22015 results?

Uhh, my Bloomberg screen showed latest filings prior to the fall, and foreign funds only hold less than 4.5% of the paid-up share cap. Hence, IFCA's reply to the UMA is factual, but it is not even close to being the sole factor for the volatility of the share price.

I agree with the above. Analysts are always guided by the Management's forecast. If analysts were 100% correct, there will not be any more poverty and we'd all be rolling in our Ferrari's.

madmoney: Its harder than said. Its easy for Cornerstone investors to come in at IPO because the Co will have a huge allocated block, but for a cornerstone to come in and take say 10-15% of the paid-up share cap, its tough as it'll drive prices up too much. Most they can do is a 132D placement and place 10% share cap to one investor. But with the volatility and beta of the stock and what has transpired over the last 2-3 weeks, who dares to? They must really convince their investors.

Ozzie: And just a disclaimer first so the rest don't flame me (see my historical comments on other stocks), I never made a buy or sell call on any. I pulled data from my Bloomberg terminal. Most foreign funds entered in February to late end of April. The largest on who entered will be Baring Asset Management (13 mil shares) in End Feb, Legg Mason, Samsung investment Trust Management, Adepa Asset Management, Blackrock. Their cost must have been high as they entered during this period.

Hence my pure guess is that their auto cut-loss in their system has been breached and hence the force-selling over the last 2 weeks.

Ozzie: Yes. Problem is the roadshow that CIMB took them on were all overseas and hence the entrance of foreign funds, which of course makes the co susceptible to currency risks. And when RM devalues, so does their portfolio as banks have to mark-to-market daily. Hence I believe the cut-off point for them and force-sell for the foreign funds.

ccp78789: Family friend.

From Ken this morning.

"Good morning. Please share with your investors there is no cause of alarm. Our fundamental remains strong. All initiatives are on track....Saas, Ecommerce, Indonesia, Main Board. Q2 result seemingly may not be as strong as Q1 but I think it will be still respectable given current market conditions. May be our expectations are just too high. I am in the process of transforming Ifca from a unpredictable project driven business to a highly visible, recurring & sustainable revenue stream model. This change will prevail Ifca as a much more attractive stock! Please be with me and support me in this difficult time. If u still have any other concern, please call me. Regards."

SIGN is not a goreng stock. Fundamentals.

RosmahMansur: My guess is yes, because when HSC ceased to be substantial shareholder, they were left with about 4.51% of the Co. The block trade happened a few weeks ago. And my guess is that Value Partners have been buying from open market until they crossed the 5% substantial shareholder disclosure mark. That also explains the recent share price increase.

Oh, Value Partners is huge. They usually take Cornerstone blocks for major IPOs. This is gonna bode well for SIGN.. it's starting to be institutionalised by funds.

Hi HighRiskTrader. A bonus issue does not affect your holdings whatsoever. On a formal level, companies undertake bonus issue to "reward" shareholders with additional shares. But in essence, it does not lend an upside to your holdings. If you have 10 shares worth RM1 each at market price, and if the company introduces a 1 for 1 bonus issue, you will essentially get 20 shares worth RM0.50 (after adjustment for bonus issue). On an informal level, companies undertake bonus issues to improve the liquidity of the stocks traded as there will be more shares available in the market, post-BI.

But of course this doesn't take into account the "syok" factor that the Malaysian market has with regards to Bonus Issues, which usually culminates in the increase in share price..

Hope that answers your question.

Most welcome Dusti. My guess is probably that what the company needs is a roadshow for institutional investors to spur demand for the stock. The stock is currently pretty much retail driven (with some insti funds). But believe in due time it will soar up when the earnings growth is proven. Having said that also, this is a sub RM1b stock, and hence won't fall under a lot of insti radar as most of the bigger insti' mandate will be companies above RM1b market cap.

Not to worry, the earnings has already proven itself. Just hold and enjoy the journey up, slowly.. but surely.

Its in the CIMB research website. Else you can view this:

http://www.theedgemarkets.com/my/article/signature-jumps-63-solid-quarterly-earnings

Morning guys. IFCA will be having a briefing for investors today (open to all) at 4pm via conference call. Malaysia dial in: 03-7724 9687
Singapore dial in: +65-6723 9388
Conference ID: 5508 7888

Ozzie was always involved what.. he/she didn't go missing..

How sure are you the Q results are going to be good? Last Q's result has shown how susceptible the Co is to the market.

Thanks for clarifying. Fact remains, the redesignation is a clear sign that Mokhzani is going to be involvef in the day to day operations of the company. Based on his track record, he only invests his time and money with things that have a future or potential.

Eh? I thought you said downtrend earlier?

And buy back cheaper.. probably doing that today.

Its not a signing of a QA. Must understand the SC's Equity Guidelines.

They will most likely sign a Heads of Agreement or Conditional Share Sale Agreement for the two blocks of oil producing asset in Kazakhstan. Conditional Share Sale Agreement of course conditions being most probably:

- SC's approval for the QA (Chap 6.31 of the Equity Guidelines) and the valuation requirements under Chap 7.11 to 714 of the Equity Guidelines.
- Approval of 75% or more of the total securities held by votes at an EGM to be convened;
- Confirmation of additional funding (if the announced proposed QA is bigger than the amount raised pursuant to CLIQ's IPO.

It'll take a few months, but was told the asset is good, as the valuations are based on current oil prices. We shall watch and wait.

What announcement?

Company still solid. NA per share is still above 0.75. The property division and renewable waste to energy down due to seasonality and near completion of its development projects. I'm sure there are more projects ahead. The entrance of the PVC pipes business will act as hedge for its revenue and seasonality of its other divisions.