【AIRASIA 5099 交流专区 1】亚洲航空

invest_klse

原帖由 Mr.Business 于 14-1-2008 03:31 PM 发表
...
我怎么想都不明白，tax incentive怎么能算是利润呢？！
...

平心而论，Tax Incentive 的确是盈利。

原因很简单。对股东来说，我们注重的是一间公司税后盈利（PAT）。
当我们考虑 PAT 时，公司所缴的税就是一种支出。如果公司有 tax incentive 的话，就可少缴税，也就是减少支出。支出减少，就是增加盈利。（其道理跟减低生产成本是一样的。）

有人可能会说，这 tax incentive 只是暂时性的，应该算是 special item 或 special income，长期投资者不该把它考虑在内。但我不这么认为。由于AirAsia 的 tax incentive 数目异常庞大。考虑未来这几年它要购买的飞机数量，这 incentive 还会不断累积。粗略估计，AirAsia 在未来十年内都几乎不需缴税。所以说，这个 tax credit 算是蛮长期、稳定的一项收入。


但是，

AirAsia 的 income statement 里出现 deferred tax asset 是不恰当的。
我这么认为，并不是因为它是 tax incentive，而是因为它是 “deferred”。
那是未来的盈利，不该记录在今年的 income statement 里。而是应该分散记在未来每一年的账目中。

invest_klse

原帖由 Mr.Business 于 15-1-2008 06:14 PM 发表
AirAsia作出澄清。

For immediate release
15 JANUARY 2008

AIRASIA CLARIFIES FUEL HEDGING POSITION   
...

Due to the high volatility in oil prices, we are of the view that adopting a static hedged approach (through fixed/plain vanilla swaps) at current price levels would involve taking excessive risks. If one were to opt for a fixed swap now and should fuel prices retrace subsequently, we would be left with effectively an obligation to purchase expensive fuel with no room to manoeuvre out of the position.

...

Tony 的这句话我看不懂。。。

AirAsia 对油价的护盘不是通过 option 来操作的吗？
怎么变成了 swap？

Mr.Business

原帖由 invest_klse 于 16-1-2008 12:41 PM 发表
平心而论，Tax Incentive 的确是盈利。

原因很简单。对股东来说，我们注重的是一间公司税后盈利（PAT）。
当我们考虑 PAT 时，公司所缴的税就是一种支出。如果公司有 tax incentive 的话，就可少缴税，也就是减少支出。支出减少，就是增加盈利。（其道理跟减低生产成本是一样的。）

有人可能会说，这 tax incentive 只是暂时性的，应该算是 special item 或 special income，长期投资者不该把它考虑在内。但我不这么认为。由于AirAsia 的 tax incentive 数目异常庞大。考虑未来这几年它要购买的飞机数量，这 incentive 还会不断累积。粗略估计，AirAsia 在未来十年内都几乎不需缴税。所以说，这个 tax credit 算是蛮长期、稳定的一项收入。


但是，

AirAsia 的 income statement 里出现 deferred tax asset 是不恰当的。
我这么认为，并不是因为它是 tax incentive，而是因为它是 “deferred”。
那是未来的盈利，不该记录在今年的 income statement 里。而是应该分散记在未来每一年的账目中。

Tax Incentive可以减少税收，增加盈利，我同意呀。
可是我想就算再多的Tax Incentive，也只应该让应缴的税收=0，而不应该是positive (在income statement上)。这positive的税收是真的钱吗？是税务局给钱给AirAsia吗？

invest_klse

原帖由 invest_klse 于 13-1-2008 12:48 AM 发表
...
在2007年财报中，AirAsia 的确从 interest rate swap 的投机中赚到了RM 73 million，并记录在 Income Statement 中。
但是，它也在Foreign Currency和油价的投机中分别有 RM141 million 及RM24 million 的亏损，却没进帐，而是以“unregconised losses” 的方式记录于 Off Balance Sheet 中。

...

原帖由 invest_klse 于 13-1-2008 10:52 PM 发表
...
同时，AirAsia 的 Income statement 和 balance sheet 中没有包括以下的项目。
(4) Net unrecognised & unrealised losses on open Foreign Currency exchange contracts – RM 140 million。
(5) Unregconised losses in Jointly Controlled Entity and Associates – （大约估计）RM40 million。
...

原帖由 invest_klse 于 14-1-2008 08:59 AM 发表
...
有一点奇怪的是，在其FY2007的财报中，AirAsia于债务减轻上的获利为 RM80 million左右，而于护盘操作中的亏损却有 RM140 million 之多。互相抵消后，还存在高达 RM60 million 的亏损，不知是为什么？

我的猜测是：AirAsia对美元的护盘，应该包括未来几年的借贷在内。因此它持有的forward contract价值应高过其现有的债务。所以当美元贬值，它就蒙亏。
...

关于 AirAsia 在美元护盘上的亏损项目，我有初步的结论了。
在我发表这结论前，先跟大家分享一下这两天我向 airasia 的 investor relation 部门询问此事的 email 内容:


value-investor KLSE to mohshinaziz   Jan 14 (2 days ago)

Hi,  
I'm a share holder of AirAsia.
From the Annual Report 2007, I found the following item (at page 130).

"The net unrecognised and unrealised losses at 30 June 2007 on open contracts which hedge future payments on
term loans amounted to RM141.8 million (2006: RM2.0 million)."

1. May I know why the losses through the hedge item is bigger than the "exchange gain on borrowing"?
(according to the report, page 113, the exchange gain is about RM80 million.)

2. May I know how long is the period that is covered by these currency hedge item?

Thanks.


mohshin aziz to me    Jan 15 (1 day ago)

Hello,

Sorry for the late reply, been very busy.

Our currency hedge relates to our aircraft acquisition. These aircraft are financed for a 12 year period, and therefore we have hedged our currency exposure for 12 years. At the time of the audit, we must take into account what is the futures rate for currency exchange, and mark to market the difference. And the figure as you have seen in the annual report is RM142 million, these are accounting treatments, not actual cash losses.

If you assume for the 11 years (we already paid for first year) there is no change in USD:MYR value, then the RM142 million losses will be crystallize over a period of 11 years.

Best Regards,
Mohshin Aziz


value-investor KLSE to mohshinaziz    Jan 15 (1 day ago)

Thanks for your reply.

I've one more question about the currency hedge.
Are the hedge items cover only part or all the existing borrowing?
Any future borrowings (related to the aircraft acquisition in the next few years) included in the hedge operation?

Thanks.


mohshin aziz to me    Jan 15 (1 day ago)

Nope, this only relates to what we have taken into the balance sheet. Any future loans will be updated as and when they are incurred.


value-investor KLSE to mohshinaziz    Jan 15 (1 days ago)

But,

According to the annual report:
- page 129: Total borrowings = RM 2,554 million
- page 142: Foreign currency contracts, Fair value = RM 2,821 million

If the future loans is not included, why the contracts value is higher than the total borrowing?


mohshin aziz to me    Jan 15 (1 day ago)

Interestpayments.



（完）

[ 本帖最后由 invest_klse 于 16-1-2008 03:59 PM 编辑 ]

invest_klse

AirAsia 在2007年财报中，它在美元护盘中有高达 RM140 million的亏损。（属于 unrealised losses，没有记入 income statement 和 balance sheet中。）

经我向AirAsia了解后，再经过思考，我对这个项目的最新看法是：
(1) 它纯粹是属于护盘操作，并非投机项目。

(2) 应该把它和 “exchange gain in borrowing” 项目结合在一起看。所以，RM140 million 亏损扣除RM80 million 盈利，总体亏损为 RM60 million 左右。

(3) 它是为自己的债务于未来 11年中的分期付款护盘。所以此项亏损不应记入 income statement，而是应该记在每一年的 financial cost 和financing cash flow 中。（理由和 deferred tax asset 项目一样）.

假设马币兑美元的汇率在为来11年都不变，则AirAsia 所面对的亏损将是 每年 RM 5 million 左右。这笔钱可看作是护盘操作的成本，数目不大，属于可接受的范围。对airasia来说，这笔钱是不能省的。因为，不对美元护盘的话，可能会面对更大的风险。

(4) 假使未来马币继续升值，这项 hedging item可能会有更大的亏损。但与此同时，airasia 未来贷款的本金、利息都会随着减低。所以，马币的升值对AirAsia来说还算是好事。


结论：
虽然目前面对亏损，但这项护盘操作不但没有问题，反而是对AirAsia 有利，因为它的确帮 airasia 去掉了美元升值的风险。而当马币升值时，它面对的亏损将是分摊到未来的11年中，数目不大，对airasia的盈利影响甚微（低于10%）。

Mr.Business

AirAsia的公关Mohshin Aziz：


Link

invest_klse

原帖由 Mr.Business 于 16-1-2008 01:13 PM 发表
Tax Incentive可以减少税收，增加盈利，我同意呀。
可是我想就算再多的Tax Incentive，也只应该让应缴的税收=0，而不应该是positive (在income statement上)。这positive的税收是真的钱吗？是税务局给钱给AirAsia吗？

说得对。。。最低的应缴税是＝0。

我只是把概念弄得清楚一些。

Airasia 的情况是，今年的 tax incentive 用不完，可以保留到以后再用。所以叫做"deferred" item。（deferred 就是＂延后＂的意思）。无论如何，那还是盈利。只不过，那应该是明年、后年、、、或5年后的盈利。


Airasia 把 deferred tax 记入 income statement（使得出现 positive tax），是有错。但它的错不是把 tax incentive当成 income，而是把未来的盈利（deferred tax）算进今年的帐目。

invest_klse

Deferred tax 出现在 AirAsia 的income statement，是在 FY-2007 年的年报中才有的。FY-2006年是没有的。


因为在此之前，我国的 accounting standard 是不允许公司把 deferred tax 记入income statement的。但，国际上的 accounting standard 却允许这么做。所以，在2006年，airasia 总是公布两份财务报告。一份是根据大马标准的，另一份则是根据国际会计标准的。而且，它总是说大马的会计标准无法反映公司的实际财务状况。

也许是 Tony 的＂呼吁＂有功，后来政府批准了上市公司把 deferred tax asset 记入 income statement里，此条例从2007年7月开始生效。但 airasia 早已迫不及待的提早实施了这项条例（这叫 early adoption）。

Mr.Business

Airasia 把 deferred tax 记入 income statement, 这应该是会计准则允许的，那有没有别间公司遇到同样情形 (大量的deferred tax incentive), 却没有把这些假盈利放进income statement？

怪不得AirAsia要买这么多飞机了，不必做生意，花大把钱买飞机，就有一大堆盈利了 (可惜是假盈利)。哈。。。

Mr.Business

新闻。

AirAsia sees 130,000 travellers a year on KL-Guangzhou route

By Zurinna Raja Adam

Published: 2008/01/16
       
GUANGZHOU: Low-cost carrier AirAsia Bhd expects to carry about 130,000 passengers a year on its Kuala Lumpur-Guangzhou route, which was officially launched yesterday.

Since the soft launch in December 19 last year, the direct daily flight has sold 25,000 seats in three weeks, of which about 60 per cent of the passengers are business travellers.

With the Olympic fever building up in China, regional head of commercial Kathleen Tan said, the airline believes its low fares will grant more Chinese and Malaysians the freedom to further enhance tourism of both countries.

"Guangzhou is an interesting route for us. Besides being the third largest airport in China, the city is a global manufacturing centre and a lot of people are investing here," she said here yesterday.

Tan said while bosses still prefer to travel via full-service airlines, other company staff can travel through AirAsia to minimise costs. Depending on the demand, the airline might consider increasing its flight frequency from once a day in future.

"Customers appreciate the prices AirAsia offers, and we would try hard to keep it that way," she said when asked about possible fare increases due to rising fuel prices.

Tan said AirAsia hopes to balance the group's income by encouraging growth from other avenues like website advertising, insurance and credit card business and its holiday packages.

"We will work hard to accelerate these businesses so we won't have to pass down the oil price factor to customers," she said.

Guangzhou is AirAsia's fourth destination in mainland China after Shenzhen, Xiamen and Macau. The group hopes to fly to two more destinations, namely Hainan by March and Gueiling by April this year and is in talks to fly to Hong Kong by first half this year.

Tourist arrivals from China has increased more than 20 per cent over the last three years or about 550,000 tourists during the third quarter last year.

http://www.btimes.com.my/Current ... /ZURIN.xml/Article/

Mr.Business

亚航正式飞广州 2008/01/16 18:18:31
●南洋商报

另一方面，亚航第一班吉隆坡飞往广州白云机场的班次在今日正式起飞。

陈凯霖表示，该航线机票的销售量良好，人民币188元的促销票价在不到一个月的时间内就已出售了2万5千张。她希望此航线将能至少达到80％的载客率。

“此外，广州白云机场为为中国三大国际航空交通枢纽之一，拥有完善的航线网络。我们希望透过亚航的廉价机票，能够让更多小型生意人能负担更小的情况下，能更常飞往中国发展他们的业务。”

出席是项记者会的嘉宾包括广州市人民政府副秘书长张火青、大马驻广州领事馆总领事罗斯兰、广州机场当局副总裁陈晓宁、总经理张克俭及广州白云国际机场股份有限公司副总经理马心航。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=806287

Mr.Business

更新: January 16, 2008 18:01

每件2至3令吉
亞航 或徵收 行李費

本報特派：胡綺芳

（廣州16日訊）亞洲航空或在今年內征收行李費，每件行李收費或2至3令吉。

該公司高級商務副總裁陳凱霖指出，一旦落實行李費，也將同時調降機票價格。

她說，國際油價若持續居高不下，亞航考慮在今年內效仿外國廉價航空，徵收行李費，每件行李收費不高，或介于2令吉至3令吉。

“至今未有定案，一旦落實行李費，我們也將調降機票價格。”

她今日出席吉隆坡—廣州新航線新聞發佈會后，發表談話。

首半年增新航線

另外，陳凱霖說，亞航將在今年首半年，增設新航線至海南省、桂林及香港。

“亞航今年將收購33架飛機，平均每個月會有2架新飛機，增設新航線不成問題。”她補充，將考慮增設任何低于4小時飛行時間的短途航線。

陳凱霖說，計劃在今年3月開設飛往海南航線，在4月擴增航線至桂林，並展望在今年首半年增加飛往香港新航線。

她說，目前，亞航共有6個樞紐，包括新山、吉隆坡、古晉、亞庇、曼谷及耶加達，料在今年3月在峇厘島增設新樞紐。

http://www.chinapress.com.my/con ... mp;art=0117mc64.txt

cocoloco

我看到的是这家伙迟早弄到AIRASIA破产

Mr.Business

隆新航线开放予廉航 马航新航结束固定票价协议 2008/01/18 13:15:42
●南洋商报

（新加坡17日讯）随着往返吉隆坡新加坡的航线将在2月1日开放给廉价航空公司之后，新加坡航空公司以及马航（MAS，3786，主板贸服股）之间将结束签署了30年的固定票价协议。

据新加坡《海峡时报》的报道指出，廉价航空公司虎航（Tiger Airways）、亚洲航空（AirAsia，5099，主板贸服股）以及捷星航空（Jetstar Asia）将在下个月开始，每日4个航班来往两国。

当领空在12月全面开放后，航空业者可以自由地决定航班的次数。

重新检讨协议

《海峡时报》援引新加坡航空公司的发言人史迪芬.福萧说：“领空开放也意味着我们将会重新检讨协议。我们将会与马航进行一些洽谈。”

在现有的协议下，新航以及马航自己承担成本，不过收入平分，以及来回机票订在400新元（920令吉）。

新航每星期有42个航班飞往新马两地，马航经营50个航班。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=806908

Mr.Business

空巴展延交机 马航盼以新飞机或折价赔偿 2008/01/18 13:15:42
●南洋商报

（吉隆坡17日讯）据《Malaysian Reserve》报道指出，空中巴士 SAS 为无法准时交出 A380 飞机而进行的赔偿商协，因为进展缓慢而引起马航（MAS，3786，主板贸服股）的不满。

尽管如此，马航仍希望上述赔偿能以新飞机或良好折价的方式进行，而不是现金赔偿。

马航执行董事兼总财长敦姑阿兹密尔说，继长时间与该法国飞机制造商商协后，仍无取得任何决定。

马航母公司大马飞行公司（PMB）是 A380 飞机的买家（买后再租予马航），它在2003年已订购了6架飞机。

新飞机用作欧洲航线

根据大马飞行公司与空中巴士所签署的协议，首3架的飞机原定在去年底交货，其余则在今年取得。

而马航是计划用这些新飞机来飞行欧洲的航线。

阿兹密尔透过电邮向有关报章表明：“我们不对这赔偿抱有任何偏见，也无对我们至今所做出的进展感到不愉快。”

http://www.nanyang.com/index.php?ch=7&pg=12&ac=806909

windd

马航只订购区区 ６ 架A３８０飞机就延迟交货了。

亚航的 ２００ 多架岂不是永远都没能拿到？？
还是， 亚航只是故意订多多， 到时候不能交货就能赚
赔偿金？？？

东邪

5099            
Changes in Sub. S-hldr's Int. (29B)  

Particulars of Shareholder 36  

Name : T. Rowe Price Associates, Inc.
NRIC/Passport No./Company No. : 801-14713
Nationality/Country of Incorporation : USA

Address:
100 East Pratt St, 10th Floor Legal Department, Baltimore, MD 21202

Descriptions (Class and Nominal Value):
Ordinary shares of RM0.10 each ("Shares")


Name and Address of Registered Holder:
For full details of this announcement, please access Bursa Malaysia's website


Details of Changes

Date of Notice : 17/01/2008

Transactions:
No. Date Transaction Type No of Shares Price (RM)
1. 11/01/2008 Acquired 367,400 -


Circumstances by reason of which change has occurred:  
Open market purchase

Nature of Interest:
Indirect

Consideration:



No of Shares Held After Changes:
Direct : 0 shares (0.0000%)  
Indirect/Deemed Interest : 171,431,400 shares (7.2300%)  
Total : 171,431,400 shares

Remarks:
For full details of this announcement, please access Bursa Malaysia's website


Submitted By:
JASMINDAR KAUR


18/01/2008   05:24 PM

invest_klse

(Thai AirAsia 是亚航的 jointly controlled entity，亚航拥有其49％的股份。)

资料是从 wikipedia 抄过来的。


Thai AirAsia (Thai: ไทยแอร์เอเชี&#3618 is a joint venture of Malaysian low-fare airline AirAsia (Thai: แอร์เอเชี&#3618 and Thailand's Asia Aviation. It serves AirAsia's regularly scheduled domestic and international flights from Bangkok and other cities in Thailand.

Thai AirAsia is the only low-cost airline operating both domestic and international flights from the Suvarnabhumi International Airport.[1]

Thai AirAsia launched domestic operations on February 2004. It was set up as a joint venture by Shin Corporation and AirAsia founder Tony Fernandes.

In order to be licensed in Thailand as a domestic carrier, 51% of the company must be owned by Thai shareholders. The sale of Shin Corp. stock in January 2006 by Thai Prime Minister Thaksin Shinawatra's family to Singapore's Temasek Holdings put this Thai majority stake in jeopardy.

On 15 February 2006 it was announced that Asia Aviation, a registered Thai company, had taken Shin Corp.'s 50% stake in Thai AirAsia. Asia Aviation was a joint venture set up by Shin Corp., which held 49% of Asia Aviation's shares while 51% was held by Thai investor Sittichai Veerathammanoon.

In May 2007, Thai AirAsia's management acquired 100% of Asia Aviation. Today, Thai AirAsia is 50% owned by Asia Aviation, 49% owned by AirAsia, and 1% owned by Thai AirAsia CEO Tassapon Bijleveld.

invest_klse

Indonesia AirAsia 是亚航的 Associate company，亚航拥有其49％的股份。

资料是从 wikipedia 抄过来的。

Indonesia AirAsia is a low-cost airline based in Jakarta, Indonesia. It operates scheduled domestic services and is an Indonesian associate carrier of Malaysian low-fare airline AirAsia. Its main base is Soekarno-Hatta International Airport, Jakarta.

The airline was established as Awair (Air Wagon International) in 1999 by Abdurrahman Wahid, former chairman of the Nahdlatul Ulama Muslim organisation. He had a 40% stake in the airline which he relinquished after being elected president of Indonesia in October 1999. It started operations on 22 June 2000 with Airbus aircraft, but all flights were suspended in March 2002. Awair started operating domestically within Indonesia as an associate of AirAsia in December 2004. On 1 December 2005 Awair changed its name to Indonesia AirAsia in line with the other AirAsia controlled airlines in the region. AirAsia has a 49% share in the airline.

tn728202

1.46了
請問你們心動了嗎？