【AIRASIA 5099 交流专区 1】亚洲航空

Mr.Business

新闻。

AirAsia to invest RM250m in Penang

By Marina Emmanuel         
Published: 2008/03/06

LOW-COST carrier AirAsia Bhd will invest close to RM250 million in Penang over the next two years to make the island's international airport its fourth and final hub.

Group chief executive officer Datuk Tony Fernandes said the company will also aggressively pursue its proposal to set up a low-cost carrier terminal (LCCT) on the island state.

"We can set up the LCCT in as early as nine months if we can work out a deal with Malaysia Airports Holdings Bhd (MAHB)," he said in Penang yesterday when announcing the airline's direct flights from Penang to Jakarta and Medan respectively.

The new service, which will start on March 30, will be AirAsia's second and third international route respectively from Penang after Bangkok.

Fernandes also said that the airline is awaiting approval to fly the Penang-Singapore route. There are also plans to offer more flights from Penang to cities in India and China next year.

AirAsia plans to fly from Penang to cities like Shenzhen and Guangzhou, while Indian cities of Trivandrum, Chennai and Calcutta are also on the cards.

"The time frame for us to introduce these direct flights hinges on the setting up of the LCCT," Fernandes said.

The Penang state government has earmarked a 35ha site adjoining the Penang International Airport in Bayan Lepas for an LCCT.

Business Times had reported last August that the Penang government had already given its nod although final approval lies with the federal government, Department of Civil Aviation and MAHB.

Fernandes said when AirAsia first began flying into Penang in 2002, the airline had brought in 20,000 passengers.

Mr.Business

新闻。

Tuesday March 11, 2008

Fernandes named among 10 rising Asia leaders

By LEONG HUNG YEE

PETALING JAYA: AirAsia Bhd group chief executive officer Datuk Tony Fernandes has been named among the 10 rising leaders in Asia.

Initiated by the Singapore Institute of International Affairs (SIIA) in collaboration with AXN Asia, Rising Leaders – The Next 10 Years recognises leaders in politics and business who exemplify the success of Asia today and leadership of tomorrow.

AirAsia said in a statement that the recognition was part of a special high-profile dialogue Rising Asia – The Next 10 Years between Asia's “most brilliant luminaries on the most pressing and pertinent” economic, political and social issues facing Asia in commemoration of AXN Asia's 10th anniversary.

Fernandes, the only Malaysian on the list, said he was proud of what he had achieved so far with AirAsia.

“I feel very honoured to receive such a recognition. It is a great recognition for Malaysia as well, as AirAsia is a globally known brand,” he said when contacted yesterday.

Fernandes said he felt “really good” when people approached him to thank him for making air travel more affordable.

AirAsia, which started operations in 2001 with RM40mil in debt, has grown into the region's largest budget carrier, operating more than 80 routes. It has carried more than 47 million passengers.

“It has been a long six years since our inception to be where we are today. Going forward, we will continue to stay profitable and, hopefully, increase our flights,” Fernandes said.

A series of interviews featuring the 10 personalities will be aired solely on AXN starting April 1.

http://biz.thestar.com.my/news/s ... 65&sec=business

invest_klse

原帖由 invest_klse 于 2-3-2008 10:30 PM 发表
亚航的业绩应该这样子看：
半年的 PBT： 276.7million，相当于每股11.6sen。

其中，有134.4million 是 foreign exchange gain，受惠于美元升值，并非营业利润。
如果你把这个项目扣除，它的半年盈利是 142.3million，相当于每股 6.0 sen。

这半年中，泰国和印尼公司的亏损共 37.0 million，没有记录进账。
如果你把这项亏损计入，则它的盈利剩下 105.3million，等于每股 4.4sen。以目前的股价，其PE 超过17。

经过一番思考，我觉得还是不应该把 TAA和 IAA的亏损纳入 AirAsia。毕竟它们只是 Associate 罢了。从财务上来讲，AirAsia有从TAA和 IAA身上赚取利润，可见，AirAsia 是把它们当作摇钱树，而不是一个大家庭。就象 McDonald和它的 Franchisee 之间的关系。

根据有限公司法，既然 AirAsia 已经把在它们身上的投资 write-down 为零了，就不需继续承担任何亏损。

因此，根据最新的报告，AirAsia的半年盈利为每股 6.0sen。目前的股价相当于 PE＝12，算是很不错的价格了。


但是，由于它的护盘策略有点。。。。
我觉得等它跌到 RM1.40 以下才买入会比较安全。

invest_klse

根据最新的季度报告，AirAsia 已经开始从出租飞机上取得盈利了。


以下，是 Airasia 最新的季度的成本分析。大家请注意它的＂cost of aircraft＂部分：





在那个quarter，AirAsia 只有三架 Airbus 出租给TAA，就可以开始有盈利了。
试想想看，五年过后，当AirAsia 租出去的 Airbus 达到一百架时，那里面会有多少盈利？

invest_klse

欧洲的航空公司的 Fuel-surchage 已经开始起价了。
亚洲区的航空公司会不会跟着其呢？

新闻：Ryanair: expect another round of fuel surcharge increases

Ryanair 依然是唯一一家没有 Fuel-surchage 的公司。
AirAsia 什么时候才能达到 Ryanair 的境界？

tan81

当他把所有的东南亚航空公司都挤出市场的时候。可能需要10年左右吧。

invest_klse

禽流感 ？？？。。。 。。。。。

新闻：

• Hong Kong shuts schools in flu outbreak
• Hong Kong closes all kindergartens, primary schools amid flu outbreak

invest_klse

禽流感＋高油价。。。。。。。。

这次 AIRASIA 总该会跌到我的理想买入价了吧。。。。

tan81

再次提醒你，Airasia的庞大债务，有可能导致它周转不灵。希望它可以捱过艰难时期。与其投资它，不如买进手套股？

大蕃薯

说真的airasia起的快也跌的快，但都保持在那水平，真的有够闲了啦～

invest_klse

谢谢提醒。

我知道它的债务情况，目前为止我还不担心。
只要它的 net debt / equity < 2，我都还能接受。

其实我根本不担心 SARS 会对 AirAsia 造成很大的影响。
相反的，我觉得对 AirAsia 有利。可以帮它扫除竞争者。

我只是希望市场能把股价压低，让我进场。（我的理想价格是 RM1.30）
看最近的情况，美国股市有排跌了，希望这有助于压低 AirAsia 的股价，最好能够去到 RM 1.00。

[ 本帖最后由 invest_klse 于 15-3-2008 12:52 PM 编辑 ]

红魔曼联

我的疑问：亚航的股价通常都不会大起或大跌，虽然他的业绩表面看起来是蒸蒸日上，但是股票却没有什么动静，是不是它把赚到的钱再拿去扩充业务啊，相对的长久持股（股息会高吗），有谁能告诉我。。。

downripper

个人认为这种公司只要增长稍微缓慢一些就会有危险，甭想股息了

invest_klse

股息吗。。。可能等多十年都不会有。

Mr.Business

原帖由 invest_klse 于 15-3-2008 12:49 PM 发表
我只是希望市场能把股价压低，让我进场。（我的理想价格是 RM1.30）
看最近的情况，美国股市有排跌了，希望这有助于压低 AirAsia 的股价，最好能够去到 RM 1.00。

要到你的理想价格了。。。

AIRASIA

(5099)  13:17:47

Last Done	1.320
Change	-0.090
Day High	1.410
Day Low	1.320
Best Buy	0.000
Best Sell	0.000
Volume(Lot)	50504

Mr.Business

Warren Buffet的2007给股东的信提到了航空业。。。

One example of good, but far from sensational, business economics is our own FlightSafety. This company delivers benefits to its customers that are the equal of those delivered by any business that I know  of. It also possesses a durable competitive advantage: Going to any other flight-training provider than the  best is like taking the low bid on a surgical procedure.

Nevertheless, this business requires a significant reinvestment of earnings if it is to grow. When we purchased FlightSafety in 1996, its pre-tax operating earnings were $111 million, and its net investment in fixed assets was $570 million. Since our purchase, depreciation charges have totaled $923 million. But capital expenditures have totaled $1.635 billion, most of that for simulators to match the new airplane models that are constantly being introduced. (A simulator can cost us more than $12 million, and we have 273 of them.) Our fixed assets, after depreciation, now amount to $1.079 billion. Pre-tax operating earnings in 2007 were $270 million, a gain of $159 million since 1996. That gain gave us a good, but far from See’s-like, return on our incremental investment of $509 million.

Consequently, if measured only by economic returns, FlightSafety is an excellent but not extraordinary business. Its put-up-more-to-earn-more experience is that faced by most corporations. For example, our large investment in regulated utilities falls squarely in this category. We will earn considerably more money in this business ten years from now, but we will invest many billions to make it.

Now let’s move to the gruesome. The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money. Think airlines. Here a durable competitive advantage has proven elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.

The airline industry’s demand for capital ever since that first flight has been insatiable. Investors have poured money into a bottomless pit, attracted by growth when they should have been repelled by it. And I, to my shame, participated in this foolishness when I had Berkshire buy U.S. Air preferred stock in 1989. As the ink was drying on our check, the company went into a tailspin, and before long our preferred dividend was no longer being paid. But we then got very lucky. In one of the recurrent, but always misguided, bursts of optimism for airlines, we were actually able to sell our shares in 1998 for a hefty gain. In the decade following our sale, the company went bankrupt. Twice.

To sum up, think of three types of “savings accounts.” The great one pays an extraordinarily high interest rate that will rise as the years pass. The good one pays an attractive rate of interest that will be earned also on deposits that are added. Finally, the gruesome account both pays an inadequate interest rate and requires you to keep adding money at those disappointing returns.

nyh

似乎股神也不太认同投资航空业？！
“FlightSafety is an excellent but not extraordinary business. Its put-up-more-to-earn-more experience is that faced by most corporations.”

Mr.Business

不如你考虑一下，买一架飞机之后，你几时能回本？不要告诉我，到时你可以卖掉飞机并回本。好生意似乎不是这么做的。

nyh

飞机和汽车应该是一样的， 只有贬值的可能。

ccube

Airasia .. 又来到吸引人的价钱了。。。。。
好难忍啊