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 [AIRASIA GROUP BHD:衍生品的公允价值亏损2.701亿令吉,燃油套期保值结算损失1.100亿令吉以及租赁飞机营运产生的额外折旧和租赁负债利息2亿4300万令吉的影响]

随着Covid-19爆发开始迅速蔓延,市场状况在2020年2月突然恶化。由于担心病毒传播,各国政府宣布的旅行限制和边境管制,导致2020年2月和2020年3月的航空旅行需求暴跌。

亚航这季的亏损为9.542亿令吉,主要受到衍生品的公允价值亏损2.701亿令吉,燃油套期保值结算损失1.100亿令吉以及租赁飞机营运产生的额外折旧和租赁负债利息2亿4300万令吉的影响,因1Q20包括2019年8月完成的额外销售和回租交易。

航空公司:
由于Covid-19大流行带来的前所未有的空前限制,导致航空业的总集团收入从1Q19的26.273亿令吉收缩18%至21.614亿令吉。航班减少主要来自马来西亚和菲律宾,因3月中旬国内航线和国际航线停运,航班分别减少了17%和1%。

菲律宾的平均票价下降了9%。 集团CASK从3.46美分增长了36%,从3.46美分增长到4.70美分,这是由于石油需求下降导致石油价格下跌,较高的维修和折旧以及租赁负债利息而导致的,因为相比1Q20与1Q19,飞机数量增加。航空公司集团报告1Q20的EBITDA为负,为2850万令吉,而1Q19为正5亿2560万令吉。

现金周转:
由于当前的Covid 19大流行导致航班需求下降,该集团的现金流出现净流出。融资活动的增加与销售和回租交易中飞机数量的增加相对应,据此,经营租赁费用的支付反映在融资活动中。

泰国亚洲航空有限公司:
泰国亚洲航空在1Q20的总收入为78.126亿泰铢,比1Q19的111.5530亿泰铢低30%。由于泰国亚航调整了其网络和航班以适应旅行需求,减少航班频率并取消了前往高风险国家的航线,运载的乘客减少了23%,而载客率下降至84%(1Q19为90%)。泰国亚航分别从2020年4月1日和2020年3月22日起暂停国内航班和国际航班。

泰国亚洲航空采用了TFRS16租赁,该租赁于2020年1月1日对泰国生效,导致折旧和利息成本增加,以及重大的外汇损失20.968亿泰铢,这归因于租赁负债的汇兑差额。泰国亚航报告的亏损为12.234亿泰铢,这是由于收入减少和采用TFRS16所致。

亚洲航空(印度)有限公司:
RASK增加了2%,达到3.78美分,相应的CASK ex fuel也提高到2.91美分。印度亚航报告的亏损为33.467亿印度卢比,是1Q19亏损的两倍多,这主要归因于额外运营10架飞机的运营费用的增加以及外汇损失15.217亿印度卢比。

亚航日本有限公司:
亚航日本有限公司的净亏损为12.384亿日元。

非航空公司:
在本季度,Teleport录得收入增长49%至1.504亿令吉,因为它已成功完成了集团东盟航空运营公司的货运合并。 Big Pay报告的收入增长了161%,这是因为随着汇款渠道的扩展(包括印度,孟加拉国和尼泊尔),该收入获得了动力。 AirAsia.com推出了新的优惠,促销,航班和酒店捆绑配套,收入增长了118%。

QoQ:
这季度,这集团录得净亏损9.533亿令吉,而截至2019年12月31日止的上一季度则录得净亏损3.854亿令吉。

前景:
亚洲航空集团受到全球COVID-19大流行的严重影响。由于行动限制的增加,亚洲航空于2020年3月下旬暂时使大部分机队停飞。他们预测,在2020年,其航班将减少50%。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.75 (dividend RM0.04) in 1 year 10 months 24 days, total return is 290.2%

b) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM40.92 (adjusted)(dividend RM0.52) in 2 Years 6 days, total return is 241.4%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM4.28 (adjusted)(dividend RM0.055) in 1 Year 1 month 5 days, total return is 159.6%

d) OPENSYS (OPENSYS M BHD), recommended on 24 May 20, initial price was RM0.355, rose to RM0.815 in 1 month 13 days, total return is 129.6%

e) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.58 (dividend RM0.04) in 2 Years 6 days, total return is 103.8%

f) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.94 in 1 year 5 months 16 days, total return is 63.5%

g) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.31 (dividend RM0.188) in 1 Year 8 months 29 days, total return is 57.1%

我希望将我的策略分享给读者,希望他们在阅读后能够表现出色。我正在使用基本面分析(Fundamental Analysis):

预计公司每年的增长率必须> 14%

我想说服读者学习基本面分析FA以便能从股市赚钱。

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Whatsapp : 011 - 15852043

Facebook Group: https://www.facebook.com/groups/jamesinvesting

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这个分享纯属讨论以及领域的分析,买或卖自负。请Like和Share这个post。最终决定永远是你的,谢谢。

James Ng
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[AIRASIA GROUP BHD: RM270.1 million of fair value losses on derivatives, loss on settlement of fuel hedges of RM110.0 million and RM243.0 million additional depreciation and lease liabilities interest on operating lease aircraft]

Market conditions deteriorated abruptly in February 2020 as the Covid-19 outbreak started to spread rapidly. Fears of the spread of the virus, as well as travel restrictions and border controls announced by Government of different countries led to a collapsed in demand for air travel in the month of February and March 2020.

The Group’s Loss for the year at RM954.2 million was mainly impacted by RM270.1 million of fair value losses on derivatives, loss on settlement of fuel hedges of RM110.0 million and RM243.0 million additional depreciation and lease liabilities interest on operating lease aircraft as 1Q20 includes the additional sales and leaseback transactions completed in August 2019.

Airline:
Total Group Revenue for the airline business for 1Q20 contracted by 18% to RM2,161.4 million, from RM2,627.3 million recorded in 1Q19 amid increasing and unprecedented travel restrictions due to the Covid-19 pandemic. Capacity reductions were mainly from Malaysia and Philippines with a reduction of capacity of 17% and 1% respectively as domestic routes and international routes were halted mid-March.

Philippines average fare fell by 9%. Group CASK increased by 36% 4.70 US cents from 3.46 US cents as a result of fuel hedge losses as prices fell on the back of lower demand of oil, higher maintenance and depreciation and lease liabilities interest as higher number of aircraft is on operating lease in 1Q20 as compared to 1Q19. The Airline Group reported a negative EBITDA for 1Q20 at RM28.5 million, compared to a positive EBITDA of RM525.6 million in 1Q19.

Cashflow:
The Group’s cashflow reported a net outflow as the current Covid 19 pandemic contributed to the lower demand for flights. The increase in financing activities correspond with the higher number of aircraft that is on sales and leaseback transactions whereby payment of operating lease expenses is reflected under financing activities.

Thai Air Asia Co. Ltd:
Thai AirAsia recorded Total Revenue of THB7,812.6 million in 1Q20, 30% lower than 1Q19 of THB11,155.3 million. Passengers carried reduced by 23% with load factor falling to 84% as compared to 90% in 1Q19 as Thai AirAsia adapted its network and capacity to match travel demand, reducing flight frequencies and cancelling routes to at-risk countries. Thai AirAsia had suspended domestic flights and international flights commencing 1 April 2020 and 22 March 2020 respectively.

Thai AirAsia adopted TFRS16 Leases which was effective 1 January 2020 for Thailand which saw the increase in depreciation and interest costs and a substantial foreign exchange loss of THB2,096.8 million which was attributable to the exchange differences on leases liabilities. Thai AirAsia reported a loss for the period of THB1,223.4 million impacted by the lower revenue and adoption of TFRS16.

AirAsia (India) Limited:
RASK increased by 2% to US Cents 3.78 with the corresponding increase in CASK ex fuel of US Cents 2.91. AirAsia India reported a loss for the period of INR3,346.7 million which is more than doubled the losses in 1Q19 mainly attributable to the increase in operating expenses from operating 10 additional aircraft and foreign exchange loss of INR1,521.7 million.

AirAsia Japan Co. Ltd:
AirAsia Japan recorded a Net loss of JPY1,238.4 million.

Non-Airline:
During the quarter, Teleport recorded a 49% increase in revenue to RM150.4 million as it had successfully completed its cargo consolidation across the Group’s ASEAN airline operating companies. Big Pay reported a 161% growth in revenue as it gains traction with the expansion of remittance corridors to include India, Bangladesh and Nepal. AirAsia.com revenue is up 118% as it rolls out new offers, promotions, flight and hotel bundle packages.

QoQ:
The Group recorded a Net Loss of RM953.3 million for the quarter under review, against the Net Loss of RM385.4 million in the immediately preceding quarter ended 31 December 2019 mainly due to the impact of Covid 19 pandemic.

Prospects:
AirAsia Group has been severely affected by the global COVID-19 pandemic. AirAsia temporarily hibernated most of its fleet across the network in late March 2020 due to increasing movement restrictions. They forecast that their capacity would be reduced by 50% in 2020.
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page.

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng

https://klse.i3investor.com/blogs/general/2020-07-08-story-h1509800993.jsp
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