|
| |
Additional Listing Hints : Click here to modify the Visible Columns.
  Jony Lim @Sslee and Johnlim. “no companies with negative asset value can do well.” --- ### 🚫 The Claim: > “No companies with negative asset value will do well. Nil. Zero. Non-existent.” --- ### ✅ Refutation: This claim is **factually incorrect and overly simplistic**. A company having **negative net assets** (where liabilities exceed assets) is certainly a risk indicator—but **it does not mean the company cannot perform well operationally or recover strategically**. Here's why: --- ## 🛫 1. **Capital A: A Real-Time Counterexample** Despite negative net assets on paper, Capital A shows strong **operational performance**: | Indicator | Performance | | ------------------------- | ----------------------------------------- | | ✅ **Net Income** | Positive last quarter (profit-making) | | ✅ **Free Cash Flow** | Positive – shows real cash generation | | ✅ **Cost Efficiency** | Layoffs, reduced costs, lower fuel prices | | ✅ **Revenue** | Growing – esp. from China & India markets | | ✅ **Ancillary Income** | Strong – baggage, seat selection, etc. | | ✅ **Forex Gains** | From USD/MYR decline | | ✅ **Reduced Competition** | Jetstar’s exit enhances market share | | ✅ **New Contracts** | RM99 mil military contract | | ✅ **Subsidiaries** | Teleport & AirAsia MOVE are profitable | | ✅ **High Brand Equity** | Brand value exceeds market cap | | ✅ **PN17 Plan Approved** | By High Court – signals recovery path | **→ Conclusion:** Capital A is actively executing a recovery, growing cash flows, expanding regionally, and monetizing its ecosystem. Its **negative assets are an accounting state**, not an operational reality. --- ## 🌍 2. **Other Global Examples** **Companies that once had negative equity or net assets but performed well:** | Company | Notes | | --------------------------- | ------------------------------------------------------------- | | **Tesla (early years)** | Negative equity; huge losses; now dominant | | **Domino’s Pizza** | Negative equity from buybacks; strong global growth | | **McDonald’s / Home Depot** | Negative equity due to buybacks, still market leaders | | **Uber / Lyft** | Negative net assets for years; still operate at massive scale | | **AutoZone** | Negative equity, but consistently high profits | They succeeded due to **cash flow strength**, **market dominance**, and **strategic restructuring**. --- ## 📘 Clarification on PN17 and Negative Assets Yes, negative assets trigger **PN17 classification** in Malaysia, which indicates financial distress under **regulatory definitions**. But: * **PN17 ≠ Dead Company** Many companies **exit PN17** after executing a regularisation plan. * **Delisting isn’t automatic** Bursa gives time and pathways to recover. * **Operational success matters** If cash flows improve and investor confidence returns, survival and recovery are very possible. --- ## 🧠 Bottom Line: > Saying “no company with negative assets can do well” is incorrect. Negative net assets are a warning sign—not a death sentence. Many companies, including **Capital A**, have proven that with the right strategy, brand strength, and market dynamics, **a company can thrive despite a weak balance sheet**—and even recover from it 12/06/2025 11:52 PM  Sslee Posted by Jony Lim > Jun 11, 2025 5:54 PM | Report Abuse I am lecturing finance at a public university. So may I ask the lecturer what you called a company with net current liabiliaties of RM 12 billion? As at 31/12/2024 capA aviation: Assets and liabilities held for sale RM '000 Non current assets 25,807,852 Current assets 884,426 Current liabilities 12,889,282 Non current liabilities 23,939,577 The fact CapA can only exit PN17 by disposing capA aviation" (AAAGL and AAB) to AAX. Will AAX later fall into PN17? We shall know 1 or 2 year down the road. 13/06/2025 7:27 AM  Mabel #Jony Lim @Sslee and Johnlim. “no companies with negative asset value can do well.” --- ### 🚫 The Claim: > “No companies with negative asset value will do well. Nil. Zero. Non-existent.” --- ### ✅ Refutation: This claim is **factually incorrect and overly simplistic**. A company having **negative net assets** (where liabilities exceed assets) is certainly a risk indicator—but **it does not mean the company cannot perform well operationally or recover strategically**. Here's why: --- ## 🛫 1. **Capital A: A Real-Time Counterexample** Despite negative net assets on paper, Capital A shows strong **operational performance**: | Indicator | Performance | | ------------------------- | ----------------------------------------- | | ✅ **Net Income** | Positive last quarter (profit-making) | | ✅ **Free Cash Flow** | Positive – shows real cash generation | | ✅ **Cost Efficiency** | Layoffs, reduced costs, lower fuel prices | | ✅ **Revenue** | Growing – esp. from China & India markets | | ✅ **Ancillary Income** | Strong – baggage, seat selection, etc. | | ✅ **Forex Gains** | From USD/MYR decline | | ✅ **Reduced Competition** | Jetstar’s exit enhances market share | | ✅ **New Contracts** | RM99 mil military contract | | ✅ **Subsidiaries** | Teleport & AirAsia MOVE are profitable | | ✅ **High Brand Equity** | Brand value exceeds market cap | | ✅ **PN17 Plan Approved** | By High Court – signals recovery path | **→ Conclusion:** Capital A is actively executing a recovery, growing cash flows, expanding regionally, and monetizing its ecosystem. Its **negative assets are an accounting state**, not an operational reality. --- ## 🌍 2. **Other Global Examples** **Companies that once had negative equity or net assets but performed well:** | Company | Notes | | --------------------------- | ------------------------------------------------------------- | | **Tesla (early years)** | Negative equity; huge losses; now dominant | | **Domino’s Pizza** | Negative equity from buybacks; strong global growth | | **McDonald’s / Home Depot** | Negative equity due to buybacks, still market leaders | | **Uber / Lyft** | Negative net assets for years; still operate at massive scale | | **AutoZone** | Negative equity, but consistently high profits | They succeeded due to **cash flow strength**, **market dominance**, and **strategic restructuring**. --- ## 📘 Clarification on PN17 and Negative Assets Yes, negative assets trigger **PN17 classification** in Malaysia, which indicates financial distress under **regulatory definitions**. But: * **PN17 ≠ Dead Company** Many companies **exit PN17** after executing a regularisation plan. * **Delisting isn’t automatic** Bursa gives time and pathways to recover. * **Operational success matters** If cash flows improve and investor confidence returns, survival and recovery are very possible. --- ## 🧠 Bottom Line: > Saying “no company with negative assets can do well” is incorrect. Negative net assets are a warning sign—not a death sentence. Many companies, including **Capital A**, have proven that with the right strategy, brand strength, and market dynamics, **a company can thrive despite a weak balance sheet**—and even recover from it 12/06/2025 11:52 PM This is really music to Mabel's ears. Thank you so much for sharing.. Meow 13/06/2025 7:41 AM Sslee In the land of the blind, the one-eyed man is king. Now I know how bad is our public university standard. Posted by Jony Lim > Jun 12, 2025 11:40 PM | Report Abuse Sslee and JohnLim, so Hilton, which has negative asset isn't doing well now?? It is Capital Structure Theory, finance 101. If you want, I can teach you like to my other MBA students 13/06/2025 7:50 AM Sslee Calling Mike-tikus mind lecturing this lecturer what is current ratio of capA' aviation and what current ratio mean? 13/06/2025 8:13 AM Mabel Haha Handsome Sslee no need to think too hard. As long as our cost is below current share price, there's enough motivation to make money with Capital A. Even a hardworking Aunty is proving that she can still run a business with heart without going broke The same works with our All Stars Magician, they still can run a business with heart without going broke. Despite negative net assets on paper (where liabilities exceed assets), Capital A shows strong *operational performance*: | Indicator | Performance | | ------------------------- | ----------------------------------------- | | ✅ *Net Income* | Positive last quarter (profit-making) | | ✅ *Free Cash Flow* | Positive – shows real cash generation | | ✅ *Cost Efficiency* | Layoffs, reduced costs, lower fuel prices | | ✅ *Revenue* | Growing – esp. from China & India markets | | ✅ *Ancillary Income* | Strong – baggage, seat selection, etc. | | ✅ *Forex Gains* | From USD/MYR decline | | ✅ *Reduced Competition* | Jetstar’s exit enhances market share | | ✅ *New Contracts* | RM99 mil military contract | | ✅ *Subsidiaries* | Teleport & AirAsia MOVE are profitable | | ✅ *High Brand Equity* | Brand value exceeds market cap | | ✅ *PN17 Plan Approved* | By High Court – signals recovery path | Conclusion:** Capital A is actively executing a recovery, growing cash flows, expanding regionally, and monetizing its ecosystem. Its *negative assets are an accounting state*, not an operational reality. Our Business flourish just like this honest hardworking Aunty... To Our Success ! Meow 13/06/2025 8:22 AM Mikecyc Haha the fool Kon ss leee can’t even understand Labour expenses & Capex ..🤣😅 13/06/2025 8:33 AM Sslee In summary capA result Aviation revenue in 1Q2025 totalled RM4.9 billion, relatively flat Year-on-Year (“YoY”) and marginally higher Quarter-on-Quarter (“ QoQ”). EBITDA came in at RM980 million, with an EBITDA margin higher YoY at 20% due to an 11% drop in fuel expenses. Depreciation and interest expense costs related to non-operating aircraft amounted to RM143 million. Excluding these, net operating profit (“NOP”) stood at RM241 million. Including all items, PAT was RM127 million. Capital A Companies—consisting of ADE, AirAsia MOVE, Teleport, Santan, BigPay and Abc.—generated over RM778 million in pre-elimination revenue in 1Q2025, an increase of 15% YoY, for an EBITDA of RM102 million and RM59 million in PAT. Is the above Q1 ended 31/03/2025 shows strong *operational performance*? Know how competative is LCC? And capA' aviation carried so much liabilities from covid-19. Stony is trying to grab anything that can keep capA to stay afloat. Can capA'aviation EBITDA of RM980 million enough to pay for: Of the current liabilities: RM'000 Trade and other payables 2,380,870 Aircraft maintenance provision 2,288,108 Sales in advance 2,607,385 Borrowing 938,985 Lease liabilities 4,620,240 13/06/2025 8:35 AM Sslee Aiyoyo Mike-tikus, Now you can have a lecturer Jonny Lim to teach you what wrong with your Yinson or Jaks calculation. 13/06/2025 8:41 AM Mikecyc Haha Capital A Current ratio is better than Yinson : Capital A : Current Ratio 0.85 Yinson : Current Ratio 0.64 13/06/2025 8:41 AM GS Stock futures fall after Israel’s defense minister declares ‘special situation’ following attack on Iran: 13/06/2025 8:41 AM Mikecyc Haha so ss leee crying here 3 years … looks like Yinson bankrupt first le … 13/06/2025 8:48 AM Mikecyc Haha Kon ss leee why u defend Serba 2 subsidiaries… Yinson be Serba2 !🤣😅 Group CFO resigned on December 2024 ..😅 13/06/2025 8:52 AM Sslee Posted by Mikecyc > Jun 13, 2025 8:41 AM | Report Abuse Haha Capital A Current ratio is better than Yinson : Capital A : Current Ratio 0.85 Yinson : Current Ratio 0.64 Calling Jony Lim the lecturer now is the time you teach Mike-tikus how to calculate current ratio of capA' aviation and Yinson. 13/06/2025 8:52 AM Mikecyc Haha just like u provoke Phillippe to challenged me with his top 4 screen shots…. But in few minutes he understood n the challenge is cancelled before he said I won .. Oh nowadays I shd call u kid Kon ss leee ..🤣🤣🤣 13/06/2025 8:59 AM  EatCoconutCanWin Tp0.25 like mas airlines. Debt is about 5billion. Earning per year is 50mil. Need 50year to pay back 13/06/2025 9:11 AM abidinaa Ladies and gentlemen, this is your Captain speaking. We encounter air turbulence, so I advise all passenger to be seated and fasten your seat belt. Hopefully we can have a safe flight over a Israhell sky. We are lucky that our destination is clear and safe. With China+ASEAN+GCC block we couldn't be safer from economic and geopolitics turmoil. With trade between these nations exceeding USD1 trillion, who need US or EU as partners. China will contribute finance and technical inputs, ASEAN to contribute efficient low cost manufacturing and GCC well establish energy and financial strength we are set for bright future growth and prosperity. In a meantime seat back and enjoy the flight. 13/06/2025 10:42 AM Jony Lim Sslee would well fail my financial management class with that narrative. He seems don't listen to basic financial concept. It is less competitive with Jetstar out. Already, explain the basic financial concept of light assets where companies do fare despite negative asset like Hilton Hotels. It suffers 4 years low in stock, that is a bad repercussions. Thus, it is going through Capital Restructuring which High Court and Bursa approve. 13/06/2025 1:26 PM Jony Lim Yeah, with RM 20 B of annual revenue and that PAT is after paying off its interest. With schedule 20 000 lay off. That is an additional of RM 1.2 B in EDITDA. A much stronger position 13/06/2025 1:30 PM Jony Lim You also don't expect Profit from ADE to jump? After getting certification from EU and US authorities. We recognise that CapitalA negative asset issues, but companies like Hilton, KFC, and Tesla (5 years ago) performed well with that structure. Just that because it is coming out of PN 17, there is some capital appreciation opportunities 13/06/2025 1:34 PM Jony Lim Then what Sslee and JohnLim are doing here. Wasting everyone time. Yeah, the public ranked very well in the world and he is so class that he assaulting someone. Has more class. 13/06/2025 1:38 PM Jony Lim @Sslee, Net Current Liabilities of RM 12 B? Where do get the number. You also know, the current ratio is 0.85. Thus, the net current liability is only few hundred million, 300 M. Talk this talk that and don't even know how read financial statement?? 13/06/2025 1:57 PM Jony Lim Read audited financial report. Don't simply download here there or use old data. 13/06/2025 2:00 PM Jony Lim Think Israel seems to think it can do whatever it wants without repercussions. Bombing Iran nuclear site and oil 🛢 up 14% today? What Israel is doing 13/06/2025 2:02 PM Sslee Stoney the magician know how to make capA aviation current assets and current liabilities disapper from public view in annual report and Q1 end 31/03/2025 report. But you can look into Q4 end 31/12/2024 quartery report to look into the current assets and current liabilities held for sale 13/06/2025 2:59 PM Jony Lim it is an audited report, certified by EY. So it means, Sslee, you fail my MBA Finance class again 13/06/2025 3:02 PM Jony Lim I am also quoting in your own comments, CapA current ratio of 0.85. So 0.85 current ratio with 12B in net current liability?? Oh then it must have 100 B in current assets, that is good 13/06/2025 3:05 PM Jony Lim It also means the Working Capital Restructuring plan is working well. Current Liabilities are reducing as part of that working capital exercise 13/06/2025 3:07 PM Sslee Don't put your word in my mouth. So dear lecturer go read the Q4 end 31/12/2024 quarterly report and tell me what is as at 31/12/2024 capA's aviation current liabilities and current assets? By the way capA' aviation mean AAAGL and AAB 13/06/2025 3:16 PM Jony Lim Current Liabilities 1.3B, Current Assets 1B. Read as the Group. Some people you will vomit blood speaking with them so stubborn. Most of us here actually invest money, I bought cheap. He has no position, no money, and acting like a king. Who is him 😂 13/06/2025 5:08 PM Jony Lim Dono know how to block you. No point of wasting my time. As long as you comment, I will stay out of this group. Bye. You never listen 13/06/2025 5:20 PM Sslee seek the truth and the truth shall set you free. What kind of lecturer are you when you can't even seek out what is as at 31/12/2024 capA's aviation current liabilities and current assets? 13/06/2025 5:25 PM Jony Lim Nah, I am reading from the annual report. You read again. It is your truth. 13/06/2025 5:32 PM Jony Lim What kind of person are you, you failed what is actually current liability and current asset 13/06/2025 5:32 PM Jony Lim No point of arguing here when someone lack of common financial sense. Looks you can stand of all faulty data you want. You want to win, you win 13/06/2025 5:34 PM Jony Lim Oh despite all this, the share went up 25% for the past 1 month. So you ate swimming here 13/06/2025 5:35 PM Jony Lim look Statement of Financial Position. There is 10B net liability not, net current liability. You cannot even read it. 13/06/2025 5:41 PM Sslee Stony deconsolidate capA' aviation from the group and in Annual report 2024 and Q1 ended 31/3/2025 only present the deconsolidate CapA balance sheet and cashflow. The deconsolidate capA' Aviation total assets and total liabilities held for sale to hide capA' aviation current assets and current liabilities from public viewing. You can read the consolidate P&L, balance sheet and cash flow from annual report 2023, Q1 end 31/3/2024, Q2 end 31/06/2024 and Q3 end 31/9/2024. The Q4 end 31/12/2024 the deconsolidate capA' aviation balance sheet was presented as assets and liabilities held for sale. From above you can see for yourself what is the curret assets and current liabilities of consolidate (group) and deconsolidate capA and capA' aviation. 13/06/2025 6:54 PM Mikecyc 亚航航空集团通过其在泰国、印尼、菲律宾和柬埔寨的子公司运营航空服务。东尼指出，重组计划还需要完成三件事，首先是获得泰国交易所批准拟议的出售方案。 “若无法达成一致，我们还有一个备用方案，但我相信我们能够达成这一点。其次是我们还需要五份债权人的同意书，现在我们已有四份。最后，我们需要10亿令吉的股权，而这也拥有了。” 13/06/2025 7:46 PM Mikecyc Haha So Yinson had Magician Group CFO …Finance Lease twisted to Operating Lease , not follow IFRS …. Insider said shl follow IFRS Finance Lease by FY2026 ( February 2025 to January 2026 ) .. but the Group CFO suddenly resigned on December 2024 ! QR March 2025 .. after Loss of control YBC ( on FPSO Anna Nery ) .. Loans & Borrowings is reduced from RM 19.70 billion to RM 16.05 billion , but Net Gearing Ratio is increased from 1.66X to 1.81X .. Without the Disposal Gain on Loss of Control YBC RM 502 million… QR March 2025 shl incurred Loss RM 356 million instead of Profit 146 million …. Interest rate keep increasing: FY2024 : 7.4 % FY2025 : 9.0 % The last resort on Financing : RCPS to sell Yinson Production 35 % , and carry dividends 12.95 % n 13.5 % .. First tranche dateline is illustrated by 21/4/2025 … No news update…. Then recently on Buyout & Privatisation show for 2 days .. then update old news on GreenTech segment EV charging stations progress , but Latest QR with Huge Loss until the CEO resigned on end January 2025 … 13/06/2025 8:14 PM  | |
