Sunday, June 30, 2013

Post Election Talk - A Tom and Gerry Story

Free Malaysia Today's article, "PR could have won more in Sabah" has the following,
"Jannie Lasimbang, the Jaringan Orang Asli secretariat director, said the 13th general election outcome for the Tawau, Beaufort, Batu Sapi and Kota Marudu parliamentary constituencies would have been different, if the dubious voters were vetted."
Jannie Lasimbang was speaking at a Bar Council’s forum themed “Electoral Offences- Righting The Wrongs”.

We then have the "venerable" Karpal Singh, also at FMT, "Jusuf must apologise to Anwar" reported to have said,
“It can hurt Pakatan Rakyat,”
"rebuked Jusuf Kalla for issuing statements with racial innuendoes by publicly claiming that the 505 rallies only benefited enemies of Islam and Malays"
That just about says it all. Its not about dignity or ethics.

Its about the DAP and who would be the enemies of Islam and Malays.

Other than the Malay/Muslim based PAS and PKR, the subject of which Bapak Jusuf Kalla is critical of their de facto leader Anwar Ibrahim in an interview "Wawancara Penuh Jusuf Kalla", the DAP is the only predominanly and chauvinistic Chinese non-Muslim party.

Blogger Hantu Laut nails Karpal on the head for "Rebuking Jusuf Kalla: Birds Of A Feather Flock Together" and also is of askance "BN Will Lose The Next Elections?"

Excerpts from the Bapak Jusuf interview and Hantu Laut from his latter article, which could not have been said better, relevant to my posting -
"Kemudian Anwar bangkitkan pengundi Bangladesh. Saya bilang sama Anwar, tak kan orang Malaysia tidak boleh membezakan percakapan, bahasa, budaya dan gaya orang Bangladesh. Tidak mungkin berpuluh ribu orang Bangladesh boleh dibawa masuk ke Malaysia dan menjadi pengundi. Ini tidak masuk akal" - Jusuf Kalla

"Gerrymandering is not an election offence. The electoral boundaries need to be redrawn every eight years and Malaysia's population in rural areas are sparsely distributed making equitable distribution of voters per constituency the same as urban areas impractical and a logistical nightmare." - Hantu Laut
Coming back to the Bar Council forum speaker Jannie Lasimbang together with Bapak Jusuf's remarks, I will refer this instances as phantoms or Tom.

With regards to Hantu Laut's comments on gerrymandering, I will call it Gerry.

Hence a Tom and Gerry story.

Up next, for Tom -
"The recorded data once again indicate a higher percentage of unidentifiable voters at urban areas and mostly around Kuala Lumpur" - National Voter Registration Audit Malaysia 2011

and Gerry - Gerrymandering in the US and UK.

Tuesday, June 18, 2013

AirAsia Bhd YE 2012 Bumper Dividend Hype

"Mike, I don't understand. Look, I don't have your brain for...big deals!" - Frankie Pentangeli when confronted by Don Michael Corleone in Godfather II
Not everyone has a brain for big deals and when writing in the matter vis-a-vis Airasia X and its IPO, I just could not believe it when I read this press release by Airasia Bhd.

You could say my jaw dropped.

Walking to the KTM komuter station on my way home yesterday, I was so engrossed just thinking to myself how in the world that could be in view of many skeptical opinions of the budget airline's "success" and by extension Tony Fernandes, an opinion which I also hold.

18 sen dividend, wow!

Perusing Airasia Bhd's 2012 annual report, I was resigned to the fact that it was indeed true.

Paying out Rm500 million in a single dividend is certainly something Airasia Bhd can shout about.

That is until I took a closer look at its income statement and lo and behold there is this little bit of info, see the screenshot below.

Minus Rm 1,160,370,000 from the net profit of Rm 1,831,338,000, and even though it is 20% higher than YE 2011 but taking into account forex gains again, then you get a clearer picture.

Its nothing to shout about but clever.

Clever and Tony Fernandes & Co, by virtue of their indirect holdings, pocket a cool Rm 115,200,00 from a bumped dividend.

Yes, I wish I had the brains for...big deals.

Airasia Berhad annual report 2012 source Bursa Malaysia.

In a related reading, Datuk Rocky wrote "Tony wants Khazanah to sack Malaysia Airports boss" and said, "I thought TMI made a mistake, that it was Tony Fernandez and not Tony Pua who made this call to the Government not to extend Bashir's contract"

Me, I am not surprised,
"I'm a huge admirer of Tony Fernandes" - Tony Pua

Monday, June 17, 2013

Airasia X Berhad IPO 2013 - FAQ

No, this is not the FAQ page for Airasia X Berhad's initial public offering.

Airasia X should have one, for the investing average Joe, to explain the accounting jargon.

I was taken aback by its public price offer of Rm1.54 and as an average Joe I see it as a whopping 1000% over it's par value of 15 sen.

The Airasia X Berhad IPO prospectus can be found here.

In the IPO prospectus and Airasia's website here, there is a recurring source citing of - Independent Market Research Report by Strategic Airport Planning Ltd dated 22 May 2013 (“S-A-P Report”)

If I were investing rather than betting for quick gains, I would not be so confident.

I may be wrong but the report I was searching for could not be found.

What could be found however, at an SAP Group website, where listed in its recent projects was on an assessment done for Airasia Berhad way back in 2004.

As I said I may be wrong but if this was Strategic Airport Planning Ltd that is being cited, would you place confidence in a company that does not update its own website?

The AAX Berhad IPO FAQ could include this "Independent Market Research Report dated 22 May 2013"

Added 1.15pm

What is interesting from the prospectus, in the Consolidated Income Statements P/L which determined the EPS for 2012, its profit was due to foreign exchange gains and was massive in 2010.

In my opinion, forex gains does not give Airasia X Bhd a true picture of profitability or actual EPS.

If we take away the forex gains of Rm43,599,000, because it does not factor as profit derived by company perfomance and is intangible, then the company would have made a loss of Rm9,749,000 instead of profit and its EPS would be a negative 0.0365 sen.

The same would also apply for the year 2010.

Wednesday, June 12, 2013

Ku Li Third Force

Free Malaysia Today article "Ku Li resurfacing to lead ‘third force’?" makes for interesting reading.

Despite the maths in the article, the author forgot the other figures and figure, literally speaking, PKR and its 30 MPs and of course, Anwar Ibrahim the PM dreamer.

"They are mulling the idea of getting Ku Li as Prime Minister for at least two years and see if he could unite the nation, minus Umno, but without succumbing to Anwarism" is indeed an understatement or a contradiction.

Whatever the calculations and scenarios, Anwar Ibrahim will be discarded, the gist of the article being Ku Li as PM.

Malaysiakini Is A Real Turkey

Believe it or not, the regular opposition mouthpiece, Malaysiakini, has been silent and no news reported on the ongoing protests in Anwar Ibrahim beloved Turkey.

Now why is that?

The google app I use also confirms my assertion.

Don't believe me? Just do a google search "Turkey Malaysiakini" for the past year or even past month.

Wednesday, June 5, 2013

Nurul Izzah, Egypt Spring and the Muslim Brotherhood

After Nurul Izzah put her foot in her mouth regarding compulsion in religion, Malaysiakini published in full the Q&A, "Transcript of Nurul Izzah's Q&A at forum".

I append a question that received the foot in mouth reply,
"Number two, I think it is a fallacy to believe that Egypt now is (in) a better condition than it was before. Everybody knows that it is getting worse"

I have a friend in Egypt and she is really not happy about what is going on over there, so I do believe YB is trying to promote the idea of an Islamic state, like you know this which is completely not true.

But mainly my question is, when you speak of freedom of religion, are you actually applying to the Malays as well? Thanks.
and Nurul Izzaha's reply,
The second question with regards (to) what you think I'm trying to promote, I would correct that assumption. Yes, Egypt is undergoing a tumultuous process. It has not been resolved, there are many challenges they face.

I am not saying they have achieved a Utopian ideal view of a state and how it should be governed but I always take the development of the Muslim Brotherhood, in particular, from seen as a rather dogmatic Islamic movement come up with a political entity to meet the needs of the time and their relationship and collaboration with the Christian Coptic is something in particular that we have to observe and appreciate.

So if you say things are bad for Egypt, no. You, and we, must not be so judgmental and that is partly the society or the country that we have inherited that allows us to see things in black and white, whereas sometimes it is not as simple as that.
Like father like daughter, promoting friendly parties or totally incompetent, deliberate or otherwise, I say both on all accounts.

Nurul asserts a relationship between the Muslim Brotherhod and Egyption Coptic Christians is to be appreciated.

LA Times, " Egypt's Coptic Christians live in fear of Islamic extremists", quote,
"Egypt's Christians have long been suspicious of Morsi. The president and the Muslim Brotherhood backed a constitution that Copts say jeopardizes religious and civil freedoms. Copts complain of facing restrictions on church construction and school curriculums often tailored to Islam.

Salafi preachers accuse Copts of kidnapping Christians who want to convert to Islam. Sectarian hatred spills into violence on rare occasions when a Copt and a Muslim start a romance. A video, reportedly recorded in 2009 and uploaded this week to YouTube, shows a mob of Muslim men yelling "God is great" while sexually assaulting two Coptic women.

The marginalization of Christians has been sharpened against the nation's economic and political turmoil. Morsi and the Brotherhood, which controls the government, have shut out opposition voices amid joblessness, inflation, gas shortages, widening public debt and plummeting foreign reserves. Protests and labor strikes erupt daily and Egyptians are balanced between bewilderment and rage."
Father and daughter has been strongly supported by the dirty lady, Ambiga Sreenevasan, of NGO BERSIH infamy.

Nurul Izzah and I must insist, Anwar Ibrahim and the dirty BERSIH lady should plead for these NGOs in Egypt where an Egyptian court convicted 43 Americans, Europeans, Egyptians and other Arabs with five-year sentences, 27 defendants tried in absentia including 15 US citizens. Free Malaysia Today reports, "Egypt convicts 43, including Americans, in NGO case"

Nurul, Anwar and Ambiga do not care who their friends or benefactors are just as long as they achieve their dastardly ends.

Many of us know how the situation in Egypt came to be when the usual suspects are usually involved.

Also in the FMT report,
The court ordered the closure of the non-governmental organizations (NGOs) involved in the case, including the U.S.-based International Republican Institute (IRI), National Democratic Institute (NDI) and Freedom House.
When in Egypt, don't even consider tweeting, for whatever reason.

Be warned one way or another.

One is always judged by the company you keeep.

Saturday, June 1, 2013

Anwar Ibrahim Turkey Spring

Riots in Anwar Ibrahim's best buddy country.

Clashes rage for second day in Instanbul, read here.

The unrest, which has spread to other cities, marks one of the biggest protests since Prime Minister Recep Tayyip Erdogan first came to power in 2002 and has exposed growing discontent with what critics say is his government's increasingly conservative and authoritarian agenda.