.

0 Executive Summary

Malaysia Airline System Berhad (MAS)is a group having several

businesses organization includes Malaysia Airlines, MAS Cargo,
Firefly, MASwings, MAS aerospace and so on. Other businesses
which are under MAS are hotel operations, catering, computerized
reservation services, coach transportation, trucking and warehousing
services, retailing of goods, terminal charges and tour and travel
related activities(Malaysia Airline System Berhad, 2010). Malaysia
Airlines had won awards of ‘5-Star Airline’ and ‘World’s Best Cabin
Staff’ from Skytrax. It were also recognized as ‘Asia’s Leading
Airline’ and the ‘Best Airline in SoutheastAsia’( Malaysian Airline
System Berhad, 2011). MASkargo meanwhile was recognized as the
‘Best Air CargoCarrier in Asia’ at the 2009 while Malaysian
Aerospace Engineering(MAE), Repair and Overhaul (MRO) arm
wasawarded the ‘2009 Best Asia-Pacific Airline MRO Operation’by
two leading magazines in the industry( Malaysian Airlines System
Berhad,2010). Furthermore, Fireflywas recognized as the Best Value
Airline of The Year Award in year 2010.
In deciding whether or not to purchase shares in a company, a
potential shareholder who applies the fundamental approach to
share investment analysis will be particularly interested in
forecasting the future level of profitability of the company, and the
degree of risk to the associated cash flows (Viney, 2003). Profitability
ratio, efficiency ratio, gearing ratio, liquidity ratio, investment ratio
and price earnings ratio was done as a first part in the assignment to
understand MAS financial performance in year 2009 and 2010.
Besides, my research shows that MAS is using as bank service,
finance lease, issuing ordinary shares and preference shares to
finance its liability.In this report, Pest analysis includes political,
economical, social cultural and technological environment was done
to evaluate the macro environment of MAS and to analyze the
impact of these environment on MAS. All these factors have great
influencein MAS as a group as it holds several companies from
different sector and industry. It also impact on the demand on MAS
shares. Potential investor will have to understandthe current
economic and market situation in order to make investment decision.
Even though the chairman stated that MAS’s management is trying
to cut the operating cost to reach cost efficiency thus to increase the
revenue, but MAS has been reported having loss of profit in this
recent years. Moreover,the market value of MAS shares have been
in a dropping pattern since 2008 as shown in the chart in Figure 8.
Finally, overall economic situation, political reasons and company
performance shows that it is not a good time to invest in MAS at the
moment.

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2.0 Analysis of Account

2.1 Profitability ratio

MAS Industry Comparison (Air Asia)

Financial Year | 2009 | 2010 | | 2009 | 2010 |
ROSF | 21.38% | 11.65% | | 23.96% | 33.90% |
ROCE | -15.05% | 5.30% | | 23.79% | 10.12% |
Operating Profit Margin | -5.42% | 2.03% | | 29.13% | 27.02% |
Figure 1
Return on Shareholder’s fund is to evaluate the amount of profit for
the period available to the owners with the owners’ stake in the
business (Atrill, 2006).Based on the chart, ROSF dropped as the
finance costs from third party finance lease has a significant rise and
it affected badly on the profit before taxation and net profit. Return on
capital employed(ROCE) indicates the efficiency and profitability of a
company's capital investments(Harrington,2007). The ROCE of MAS
increased from -15.05% to 5.30% but ROCE of Air Asia is dropping.
The operating profit margin ratio shows how successful a company
generate income from operation and how good is the cost
control(Groppelli and Nikbakht, 2006). The operating profit margin of
MAS increased and operating profit margin of Air Asia dropped.
Overall, it shows nearly all of MAS’s profitability ratios recorded is
worse figures than the industry competitor- Air Asia
Berhad.Shareholders have main interest in MAS profitability ratio.
Companies use the shareholders’ funds as one of the financial
resources to operate daily business. However, shareholders will
invest in a company which has a favorable trend of financial ratios.
Employees need to know the profitability of the company as the
profitability decides bonus and financial compensation given
toemployees thus to have job security. Lending institutionswill
finance to companies whichperform well to know their debt paying
ability in the future.
2.2 Efficiency Ratio
MAS
Financial Year | 2009 | 2010 |
Settlement Period of Trade Receivables | 52.22 days | 38.45 days |
Sales revenue for Capital Employed | 2.78 times | 2.61 times |

Industry Comparison (Air Asia)

Financial Year | 2009 | 2010 |
Settlement Period of Trade Receivables | 82.16 days | 72.21 days |
Sales Revenue for Capital Employed | 0.82 times | 0.37 times |

Figure 2
Efficiency ratios or asset turnover ratio, which shows how a company
uses its assets to generate sales and to find out how quickly
inventory can be turned into cash and can used to satisfy debts(
Moles et al., 2011 ). In the settlement period of trade receivables
both company have signed good performance. Average settlement
period for trade receivables decrease from year2009, 52days to
2010, 38 days. The settlement period of MAS is reducing 13.77 days
and the settlement period of Air Asia is reducing 9.95days. This is a
good sign as it shows that credit customers take shorter time to pay
back their debts to MAS group. This enabled MAS to have a better
cash flow. As compared to competitor, Air Asia takes longer to get
back its debts. The settlement period of trade receivables is greatly
depend on the credit terms a company gives to its debtors. This
information is important to shareholders as Sales to Capital
Employed Ratio are used to measure the firm's ability to generate
sales by utilizing its assets. Sales revenue to capital employed of
MAS decreased from 2.78 times to 2.61 times. As compared to
MAS, Air Asia has generated more sales revenue in shorter time.
This indicates that the assets were used less productively as
compared to the previous year. Suppliers need to know this
information as it tells how good a company is in turning its
inventories asset into cash and able to pay their debts.

2.3 Liquidity Ratio

MAS Industry Comparison (Air Asia)

Financial Year | 2009 | 2010 | | 2009 | 2010 |
Current Ratio | 0.85 | 0.74 | | 1.30 | 1.56 |
Acid Test Ratio | 0.78 | 0.66 | | 1.29 | 1.55 |
Figure 3
Liquidity ratio refers to the level of a company’s ability to turn its
inventories into cash. For a company which has smooth cash flow,
their current ratio should be 1.5 or above but this 2 years MAS
current ratio is below 1. These figures show that company doesn`t
have enough current assets to cover their current liabilities. Acid test
decrease from 0.78 times to 0.66 times. This indicates that MAS
does not hold a high quantity of inventories but again the company
has cash problem and the current assets are not sufficient to cover
the short term liabilities. As compared to the competitor, Air Asia has
maintaineda higher rate of liquidity compared to MAS. Suppliers and
lending institutions concerns over liquidity ratio as it determines how
well MAS can turn its current asset into cash to pay its short term
obligations as well as Preference shareholders would like to know
whether MAS is able to pay their fixed dividend.

2.4 Gearing Ratio

MAS Industry Comparison (Air Asia)
Financial Year | 2009 | 2010 | | 2009 | 2010 |
Gearing ratio | 56% | 69% | | 184% | 74% |
Interest cover ratio | -9.02 times | 1.91 times | | 2.43 times | 1.37
times |
Figure 4
This ratios help in calculating MAS’s capital structure or in other
words the proportion of debt and equity of the firm’s capital. Gearing
ratio increased from 56% to 69%. The annual report recorded that
the firm’s finance costs in 2010 has risen significantly due to the
increase in borrowings. But in 2010, the interest cover ratio was a
positive result even though the gearing ratio turned worse, mainly
because in year 2010 the operating profit was negative figure.Air
Asia respectively has a higher gearing ratio for both years but within
one year, Air Asia has great ability to turn its 184% gearing ratio to
74%.
Shareholders have interest in these ratios as it shows the stability of
MAS. Companies which depend largely on external funding and
borrowings will have higher level of financial risks and it does not
hold necessary equity for any expansion. Long term shareholders
will look at this ratio to predict MAS financial risk and the
growth.Lending institutions needs to understand the amount of MAS
loan from other lending institution and thus to know the comparison
between the debt and equity of the company to decide on borrowing
the loan or not. As for suppliers, if the gearing ratio is too high,
supplier will have doubt that it is difficult for the company to pay back
the debts.

2.5 Investment Ratio

MAS Industry Comparison (Air Asia)
Financial Year | 2009 | 2010 | | 2009 | 2010 |
Earning per Share | 0.25 sen | 0.07 sen | | 0.21 sen | 0.38 sen |
Figure 5
Earnings per share is normally used to measure the share
performance. Shareholders use this information to know how much
they will get in return on their investment on one dollar. The profit of
MAS dropped and earnings available for ordinary shareholders of
MAS dropped from 2009 to 2010 thus earnings per share dropped.
On the contrary, Air Asia earnings was rising and its earnings per
share rose. Potential investors are more likely to lose interest in as
MAS earnings per share dropped. From this figure, Air Asia shares
has been more attractive than MAS shares with the earnings of 0.21
sen and 0.38 sen for the two years.

2.6 Price Earnings Ratio

MAS Industry Comparison (Air Asia)
Financial Year | 2009 | 2010 | | 2009 | 2010 |
Price earnings ratio(P/E ratio) | 8.27 Times | 26.01 Times | | 4.34
Times | 2.98 Times |

Figure 6
Price Earnings ratio shows the real market value of shares of a
particular company and thus investor can tell that the shares are
under or exceed the real market value. P/E ratio shows that MAS
shares in year 2009 is considered normal but during 2010, the P/E
ratio was beyond the normal rate. The share price exceeded the real
market value in year 2010. As compared to industry competitor, the
P/E ratio shows that Air Asia shares were under value for both year
2009 and 2010. Most of the shareholders will check on Price
Earnings ratio before investing in companies to predict whether the
company share price has opportunity to rise or not. Potential investor
will buy the shares which are under market value and thus it has big
opportunity to rise.

2.7 Cash Flow Statement Calculation

MAS
Financial Year | 2009 | 2010 |
Cash Interest Cover | -23.88 | 0.48 |
Cash current liabilities coverage | -0.29 | 0.01 |
Cash total liabilities coverage | -0.20 | 0.01 |

Financial Year | 2009 | 2010 |

Cash Interest Cover | 2.11 | 4.33 |
Cash current liabilities coverage | 0.46 | 0.88 |
Cash total liabilities coverage | 0.09 | 0.17 |
Industry Comparison (Air Asia)

Figure 7

Lending institutions, supplier and employees are those who are

interested in this area of information. Lending institutions need to
know the ability on MAS to pay back their interest and supplier
needs to know if MAS can pay back the debts. Employees also want
to understand the cash flow of the company due to their need on job
security. Company which has bad cash flow might go bankrupt.
Cash interest cover is the comparison between the cash from
operating activity to the interest paid by the company. Cash interest
cover of MAS in 2009 is negative -23.88 which means the company
did not have the ability to pay back the interest of loans. The chart
but in 2010 the company cash interest cover went up which means
the ability to pay back interest has gone up.
Cash current liability coverage refers to the ability to cover the
company’s current liability based on the cash get from operating
activities. MAS cash flow from operating activities is negative in year
2009, the cash current liability coverage and cash total liabilities
coverage are negative. Non- current liability is going up in 2010.
However, the net cash from operating activities is going up too. From
the chart ,we can see that the cash flow ratio of MAS , cash current
liability coverage and cash total liability coverage are going up but
still the cash flow is not considered very good because it 0.01 in year
2010. As compared to competitor- Air Asia, their cash flow is much
better than MAS which indicate that they have good ability in paying
their current and non- current liabilities.

3.0 Overall Comparison of Years

MAS profitability in year 2009 and 2010 was dropping and it was
worse than industry competitor Air Asia. Efficiency ratios shows that
MAS’s debtors take shorter time to get back their debts from other
companies. Sales revenue to capital employed decrease shows that
MAS did not utilize their assets in making revenue. Besides, liquidity
ratios tell us MAS has cash problems as the ratio is below 1, it
means MAS do not have enough cash to meet its short-term
liabilities. Interest cover ratio increase even though it’s gearing ratio
turn worse mainly because in year 2010 the operating profit was
negative figure. Both are not consistent as the operating profit in
year 2010 was negative figure. Meanwhile, the profit of MAS
dropped and earnings available for ordinary shareholders of MAS
dropped from 2009 to 2010 thus earnings per share dropped. Price
earnings ratio shows that MAS shares in year 2009 are considered
normal but the p/e ratio in year 2010 was beyond the normal rate.
The share price exceeded the real market value in year 2010.
On the other hand, Air Asia has a better performance in profitability
ratio, liquidity ratio, and cash flow ratios. In gearing ratio, even
though Air Asia has a very high gearing ratio in year 2009, but it
managed to settle its liability within a year and lower down its
gearing ratio. Investment ratio of Air Asia also showed growth and
price earnings ratio tells us that the share price is under market
value. All these factors have made Air Asia a more attractive
company than MAS.

4.0 Sources of Finance

Finance lease refers to the lessor purchase an asset from lesse with
terms and condition. In MAS, the finance lease liabilities are in
respect of leasing of aircraft. Under the terms of the finance lease,
theGroup has the option to buy the aircraft from the lessor at a
predetermined price (Malaysian Airline System Berhad, 2010).
Bank service refers to a borrowing or loan in finance context. MAS
had the borrowings of current secured term loan of RM 22,356,000,
current unsecured term loan of RM 118,613,000, non current
secured term loan of RM 193,720,000 and non current unsecured
term loan of RM 802,598.000.(Malaysian Airline System Berhad,
2010).
Issuing ordinary shares to the public is a way to source finance too
for MAS as a public listed company in Bursa Malaysia. When
investors buy the stock of MAS, they become shareholder and the
money they invest in the company will be share capital used for
company business development. The shareholdings of ordinary
shares in MAS is 3,342,156,240 as at 2 April 2010( Malaysian Airline
System Berhad, 2010).
Preference Shares refers to the stock sold with fixed dividend to
investor but it carries no voting rights. Convertible preference shares,
redeemable preference sharesand redeemable convertible
preference shares are more common in MAS. In Layman’s term,
convertible preference shares are preference shares can be
converted into ordinary shares while redeemable preference shares
are preferences shares which can be redeemed by the company
usually above par value. The shareholdings of redeemable
convertible preference shares in MAS is 415,127,155 as at 22 April
2010( Malaysian Airline System Berhad).

5.0 Market Value of Shares

MAS Share Price (September 2008 to April 2012)
Figure 8
Source: Investing Businessweek (2012)
Based on the chart as above, the share performance overall since
year 2008 to year 2012 has been dropping gradually. It does not
have any significant rise but a small amount of increase from time to
time and it would eventually dropped. Current share price is the
lowest in this 5 years. Year 2 (Year 2009) of our Business
Transformation Plan (BTP2) was an extremely tough one for
Malaysia Airlines. In addition to weaker demand resulting from the
global economic downturn and the H1N1 pandemic, Malaysia
Airlines also wrestled with overcapacity and the ensuing heavy
discounting of airfares(Malaysian Airline System Berhad,
2009).Malaysia Airlines is in crisis, they have incurred a net loss of
RM1.2 billion in the first three quarters of 2011 alone(Malaysia
Airlines, 2011). Due to all these crisis from the macro environment,
the demand for MAS share price was going down and therefore the
shares price has been dropping overall.

6.0 Economic Situations

Since the European governments and the central banks are running
out of fiscal ammunition, the crisis is not over (United Press
International,2012) .The two main factors that may affect global
growth is the oil price, rising since late last year (The Star Online,
2012).Libya, for example, only produces 1.2% of the world daily
supply of crude oil ( Malaysian Airline System Berhad,2010). Due to
the political reason in the Middle East, oil supply has significantly
went down and the oil price has went up significantly. Rise in crude
oil has impacted most countries and it lead to the rise of many
products and services prices. Besides, Euzo zone crisis is
influencing on many countries especially on the trade exporting and
importing and it will affect the GDP of many countries. Malaysia's
economy is expected to slow to a pace of 4%-5% this year due to
the impact on economy crisis (The Sun Daily, 2012). However,
Minister in the Prime Minister's Department Tan Sri Nor Mohamed
Yakcop said that Malaysia's economic growth remains at a
comfortable level when compared with that of the global
economy(The Sun Daily, 2012).

7.0 PEST Analysis

7.1 Political Analysis

Section 24A of the Civil Aviation Act 1969 empowers the minister of
transport to licence airport and flight services while Malaysia Airports
Holdings Sdn Bhd (MAHB) has been permitted to provide the
services and collect airport tax in accordance with the licence given
(MATTA Kuala Lumpur Portal, 2010).Deputy Prime Minister Datuk
Seri Najib Tun Razak said that a 50% discount on landing charges
will be given to all airlines operating from Malaysia for two years
effective April 1 ( The Star Online, 2009). This clearly shows that the
government’s decision on airport taxes is affecting on the profitability
of MAS.
Furthermore, one of the major shareholder of MAS is Khazanah
Nasional Berhad. It is the investment holding arm of the Government
of Malaysia and is empowered as the Government's strategic
investor in new industries and markets( Khazanah Nasional Berhad,
n.d). Since it is the second largest shareholder after Penerbangan
Malaysia Berhad, besides, the third largest shareholder is Citigroup
Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board,
it is also one of the government owned company. These
shareholders have a significant authority to make decision on behalf
of the government and thus, the government is indirectly having
control in MAS. In general, MAS is a government linked organization
and it significantly represents Malaysia and therefore MAS is under
government’s protection.

7.2 Economical Analysis

Currently, in Europe there are more than 23 million unemployed(
New Straits Times,2012).Euro zone crisis is influencing on the
wealth of society and thus people will choose not to travel abroad or
may be substitute it with low cost carrier.
Besides, Malaysia’s top exporter is U.S. and Europe. Due to the
Euro zone crisis, the demand from these countries respectively
decreased. It affects on the importing and exporting of goods which
is affected the growth of MAS Cargo. Therefore, the decrease in
terms of consumption in the particular countries result in the fall of
demand and thus it affects the profitability of MAS as a whole
because MAS as a group hold several companies in different sector.
Slower growth in global demand may affect export-oriented
industries in the manufacturing sector as well as trade-related
industries in the services sector( The Star Online, 2012).

The outlook in 2011 is primarily a tough one due to the continued

increase in fuel prices and political instability in the Middle East
(Malaysian Airline System Berhad, 2010).The fluctuation of fuel price
increase the cost of operation of MAS; it is more expensive to run
the airline thus the profit margin falls. Due to the rise on fuel price,
MAS airline will increase the surcharge on flight ticket and it will
affect the demand towards MAS airline.

7.3 Social Cultural Analysis

The number of passengers carried by MAS airline is increasing from

2009 to 2010. This shows that more people are willing to travel with
premium airline. But a total number of 15,708,000 were carried by
MAS Airline as compared16, 054,738by AirAsia , it shows that more
people are travelling with low cost carrier instead of premium airlines
( figure taken from annual report of Malaysian Airline System Berhad
2010 and Air Asia Berhad 2010). The social trend of travelling with
low cost carrier is affecting the demand for MAS.
7.4 Technological Analysis
Malaysian Airline System has placed a firm order for 35 Boeing
B737-800 aircraft with an option for another 20 aircraft (The Star
Online, 2008). The new aircraft comes with better efficiency and
latest technology as MAS was planning to expand its network for the
long haul market.
In 2010, Malaysia Airlines became the first airlinein the world to offer
a comprehensive booking andchecking-in application on the iPad(
Malaysia System Airline Berhad, 2010). With booking and checking-
in application application on iPad, the operation cost of MAS Airlines
will save on human resources and will be able to achieve better
efficiency. Launching of mobile phone bookingservice and
installation the 3D Secure against fraudulent online transactions in
Firefly also helps in increasing their efficiency (Malaysia System
Airline Berhad, 2010).

Besides, the AdvancedCargo Centre (ACC), which is the centre of

MASkargo operations located at KLIA is equipped with the latest
technology which includes a leading edge cargo handling
infrastructure and a sophisticated security system to increase
efficiency and productivity.

8.0 View of Chairman’s Statement

In my opinion, the chairman’s statement is not reliable. First of all,

according to the chairman of MAS- Tan Sri Dr. Munir bin Abdul Majid
in the annual report of 2010,Malaysia Airlines will be able to offer
top-of-the-line products in addition to the services of the best cabin
crew in the world will bring us several steps closer to our goal of
being the “Number One Airline in Asia” by 2015. In the recent report
on Malaysia Airlines, it is stated that it has not focused adequately
on the premium segment of the market, and our product quality has
fallen (Malaysia Airlines,2011). Furthermore, OSK investment
research shows that given the likelihood of a downgrade in its
Skytrax rating would have put MAS in an even more difficult position
to sell the premium concept (Usman, 2012). Based on this point, I
would say that MAS Airlines is unable to maintain its quality as
premium airlines, it is quite impossible to be the best airline in Asia
by 2015.

The chairman also mentioned that they will improve on cost control
and operational efficiency to gain more income and net profit. On the
other hand, based on the business plan as at December 2011, MAS
combined losses in the first 3 quarter in 2011 already exceeded RM
1.2 billion (Malaysia Airlines,2011). We can see most of the
chairman’s ambitionis not being realized in the reality and thus I
believe that many potential investors will lose confidence in this
company.

9.0 Would You Buy Shares

There are long term investor and short term investor. Long term
investor mostly interested in company which is stable with potential
growth, low current share price and the dividend given by the
company. Besides, macro environment is also important for long
term investor in making investing decision. If the company has high
potential of growing, but the near future economy outlook is not
good, investor might choose not to buy the shares and vice versa.
On the contrary, short term investor is more interested in the stability
and current share price of the company. Normally short term investor
will buy the share at a low price and they will sell it once the stock
price goes up without holding the share for too long.
As a potential investor, I would largely depend on the historical data
and ratios to predict on the company’s future earnings and growth.
Therefore, based on a series of ratios I have done, I would not buy
MAS shares. First of all, I am a long term investor and I would focus
more on the growth of the company and I am not able to see the the
growth in MAS.PEST analysis shows that the fuel price is rising and
the instability of the global economy now will affect badly on MAS as
a whole. Besides, political observers said several factors indicate
that dissolution of parliament may be in May or June, with general
election held within 60 days( New Straits Times, 2012). If Barisan
Nasional wins lesser seats in the parliament during the general
election which is coming soon, the demand for the share will drop as
it is a government linked company and thus the share price will be
badly affected. Moreover, MAS did not give any dividend to the
shareholders for a few years. The last dividend payout date was 29
May 2008(Jupiter Online, n.d) . If I invested my money in MAS, my
money will be stuck and there will be no incentives coming back to
me every year, I would rather invest my money in other company
which performs well with dividend given back to investors every
year.

|
(3551) words

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