@Peng Zhong Wong

Why would Capital A list on Bursa when they can raise way more money in Nasdaq? Nasdaq is definitely more generous with their valuations.

@Admiral Adama

Financial tricks to brainwash retail investors like what? Please elaborate since I don't think they play around with adjusted ebitda like Grab or Wework and their negative shareholders equity value is widely known already. Plenty of people would, you need to expand your horizon beyond Bursa and you need to realise there are many counters such as Dominos & Boeing in Nasdaq with negative equity having market cap values ranging from tens of billions to a hundred billion. The negative equity value/PN17 issue is a Bursa only issue and certainly not an issue on Nasdaq. but of course having a negative shareholders equity is a negative, but many investors have the view that they are able to restructure/renegotiate their debts/leases, case in point look at Malaysia Airlines or AAX. Also in the future with the coming A321neo orders, they can perform sales & leaseback to improve their financial position.

Like it or not, the fact is that AirAsia is seen as the Asian equivalent of Ryanair/Southwest, the average tourist is going to recognise AirAsia more than their fellow competitors. There is a reason why Tony keeps getting invited back on Bloomberg, World Economic Forum, Milken Institute etc, this is because AirAsia is the LCC leader in this region and SEA is set to be the region of growth in this decade so his opinion matters and that is also why the AirAsia brand is worth something.

I am willing to bet that they are going to be worth several times more than the current market cap in this decade barring any black swan events.