I am wondering whether AAX or Capital A is the better investment here.

Capital A (Continuing businesses) Q4FY24 to Q3FY25 NOP = RM208.1m
AAX (With Capital A's discontinued businesses) Q4FY24 to Q3FY25 NOP = RM890.2m

Valuation calculated using P/E of 15:
Capital A (Including 675m AAX shares) = (RM208.1m x 15) + (675m x RM1.62) = RM4.22b
AAX = RM890.2m x 15 = RM13.35b

Share price assuming full dilution:
Capital A (Assuming full conversion of RCUIDS and warrants) = RM4.22b/8.1b = RM0.52
AAX (Assuming PP at RM1.3 per share and full Garynma subscription) = RM13.35b/4.21b = RM3.18

but the fact that Tony and Kama did not convert their Capital A RCUIDS to ordinary shares doesn't really instill confidence for AAX

Just because you don't like what I said doesn't make it less true, Capital A does have some exposure in aviation post disposal. You as a shareholder will also be exposed given that you will be entitled to AirAsia X/AirAsia Group shares. That being said, I am bullish for ADE and Teleport

Brother, I am still an investor in Capital A Berhad and I hold almost 1 million shares and my concern is definitely valid given that Capital A Berhad shareholders will be entitled to AirAsia X/AirAsia Group shares. Capital A will still hold about 18%+ shares post distribution

Looking at the crack spread, the aviation market is not looking good. Despite brent crude dropping to $62, jet fuel prices have seen a steady climb to $98. Bear in mind Capital A's profit target is based on the assumption that jet fuel price is at $90

We won't know till the ex-date, there will likely be people converting their RCUIDS. Basically 1,692,307,692/Outstanding shares by 2nd December 2025 multiplied by the number of shares you have

Latest timeline per Capital A's presentation on 30 October 2025 to set expectations

Capital A:
End November - Entitlement date for proposed distribution
Early December - Filing with high court of Malaya
End December - Listing and quotation of AAX shares

AirAsia X:
Mid December - Price fixing of placement shares
Mid December - Entitlement Date for AAX Warrants
End December - AAX share allotment and issuance
End December - The launch of AirAsia Group

No comments on the AI slop so far? Oriental Kopi has been blocking people from calling them out and paying people to say generic comments "Bagus" or "Amazing"

Next stop after the upliftment of PN17 for Capital A Berhad:
1) Teleport achieving 2m parcels a day by 2025 with potential earnings of RM50m-RM60m quarterly estimated by an analyst
2) Teleport conclusion of equity fund raising of up to USD$50-USD$100m with 2 cornerstone investors for further 3rd party capacity
3) HKEX Capital A Listing potentially raising USD$200m+
4) Capital A International US Listing - Potential valuation of USD$1.9b based on Brand Finance's recent 2025 data
5) AirAsia Brand Co. to potentially pursue brand licensing deals with various south asian and african airlines
6) ADE raising RM250m via debt financing for a 4 line hangar construction and potential M&A targets
7) AirAsia MOVE potentially raising USD70m either via debt or equity
8) AirAsia MOVE potential JV with a Chinese company to co-invest in AirAsia Ride
9) Capital A potentially selling 70% of Bigpay to a regional bank
10) Capital A bond with 3 major rating agencies
11) Capital A Berhad potential investment in Vietravel in Vietnam

No??? All of my responses to you are based on the most recent available information publicly available. From what I can see, you choose not to do your research and I am here correcting you

Zaniesco Fu, how are you right? Delay of a couple of weeks and next year is totally different. Unless you say anytime from Jan-Dec 2026 then of course it would be a pointless prediction since anyone would be almost right la given that the original timeline is 25 November for the upliftment of PN17