【解析】【組合】AIRASIA：包租婆也有春天？

2 Oct 的Announcement，公佈了成立AAC。

The objective of establishing AAC is to provide aircraft leasing services for the AirAsia Group. AAC will own and manage the portfolio of aircraft that is currently leased to AirAsia’s affiliate companies outside of Malaysia namely, Thai AirAsia Co. Ltd, PT Indonesia AirAsia, AirAsia Inc, Zest Airways Inc, AirAsia India Pvt. Ltd. and future affiliates (collectively known as “the Affiliates”). Aircraft owned and operated in Malaysia will however remain with the Company.The principal activities of AAC are:-- Acquiring aircraft and securing financing for these aircraft;
- Providing operating leases to the Affiliates;
- Managing the portfolio of aircraft including technical services; and
- Remarketing of aircraft leases and/or sale of aircraft.

之前在【解析】AIRASIA：#3 壯士斷臂就提過假設過AIRASIA通過收租來做個包租婆的可能性。不想這麼快就有了進展。

http://www.theedgemalaysia.com/business-news/310165-airasia-says-leasing-arm-worth-prospective-u1-billion-if-listed-.html

如以上新聞，往後若分拆上市，估計市值是現今亞航一半。八字還沒一撇，不論如何，長期來說是利好消息。租憑收入對AIRASIA的現金流的幫助是巨大的，飛機的租憑是AIRASIA的收入，是所有連號公司的成本。也就是說，對總公司ARIASIA來說，連號、附屬公司盈虧與否，租金收入都會平安流進總公司的口袋（聯號公司虧得現金流不足的情況下另當別論）。