This was done by yours truly back in 2010 when the Dilbert website still allowed visitors to do their own mashups of Dilbert comics. Sigh... nearly 10 years already, many things have changed, in particular the reference to Leeds United lol.
1) Owners of AirAsia X negotiating from a position of power - The owners can just walk away. Post restructuring the company will need to raise RM300m-400m, and borrow another RM200m, to function for the next 2 years. Thus the current controlling shareholders will probably have to pony up RM70-100m eventually. The owners can walk away and restart a new airline, or even takeover Malaysia Airlines-Firefly on a probable "better deal".
2) Mostly leases, planes and maintenance contracts - They are asking for a massive share consolidation (a must), and a never heard of before haircut. To be fair, they did not yet "use" most of these liabilities. Basically to get out of future commitments. It is not a lack of professional integrity but rather a realignment of new reality in light of black swan events.
3) No Choice - The low-cost, medium-haul airline, which has grounded all its flights due to the Covid-19 outbreak, is asking creditors and suppliers to forgo over RM63bil in liability and instead accept a maximum RM200mil in payment. While the proposal may sound atrocious, there's no other reasonable choice. If you offer too much, say RM500m to creditors, it will have grave difficulty to even raise RM300m later to move forward. Plus you can't really make use of the leases in the foreseeable future. That is why listed companies has to be of limited liability. Creditors have to take on risks as well when lending to clients. I mean, if you break it up now, it has a negative value, i.e. creditors get nothing except those who are secured.
Cannot believe its been 10 years for Tommy le Baker. I still remember the hard slogging days when all he had was a hole in the wall (literally). But what stood out was his passion for bread making, his tenacious approach to doing it right and his way. Even when those early days was tough, barely making ends meet .. he soldiered on. He had his small but growing group of supporters and friends, but small nonetheless. You have to swallow your tears when he said in an interview that he knew many of them were patrons just to support his venture. Last thing we want is pity but they are also laced with genuine empathy.
It was always going to be an uphill climb for Tommy. Malaysians are so used to eating "air" and sugar and preservatives ladened bread - they had to be soft and last for a week at least. But that's not real bread. Herein lies his integrity, he does not ever want to "lie" to get better sales for his craft. He could have gone the Lavender or Breadstory way easily and made money and open branches.
As an artiste (musician or baker), your goodwill and followers are slowly accumulated. True talent usually doesn't garner overnight recognition. Jason Axian featured Tommy in 2 magnificent episodes a few years back. It was heart warming yet gut wrenching to trace his journey. Surely Tommy would have had greater success earlier - but it is bread we are talking about, ... not satay, curry laksa or bkt. We are talking of serving a small proportion of the public, and at the same time trying to get the majority to try and realise what real bread tastes like (its vvvg by the way).
So, here I am today at his new place in Kg Attap. A much bigger shophouse. Thankfully he didn't go modern and swanky. Its an old shoplot with no renovation. Please keep it that way. Most of us came for the bread and pastries and sandwiches and coffee. Let's not invite the social media hunters with instagram uploads as their mantra.
Its packed, and be prepared to wait ... wait for tables, wait to order... its worth it. Just as the breads went through proper and long fermentation... we can wait, its not fast food, its slow food done with integrity and superb quality. We can wait ... we should wait... we must have long conversations over coffee. Proper food done slow, we all should slow down and enjoy ... and when you know more of his journey, tenacity and values ... you appreciate the whole thing a lot more.
The handwritten menu.. and everything else tells us a lot about the man and his values: it's me, integrity, passion .. all that you see ... it's me, unvarnished, warts and all, and I am that good.
Now he has a snazzy website that does delivery as well... check it, in particular should MCO be reimposed:
The original posting:
Why do we need testosterone?
Last updated Wed 6 February 2019 By Markus MacGill Reviewed by Daniel Murrell, MD
What is testosterone? Imbalances Testosterone levels and aging Treatment Outlook
Testosterone is the key male sex hormone that regulates fertility, muscle mass, fat distribution, and red blood cell production.
When levels of testosterone drop below levels that are healthy, they can lead to conditions like hypogonadism or infertility. There are, however, sources from which people with low testosterone can boost their levels.
Low testosterone is becoming more and more common. The number of prescriptions for testosterone supplements has increased fivefold since 2012.
This article will explore what testosterone does and whether men should worry about decreasing levels of the hormone as they grow older.
Fast facts on testosterone
- Testosterone regulates a number of processes in the male body.
- Levels of testosterone tend to drop as men age.
- Prohormone supplements do not have any effect on testosterone levels.
- Testosterone replacement therapy (TRT) is also available. However, this can carry side effects and risks.
What is testosterone?
Testosterone is the male sex hormone.
Testosterone is the hormone responsible for the development of male sexual characteristics. Hormones are chemical messengers that trigger necessary changes in the body. Females also produce testosterone, usually in smaller amounts.
It is a type of androgen produced primarily by the testicles in cells called the Leydig cells.
In men, testosterone is thought to regulate a number of functions alongside sperm production. These include:
- sex drive
- bone mass
- fat distribution
- muscle size and strength
- red blood cell production
Without adequate amounts of testosterone, men become infertile. This is because testosterone assists the development of mature sperm.
Despite being a male sex hormone, testosterone also contributes to sex drive, bone density, and muscle strength in women. However, an excess of testosterone can also cause women to experience male pattern baldness and infertility.
The brain and pituitary gland control testosterone levels. Once produced, the hormone moves through the blood to carry out its various important functions.
Testosterone decreases naturally with age. It is important to receive tests to determine whether any imbalances are due to an active condition.
High or low levels of testosterone can lead to dysfunction in the parts of the body normally regulated by the hormone.
When a man has low testosterone, or hypogonadism, he may experience:
reduced sex drive
low sperm count
enlarged or swollen breast tissue
Over time, these symptoms may develop in the following ways:
loss of body hair
loss of muscle bulk
loss of strength
increased body fat
Chronic, or ongoing, low testosterone may lead to osteoporosis, mood swings, reduced energy, and testicular shrinkage.
Causes can include:
- testicular injury, such as castrationi
- infection of the testicles
- medications, such as opiate analgesics
- disorders that affect the hormones, such as pituitary tumors or high prolactin levels
- chronic diseases, including type 2 diabetes, kidney and liver disease, obesity, and HIV/AIDS
- genetic diseases, such as Klinefelter syndrome, Prader-Willi syndrome, - hemochromatosis, Kallman syndrome, and myotonic dystrophy
Too much testosterone, on the other hand, can lead to the triggering of puberty before the age of 9 years. This condition would mainly affect younger men and is much rarer.
In women, however, high testosterone levels can lead to male pattern baldness, a deep voice, and menstrual irregularities, as well as:
- growth and swelling of the clitoris
- changes in body shape
- reduction in breast size
- oily skin
- facial hair growth around the body, lips, and chin
Recent studies have also linked high testosterone levels in women to the risk of uterine fibroids.
Testosterone imbalances can be detected with a blood test and treated accordingly.
Testosterone levels and aging
Testosterone levels naturally decrease as a man ages.
The effects of gradually lowering testosterone levels as men age have received increasing attention in recent years. It is known as late-onset hypogonadism.
After the age of 40, the concentration of circulating testosterone falls by about 1.6 percent every year for most men. By the age of 60, the low levels of testosterone would lead to a diagnosis of hypogonadism in younger men.
About 4 in 10 men have hypogonadism by the time they reach 45 years old. The number of cases in which older men have been diagnosed as having low testosterone increased 170 percent since 2012.
Low testosterone has been associated with increased mortality in male veterans. Late-onset hypogonadism has become a recognized medical condition, although many of the symptoms are associated with normal aging.
The following are symptoms of late-onset hypogonadism:
- diminished erectile quality, particularly at night
- decreased libido
- mood changes
- reduced cognitive function
- fatigue, depression, and anger
- a decrease in muscle mass and strength
- decreased body hair
- skin changes
- decreased bone mass and bone mineral density
- increase in abdominal fat mass
As well as sexual dysfunction, late-onset hypogonadism has also been associated with metabolic disease and cardiovascular disease.
The degree to which testosterone levels decline varies between men, but a growing number of men experience the effects of reduced testosterone levels. Life expectancy has increased, and many men now live beyond the age of 60 years.
As a result, a higher number of men see the effects of age-related testosterone depletion.
Administering treatment for hypogonadism as the result of a disease differs from treating late-onset hypogonadism in older men.
One proposed treatment for low testosterone comes in the form of testosterone supplements.
One type of testosterone supplement, methyltestosterone, has received approval from the United States Food and Drug Administration (FDA). However, guidelines advise doctors not to prescribe this supplement due to the speed with which the liver metabolizes testosterone.
This can lead to liver toxicity. While doctors can legally prescribe the supplement, they generally try to avoid this.
Until stronger evidence is available to support the benefits and safety of testosterone supplementation, only older adults with severe clinical symptoms of low testosterone should be candidates for these supplements.
The FDA have advised that testosterone supplements are not suitable to treat late-onset hypogonadism, and a doctor should only prescribe them for an identifiable cause.
Testosterone replacement therapy
Testosterone replacement therapy (TRT) can help restore some affected functions of low testosterone.
Current research is conflicting. Additional studies into testosterone replacement are necessary for physicians to fully understand its potential risks and benefits, and to identify the individuals that may see the most benefit.
For men, testosterone levels are important to maintain, but they naturally decrease over time. If symptoms of severe or chronic low testosterone are showing, the hormone deficiency may be caused by an active disease or condition.
Treatment can lead to unwanted side effects, so it can be crucial to balance the expected benefits of testosterone supplementation with the risks of the treatment. Often, low testosterone levels come without harmful physical effects and do not require treatment.
Speak to a medical professional, and confirm if treatment is required.
I have not been holding any glove stocks for the last 3 weeks. So I try to be objective here.
Fact 1: 29 May 2020, research report by Macquarie, Outperform TP RM13.10.
Fact 2: 25 August 2020, research report by Macquarie, Outperform 12 month target RM30.40.
Fact 3: 9 September 2020, research report by Macquarie Downgrade to TPRM5.40.
Fact 3: First two reports by Denise Soon. The downgrade report by Prem Jearajasingam.
Fact 4: Macquarie is one of the top covered warrants issuer in Malaysia.
Fact 5: Ex basis the RM30.40 would have been equaled to RM10.13. Which is to say the down grade wasn't just 10% or 20% in target price. The downgrade to RM5.40 was an astounding 46% cut in TP.
Fact 6: 46% cut in TP all in a matter of 15 days. Pray tell what were the variables and valuation dislocation that caused such a decision.
Bursa and SC need to look into this closely cause I am sure you have already received a lot of complaints. I guess you cannot have the same analyst do all 3 reports as that would have been tantamount to harakiri for the analyst. The change in analyst has to be questioned. Apparently, Prem is the Head of Research, and Denise has left her position. Still, Prem would have had to approve the previous reports.
The "new analyst" halved the TP on the basis that "ASP cannot sustain forever". What changed the analyst's forecast within this short 2 weeks? Did he suddenly talk to industry leaders worldwide to realise that ASP will not last forever?
Analysts/research heads have very little power as they do not bring in the big bucks. Before investors focus their ire on them, remember that. But this does not feel right. It leaves a very bad taste in our mouths. The integrity of the markets and the participants are at stake. We need answers and clarity.
THE FUNNIEST THING ... and its a big mistake by Macquarie... look at the table for projections. The first table was the upgrade to TPRM30.40. The estimated revenue for 2021 and 2022 were RM12.14bn and RM7.413bn respectively. Reported profit for 2021 and 2022 were RM4.646bn and RM850m respectively.
THE DOWNGRADE REPORT projected revenue for 2021 and 2022 to RM19.058bn and RM9.023bn respectively. The expected profit for 2021 and 2022 were RM10.259bn and RM2.022bn respectively.
How da-macha? The massive downgrade report had a substantive upgrade in revenue and profit. SUDDENLY the valuation parameters changed???
It is not even funny, when within 15 days one can revised the profit UPWARDS from 4.64bn to 10.259bn (+110%) for 2021 and from 850m to 2.022bn (+138%) for 2022 ... and at the same report downgrade the TP from RM10.13 to RM5.40 (-46%).
YAZ: The way this particular report is laid out also isn't comprehensive. The analyst showed his different assumptions for FYE20 - FYE22, including all baseline figures (revenue, profit, et al). But then he gives his base case price target based on FY23 earnings, which is not stated in the report. Kindly go kira yourself it seems! Then in an impressive of cover your ass (CYA) mentality, he also outlines two other cases on page 2 of the report. Bull case shows a price target of RM20.40 based on multiples of FYe22 earnings! (FYE22, not FYE23!) Finally his bear case of RM2.80 shows the price target based on multiples of FYE21 earnings! Shenme the f**k! Is he saying then his house is giving price targets of RM2.80, RM20.40 and RM5.40, based on the estimated earnings for FYE21, FYE22, and FYE23? Since there's a time lag dilation between expected results and price movements (in a rational market), it's up to the investor to use their own respective crystal balls to target their entry points lah, based on the estimated price targets provided by this house. The part that's amazing though, his main target price catalyst (as shown on page 1 of this report) is: 12-month price target RM5.40 based on a PER methodology. And that PER methodology is based on FYE23 earnings! Holy sweet bejesus. You're ascribing a target based on financial results for the year ending August 2023. Buy today because my estimate for what is 3 full financial year results away starting from after FY20 shows a downtrend. If one assumes glove stocks is going to rebound (and it probably will with the upcoming results, albeit to what extent up to the individual to figure out lah), he's going to have to eat humble pie. And it really makes one wonder if there's really a Chinese wall between the research side and the other divisions in his house.
This was done by yours truly back in 2010 when the Dilbert website still allowed visitors to do their own mashups of Dilbert comics. Sigh......