My first ever ever analyst briefing

Today I went for my first ever analyst briefing on the restructuring of Malaysian Airport Holdings Berhad(MAHB).

I was super, super excited!

I didn't know how it felt like to be regarded as an analyst by other people. I know that feeling now for the first time in my life.

It was quite an intellectual exercise trying to understand what he was talking about.

See if you could understand and analyse what the plan was as I explain it below.

Basically the plan was to scrap whatever the government was charging MAHB before and come up with a new plan which is a revenue sharing plan. The government would share 8.3% of MAHB's revenue from now on in return for building airports for them. Then MAHB will get to focus on being an airport operator instead of developer/operator. And it complicates at this point. For every $100m the government puts into an airport, their revenue share will go up by 0.3%. And for every year that passes the government revenue share will go up by 0.25% regardless of anything else. And this applies to ALL Malaysian businesses, not just airports. And there is also a compensation plan that if the revenue sharing results in any losses or unviability in running some airports the government will compensate MAHB for that based on marginal cost support. The result is that MAHB will always be commercially viable but have to give up some of their revenue. And they have incentive to expand overseas as overseas revenue is not subjected to the revenue sharing scheme.

Thats basically the core of what it was all about. Complicated huh?

But in the end I managed to talk to the CFO of MAHB as well as the chief investment banker of Maybank for organising the deal. It was a totally awesome experience. I enjoyed it alot.

And MAHB also provided good snacks for all of us. There were cheesecake, kuih, springrolls, dim sum and sandwiches.

After this experience I felt like I understood alot about airports but I know there is so much more to learn actually, and feel like going for my next analyst briefing! (which is actually on Monday)

Work is so exciting now!