At current share price, AirAsia is trading at 2016F price-to-book value of 0.46 times and at a compelling PE ratio of 4.0 times, which is at its lowest four-year historical PER. "We believe in AirAsia's future performance based on positive fare trend, strong growth in ancillary income, lower fuel prices and strong brand name within Southeast Asian market," said the research house. To recap, Public Invest Research met the investor relations team of AirAsia for updates on its operation and outlook in 2HFY15. Indonesia AirAsia (IAA) is considering the option of issuing non-voting reedemable and convertible preference shares (RCPS) to deal with its negative equity position with the conversion of part of its receivables. "Nevertheless, the discussions with the existing shareholders is still ongoing, and expected to complete by end of this month.