Is Temasek Holdings behind the SIA 'ruse' to mislead creditors and investors, by deceptively inflating the BVPS (EPS/ NAV) by 44%? From: https://www.singaporeair.com/saar5/...inancial-Results/News-Release/nr-q2fy2021.pdf Temasek is significant majority shareholder of SIA stocks. Temasek also didn't say anything when SIA board misappropriated in it BVPS accounting, the almost $3.5B of MCB funding (treating it as basically a free cash with no strings attached), just so they could deceptively and misleadingly inflate the SIA share price through misleadingly inflated BVPS calculations? $3.5B worth of Mandatory Convertible Bonds (MCB) were issued in 5th June 2020, as part of SIA $8.8B fundraising exercise (rights shares contributed other $5.3B). https://financialhorse.com/sias-rights-issue-explained-is-singapore-airlines-a-good-investment/ Temasek, as majority shareholder, appoints the board which then employs the management to run the company and report accounts. SIA however, has a very perverse way of inflating it's Book value per share (BVPS) (aka equity per share (EPS)/ nett asset value (NAV)) by 44%, by rather misleading and deceptive accounting methods. Whilst SIA has correctly taken the conservative and self benificial default stance of treatment of MCB as equity (since in the event that the company is unable to pay the lump-sum compounded interest at designated redemption points within 10years, the default outcome is for almost $2.68 (par value at inception) worth of MCB to convert to 1 SIA ordinary share) without further financial liability; it remains misleading and dishonest for SIA to omit the default eventuality of MCB being converted to shares, given that the accounts were presented upon this premise right from the start. To suddenly, midway omit/ contradict this premise is a dishonest sleight of hand by all accounts. Since SIA has chosen to present it's accounts in the self beneficial, default premise of MCB being treated as equity (i.e not debt) and ultimately repaid in shares (to allow the $3.5B to be accounted for as an asset (equity) and not a liability (debt), then consistent with this accounting treatment of MCB that SIA benifits from, SIA needs to divide the total SIA equity of $15,251.5B (at 30.6.2020) by the total number of 2.963B ordinary SIA shares, plus the 1.305B MCB conversion shares (total 4.267B shares), in so far that SIA has not successfully yet earmarked an equivalent repayment fund of sufficient value, for the purposes of MCB+interest redemption at the material time point. This is as dishonest as it is an inconsistent way of cherry picking values and creating false figures, similar to how Hyflux creatively inflated it's asset values to deceive both creditors and investors into believing it's inflated equity values. I hope that SIA doesn't resort to such dishonest accounting methods and that this inflated BVPS, which by default ought to be $3.574/share, until and unless SIA has set aside funds in excess of $3.5B + interest, for the redemption of MCB to give creditors and investors an honest picture of the finances of SIA and not be deceived into a false sense of security due to creative (dishonest/disingenuous) accounting methods of the SIA board. And Temasek Holdings shouldn't resort/ allow to this kind of lowly/ cheap ruse to obtain cheap loans or worse liquidate shares at an elevated price point, vz false/ misleading accounts used if that was indeed the intention behind the irresponsible and misleading accounting treatment of MCB funds.