MAS: Executive Summary Malaysia Airlines (MAS) was founded in 1937 and over the years of operation until 2014 had a relatively strong safety record, coupled with poor fiscal management. Subsequent to the incidents in 2014, the financial performance of the company degraded to the point where Khazanah Nasional took full ownership of the company, delisting it from the Malay Stock Exchange in December 2014 in order to revive the company. MAS has a number of options to consider in order to resurrect the business model, as it needs to move away from the reliance of government intervention and bailouts to strengthen the airline into a successful enterprise that can operate independently. Our market within the Asia Pacific region is the most competitive in the industry, and through the emergence of low cost carriers combined with poor management, MAS has lost a significant amount of market share over the years. The net profit for the industry in 2014 was US$3.5 billion (RM 13.32 billion), and MAS made a loss of RM 1.55 billion for the same period. We believe with the right management we can create a competitive advantage, regain market share and turn MAS back into a profitable airline. The key threats associated with the airline are: ongoing brand damage from the 2014 incidents; oversupply of flight routes and frequencies; and, general poor fiscal management. These risks can be overcome by reinvigorating the business model, leveraging industry expertise and creating a competitive