I am wondering whether AAX or Capital A is the better investment here.

Capital A (Continuing businesses) Q4FY24 to Q3FY25 NOP = RM208.1m
AAX (With Capital A's discontinued businesses) Q4FY24 to Q3FY25 NOP = RM890.2m

Valuation calculated using P/E of 15:
Capital A (Including 675m AAX shares) = (RM208.1m x 15) + (675m x RM1.62) = RM4.22b
AAX = RM890.2m x 15 = RM13.35b

Share price assuming full dilution:
Capital A (Assuming full conversion of RCUIDS and warrants) = RM4.22b/8.1b = RM0.52
AAX (Assuming PP at RM1.3 per share and full Garynma subscription) = RM13.35b/4.21b = RM3.18

but the fact that Tony and Kama did not convert their Capital A RCUIDS to ordinary shares doesn't really instill confidence for AAX