The thing to keep in mind is that the check-in for AirAsia flights closes 45 minutes before the flight and they can be strict about it if they're so inclined. Given you're travelling with just hand luggage though, if your connecting flight is just within Malaysia you can check-in online - see http://www.airasia.com/site/my/en/pa...?reference=sci for more details.

You'll probably arrive at the sattelite terminal at KUL, so you've got to get across to the main terminal, then out through customs and immigration, wait for one of the buses around to the LCC terminal and then enjoy the 15 minute or so bus ride around between the two.

If everything goes to plan you'll make it, though would certainly be cutting things fine (I'd budget about an hour minimum all up for the whole process if things go relatively smoothly for you). I'd personally pad out the schedule a little more if I needed to check-in again with AirAsia, though if your flight's eligible for online check-in then you should be fine with 2hrs 20min.