中國東航獲益於低油價 China Eastern: flying high

The low oil price is a boon for some, at least. Late on Wednesday China Eastern Airlines issued an alert that first-half profit would rise to $575m. Last year there was barely any profit at all. This makes analysts’ full-year estimates, already revised up 150 per cent, look low. The stock rose a tenth.

低油價至少對某些人來說是件好事。週三晚，中國東方航空公司(China Eastern Airlines)發佈業績預增公告，稱上半年盈利將升至5.75億美元。去年，該公司幾乎沒什麼盈利。這使分析師的全年估計（已經上調了150%）看起來依然偏低。東航股價週四上漲十分之一。

This may be because of the roughly one-half drop in fuel prices from a year ago: China Eastern Airlines has no hedging. But there may be more to it. The guidance implies that second-quarter net profit surpassed that of the first, despite a rebound in the oil price. Reported load factors have improved. Ticket prices may be higher as well.

這也許是由於油價比一年前下跌了大約一半，而東航並未對衝油價。不過，也許還有更多原因。東航的指引暗示，第二季度的淨利潤超過了第一季度——儘管該季度油價有所反彈。該公司報告的載客率有所改善。票價可能也有所提高。

China Eastern’s Hong Kong-listed H shares are up 70 per cent this year. The Shanghai-listed A shares have done better still. In April, the company said it would like to issue new A shares. Too bad the money was not raised before what is looking like a cyclical peak.

東航在香港上市的H股今年上漲了70%。在上海上市的A股表現更好。今年4月，該公司曾表示希望能發行新的A股。可惜該公司未能在看起來像是一輪週期的頂峯之前籌集這筆資金。