中國東航獲益於低油價

　　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.

　　低油價最少對某些人來講是件功德。周三晚，中國東方航空公司(China Eastern Airlines)宣布事跡預增通知布告，稱上半年紅利將升至5.75億美元。客歲，該公司險些沒甚麽紅利。這使剖析師的整年估量(已上調了150%)看起來仍然偏低。東航股價周四上漲非常之一。

　　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.

　　這大概是因為油價比一年前下跌了約莫一半，而東航並未對沖油價。不外，大概另有更多緣故原由。東航的指引表示，第二季度的凈利潤跨越了第一季度——只管該季度油價有所反彈。該公司申報的載客率有所改良。票價大概也有所進步。

　　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股本年上漲了70%。在上海上市的A股表示更好。本年4月，該公司曾表現願望能刊行新的A股。惋惜該公司未能在看起來像是一輪周期的巔峰以前籌集這筆資金。