中国东航获益于低油价 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.

低油价至少对某些人来说是件好事。周三晚，中国东方航空公司(China Eastern Airlines)发布业绩预增公告，称上半年盈利将升至5.75亿美元。去年，该公司几乎没什么盈利。这使分析师的全年估计（已经上调了150%）看起来依然偏低。东航股价周四上涨十分之一。

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.

这也许是由于油价比一年前下跌了大约一半，而东航并未对冲油价。不过，也许还有更多原因。东航的指引暗示，第二季度的净利润超过了第一季度——尽管该季度油价有所反弹。该公司报告的载客率有所改善。票价可能也有所提高。

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.

东航在香港上市的H股今年上涨了70%。在上海上市的A股表现更好。今年4月，该公司曾表示希望能发行新的A股。可惜该公司未能在看起来像是一轮周期的顶峰之前筹集这笔资金。