日航股票的價(jià)值：折扣機(jī)票

Japan Airlines' share price may have plunged below Y10 but one set of investors has found some value in the struggling carrier. Air travellers bought JAL stock yesterday to obtain discounted fares that the airline offers to shareholders.

日本航空(JAL)的股價(jià)或許已暴跌至每股10日元下方，但有一類投資者發(fā)現(xiàn)，這家苦苦掙扎的航空運(yùn)營(yíng)商仍存在某些價(jià)值。航空旅客昨日買進(jìn)了日航股票，以獲得該公司提供給股東的折扣票價(jià)。

More than 1bn JAL shares changed hands, a record for one day's trading in a Tokyo Stock Exchange-listed company, and the airline finished Y1 higher at Y8.

日航股票昨日的成交量超過(guò)10億股，創(chuàng)東京證券交易所(TSE)上市公司單日成交量紀(jì)錄。日航股價(jià)上漲1日元，收于每股8日元。

Brokers attributed most of the buying to institutional investors closing short positions in the carrier's shares, which started the year worth Y88. After the government firmed up plans to push it into bankruptcy, the group is expected to file for court protection next week.

股票經(jīng)紀(jì)人將該股的大多數(shù)買盤歸結(jié)于機(jī)構(gòu)投資者在解除空頭頭寸。今年初，日航股價(jià)還曾為每股88日元。在日本政府敲定讓日航進(jìn)入破產(chǎn)程序的計(jì)劃后，該集團(tuán)預(yù)計(jì)將于下周向法庭申請(qǐng)破產(chǎn)保護(hù)。

But it appears some investors have bought shares calculating that the value of travel discounts they receive from owning stock will more than offset losses on their investment.

不過(guò)，某些買進(jìn)該股的投資者似乎是在算計(jì)：他們因持有該股而獲得的票價(jià)折扣，其價(jià)值會(huì)超過(guò)因投資該股而遭受的損失。

JAL offers a half-price domestic flight a year to owners of 1,000 shares, and more flights to larger investors. Its biggest shareholders, those owning more than 210,000 shares, can take more than 100 half-price trips a year.

日航每年會(huì)向持有該公司1000股股票的股東提供一張半價(jià)國(guó)內(nèi)機(jī)票；持股量越大，得到的半價(jià)機(jī)票就越多。那些持股量最大（超過(guò)21萬(wàn)股）的股東，每年可獲得100多張半價(jià)機(jī)票。

“JAL has always been a popular retail stock,” said one broker. “People buy it in part for the goodies, like discount fares.”

一位經(jīng)紀(jì)人表示：“日航一直是一只頗受散戶歡迎的股票。人們買進(jìn)該股，部分是為了撈到一些好處，例如折扣票價(jià)。”

Domestic flights in Japan can cost Y30,000 ($330) or more each way. That means that, at JAL's current share price, its investor discount could be worth twice the minimum stock buy-in. Cashing in, however, is dependant on the airline continuing to offer the perk while in bankruptcy protection, an outcome that is far from guaranteed.

日本國(guó)內(nèi)航班的單程票價(jià)可能要每張3萬(wàn)日元（合330美元）或更高。也就是說(shuō)，按照日航當(dāng)前的股價(jià)，投資者所獲折扣的價(jià)值可能相當(dāng)于最低買入量（1000股）股票價(jià)值的兩倍。但投資者若想撈到好處，日航必須要在破產(chǎn)保護(hù)期間繼續(xù)提供這一折扣，而這一點(diǎn)遠(yuǎn)非板上釘釘之事。

譯者/汪洋