The impact of hedging to future financial result is very complicated, especially for LCC like AirAsia. They sold future flight seats. If the oil is hedged in tandem with those future sales booked now, it's not a gamble. Just a locked-in cost component. From business perspective, is the right thing to do. Selling future seats without locking in future cost - THAT is a gamble. You get cash flow now, but future revenue is fixed against a variable cost. LCC also do not sell all their future seats, for sure. They don't disclose what is their % seat sold for future quarters. That number is indicative of the bets they are making.

That said, airline business is very complicated. I don't fully grasp it's business, so I stay away.

Maybe silent readers of Alex Lu panic buy?
He suggested accumulating OnG counters in his Thursday post.