Thomas has completed a new company report on Pallas Air following the company’s H2 results.
Pallas Air’s H2 report fell short of our low expectations, although the company’s cash flow was stronger than we anticipated. With deep operating losses, the company’s cash crisis has deepened to an extreme, and in our view, business recovery requires a significant capital injection from the company’s main owner. As the continuity of the business relies on external factors, we consider the share’s value to remain entirely speculative. Therefore, we do not provide a target price for the share but reiterate our sell recommendation due to a very weak return-risk ratio.