Here is the report from Thomas on Pallas Air regarding their H1 performance.
Pallas Air’s H1 revenue declined more sharply than we expected, as a tight financial position limited the company’s ability to invest in working capital and meet demand. Operating profit slightly exceeded our forecasts, but remained firmly in the red despite cost-cutting measures. Given the deep losses, we estimate that restoring the business to health will require a substantial capital injection. As the continuity of the business relies on external factors, we view the stock’s value as entirely speculative. Therefore, we are not setting a target price for the stock, but reiterate our “sell” recommendation due to the very poor risk-reward ratio.