Group 1 - The core viewpoint of the report indicates that RASK (Revenue per Available Seat Kilometer) for airlines in the Asia-Pacific region is expected to experience a low single-digit year-on-year decline or remain flat in the first half of 2026 [1] - Citigroup downgraded Cathay Pacific's rating from "Neutral" to "Sell" due to a 19% increase in its stock price over the past 12 months, while raising the target price from HKD 10.7 to HKD 11.2 [1] - The bank anticipates an 11% decline in passenger yield for Cathay Pacific in 2026, with its earnings forecast for 2026 being 17% lower than market expectations, attributed to an increase in transfer passenger ratio and uncertainty in outbound tourism from mainland China [1]