Fundamentally, I don't think the share price reflects a few things yet
1) 4 Engines vs Two. The A380 should have been 777's and the 747 should be gone by now replaced with 777. Singapore Airlines has 0 747s now flying
2) Complex things like reverse seniority redundancies.
3) Complex agreements and union sentiment that conditions should NEVER EVER go backwards
4) The local competition is doing a lot of things right
Unfortunately, QF shares are now very SPECULATIVE at best.