CX should have just taken a charge and written off their hedging loss in one year; owned it, and then refocused on cost structures going forward. I do agree the ME3+TK have had an impact but they are clearly experiencing their own issues now too.
Instead, they have morphed CX into a product that offers little value. The affordable fares don't accumulate miles (or only 25%), so it becomes easy to fly other airlines since one of the main benefits of consistently flying CX has been removed. On my last return flight from SG, I really could not tell the difference between my dish, and the Italian cat food I give my pet. I'm not joking, it looked the same.