Thanks @MEL_Traveller your answer makes the most sense. The cost comes from the reward tool but also multi city (looking at this leg only)My apologies… I misread the onward connection was out of HKG, not KIX.
In this case it would calculate the trips as SYD-HKG-ICN and KIX-HEL-FRA.
KIX-HEL-FRA is 5774 miles which is 108000 points.
Still comes to 125400+108000 = 233400.
Not sure how your get 125.4k for each leg? They are in different mileage bands.

