I just tried checking this itinerary on ITA and it’s pricing at $4108.50, mainly because SFO-KIX-GUM and GUM-KIX-HKG are all pricing in booking class Y. (HKG-SFO is pricing in M.)

SFO-KIX UA 885 LV 1131 AR 1500+1
KIX-GUM UA 9749 (NH 913) LV 2140 AR 0205+1

GUM-KIX NH 914 LV 0355 AR 0635
KIX-HKG NH 175 LV 1040 AR 1355

Now let’s say you split this up into 2 r/t’s, so you book SFO-KIX-GUM as one r/t, which is currently pricing at $1584.10, outbound in H, return in V. Then GUM-KIX-HKG r/t on NH is pricing at $1468.20, but NH only gives you 100% EQM for full Y.

How locked into those dates are you? And how critical are the EQM? Or perhaps to reword the question, how much of a stretch is 1K this year? If your scheduling is flexible, and you can forego the EQM, you may want to consider flying GUM-HKG nonstop on CO. That’s pricing at $628 (depart 10/29 return 11/2), but it is only operated twice weekly.

EQM calculation (original routing):
SFO-KIX 5413 + COS bonus 2707 = 8120
KIX-GUM 1575 (from ual.com)
GUM-KIX 1575
KIX-HKG 1539 (from milecalc.com)
HKG-SFO 6914
Total: 19723 EQM

EQM calculation (alternate routing):
SFO-KIX-GUM r/t = 13976 EQM
GUM-KIX 1575 @ 70% = 1103
KIX-HKG 1539 @ 70% = 1077
EQM for 2 r/t’s = 18336

What I Would Do
I think I would backtrack to GUM and break the trip into two r/t’s. Assuming I had the scheduling flexibility, for GUM-HKG, I would take the nonstop on CO. If not, since NH is kind of stingy on miles (even B fares only get 70% miles), I would probably do the GUM-KIX-HKG portion as an award ticket. Then I would pay for SFO-KIX-GUM. Since the current dummy booking puts you in H outbound, in other words, you’re already in an upgradable booking class, I would try for an upgrade to C with miles. (KIX-GUM is Y only.)

OK, my 2 pennies’ worth. Maybe somebody else can come up with something better.

Edit: not sure if you would get 100% or 70% EQM on the codeshare (UA9749/9748). If only 70%, then the above r/t figure s/b 13032, not 13976.