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  "documentTitle": "Keisei Electric Railway (9009 JT)",
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  "notes": "Uses a waterfall-style logic to adjust BPS and a comparison chart to show PBR delta.",
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      "text": "Keisei's true PBR is less than 1/3 of its reported PBR",
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      "text": "By retaining the oversized OLC stake at current levels, Keisei's book value is significantly deflated, resulting in an artificially distorted PBR that is inconsistent with recent TSE initiatives.",
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      "text": "The purpose of these actions is to have the management of the company carry out their management duties with more consideration of cost of capital and profitability based on the balance sheet...",
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      "text": "\"The purpose of these actions is to have the management of the company carry out their management duties with more consideration of cost of capital and profitability based on the balance sheet, rather than just sales and profit levels on the income statement, in order to achieve sustainable growth and increase corporate value over the mid- to long-term.\" ... \"the management team is expected to take the lead in appropriately allocating resources with sufficient consideration of cost of capital and profitability...\" — Action to Implement Management That Is Conscious of Cost of Capital and Stock Price – JPX Tokyo Stock Exchange",
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      "text": "Source: Company disclosure, Bloomberg. (1) Estimated based on public information... (2) Book Value per Share.",
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      "text": "OLC Accounting Distortion – an Accounting Mismatch that Artificially Deflates Keisei's Book Value and Masks its Real PBR",
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