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  "documentTitle": "Keisei Electric Railway (9009 JT)",
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  "authorName": "Palliser Capital",
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  "presentationDate": "2023-10-17 00:00:00",
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  "notes": "The chart illustrates the impact of adjusting for 'OLC Accounting Distortion' on valuation multiples.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6dd-0d6eaeca86d6/8",
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      "kind": "callout",
      "text": "Removing the OLC Accounting Distortion will allow a clearer focus on areas for improvement, which drive a low PBR: Inefficient balance sheet / inadequate returns, Insufficient IR / communication efforts, General governance / structural shortcomings",
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      "text": "Keisei True PBR vs Peer Avg PBR (2010-2023)",
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      "text": "PBR: 0.6x",
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      "text": "Keisei's true PBR is currently just 0.6x if adjusted to remove the OLC Accounting Distortion – well below the 1.5x PBR of Keisei's peers.",
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      "kind": "source-note",
      "text": "Source: Company disclosures, Bloomberg. Note: For illustrative purposes. Keisei's true book value is calculated by excluding the current recorded book value of the OLC Stake from Keisei's book value, and adding mark-to-market value of the OLC Stake net of CGT to Keisei's book value. Peers: Keio, Odakyu, Tokyu, Tobu, Keikyu and Seibu. LTM (last 12 months) PBR is used.",
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      "kind": "title",
      "text": "Keisei's True PBR is at a Significant Discount vs. Peers",
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