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  "documentTitle": "Keisei Electric Railway (9009)",
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  "presentationDate": "2025-04-23 00:00:00",
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  "notes": "Uses a visual bridge to connect the company's 10% policy line to the 30% industry standard expectations.",
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      "text": "Keisei's target for a minimum payout ratio of 10% is substantially below disclosed expectations from Japanese and non-Japanese investors, combined with no buyback programme unlike most peers",
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      "text": "dividend payout ratio: 10%",
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      "text": "Keisei's target for a minimum payout ratio of 10% is substantially below disclosed expectations from Japanese and non-Japanese investors, combined with no buyback programme unlike most peers",
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      "kind": "quote",
      "text": "Vote AGAINST approval of dividend if PBR below 1x, ROE ranking in the bottom 50 percentile in TOPIX, and \"dividend ratio below 30%\" — SuMi TRUST Proxy Voting Policy. If a company's total shareholder return ratios were less than 30% and ROEs were below 8% for three consecutive years (excluding net loss-making companies), we would regard it as underpaying dividends. — Asset Management One Guidelines for Exercising Voting Rights (Japanese Equities). For Japanese issuers, we are generally supportive of dividend payouts that constitute 30 percent or more of net income — STATE STREET GLOBAL ADVISORS Global Proxy Voting and Engagement Policy. We will object if the following criteria apply (...) Dividend payout ratio is less than 25% and return on capital is below the market average for a long period of time (ROE is below the median of listed companies for the last three consecutive fiscal years) — NISSAY ASSET MANAGEMENT 2025 Policy and Criteria for Exercising Voting Rights in Japan.",
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      "text": "Source: Company disclosures, Investor Policy disclosures, Bloomberg.",
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      "kind": "title",
      "text": "... with sub-standard policies on shareholder returns...",
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