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  "documentTitle": "Keisei Electric Railway (9009)",
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  "presentationDate": "2025-04-23 00:00:00",
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      "text": "An oversized non-synergistic US$5.0bn stake in OLC – accounting for c.63% of the Company's intrinsic value",
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      "text": "intrinsic value: 39%",
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      "text": "Source: Company disclosures, Bloomberg. Market data as of 18 April 2025. (1) Based on estimate of our accounting advisor. (2) Core business value is calculated based on estimated book value excluding OLC stake multiplied by peer PBR. (3) OLC stake value is calculated based on mark-to-market value net of estimated CGT as of 18 April 2025.",
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      "kind": "title",
      "text": "... leading to an ongoing inappropriately oversized investment in OLC and Keisei trading at a 39% discount to intrinsic value...",
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