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  "documentTitle": "Keisei Electric Railway (9009)",
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      "text": "Unlike all peers, Keisei has no Capital Allocation Policy at all and falls short across all capital allocation metrics as a result",
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      "text": "Source: Company filings. Note: (1) Determination of a disclosure of the respective company's capital allocation policy includes the provision of a breakdown of the capital investment plan in the company's latest mid-term business plan. (2) Total outstanding shares excluding treasury shares. (3) Total Return Ratio = (Dividend per share + The amount of acquisition of treasury shares per share.) / EPS",
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      "text": "...all underpinned by a reckless approach to capital allocation and disregard for shareholder value",
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