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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": "Highlights the accounting distortion caused by the 'Affiliated Company' classification.",
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      "text": "According to an independent accounting expert, the current 20% stake in OLC means that, under applicable Japanese accounting rules, this stake is valued at an 83% discount to its traded market value - equivalent to US$5.9bn of missing value",
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      "text": "balance sheet understatement: US$5.9bn",
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      "text": "According to an independent accounting expert, the current 20% stake in OLC means that, under applicable Japanese accounting rules, this stake is valued at an 83% discount to its traded market value – equivalent to US$5.9bn of missing value",
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      "text": "Source: Company disclosures, Bloomberg. Note: (1) Estimated based on public information with advice from leading CPA admitted in Japan. (2) Value of the OLC stake as Available-for-sale Securities is calculated based on mark-to-market value of OLC stake as of 31 December 2024. FX (USD:JPY) as of 31 December 2024.",
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      "text": "Stake, Note, OLC Accounting Status, Accounting Treatment, Resulting B/S value, Gap vs actual value",
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      "text": "As confirmed by an independent expert report – the outsized OLC stake creates an accounting distortion which results in a US$5.9bn understatement on Keisei’s balance sheet…",
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