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  "documentTitle": "Keisei Electric Railway (9009)",
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      "text": "Chronic Deep Undervaluation and Underperformance: Keisei continues to trade at a significant and persistent discount to intrinsic value, with transportation segment operating profit margin, ROA, ROE and PBR all significantly below peers",
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      "text": "Vital Measures: Ahead of the Company's D2 Plan announcement (anticipated 9 May 2025) and 2025 AGM, Management are urged to take three immediate steps to stem the ongoing tide of value destruction at Keisei",
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      "text": "Palliser's Steadfast Conviction in Keisei – a Strong Portfolio and Tremendous Value Opportunity: A shareholder for almost four years, we have more than doubled the size of our investment in Keisei since last year's AGM to a shareholding over 4.5%",
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      "text": "A Dangerously Undisciplined Approach to Capital Allocation without Accountability: Underpinned by the oversized OLC stake which masks consistently low true PBR and ROE – eliminating performance-driven voting pressure against the Board",
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      "text": "Longstanding Governance Failings Unrectified by an Ineffective Board: Through inaction and resistance to making basic improvements called for by TSE policies and embraced already by the vast majority of Japanese issuers, including Keisei's peers",
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      "text": "A Groundswell of Support for Tangible Change: Demonstrated by broad support from c.30% of Keisei shareholders at last year's AGM for Palliser's capital allocation-focused proposal and feedback since then based on extensive market outreach",
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