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  "documentTitle": "Keisei Electric Railway (9009)",
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  "notes": "Uses an independent expert report to adjust for OLC stake valuation.",
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      "text": "According to the independent expert report (set out in full in the Appendix), valuing the OLC stake in Keisei’s balance sheet on a mark-to-market basis, reveals that (1) Keisei’s true equity to asset ratio is nearly double its peers; and (2) its ROE has consistently averaged just 0.6% over the last 5 years, a fifth of that achieved by Keisei’s peers",
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      "text": "Source: Company disclosures, Bloomberg. Note: Peers include Keio, Odakyu, Tokyu, Tobu, Keikyu and Seibu...",
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