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  "docSlug": "2723e45b96d8",
  "documentTitle": "Keisei Electric Railway (9009)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
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  "presentationDate": "2025-04-23 00:00:00",
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  "notes": "Uses a waterfall-style logic to show how 'Valuation Gain on OLC' adds to 'Reported BPS' to reach 'True BPS'.",
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      "kind": "callout",
      "text": "Retaining the OLC stake at its current size significantly deflates Keisei's book value - falsifying its PBR. The independent expert report appended to this presentation confirms true PBR is actually c.0.6x - far below the 1.0x TSE target",
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      "kind": "callout",
      "text": "Keisei's true PBR is less than 1/2 of its reported PBR",
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      "text": "Keisei True PBR vs Reported PBR",
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      "text": "Keisei True BPS vs Reported BPS",
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      "text": "PBR: 0.6x",
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      "kind": "paragraph",
      "text": "TSE's Renowned Focus on Capital Allocation: The purpose of these actions is to have the management of the company carry out their management duties with more consideration of cost of capital and profitability...",
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      "kind": "quote",
      "text": "The purpose of these actions is to have the management of the company carry out their management duties with more consideration of cost of capital and profitability based on the balance sheet, rather than just sales and profit levels on the income statement, in order to achieve sustainable growth and increase corporate value over the mid- to long-term. — JPX Tokyo Stock Exchange",
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      "kind": "source-note",
      "text": "Source: Company disclosures, Bloomberg. Market data as of 18 April 2025. Note: (1) Estimated based on public information with advice from a leading CPA admitted in Japan. Balance sheet data and OLC price as of 31 Dec 2024. (2) Book Value per Share.",
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      "kind": "title",
      "text": "... and artificially deflates Keisei's book value - masking its true PBR as a result...",
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      "name": "Cost Of Inaction",
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