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  "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": "Includes a callout box referencing SuMi TRUST's proxy voting policy regarding PBR thresholds.",
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      "text": "Keisei's true PBR of 0.6x is also well below the 1.3x PBR of Keisei's peers and, as verified by the independent expert, has been below 1.0x for the past 5 years",
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      "text": "SuMi TRUST Proxy Voting Policy: Vote AGAINST representative directors with tenure of 3 years of more if ROE ranks in the bottom 1/3 of the TOPIX and PBR is less than 1x for 3 years.",
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      "text": "Keisei True PBR vs. Peers Average PBR",
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      "text": "Source: Company disclosures, Investor Voting Policies, Bloomberg. Market data as of 18 April 2025.",
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      "kind": "title",
      "text": "...which persistently falls significantly short of peers...",
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      "name": "Cost Of Inaction",
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