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  "documentTitle": "Keisei Electric Railway (9009)",
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      "text": "The Fund considers that the valuation [of Keisei Electric Railway] is extremely inaccurate.",
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      "text": "The entire market capitalization of Keisei is $6.6bn, and they've got this $8bn post-tax investment sitting there.",
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      "text": "Management's initial announcement on asset sales and increased payouts to shareholders, while significant, appeared to undershoot the high expectations",
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      "text": "Keisei Railways ... have significant latent value hidden in net cash or cross-holdings.",
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      "text": "it's remarkable that Keisei Electric trades at about a 50% discount to the value of that stake in Oriental Land",
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      "text": "Keisei initially announced it would sell 1% of its OLC stake, which disappointed the market.",
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      "text": "In our view, Keisei Electric Railway is a discounted asset with the potential to unlock significant value by reducing its 20% stake in Oriental Land.",
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      "text": "We also expect the company to monetize its 20% stake in Oriental Land, which equals Keisei's entire enterprise value",
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      "text": "\"Management's initial announcement on asset sales and increased payouts to shareholders, while significant, appeared to undershoot the high expectations that had buoyed the share price at the start of the year\" — Border to Coast. \"Keisei initially announced it would sell 1% of its OLC stake, which disappointed the market. The value of the OLC stake has different meanings for different shareholders of Keisei; however, if it continues this path, they can unlock capital to fund growth in capex or return funds to shareholders.\" — MFS Investment Management. \"In our view, Keisei Electric Railway is a discounted asset with the potential to unlock significant value by reducing its 20% stake in Oriental Land.\" — Franklin Templeton. \"We also expect the company to monetize its 20% stake in Oriental Land, which equals Keisei's entire enterprise value\" — Boston Common Asset Management. \"The entire market capitalization of Keisei is $6.6bn, and they've got this $8bn post-tax investment sitting there. On top of that you're also getting this profitable rail business thrown in there basically for free.\" — Fidelity International. \"The Fund considers that the valuation [of Keisei Electric Railway] is extremely inaccurate.\" — Sparx Japan Small-Cap Fund. \"...it's remarkable that Keisei Electric trades at about a 50% discount to the value of that stake in Oriental Land, as well as the value of the land and the railway line business as well.\" — AVI Asset Value Investors. \"Keisei Railways ... have significant latent value hidden in net cash or cross-holdings. Through the efforts of both ourselves and others, we believe this value has a strong chance of being unlocked amidst this new atmosphere of reform in Japan.\" — M&G Investments.",
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