Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Keisei Railway (9009) Gets Bad Advice from Activists, Which Is Good for The Rest of US

Last Week in Event SPACE: Keisei Electric Railway, Vitasoy, NEC Network, ESR Group

Equity Bottom-Up

Keisei Electric Railway Co / Equity Bottom-Up

<ul>
<li>Keisei’s OLC stake distorts valuation optics, but is already transparently priced by the market.</li>
<li>Activist criticism over “true” ROE reflects accounting semantics, not hidden inefficiency.</li>
<li>Core business plus OLC stake offers modest returns; upside exists, but hardly suggestive of chronic long-term underperformance</li>
</ul>


Keisei’s OLC stake distorts valuation optics, but is already transparently priced by the market.
Activist criticism over “true” ROE reflects accounting semantics, not hidden inefficiency.
Core business plus OLC stake offers modest returns; upside exists, but hardly suggestive of chronic long-term underperformance


京成電機（9009）｜隠れた価格設定でも構造的なミスプライシングでもない