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Campaigns / Palliser Capital → Keisei Electric Railway
Palliser Capital vs. Keisei Electric Railway

Keisei Electric Railway · 9009 JT

3 decks published between 2023-10-17 and 2025-04-23 — 84 pages, 83 analysed slides total. Outcome: ongoing.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2023-10-17 initial thesis

    2023 10 20231017_ _Palliser_Capital_ _13D_Presentation_on_Keisei

    20pp · full_deck

    Keisei's 22% stake in Oriental Land hides $4.5bn of value; right-sizing it below 15% and adopting a capital allocation framework unlocks 76% upside for shareholders.

    N 4 V 4 C 4
    ⌂ ◫
  2. 2024-04-24 follow up

    2024 04 53951785_PALLISER_CAPITAL_20240424_Letter_to_Keisei_English_2

    9pp · letter

    Palliser, a 1.6% holder, asks Keisei shareholders to vote on an advisory resolution forcing the board to publish a capital allocation plan and cut its OLC cross-holding below 15% by March 2026.

    N 4 V 2 C 1
  3. 2025-04-23 follow up

    2025 04 3_KER_ _Public_Deck_April_2025_English_Version

    55pp · full_deck

    Keisei trades at a 39% discount because its US$5bn OLC stake masks chronic underperformance; capping it below 15% plus a refreshed 11-member board unlocks US$3bn.