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Magic ride: Narita train operator's shares rise on Disney holdings

Fate of rally to 3-decade high rests on Skyliner service expansion

Keisei Electric Railway plans to add 40% more trips to the Skyliner express train's schedule next month.

TOKYO -- Shares in the operator of the Skyliner airport express train have climbed to their highest since 1990 thanks to its sizable stake in Tokyo Disneyland's owner, but investors will likely demand something more substantial than these mostly paper gains to keep the rally going.

Keisei Electric Railway's 22% interest in Oriental Land is valued at roughly 1.3 trillion yen ($12 billion). The rail company logged 20.2 billion yen in profit from equity-method affiliates in fiscal 2018 -- equivalent to just over half its total net profit and well over double the figure 20 years earlier, reflecting Oriental Land's long-lived expansion.

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