Reborn in Tokyo: From Heiress to Global Tycoon

Chapter 401 Which West Martial Arts School?

The small lecture hall isn't too far from the campus road where recruitment is being conducted.

Naoki Kojima led the three around two school buildings and walked along a path lined with ginkgo trees for a few minutes before stopping in front of a slightly old building.

Posters for the Economics Research Department's activities have already been put up at the entrance.

External Economies and Odaiba Development – ​​Was Seibu Really Saved?

Beneath the poster was a long table covered with a white cloth, on which lay the Economics Research Club's past publications, introductions to club activities, and several application forms. Two students responsible for welcoming guests sat at the back; upon seeing Naoki arrive with three new students, they immediately perked up.

"These three are people I invited from outside."

Naoki walked to the table first.

"Has the speech already started?"

"It's been going on for about ten minutes."

As the girl sitting on the left spoke, her gaze couldn't help but linger a little longer on Satsuki and the other two, past Naoki.

She quickly picked up several handouts from the table.

Do I need to register first?

"Today is a public research meeting, we can make up for it later."

Naoki clearly had no intention of asking the three people's names at this time.

We've already brought them to the door. If the registration form and contact information cause them any trouble, all our efforts along the way will be wasted.

Moreover, as long as Takahashi-senpai's speech can keep people there, they will eventually have a chance to find out their names and academic departments.

"Please come in."

Naoki took the lecture notes and opened the lecture hall door for the three of them.

It was more lively inside than Satsuki had imagined.

This is a lecture hall that can accommodate sixty or seventy people. The first few rows are almost full, while the back rows are scattered with some freshmen who have just arrived. Apart from the club members in charge of the event, there are probably more than thirty people who are actually here to listen in.

Several large charts were hanging at the front of the classroom.

Seibu Railway, Prince Hotel, Seibu Stadium, and the Odaiba project are listed on the left, while Saionji Logistics, S-Farm, Saionji Construction, and several retail companies are placed on the right. Different colored arrows are drawn between the two sides to indicate the flow of funds, goods, customers, and engineering resources.

Next to the chart were several photos cut from newspapers.

The news included announcements of Saionji and Seibu's basic cooperation, photos of newly opened counters in the station, and pictures of hotels and convention facilities still under construction in Odaiba.

Standing in front of the podium was a boy wearing thin-rimmed glasses.

His appearance was not particularly striking; he was wearing only an ordinary white shirt with the sleeves rolled up to his elbows.

There was a large stack of categorized materials on the podium, with different colored labels on the edges, but he didn't need to bend down to look through them most of the time.

As long as someone in the audience looks at a particular chart, he can immediately tell which newspaper issue or which publicly available source the data comes from.

Naoki did not leave immediately.

He led the three to an empty seat in the back row and said in a low voice, "The details of the cooperation have been explained. Now it's time to analyze the benefits for both sides."

"I need to go back outside and continue recruiting."

As he spoke, he handed the remaining lecture notes to Reiko and Ayako respectively.

"If there's anything you don't understand, you can ask Takahashi-senpai directly after we're done."

Ayako took the handouts and nodded obediently.

"Thank you, Kojima-senpai."

Naoki glanced at her.

I don't know if it's just my imagination, but the corner of this junior's mouth seemed to twitch again.

Before he could think further, a member sitting near the door waved to him, indicating that someone else was waiting outside. Naoki could only put aside his doubts for the time being and hurriedly left the lecture hall.

The door closed again.

Ayako finally lowered her head, using the handouts in her hand to cover half of her face.

"puff……"

Reiko turned to look at her.

"What have you been laughing about since just now?"

"I didn't laugh."

Ayako's voice came from behind the paper, sounding somewhat muffled.

"I was just thinking that the senior from Kojima really seemed to trust the people on stage."

"Is he really going to teach Saionji how to analyze economics?"

"You can't say that."

Satsuki, who was standing to the side, had already opened the brochure in her hand.

She spoke very softly, so it didn't disturb the people sitting in front of her.

"Takahashi-senpai has indeed done a lot of research."

The handout Naoki handed her was more complete than the lecture notes distributed at the entrance. In addition to the general content of today's speech, it also included key stations on the two main Seibu lines, some publicly available passenger flow data, the distribution of Prince Hotels in Tokyo and Hokkaido, and the changes in the progress of the Odaiba project before and after the announcement of the cooperation between the two parties.

There are discrepancies between some of the data and the figures held internally by Saionji Temple.

However, considering the publicly available information that student clubs can access, they have already done a pretty good job.

More importantly, Takahashi did not simply piece together several news items.

He truly understood that Seibu's railway, hotel, land, and Odaiba projects were interconnected, and he also saw that after Saionji obtained the station operation rights and hotel procurement rights, it could integrate its agricultural, logistics, and retail businesses into the Seibu system.

This surpasses the analytical depth of most financial reports.

"They actually went to the station to investigate."

Ayako flipped to the photos at the back.

The photos show a truck belonging to Saionji Logistics and the station counters that have been restocked with new goods. The shooting angles aren't exactly professional; one photo is even partially obscured by a roadside utility pole. However, the location and date of the photos are marked in the lower right corner.

"I just said they were playing house."

Ayako lowered her voice.

"Isn't this a bit too much?"

Reiko glanced at her.

"So you've finally realized your mistake?"

"I've always been good at self-reflection."

"Usually after you've finished speaking."

Satsuki ignored their quiet argument.

She raised her head and looked at Takahashi on the stage again.

The speech had now moved on to the terms of the cooperation agreement between the two parties.

"Based on publicly available information, Seibu has relinquished three main core interests."

Takahashi picked up the chalk and wrote several lines on the blackboard.

Commercial activities within the station.

Hotel procurement.

Businesses operating around the stadium.

"Among them, the commercial operations of some key stations on the Seibu Ikebukuro Line and Shinjuku Line will be handed over to the Saionji system for a period of fifteen years."

"Prince Hotel will prioritize the use of products from S-Farm and related companies in Saionji for all its procurement in Tokyo and Hokkaido for a period of ten years."

Takahashi turned around and used chalk to dot the relationship diagram hanging next to the blackboard.

"In addition, there are restaurants, restaurants, and merchandise sales around the stadium. The specific terms of these projects have not been fully disclosed, but judging from recent changes, Saionji has begun to enter some of these businesses."

Some people in the audience were looking down and flipping through their lecture notes.

Takahashi waited a while to give the new students time to find the corresponding page before continuing his lecture.

"Judging from these conditions alone, Seibu is undoubtedly the one making concessions."

"The station has a steady flow of people every day, and the Prince Hotel can also provide long-term procurement orders. Seibu handed over these revenue streams to Saionji in exchange for funds, materials, and construction resources."

He then wrote two more numbers on the other side of the blackboard.

ten years.

fifteen years.

"However, these operating rights are all time-limited."

"Fifteen years later, the station still belongs to Seibu. Ten years later, the Prince Hotel can still choose its suppliers again. Saionji gained access to these operating systems, but did not receive the railway, the hotel, or the land itself."

Takahashi speaks slowly.

When he got to a more important point, he would pause to observe the audience's reaction. Only after confirming that the new students had caught up would he steer the conversation towards the stage.

"The next thing to consider is Odaiba."

He put down the chalk and walked to the largest location map.

"Saionji has already invested a lot of resources in Odaiba. The Saionji Tower, the group headquarters, the headquarters of various subsidiaries, as well as energy facilities and computing centers are all located here."

"These projects require transportation, hotels, and also convention and commercial facilities."

"And Seibu happens to possess these things."

Takahashi points to the location in the diagram that represents the Prince Hotel and the convention center.

"Saionji could certainly choose to build it itself, but that would mean higher costs and a longer time. Now, the two parties have reached a cooperation agreement: Saionji will help Seibu resume its stalled projects, while Seibu will provide complete supporting facilities for Saionji's group projects."

"This is a deal that both parties need."

Several freshmen in the front row nodded.

This part of the logic is not complicated.

Saionji Tower can attract employees, customers, and overseas visitors. Once these people come to Odaiba, they will need accommodation, food, and transportation, and the hotels, land, and related facilities preserved by Seibu will naturally benefit from this.

The more Saionji invests in Odaiba, the higher the value of these assets will be.

Takahashi wrote "positive externality" on the blackboard. (Positive externality: When one party invests resources, in addition to benefiting themselves, those around them who did not directly contribute also benefit.)

"The investment in the construction of Saionji Temple has enhanced the overall value of the surrounding area."

"However, not all of this value will return to Saionji. The Prince Hotel will gain more guests, Seibu's transportation facilities will gain more users, and the land reserved by Seibu will appreciate in value due to the development of Odaiba."

"From this perspective, although Seibu sacrificed some short-term gains, it preserved its truly important core assets and was also able to share in the external benefits generated by Saionji Investment."

His tone remained calm.

He did not belittle Saionji, nor did he deliberately portray Seibu as the final victor to make the conclusion seem surprising.

However, as the content on the blackboard gradually became complete, his inclination became quite obvious.

Satsuki lowered her head and glanced at the estimate Takahashi had given in his handouts.

The value of the operating rights within the station was primarily determined by the rent of shops around the station, while hotel procurement was calculated based on the average profit margin of the food supply industry. As for Saionji's investment in Odaiba's construction, logistics, and capital costs, Takahashi listed almost all of them on the Saionji side.

On the other hand, Seibu retained the hotels, land, and transportation facilities, utilizing the long-term benefits that may be generated after the development is completed.

Reiko also saw the problem.

She moved slightly closer to Satsuki, her gaze falling on the valuation sheet in the lecture notes.

Satsuki picked up the fountain pen she carried with her and wrote a few words on the blank space of the page.

Comparison objects?

After reading it, Reiko looked thoughtfully back at the podium.

Takahashi's speech did not stop.

"Therefore, my assessment of this collaboration is that Saionji did indeed gain a significant advantage during the negotiation phase, while Seibu also suffered considerable losses."

"However, if we extend the timeframe to ten or even fifteen years, the situation is likely to change."

"Seibu still owns the railway, hotels, land, and Odaiba facilities, while Saionji needs to continue to invest resources in its Odaiba layout. The better Saionji develops, the easier it will be for Seibu's remaining assets to generate returns."

Takahashi put the chalk back on the podium.

"In conclusion, based on the available publicly available information, I believe that Seibu may not necessarily be at a disadvantage in terms of long-term returns."

"If Odaiba is completed according to the current plan, Seibu may even become the party that benefits more from the cooperation between the two parties."

A soft murmur arose in the classroom.

This conclusion is clearly more likely to pique the interest of newcomers than a headline like "Seibu bows down, Saionji wins"—because it is distinctly different from mainstream societal views.

Ayako put down her lecture notes and then secretly glanced at Satsuki.

Satsuki's expression didn't change much; she showed neither displeasure nor mockery for Takahashi's underestimation of Saionji's profits.

She simply put the pen back in the manual and waited for Takahashi to finish speaking.

Over the next few minutes, Takahashi gave a brief introduction to the usual activities of the Economics Research Department.

They would select recent economic events, and department members would collect newspaper articles, company announcements, and statistical data separately, then present their judgments at regular meetings. More complete articles would be included in the department's journal, and occasionally professors from the economics department would be invited to sit in on their sessions.

After the introduction, he glanced at the time.

That concludes today's speech.

"We still have some time left, so if you have any questions about what we just covered, please feel free to ask."

The lecture hall was quiet for a moment.

Soon, a boy sitting in the front row raised his hand.

"Takahashi-senpai, I have a question."

"Please speak."

"Since Seibu can gain so much from Saionji's investment in Odaiba, why did Saionji agree to this collaboration?"

Takahashi had clearly considered this question beforehand and answered it quickly.

"Because Saionji also needs Seibu."

He picked up the chalk again and circled several facilities on the map of Odaiba.

"Saionji has built a large-scale group project here, but a corporate headquarters cannot operate independently of its surrounding environment."

"Roads, hotels, convention centers, transportation, and commercial facilities all affect the value of Odaiba."

"If some of Seibu's projects are suspended for an extended period, Saionji's own investments will also be affected."

"Helping Seibu rebuild is also protecting the funds that Saionji has already invested in Odaiba."

The boy who asked the question nodded and lowered his head to take notes.

The second question came from a girl sitting in the middle.

"How much were the station operating rights that Seibu relinquished actually worth?"

Takahashi adjusted his glasses.

"It's difficult to get accurate figures."

"Publicly available information only shows passenger flow, commercial area, and nearby rent for some stations; the complete details of specific contracts have not been published."

"We have made an estimate based on the data we have available, and the value is certainly very high. However, the operating rights are only for fifteen years, which, compared to the permanent assets that Seibu retains, I believe is still within an acceptable range."

He opened the documents on the table and quickly recited the page numbers corresponding to the lecture notes.

After finding the form, the person asking the question did not pursue the matter further.

Several more people then raised questions.

Some people asked whether the continued decline in land prices would affect Seibu's revenue, while others asked whether Prince Hotel could really rely on the Odaiba project to resume operations.

Takahashi answered quickly.

When faced with uncertainties, he would clearly state that there was insufficient publicly available information and would not arbitrarily provide figures in order to maintain his conclusions.

After several rounds of questions, the freshmen in the audience clearly had more faith in him.

The back door of the lecture hall was gently pushed open at that moment.

Naoki then brought in two more new students.

He first had the two sit in the empty seats by the door, then looked at the podium. Seeing that Takahashi had calmly answered a question about land prices, a satisfied look immediately appeared on his face.

really.

Once the Q&A session begins, it becomes immediately clear just how well-prepared Takahashi-senpai is.

Naoki then looked at the three girls in the back row.

They remained seated, showing no signs of boredom.

This basically means that the recruitment drive is already halfway to success.

On the podium, Takahashi finished answering the last question and looked around the classroom.

"Any other questions?"

No one raised their hand yet.

The members in the front row had already begun organizing the materials on the table, seemingly believing that today's open seminar would end soon.

Ayako looked at Satsuki.

Reiko didn't say anything, but just looked down at the few words Satsuki had written on the handout.

A few seconds later, Satsuki raised her hand.

There weren't many freshmen sitting in the back row, and Takahashi quickly noticed her.

He still had some recollection of this girl.

When she came in, quite a few people in the lecture hall turned around to look at her.

After that, she listened quietly, rarely speaking to her companions, and only writing a few things in her handouts.

"Are you a first-grader?"

Takahashi raised his hand in a gesture of greeting.

"Please speak."

Satsuki did not get up.

She placed the lecture notes on her lap, a natural smile on her face.

"As Takahashi-senpai just said, Seibu might be the one that benefits more in the long run."

"I'd like to confirm one thing first."

Takahashi nodded.

"What's the problem?"

"When you say Seibu has the advantage, which Seibu unit are you comparing it to?"

The classroom quieted down a bit.

Takahashi looked at her, not understanding the meaning of her words for a moment.

"Of course, it's compared to the benefits that Saionji gained in this collaboration."

Satsuki gently shook her head.

"I'm asking about the benchmark you used when calculating Seibu's revenue."

She opened the handouts and revealed the valuation sheet.

"The value of the Prince Hotel, the Odaiba land, and the transportation facilities is calculated using the potential future revenue they may generate after the restoration of the project."

"So, do you think these benefits should be compared to Seibu before the cooperation was reached, or to Seibu before Saionji's involvement?"

The members who were tidying up the documents stopped what they were doing.

Naoki was also taken aback.

The question didn't sound complicated, but after thinking about it in his mind, he suddenly realized he didn't know which one to choose.

Compared to before the cooperation was reached, Seibu has certainly preserved a large amount of assets.

But without Saionji's intervention, could those projects that had already slowed down or even stopped have really been completed as Takahashi-senpai had estimated?

Takahashi's relaxed expression lessened.

He looked again at the valuation table in the handouts.

"You mean I overestimated what Seibu originally possessed?"

"It's too early to make that judgment."

Satsuki's tone remained gentle.

"I just want to know, which Seibu did Takahashi-senpai place at the starting point of the model?"

Takahashi did not answer immediately.

He looked down for a few seconds, then looked up at the girl in the back row.

This is no longer a typical question raised by freshmen who didn't understand the speech.

She was asking about the conditions that needed to be determined before the entire conclusion could be established.

A moment later, Takahashi turned around, picked up the chalk, and wrote two lines on the blank space of the blackboard.

A cooperation agreement was reached.

There was no cooperation.

After he finished writing, he lowered his arm and turned around again.

"it is good."

Takahashi looked at Satsuki, his gaze now completely serious.

"Then let's start with this question."