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Sri Lanka Equity Forum » Expert Chamber » Touchwood Case Review

Touchwood Case Review

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1 Touchwood Case Review on Tue May 24, 2011 4:07 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
First topic message reminder :

Unofficial information that the expected Touchwood case against Sri Lanka Accounting and Auditing Standards Monitoring Board(SLAASMB) next hearing will be on 26th May 2011. Yes everyone looking the favorable outcome. Today, there are rumors that outcome will be favorable to the company and some brokers recommend to buy at current price. I could see some collection (about 820,000 shares) was made @ 23.60 levels.

I just did some research on the Touchwood Case. It looks like decision will be favorable to company. (This is not a promotion, just merely to getting your views. To be honest I do not have TWOD shares at the moment.)

We all know about the case related to the valuation of biological assets. I extracted some facts from SLAASMB website of case information to start from beginning.

The Sri Lanka Accounting and Auditing Standards Monitoring Board has determined that the estimates of fair value of biological assets used by Touchwood Investments Limited in its financial statements for the years ended 31 March 2005 and 31 March 2006 are clearly unreliable. The Company has also not been able to provide the Board with any other estimates which are reliable. Further, the method of valuation used for the year ended 31 March 2005 was not in accordance with International Accounting Standard, IAS 41 Agriculture, which the company has purportedly adopted.

As the company has purportedly adopted International Accounting Standard, IAS 41 Agriculture, the Board has concluded that the biological assets should have been valued at a value which approximates cost in accordance with paragraph 24 (b) of IAS 41 or at cost less accumulated impairment in accordance with paragraph 30 of IAS 41. Based on such valuation the company would not show a net profit for the relevant financial periods.

As the impact on the financial statements is substantial the Board has decided to refer the non-compliance to the Attorney General. The Board has also decided to investigate the compliance with auditing standards by the auditors in relation to the audit of the financial statements of the Company.

Based on the above information I can see in the absence of Sri Lanka Accounting Standards, company uses International Accounting Standards 41, Agriculture for the valuation of biological assets. But SLAASMB argument is that estimates of fair value of the biological assets in not accordance with IAS 41 and the financial statements are unreliable.

Further I have received BASL News Letter (Bar Association) of December 2010, there talked about some legal judgment (I attached the newsletter in our research forum http://research.srilankaequity.com/t96-touchwood-case-basl-bar-association-news-letter-judgement-views , refer page 4 for the Touchwood case). There they briefed about the case and given their views. Based on that, Board had not statutory power to challenge the valuation of the Petitioner on non compliance with IAS 41.

Further company received the Certificate of Compliance by the Institute of Chartered Accountants of Sri Lanka for the Annual Report Awards 2010. This certificates covers the CSR, Financial, Presentation and Compliance. Therefore, this reveals that the company practice in valuing biological assets in accordance with IAS 41 as the certificated awarded by ICASL which is the statutory for setting the Accounting Standards

Followings extract from Touchwood website

Certificate Of Compliance

January 24th 2011

We are proud to announce that our Sri Lankan office, Touchwood Investments PLC has been awarded the “CERTIFICATE OF COMPLIANCE” by the Institute of Chartered Accountants of Sri Lanka for the Annual Report Awards 2010 - at the ceremony held on 7th December 2010.

This award is granted by the Inst. of Chartered Accountants of Sri Lanka every year. They evaluate and grant awards in key areas such as - CSR, Financials, presentation, compliance, etc.

This certificate emphasizes that all requirements are being met in order for us to achieve our goals and serve our investors with industry leading standards.

For the year to come Touchwood Investments PLC has its goals set on the CSR awards to be handed out in the 2011 ceremony.

Thank you to all our accounting and administration staff who made the award possible.

http://www.touchwood.com/news/certificate-compliance

So Guys, Based on the above information and facts, to me the decision would be favorable to company. How do you all look into that..

Pls Share ur thoughts and views


81 Re: Touchwood Case Review on Tue Jul 05, 2011 8:46 pm

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
I tyried to copy some data with regard to today Touchwood share transaction. But not successful. Anyway today over 1.1 mn shares were traded up to 27.40 level. This indicates buying preasure and tommorow price would hit 30.00 I believe.

82 Re: Touchwood Case Review on Tue Jul 05, 2011 9:06 pm

smallville


Associate Director - Equity Analytics
Associate Director - Equity Analytics
I witnessed some buying pressure building up for last 4 days.. may be that pushed the price up..However with these talks of TWOD winning the case and stuff it can go pass 30.. regardless of the fact whether TWOD win it or not there are enuf parties to buy this above 30 even Wink
I must say technically its on the good side but this is not a buy recommendation..

83 Re: Touchwood Case Review on Tue Jul 05, 2011 11:27 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@smallville wrote:I witnessed some buying pressure building up for last 4 days.. may be that pushed the price up..However with these talks of TWOD winning the case and stuff it can go pass 30.. regardless of the fact whether TWOD win it or not there are enuf parties to buy this above 30 even Wink
I must say technically its on the good side but this is not a buy recommendation..


Yes, absolutely u are right. buying pressure is slowly building up for the run. I am very much sure that before the court case the price will be shoot up with rumor that out come would be favorable, So , if we want, we can exit from reasonable profit in the first run ( before the court case) or other option to wait till outcome is released. I plan to be in both run ( in-case outcome is going to be favorable)

Pls update ur tech analysis of TWOD.

84 Re: Touchwood Case Review on Wed Jul 06, 2011 12:09 am

m2_yapa


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
i am planing to exit at 32 level on 7th may be.

85 Re: Touchwood Case Review on Wed Jul 06, 2011 12:15 am

Marketinvest


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
My target is set at 35 but if buying pressure falls will exit before that

86 Re: Touchwood Case Review on Wed Jul 06, 2011 12:19 am

Marketinvest

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Is their any possibility the hearing to be postponed again and if so is their way we get to know it before hand

87 Re: Touchwood Case Review on Wed Jul 06, 2011 8:35 am

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@smallville wrote:I witnessed some buying pressure building up for last 4 days.. may be that pushed the price up..However with these talks of TWOD winning the case and stuff it can go pass 30.. regardless of the fact whether TWOD win it or not there are enuf parties to buy this above 30 even Wink
I must say technically its on the good side but this is not a buy recommendation..

Small

Can u upload the tech chart of TWOD with ur comments, this must be great useful for these days.

Thanks

88 Re: Touchwood Case Review on Wed Jul 06, 2011 12:24 pm

mono

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
i expect this to be a cash cow, provided the win the court case. IF TWOD wins the case this will go to 70+

89 Re: Touchwood Case Review on Thu Jul 07, 2011 8:24 pm

lbnnirmal

avatar
Manager - Equity Analytics
Manager - Equity Analytics
@mono wrote:i expect this to be a cash cow, provided the win the court case. IF TWOD wins the case this will go to 70+
How could u tell like this ??? Wt r d evidence 2 tell like dat??

90 Re: Touchwood Case Review on Thu Jul 07, 2011 8:57 pm

mono

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
@lbnnirmal wrote:
@mono wrote:i expect this to be a cash cow, provided the win the court case. IF TWOD wins the case this will go to 70+
How could u tell like this ??? Wt r d evidence 2 tell like dat??

EPS 7+, NAVPS 40+.

91 Re: Touchwood Case Review on Fri Jul 08, 2011 4:40 am

lbnnirmal

avatar
Manager - Equity Analytics
Manager - Equity Analytics
@mono wrote:
@lbnnirmal wrote:
@mono wrote:i expect this to be a cash cow, provided the win the court case. IF TWOD wins the case this will go to 70+
How could u tell like this ??? Wt r d evidence 2 tell like dat??

EPS 7+, NAVPS 40+.

Yea technically it should be but with the currant market condition will it happens in near future ???? Question

92 Re: Touchwood Case Review on Fri Jul 08, 2011 6:42 am

smallville

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@lbnnirmal wrote:
@mono wrote:
@lbnnirmal wrote:
@mono wrote:i expect this to be a cash cow, provided the win the court case. IF TWOD wins the case this will go to 70+
How could u tell like this ??? Wt r d evidence 2 tell like dat??

EPS 7+, NAVPS 40+.

Yea technically it should be but with the currant market condition will it happens in near future ???? Question

What mono says is possible if the court order is in favour of the TWOD.. As per the hear-says and the forum update we saw from Seyon of the BASL news letter, this is positive..TWOD can turned out to be a cash cow if so..

However one must realise allocating funds to grab TWOD at this point is riskier too as we depend on a court case and not the fundamentals.. Again this is like delaing with biological assets.. We expect Trees and lands to do the wonder here... So if some undesireable effect is seen on these trees, those can be proven a greater risk too..
On the other side current share price is half of the discount to the NAV as well..
Given the fact of risk, I'd say half of that NAV is fair for the counter ..
So if both NAV & sahre price are in same range, this is expected to go more passing its NAV price Wink

93 Re: Touchwood Case Review on Fri Jul 08, 2011 9:26 am

mono

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
in any case we don't even know if the case will be decided on the 18th. It just a hearing.

94 Re: Touchwood Case Review on Fri Jul 08, 2011 9:43 am

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I think somebody pointed out this before. The assets / trees don't belong to the company, right? Buffer stock would be just a small insurance of sort.
It's like that NAMAL fund. The TWOD company is only the 'garden keeper' but the trees or the estates don't belong to the 'garden keeper'. The garden keeper only waters and maintains the garden and he gets a salary for that. He doesn't own the garden.
If there is a real profit then it goes to the customers of the TWOD not the shareholders. The shareholders only get the 'garden keeper's salary.

95 Re: Touchwood Case Review on Fri Jul 08, 2011 9:51 am

LoveMoney


Senior Equity Analytic
Senior Equity Analytic
@Duke, I don't think so, because you don't own the trees; you get your share of the plantation, and the future value has been already decided for the trees, whenever you want to get the profit of your investment with the TWOD as a customer, you can only get the promised value per tree, that value can be a percentage of the real value; lets say after 10, 15, 20 years from now on. So the rest of that tree's profit goes to the company, so TWOD is much more than "garden keeper". Correct me if I'm wrong

96 Re: Touchwood Case Review on Fri Jul 08, 2011 9:52 am

mono

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
@duke wrote:I think somebody pointed out this before. The assets / trees don't belong to the company, right? Buffer stock would be just a small insurance of sort.
It's like that NAMAL fund. The TWOD company is only the 'garden keeper' but the trees or the estates don't belong to the 'garden keeper'. The garden keeper only waters and maintains the garden and he gets a salary for that. He doesn't own the garden.
If there is a real profit then it goes to the customers of the TWOD not the shareholders. The shareholders only get the 'garden keeper's salary.

no, my parents have a small plot from TWOD. All they got was shares.

97 Re: Touchwood Case Review on Fri Jul 08, 2011 9:54 am

LoveMoney


Senior Equity Analytic
Senior Equity Analytic
@mono, can you tell us how much did your parent pay for a tree and how much they are going to get for a tree? and how long they have to wait?

98 Re: Touchwood Case Review on Fri Jul 08, 2011 9:59 am

mono

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
@LoveMoney wrote:@mono, can you tell us how much did your parent pay for a tree and how much they are going to get for a tree? and how long they have to wait?

I get back to you on that.

99 Re: Touchwood Case Review on Fri Jul 08, 2011 10:02 am

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@mono wrote:
no, my parents have a small plot from TWOD. All they got was shares.

I'm a bit confused. That doesn't sound right. So if customers invested on trees, they were given company shares? That sounds like TFC converting fixed deposits to company shares recently?

100 Re: Touchwood Case Review on Fri Jul 08, 2011 10:05 am

LoveMoney


Senior Equity Analytic
Senior Equity Analytic
@Duke, no. I think the customers get a share of the profit according to the period of time the customer want to hold the investment, other than that customer doesn't own the trees or he can't go and cut it Very Happy. Customer only can visit the plot and nurture the trees, if he or she feels like.

101 Re: Touchwood Case Review on Fri Jul 08, 2011 10:08 am

mono

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
@LoveMoney wrote:@Duke, no. I think the customers get a share of the profit according to the period of time the customer want to hold the investment, other than that customer doesn't own the trees or he can't go and cut it Very Happy. Customer only can visit the plot and nurture the trees, if he or she feels like.

They also guaranteed a return. I can't remember the details. My father was very suspicious about the whole thing so he invest only a small amount. I'll see if i can dig through our files to find out what the exact numbers are

102 Re: Touchwood Case Review on Fri Jul 08, 2011 10:09 am

Chinwi

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
In the case of TWOD, it was always a gem for the shareholders who bought it at correct times.
In early days shareholders earned lot of money by getting bonus shares; I think many times.
Tree owners who are the real source of yearly cash flow have to wait years to get a return.
( vanilla investors already get income)

If you take the value of a tree promised to the owners, they (the Directors) were smart enough to make it only a part of the future selling value.

Hence, IF the business become a success in the future , when those trees are matured enough to cut and sell to get the real inflow, the shareholders are to get more benefits.



103 Re: Touchwood Case Review on Fri Jul 08, 2011 10:12 am

mono

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
@Chinwi wrote:In the case of TWOD, it was always a gem for the shareholders who bought it at correct times.
In early days shareholders earned lot of money by getting bonus shares; I think many times.
Tree owners who are the real source of yearly cash flow have to wait years to get a return.
( vanilla investors already get income)

If you take the value of a tree promised to the owners, they (the Directors) were smart enough to make it only a part of the future selling value.

Hence, IF the business become a success in the future , when those trees are matured enough to cut and sell to get the real inflow, the shareholders are to get more benefits.




Chinwi i think tree owners also got some shares on top of a guaranteed return after maturity. Not sure though. In anycase TWOD is getting way more than a simple management fee

104 Re: Touchwood Case Review on Fri Jul 08, 2011 9:04 pm

Marketinvest

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Do we have any update on twod

105 Re: Touchwood Case Review on Fri Jul 08, 2011 9:37 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Hi Small

Please Can u update ur tech charts and ur views. This would be the great helpful

106 Re: Touchwood Case Review on Fri Jul 08, 2011 9:55 pm

chamith

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

107 Re: Touchwood Case Review on Sat Jul 09, 2011 12:08 am

Marketinvest

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Does anyone have the todays technical for TWOD

108 Re: Touchwood Case Review on Sat Jul 09, 2011 12:49 am

chamith

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Recently TWOD 21day MA met the 200 day MA after long 7 months. Its seems to be moving upwards. This is a buy signal which long term buyers use.

MACD and RSI shows positive sings, but faster stochastic Oscillator shows near oversold signs.

109 Re: Touchwood Case Review on Wed Jul 13, 2011 5:51 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@chamith wrote:Recently TWOD 21day MA met the 200 day MA after long 7 months. Its seems to be moving upwards. This is a buy signal which long term buyers use.

MACD and RSI shows positive sings, but faster stochastic Oscillator shows near oversold signs.


Hi small & chamith

Pls share with us about the technical chart of Touchwood and ur comments on that.

110 Re: Touchwood Case Review on Wed Jul 13, 2011 8:57 pm

Marketinvest

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Does not have a update on the case

111 Re: Touchwood Case Review on Wed Jul 13, 2011 9:14 pm

rijayasooriya

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
My broker(capital trust) told me that there is a RUMOUR case MAY be postphoned again. Sad

112 Re: Touchwood Case Review on Wed Jul 13, 2011 11:37 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@rijayasooriya wrote:My broker(capital trust) told me that there is a RUMOUR case MAY be postphoned again. Sad

I don't think rijayasooriya as per the recent quarter financial statement the case is finally fixed on 18.07.2011. see the wording

"The said Supreme Court Case No SPL LA 42/10 had been postponed on numerous occasions and finally it is fixed for hearing on the 18th of July 2011".

113 Re: Touchwood Case Review on Wed Jul 13, 2011 11:39 pm

stumpy

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@seyon wrote:
@rijayasooriya wrote:My broker(capital trust) told me that there is a RUMOUR case MAY be postphoned again. Sad

I don't think rijayasooriya as per the recent quarter financial statement the case is finally fixed on 18.07.2011. see the wording

"The said Supreme Court Case No SPL LA 42/10 had been postponed on numerous occasions and finally it is fixed for hearing on the 18th of July 2011".

"hearing" or "verdict"

I don't know...

Seyon, pls chk PM...Wink

114 Re: Touchwood Case Review on Thu Jul 14, 2011 12:12 am

Marketinvest

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Ok lets see both extremes.
1. If the verdict is given and the case is won what would be the share price.
2. If the case is postponed what would the share price again.
3. If case is lost what would be the effect on share price.

Everyone Pls share ur thoughts.

115 Re: Touchwood Case Review on Thu Jul 14, 2011 10:46 am

m2_yapa

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
If 01 or 03 happen price rice to where it should be...if answer is two it will stagnate and come down again due to low interesting

116 Re: Touchwood Case Review on Thu Jul 14, 2011 11:53 am

rijayasooriya

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@seyon wrote:
@rijayasooriya wrote:My broker(capital trust) told me that there is a RUMOUR case MAY be postphoned again. Sad

I don't think rijayasooriya as per the recent quarter financial statement the case is finally fixed on 18.07.2011. see the wording

"The said Supreme Court Case No SPL LA 42/10 had been postponed on numerous occasions and finally it is fixed for hearing on the 18th of July 2011".
Yes seyon that is what I think, expect and pray to happen.

117 Re: Touchwood Case Review on Thu Jul 14, 2011 2:08 pm

sas

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@xhora wrote:thought there would be a easier way Smile
@ xhora,chamith, dimuthubas,

sorry this is off the topic, but i thought you would like to know,
scrolling windows can easily captured & edited using "snagit software"

links: Techsmith.Snagit.v10.0.0.788.Full Hypnox.rar (29.87 MB)
http://www.mediafire.com/?uqmthktwyaa

118 Re: Touchwood Case Review on Fri Jul 15, 2011 1:17 pm

JennyFunny


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
what will happen to case on monday?

119 Re: Touchwood Case Review on Fri Jul 15, 2011 4:57 pm

innam

avatar
Manager - Equity Analytics
Manager - Equity Analytics
well this has been an interesting discussion with traders waiting for the "magic" court case to be resolved, finally there is some official confirmation on the supreme court website that the hearing on granting of leave to appeal the case S.C. SPL L.A. NO. 42/10 C.A. NO. 323/07 is sceduled for Monday. It says "top of the list" so this may get resolved one or the other.
http://www.supremecourt.lk/index.php/daily-court-list/2011/45-july-2011/209-18thjuly2011.html

the case number tallies with what's given in page 4 of the TWOD financial statements http://www.cse.lk/cmt/upload_report_file/631_1306836847436.pdf

120 Re: Touchwood Case Review on Fri Jul 15, 2011 5:45 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@innam wrote:well this has been an interesting discussion with traders waiting for the "magic" court case to be resolved, finally there is some official confirmation on the supreme court website that the hearing on granting of leave to appeal the case S.C. SPL L.A. NO. 42/10 C.A. NO. 323/07 is sceduled for Monday. It says "top of the list" so this may get resolved one or the other.
http://www.supremecourt.lk/index.php/daily-court-list/2011/45-july-2011/209-18thjuly2011.html

the case number tallies with what's given in page 4 of the TWOD financial statements http://www.cse.lk/cmt/upload_report_file/631_1306836847436.pdf

Thanks innam

So the case will not be postponed, lets wait for the results..

121 Re: Touchwood Case Review on Fri Jul 15, 2011 7:45 pm

stumpy

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Very Happy

122 Re: Touchwood Case Review on Fri Jul 15, 2011 11:15 pm

xhora

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@sas wrote:
sorry this is off the topic, but i thought you would like to know,
scrolling windows can easily captured & edited using "snagit software"

links: Techsmith.Snagit.v10.0.0.788.Full Hypnox.rar (29.87 MB)
http://www.mediafire.com/?uqmthktwyaa

Thank for the info. Will try this some time

123 Re: Touchwood Case Review on Fri Jul 15, 2011 11:59 pm

Marketinvest

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@innam wrote:well this has been an interesting discussion with traders waiting for the "magic" court case to be resolved, finally there is some official confirmation on the supreme court website that the hearing on granting of leave to appeal the case S.C. SPL L.A. NO. 42/10 C.A. NO. 323/07 is sceduled for Monday. It says "top of the list" so this may get resolved one or the other.
http://www.supremecourt.lk/index.php/daily-court-list/2011/45-july-2011/209-18thjuly2011.html

the case number tallies with what's given in page 4 of the TWOD financial statements http://www.cse.lk/cmt/upload_report_file/631_1306836847436.pdf
since its under grant for leave section wouldnt it get post poned again

124 Re: Touchwood Case Review on Sat Jul 16, 2011 8:44 am

JennyFunny


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
hmm interesting developments..

125 Re: Touchwood Case Review on Sat Jul 16, 2011 9:09 am

rizjiji


Senior Equity Analytic
Senior Equity Analytic
@rijayasooriya wrote:My broker(capital trust) told me that there is a RUMOUR case MAY be postphoned again. Sad

So dude why are you spreading RUMORS...lol

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