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FINANCIAL CHRONICLE™ » EXPERT CHRONICLE™ » Touchwood Case Review

Touchwood Case Review

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seyon


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

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Post Wed Jun 01, 2011 10:31 pm by TuskerLK

@mono wrote:
hybrid_OS wrote:So finally are we to conclude that there will be a good run on this share until the court case is finalized on 18/07/2011?

Looks like the profits have been toned down by the management for some reason or another as a huge provision for expenses has been made. I am not sure that the final audited accounts might be better after the court case.

Profits have gone up from 331mn to 426mn.

Then how come the EPS gone up from 4 rupees to 11 rupees ( I couldn't dig into the reports)

Post Wed Jun 01, 2011 11:07 pm by Fresher

tinyman - there was a 1:1 rights issue anda 4:1 subdiision last year.

EPS of 4.68 is the earnings adjusted to the present no. of shares (71mil)
EPS of 11.52 as I understood should hav been calculated with the weighted average no. of shares

btw, is that kumar sangakkara in that top20 list?

Post Wed Jun 01, 2011 11:20 pm by Monster

npp wrote:tinyman - there was a 1:1 rights issue anda 4:1 subdiision last year.

EPS of 4.68 is the earnings adjusted to the present no. of shares (71mil)
EPS of 11.52 as I understood should hav been calculated with the weighted average no. of shares

btw, is that kumar sangakkara in that top20 list?
Interesting, it seems Kumar Chokshanada Sangakkara is in the top 20 share holder list

Post Wed Jun 01, 2011 11:22 pm by Chabbi

@Monster wrote:
npp wrote:tinyman - there was a 1:1 rights issue anda 4:1 subdiision last year.

EPS of 4.68 is the earnings adjusted to the present no. of shares (71mil)
EPS of 11.52 as I understood should hav been calculated with the weighted average no. of shares

btw, is that kumar sangakkara in that top20 list?
Interesting, it seems Kumar Chokshanada Sangakkara is in the top 20 share holder list

Yesterday night i also noticed Very Happy

may be from IPL money Very Happy

npc86

Post Wed Jun 01, 2011 11:54 pm by npc86

npp wrote:
btw, is that kumar sangakkara in that top20 list?

He has selected nice investment...!

jocolor

Rocky

Post Thu Jun 02, 2011 5:51 am by Rocky

@npc86 wrote:
npp wrote:
btw, is that kumar sangakkara in that top20 list?

He has selected nice investment...!

jocolor


Hope this investment is not dead wood or dry rot does not effect it. certainly not.
What I meant about "Toned down profits" is that the profits should have been higher than which were declared. The profits have increased.

These Accountants and the Management really misguide the public. See what CSEC did.


rijayasooriya

Post Thu Jun 02, 2011 1:58 pm by rijayasooriya

hybrid_OS wrote:
@npc86 wrote:
npp wrote:
btw, is that kumar sangakkara in that top20 list?

He has selected nice investment...!

jocolor


Hope this investment is not dead wood or dry rot does not effect it. certainly not.
What I meant about "Toned down profits" is that the profits should have been higher than which were declared. The profits have increased.

These Accountants and the Management really misguide the public. See what CSEC did.


Please misguid us in the way of increasing the price of share....I have stucked in this share for last eight months and have already lost lot of money.

avatar

Post Thu Jun 02, 2011 3:25 pm by seyon

@rijayasooriya wrote:
hybrid_OS wrote:
@npc86 wrote:
npp wrote:
btw, is that kumar sangakkara in that top20 list?

He has selected nice investment...!

jocolor


Hope this investment is not dead wood or dry rot does not effect it. certainly not.
What I meant about "Toned down profits" is that the profits should have been higher than which were declared. The profits have increased.

These Accountants and the Management really misguide the public. See what CSEC did.


Please misguid us in the way of increasing the price of share....I have stucked in this share for last eight months and have already lost lot of money.

I do not give any recommendation to buy or sell shares, Just i have done some research on TWOD and posted here, I do not have any single share since from last year.

avatar

Post Fri Jun 03, 2011 1:07 pm by seyon

Today the Touchwood is slowly collected @ Rs.27.. The next rally is about to start from land and property sector

stumpy

Post Fri Jun 03, 2011 2:47 pm by stumpy

How do you know that brother!

Even I did Razz

But I don't believe in rallies, pure technicals at work Very Happy

Chabbi

Post Fri Jun 03, 2011 6:58 pm by Chabbi

@stumpy wrote:How do you know that brother!

Even I did Razz

But I don't believe in rallies, pure technicals at work Very Happy

U knw mate i do both whn doing buying i luk @ Tech & rally Smile

but i think rally r better thn tech ... two days back... there was buying signal from CFT day befor yesterday ... i juss refer Bolinger band thr was signal ...so i bought.. but aftr tht it start to collapse.. unfortunately i bought thm on credit ... monday wanna take decision .... sell on loss or paying thm Sad

in BB it touched lower band too ......... Sad y this kind of things happens ??

avatar

Post Fri Jun 03, 2011 7:06 pm by JennyFunny

yea i have a feeling rally is coming sometime next week..technicals also looking good..

stumpy

Post Fri Jun 03, 2011 7:27 pm by stumpy

@Chabbi: Chk out ur PM Wink

avatar

Post Fri Jun 03, 2011 11:25 pm by seyon

@Chabbi wrote:
@stumpy wrote:How do you know that brother!

Even I did Razz

But I don't believe in rallies, pure technicals at work Very Happy

U knw mate i do both whn doing buying i luk @ Tech & rally Smile

but i think rally r better thn tech ... two days back... there was buying signal from CFT day befor yesterday ... i juss refer Bolinger band thr was signal ...so i bought.. but aftr tht it start to collapse.. unfortunately i bought thm on credit ... monday wanna take decision .... sell on loss or paying thm Sad

in BB it touched lower band too ......... Sad y this kind of things happens ??

Yes these kind speculative stocks ( even most of the stocks in CSE) are in the hand of some persons who only decide the buying signal and selling signal, not technical analysis.

Chabbi

Post Sun Jun 05, 2011 12:11 am by Chabbi

@seyon wrote:
@Chabbi wrote:
@stumpy wrote:How do you know that brother!

Even I did Razz

But I don't believe in rallies, pure technicals at work Very Happy

U knw mate i do both whn doing buying i luk @ Tech & rally Smile

but i think rally r better thn tech ... two days back... there was buying signal from CFT day befor yesterday ... i juss refer Bolinger band thr was signal ...so i bought.. but aftr tht it start to collapse.. unfortunately i bought thm on credit ... monday wanna take decision .... sell on loss or paying thm Sad

in BB it touched lower band too ......... Sad y this kind of things happens ??

Yes these kind speculative stocks ( even most of the stocks in CSE) are in the hand of some persons who only decide the buying signal and selling signal, not technical analysis.

Yeah seyon Smile ur correct Smile

@ Stumpy ...... Thnx alot mate Smile Ur very much helpful Very Happy

prabuddaka

Post Tue Jun 14, 2011 7:14 pm by prabuddaka

These articles and reviews are very much suitable who are thinking about TWOD now.

avatar

Post Tue Jun 14, 2011 10:52 pm by kam2011

@seyon wrote:
@Chabbi wrote:
@stumpy wrote:How do you know that brother!

Even I did Razz

But I don't believe in rallies, pure technicals at work Very Happy

U knw mate i do both whn doing buying i luk @ Tech & rally Smile

but i think rally r better thn tech ... two days back... there was buying signal from CFT day befor yesterday ... i juss refer Bolinger band thr was signal ...so i bought.. but aftr tht it start to collapse.. unfortunately i bought thm on credit ... monday wanna take decision .... sell on loss or paying thm Sad

in BB it touched lower band too ......... Sad y this kind of things happens ??
Yes these kind speculative stocks ( even most of the stocks in CSE) are in the hand of some persons who only decide the buying signal and selling signal, not technical analysis.

Yes. We have to be alert on all other factors exept for fundamentals these days.It is wonderful. But that is the btruth.

avatar

Post Tue Jul 05, 2011 7:52 pm by rizjiji

TWOD price going up is unavoidable due to the court case on 18th July. ( We've gotten used to this pattern now.) But at what point will it stop? What is the maximum price you'll pay to buy a TWOD share?

MarketResearch

Post Tue Jul 05, 2011 8:00 pm by MarketResearch

@rizjiji wrote:TWOD price going up is unavoidable due to the court case on 18th July. ( We've gotten used to this pattern now.) But at what point will it stop? What is the maximum price you'll pay to buy a TWOD share?

Until this Court case finishes we can not trust TWOD.

this court case like "kamalakka innakan apita pol kanna wenne ne" kathawa wage

Court case eka tiyena kan TWOD no chance.

avatar

Post Tue Jul 05, 2011 8:26 pm by rizjiji

@MarketResearch wrote:
@rizjiji wrote:TWOD price going up is unavoidable due to the court case on 18th July. ( We've gotten used to this pattern now.) But at what point will it stop? What is the maximum price you'll pay to buy a TWOD share?

Until this Court case finishes we can not trust TWOD.

this court case like "kamalakka innakan apita pol kanna wenne ne" kathawa wage

Court case eka tiyena kan TWOD no chance.

Very true... But we are almost certain (BASED ON HISTORICAL EVENTS) that the prices would go up at-least temporarily. So are you suggesting that we should ignore and not maximize this opportunity.

avatar

Post Tue Jul 05, 2011 8:46 pm by Rajaraam

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.

smallville

Post Tue Jul 05, 2011 9:06 pm by smallville

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..

avatar

Post Tue Jul 05, 2011 11:27 pm by seyon

@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.

m2_yapa

Post Wed Jul 06, 2011 12:09 am by m2_yapa

i am planing to exit at 32 level on 7th may be.

Marketinvest

Post Wed Jul 06, 2011 12:15 am by Marketinvest

My target is set at 35 but if buying pressure falls will exit before that

Marketinvest

Post Wed Jul 06, 2011 12:19 am by Marketinvest

Is their any possibility the hearing to be postponed again and if so is their way we get to know it before hand

avatar

Post Wed Jul 06, 2011 8:35 am by seyon

@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

mono

Post Wed Jul 06, 2011 12:24 pm by mono

i expect this to be a cash cow, provided the win the court case. IF TWOD wins the case this will go to 70+

lbnnirmal

Post Thu Jul 07, 2011 8:24 pm by lbnnirmal

@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??

mono

Post Thu Jul 07, 2011 8:57 pm by mono

@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+.

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