FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post
STOCK MARKET TRAINING
ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer

EXPERT CHRONICLE™

ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

CHRONICLE™ NEWS PRODUCTS

FINANCIAL CHRONICLE™

Views & Reviews, Analysis, Evaluations, Discussions, Gossip and Hot Tips relating to Sri Lankan companies listed on the Colombo Stock Exchange (CSE)
Contribute




DAILY CHRONICLE™

Latest news and articles published in Newspapers, Websites, Blogs and other online news sites relating to business and investments in Sri Lanka
Contribute



ECONOMIC CHRONICLE™

This is a section that provide news, views, analysis, predications relating to Political and Socio-Economic factors and how such activities affect the Stock Market and other economic activity of the Country.

Contribute




EXPERT CHRONICLE™

This is an exclusive section for Expert Articles which will help member to share knowledge through comments and responses of the members. All members are allowed to reply and make comments to these articles.

Contribute


Submit Post


CHRONICLE™ YouTube

Youtube Videos and other visual presentations relating Stock market and other investment advise submitted by members or other contributors.

Contribute


Submit Post


කොළඔ කොටස් වෙළඳපොළේ වංශකථාව
කොළඔ කොටස් වෙළඳපොළේ ලැයිස්තුගත සමාගම් කොටස් ගැන තොරතුරු¸විශ්ලේෂණ¸සාකච්ඡා¸ කටකතා¸රසකතා යන සියල්ල අපේම සිංහලෙන් කතා කළ හැකි ‘කතා මණ්ඩපය’

Contribute


Submit Post

CHRONICLE ANALYTICS
All Share Index (ASI), S&P, Milanka Price Index (MPI), Moving Averages and all other analytical graphs and charts

Contribute

Twitter Feeds

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » FINANCE AND LEASING SECTOR

FINANCE AND LEASING SECTOR

Go to page : Previous  1, 2, 3, 4, 5, 6, 7, 8  Next

Go down  Message [Page 2 of 8]

26FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:12 pm

EquityChamp


Moderator
Moderator
Can you guys read again what I have said here and my last comment. And try to enrich the discussion only if you have valid points to my questions I raised here. if not please don't comment. This is the last I will say.

Thought it is good to compare these two companies since these two are subjected to very hot discussion in this forum. A summary of the comparison given below.



  • BLI has shown a double or triple growth in their loan book as well as interest income while SFL is just normal growth.

  • Also both BLI & SFL have same amount of loan book but BLI earns twice as much as interest income compared to SFL, how come is a question to me.

  • On the other hand both companies have similar amount of interest expenses but BLI finances its loan book mainly from borrowings which are supposed to be higher than customer deposits while SFL mainly finances through customer deposits. In fact SFL's deposit base is more than 100% higher than BLI. Therefore ideally SFLs interest cost should be much less than BLI but it is not the case, why is another question to me.

  • BLI generates much superior ROE compared to SFL and BLI's share price also trading on the floor very aggressively compared to SFL. In fact BLI have very high negative valuation gap whereas SFL has a positive valuation gap. So comparatively BLI is expensive than SFL at the moment.

  • So now my feeling is there is some thing wrong either in BLI or SFL. Now I will open this discussion for the forum members to express more views. In fact that will help to understand true state of affairs of this two.

27FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:15 pm

Harry82


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
EquityChamp,


Why you compare OVER VALUED shares.(BLI and SFL)


Compare under valued share like LFIN CDB VFIN CFIN.....

28FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:18 pm

Harry82


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
EquityChamp,
I think you have BLI and SFL shar.
You try to sell them tomorrow.

29FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:21 pm

SLFINANCEWATCH


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Good Anzlysis..but Remember SFL or BLI not the best Finance Companies in SL..as well as in cse..These shares do not worth for investors as some other finance shares do..ex..LFIN.VFIN.CFIN.PLC..For the time being BLI or SFL will be good for trading like HVA..PCHH...Wish u good luck man..Need to learn lot about finance companies and Sector..simply you cant say borrowing cost is higher than deposit cost..It will change from company to Company..

30FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:23 pm

EquityChamp


Moderator
Moderator
@Harry82 wrote:EquityChamp,


Why you compare OVER VALUED shares.(BLI and SFL)


Compare under valued share like LFIN CDB VFIN CFIN.....
Again wrong path.
Can you explain the answer as to how BLI report twice as much as interest income than SFL having the same loan balance?
Can you explain the answer as to how BLI pays the same interest cost similar to SFL while financing the loans through external borrowings?

Do you know how much of retail investors are into these two stocks because of unnecessary promotion through this forum?
And can you feel the sufferings of them if one of these two are doing a big manipulation?

I don't want to highlight undervalued finance companies in this post but I want to commence a discussion on my above concerns.

do you understand the gravity of this????

31FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:26 pm

SLFINANCEWATCH

SLFINANCEWATCH
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
It seems u suffer more than anyone else...

32FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:29 pm

EquityChamp

EquityChamp
Moderator
Moderator
@Harry82 wrote:EquityChamp,
I think you have BLI and SFL shar.
You try to sell them tomorrow.

I don't have these manipulated stocks. As a principle I am not into stocks like this. If you are not sure you can check if I have put any post supporting either one of these.

If you want to compare the relative valuations you can refer my post on 2nd tier finance companies published some time back. But please refrain from putting misleading posts.
Thanks

33FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:33 pm

Brinthan

Brinthan
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Don't fight with EC..guys..I read last several posts from EC..He is one of the asset in this forum...He is not promote this stocks..He just analyse this two conpanies...I know the people who are promote and manipulate stocks...
If u don't know about this two companies keep quite ...If u want to share your views for any other matter please open another topic which is realated to ur matter...

34FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:33 pm

SLFINANCEWATCH

SLFINANCEWATCH
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
If you have BLI sell them and do a proper Investment..

35FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:35 pm

EquityChamp

EquityChamp
Moderator
Moderator
@SLFINANCEWATCH wrote:It seems u suffer more than anyone else...

Now I understand the meaning of this Sinhala proverb. 'Unapuruke baluwalige dala thibunath naha ade arrenne'

its useless to have a discussion with people like you. People like you are always into your self. Koheo giyath thamanta wasi wena widihata thamai hamadema. useless.

But I believe there are some one who can understand the points I am raising here. Thank you Mr.Watch. Ps look after you LFIN,HDFC,SAMPATh, etc. And write about them on all the topics. Thanks.

36FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:36 pm

SLFINANCEWATCH

SLFINANCEWATCH
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
This is not a fight man..Why cant you compare a finance share with all other finance companies..

37FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:40 pm

SLFINANCEWATCH

SLFINANCEWATCH
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Go ahead Mr.champ..Learn first...If u dont have enough knowledge to compare two separate sets of Financials and understand how it comes..how can u advice others..

38FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:42 pm

EquityChamp

EquityChamp
Moderator
Moderator
As you ask you can read my post here.
http://forum.srilankaequity.com/t47159-its-time-to-look-2nd-tier-finance-stocks-befor-next-results-release?highlight=2nd+tier+finance

But my objective is not compare finance companies but to compare these two since these two are interrelated and influenced by the same group. if you guys still can't understand then sorry.com. You can keep arguing on the same.
Thanks

39FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:43 pm

Brinthan

Brinthan
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@SLFINANCEWATCH wrote:This is not a fight man..Why cant you compare a finance share with all other finance companies..
If u have time and knowledge u also can compare all finance companies..and please let us to know ..which is the best one to invest..If u don't do that keep quite...

40FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:44 pm

hiransilva23


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Ayyo maraganna epa.Api balan inne wadagath dyak post karanakan.

41FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:48 pm

SLFINANCEWATCH

SLFINANCEWATCH
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Good Night Friends..Happy Trading on Tomorrow..

42FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:48 pm

karuna


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
When I post bli equity champ blamed to me from something words over value like that . Now asking questions ?

 IT'S TIME WASTE  FOR ME

43FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 10:48 pm

SLFINANCEWATCH

SLFINANCEWATCH
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Good Night Friends..Happy Trading on Tomorrow..

44FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 11:01 pm

EquityChamp

EquityChamp
Moderator
Moderator
I sense the making of another Touchwood after initial screening of financials. and for the betterment of the majority did a detailed analysis and really find some useful content. But when highlight it here this is the response I have got. Thank you very much who participated. But finally I can sleep well because I did the best possible awareness I can do. The rest is in your hand.
Thank you.

45FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 11:04 pm

karuna


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@EquityChamp wrote:Thought it is good to compare these two companies since these two are subjected to very hot discussion in this forum. A summary of the comparison given below.


  • BLI has shown a double or triple growth in their loan book as well as interest income while SFL is just normal growth.
  • Also both BLI & SFL have same amount of loan book but BLI earns twice as much as interest income compared to SFL, how come is a question to me.
  • On the other hand both companies have similar amount of interest expenses but BLI finances its loan book mainly from borrowings which are supposed to be higher than customer deposits while SFL mainly finances through customer deposits. In fact SFL's deposit base is more than 100% higher than BLI. Therefore ideally SFLs interest cost should be much less than BLI but it is not the case, why is another question to me.
  • BLI generates much superior ROE compared to SFL and BLI's share price also trading on the floor very aggressively compared to SFL. In fact BLI have very high negative valuation gap whereas SFL has a positive valuation gap. So comparatively BLI is expensive than SFL at the moment.
  • So now my feeling is there is some thing wrong either in BLI or SFL. Now I will open this discussion for the forum members to express more views. In fact that will help to understand true state of affairs of this two.

       
2014/159M 2015/16
BLISFLBLISFL
Rs mnGrowthRs mnGrowthRs mnGrowthRs mnGrowth
Interest income672143%         1,051 6%         1,546 207%            817 4%
Interest expense174110%            620 -7%            421 223%            444 -5%
PAT144125%27.5-67%            514 376%               84 307%
Deposits         1,066 95%         5,379 19%         2,025 90%         5,667 5%
U have a bli share otherwise why u posted as well u going to sell tomorrow .u mislead bli members  after u brought low prices now again going to sell.

Api dannathi kos gadi

46FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Sun Apr 17, 2016 11:15 pm

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@SLFINANCEWATCH wrote:Good Night Friends..Happy Trading on Tomorrow..
aniwa.

47FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Mon Apr 18, 2016 3:48 am

charith666lk


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Unbelievably unethical uneducated jokers all over the place. .

48FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Mon Apr 18, 2016 4:04 am

Joe007


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Dear EC,
I agree with you.

Long time ago,I wrote about the planned manupulation on the financial statements of SFL with proof. SFL is a good share but its credibility is completely zero because they have been doing manupulation for long time. I was criticised at that time but finally most of them accepted my points.
On the other hand, BLI is well known for manupulation because of the availability in the market.

Conclusion is SFL is better than BLI but both are very very risky and expensive comparing other shares in the sector.

49FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Mon Apr 18, 2016 6:12 am

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
BLI and SFL are very very risky and expensive comparing other shares in the sector.


Risk free shares - LFIN CDB , VFIN, CFIN...

50FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Mon Apr 18, 2016 8:26 am

SLFINANCEWATCH

SLFINANCEWATCH
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@charith666lk wrote:Unbelievably unethical uneducated jokers all over the place. .

Laughing Laughing Laughing
Thank you Mr.Ethical, Clever , Educated Investor..
You are a real gem for this forum.
But i haven't see any analysis from you...

51FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Fri Apr 22, 2016 7:35 am

EquityChamp

EquityChamp
Moderator
Moderator
Is there anyone who really bothered of this. To make the discussion more interesting I have done another analysis comparing not only BLI & SFL but 8 more non commercial banking entities. I have found a really interesting piece of information to share with you. Please refer below table for details.
Rs mnCFINLFINVFINHDFCSFINAFSLBLISFLLOFCCDB
Loans & advances and rental receivable 31st March 2015         55,499          55,959          12,569          23,454          7,841          3,540          3,115          5,041          49,797          29,620
Loans & advances and rental receivable 31st December 2015         61,813          68,067          16,967          26,688          9,509          4,489          5,423          5,349          66,553          38,222
Average loans & advances and rental receivable         58,656          62,013          14,768          25,071          8,675          4,015          4,269          5,195          58,175          33,921
Annualised interest income         12,496          14,020            3,140            6,212          1,941          1,172          2,061          1,089          12,465            6,568
Average Interest Yield (IY)21.30%22.6%21.26%24.8%22.4%29.2%48.3%21.0%21.4%19.4%
IY Rank64735219810
I have collected all the information from the released quarterly financial reports. Interest Yield is calculated by dividing annualised interest income by average loans and advances. Further to simplify the calculation I have assumed the total interest income of these companies generated from loans and advances and lease rentals given to customers.

Now you can look at the IY rank at the last raw. BLI is at the number one followed by AFSL and then HDFC. If you look at the absolute IY% in the proceeding immediate raw you can see BLI is way above the other guys. The gap between no 1 and no 2 is 19.1pp and the gap between no 2 and no 10 is only 9.8pp.

Further you can refer the average for this entire set of companies in below table.
Average for the total 10 companies
Average total loans & advances (Rs mn)         27,476
Average annualized interest income (Rs mn)           6,117
Average IY %22.3%

The average yield is standing @ 22.3% while BLI alone is 48.3%, more than double the average rate. Can you believe this??. According to the published data this is the situation.

Now the main question is how only BLI can generate double the revenue from same class of assets compared to all the peers and even more than double to their sister company, SFL.

In my original post I concluded with a statement that there is something wrong either in SFL or BLI. And this analysis confirms to me SFL is doing normal course of business because their margins are within the average range but BLI is way over. Now I am asking the question whether BLI doing some thing wrong or manipulation here? Are they are following the path of TWOD?

I would like to know the opinion of the BLI lovers on this finding. Especially I want to know the view of Teller who are very favourable on BLI. If this performance of BLI is real and genuine they are far better than other finance companies and every investor should have that share in his/her portfolio. Is it should be the case really??

Experts of BLI, please substantiate.

Thanks

52FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Fri Apr 22, 2016 8:04 am

troy

troy
Moderator
Moderator
Hi EC...
 
I cant see the table fully..,.. only possible up to HDFC. Pls check whether you can do some thing...

Anyway u make this forum worth to follow... thanks.

53FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Fri Apr 22, 2016 8:57 am

EquityChamp

EquityChamp
Moderator
Moderator
Ok. I have reproduced the table below. Lets see whether it is ok now.
CompanyAverage loans & advances and rental receivable (Rs mn)Annualised interest income (Rs mn)Average Interest Yield (IY)IY Rank
CFIN                          58,656                       12,496 21.3%6
LFIN                          62,013                       14,020 22.6%4
VFIN                          14,768                         3,140 21.3%7
HDFC                          25,071                         6,212 24.8%3
SFIN                            8,675                         1,941 22.4%5
AFSL                            4,015                         1,172 29.2%2
BLI                            4,269                         2,061 48.3%1
SFL                            5,195                         1,089 21.0%9
LOFC                          58,175                       12,465 21.4%8
CDB                          33,921                         6,568 19.4%10

54FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Fri Apr 22, 2016 9:46 am

troy

troy
Moderator
Moderator
IMO, avg. interest yield should be moderate for a sustainable business... Therefore, BLI is out for me considering the avg. interest as per your calculation... 

However, we have to check whether the extraordinary expansion we saw in BLI last year has a role here(for 48% yield) which is hard to believe..

55FINANCE AND LEASING SECTOR - Page 2 Empty Re: FINANCE AND LEASING SECTOR Fri Apr 22, 2016 10:11 am

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@EquityChamp wrote:Is there anyone who really bothered of this. To make the discussion more interesting I have done another analysis comparing not only BLI & SFL but 8 more non commercial banking entities. I have found a really interesting piece of information to share with you. Please refer below table for details.
 
Rs mnCFINLFINVFINHDFCSFINAFSLBLISFLLOFCCDB
Loans & advances and rental receivable 31st March 2015         55,499          55,959          12,569          23,454          7,841          3,540          3,115          5,041          49,797          29,620
Loans & advances and rental receivable 31st December 2015         61,813          68,067          16,967          26,688          9,509          4,489          5,423          5,349          66,553          38,222
Average loans & advances and rental receivable         58,656          62,013          14,768          25,071          8,675          4,015          4,269          5,195          58,175          33,921
Annualised interest income         12,496          14,020            3,140            6,212          1,941          1,172          2,061          1,089          12,465            6,568
Average Interest Yield (IY)21.30%22.6%21.26%24.8%22.4%29.2%48.3%21.0%21.4%19.4%
IY Rank64735219810
I have collected all the information from the released quarterly financial reports. Interest Yield is calculated by dividing annualised interest income by average loans and advances. Further to simplify the calculation I have assumed the total interest income of these companies generated from loans and advances and lease rentals given to customers.

Now you can look at the IY rank at the last raw. BLI is at the number one followed by AFSL and then HDFC. If you look at the absolute IY% in the proceeding immediate raw you can see BLI is way above the other guys. The gap between no 1 and no 2 is 19.1pp and the gap between no 2 and no 10 is only 9.8pp.

Further you can refer the average for this entire set of companies in below table.
Average for the total 10 companies
Average total loans & advances (Rs mn)         27,476
Average annualized interest income (Rs mn)           6,117
Average IY %22.3%

The average yield is standing @ 22.3% while BLI alone is 48.3%, more than double the average rate. Can you believe this??. According to the published data this is the situation.

Now the main question is how only BLI can generate double the revenue from same class of assets compared to all the peers and even more than double to their sister company, SFL.

In my original post I concluded with a statement that there is something wrong either in SFL or BLI. And this analysis confirms to me SFL is doing normal course of business because their margins are within the average range but BLI is way over. Now I am asking the question whether BLI doing some thing wrong or manipulation here? Are they are following the path of TWOD?

I would like to know the opinion of the BLI lovers on this finding. Especially I want to know the view of Teller who are very favourable on BLI. If this performance of BLI is real and genuine they are far better than other finance companies and every investor should have that share in his/her portfolio. Is it should be the case really??

Experts of BLI, please substantiate.

Thanks
Good one. +rep

Sponsored content


Back to top  Message [Page 2 of 8]

Go to page : Previous  1, 2, 3, 4, 5, 6, 7, 8  Next

Permissions in this forum:
You cannot reply to topics in this forum