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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
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

2 Re: Touchwood Case Review on Tue May 24, 2011 4:27 pm

Slstock

avatar
Director - Equity Analytics
Director - Equity Analytics

Thank you Seyon for reminding on a long forgotten share due to this court case. rep from me.

Last year there was lot of interest in this but due to postponement of court cases on multiple times the interest died. I remember buying this for around Rs 26 last august and then later disposing it over Rs 30+. There was lot of intrest in the Rs 30.

The rumor is they might win it but the issue is will the case get postponed again. If so this can get stagant again most likely.

In the financial, one issue we should look at further is whether their gains are now actually more cash or whether they are revaluation gains. I see many opponents and proponents with this company. But I think this current price is attractive.

Anway would like to see the financial report . They should release one for March. Think they were in Diri Savi board.

3 Re: Touchwood Case Review on Tue May 24, 2011 4:50 pm

StocksWatch

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@slstock wrote:
Thank you Seyon for reminding on a long forgotten share due to this court case. rep from me.

Last year there was lot of interest in this but due to postponement of court cases on multiple times the interest died. I remember buying this for around Rs 26 last august and then later disposing it over Rs 30+. There was lot of intrest in the Rs 30.

The rumor is they might win it but the issue is will the case get postponed again. If so this can get stagant again most likely.

In the financial, one issue we should look at further is whether their gains are now actually more cash or whether they are revaluation gains. I see many opponents and proponents with this company. But I think this current price is attractive.

Anway would like to see the financial report . They should release one for March. Think they were in Diri Savi board.


Yes slstock. The company might win the case eventually but when is the question. This has been adjourning for a considerable period of time now.

By the way I heard that the first harvest is due within few months time. I think the first harvest is due from thier Aga wood plantations. Has anybody got any idea about this?

If the above is correct, then we will see the actual return from the harvest. This will prove whether thier forecast was correct or not.

4 Re: Touchwood Case Review on Tue May 24, 2011 8:46 pm

sureshot

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
hi,
NOTE THE FOLLOWING PREDICTIONS.
twod is worth at this prices......
note the case will be favor of twod.99.9% sure.
the case is in July 2011.not tomorrow.
there will be a good rally before the case.
BUY ...HAPPY TRADING TO ALL.........

5 Re: Touchwood Case Review on Tue May 24, 2011 9:47 pm

Thushara


Senior Equity Analytic
Senior Equity Analytic

Based on market behavior there is a possibility to have a run. (CSF, BLUE, CLND). If TWOD start ,it may be grater than above mentions rallys, since most of people have massive mega rally experience with TWOD.

Happy Trading...

6 Re: Touchwood Case Review on Tue May 24, 2011 9:55 pm

factFINDER

avatar
Manager - Equity Analytics
Manager - Equity Analytics
@slstock wrote:

Anway would like to see the financial report . They should release one for March. Think they were in Diri Savi board.


Can any one explain me why TWOD releasing financial statements every six months (Sept & Mar) insted of QoQ??

7 Re: Touchwood Case Review on Tue May 24, 2011 9:58 pm

Hiru


Manager - Equity Analytics
Manager - Equity Analytics
Hi friends,

On which ground the Institute has issued the certificate of compliance?

In my view, if the company has not adjusted the retained earnings in accordance with the way Board suggested, the Institute is challenging its own decisions as the Board includes members of the Institute. If the Company has not adjusted as suggested and Institute has given the CC, then the Company will win the case for sure.

On the other hand, If the Company has adjusted opening balances as suggested by the Board, it can't defend the case.

Any idea please

8 Re: Touchwood Case Review on Tue May 24, 2011 10:13 pm

milanka

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
@factFINDER wrote:
@slstock wrote:

Anway would like to see the financial report . They should release one for March. Think they were in Diri Savi board.


Can any one explain me why TWOD releasing financial statements every six months (Sept & Mar) insted of QoQ??

If tWOD on second board , then its correct to issue statements every six months.

http://forum.srilankaequity.com/u188

9 Re: Touchwood Case Review on Tue May 24, 2011 10:17 pm

Light of Hope


Vice President - Equity Analytics
Vice President - Equity Analytics
@factFINDER wrote:
@slstock wrote:

Anway would like to see the financial report . They should release one for March. Think they were in Diri Savi board.


Can any one explain me why TWOD releasing financial statements every six months (Sept & Mar) insted of QoQ??

If listed on DiriSavi board, it is only required to lease your financials every six months.

10 Re: Touchwood Case Review on Tue May 24, 2011 10:25 pm

Monster

avatar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@factFINDER wrote:
@slstock wrote:

Anway would like to see the financial report . They should release one for March. Think they were in Diri Savi board.


Can any one explain me why TWOD releasing financial statements every six months (Sept & Mar) insted of QoQ??
TWOD is listed under Diri Savi Board. Companies listed under Diri Savi board can submit the interim financial statement on a half-yearly basis.
http://www.cse.lk/listedcompanies/secondaryboard.htm

11 Re: Touchwood Case Review on Tue May 24, 2011 10:58 pm

chamith

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
good research seyon.
I did refer the BASL newsletter, In that they have concluded in favor of the company. But today i saw high selling pressure than buying. According to DFN the cash map shows only 19.16% buying. If you refer the charts you can see that how volume has increased since last couple of days. Even if there were high selling today the price fluctuation was minimum. please refer the following snap shot;



Disclose - I have TWOD in my pf

12 Re: Touchwood Case Review on Wed May 25, 2011 12:07 am

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@chamith wrote:good research seyon.
I did refer the BASL newsletter, In that they have concluded in favor of the company. But today i saw high selling pressure than buying. According to DFN the cash map shows only 19.16% buying. If you refer the charts you can see that how volume has increased since last couple of days. Even if there were high selling today the price fluctuation was minimum. please refer the following snap shot;

Disclose - I have TWOD in my pf

Yes i also have seen some selling pressure for last couple of days, i guess someones collecting at lowest price. Will see the outcome on Thursdays, if the case will not be postponed.

13 Re: Touchwood Case Review on Wed May 25, 2011 12:15 am

xhora

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
chamith,
How did you get a screenshot of the entire time sale list?

14 Re: Touchwood Case Review on Wed May 25, 2011 12:18 am

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@slstock wrote:
Thank you Seyon for reminding on a long forgotten share due to this court case. rep from me.

Last year there was lot of interest in this but due to postponement of court cases on multiple times the interest died. I remember buying this for around Rs 26 last august and then later disposing it over Rs 30+. There was lot of intrest in the Rs 30.

The rumor is they might win it but the issue is will the case get postponed again. If so this can get stagant again most likely.

In the financial, one issue we should look at further is whether their gains are now actually more cash or whether they are revaluation gains. I see many opponents and proponents with this company. But I think this current price is attractive.

Anway would like to see the financial report . They should release one for March. Think they were in Diri Savi board.


Yes We will be able to see the financial in couple of days. Hope the court will not postponed the hearing this time.

15 Re: Touchwood Case Review on Wed May 25, 2011 12:20 am

chamith

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@xhora wrote:chamith,
How did you get a screenshot of the entire time sale list?

In Direct FN, right click on the counter you want and click on TIME AND SALE.

16 Re: Touchwood Case Review on Wed May 25, 2011 12:24 am

xhora

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
no i wanted to know how did you get the screenshot of that entire thing??

17 Re: Touchwood Case Review on Wed May 25, 2011 12:52 am

chamith

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
oh,

You have to join them using a photo editing software. You even can use MS Paint and join one screenshot after another.

18 Re: Touchwood Case Review on Wed May 25, 2011 12:54 am

xhora

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
thought there would be a easier way Smile

19 Re: Touchwood Case Review on Wed May 25, 2011 8:36 am

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Hiru wrote:Hi friends,

On which ground the Institute has issued the certificate of compliance?

In my view, if the company has not adjusted the retained earnings in accordance with the way Board suggested, the Institute is challenging its own decisions as the Board includes members of the Institute. If the Company has not adjusted as suggested and Institute has given the CC, then the Company will win the case for sure.

On the other hand, If the Company has adjusted opening balances as suggested by the Board, it can't defend the case.

Any idea please

Pls clear me that what u are trying to say, Certificate of Compliance i understands that some certain area like CSR, Compliance with Accounting Standards and Financial Presentation were evaluated by ICASL and awarded. This reveals company practice in valuing biological assets are line with the accounting standard ( IAS- Agriculture).

Court looked some different angle that SriLanka accounting Standard related to the valuation of biological assets is not gazetted, it still in the draft model. Since Monitory Board does not have a power to challenge the company practice in valuing the biological assets. ( Pls refer the BASL Newsletter for the brief discussion of the case, which is uploaded in our research website.

This is my understanding... anybody has different view...

20 Re: Touchwood Case Review on Wed May 25, 2011 11:10 am

dimuthubas


Stock Analytic
Stock Analytic
@xhora wrote:thought there would be a easier way Smile

1.Press the "Print Screen" once
2.open paintbrush
3.Ctrl+V

Got it. ;-) enjoy

21 Re: Touchwood Case Review on Wed May 25, 2011 12:39 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The present buying pressure reveals some good news we can expect from the company.

22 Re: Touchwood Case Review on Wed May 25, 2011 3:48 pm

Hawk Eye

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
All thier profits are in Books. cash flow didnt look good until the rights issue. they havent given dividends for a last couple of years.

23 Re: Touchwood Case Review on Wed May 25, 2011 4:37 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Some are telling court case on 26th May 2011( Tomorrow), Some telling It is put off to 18th July 2011. which is correct. Anybody knows the exact details.

24 Re: Touchwood Case Review on Wed May 25, 2011 4:42 pm

Sana


Senior Equity Analytic
Senior Equity Analytic
@seyon wrote:Some are telling court case on 26th May 2011( Tomorrow), Some telling It is put off to 18th July 2011. which is correct. Anybody knows the exact details.


yes its exeactly on 18th july 2011.

25 Re: Touchwood Case Review on Wed May 25, 2011 6:14 pm

mono

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
@Hawk Eye wrote:All thier profits are in Books. cash flow didnt look good until the rights issue. they havent given dividends for a last couple of years.

i think that is because of their business structure. they're like an investment fund. profits are a fair value assessment.

26 Re: Touchwood Case Review on Wed May 25, 2011 6:17 pm

mono

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
@Sana wrote:
@seyon wrote:Some are telling court case on 26th May 2011( Tomorrow), Some telling It is put off to 18th July 2011. which is correct. Anybody knows the exact details.


yes its exeactly on 18th july 2011.

can this be confirmed

27 Re: Touchwood Case Review on Wed May 25, 2011 6:23 pm

innam

avatar
Manager - Equity Analytics
Manager - Equity Analytics
@mono wrote:
@Sana wrote:
@seyon wrote:Some are telling court case on 26th May 2011( Tomorrow), Some telling It is put off to 18th July 2011. which is correct. Anybody knows the exact details.


yes its exeactly on 18th july 2011.

can this be confirmed

The danger is that a lot of people MAY have bought the share based on the court case being tomorrow. If there is no "court case" then a lot of speculators will run for the exits unless the company can deliver good earnings.

28 Re: Touchwood Case Review on Wed May 25, 2011 6:31 pm

ha_na


Manager - Equity Analytics
Manager - Equity Analytics
@innam wrote:
@mono wrote:
@Sana wrote:
@seyon wrote:Some are telling court case on 26th May 2011( Tomorrow), Some telling It is put off to 18th July 2011. which is correct. Anybody knows the exact details.


yes its exeactly on 18th july 2011.

can this be confirmed

The danger is that a lot of people MAY have bought the share based on the court case being tomorrow. If there is no "court case" then a lot of speculators will run for the exits unless the company can deliver good earnings.

innam absolutely correct. I bought this share purely on technical ground between 22.9 - 23 last week. It is excellent formation you can rarely see. But I never expect it will run this high in a day. Uncertainty is always there as innam said. I existed around 32 because of the fear of keeping overnight.

29 Re: Touchwood Case Review on Wed May 25, 2011 9:34 pm

mono

avatar
Vice President - Equity Analytics
Vice President - Equity Analytics
you will not believe this. My broker called me at 20:58 and asked me not to sell my TWOD holding. He also told me that a certain group of people are going to push it tomorrow morning.

My guess is that the certain group is probably my brokerage. they most likely bought into this heavily around the 30 level and going to push it further. Tomorrow morning will be fun

30 Re: Touchwood Case Review on Wed May 25, 2011 9:48 pm

Rocky

avatar
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@mono wrote:you will not believe this. My broker called me at 20:58 and asked me not to sell my TWOD holding. He also told me that a certain group of people are going to push it tomorrow morning.

My guess is that the certain group is probably my brokerage. they most likely bought into this heavily around the 30 level and going to push it further. Tomorrow morning will be fun

I doubt that the brokers still believe that the investors believe in their advise at all.
When the broker instructs us to buy, we sell and vice-versa.

My broker calls me to ask me whether I want a cheque for the credit balalnce in my account.
He doesn't know that I am testing out my resistance levels of not buying some other shares with that balance. If one can wait still till the market goes down to re-invest will prove that one has self control.


31 Re: Touchwood Case Review on Thu May 26, 2011 12:17 am

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@mono wrote:
@Sana wrote:
@seyon wrote:Some are telling court case on 26th May 2011( Tomorrow), Some telling It is put off to 18th July 2011. which is correct. Anybody knows the exact details.


yes its exeactly on 18th july 2011.

can this be confirmed

My broker told me that tomorrow the hearing date and is confirmed. I think the date should be correct, otherwise we did not see these much of collection ( 13.5 mn shares were traded today)

will see what will be the outcome of the hearing.

32 Re: Touchwood Case Review on Thu May 26, 2011 12:21 am

ss7097

avatar
Manager - Equity Analytics
Manager - Equity Analytics
@seyon wrote:
@mono wrote:
@Sana wrote:
@seyon wrote:Some are telling court case on 26th May 2011( Tomorrow), Some telling It is put off to 18th July 2011. which is correct. Anybody knows the exact details.


yes its exeactly on 18th july 2011.

can this be confirmed

My broker told me that tomorrow the hearing date and is confirmed. I think the date should be correct, otherwise we did not see these much of collection ( 13.5 mn shares were traded today)

will see what will be the outcome of the hearing.

Seyon, what do you think about the current price level of TWOD? Is it still undervalued according to your findings?

33 Re: Touchwood Case Review on Thu May 26, 2011 12:28 am

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@ss7097 wrote:
@seyon wrote:
@mono wrote:
@Sana wrote:
@seyon wrote:Some are telling court case on 26th May 2011( Tomorrow), Some telling It is put off to 18th July 2011. which is correct. Anybody knows the exact details.


yes its exeactly on 18th july 2011.

can this be confirmed

My broker told me that tomorrow the hearing date and is confirmed. I think the date should be correct, otherwise we did not see these much of collection ( 13.5 mn shares were traded today)

will see what will be the outcome of the hearing.

Seyon, what do you think about the current price level of TWOD? Is it still undervalued according to your findings?


It is depend on the tomorrow court decision, if the outcome is favorable, then there will be other good run. Some of their investment are in the matured stage and going to harvest in one or two months. Then we will be able to have comparison their estimation on fair value of the biological assets against the actual results.

34 Re: Touchwood Case Review on Thu May 26, 2011 8:40 am

bmi


Senior Equity Analytic
Senior Equity Analytic
Thanks for the information guys. Seyon please check the situation of hearing whether it is today or 18th 0f July you have enough time befor the market starts

35 Re: Touchwood Case Review on Thu May 26, 2011 5:05 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@bmi wrote:Thanks for the information guys. Seyon please check the situation of hearing whether it is today or 18th 0f July you have enough time befor the market starts


Next hearing has been put off to 18th July 2011. I can not understand the investors behavior. Postponing case is not a matter to influence the share price as the decision going to favorable to the company. Pls refer the BASL judgment review ( http://research.srilankaequity.com/t96-touchwood-case-basl-bar-association-news-letter-judgement-views page no 4) Based on this the decision looks like favorable to the company.

Be patience whoever bought at high price, this will shoot up when discloses the financial, yesterday about 13.5Mn shares were traded and today about 6mn shares.

Will see the financial.

36 Re: Touchwood Case Review on Thu May 26, 2011 10:55 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Look at the Financial as of 30the September 2011 for the six months.

Net Earnings about Rs.86Mn

Total net assets is Rs.2.8Bn and Net Assets per share about Rs. 39.92.

When u analyze the balance sheet Cash and Cash Equivalents is reported 484 Mn, this is generated from the rights issue. This surplus cash would have been used for the new investment. So we will get very much attractive net assets in the Range of Rs.50-55 per share as at 31.03.2011, Further Agarwood plantations is in stage of harvesting, hence the fair value of these biological assets will boost the net assets.

I am pretty much sure, on disclosing the financial TWOD will have a other run.

Happy Trading


37 Re: Touchwood Case Review on Fri May 27, 2011 3:45 pm

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Look some interesting information about Touchwood, I managed to get some information from their newsletter ( http://www.touchwood.com/PDF/TW.YIELD.pdf)

As i mentioned earlier coming financial statement would be very much attractive

Touchwood Delivers over $328,000USD in First Wave ofAgarwood Returns

Our goal at Touchwood is to provide sound investments that
deliver future value. And few products fit that requirement
better than our Agarwood investments. After totaling the returns
paid from November 2010 through the end of March 2011, we
are pleased to report a range of profitability that extends from
24.3% to 34.4% for clients who initially purchased our Agarwood
product.

These returns are just the beginning. In the coming months,
clients who have invested in subsequent agarwood packages
will begin to receive the profitability from their investments as
well.

25% Increase in Price per Tree

Due to the consistent level of quality graded Agarwood being
produced at our plantations we have negotiated a higher price
per KG. This means a higher return of US$250 will be paid out per
tree in quarter 2, an increase of US$50 over the previous quarter.
This proves the quality of our product and commitment to deliver
the best value possible to our clients.
Note: These figures are based on the agar trees that are 6 years old. Our
current 7 year product will hold a higher grade and quantity then the 6 year
meaning a higher level of return come harvest.


Bamboo Processing Plant: Furthering Profitability through High-Quality Timber Products

When it comes to ensuring your investment future, our highest
priority is providing investment products that deliver maximum
value through reliable returns. As such, we are proud to announce
the construction of a series of large-scale, multimilliondollar
processing plants – including a 30,000-square-foot
manufacturing plant and a 15,000-square-foot processing
plant, both located in Sri Lanka and set to open their doors for
production in June 2011 (please see photos on this page). In
Thailand the construction of a further plant is also on the way.
These facilities enable us to process bamboo and other raw
materials, instantly increasing the end value of our investment
products by producing high-grade bamboo flooring that has
been treated, lacquered and finished for sale. In addition, these
plants will create up to 100 jobs for local communities – an
essential component in our ongoing pledge to a triple bottom
line: people, planet, profit.

38 Re: Touchwood Case Review on Sat May 28, 2011 1:52 am

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Who gave _ rep.. Pls tell me the reasons

I do not understand the members behavior

39 Re: Touchwood Case Review on Sat May 28, 2011 5:08 am

chamith

avatar
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
must be someone who missed the bus, and got losses by getting on board at high.

40 Re: Touchwood Case Review on Sat May 28, 2011 9:01 am

seyon


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@seyon wrote:Who gave _ rep.. Pls tell me the reasons

I do not understand the members behavior

I just have done the research on this and Keep on updating my findings. I know there are people in this forum who might have earned profit in early run or who might have bought at high price. Unfortunately again the case has been put off to 18th July 2011, then the price was drop significantly, that is only reason i am updating the finding on TWOD and telling the people who bought at high price that not get panic and be Patience. Yes this will have other run after the financial released. I know the people who tried to pushed up the shares and booked some profit and last two days they are slowly collecting.

Further when i started to post regarding i did not have any single shares of Touchwood, even i did not trade during the run also. If u want to check my portfolio ( It is in Acuity Stockbrokers) I will give my CDS a/c personally.

Now i decided I will not be doing any posting in this forum hereafter, i going to be only the visitor.

Thanks guys for ur all support.

Happy Trading.

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