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  "documentTitle": "Olam International Ltd. (SGX:O32)",
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  "authorName": "Carson Block",
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  "presentationDate": "2012-11-27 00:00:00",
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      "text": "OLAM'S CAPEX IS OFF THE RAILS...8\nVIEWING OLAM THROUGH THE ENRON LENS...9\nVALUATION...9\nREPORT BACKGROUND...9\nOLAM BACKGROUND...10\nRESEARCH METHODOLOGY...10",
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      "text": "INTRODUCTION...5\nSUMMARY...6\nOLAM'S AGGRESSIVE ACCOUNTING MASKS ITS POOR PERFORMANCE...6\nOLAM'S LOOMING SOLVENCY CRISIS...6\nOLAM'S TRADING BUSINESS APPEARS TO BE A FAILING BUSINESS MODEL...7\nOLAM IS A BLACK BOX...7\nIS OLAM'S ACCOUNTING CREDIBLE?...8",
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      "text": "OLAM'S AGGRESSIVE ACCOUNTING MASKS ITS POOR PERFORMANCE...11\nNEGATIVE GOODWILL...12\nTT TIMBER ACQUISITION...14\nOLAM'S LOOMING SOLVENCY CRISIS...16\nOLAM'S TRADING BUSINESS APPEARS TO BE A FAILING BUSINESS MODEL...22",
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      "text": "CASH BURN...22\nNIGERIAN EXPORT INCENTIVES...22\nEEG EFFECT ON PROFITABILITY...23\nARE EEGS SUSTAINABLE?...25\nGRANT INCOME IN GABON...25\nCONCLUSION...26",
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      "text": "OLAM IS A BLACK BOX...26\nLEVEL 3 DERIVATIVES...30\nIS OLAM'S ACCOUNTING CREDIBLE?...33\nOLAM'S CAPEX IS OFF THE RAILS...49\nACQUISITIONS: ALL HAT, NO CATTLE...50\nNON-ACQUISITION CAPITAL EXPENDITURE...51",
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      "text": "CROWN FLOUR MILL: A CASE STUDY IN OVERPAYING AND MISLEADING INVESTORS...53\nOLAM BOUGHT MASSIVELY OVERVALUED ASSETS...53\nSTEP 1: CY2007 UPWARD VALUATION OF 257.2%...53",
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