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  "documentTitle": "Quintis Limited (QIN)",
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  "notes": "The slide uses a quote from a competition to expose a contradiction in TFS's marketing claims.",
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      "kind": "callout",
      "text": "Why does TFS use two different sandalwood oil prices for marketing and audit?\nWhat is the basis for the presumed 5x increase in sandalwood demand?\nDoes TFS have any legally binding contracts with perfumers?",
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      "kind": "callout",
      "text": "Why does TFS use two different sandalwood oil prices for marketing and audit?",
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      "kind": "list",
      "text": "They already have a supplier who can provide enough oil to cover demand.\nTheir products are characterised by uniqueness and consistency.\nTheir products are highly sensitive to the nature of the ingredients.",
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      "kind": "paragraph",
      "text": "In case our analysis isn't convincing enough: TFS shot themselves in the foot when they hosted a competition with the American Perfumers Society and marketed this well-worded but completely contradictory statement30:",
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      "kind": "paragraph",
      "text": "We believe that in reality, perfumers rarely use natural sandalwood oil in fragrances due to unsustainable (and illegal) methods used to harvest as well its high price. Several high-end perfume houses still use the oil, however we believe these entities are unlikely to change supplier considering:",
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      "kind": "quote",
      "text": "Perfumers, it's time to be reacquainted with Indian Sandalwood (Santalum album). One of the oldest perfumery materials in the world, this precious ingredient has had a tumultuous history, plagued by illegal poaching and adulteration. Little wonder it all but vanished from the perfumer's palette.",
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      "kind": "quote",
      "text": "Perfumers, it's time to be reacquainted with Indian Sandalwood (Santalum album). One of the oldest perfumery materials in the world, this precious ingredient has had a tumultuous history, plagued by illegal poaching and adulteration. Little wonder it all but vanished from the perfumer's palette. — Indian Sandalwood Competition American Society of Perfumers",
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      "text": "Figure 35 Indian Sandalwood Competition American Society of Perfumers",
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      "text": "30 http://www.indian-sandalwood-perfume.com/competition",
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