{
  "docId": "019dd923-622c-750b-8b9a-06a86cfc80f7",
  "docSlug": "aa98098de0fa",
  "documentTitle": "Quintis Limited (QIN)",
  "authorId": "57_Viceroy_Research",
  "authorName": "Viceroy Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": null,
  "orientation": "portrait",
  "aspectRatio": 0.70709807,
  "pageNumber": 27,
  "pageCount": 49,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "Uses a Seinfeld quote as a thematic hook for the section on 'agreements'.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-06a86cfc80f7/27",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-06a86cfc80f7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-06a86cfc80f7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-06a86cfc80f7#slide-27",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We are highly sceptical of the legitimacy of TFS's sales channels.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-bee6-f07078fa632c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.58,
        "x": 0.21,
        "y": 0.48
      },
      "kind": "image",
      "text": "Tropical Forestry Services' first shipment of Indian sandalwood leaves Fremantle port",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e8f3fe4-8c05-451c-b7e5-b4bf8484a767",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.55,
        "x": 0.14,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "We are highly sceptical of the legitimacy of TFS's sales channels.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16914278-11f2-4c1f-bf61-a76174a9ced4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.72,
        "x": 0.14,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "We believe Glaucus covered this quite well. Please refer to their report for in-depth details. In short, days after the Glaucus report was published, reports surfaced of Chinese customs seizing millions of dollars of sandalwood from a tax-evading, smuggling syndicate:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dad550ba-8cec-4f9c-ad8b-28acf25b781a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.72,
        "x": 0.14,
        "y": 0.38
      },
      "kind": "paragraph",
      "text": "The TFS logo is clearly visible on the door of the office at 1:55 along with the name of a Richer Link director's firm, Yitan Xiamen Spices. There is further news coverage which shows that this syndicate has smuggled over $26m (currency not specified) of sandalwood into China:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc79841c-1694-4e03-9bf9-d583d03d9404",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.13
      },
      "kind": "quote",
      "text": "‘We shook hands on a pact. Did you not shake my hand on it?’ ‘You stuck your hand out, so I shook it. I don't know about a pact.’ -Seinfeld, “The Engagement”",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f6e57a9-490a-42d1-9f75-f466cd647486",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "‘We shook hands on a pact. Did you not shake my hand on it?’ ‘You stuck your hand out, so I shook it. I don't know about a pact.’ — Seinfeld, “The Engagement”",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-bee6-f6bc7706a59e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.24,
        "x": 0.38,
        "y": 0.83
      },
      "kind": "source-note",
      "text": "Figure 36 ABC report – 30 Sep 2016",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "200f3144-c2a5-4194-ae1b-fe6238f467af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.76,
        "x": 0.12,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "31 http://www.abc.net.au/news/rural/2016-09-30/first-shipment-of-tfs-indian-sandalwood-leaves-fremantle-port/7892254",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4154af7e-3d38-4a91-8e6b-f2ab177db603",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.14,
        "y": 0.09
      },
      "kind": "title",
      "text": "7. The Agreements",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d229a73-3777-4fec-8531-1c2c2f9461ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.14,
        "y": 0.25
      },
      "kind": "title",
      "text": "The Chinese Buyer",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3556bcb8-8aa5-46be-98ae-4939cfe0d7ec",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 47,
      "from": 9,
      "beatId": "93a773a6-3186-4f1f-8643-15095fd13522",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Repeatedly highlighting contradictions and inconsistencies in Quintis Limited's reporting and practices.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 31,
      "from": 22,
      "beatId": "65f7ee79-badd-4d94-b434-fcf96e2de939",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "Addressing potential counterarguments and rebutting them with evidence.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}