{
  "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": 34,
  "pageCount": 49,
  "prevPage": 33,
  "nextPage": 35,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 60,
  "notes": "The slide highlights a pattern of aggressive valuation followed by significant write-offs, suggesting potential accounting manipulation.",
  "elementsJson": [
    "data_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-06a86cfc80f7/34",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-06a86cfc80f7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-06a86cfc80f7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-06a86cfc80f7#slide-34",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We question how TFS can continually and substantially revise its biological assets upwards, considering actual harvest results have missed their initial MIS prospectus results by such a spectacular amount.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-bee8-696e11f1b1be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Biological Assets: $100m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-bee8-6ea80d314a29",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.76,
        "x": 0.12,
        "y": 0.412
      },
      "kind": "paragraph",
      "text": "We question how TFS can continually and substantially revise its biological assets upwards, considering actual harvest results have missed their initial MIS prospectus results by such a spectacular amount. In FY 2013 there were large write-offs.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01f9ddc7-6d43-49e7-ae9b-016920f04c95",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.352
      },
      "kind": "source-note",
      "text": "Figure 44 and Figure 45 labels and footnote 48.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d01dc6a7-b740-4488-95b8-373b4043cba0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.7,
        "x": 0.15,
        "y": 0.488
      },
      "kind": "table",
      "text": "Table showing Biological Assets Under Management, 2013 Gain/Loss, 2012 vs 2013 Bio Assets, and YOY Change.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ee8ce5d-0788-4f0d-b4dc-4bcd936fad41",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.27,
        "w": 0.42,
        "x": 0.29,
        "y": 0.08
      },
      "kind": "table",
      "text": "Table comparing Current Yield Estimate vs Initial Yield Estimate by plantation year.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8234afd7-fc46-4180-becf-6accdfab478a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.12,
        "y": 0.392
      },
      "kind": "title",
      "text": "Aggressive Mark-to-Model Practices",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b592822-d6b6-4ae9-8e6b-6eb431fb972a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "dc74ac00-26e8-4983-a3b5-3fae48dd0129",
      "evidence": "The slide explicitly questions the company's mark-to-model practices and highlights large write-offs as evidence of aggressive accounting.",
      "confidence": 0.95
    }
  ],
  "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
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}