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  "documentTitle": "Quintis Limited (QIN)",
  "authorId": "57_Viceroy_Research",
  "authorName": "Viceroy Research",
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  "sourceTypeLabel": "Short seller",
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  "notes": "This is a short-seller research note highlighting corporate malfeasance.",
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  "components": [
    {
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      "kind": "callout",
      "text": "We believe TFS intentionally uses misleading statements, biased research and seriously questionable accounting practices to inflate the value of both the sandalwood and the company itself.",
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      "text": "As previously highlighted in the Glaucus report, TFS has historically engaged Incipient Capital to provide market projections and broker sales for TFS institutional investments while its founder and MD, Phillip Shamieh, is also a director of TFS’s wholly owned subsidiary Gulf Natural Supplies.\n\nIncipient Capital shares a financial services license with another of Shamieh’s businesses, Wise Owl, an equity investment research firm who frequently promote “buy” rating reports for TFS.\n\nWe believe the consequence of the above indicate fraud and/or stock manipulation. Most certainly there is a conflict of interest.\n\nTFS also engaged Dr Padmanabha, a sandalwood expert cited as an “independent” source of sandalwood demand studies. Coincidentally, it appears Dr Padmanabha’s research has contributed in driving at least three other sandalwood investment schemes into the ground. Dr Padmanabha also runs his own investment scheme in India.\n\nTFS’s expert reports project the Sandalwood market will grow 5x by 2025. They appear to defy basic economic principles by charging the same luxury goods price for their product despite flooding the market with supply.\n\nWe believe TFS intentionally uses misleading statements, biased research and seriously questionable accounting practices to inflate the value of both the sandalwood and the company itself.",
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      "kind": "title",
      "text": "Misleading Marketing Material",
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