Diamond in the Rough? [U77] Sarine Technologies

On April 14, 2015, a stock that was previously trading at a 52 week peak price of $3.23, suddenly changed hands for $1.946.  One of Sarine Technologies' substantial shareholder, Alan Wang Yu Huei unloaded 3.77million shares on that day, resulting in a fall in his shareholdings from 6.3% to 4.95% according to a filling made with SGX.

A few of Sarine's management team bought back more than 500 thousand shares on the same day. Would people who know the company best buy more shares if they know they are going to lose money?

Sarine was featured in my list of very good companies with strong fundamentals, so this presents a very good opportunity to determine if we have stumbled upon a bargain.

Check out SGX's chart on Sarine's share price movement against news/announcements by the company.

Business Overview

Sarine develops, manufactures, markets and sells precision technology products for the processing of diamonds and gemstones. Their products provide smart automated solutions for every stage of the rough diamond manufacturing process, from high-precision geometrical modelling and internal inclusion mapping of the rough stone, through determining the optimally derivable polished gems, based on true dollar value, through laser cutting and shaping, to the inline quality control of the actual making and faceting of the polished jewel. They also aid in key aspects of the polished diamond trade - the grading of a polished diamond’s Cut and light performance and the provision of tools that simplify the online trade and enhance the in-store buying experience.

Here is an Isreal based company that prospects diamonds. They are essentially a company that provides recurring services to one of the priciest objects in the world. As their competitive advantage is in the technologies they own, Sarine has a strong moat around its business that can protect it from competition. 

Diamonds are relatively low cost to obtain but can fetch a very, very, very high price because of the hype and image that has been built around the stone over the years. With such a fat profit margin, Sarine's customers would hardly feel the cost to get their diamonds prospected and would continuously be drawn by its convenience and time efficiency. For a business that is making money out of an industry that makes money out of very hard piece of rock that is not only in abundance but can also be grown, I feel comfortable about its long term prospects. 

Management Overview

In Sarine's 2014 Annual Report, there are 9 faces under the board of directors and 15 faces under key management. Very detailed descriptions of each member, their biographies, qualifications and accomplishments are clearly presented in the annual report. This speaks a lot about Sarine's confidence in their management team and their dedication towards transparency.

Sarine has remained focused on its core business of providing service around diamonds and have not strayed into other areas which they might not be familiar with. This is a sign of resistance to institutional imperative, one of the key traits that Warren Buffett likes in management. The annual report provided such great details of the company's strengths, weakness, opportunities and threats that I would do them injustice to summarise it here. 

Overall, I can feel the management's sincerity in educating investors about their business and their business is relatively easy to understand.

Financial Overview

Indicators

• 5 year Average Growth rate: 12.80% 
• Long Term Debt to Equity Ratio: 0
• Positive Free Cash Flow for past 5 years: True
• 5 year Average Owner's Return on Equity: 33.51%

• Piotroski F-Score: 5.5 
• 4Ps Score: 100% 
• Profitability Score: 100.0% 
• Financial Health: 80% 

Sarine's numbers seems very good, except for the F-Score which is below the good range of 8-9. Nonetheless, all other indicators show a healthy company that is capable of generating good returns over the next few years.

A 5 year average growth rate of 12.8% is decent and represents high possibility of capital gains. At 0% long term debt to equity, I have very little to worry about Sarine's possibility of becoming bankrupt. Sarine has also been generating positive free cash flow for the past 5 years and has an average return of more than 30%, which is a comfortable rate that can meet my expected rate of returns. 

Despite the F-Score falling out of the good score range, a score of around 6 still represents a very low chance of Sarine being a bad company. Of the 9 criteria, only 1) Positive Net Income over 5 Years, 2) Positive Cash flow From Operation over 5 years, and 3) Lower ratio of long-term debt to assets y-o-y for 5 years has managed to pass the mark for comparison against each of the 5 years. The criteria that did not meet the mark for the latest FY were 4) higher Return on Asset(ROA) than previous year, 5) no issuance of new equity, 6) higher gross margin than the previous year, and 7) higher asset turnover y-o-y. Asset turnover  (Sales/Total Assets) declined 3 of the 5 years measured, but has consistently achieved a high rate of above 90%, generating more than $0.90 of sales for every $1 of asset own. The remaining criteria of 8) Cash Flow from operation exceeds net income before extraordinary items and 9) Higher current ratio this year compared to the previous year passed the test for the latest FY but due to them missing the mark the previous years, has brought down the overall average score.

The 4P Score represents Sustained Profitability, Sustained Payment of Dividend, Sustained Positive Operating Cash Flow, and Sustained Positive Free Cash Flow for past 5 years. Sarine has scored full marks for this criteria, meaning that for the past 5 years, Sarine did not post any losses, did not miss any dividend payments, did not have any negative operating cash flow, and also positive free cash flow for past 5 years as covered in my original criteria above. This indicator represents the likelihood that Sarine will continue to perform as well in the near future.

Profitability score measures profit making capabilities for the past 5 years on the following ratios: 

1. Net Margin(%)
2. Asset Turnover
3. Return on Assets
4. Leverage
5. Return on Equity
6. Free Cash Flow to Sales

100% is the best score that can be achieved, enough said.

Financial health score aggregates the strength of the balance sheets for the past 5 years on the following ratios:

• Long Term Debt to Equity
• Long Term Debt to Owner's Earnings
• Interest Coverage Ratio
• Current Ratio
• Quick Ratio

80% shows that Sarine is considerably healthy and quite unlikely to default or go bankrupt anytime soon.

Intrinsic Value

Based on my inflation adjusted expected return of 18.45% and the projected earnings for the next 5 year, I have valued Sarine at $0.759. The last done price for Sarine is $2.02, which is way above the intrinsic value. But due to the circumstance that led to the sudden decline in prices, there may be an opportunity for a quick profit, or an opportunity to get a hold on such a quality company at a discount while it meets temporary problems that was no fault of Sarine.

Thank you for reading. If you have any comments or feed backs, please post them in the comment section below. If you would like to check out my analysis of other companies, feel free to browse them at: http://fundamentally-invest.blogspot.sg/p/blog-page.html



Disclaimer
This publication is for general reading only. The information and materials contained on this web site are subject to change without notice, are provided for general information only and should not be used as a basis for making investment decisions. It does not form part of any offer or recommendation, or have any regard to the investment objectives, financial situation or needs of any specific person. Before committing to an investment, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and read the relevant product offer documents. I am not liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of this web site, howsoever arising, including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, omission, mistake or inaccuracy with this web site, its contents or associated services, or due to any unavailability of the web site or any part thereof or any contents or associated services.

My Write Up on Piotroski F-Score

WHAT IS PIOTROSKI’S F-SCORE?

Piotroski F-Score is a score between 0-9 which reflects nine fundamental signals to measure three areas of the firm's financial condition: profitability, financial leverage/liquidity, and operating efficiency. The F-Score is published by University of Chicago Accounting Professor, Joseph Piotroski on April 2000 in a paper called “Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers”. 

This scoring system is designed to measure the overall quality, or strength, of the firm's financial position. The decision to invest in a company is ultimately based on the strength of its aggregate signal.

Piotroski reasoned that the success of fundamental analysis is at least partially dependent on the market's inefficiencies in incorporating past financial signals, historical financial information, and predictable earnings-related information into prices in a timely manner. He pointed out that benefits to financial statement analysis are concentrated in small and medium-sized firms, companies with low share turnover, and firms with no analyst following, yet this superior performance is not dependent on purchasing firms with low share prices.

Financial analysts are less willing to follow poor-performing, low-volume, or small firms as their livelihood depends on how acceptable or popular their recommendations are. They tend to play safe when selecting recommendations by recommending firms with strong recent performance, firms with low book to market, “glamourous darlings of the market”, or strong positive momentum firms.

Therefore, it is in those “unwanted” firms that most value can be unlocked. But as not all undervalued firms are candidates for good return, some which possess intrinsic decay that could not be reversed should be ignored. 

Although Piotroski’s theory implies that superior returns is not dependent on the purchase price, which contradicted Warren Buffett and Benjamin Graham’s approach to paying the right price for even high quality companies, the scoring system does filter away low quality companies that have very high risk of defaulting.

The F-Score distinguishes company qualities by a banding system. Companies scoring 8-9 are considered very strong companies while a score of 0 -1 is considered as very risky and should be avoided. Hence, the F-Score comes in handy to filter away rotten apples.

SCORING CRITERIA

A score of 1 is awarded if the criteria is met, otherwise 0. The maximum score is 9.

Profitability Measurement:

Current profitability and cash flow realizations provide information about the firm's ability to generate funds internally. Measured through operating activities where positive earnings trend is suggestive of an improvement in the firm's underlying ability to generate positive future cash flows.

1.      Return on Asset: +1 if net income before extraordinary items scaled by beginning-of-the-year total assets is positive (ROA > 0 è 1)

2.      Operating Cash Flow: +1 if cash flow from operation scaled by beginning-of-the-year total assets is positive (CFO > 0 è 1)

3.      Change in Return On Assets: +1 if Current ROA is more than Previous year’s ROA (ΔROA > 0 è 1)

4.      Accrual: +1 if current year's net income before extraordinary items less cash flow from operations, scaled by beginning-of-the-year total assets is positive (CFO > ROA è 1)

Financial Leverage/Liquidity/Source of Funds Measurement:

Designed to measure changes in capital structure and the firm's ability to meet future debt service obligations. An increase in leverage, a deterioration of liquidity, or the use of external financing is a bad signal about financial risk. A financially distressed firm is signalling its inability to generate sufficient internal funds by raising external debt or equity and an increase in long-term debt is likely to place additional constraints on the firm's financial flexibility

5.      Change in Leverage Ratio: +1 if ratio of total long-term debt to average total assets decrease ( LTD₁/[(TA₁+TA₀)/2] < LTD₀/[(TA₁+TA₀ )/2] è 1)

6.      Change in Liquidity: +1 if this financial year end’s current ratio is more than previous year end’s current ratio. Current Ratio is obtained by dividing Current Asset with Current Liabilities (CA₁/CL₁ > CA₀/CL₀ è 1)

7.      Shares Outstanding: +1 if no new shares are issued since previous financial year end.

Operating Efficiencies Measurement:

Measure changes in the efficiency of the firm's operations, reflecting two key constructs underlying a decomposition of return on assets. An improvement in margins signifies a potential improvement in factor costs, a reduction in inventory costs, or a rise in the price of the firm's product. An improvement in asset turnover signifies greater productivity from the asset base. Such an improvement can arise from more efficient operations (fewer assets generating the same levels of sales) or an increase in sales (which could also signify improved market conditions for the firm's products)

8.      Change in Margin: +1 if Current gross margin ratio (gross margin scaled by total sales or revenue) is more than the prior year's gross margin ratio. (GM₁/TS₁ > GM₀/TS₀ è 1)

9.      Change in Asset Turnover: +1 if current year asset turnover ratio (total sales or revenuw scaled by beginning-of-the-year total assets) is more than the prior year's asset turnover ratio. (TS₁/TA₀ > TS₀/TA_-1 è 1)

MODIFYING THE F-SCORE

As Buffett and Graham are proponents of looking at minimum of 5 years' historical performances, I am going to make some modifications to the original F-Score which only look at the latest and previous year’s financial results. The performance measurements outlined in the previous sections shall be applied to 5 years’ financial statement to obtain an average score for each criteria. Each average score will then be added to form the new F-Score in my screening.

And instead of employing the strategy of buying or selling (shorting) a company based on the score of the companies in the basket of high book to market stocks, I will only be using the F-Score to determine the likelihood of companies going bankrupt. According to the table of Two-Year Market Adjusted Return in the paper, median of companies scoring 6 points and above managed to achieve a single digit negative return. This is an acceptable range as the upside for the 90% quartile managed to return more than 15% return.

Hence, for my company analysis, I will be obtaining the F-score based on an average of 5 years result and companies must score 6 or above to considered acceptable.

Thank you for reading. If you have any comments or feed backs, please post them in the comment section below. Do check out my first article that touched on the F-Score here: Boustead Holdings - Buy 1 Get 1Free . If you would like to check out my other company analysis, feel free to go to this page: http://fundamentally-invest.blogspot.sg/p/blog-page.html

Reference:

PIOTROSKI, J. D., 2000. Value investing: The use of historical financial statement information to separate winners from losers. Journal of Accounting Research, Volume 38, pp. 1-41.

Disclaimer
This publication is for general reading only. The information and materials contained on this web site are subject to change without notice, are provided for general information only and should not be used as a basis for making investment decisions. It does not form part of any offer or recommendation, or have any regard to the investment objectives, financial situation or needs of any specific person. Before committing to an investment, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and read the relevant product offer documents. I am not liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of this web site, howsoever arising, including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, omission, mistake or inaccuracy with this web site, its contents or associated services, or due to any unavailability of the web site or any part thereof or any contents or associated services.

[F9D] Boustead Holdings - Buy 1 Get 1 Free Deal

On 16 April 2015, shareholders of Boustead Holdings (BH) will be voting on a proposal to demerge one of its wholly owned subsidiary, Boustead Projects (BP) to be listed as a separate entity. BP will be listed by way of introduction which is not the same as an IPO. It will be done via a dividend in specie distribution by BH for an amount of $80 mil for 156 mil shares of BP, working out to be $0.52 a share. BH will retain a 51% stake in BP while existing shareholders of BH will receive 3 BP shares for every 10 BH  shares, for FREE! Total number of shares for BP in the market will be 320 mil.

Business Overview

Currently, BH has 4 main business segments:

1) Energy Related Engineering

2) Water and Waste water Engineering

2) Real Estate Solutions 

3) Geo-Spatial Technology 

BP belongs to the third segment of real estate solutions where revenue contribution was 41% in 2014.

This is followed by Energy related engineering at 35%, Geo-Spatial Technology at 21% and Water and waste water engineering at 3%.

Below is a diagram of how the new structure will look like after the spin off

One of the obvious reason for the spin off could be because of succession planning. Mr Wong Fong Fui, CEO and Chairman of BH, has been leading the group since 1996 and could be planning to retire soon. Therefore, instead of finding a replacement to run the entire conglomerate, it would be less risky for the group if separate individuals are appointed to run separate segments. 

Another reason could be because of the current volatility in Energy segment in light of the fall in oil prices. A spin off would allow the market to value the real estate segment separately rather than mixing in the performance of other segments. It could be easier for investors to understand the business and pay a more accurate price for it.

Financial Overview

• 5 year Average Growth rate: 18.05%
• Long Term Debt to Equity Ratio: 40.6% (Total Liability to Equity Ratio at 88.58%)
• Positive Free Cash Flow for past 5 years: TRUE
• Average Owner's Return on Equity: 27.69%

• Piotroski F-Score: 6 [Range of 0 - 9, Score of 8-9 considered Best]
• 4P Score: 100% [Max and best score of 100%]
• Profitability score: 82.5% [Max and best score of 100%]
• Financial Health: 72% [Max and best score of 100%]

At a glance, BH's numbers seems very good, except for the F-Score which is below the good range of 8-9. Nonetheless, all other indicators shows a healthy company that is capable of generating good returns over the next few years.

With a 5 year average growth rate of 18.05%, BH is considered to be growing pretty fast. This is surprising as BH was founded in 1828, which makes it close to 2 centuries old. I like old companies, speaks a lot for their ability to live longer. Long term debt to equity is below 50%, representing that there are 2 parts of equity to cover 1 part of debt. I have relaxed my criteria for this aspect to discount those liabilities that are essentially not considered as debt. BH would have appeared on my list of very good quality companies if I hadn't been so stricton this criteria. What I really like is that BH has been generating positive free cash flow for the past 5 years and has an average return of 27% which can be translated to a yield of 27% if all earnings are returned to shareholders. 

I have added a few other measuring yard sticks to my analysis.

Piotroski F-Score identifies the healthiest companies among a basket of value stocks through applying a set of nine accounting-based stock selection criteria. (Check out my write up about Piotroski F-Score) Basically, this score identifies winner stocks in advance based on the figures in the financial statements, but only applies more accurately to stocks that are less popular or less known, typically the characteristics of undervalued stocks. Despite BH's score falling out of the range of a good score, a score of 6 signifies that there are no warning signs that BH is going to become bankrupt anytime soon.

The 4P Score represents Sustained Profitability, Sustained Payment of Dividend, Sustained Positive Operating Cash Flow, and Sustained Positive Free Cash Flow for past 5 years. BH has scored full marks for this criteria, meaning that for the past 5 years, BH did not post any losses, did not miss any dividend payments, did not have any negative operating cash flow, and also positive free cash flow for past 5 years as covered in my original criteria above. This indicator represents the likelihood that BH will continue to perform as well in the near future.

Profitability score measures profit making capabilities for the past 5 years on the following ratios: 

1. Net Margin(%)
2. Asset Turnover
3. Return on Assets
4. Leverage
5. Return on Equity
6. Free Cash Flow to Sales

82.5% is a really good score which shows that BH is quite profitable. A profitable company is the only type of company that investors should invest in. "duh"

Financial health score aggregates the strength of the balance sheets for the past 5 years on the following ratios:

• Long Term Debt to Equity
• Long Term Debt to Owner's Earnings
• Interest Coverage Ratio
• Current Ratio
• Quick Ratio

72% shows that BH is considerably healthy and less likely to default or go bankrupt anytime soon.

Intrinsic Value

Based on my expected return of 15% and the projected earnings for the next 5 year, I have valued  BH at $1.26. The last done price for BH is $1.72, which is way above the price I would pay. But for those who wish to speculate that the price of BP will appreciate after being listed, may choose to purchase BH shares before the restructuring occurs to pocket some quick capital gains.

Thank you for reading. If you have any comments or feed backs, please post them in the comment section below. If you would like to check out my analysis of other companies, feel free to go to this page: http://fundamentally-invest.blogspot.sg/p/blog-page.html



Disclaimer
This publication is for general reading only. The information and materials contained on this web site are subject to change without notice, are provided for general information only and should not be used as a basis for making investment decisions. It does not form part of any offer or recommendation, or have any regard to the investment objectives, financial situation or needs of any specific person. Before committing to an investment, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and read the relevant product offer documents. I am not liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of this web site, howsoever arising, including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, omission, mistake or inaccuracy with this web site, its contents or associated services, or due to any unavailability of the web site or any part thereof or any contents or associated services.

Life Advice for My Younger Self

We are frequently told by our parents, relatives or teachers to study hard, get a good job and work hard so that we can retire happily. If you have read self-help books about getting rich, you would be aware that there are so-called "success gurus" who are advocating you to do just the opposite: "You don't need a college degree to be successful, many of the most successful people in the world are college drop outs".

If you are like me when I was 16, you would buy into their mantra and start hating the system. You would have rejected the idea of pursing a tertiary education and focused on making money fast. As a 16 year old, you would start believing that you are smarter than the rest of the world and you can beat every adult in the race towards success.

It is true that there are many child prodigies that make it big in life, and it is also true that you can be one of them. But the reality is that there are 7 billion people on this planet and only a handful of child prodigies exists, calculate the odds yourself. Truth is, only 20% of the population will possess 80% of the wealth. This article is not discouraging you from dreaming. This article is not about someone who had a dream but had given it up because it did not come true for him.
This article is for the rest of the 80% that wants to become the 20%, and be willing to do it the right way.

What I am going to share with you is not the stuff I have read from "success" books, but the insights that I have gained over the years of "seeking success", or in a more accurate term: "chasing money".

At one point in my life, I had strongly rejected the "studying hard to get a job and work hard until I retire" story. I went down the path of seeking easy and quick wealth that would involve not doing much work but getting paid a lot. I have tried at least 3 different multi-level marketing, 2 direct sales jobs, and participated in unregulated investment schemes. (You can read more about my Investment Journey) What these experiences tell me is that different people are good at different things and don't believe them if they say "anybody can do it". A cube can never fit into a star-shaped mold, not until corners are cut. But cutting corners also mean losing a part of yourself that makes you You.

ADVICE TO MYSELF

As I turned 26 a month ago, I would like to share what I have realised over the past decade of my journey:

1. Study Hard Not For Grades But To Pursue Your Interests
There is a reason why money is not taught in school even when it is the common denominator of every thing you do in order to survive in this world. What we learn in our early education is only the building block for us to understand and learn the real value-adding skills that would come when we enter society. Doing well and scoring good grades is simply so that we can have the choice to pursue what we really want to do.

Just like there are geniuses who do not need to study to excel in class, there are the polar opposites that simply could not handle studies well no matter how hard they try. Although our education system is not perfect, it has gradually evolved to cast out the stigma associated to people who are not academically inclined, giving a chance to those who are more hands-on to also excel in life. Those successful people who dropped out of college are such examples. Poor performances in academics does not necessarily equate to intelligence, it just means that the mold does not fit you and you need to find your niche. So do not be disheartened if you cannot do well academically, you might be a better artist, musician, dancer or actor than all the scholars combined!


2. Provide Value And Money Will Follow

Money should be a reward for the value that you provide to someone else. It should not be what you expect to receive before providing value. So if you focus on increasing the value that you can provide, money and success will come to you. For example: if you like to cook, focus on being an exceptional cook where everyone will want to eat the food that you cooked. When there is a demand for your food, people will naturally pay you to cook. You can either work for a restaurant or open up your own restaurant, but money will flow to you even when all you have been focusing on is to be a really good cook.

3. Manage Your Money Well
Being conscious about money simply means that you do not take money for granted. Money can make those who are good in its handling richer; but flees from those who do not know how to manage it well. You do not have to be an exceptionally smart person to manage money. Basic common sense like "spending lesser than what you earn will assure you a surplus" would be a good start. Always remember the rule: "Pay Yourself First". (You can read more about How I manage my Money)

4. Be Patient With Results, But Impatient With Efforts
Sometimes when we do something and expect a certain reward in return, we get disheartened if things did not turn out the way we want. This would often throw us into doubt and make us question the reason to continue. As a rule of thumb, never give up trying until you have exhausted all means of achieving a certain result that you want. But be careful not to keep doing things the same way and expect different results, that would be true insanity (Albert Einstein). Do not give up easily, but learn when to quit, there is no right or wrLife ong in life, only what works and what doesn't.

5. Have A Clear Conscience
The term "dirty money" is coined because money is often associated with crimes and scandals. It is definitely easier to obtain lots of money through unscrupulous methods like stealing, cheating, robbing or lying - quick with minimal effort. To effortlessly obtain money often mean that somebody else loses money without getting any value in return. Such methods are not sustainable and definitely sets the progress of society backwards. Selfish behaviours like this will eat away at your conscience and eventually bring your downfall. Even if you don't get caught, you will live a miserable life on the facade of luxury and wealth. I made a vow to myself, never to seek wealth in ways where I would detriment another person, so should you.

CONCLUSION
In summary, all of us are different and we all serve different purposes in life. What may work for others may not work for you. Money should be a reward and not an objective. Focusing on creating value and contributing to society not only makes you a better person, but also a more successful one. Managing your own money well is the first step towards accumulating wealth. Persist with different ways to achieve results, but learn when to move on. It is meaningless to become rich by unscrupulous means.

The condensed advice that I would give my 16 year old self is: "Experiment and find out what really interest you and invest your time and energy into becoming exceptionally good at it, money and success will follow."



Thank you for reading, I hoped you have enjoyed reading as much as I have enjoyed sharing. If you like my article, do follow me and share it on any social media so that more people can enjoy it too.


Disclaimer
This publication is for general reading only. The information and materials contained on this web site are subject to change without notice, are provided for general information only and should not be used as a basis for making investment decisions. It does not form part of any offer or recommendation, or have any regard to the investment objectives, financial situation or needs of any specific person. Before committing to an investment, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and read the relevant product offer documents. I am not liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of this web site, howsoever arising, including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, omission, mistake or inaccuracy with this web site, its contents or associated services, or due to any unavailability of the web site or any part thereof or any contents or associated services.

I do not own any of the images used in this article.