Eh? What's a disclaimer?

Sometimes I wonder what's the point of the professionals putting a disclaimer in their financial research reports.

At the end of most reports, these professionals would put in some sort of disclaimer and the following is a typical disclaimer one would see from a brokerage house like OSK.

• The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.

Remember the blog posting Update on TSH?

In that posting I enclosed the earnings table OSK had posted in their report after TSH reported their earnings.

And this was remarked by OSK.

• Just a hiccup! Net profit of RM29.7m was 34.1% and 28.7% below consensus and our forecast respectively. This is predominantly due to a write back in tax credit amounting to RM8.9m (being reinvestment allowance realised in FY04) after the company has now been granted a 10 year pioneer status for its biomass subsidiary commencing FY04.

Now OSK posted their 4Q 2005 earnings report card today ( click here ).

In it, they had a small table on TSH.

Waa... can you see that OSK forecast for TSH was 41.7 million.
And TSH missed by a mere 7.4%?

Hmmm... i wonder who just said... " Just a hiccup! Net profit of RM29.7m was 34.1% and 28.7% below consensus and our forecast respectively. "

Hmm.... so I wonder.... what was said in their disclaimer

Oh...

The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice....