You would like that :

and you have thit :

or thit .

No problem, I've the solution.

---

For begin, we set the material : set Alpha on zero and push Z-Transp (or Ray-Transp).

We use four textures.

- The first is for opaque color (here the black). You can delete this texture and the opaque part will have the color of your object.

- The second texture only in Stencil

big picture

- The third for the transparent part's color.

big picture

- The fourth on Alpha

big picture

The end, normaly it's ok. Note : i've a white picture with black logo. It's important for alpha and stencil. If you have a black picture with a white logo you will set oposite.