{ "kind": "all", "value": "all", "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations", "filters": { "documentKinds": [], "sourceTypes": [], "orientations": [] }, "total": 319975, "page": 2160, "pageSize": 60, "pageCount": 5333, "rows": [ { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 40, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a quote from an industry consultant to challenge the 'monopoly' narrative surrounding Lasertec's market position.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/40", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-40", "loopMatches": [], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 41, "slideType": "market_sizing", "function": "size_opportunity", "notes": "The text argues that the TAM is small and growth is constrained by the limited number of customers and their specific adoption patterns.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/41", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-41", "loopMatches": [], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 42, "slideType": "villain_critique", "function": "name_villain", "notes": "The slide uses a 'villain critique' approach to undermine the target company's reputation by highlighting failed R&D and reliance on third-party components.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/42", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-42", "loopMatches": [], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 43, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "The slide uses a combination of historical acquisition data and expert testimony to establish a 'moat' around ASML's technology.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/43", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-43", "loopMatches": [], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 44, "slideType": "cite_precedent", "function": "cite_precedent", "notes": "The slide uses a Wikipedia excerpt to frame ASML as a monopolist created through public funding and subsequent acquisition of US-developed technology.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/44", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-44", "loopMatches": [], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 45, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a table to contrast R&D spend and a LinkedIn screenshot to highlight Isteq's small employee count.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/45", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-45", "loopMatches": [], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 46, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses a specific metric (Market Cap / 5-Year R&D) to argue that Lasertec's valuation is disconnected from its actual R&D investment, comparing it to other tech companies.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/46", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-46", "loopMatches": [], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 47, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a narrative of 'contradiction' to challenge the company's self-proclaimed business model.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/47", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-47", "loopMatches": [], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 48, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a quote from a Morgan Stanley symposium to frame KLA's dominance and aggressive capital allocation as a direct challenge to Lasertec.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/48", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-48", "loopMatches": [], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 49, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a direct visual comparison of financial charts to highlight a lack of transparency in Lasertec's reporting compared to industry peer ASML.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/49", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-49", "loopMatches": [], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 50, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide highlights the lack of transparency from Lasertec's management regarding key performance metrics.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/50", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-50", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 51, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses direct quotes from earnings transcripts to demonstrate a pattern of management opacity.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/51", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-51", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 52, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses two charts to contrast conflicting analyst reports, illustrating the uncertainty in Lasertec's revenue composition.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/52", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-52", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 53, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide argues that Lasertec's order book and revenue metrics are inconsistent and lack credibility compared to industry peers like ASML.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/53", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-53", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 54, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a 'before-after' comparison of product generations to undermine the company's technological narrative.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/54", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-54", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 55, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "スコーピオン・キャピタルのショートレポートの一部。ACTIS装置の販売台数と価格を推定し、レーザーテックの業績への貢献度が低いと主張している。", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/55", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-55", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 56, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "レーザーテックの製品ラインナップ図を引用し、その中身が実際にはEUV対応ではないことを指摘する批判的スライド。", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/56", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-56", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 57, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses expert quotes to undermine the company's core product claims.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/57", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-57", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 58, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "The slide uses a technical argument to debunk a common investment thesis regarding EUV pellicles.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/58", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-58", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 59, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a quote from KLA's CFO to undermine Lasertec's narrative.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/59", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-59", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 60, "slideType": "thesis_headline", "function": "expose_contradiction", "notes": "This slide serves as a section divider or thesis statement for a deep dive into Lasertec's accounting practices.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/60", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-60", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 61, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses accounting equations to demonstrate the ripple effect of financial manipulation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/61", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-61", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 62, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a visual 'before and after' logic to show how accounting manipulation impacts the P&L and Balance Sheet equations.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/62", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-62", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 63, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses historical financial data to illustrate how accounting manipulation (hiding losses via goodwill/investments) manifests in balance sheet ratios.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/63", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-63", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 64, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "キャッシュ変換率の低さを不正の兆候として指摘する論理構成。", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/64", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-64", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 65, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide argues that revenue growth is being driven by the drawdown of deferred revenue rather than new business, supported by a line chart and a data table.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/65", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-65", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 66, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "会計不正のメカニズム（棚卸資産の過大計上と売上原価の過少計上）を説明し、それを裏付けるための時系列チャートを提示。", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/66", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-66", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 67, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide argues that the rapid growth in inventory is a red flag for potential accounting fraud, specifically referencing the relationship between income statements and balance sheets.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/67", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-67", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 68, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses the Toshiba accounting scandal as a precedent to critique inventory valuation practices, specifically mentioning Lasertec as a potential practitioner of similar methods.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/68", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-68", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 69, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The table compares 2019-2023 EBIT margins and LTM figures, showing Lasertec's margin growth from 28% to 41%.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/69", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-69", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 70, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The table ranks companies by EBIT margin, with Lasertec at the top. Data sourced from S&P Capital IQ.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/70", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-70", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 71, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "Data presented in two tables: Gross Margin (粗利益率) and Net Margin (純利益率).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/71", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-71", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 72, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide highlights a discrepancy between reported high profit margins and low cash conversion, framing it as evidence of potential accounting irregularities.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/72", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-72", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 73, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide argues that a ratio consistently below 1 indicates low-quality earnings, contrasting historical performance with recent declines.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/73", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-73", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 74, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses two tables (one in JPY, one in USD) to demonstrate that dividend payouts are consuming a significant portion of free cash flow, forcing the company to borrow despite high reported profits.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/74", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-74", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 75, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses financial ratios to challenge Lasertec's 'fab-lite' strategy claims.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/75", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-75", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 76, "slideType": "appendix_data", "function": "analyze_data", "notes": "棚卸資産の急増がACTISの発売時期と重なることを指摘している。", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/76", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-76", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 77, "slideType": "appendix_data", "function": "analyze_data", "notes": "The red boxes highlight the period starting in 2019, which the author links to the launch of the ACTIS extreme ultraviolet equipment.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/77", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-77", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 78, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "レーザーテックが両指標で突出していることを強調する比較表。", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/78", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-78", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 79, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide highlights an outlier in inventory turnover metrics compared to industry peers.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/79", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-79", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 80, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "レーザーテック（赤）が他社（黒・グレー・青）と比較して突出していることを強調する比較チャート。", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/80", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-80", "loopMatches": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 81, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses red dashed circles to highlight the divergence between inventory and deferred revenue.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/81", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-81", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 82, "slideType": "cite_precedent", "function": "cite_precedent", "notes": "The slide title mentions 'Gross Profit Margin' (売上総利益率) but the content is entirely about inventory (棚卸資産).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/82", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-82", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 83, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide highlights a specific accounting anomaly where finished goods inventory is consistently reported as zero, suggesting potential manipulation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/83", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-83", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 84, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide highlights a discrepancy in financial reporting practices between Lasertec and its peers.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/84", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-84", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 85, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses photographic evidence to contradict the company's official financial reporting regarding inventory composition.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/85", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-85", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 86, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a combination of a bar chart showing inventory/sales ratio and a screenshot of the official press release regarding the auditor change to build a case for potential accounting irregularities.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/86", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-86", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 87, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses excerpts from 10K filings to show that auditors are flagging inventory valuation as a 'critical audit matter' due to management judgment, implying potential risk despite no explicit fraud findings.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/87", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-87", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 88, "slideType": "cite_precedent", "function": "cite_precedent", "notes": "The slide contrasts KLA and Lam Research's audit reports with the explicit fraud case of MagnaChip.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/88", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-88", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 89, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide maps specific accounting fraud allegations to their corresponding SEC complaint text.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/89", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-89", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 90, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide argues that the unexplained volatility in gross margin is a sign of corporate malfeasance.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/90", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-90", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 91, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a transcript excerpt to expose the company's evasiveness regarding the profitability of specific product lines.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/91", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-91", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 92, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide contrasts the CEO's optimistic outlook in October 2023 with the reality of low margins in Q1, followed by a defensive explanation in January 2024.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/92", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-92", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 93, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a Q&A format with an industry expert to challenge the company's reported gross margins.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/93", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-93", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 94, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a Q&A excerpt from a GlobalFoundries executive regarding maintenance costs and customer dissatisfaction.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/94", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-94", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 95, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a Q&A format to expose the company's inventory issues and potential reliability problems.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/95", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-95", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 96, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a Q&A format to highlight the aggressive nature of Lasertec's sales approach, suggesting financial strain or inventory pressure.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/96", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-96", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 97, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a Q&A format to expose a lack of technical validation for a new product (A300) and questionable sales practices by Lasertec.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/97", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-97", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 98, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide presents a 'villain' narrative by highlighting potential accounting irregularities (lack of inventory write-downs) and market demand failure.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/98", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-98", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 99, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses two distinct valuation methods (inventory/sales ratio and inventory/total assets ratio) to calculate a potential impairment loss of approximately 63-66%.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/99", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-99", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }