{
  "docId": "019dd923-622c-750b-8b96-fcb164354e3e",
  "docSlug": "86ed72671dc5",
  "documentTitle": "PeptiDream, Inc. (4587 JP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-07 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 2,
  "pageCount": 22,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "executive_summary",
  "function": "frame_problem",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a visual metaphor of a wheel-less Jaguar to critique the company's business model.",
  "elementsJson": [
    "data_table",
    "headline_text",
    "photo",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-fcb164354e3e/2",
  "deckHref": "/decks/019dd923-622c-750b-8b96-fcb164354e3e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-fcb164354e3e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-fcb164354e3e#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe this comparison would be more relevant to PeptiDream if the Jaguar were missing its wheels.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14dd-72ca-b97a-1df2627e0a58",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.6,
        "x": 0.2,
        "y": 0.4
      },
      "kind": "image",
      "text": "Jaguar sports car with wheels removed",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "691b3f1b-7ded-4034-b31a-7143fc39daad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Market Cap: ¥665.4 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dd-72ca-b97a-2317120950d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.81
      },
      "kind": "paragraph",
      "text": "PeptiDream’s technology allows for the creation of vast libraries of peptides - but library size doesn’t necessarily correlate with drug development success.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "53d22352-1e0e-4d34-ae98-097f0b766318",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.76,
        "x": 0.12,
        "y": 0.63
      },
      "kind": "paragraph",
      "text": "When wooing retail investors, Chairman Kiichi Kubota likes to compare non-standard peptide drugs to a Jaguar sports coupe... We believe this comparison would be more relevant to PeptiDream if the Jaguar were missing its wheels.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "65fcb125-77f5-4720-b512-3f2da9620110",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.72
      },
      "kind": "paragraph",
      "text": "PeptiDream has really cool technology... But we believe the coolness of PeptiDream’s technology amounts to at best a very small business opportunity. In other words, the question investors need to ask the company is “So what?”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb1f8e3d-3642-4fc8-9b4a-08548b761d70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.12,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "1 See infra.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c0f5c7b-0381-47d8-8bb1-b90967cf1649",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.76,
        "x": 0.12,
        "y": 0.13
      },
      "kind": "table",
      "text": "Company: PeptiDream, Inc. Ticker: 4587 JP Industry: Pharmaceuticals Report Date: November 7, 2019 Stock Price (¥): 5,310 Market Cap (¥): 665.4 billion Float: 74.6% Average Volume: 3.21 billion",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d539b6a5-f5cf-44d4-beda-c0356773dd8b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.35,
        "y": 0.35
      },
      "kind": "title",
      "text": "PeptiDream: A Sportscar Without Wheels",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61b5692a-2d7b-4b4e-aeb3-dbc549285b7e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.09,
        "y": 0.11
      },
      "kind": "title",
      "text": "I. EXECUTIVE SUMMARY",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea3a2bd2-8ad2-44c6-99fe-3991e2541c6d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "metaphor-analogy",
      "slug": null,
      "matchId": "2086d618-4180-4faf-b1a5-7760474ba9d6",
      "evidence": "Uses a wheel-less sports car to describe the company's business model.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}