{
  "docId": "019dd923-622c-750b-8b9a-0f4bec37392f",
  "docSlug": "f982379e2e48",
  "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": 100,
  "pageCount": 334,
  "prevPage": 99,
  "nextPage": 101,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses comparative analysis against historical scandals (Olympus, Toshiba) to frame the severity of the alleged fraud.",
  "elementsJson": [
    "paragraph",
    "bar_chart_vertical",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/100",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-100",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "All five methods for estimating the amount by which Lasertec is fraudulently valuing inventory – and therefore earnings, as well as the magnitude of the impairment charge it is trying to avoid – arrive at roughly the same figure, one that is devastating and indicates the degree to which its stock price has been based on an illusion: an inevitable 65-70% write-down of its $1.1B / ¥162B of inventory as of Mar ’24",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc7f-65e23caf9be3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.43,
        "x": 0.51,
        "y": 0.66
      },
      "kind": "chart",
      "text": "Retained earnings versus impairment charge (JPY millions)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a72bed8-e747-41a7-bd24-3cf9d487fd1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.43,
        "x": 0.07,
        "y": 0.66
      },
      "kind": "chart",
      "text": "Net income by year versus impairment charge (JPY millions)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19ffa6eb-568e-45cf-baf5-23b003d3bc1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "impairment charge: ~$700-750MM",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc7f-6b54dcff29e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "All five methods for estimating the amount by which Lasertec is fraudulently valuing inventory – and therefore earnings, as well as the magnitude of the impairment charge it is trying to avoid – arrive at roughly the same figure...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93a3c6af-1211-4996-bf87-9136cb5bec6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.07,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6b997e0-1d36-42fd-9e97-02a1cad02328",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.07,
        "y": 0.61
      },
      "kind": "title",
      "text": "Net income and retained earnings versus looming impairment charge",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cfaf7407-1c30-41bc-8540-2fb92084d7d4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "12d8dea8-ea0b-4f46-86ed-56052752ba88",
      "evidence": "The slide explicitly frames the inventory valuation as fraudulent and quantifies the impact of a potential write-down.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}