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  "documentTitle": "Lasertec Corporation (6920)",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses media headlines as social proof/precedent for the company's dramatic valuation shift.",
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      "text": "Out of nowhere, the stock has spiked 100-200X since it became an EUV story, depending on the baseline date, making it the best performing stock in Japan in the last 5 years (1,700%) and 10 years (16,000%).",
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      "text": "This little-known Japanese company is a key player in the leading-edge chip industry—\nThe obscure firm making iPhones better:\nJapan's Lasertec masters extreme ultraviolet lithography",
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      "text": "iPhones Are Improving Every Year Thanks to an Obscure Japanese Company",
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      "text": "market capitalization: 16,000%",
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      "text": "Founded in the 1960's, Lasertec was a small, obscure supplier of basic measurement and inspection equipment, with revenue stuck between $30-100MM for most of the 2000's. It struggled the entire decade prior to its EUV product launch in 2017, with mediocre margins and no growth over the period, trading at 1-2X revenue as a penny stock around $0.50 to $2 (¥75 to ¥300), unable to exceed $50-200MM market cap. Out of nowhere, the stock has spiked 100-200X since it became an EUV story, depending on the baseline date, making it the best performing stock in Japan in the last 5 years (1,700%) and 10 years (16,000%); and the 6th best in the world >$5B market cap over the last decade.",
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      "text": "Source: https://www.bloomberg.com/news/articles/2020-05-25/japan-s-hottest-stock-is-tiny-maker-of-40-million-chip-machines?embedded-checkout=true; https://finance.yahoo.com/news/little-known-japanese-company-key-210000435.html; https://www.japantimes.co.jp/news/2019/03/12/business/corporate-business/obscure-firm-making-iphones-better-japans-lasertec-masters-extreme-ultraviolet-lithography/; www.bloomberg.com/news/articles/2019-03-11/iphones-improve-every-year-thanks-to-an-obscure-japanese-company",
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      "text": "Japan's Hottest Stock Is Tiny Maker of $40 Million Machines",
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