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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a mocking tone to frame the company's marketing as deceptive.",
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      "text": "Lasertec refuses to reveal how much of its revenue, orders, or backlog actually come from EUV, nor the trend – because, we think, the contribution is now likely close to zero.",
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      "text": "Lasertec is an EUV concept stock – a concept most investors couldn't explain, much less what the letters stand for. We shortly provide a tutorial. Amazingly, Lasertec refuses to reveal how much of its revenue, orders, or backlog actually come from EUV, nor the trend – because, we think, the contribution is now likely close to zero. It is nothing more than an outdated supplier of DUV tools from a prior era, masquerading as EUV. We remind that its market cap during the peak period of DUV lithography in the late 1990's to early 2010's was ~$100MM with a $1 stock price. Lasertec's site is too technical for most, so for them it has a slick corporate video – as fluffy and light as cotton candy on a sunny day, the perfect sugar high for the retail day trader: “Can Lasertec make you happy?”; “Is Lasertec leading the way for the next 100 years?”; “Can Lasertec outdo itself?”",
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