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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": "Uses the Japanese concept 'isshun no eikou' (momentary glory) to frame the company's trajectory.",
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      "text": "Lasertec’s accounting scheme bears similarities to Olympus and Toshiba, as we shall explain, with a looming impairment that will exceed the former’s.",
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      "text": "Japan Resists Audit Reforms Despite Toshiba, Olympus Scandals\nToshiba Accounting Scandal Highlights Issues in Corporate Governance\nOlympus admits it hid losses for decades\nHow Olympus Became Japan's Biggest Fraud",
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      "text": "Lasertec is a textbook fraud – a marginal company that found itself in the right place at the right time, rode a buzzword called EUV, with no way to live up to the hype and expectations for earnings and growth, inevitably succumbing to the temptation to maintain its stock price – first with little lies, snowballing into a giant lie that brings the whole thing crashing down. The Japanese have a concept similar to 15 minutes of fame: isshun no eikou - 瞬の栄光“ - momentary glory before fading back to obscurity, to be remembered only as just another accounting scandal. Lasertec’s accounting scheme bears similarities to Olympus and Toshiba, as we shall explain, with a looming impairment that will exceed the former’s. We note that a key part of the Toshiba scandal involved fraudulent inventory valuation at its semiconductor business unit, as we shall also detail.",
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      "kind": "source-note",
      "text": "Source: https://news.bloombergtax.com/financial-accounting/japan-resists-audit-reforms-despite-toshiba-olympus-scandals; https://www.france24.com/en/20111108-japan-olympus-cameras-scandal-hiding-losses-woodford; https://www.nippon.com/en/in-depth/a04802/; https://www.youtube.com/watch?v=bcFL-EqkTnY",
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      "text": "Japanese corporate frauds – media coverage",
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