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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "Includes a screenshot of a Lasertec press release with a red circle highlighting the 'In-house' claim.",
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    {
      "bbox": null,
      "kind": "callout",
      "text": "Rather than admitting that the Urashima light source is simply an old, re-packaged Russian EUV source no one else wanted, Lasertec appears to be misleading investors with a new name and claims that it is a Japanese-developed technology.",
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      "kind": "image",
      "text": "Press release snippet showing 'Lasertec's In-house EUV Light Source: URASHIMA' with a red circle around 'In-house'.",
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      "kind": "paragraph",
      "text": "We note the headline below which misrepresents it as “Lasertec’s In-house EUV Light Source: URASHIMA”; as well as similar representations by the CEO during recent quarterly Q&A.",
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      "kind": "quote",
      "text": "…we announced ACTIS with High-NA, and in September, we also announced an EUV light source developed in-house with future needs in mind… – Lasertec CEO, Jan 31, 2024 Q&A",
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      "kind": "quote",
      "text": "As for URASHIMA, we developed it in-house and leave the manufacturing to our partner companies as much as possible, just as we do with our other equipment. – Lasertec CEO, Oct 31, 2023 Q&A",
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      "kind": "quote",
      "text": "\"...we announced ACTIS with High-NA, and in September, we also announced an EUV light source developed in-house with future needs in mind...\" — Lasertec CEO, Jan 31, 2024 Q&A; \"As for URASHIMA, we developed it in-house and leave the manufacturing to our partner companies as much as possible, just as we do with our other equipment.\" — Lasertec CEO, Oct 31, 2023 Q&A",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts; Lasertec corporate presentations and quarterly Q&A",
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      "text": "Rather than admitting that the Urashima light source is simply an old, re-packaged Russian EUV source no one else wanted, Lasertec appears to be misleading investors with a new name and claims that it is a Japanese-developed technology.",
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      "evidence": "Contrasts CEO statements with external claims to expose potential deception.",
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