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  "docSlug": "f982379e2e48",
  "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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  "pageNumber": 16,
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  "notes": "The slide uses a combination of narrative red flags and comparative data visualization to argue for potential accounting manipulation.",
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      "text": "The absolute level of inventory has gone parabolic; is highly abnormal as a percent of revenue versus its historical trend; began to spike right when it entered the EUV market; hit a preposterous 120-135% of revenue in some recent quarters; hit its highest level in the last 2 quarters as a percent of assets; is the most inflated inventory level of any semicap supplier in the world; and has no explanation versus the 5 largest players - triple or quadruple ASML, Applied Materials, Lam, Tokyo Electron, KLA - even though they all make complex, long lead-time tools.",
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      "text": "Inventory As Percent Of Revenue - Comparison",
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      "text": "Lasertec Inventory Balance ($ millions)",
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      "text": "inventory level: $1.1B",
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      "text": "The warning signs are classic: firing their longtime auditor right when the anomalies first appeared; secrecy as evidenced by vague disclosures in the financial statements; and terse, evasive replies by the CEO and CFO during quarterly Q&A. Aside from the unusual margins and missing cash flow, the anomaly that drew our focus was the alarming level of inventory - $1.1B, a figure that has barely fluctuated in 6 quarters, itself a sign of a fabricated number. The absolute level of inventory has gone parabolic; is highly abnormal as a percent of revenue versus its historical trend; began to spike right when it entered the EUV market; hit a preposterous 120-135% of revenue in some recent quarters; hit its highest level in the last 2 quarters as a percent of assets; is the most inflated inventory level of any semicap supplier in the world; and has no explanation versus the 5 largest players - triple or quadruple ASML, Applied Materials, Lam, Tokyo Electron, KLA - even though they all make complex, long lead-time tools.",
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      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data",
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      "kind": "title",
      "text": "Lasertec inventory over time and versus the 5 largest semicap players",
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