{
  "docId": "019dd923-622c-750b-8b9a-0f4bec37392f",
  "docSlug": "f982379e2e48",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 17,
  "pageCount": 334,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses transcript excerpts to frame management's lack of visibility as a red flag for investors.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/17",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-17",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The CFO offered no explanation, stating only that “the current situation is a stalemate” and that “we do not necessarily have an accurate grasp of the situation” - and shockingly, that inventories would rise even higher.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc76-9dede7e5b69a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "inventory levels: JPY160 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc76-a426a4f60d52",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "The CFO’s comments a few weeks ago during the Apr 30, 2024, earnings Q&A should alarm Lasertec investors. A BofA analyst questioned why inventories are so high and when they “expect inventories to drop.” The CFO offered no explanation, stating only that “the current situation is a stalemate” and that “we do not necessarily have an accurate grasp of the situation” – and shockingly, that inventories would rise even higher: “we believe that this will increase”; “I think we will see...or rather, an increase in inventories”; and affirmed that the current $1.1B is the “minimum level forecast.”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "363d5469-cc56-4ef6-afea-5c98ba53c2df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.86,
        "x": 0.07,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "Continuing on, Mr. Hirakawa of BofA Securities, please go ahead.\n\nHirakawa [Q]: Thank you very much. Inventories, even after the end of Q3, were probably around JPY160 billion and have remained high for the past three or four quarters. I wonder if you could tell me the level you are targeting in the medium term, and when you expect inventories to drop.\n\nMisawa [A]: Regarding inventories, Misawa will answer. Inventories vary depending on the progress of orders received, anticipated production, and the acceptance of products by customers. As of today, the current situation is a stalemate, or about JPY160 billion.\n\nWe believe that this will increase as market conditions recover and orders become more active, and also as products with long lead times increase. We do not necessarily have an accurate grasp of the situation, but we are proceeding with production while properly controlling risks.\n\nHirakawa [Q]: So you are saying that if market conditions recover, there will be another increase, and that you are currently holding this amount as a minimum level forecast.\n\nMisawa [A]: Yes. We are of course still engaged in anticipated production, but once market conditions recover, I think we will see more active production, or rather, an increase in inventories.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cfca66b6-d2b7-4412-a2f9-56be4fed9fb3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“the current situation is a stalemate” — Misawa (CFO). “we do not necessarily have an accurate grasp of the situation” — Misawa (CFO). “we believe that this will increase” — Misawa (CFO). “I think we will see...or rather, an increase in inventories” — Misawa (CFO). “minimum level forecast.” — Misawa (CFO).",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc76-a12f239a5e0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.07,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: https://ssl4.eir-parts.net/doc/6920/ir_material_for_fiscal_ym5/154669/00.pdf",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5094ac32-6c12-4ae2-9e05-09d4add5ef0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.07,
        "y": 0.37
      },
      "kind": "title",
      "text": "Quarterly earnings Q&A, Apr 30, 2024 – transcript excerpts",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "951b4b4d-95e7-476a-86e8-7252d8a50509",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "194a893c-1b55-4e22-8c33-5bafc2cddeb9",
      "evidence": "Highlights management's own words to expose lack of clarity and negative outlook.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 10,
      "beatId": "b0713895-40ab-4e0a-a668-cc255ac5d105",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The deck presents a series of critical slides highlighting Lasertec's alleged flaws and fraud.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 80,
      "from": 11,
      "beatId": "7e31b42d-7913-4bdc-94a9-6f7195daecb2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The deck presents numerous slides exposing alleged contradictions and flaws in Lasertec's products and financials.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 11,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "c9a9de07-36c8-43b8-a668-571299dbc8ce",
      "evidence": "The deck presents a series of slides that aim to reveal Lasertec's alleged flaws and fraud, leading to an 'aha' moment for investors.",
      "position": 0,
      "objective": "To reveal Lasertec's alleged flaws and fraud",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.8,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}