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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 two pieces of evidence (a patent and a sales presentation) to argue that a competitor's product is not new and was likely previously evaluated and rejected.",
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      "text": "The fact that the Isteq source was available prior to the ACTIS A150 launch in 2019/2020 suggests that Lasertec evaluated it years ago and concluded it was inferior to the Ushio source they first chose.",
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      "text": "Old patent application by Isteq/RnD-ISAN",
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      "text": "2021 sales presentation for Isteq’s LPP source",
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      "text": "Source: https://patentimages.storage.googleapis.com/78/09/07/ee8f012cefba27/WO2020216950A1.pdf; https://www.euvlitho.com/2021/SS19.pdf",
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      "text": "Isteq and its Russian parent RnD-ISAN jointly filed an international patent application for their LPP technology back in 2019/2020, and branded it as their “TEUS” EUV source product in sales presentation in 2021, if not earlier – once again illustrating that “Urashima” – TEUS in disguise – is far from new. The fact that the Isteq source was available prior to the ACTIS A150 launch in 2019/2020 suggests that Lasertec evaluated it years ago and concluded it was inferior to the Ushio source they first chose.",
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