{
  "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": 19,
  "pageCount": 334,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "The slide uses a narrative structure to build a case of fraud, specifically targeting the misclassification of finished goods as work-in-process.",
  "elementsJson": [
    "paragraph",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/19",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-19",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Given that some of these machines sell for $50MM each, Lasertec’s claim of 100% raw materials and work-in-process and 0% finished goods is clearly false.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc77-00ecf5aef1ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.24,
        "w": 0.86,
        "x": 0.07,
        "y": 0.71
      },
      "kind": "image",
      "text": "Grid of 8 photos showing wrapped machinery being moved into a facility and onto a truck.",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "150aca2f-c38d-4338-a029-8904a6155a0c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.37
      },
      "kind": "paragraph",
      "text": "In a later section, we share photographic evidence that Lasertec’s new “Innovation Park” and its so-called “fabs” are essentially a fraud with no production or R&D. During ~20 visits to the campus, our investigators found an empty and deserted facility.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87ade6e8-e559-49cc-9b8e-4432f5210e70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "We hired a local consultant to meet with IR in March 2024 at Lasertec headquarters, who at one point asked “And no finished goods in there, right?” The IR rep replied “No. All work in process.” while smiling with a knowing wink.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a9a07d8-1691-427f-800a-6fd81b7e2462",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.52
      },
      "kind": "paragraph",
      "text": "Its only purpose appears to be storage for finished goods – we show below a sample of photos of machines being loaded into storage, all hermetically sealed in protecting wrapping and clearly finished goods. Given that some of these machines sell for $50MM each, Lasertec’s claim of 100% raw materials and work-in-process and 0% finished goods is clearly false.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ba9d204f-03f6-4cea-960b-d73d7f91d894",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "To hide a lie as flagrant as no finished goods, of course, means that other lies are needed. It appears to be an open secret among Lasertec’s investor relations team that inventory is being misclassified.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e68b67dc-41e1-4041-a559-f36ea3a22d71",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“And no finished goods in there, right?” — Investigator; “No. All work in process.” — IR rep",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc77-06e9b6fdeac4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.07,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Investigator field visits",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81813e88-b713-42e7-9863-450297d1df0c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.86,
        "x": 0.07,
        "y": 0.67
      },
      "kind": "title",
      "text": "Investigator photos of finished goods being moved into storage at “Fab 4A” at Lasertec Innovation Park",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5a3443e-cdab-4b45-8c0e-6b326f6d5f2c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "446d2a24-c13d-4e51-a6ef-b04b7c8e55bb",
      "evidence": "The slide explicitly frames the content as exposing a lie and fraudulent activity regarding inventory classification.",
      "confidence": 1
    }
  ],
  "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
}