{ "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": 20, "pageCount": 334, "prevPage": 19, "nextPage": 21, "slideType": "appendix_methodology", "function": "summarize", "density": "dense", "nDataPoints": 0, "notes": "The slide details the depth of primary research conducted to validate accounting concerns.", "elementsJson": [ "paragraph", "bullet_list" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/20", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-20", "components": [ { "bbox": null, "kind": "callout", "text": "To find the answer, we undertook an intensive 5-month investigation encompassing over 20 in-depth research interviews, typically 60-90 minutes each; ~20 investigator field visits to Lasertec’s new Innovation Park.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc77-19e63a590b01", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.86, "x": 0.07, "y": 0.88 }, "kind": "list", "text": "Other customers\n- Global Foundries: Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection\n- Marvell: Senior employee at Marvell Technology, directly involved with Lasertec’s systems", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "358d58cf-ae48-4927-bc52-5c13dd3cdaf4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.81 }, "kind": "list", "text": "Samsung – 1 senior executive\n- Longtime Samsung executive in leadership role in EUV; worked closely with Lasertec; decision-maker for inspection tools", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4df9e22e-ab30-445b-a620-b74d1c0c3bbb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.71 }, "kind": "list", "text": "Intel – 1 senior executive; several Lasertec field engineers based full-time inside Intel’s mask shop or Oregon fab; other sources in touch with Intel and familiar with its experience with Lasertec’s technology\n- One of Intel’s most senior and tenured engineering executives, leadership responsibility in EUV/mask inspection", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "54622682-e57b-4134-a8a5-fcf1af80b15f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.56 }, "kind": "list", "text": "TSMC - 6 sources; including a Lasertec field engineer based inside its fab in Taiwan; plus other experts in touch with TSMC including the head of its mask shop\n- Former head of TSMC R&D; played key role in 5nm transition and vendor/tool selection\n- Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC\n- Others we cannot detail due to confidentiality agreements", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c368ef33-2ba0-4490-b0e0-3e6079caf19e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.42, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "The elephant in the room – aside from Lasertec’s lack of cash – is, of course, why the inventory is so high. Every accounting anomaly has an explanation. To find the answer, we undertook an intensive 5-month investigation encompassing over 20 in-depth research interviews, typically 60-90 minutes each; ~20 investigator field visits to Lasertec’s new Innovation Park; and an extensive review of the scientific literature on EUV light sources and actinic mask inspection, including key papers and presentations at SPIE - the industry’s society for photonics and optics - by Lasertec, TSMC, Intel, KLA, and other players. Our sources included 6 contacts at TSMC, including the ex-head of R&D and the purchasing executive who first brought in Lasertec; one of Intel’s most senior and tenured engineering executives, with leadership responsibility in EUV mask inspection; a longtime Samsung executive in a leadership role in EUV and a decision-maker for Lasertec tools; and other customers like Global Foundries and Marvell.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f5daf44b-f457-47ff-9bbe-c3c1a17f6083", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.07, "y": 0.51 }, "kind": "title", "text": "Sample of experts we consulted as part of our research (cont’d)", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7a4e2fc3-e976-484a-98ce-ff3ba8c3cfe2", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Audience Definition", "slug": "audience-definition", "agent": "Storyteller", "layer": "slide", "matchId": "a21b9892-81a1-494d-9ca1-bb615ed394c5", "evidence": "Sample of experts we consulted as part of our research (cont’d)", "confidence": 0.7 } ], "frameworks": [], "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 }