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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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      "text": "Misclassifying finished goods as work-in-process inventory are \"tricks any supplier can play\"; many ways to call it WIP",
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      "text": "Customers delaying shipment of Lasertec systems due to “quality issues”\n“I’ve heard of a delay of shipment of systems to have Lasertec fix some things or engineering changes...they’re holding off near-term shipments until they resolve these quality issues.” – Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection",
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      "text": "Global Foundries indicated that customers are refusing to accept shipment of the tools: “I’ve heard of a delay of shipment of systems to have Lasertec fix some things or engineering changes...they’re holding off near-term shipments until they resolve these quality issues.” They commented further that misclassifying finished goods inventory as work-in-process is easy: “tricks that any supplier can play...you don’t have to place it ready for shipment...any number of ways you can say it’s work-in-process...if you don’t do that final quality inspection....any number of minor steps...you hold off doing them and you still get to call it WIP.”",
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      "text": "Misclassifying finished goods as work-in-process inventory are “tricks any supplier can play”; many ways to call it WIP\nQ: “In the footnotes of their financial statements, they say almost all the inventory is work-in-process, and they have no finished goods because if they showed all that inventory as finished goods, their stock would collapse because then people would realize what’s going on. “\nA: “These are the tricks that any supplier can play. You don’t have to place it ready for shipment - there are any number of ways you can say it’s work-in-process. If you don’t do that final quality inspection - there are any number of these minor steps that can be done at the end, and you hold off doing them, and you still get to call it WIP.” – Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection",
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      "text": "I’ve heard of a delay of shipment of systems to have Lasertec fix some things or engineering changes…they’re holding off near-term shipments until they resolve these quality issues. — Longtime executive at Global Foundries",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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