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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 expert quotes to undermine the market sizing thesis for Lasertec's ACTIS tools.",
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      "text": "In reality, the actual number is closer to one ACTIS tool per quarter at ~$50MM each, as TSMC is a major portion if not a majority of ASML EUV systems – and TSMC is no longer buying Lasertec’s EUV tool.",
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      "text": "Samsung indicates ratio is 1 Lasertec tool for every 5 ASML EUV scanners. Global Foundries indicates ratio of 1 Lasertec tool for every 4 or 5 ASML scanners. Ratio of 1 Lasertec tool for every 5 ASML EUV scanners confirmed by other semicap industry experts.",
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      "text": "EUV tool ratio: 1:5",
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      "text": "Samsung and Global Foundries are the only remaining buyers after Intel and TSMC where Lasertec could salvage a bit of EUV tool growth. However, executives at Samsung, Global Foundries, and a major Japanese tools supplier told us that only one Lasertec EUV tool is required for every five ASML EUV scanners installed. ASML reported a bit over 10 EUV scanners in each of the last 4 quarters: 12 (Q2/23), 11 (Q3/23), 13 (Q4/23), 11 (Q1/24) – implying at most two ACTIS EUV tools per quarter. In reality, the actual number is closer to one ACTIS tool per quarter at ~$50MM each, as TSMC is a major portion if not a majority of ASML EUV systems – and TSMC is no longer buying Lasertec's EUV tool.",
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      "text": "“I’ve been told that roughly one Lasertec tool is required for five ASML EUV’s. Intel started to buy EUV tools from 2019, and until now, Intel has 22 EUV tools. Intel had 12 tools until 2019, 14 until 2020, 17 until 2021, and 22 EUV tools by last year. There’s roughly one tool for five EUV tools—one Lasertec tool for five EUV tools.” — Longtime Samsung executive in leadership role in EUV; worked closely with Lasertec; decision-maker for inspection tools. “It’s about 1:4 or 1:5. That’s a reasonable ratio”. — Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection. “I think that’s pretty accurate.”—Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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