{ "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": 27, "pageCount": 334, "prevPage": 26, "nextPage": 28, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses highlighted text to emphasize key negative sentiments from industry experts.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/27", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-27", "components": [ { "bbox": null, "kind": "callout", "text": "Global Foundries sees KLA as “huge risk to Lasertec” that “obviously will” take share; Lasertec would have “significantly mark down” and “impair” its inventory; “would probably require an asset write-down”", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc78-06d819363ee2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.28 }, "kind": "paragraph", "text": "ACTIS A300 is just a press release timed to coincide with Intel’s High NA EUV announcement. “I have not even heard of a single A300 system, a 300 system that shipped even. I don't know if it's pure vaporware, and it's just a press release to match the shipment of the first High-NA system to Intel, and they want to match that press release.” – Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0f0c6856-6116-4024-881d-c3985d0db30a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.38, "w": 0.86, "x": 0.07, "y": 0.52 }, "kind": "paragraph", "text": "Global Foundries sees KLA as “huge risk to Lasertec” that “obviously will” take share; Lasertec would have “significantly mark down” and “impair”; “would probably require an asset write-down”. Q: “How many more Lasertec machines are people going to buy in 2024? Because if finished goods inventory is already piling up, 3-nanometer delays, TSMC--?” A: “I think there's a huge risk here to Lasertec, if machines are piling up and KLA is going around reassuring people that if you can hold off until mid-2025, we will have a system commercially available to you. And in fact, we'll give early access in the second quarter of 2025, you can come and evaluate...High-NA is going to accelerate. People are making these massive capital investments in inspection equipment. I do think, by the way, even if KLA came out with, let's say, an A150 competitor, yes, they will take share from Lasertec. They obviously will. And Lasertec could be caught with inventory they're going to have to significantly mark down even to move on the A150 side. But if the A300 remains only on paper...it could be pure PowerPoint capability that the A300 never really materializes. And then they would be in a lot of trouble at Lasertec...” Q: “This is a scenario where their sales completely collapse.” A: “Yes, for EUV, correct. Correct. And they would end up having to impair I don't know price point-wise. KLA, if they wanted to...could put a lot of pressure on them, which would probably require an asset write-down on the part of Lasertec.” – Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1293cdbc-8ff9-4436-af3e-0a70eee4297a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.86, "x": 0.07, "y": 0.42 }, "kind": "paragraph", "text": "New Urashima is a light source is a key risk and “sounds sketchy”. “Urashima is the risk for them, no question...it sounds sketchy.” – Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e45e46ca-4289-4c73-aec9-f23efa6ff84e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“I have not even heard of a single A300 system, a 300 system that shipped even. I don't know if it's pure vaporware, and it's just a press release to match the shipment of the first High-NA system to Intel, and they want to match that press release.” — Longtime executive at Global Foundries; directly involved with Lasertec and all aspects of mask inspection", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc78-098bc4e00909", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2184df65-ff8f-4e3a-92f1-0bb2635f8f90", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Global Foundries, also one of the world’s largest chipmakers, dismissed the A300 as “just a press release” to match Intel’s acceptance of ASML’s first High NA scanner, saying “no question, it sounds sketchy”; “if the A300 remains only on paper...it could be pure PowerPoint...that the A300 never really materializes...they would be in a lot of trouble at Lasertec...would end up having to impair...would probably require an asset write-down.”", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "434caecd-14be-4d30-8f52-8357448bfebd", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "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": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }