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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 presents two distinct expert testimonials supporting the thesis that KLA is better positioned than Lasertec.",
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      "text": "KLA may have an interesting strategy...they will be ahead of Lasertec because they already have a better source.",
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      "text": "KLA “will be ahead of Lasertec” with “a better source”\n“KLA may have an interesting strategy. Let’s say they go with Gigaphoton. I don’t think they do, but they go with somebody else. Then, in the long term, they will be ahead of Lasertec because they already have a better source. So, they’re learning. KLA is a smart company…” – Leading EUV lithography expert close to Lasertec’s customers and to KLA",
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      "text": "KLA has ‘all the ability’ to make a competing actinic tool; “that’s for sure”; can leverage their monopoly position in DUV\nA: “KLA has all the ability to make it happen. That’s for sure. They have the product, the team, the resources, they have the money. If anyone can do it, then KLA is definitely it. It may well be that the scope of the work is too large for Lasertec. All I can say is that the scope of work is huge, even with a source. Maybe it’s more than Lasertec can swallow. But since it’s possible to do and ASML showed that it’s possible, KLA has all the necessary resources to make it happen, to invest enough money, form the team, they know the market, they still have a virtual monopoly for the DUV tool, the same position as ASML”\nQ: “You’re confident that KLA will solve the EUV light source problems?”\nA: “Yeah, that’s for sure.” – Leading figure in the development of Cymer/ASML’s EUV light source; headed KLA’s EUV source effort; one of the top scientist/experts in the field",
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      "text": "“KLA has all the ability to make it happen...that’s for sure...KLA is definitely it.” — KLA executive. “KLA may have an interesting strategy...they will be ahead of Lasertec because they already have a better source.” — Leading EUV lithography expert.",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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      "text": "A second KLA executive, with extensive experience in EUV source development, confirmed their technical ability to launch the tool given their “virtual monopoly for the DUV tool”: “KLA has all the ability to make it happen…that’s for sure…KLA is definitely it.” He replied “for sure” when we asked if he’s confident that KLA will solve any EUV light source challenges. A leading EUV lithography expert close to KLA as well as to Lasertec customers agreed: “KLA may have an interesting strategy…they will be ahead of Lasertec because they already have a better source.”",
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