{ "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": 276, "pageCount": 334, "prevPage": 275, "nextPage": 277, "slideType": "testimonial", "function": "illustrate_case", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses direct quotes from industry experts to build a bearish case against Lasertec.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/276", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-276", "components": [ { "bbox": null, "kind": "callout", "text": "Lasertec “will struggle” to compete with KLA; “extremely hard to compete”; Lasertec “will disappear in five year” is they don’t fix their product problems", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961c-bb26fc90a9ab", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.38 }, "kind": "list", "text": "Lasertec “will struggle” to compete with KLA; “extremely hard to compete”; Lasertec “will disappear in five year” is they don’t fix their product problems", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1ae83774-d7ee-414d-b85c-a0654485dcb3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.63 }, "kind": "list", "text": "KLA customers are keen “to buy from KLA...no question...they will get the orders”; even “if it were crap” as customers want a second alternative to Lasertec", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bf0444e1-aa27-4a46-9045-8a6a9333456a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.43 }, "kind": "paragraph", "text": "A: “There is KLA and KLA has proven in the past that they can pull it out eventually...my projection is they will struggle. There will be struggle there...I think it would be extremely hard to compete with KLA...I don’t think Lasertec can pull it out in EUV [vs. KLA] because the cost structure is different.”\nQ: “You think they’re just going to basically collapse as soon as KLA becomes a real competitor.”\nA: “I think that they will have to re-engineer the tool, a simple source, with low margin compared to KLA, for sure, significantly low to win or to sustain the fab. They will have to find engineering solutions, and I’m sure they work on it; otherwise, they will disappear in five years.” –Former KLA executive in a leadership role in their EUV mask inspection group", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3f8ab2ee-19e5-4d1b-a0e0-7288af6b06f6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "All three KLA sources we interviewed, as well as every major customer and other experts, stated that KLA’s market entry will be catastrophic for Lasertec’s EUV business. One stated “they will struggle...extremely hard to compete with KLA...I don’t think Lasertec can pull it out in EUV [versus KLA]” – and that “they will disappear in five years” if they don’t “re-engineer the tool [with] a simple source.” A second indicated that “people would love to buy from KLA...there is no question about that...even if [their tool] were crap, then the customer would love to have a second supplier...they will get the orders, that’s for sure.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e75bc0e0-5a5e-4d96-aac6-0d901e5609ce", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.68 }, "kind": "paragraph", "text": "“People would love to buy from KLA. There is no question about that. If KLA comes out with a product and it will be - even if it was only slightly better, people would do it - even if it were crap, then the customers would love to have a second supplier. There is no question about that. If KLA comes out with a product, they will get the orders, 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", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f7a3004b-4bff-4f18-a97c-ff0c2fdb4f81", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“they will struggle...extremely hard to compete with KLA...I don’t think Lasertec can pull it out in EUV [versus KLA]” and “they will disappear in five years” if they don’t “re-engineer the tool [with] a simple source.” — Former KLA executive in a leadership role in their EUV mask inspection group. “People would love to buy from KLA. There is no question about that. If KLA comes out with a product, they will get the orders, 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", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b7-702e-961c-bfd2fe38ed8f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9af7fa6c-184f-4a62-a668-f4952045d4ac", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }