{ "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": 28, "pageCount": 334, "prevPage": 27, "nextPage": 29, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a Q&A format to highlight perceived desperation and lack of product validation by Lasertec.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/28", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-28", "components": [ { "bbox": null, "kind": "callout", "text": "Marvell, another major player, was just as skeptical, sharing color which was damning and indicates that Lasertec’s inventory is worthless and that the A300 is simply a ruse to swap out defective A150’s while disguising it as “growth”", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc77-f18e2eda6bf5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.73 }, "kind": "paragraph", "text": "Swap for A150 implies existing inventory of A150's has almost no value", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3b0da738-7ea1-45b5-b42a-e7c049e872c8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Marvell, another major player, was just as skeptical, sharing color which was damning and indicates that Lasertec's inventory is worthless and that the A300 is simply a ruse to swap out defective A150's while disguising it as “growth”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4bc84b6e-2ba7-4345-906e-5e5a59cba7e4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.51 }, "kind": "paragraph", "text": "Lasertec had “no data” to show for the A300; “no real world case studies” or independent evaluation; “no real way to discern” any value", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "da33e04d-21ec-4e67-bdf3-96059bbc8d82", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.77 }, "kind": "quote", "text": "Q: “When they said swap, what did they mean? You don't have to pay for it? Or you trade it in?” A: “So, they would take back the A150 and then they would give us an A300 at a reduced price from the retail price.” Q: “And did they say what the price is and what the discounted price might be?” A: “That I can't speak on because I think those are confidential terms. I can just speak to the fact that what they were offering was to take the A150 back and give us an A300 and essentially give us a discounted value based on us returning the A150.” Q: “The swap thing is weird. How is there any trade-in value from that? It just makes no sense to me.” A: “...Effectively, companies would take the A300 and not use their A150s anymore; that would be the idea. So, the value of the A150 that we have on hand wouldn't be worth that much anyhow.” – Senior employee at Marvell Technology", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2f07ee0f-9275-4b82-aeef-9c5d9522cfbb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.57 }, "kind": "quote", "text": "Q: “The A300 sounded like vaporware to me. Did they even have any evaluation data or benchmarks? What was the status?” A: “No, there was no data that they had. They essentially just had value-add of how this is different, namely in their light source...there's no real-world case studies from independently verified semiconductor industry associations or a semiconductor consortium. And so, there's no real way to discern that this actually has a value-add that would offset the overall cost of taking possession of one of these machines.” – Senior employee at Marvell Technology", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7f3f5da1-17cc-4fe6-ab9b-db4c5b8f0145", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“No, there was no data that they had. They essentially just had value-add of how this is different, namely in their light source...there's no real-world case studies from independently verified semiconductor industry associations or a semiconductor consortium. And so, there's no real way to discern that this actually has a value-add that would offset the overall cost of taking possession of one of these machines.” — Senior employee at Marvell Technology", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc77-f6213893a181", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "93f21117-834e-48a4-8119-44c29bb50089", "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 }