{ "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": 281, "pageCount": 334, "prevPage": 280, "nextPage": 282, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A format to validate the thesis that Lasertec is facing a market share collapse and inventory write-down risk.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/281", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-281", "components": [ { "bbox": null, "kind": "callout", "text": "Lasertec could be caught with inventory that they’re going to have to significantly mark down even to move on the A150 side.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b7-702e-961d-16424ef57e06", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.39 }, "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” its inventory; “would probably require an asset write-down”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6847d627-64fc-48b7-87a6-dd50e0681298", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "paragraph", "text": "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--?”\nA: “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 that 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...”\nQ: “This is a scenario where their sales completely collapse.”\nA: “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": "d6059984-ed7e-4c98-87ee-73857ccf1cd7", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“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.” — 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": "019dd953-78b7-702e-961d-197a38d6a4e3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "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": "9b7ad5d3-291a-4a8e-ae51-242a4fd73cc0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Global Foundries view confirmed the color from Intel and Samsung, stating that “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.” He predicted “they will take share from Lasertec…they obviously will” and that Lasertec would have to take an impairment charge on its mountain of inventory: “Lasertec could be caught with inventory that they’re going to have to significantly mark down…they would end up having to impair…could put a lot of pressure on them, which would probably require an asset write-down.”", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cb219822-021b-437e-874f-d8a74bf27238", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }