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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 uses a Q&A format to present anecdotal evidence from industry sources to undermine the company's public narrative.",
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      "text": "Lasertec executives quietly admit their product doesn’t work... Executive who knows Lasertec CEO believes they are worried... High skepticism of Lasertec’s reported margins...",
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      "text": "A leading figure in ASML’s EUV source development expressed skepticism of Lasertec’s reported margins: “whatever they shipped so far, they basically lost money...they basically are spending constantly on cleaning, constantly replacing tools, and keep losing money.” Other sources stated that Lasertec is well aware their tool is defective and quietly admit that it doesn’t work, such as an industry executive in Japan who stated he is friends with the CEO: “they are very secretive but if you talk to the right people, they will tell you...the light source only lasts for three months and it’s only usable for two months, and replacement is very time-consuming and very costly.” When we asked if Lasertec is worried, he stated that “they don’t show it, but I think they are.” He compared it to another Japanese supplier that is “also struggling because tools are not moving out”; “they have a cash flow problem...I would assume that Lasertec is in a similar situation.”",
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      "text": "“whatever they shipped so far, they basically lost money...they basically are spending constantly on cleaning, constantly replacing tools, and keep losing money.” — Leading figure in the development of Cymer/ASML’s EUV light source",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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