{ "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": 30, "pageCount": 334, "prevPage": 29, "nextPage": 31, "slideType": "villain_critique", "function": "name_villain", "density": "dense", "nDataPoints": 0, "notes": "The slide uses direct quotes from industry executives to undermine the company's market position and technical capabilities.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/30", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-30", "components": [ { "bbox": null, "kind": "callout", "text": "The TSMC exec derided their EUV system as just an irrelevant niche: “we call it a lab tool, R&D tool...not a production tool” that is useful inside a fab.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc78-30763e6202bb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "The executive continued that he is “concerned about their future” and that their product problems are essentially unsolvable: “it’s not so easy for them to move forward...it was big hype for them to come out with an actinic inspection tool but when it comes to adopting the tool...there are many unforeseen problems...and I would be a bit concerned about the capability of Lasertec to really overcome these,” indicating “they will be in serious trouble” the second there is a viable competitor. The TSMC procurement executive we quoted stated he was recently in Japan and met with a Lasertec executive, who confided that things are “not well.” The TSMC exec derided their EUV system as just an irrelevant niche: “we call it a lab tool, R&D tool...not a production tool” that is useful inside a fab. He added that TSMC has a weekly, standing crisis meeting with Lasertec in Taiwan “to push Lasertec to improve,” as we detail later.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b8f5b95a-5f3d-4f17-9950-35655d979ac2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.23, "w": 0.86, "x": 0.07, "y": 0.72 }, "kind": "paragraph", "text": "Lasertec executive recently told TSMC contact that things are “not well”; TSMC views it as a niche “lab tool, R&D tool” Q: “When you talked to the Lasertec executive, what else did they say? Are things going well or not going well for them?” A: “Not well.” Q: “What did he say?” A: “Not well. I think Lasertec be kind of—we call it a lab tool, R&D tool.” Q: “It’s an R&D tool? Lab tool, not a production tool.” A: “Yes, a lab tool. Yes, not a production tool. Because you have a lot of limitations for productivity...even today, TSMC still has a weekly meeting with Lasertec. My colleagues in procurement and from the fab told me they have a weekly meeting to push Lasertec to improve.” – Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c61f0933-2f02-4dfb-b6b0-1ce27b4ec835", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "paragraph", "text": "Senior executive who’s friendly with Lasertec CEO is concerned about their future; “big hype” quickly followed by “unforeseen problems”; difficult to solve and “in serious trouble” with upcoming electron beam inspection tools “I’m a little bit concerned about their future. If they cannot come up with a very disruptive light source, it’s not so easy for them to move forward. It was big hype for them to come out with an actinic inspection tool, being the only supplier, but when it comes to adopting the tool and the process in the fab, that there are many unforeseen problems that need to be solved, and I would be a little bit concerned about the capability of Lasertec to really overcome these problems timely. And if somebody comes out with an EB inspection tool that really works, they will be in serious trouble.” - Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f2c5ec35-f50a-41c6-804a-8975d0b3845c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“I'm a little bit concerned about the capability of Lasertec to really overcome these problems timely. And if somebody comes out with an EB inspection tool that really works, they will be in serious trouble.” — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec's CEO. “Yes, a lab tool. Yes, not a production tool. Because you have a lot of limitations for productivity...even today, TSMC still has a weekly meeting with Lasertec. My colleagues in procurement and from the fab told me they have a weekly meeting to push Lasertec to improve.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc78-357f0bf6b0e4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "26ab2a54-4a90-4eb2-9604-a411ec38277e", "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 }