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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 narrative structure to build suspicion around the existence or status of Fab 4A.",
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      "text": "We find it unusual that one clean room was offered but the other refused.",
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      "text": "We hired a local investor relations/corporate access consultant who met with Lasertec’s Investor Relations and Corporate Planning department at their headquarters on March 13, 2024. Prior to the meeting, Lasertec’s IR representative agreed to a brief tour of their clean room at headquarters, but strongly refused multiple attempts asking for a tour of the clean room (Fab 4A) at the Innovation Park – we find it unusual that one clean room was offered but the other refused. We then asked for a brief, general tour of Innovation Park without entering Fab 4A – also refused. In a final attempt, we asked for simply a video clip of Fab 4A, which was also denied. We were told that a shareholder flew from Switzerland to see Fab 4A and was “extremely unhappy” at being similarly denied even a video. We quote from our consultant’s write-up of the meeting:",
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      "text": "“We took advantage of an opportunity that arose in context to ask if the photo released last year wasn’t off the HQ cleanroom, and the IR Rep insisted that it was, in fact, of Fab-4A. He was generally vague about the progress of work on the other four buildings.”",
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      "text": "“We asked about seeing a video of Fab-4A at Lasertec Innovation Park, since we couldn’t see the place in person. The IR Rep seemed sincerely disappointed in explaining that no such video exists: ‘We in IR have been agitating,’ he lamented, ‘for the production of a DVD introduction to the facilities there but to no avail. I hosted an investor—a shareholder—who had come all the way from Switzerland to visit. He was extremely unhappy about being unable to get a look inside Fab-4A or to even see a video presentation.’”",
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      "text": "“We in IR have been agitating,” he lamented, “for the production of a DVD introduction to the facilities there but to no avail. I hosted an investor—a shareholder—who had come all the way from Switzerland to visit. He was extremely unhappy about being unable to get a look inside Fab-4A or to even see a video presentation.” — Lasertec Investor Relations Representative",
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      "text": "Source: Lasertec Investor Relations meeting notes as sent by our local IR consultant, March 13 .2024 meeting",
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      "text": "Notes from meeting with Lasertec Investor Relations, March 13, 2024",
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