{
  "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": 308,
  "pageCount": 334,
  "prevPage": 307,
  "nextPage": 309,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide uses a primary source document (press release) to expose a contradiction in corporate strategy.",
  "elementsJson": [
    "paragraph",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/308",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-308",
  "components": [
    {
      "bbox": {
        "h": 0.32,
        "w": 0.53,
        "x": 0.39,
        "y": 0.49
      },
      "kind": "callout",
      "text": "“Used as a base for Toshiba Group training centers”\n\n“There are 5 buildings on the site: Building A, Building B, Building C, Dormitory, and Machine Training Building.”\n\n“Toshiba will continue to use the four buildings other than the machine training building until no later than September 30, 2023.”\n\n“Lasertec will convert the machine training building to a clean room facility, the construction scheduled for completion by June 30, 2023.”",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9062582-f597-4ae6-8df0-ec8a438eb8c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We have never seen a company make the largest capital expenditure in its history, and then agree to not use it for a year – especially if it was meant to \"respond to customer demand.\"",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-961f-bda4d811a00c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.37,
        "x": 0.07,
        "y": 0.46
      },
      "kind": "image",
      "text": "Lasertec press release, Sep 30 2022",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2cffb71-2943-4faf-9c7a-7e5e2a028984",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.07,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "First, the press release at closing stated that Toshiba used the site and its 5 buildings as a training center – but that Toshiba would continue to use the facilities for another year after the closing of the purchase. We have never seen a company make the largest capital expenditure in its history, and then agree to not use it for a year – especially if it was meant to “respond to customer demand.” If Toshiba needed a year to vacate the facility, Lasertec could have signed a purchase agreement with a future closing date – thus retaining ¥17 billion ($150MM at the time) in capital for other uses, especially since just a few months earlier, Lasertec had to issue ¥10 billion in debt to fund an ¥8 billion dividend.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e40d30d2-0da3-4ba0-af72-d36987cc5eb7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Used as a base for Toshiba Group training centers” — Lasertec press release, Sep 30 2022",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-961f-c0889ae853dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.07,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: https://www.nikkei.com/markets/ir/irtp/data/tdnr/tdnetg3/20220930_archive/dqnr65/140120220930538605.pdf",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "363fb12e-dc60-4803-906e-a17fb55344f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.07,
        "y": 0.06
      },
      "kind": "title",
      "text": "In addition to suspicious timing, we note three other unusual circumstances.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "efef38b8-6ba0-4b6e-bf60-946566e3ffd0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "1f5b4522-d921-4437-9204-6661c001ffdc",
      "evidence": "Exposing contradictory corporate actions to suggest mismanagement or hidden agendas.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}