{
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  "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",
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  "pageNumber": 38,
  "pageCount": 334,
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  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide highlights the inflection point in Lasertec's stock performance driven by the launch of EUV-specific inspection tools.",
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  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/38",
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  "components": [
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      "bbox": null,
      "kind": "callout",
      "text": "The ACTIS tool’s claim-to-fame is that it is the first and only “actinic” EUV mask inspection machine.",
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      "kind": "image",
      "text": "ABICS E120 machine",
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      "kind": "image",
      "text": "ACTIS A150 machine",
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      "kind": "paragraph",
      "text": "Lasertec's revenue and stock went nowhere for a decade until the launch of its first EUV product in 2017, the ABICS system for inspecting blanks, with a 13.5nm light source. The stock came to life, and then exploded in 2019 with the launch of its first EUV system for inspecting masks, the ACTIS A150 – its flagship product and the driver of its stock. The ACTIS tool's claim-to-fame is that it is the first and only “actinic” EUV mask inspection machine.” Actinic simply means that it uses a 13.5nm EUV light source, which theoretically detects smaller mask defects at EUV feature sizes versus older ~200nm DUV tools. ACTIS tools sell for $40-60MM each; we estimate ABICS at $25MM each. Its DUV systems sell for much less, with MAGICS (for blanks) at ~$6MM and MATRICS (for masks) at ~$9-12MM, per our estimates.",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital estimates and analysis; https://www.lasertec.co.jp/en/products/",
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      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
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