{
  "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": 40,
  "pageCount": 334,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses a 'villain' framing by contrasting the 'monopoly' narrative with the reality of market perception.",
  "elementsJson": [
    "paragraph",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/40",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-40",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.07,
        "y": 0.35
      },
      "kind": "callout",
      "text": "UBS initiation report Jan 18, 2024 - excerpts",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aafcb51e-7f34-4e83-9fcf-39de5bb4f34a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Lasertec valuation is “kind of nuts”; viewed as the “junior brother” to ASML or “the Japanese version of ASML”",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc79-ac7c1006643a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.86,
        "x": 0.07,
        "y": 0.66
      },
      "kind": "paragraph",
      "text": "Lasertec is in a similar unique monopolistic situation. Much like you have a lot of European investors going after ASML stock and bidding it up to ridiculously high P/E ratios, I think in Asia and particularly in Japan, Lasertec has a similar story...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e569706-5a38-4b17-ab7b-c2328fe7c889",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "As the only “actinic” 13.5nm EUV mask inspection machine currently on the market, naïve investors perceive and value it as a “monopoly” akin to “Japan’s ASML.” Sell-side broker reports and articles use the label freely...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8cad8a2e-7e21-4082-b944-ce7f466fc076",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.86,
        "x": 0.07,
        "y": 0.55
      },
      "kind": "paragraph",
      "text": "Thus, EUV light source technology has had an unusually high barrier to entry. In the field of mask defect inspection, no other company has the same level of technology as Lasertec",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a016a9c-5413-4924-8425-fe737159babd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.39
      },
      "kind": "paragraph",
      "text": "The company is the only one with mask inspection technology using an EUV light source [...] We think Lasertec should continue to enjoy monopoly profits as long as it does not lose its technology lead over KLA...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1b08eb4-d045-46a6-8bfe-9a0a67ec2507",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.86,
        "x": 0.07,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "Our base scenario assumes Lasertec will maintain its monopoly simply because the company's EUV technology is exceedingly difficult",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb4121b2-0a69-46a2-b057-8c8716e485ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.86,
        "x": 0.07,
        "y": 0.62
      },
      "kind": "paragraph",
      "text": "Lasertec valuation is “kind of nuts”; viewed as the “junior brother” to ASML or “the Japanese version of ASML”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ebb98d52-66ef-4aea-8553-4f2f51d8f207",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Lasertec should continue to enjoy monopoly profits as long as it does not lose its technology lead over KLA”; “will maintain its monopoly because EUV is exceedingly difficult”; and has “a dominant share in the EUV mask/blank inspection market.” — UBS initiation report. “...in Japan Lasertec has a similar story...we’re a monopoly blah-blah...they’re kind of nuts...people tend to view them as...the Japanese version of ASML...so it’s got everything.” — Longtime semiconductor consultant recently working for Lasertec.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc79-b04633bb79d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.07,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: UBS Initiation of Coverage “Lasertec Corporation Aiming to Protect the Dominance of ACTIS,” Jan 18, 2024; Scorpion Capital consultation calls with experts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "284b81a5-38d3-4706-835d-22917cb41c80",
      "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
    },
    {
      "to": 40,
      "from": 34,
      "beatId": "10e0ccdd-3457-484e-b353-b0935906f1fb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Problem Statement",
      "beatSlug": null,
      "evidence": "The deck presents a clear problem statement regarding Lasertec's EUV mask inspection tools and their limitations.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}