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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "pageNumber": 41,
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  "notes": "The slide uses a combination of qualitative narrative and quantitative customer concentration data to undermine the company's growth thesis.",
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      "text": "Its flagship ACTIS system is dependent on 3 customers – TSMC, Samsung, and Intel – who drove 77% of total company revenue in both 2022 and 2023.",
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      "text": "customer concentration: 77%",
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      "text": "most of the industry's value is captured by ASML's EUV scanners that produce wafers. The use cases and total addressable market for Lasertec is far smaller than investors realize. Two suppliers (Hoya and AGC) dominate the market for EUV blanks, which caps the number of customers for its ABICS EUV blank inspection tool. Its flagship ACTIS system is dependent on 3 customers – TSMC, Samsung, and Intel – who drove 77% of total company revenue in both 2022 and 2023. Within these 3 customers, ACTIS has only two use cases: in the EUV mask shops at Intel and TSMC that produce masks; and in the fab to periodically check masks during wafer production. However, Intel and TSMC's mask shops only installed about 6 ACTIS systems in total over the last few years - and don't need more. That leaves only the fabs. Unfortunately, as detailed in a later section, TSMC views ACTIS as a colossal failure in the fab - thus leaving only Intel's fabs as a potential use case.",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital estimates and analysis; Lasertec annual filings",
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      "kind": "table",
      "text": "Sales by Key Customer (JPY millions) and (USD millions) tables showing 2019-2023 revenue and percentage contribution.",
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      "kind": "title",
      "text": "Lasertec’s EUV mask inspection tools are a niche",
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      "kind": "title",
      "text": "Sales by customer – TSMC, Intel, Samsung, in JPY and USD",
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