{
  "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": 45,
  "pageCount": 334,
  "prevPage": 44,
  "nextPage": 46,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 20,
  "notes": "Uses a combination of a financial table and a LinkedIn screenshot to discredit the subject company's technical capabilities.",
  "elementsJson": [
    "paragraph",
    "kpi_table",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/45",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-45",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Lasertec and Ushio R&D expenditure was minimal prior to 2019 launch",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc79-19696bc65a6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.3,
        "x": 0.65,
        "y": 0.48
      },
      "kind": "image",
      "text": "Isteq LinkedIn profile screenshot showing 12 employees",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac65ab07-57ec-41e5-a2cb-ca162a6b0776",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "R&D expenditure: $9-15MM",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc79-1ec56a00dc7d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "In contrast to ASML, Lasertec is a small company with only 859 employees and historically negligible R&D investment – it is simply unrealistic that it could have developed a reliable EUV source with 1% of the billions that ASML and Cymer spent. Lasertec spent a mere $9 to $15MM per year in R&D in the years preceding its EUV market entry, struggling as an irrelevant supplier with $30-100MM in revenue while ASML and Cymer were making unprecedented investments – hardly the profile of a cutting-edge innovator. Ushio – its original EUV source supplier – spends $80-90MM annually on R&D, but EUV is only a small piece of its revenue and R&D. Isteq, which developed Lasertec’s “new” Urashima EUV source is little more than a Russia/Netherlands-based science project with only 12 employees on LinkedIn.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a24f2f74-bac9-457f-954f-6a68c33236d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.07,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Lasertec employees https://www.lasertec.co.jp/en/sustainability/human/; Isteq employees https://www.linkedin.com/company/isteq/insights/; Capital IQ",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6d0aed68-03cb-44bd-9c7c-b30a180eb2de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.6,
        "x": 0.07,
        "y": 0.55
      },
      "kind": "table",
      "text": "Lasertec and Ushio R&D expenditure table (2014-2023)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7bf3e958-0cb7-4639-897c-e8e0f5cb3944",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "63d55a70-8923-48d6-8bb7-4963e1089793",
      "evidence": "Uses financial data and employee counts to discredit technical claims.",
      "confidence": 0.9
    }
  ],
  "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": 60,
      "from": 43,
      "beatId": "5311c02f-c388-43cc-9826-568c719ac8a7",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "The deck anticipates potential rebuttals and addresses them with evidence and expert testimonials.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}