{
  "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": 47,
  "pageCount": 334,
  "prevPage": 46,
  "nextPage": 48,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 50,
  "notes": "The slide uses two bar charts (USD and JPY) to highlight the lack of consistent capital investment over two decades.",
  "elementsJson": [
    "paragraph",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/47",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-47",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Lasertec is once again an anomaly – it spends almost nothing on R&D and even less on capital expenditures.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc79-c68f273d9445",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.42,
        "x": 0.51,
        "y": 0.59
      },
      "kind": "chart",
      "text": "Annual Capital Expenditures Since 2000 (¥ millions)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c541126-f5f2-4d48-a04e-3b2657011ef5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.42,
        "x": 0.07,
        "y": 0.59
      },
      "kind": "chart",
      "text": "Annual Capital Expenditures Since 2000 ($ millions)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ca5b2d44-22dc-48d6-8369-f06237bb31ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Capital Expenditures: $120MM",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc79-cad4cba8b9cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "The semiconductor industry - including semicap equipment - is one of the most capital intensive on earth. Lasertec is once again an anomaly – it spends almost nothing on R&D and even less on capital expenditures. Lasertec claims it is “fab lite,” a meaningless term as it sells equipment vs. designing chips, and simply a euphemism for small, sub-scale assembler with negligible investment in facilities, machinery, technology, or intellectual property. Its only meaningful capex was in 2023, spending $120MM for a new R&D campus called “Innovation Park” in Yokohama, which as we detail later is a hoax. From 2010 to 2022 - just prior to the park - Lasertec invested a cumulative $45MM in capex – less than $1MM in some years, and again less than the price of one ACTIS machine. In the last 5 years from 2019 to 2023, its total capex was only $30MM plus the amount it paid for the park – a nonsensical amount versus the 5 largest semicap players ASML ($6.8B), Applied Materials ($3.4B), Lam ($1.9B), Tokyo Electron ($2.3B), and KLA ($1.2B).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb0cf58a-508e-47c3-88c8-c1fb7b33e406",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.07,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Capital IQ data",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4bfd0fda-c49b-4adf-a4bf-0aad5d906792",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.07,
        "y": 0.52
      },
      "kind": "title",
      "text": "Lasertec capital expenditures over time – JPY and USD millions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89d324ba-c4b8-4101-8ef0-6339a6d4bcd8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "84374743-cdc6-4c04-9f6e-eb4fe290dfd8",
      "evidence": "The slide explicitly labels the company's investment as a 'hoax' and contrasts it with industry peers to expose a contradiction.",
      "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
}