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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a 'villain' framing to characterize Lasertec as secretive and fraudulent compared to the industry standard (ASML).",
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      "kind": "callout",
      "text": "90% of sales lumped into one category",
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      "text": "ASML breaks out number of tools sold every quarter by source wavelength",
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      "text": "Lasertec is secretive - typical of frauds - failing to provide basic disclosures typical of ASML, KLA, and others such as the number of tools sold by EUV vs. DUV, ASP's, or segment mix.",
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      "text": "Lasertec Sales by Product Category",
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      "text": "ASML Sales in lithography units",
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      "text": "The lack of a reliable EUV source, given no credible R&D and capital expenditure to date, is one reason the euphoria is misguided. The other is that systems with a 13.5nm EUV source are a relatively insignificant percent of its revenue...",
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      "kind": "source-note",
      "text": "Source: https://ssl4.eir-parts.net/doc/6920/ir_material_for_fiscal_ym5/154541/00.pdf; https://edge.sitecorecloud.io/asmlnetherlaaea-asmlcom-prd-5369/media/project/asmlcom/asmlcom/asml/files/investors/financial-results/q-results/2024/q1/presentation-investor-relations-q1-2024-r3t11w.pdf",
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      "kind": "title",
      "text": "Investors have naively turned Lasertec into an EUV meme stock without realizing that it remains an antiquated seller of last-generation DUV machines.",
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