{ "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": 51, "pageCount": 334, "prevPage": 50, "nextPage": 52, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a 'quote-and-response' format to highlight management opacity.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/51", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-51", "components": [ { "bbox": null, "kind": "callout", "text": "The level of stonewalling by the CEO – when asked for even the tiniest crumbs on EUV contribution – would alarm any investor who reviews each quarterly Q&A in the 5 years since its ACTIS EUV tool launched.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b6-764f-bc7a-c07e8813b394", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.36 }, "kind": "list", "text": "Quarterly Q&A sessions with analysts - CEO replying in each exchange below", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5b30d617-fe6a-441a-91d8-16eaa02ce850", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "In the recent Q&A on April 30, Lasertec talked up demand for its purported ACTIS A300 machines with High NA capability – actively pushed by sell-side brokers as key to the next phase of growth - but refused to provide even vague, qualitative color regarding its contribution to orders. Analysts thus beg politely for just a hint, to no avail: \"Is it a little difficult for you to tell your direction as well [within EUV]?\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3e445528-a0ca-4cbe-ab62-b7d27043f709", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.4 }, "kind": "paragraph", "text": "Aug 5, 2022, Jefferies analyst... Jan 31, 2023, CLSA analyst... Jan 31, 2024, CEO reply to CLSA analyst... Apr 30, 2024, CLSA analyst", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7a3504d8-6219-4dbc-92e2-18cb5c64b1a4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "I'm sorry. The breakdown within EUV-related systems is not disclosed. — Lasertec CEO (Aug 5, 2022, Jefferies analyst Q&A); I hope you understand that we do not disclose information by product type, such as the destination of each product. — Lasertec CEO (Jan 31, 2023, CLSA analyst Q&A); In that sense, although we do not disclose the ratio between ACTIS and MATRICS, I think investment overall will...recover... — Lasertec CEO (Jan 31, 2024, CLSA analyst Q&A); Yes, unfortunately we do not disclose the ratio between High-NA and conventional ACTIS, but we have continued to receive orders for High-NA ACTIS this fiscal year, and we expect more orders to come in... — Lasertec CEO (Apr 30, 2024, CLSA analyst Q&A)", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc7a-c5a2567bf98e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Lasertec quarterly Q&A sessions, available at https://www.lasertec.co.jp/en/ir/data/result.html", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b43ab4ac-efde-4961-88e6-35f303c1bba8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "The level of stonewalling by the CEO – when asked for even the tiniest crumbs on EUV contribution – would alarm any investor who reviews each quarterly Q&A in the 5 years since its ACTIS EUV tool launched", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "82dd8c36-2aa6-4e7c-890b-3c41379159f9", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "8a0643b9-200b-4334-819a-fcd8e810d81e", "evidence": "Systematic documentation of management refusal to disclose key performance metrics to investors.", "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 }