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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 two side-by-side charts from different investment banks to illustrate the contradiction.",
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      "text": "A Citigroup report published 3 weeks before this one, however, pegged EUV at 80% of sales by 2022 – 4X the UBS estimate.",
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      "text": "Citi Research report Dec 23, 2023 - excerpt",
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      "kind": "metric",
      "text": "EUV revenue percentage: 4X",
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      "kind": "source-note",
      "text": "Source: UBS Initiation of Coverage “Lasertec Corporation Aiming to Protect the Dominance of ACTIS,” Jan 18, 2024, p.11; Citi Research “Lasertec (6920.T) Expecting High Growth to Continue But Downgrading to Neutral,” Dec 21, 2023, p.8",
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      "text": "In the absence of any information from the company on EUV sales, the Japanese investment analysts who cover the stock are guessing and bewildered, with their estimates of EUV percentage diverging wildly – a stunning fact as Lasertec has a $23B market cap due only because of its EUV hype.",
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