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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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      "text": "Comically, the “new” 193nm source in the X9 is as unreliable as its EUV source, as we detail later, illustrating why Lasertec was irrelevant even in the previous DUV era with only a $100-200MM market cap.",
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      "text": "MATRICS X8 ULTRA system",
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      "text": "X9 ULTRA announcement screenshot",
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      "text": "Our research indicates that the vast majority of Lasertec’s sales remain its older DUV mask inspection systems – not EUV. Former employees told us that its business is still dependent on the MATRICS X8 ULTRA , launched in 2018 – back when it traded at a fraction of today’s market cap and multiple. Even its DUV technology is so outdated that the X8 uses the same 213nm DUV light source as its predecessor the X810 launched in 2012. The X9 ULTRA was announced in 2022 with a slightly upgraded 193nm DUV source, finally getting with the times as KLA introduced 193nm in the 1990’s. Comically, the “new” 193nm source in the X9 is as unreliable as its EUV source, as we detail later, illustrating why Lasertec was irrelevant even in the previous DUV era with only a $100-200MM market cap.",
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      "text": "Source: https://www.lasertec.co.jp/en/products/semiconductor/matrics_x8ultra.html",
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