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  "docSlug": "f982379e2e48",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "pageNumber": 55,
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  "notes": "The slide uses a 'fraud-exposure' or 'expose_contradiction' narrative to undermine the company's growth story.",
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      "text": "The actual percentage is likely lower, as we suspect Intel’s price is even less; and as the average is driven by earlier years ~2020/2021, we think ACTIS today is <10% of sales – if not below.",
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      "text": "ACTIS sales: $1.36B",
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      "kind": "paragraph",
      "text": "Based on over 20 research interviews... we conclude that only ~30 systems have been installed... We thus estimate total 5-year ACTIS sales at $1.36B... we think ACTIS today is <10% of sales - if not below.",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts; Scorpion Capital estimates and analysis",
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      "kind": "table",
      "text": "Cumulative ACTIS Units and Sales - Estimate table showing Intel, TSMC, Samsung, Global Foundries, and Marvell data.",
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      "kind": "title",
      "text": "Given its EUV hype, investors may be shocked to realize how few ACTIS tools Lasertec has sold since the 2019 launch",
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