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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": "Uses red circles and dashed boxes to highlight the misrepresentation of product categories.",
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      "kind": "callout",
      "text": "Only two of the tools (circled) even have a 13.5nm EUV light source; rest are older DUV or scanning systems – yet are misrepresented as “EUV”",
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      "kind": "callout",
      "text": "Only two of the tools shown (circled) even have a 13.5nm EUV light source; rest are older DUV or scanning systems – yet are misrepresented as \"EUV\"",
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      "kind": "image",
      "text": "Lineup of EUV-related systems from Lasertec",
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      "text": "Lasertec cleverly tries to spin its outdated DUV systems as EUV – a deceptive attempt to sprinkle itself with ASML’s glitter. Its site and materials go to great lengths to dress up and insert its DUV products under “EUV” or “EUV-related systems” – the word “related” being the tell. Most investors are unaware that EUV masks can be inspected with DUV or EUV wavelengths – DUV is lower resolution and requires an extra step where defect locations are then analyzed with a SEM (scanning electron microscope) tool; however, DUV tools are much faster than EUV, which means higher throughput overall despite the extra step. Thus, while Lasertec pushes its DUV tools as part of its EUV story, it undermines the entire bull case – it shows that the ACTIS EUV tool is unnecessary for EUV mask inspection, isn’t worth $50MM and the huge price premium vs. DUV, and is not a monopoly.",
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      "text": "Source: https://www.lasertec.co.jp/en/ir/individuals/pdf/lasertec_PDF_02_en_20220404_all.pdf",
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