{
  "docId": "019dd923-622c-750b-8b9a-0f4bec37392f",
  "docSlug": "f982379e2e48",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "pageNumber": 67,
  "pageCount": 334,
  "prevPage": 66,
  "nextPage": 68,
  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 30,
  "notes": "The slide uses the 'fraud-exposure' framework to link inventory growth to potential accounting manipulation.",
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      "kind": "callout",
      "text": "In frauds there is a limit and eventually the bubble must burst - one cannot outrun the fundamental accounting equation between the income statement, balance sheet, and cash flow statement.",
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      "kind": "chart",
      "text": "Lasertec Inventory Balance ($ millions)",
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      "kind": "chart",
      "text": "Lasertec Inventory Balance (¥ millions)",
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    {
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      "kind": "metric",
      "text": "inventory balance",
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      "kind": "paragraph",
      "text": "Over time, this results in a large increase in the inventory account on the balance sheet. Effectively, the company is deferring reporting inventory expenses to a later period. The inventory account will increase rapidly over time and keep getting larger and larger. In frauds there is a limit and eventually the bubble must burst – one cannot outrun the fundamental accounting equation between the income statement, balance sheet, and cash flow statement. Eventually everything must balance. The moment of truth typically involves an impairment charge and restatement that wipes out the many previous years of fake revenue and/or profits, thus exposing the details of the fraud. We shall shortly analyze Lasertec’s various inventory ratios, but here we simply show its inventory balance over time.",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data",
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      "arcName": "Overcoming the Monster",
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      "beatName": "Expose Contradiction",
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      "evidence": "The deck presents numerous slides exposing alleged contradictions and flaws in Lasertec's products and financials.",
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      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The deck presents a series of slides highlighting the potential risks and consequences of not acting on Lasertec's alleged fraud.",
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      "objective": "To highlight the risks of not acting on Lasertec's alleged fraud",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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