{ "docId": "019dd923-622c-750b-8b9a-0f4bec37392f", "docSlug": "f982379e2e48", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 7, "pageCount": 334, "prevPage": 6, "nextPage": 8, "slideType": "table_of_contents", "function": "summarize", "density": "dense", "nDataPoints": 0, "notes": "The slide functions as a detailed summary of upcoming sections rather than a standard TOC.", "elementsJson": [ "headline_text", "paragraph" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/7", "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-7", "components": [ { "bbox": { "h": 0.08, "w": 0.85, "x": 0.07, "y": 0.16 }, "kind": "list", "text": "6C. Struggles at other customers, such as Samsung, Marvell, and Global Foundries, the latter ridiculing the quality of Lasertec’s EUV tool and ceasing new purchases in 2021, calling it “just unacceptable” with a “problematic light source.”", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "431021b3-7138-4b35-9322-d665020b1f5d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.85, "x": 0.07, "y": 0.49 }, "kind": "list", "text": "7. Lasertec customers who have recently visited its headquarters confirmed seeing highly unusual levels of inventory - “pretty scary...pretty weird” - and other red flags: their “factory floor for finished goods is full.. a substantial amount of finished goods inventory that’s either “not passing [evaluation]” or “customers have deferred shipment”; “literally no space left on their final inspection bays before the equipment ships.”", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "63c418f8-58c3-4b65-8a30-4c2d49a91dd7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.81, "x": 0.11, "y": 0.25 }, "kind": "paragraph", "text": "Global Foundries blasted the tool as “not as sophisticated or as capable as the classic [DUV] KLA mask inspection tools; mocked their A300 announcement by saying “no question...it sounds sketchy”; and confirmed that other customers are equally “frustrated and disappointed” and are refusing to take shipment. As a sign of Lasertec’s urgent situation, they stated that “senior technical people” from Intel and Samsung recently flew to Japan to express their “concerns with the equipment.” Marvell stated it also has no interest in further ACTIS purchases; that ASML “echoed the same problems that we are seeing”; expressed skepticism of the A300; revealed that Lasertec offered them ~75% discounts in a desperate attempt to offload inventory; and that they recently saw high levels of inventory piling up at Lasertec, leading them to question their inventory valuation and accounting.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5ecbdf48-a308-4ea1-bbce-b44e5a94dc8d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.81, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "Research sources indicated that customers are refusing to accept shipment of tools; that Lasertec “recognized revenue for prepayments of systems that aren’t yet shipped”; that most of their initial advances and purchase orders were from Intel and are being “pushed, pushed, pushed out” and will never be filled, with Intel allegedly trying and failing to pawn off PO’s to TSMC; are misclassifying inventory using “tricks that any supplier can play”; inflating the value of inventory – “they’re going to have to significantly mark down”; “haven’t taken any impairments”; “they don’t want to record a hit on their gross margin”; and detailed aggressive, questionable discounts, trade-ins, inducements, and concessions Lasertec is quietly offering customers, as well as “reimbursement...for the lost time of use” due to the ACTIS tool’s defects and lack of uptime.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8f28d1ec-84d5-464e-a35d-e8a268bf66f3", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“no question...it sounds sketchy” — Global Foundries; “pretty scary...pretty weird” — Research source; “tricks that any supplier can play” — Research source.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b6-764f-bc75-98a82d39d0ca", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Table of contents", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b9ded89e-7496-4f84-a56b-bf51be0b2e6f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "List presentation", "slug": "list-presentation", "agent": null, "layer": "slide", "matchId": "ef079489-1286-470a-ae0e-eb402e2378f5", "evidence": "The slide contains a list of items, such as '7. 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