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  "docSlug": "f982379e2e48",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "pageNumber": 71,
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  "notes": "The slide highlights Lasertec's strong margin performance relative to industry leaders like ASML and KLA.",
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      "kind": "callout",
      "text": "In each of last 5 years, its gross margin exceeded ASML’s and each of the 5 largest semicap companies except for KLA.",
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      "text": "net income margin: 29%",
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      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data",
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      "kind": "table",
      "text": "Net Income Margin table for ASML, Applied Materials, Lam, Tokyo Electron, KLA, and Lasertec from 2019-LTM",
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      "text": "Gross Margin table for ASML, Applied Materials, Lam, Tokyo Electron, KLA, and Lasertec from 2019-LTM",
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      "text": "Lasertec gross margin and net income margin versus largest semicap equipment companies",
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      "text": "Lasertec’s gross margin and net income margin are just as vertigo-inducing as its operating margin.",
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      "name": "Cost Of Inaction",
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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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