{
  "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": 77,
  "pageCount": 334,
  "prevPage": 76,
  "nextPage": 78,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 28,
  "notes": "The slide uses red boxes to draw attention to the post-2019 period, framing the inventory growth as suspicious or contradictory to the company's reported success.",
  "elementsJson": [
    "paragraph",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/77",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-77",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The alarming spike is apparent visually – we show inventory as a percent of both revenue and assets annually from 2010 to the last 12 months.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc7c-6b05515352ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.43,
        "x": 0.5,
        "y": 0.37
      },
      "kind": "chart",
      "text": "Inventory as Percent of Assets",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b533497-4632-422f-a757-ce4932502c11",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.43,
        "x": 0.07,
        "y": 0.37
      },
      "kind": "chart",
      "text": "Inventory as Percent of Revenue",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0739631-445a-47da-9fa5-c65945bd5de3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "inventory as percent of revenue: 2,000%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc7c-6e3844dc33ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "we show inventory as a percent of both revenue and assets annually from 2010 to the last 12 months. We again highlight the key fact that inventory began to spike in 2019/2020 when Lasertec launched its ACTIS EUV line",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6150cb1-1a07-47bb-9cab-b3db4b862490",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.07,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf283a54-2a8f-478c-89e4-569f0e68f2f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "The alarming spike is apparent visually",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edadfd55-7f4f-419d-8926-07d5bd728329",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "3eef01fb-8ef6-4210-95bf-5e6a9d9a1f40",
      "evidence": "The slide explicitly links inventory growth to 'purported' margins and stock price, suggesting financial manipulation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 80,
      "from": 11,
      "beatId": "7e31b42d-7913-4bdc-94a9-6f7195daecb2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The deck presents numerous slides exposing alleged contradictions and flaws in Lasertec's products and financials.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 80,
      "from": 60,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "6e61ad7c-bb6d-4d17-b94f-80ca98ebf1a8",
      "evidence": "The deck presents a series of slides highlighting the potential risks and consequences of not acting on Lasertec's alleged fraud.",
      "position": 1,
      "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",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}