{
  "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",
  "orientation": "landscape",
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  "pageNumber": 79,
  "pageCount": 334,
  "prevPage": 78,
  "nextPage": 80,
  "slideType": "peer_benchmark",
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  "density": "dense",
  "nDataPoints": 48,
  "notes": "The slide highlights a potential accounting or operational discrepancy by comparing Lasertec against industry peers.",
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      "kind": "callout",
      "text": "Lasertec’s inventory balance has no plausible explanation when compared to the five largest semicap equipment players – it is triple or quadruple as a percent of revenue in the last 2 to 3 years.",
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      "kind": "metric",
      "text": "Inventory as percent of revenue: 97%",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data",
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      "kind": "table",
      "text": "Inventory As Percent Of Revenue table comparing ASML, Applied Materials, Lam, Tokyo Electron, KLA, and Lasertec from 2019 to LTM and 3 YR AVG.",
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      "kind": "title",
      "text": "Lasertec's inventory balance has no plausible explanation when compared to the five largest semicap equipment players – it is triple or quadruple as a percent of revenue in the last 2 to 3 years. Each of them – ASML, Applied Materials, Lam Research, Tokyo Electron, and KLA – makes complex, expensive equipment with long lead times. They all share similar balance sheet, income statement, and cash flow characteristics and hence have comparable inventory – except for Lasertec.",
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      "kind": "title",
      "text": "Inventory as percent of revenue – comparison",
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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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  "loops": [
    {
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      "from": 60,
      "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.",
      "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",
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      "description": "Quantify what happens if the audience does nothing"
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