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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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      "text": "The CFO offered no explanation, stating only that “the current situation is a stalemate” and that “we do not necessarily have an accurate grasp of the situation” - and shockingly, that inventories would rise even higher.",
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      "text": "inventory levels: JPY160 billion",
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      "text": "A BofA analyst questioned why inventories are so high and when they “expect inventories to drop.” The CFO offered no explanation, stating only that “the current situation is a stalemate” and that “we do not necessarily have an accurate grasp of the situation” – and shockingly, that inventories would rise even higher: “we believe that this will increase”; “I think we will see...or rather, an increase in inventories”; and affirmed that the current $1.1B is the “minimum level forecast.”",
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      "text": "Continuing on, Mr. Hirakawa of BofA Securities, please go ahead. Hirakawa [Q]: Thank you very much. Inventories, even after the end of Q3, were probably around JPY160 billion and have remained high for the past three or four quarters. I wonder if you could tell me the level you are targeting in the medium term, and when you expect inventories to drop. Misawa [A]: Regarding inventories, Misawa will answer. Inventories vary depending on the progress of orders received, anticipated production, and the acceptance of products by customers. As of today, the current situation is a stalemate, or about JPY160 billion. We believe that this will increase as market conditions recover and orders become more active, and also as products with long lead times increase. We do not necessarily have an accurate grasp of the situation, but we are proceeding with production while properly controlling risks. Hirakawa [Q]: So you are saying that if market conditions recover, there will be another increase, and that you are currently holding this amount as a minimum level forecast. Misawa [A]: Yes. We are of course still engaged in anticipated production, but once market conditions recover, I think we will see more active production, or rather, an increase in inventories.",
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      "text": "“the current situation is a stalemate” — Misawa (CFO). “we do not necessarily have an accurate grasp of the situation” — Misawa (CFO). “we believe that this will increase” — Misawa (CFO). “I think we will see...or rather, an increase in inventories” — Misawa (CFO). “minimum level forecast.” — Misawa (CFO).",
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      "text": "Source: https://ssl4.eir-parts.net/doc/6920/ir_material_for_fiscal_ym5/154669/00.pdf",
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      "text": "The CFO’s comments a few weeks ago during the Apr 30, 2024, earnings Q&A should alarm Lasertec investors.",
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      "text": "Quarterly earnings Q&A, Apr 30, 2024 – transcript excerpts",
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