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  "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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  "notes": "The slide uses a combination of historical data tables and a screenshot of a balance sheet to highlight the lack of a finished goods category.",
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      "text": "Lasertec financial filings contain no line item for finished goods – most recent filing as example, Apr 30, 2024",
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      "text": "Lasertec’s inventory charade is not only brazen but hiding in plain sight – it claims that 100% of its $1+ billion in inventory is raw materials and work-in-process with 0% finished goods.",
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      "text": "finished goods inventory: 0",
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      "text": "Incredibly, its financial statements over the past 5 years record zero finished goods in any period – its balance sheet doesn't even include a line item for it. Misclassifying and improperly valuing inventory in an attempt to evade impairment charges that would wipe out historical earnings is a tactic common to some of the most significant fraud cases in history. Lasertec has no option but to claim it has no finished goods – its stock would have imploded if investors saw machines piling up. Work-in-process fools investors into thinking that components/parts will shortly convert to new sales; and that finished machines ship so fast that they never remain on the balance sheet.",
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      "text": "Source: Scorpion Capital analysis and estimates; Capital IQ data; Lasertec financial filings and IR materials",
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      "text": "Lasertec's inventory charade is not only brazen but hiding in plain sight – it claims that 100% of its $1+ billion in inventory is raw materials and work-in-process with 0% finished goods.",
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