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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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      "text": "Given that some of these machines sell for $50MM each, Lasertec’s claim of 100% raw materials and work-in-process and 0% finished goods is clearly false.",
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      "text": "It appears to be an open secret among Lasertec’s investor relations team that inventory is being misclassified. We hired a local consultant to meet with IR in March 2024 at Lasertec headquarters, who at one point asked “And no finished goods in there, right?” The IR rep replied “No. All work in process.” while smiling with a knowing wink. In a later section, we share photographic evidence that Lasertec’s new “Innovation Park” and its so-called “fabs” are essentially a fraud with no production or R&D. During ~20 visits to the campus, our investigators found an empty and deserted facility. Its only purpose appears to be storage for finished goods – we show below a sample of photos of machines being loaded into storage, all hermetically sealed in protecting wrapping and clearly finished goods. Given that some of these machines sell for $50MM each, Lasertec’s claim of 100% raw materials and work-in-process and 0% finished goods is clearly false.",
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      "text": "“And no finished goods in there, right?” — Investigator; “No. All work in process.” — IR rep",
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      "text": "Source: Investigator field visits",
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      "text": "Investigator photos of finished goods being moved into storage at “Fab 4A” at Lasertec Innovation Park",
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