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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": "Uses transcript excerpts and a snippet of an earnings slide to build a case for management obfuscation.",
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      "kind": "callout",
      "text": "The CEO evaded the question: \" I cannot give you any information on gross margin.\"",
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      "kind": "list",
      "text": "Transcript of Q&A between Shibano (Citigroup) and Okabayashi (Lasertec) regarding ACTIS unit sales and gross profit.",
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      "text": "gross margin",
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      "text": "The quarterly earnings presentation on Oct 31, 2023, was vague regarding the gross margin collapse, saying only that “profit margins fell due to an unfavorable product mix in the short term.”",
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      "kind": "quote",
      "text": "\"This is the result of the recognition of some low-profit ACTIS sales.\" — Lasertec CFO, Oct 31, 2023, earnings presentation; \"I cannot give you any information on gross profit.\" — Okabayashi (CEO), Oct 31, 2023, earnings Q&A.",
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      "kind": "source-note",
      "text": "Source: Lasertec financial filings and IR materials",
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