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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The text describes an investigative interview where an IR representative admitted the inventory classification is a 'secret' while the photos show finished products being loaded onto trucks.",
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      "text": "棚卸資産高の構成比は、仕掛品と原材料および貯蔵品で100%、完成品は0%だと主張するレーザーテック。矛盾が明らかだ。",
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      "text": "Grid of 8 photos showing equipment wrapped in plastic being moved and loaded onto a truck.",
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      "kind": "paragraph",
      "text": "レーザーテックのIR担当部署は、棚卸資産の分類が偽りであることを周知だが、社外秘として扱っている。スコーピオン・キャピタルは現地のIRコンサルタントに、レーザーテックのIR担当への取材を依頼した。面談は2024年3月にレーザーテックの本社で行われた。話の流れのなかで取材者は、棚卸資産について「完成品がないですね」と何気なく触れた。IR担当は動じることなく「はい、仕掛品だけです」と笑顔で答えた。なお、レーザーテック・イノベーション・パークが主に完成品の置き場として使われていることについて、証拠写真を入手した。写真の一部を下記に掲載する。入出荷される装置は保護用のシュリンクラップで密閉されており、完成品と見える。これらの装置の一部は5000万ドルもの高値がつく。棚卸資産高の構成比は、仕掛品と原材料および貯蔵品で100%、完成品は0%だと主張するレーザーテック。矛盾が明らかだ。",
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      "text": "「はい、仕掛品だけです」 — Lasertec IR Representative",
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      "kind": "title",
      "text": "調査員による撮影：レーザーテック・イノベーション・パークの「Fab 4A」にて完成品が入出荷されている光景",
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