{
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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "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 slide outlines five methods to normalize inventory levels and compares them against current reported figures to highlight potential accounting discrepancies.",
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      "kind": "callout",
      "text": "推定減損額/棚卸資産高 63%",
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      "kind": "list",
      "text": "① ASML、アプライド マテリアルズ、ラムリサーチ、東京エレクトロン、KLAという5推しゃの3年にわたる棚卸資産の平均値。この平均値は26%で、各社間の格差はあまりない。それに各社の製品展開が類似することもあって、この平均値は指標として説得力がある。\n② 上記の5社3年間平均値を総資産で割った商。\n③ 2010年〜2017年における、レーザーテックの棚卸資産高を売上高で割った商。つまり、レーザーテックが極端紫外線の検査装置を発売する以前の棚卸資産/売上高の“歴史的な”正常な水準。\n④ 2010年〜2017年における、レーザーテックの棚卸資産高を総資産で割った商としての正常な棚卸資産高。\n⑤ レーザーテックが水面下で顧客に対して提示している50%〜75%の値引きをもって、棚卸資産高をきりさげた“市場価値”。",
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      "text": "inventory writedown: 63%",
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      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "レーザーテックの例は不正会計としてわかりやすい部類だ。例えば、問題の棚卸資産高の本来なら“正常”と思われる水準を簡単に推定できる。この推定をもって、棚卸資産高をいくらくらい誇大に計上しているか、また、いずれ避けられなくなる減損処理と利益減の規模を把握できる。“正常化した棚卸資産高”は次の5つの手法を使って推定できる。",
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      "kind": "source-note",
      "text": "出典：スコーピオン・キャピタルによる推定及び分析, S&P Capital IQによるデータ, レーザーテックの財務情報開示",
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      "kind": "table",
      "text": "Comparison table showing two methods for normalizing inventory levels using peer data and historical ratios, resulting in estimated impairment figures.",
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      "kind": "title",
      "text": "“正常化した棚卸資産高”：同業他社の棚卸資産高/売上高と棚卸資産高/総資産で割り出2つの手法",
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      "arcName": "Overcoming the Monster",
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