{ "docId": "019dd923-622c-750b-8b9a-26b63f68bb16", "docSlug": "9abaa7a9bbfc", "documentTitle": "Lasertec Corporation (6920)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-06-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 51, "pageCount": 334, "prevPage": 50, "nextPage": 52, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "balanced", "nDataPoints": 0, "notes": "The slide uses direct quotes from earnings transcripts to demonstrate a pattern of management opacity.", "elementsJson": [ "paragraph", "data_table" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/51", "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16#slide-51", "components": [ { "bbox": null, "kind": "callout", "text": "「すみません。EUV関連装置の中の内訳は開示しておりません」「製品ごとに向け先などを区分けして情報はディスクローズしておりません」", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-203d-768d-bb04-251ec4fbecec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.85, "x": 0.07, "y": 0.31 }, "kind": "list", "text": "Transcripts from Nomura (Aug 2022) and CLSA (Jan 2023, Jan 2024, Apr 2024) showing repeated refusal to disclose product mix.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9b5b4f55-d62a-43fa-ad13-1e833f651c89", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.07, "y": 0.11 }, "kind": "paragraph", "text": "「すみません。EUV関連装置の中の内訳は開示しておりません」「製品ごとに向け先などを区分けして情報はディスクローズしておりません」「当社はACTISとMATRICS、このこれに関しては外部公表しておりません」等々。2024年4月30日の説明会では、会社側は高い開口数の機能性があるというACTIS A300装置について需要旺盛だと伝えた。セルサイドのアナリストにとって、レーザーテックの株を顧客に勧めるためにその関連の情報は貴重な材料となる。しかし、CEOは受注台数などの情報をいささかも提供しなかった。アナリストは「何か方向感もちょっとお伺いしづらい？」などと丁寧に嘆願したが、反応はなかった。", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "803de457-b433-40a7-ac8b-414896fd8b31", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "「何か方向感もちょっとお伺いしづらい？」 — 中名生 [Q] (Nomura Securities Analyst)", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-203d-768d-bb04-29de8a899efa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "出典：https://www.lasertec.co.jp/ir/data/result.html", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "68ca386e-1bf0-40fe-a0dc-c3edbe82d3ce", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.85, "x": 0.07, "y": 0.06 }, "kind": "title", "text": "CEOがアナリストの質問に対して示す“拒否姿勢”に、投資家は驚き呆れるしかない。", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "335018d1-511e-4f13-8b53-345c46c84a57", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.07, "y": 0.27 }, "kind": "title", "text": "四半期決算説明会におけるCEOとアナリストとのやり取り（抜粋）", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "988da04d-786a-4032-b025-25dfd18b1af2", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "762a57df-6a4a-4e11-876e-94e93f2d518c", "evidence": "The slide uses specific evidence to expose a pattern of management behavior (lack of transparency) that contradicts investor needs.", "confidence": 0.8 } ], "arcBeats": [ { "to": 60, "from": 31, "beatId": "a76b2e37-65ed-4001-9d9b-d869d169191e", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Technical issues with Lasertec's products", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck highlights several technical problems with Lasertec's products.", "position": 2, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [ { "to": 80, "from": 50, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "9a2dcd01-85f5-4466-8256-4cc55854d4b5", "evidence": "The deck provides detailed information on technical problems.", "position": 1, "objective": "To expose technical issues with Lasertec's products", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.6, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }