{
  "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",
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  "pageNumber": 53,
  "pageCount": 334,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The slide argues that Lasertec's order book and revenue metrics are inconsistent and lack credibility compared to industry peers like ASML.",
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  "slideHref": "/slides/019dd923-622c-750b-8b9a-26b63f68bb16/53",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-26b63f68bb16",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "レーザーテックの受注残の急増は不可解だ。受注残と前受金は類似した動向を示すはずだが、むしろその隔離が大きく広がりつつある点が、とりわけ気になる。",
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      "kind": "chart",
      "text": "四半期ごとの受注高/売上高：レーザーテックとASML",
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      "kind": "chart",
      "text": "レーザーテックの四半期ごとの受注残・受注高・前受金・売上高（百万円）",
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    {
      "bbox": null,
      "kind": "metric",
      "text": "order-to-revenue ratio",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd953-203d-768d-bb04-0b1b4fa9e772",
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      },
      "kind": "paragraph",
      "text": "レーザーテックをカバーするブローカーは同社の受注高と売上高に魅了されているようだ。しかし、それらの指標についてレーザーテックの情報開示は、内容に信憑性がなく、常識的ではない。直近の四半期の受注高が約2年ぶりに高い水準にあったのは、決算発表直後に株価が急伸したことが理由だったようだ。近年はレーザーテックの売上高/受注高の倍率が2倍を上回ることが多く、四半期ごとに見ると3倍、6倍、16倍になったこともある。対して、ASMLの受注高/売上高の倍率は、より現実的な水準である1倍を前後して推移してきた。需要が旺盛だった2022年でさえ2倍を上回る四半期はなかった。同じく、レーザーテックの受注残の急増は不可解だ。受注残と前受金は類似した動向を示すはずだが、むしろその隔離が大きく広がりつつある点が、とりわけ気になる。",
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      "kind": "source-note",
      "text": "出典：各社の財務情報開示",
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  "metrics": [],
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      "arcName": "Overcoming the Monster",
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      "beatName": "Technical issues with Lasertec's products",
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