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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "This slide serves as a section divider or thesis statement for a deep dive into Lasertec's accounting practices.",
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  "components": [
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      "kind": "callout",
      "text": "不正の中心には、収入と利益の誇大計上と、それにともない不適切に計上した棚卸資産高がある。",
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      "kind": "paragraph",
      "text": "不正とされるための条件をほぼすべて満たしているため、模範といってもいいだろう。例えば、業界で最高水準の利益率を開示しながらも、キャッシュフローが驚くほど少ない。そして、キャッシュの変換率は（営業活動によるキャッシュフローを純利益で割ると）同業他社よりも低い水準にある。また、全世界の半導体製造装置の製造業の中では中規模の会社であるにも関わらず、棚卸資産高／売上高は最高水準だ。不正の中心には、収入と利益の誇大計上と、それにともない不適切に計上した棚卸資産がある。",
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      "kind": "title",
      "text": "第2部 レーザーテックは不正会計の典型的な事例といえる。",
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      "arcName": "Overcoming the Monster",
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      "beatName": "Technical issues with Lasertec's products",
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