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  "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",
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  "nDataPoints": 30,
  "notes": "The slide argues that the rapid growth in inventory is a red flag for potential accounting fraud, specifically referencing the relationship between income statements and balance sheets.",
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      "kind": "callout",
      "text": "収入を前倒しにして売上原価を後回しにしつづければ、貸借対照表上の棚卸資産高は次第に膨らむ。事実上、棚卸関連の費用の計上を先延ばしにしている。棚卸資産高がどんどん膨らんでいく。",
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      "text": "Inventory growth in USD",
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      "text": "Inventory growth in JPY",
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      "text": "Inventory",
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      "toolName": "Quantification",
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      "kind": "paragraph",
      "text": "収入を前倒しにして売上原価を後回しにしつづければ、貸借対照表上の棚卸資産高は次第に膨らむ。事実上、棚卸関連の費用の計上を先延ばしにしている。棚卸資産高がどんどん膨らんでいく。しかし、不正会計にも限界があり、バブルはいずれ崩壊する。損益計算書、貸借対照表、キャッシュフロー計算書には根本的なつながりがある。この法則は崩れない。よって、最終的にはつり合わなければいけない。不正にも限界があり、バブルはいずれ弾ける。たいていの場合、正念場である資産の減損処理と、過年度の利益の遡及修正再表が避けられなくなる。過去のフェイク収入・フェイク利益が抹消され、不正の詳細が明らかになる。のちにレーザーテックの各棚卸資産の指標を確認するが、その前に下記のグラフで同社の棚卸資産高の推移を見ておこう。",
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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",
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      "kind": "title",
      "text": "レーザーテックの棚卸資産高の推移：2010年～2024年3月31日（円とドル@$1=¥155）",
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      "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",
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