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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide highlights an outlier in inventory turnover metrics compared to industry peers.",
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      "text": "半導体製造装置分野のトップ5社（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）と比較した場合、レーザーテックの棚卸資産を正当なものとは到底思えない。",
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      "text": "Inventory / Sales Ratio: 97%",
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      "text": "半導体製造装置分野のトップ5社（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）と比較した場合、レーザーテックの棚卸資産高を正当なものとは到底思えない。棚卸資産高を売上高で割った数値を見ると、レーザーテックの直近3年間の平均値は、他社のそれの3〜4倍になっている。比較対象の5社はいずれも製造のリードタイムが長く、複雑で高価な装置を作る企業だ。5社の貸借対照表、損益計算書、キャッシュフローの構成は似ており、棚卸資産高を売上高で割った数値も近く、5社とも狭い範囲内に納まっている。レーザーテックだけが大きく外れている。",
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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",
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      "text": "Comparison table of inventory/sales ratios for Lasertec vs 5 peers (2019-2023, LTM, 3yr Avg)",
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      "kind": "title",
      "text": "レーザーテックの棚卸資産 / 売上高と棚卸資産 / 総資産の各推移",
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