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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide highlights a discrepancy in financial reporting practices between Lasertec and its peers.",
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      "text": "比較対象の5社の過去5年間のデータを見ると、棚卸資産に占める完成品の比重は平均30%ほど。対して、レーザーテックは5年間ずっと0%だ。",
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      "kind": "metric",
      "text": "finished goods as % of inventory: 0%",
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      "text": "レーザーテックが完成品の棚卸資産の存在を否定すること、そのために活用する財務情報の開示の仕方。これらは異常だ。半導体製造装置分野のトップ5社の情報開示と比較すれば、真正性を欠いていることが一目瞭然だ。比較対象の5社の過去5年間のデータを見ると、棚卸資産高に占める完成品の比重は平均30%ほど。対して、レーザーテックは5年間ずっと0%だ。比較対象の5社はいずれも棚卸資産について原材料および貯蔵品、仕掛品、完成品の内訳を開示している。そのうちの数社は、棚卸資産に前払費用と破損・陳腐化などの手当金も計上している。",
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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, レーザーテックの財務情報開示",
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      "kind": "table",
      "text": "Comparison table of Finished Goods as % of Inventory for 6 companies from 2019-2023",
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