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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "オリンパス事件を前例として引き合いに出し、レーザーテックの棚卸資産比率が業界平均から大きく乖離していることを強調している。",
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      "text": "レーザーテックも早晩、同じ運命を辿るだろう。棚卸資産と利益を詐欺手段で誇大に計上した事実を認めて、厖大な減損処理を行うはめになる。",
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      "text": "レーザーテックは2018年8月8日、15年間も監査法人を務めていたデロイト・トウシュ・トーマツを解任した。企業会計において、監査法人の解任は怪しい動きと見られる。",
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      "text": "レーザーテックは事実上、棚卸資産に関して売上原価をしかるべき時期に正確に計上せず、のちの会計期間への延期を繰り返してきた。結果、棚卸資産高はどんどん膨らんできている。",
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      "text": "例えば、2011年にオリンパスで発覚した不正会計は、日本では史上最大級の粉飾決算事件となった。レーザーテックも、早晩、同じ運命を辿るだろう。",
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      "text": "レーザーテックの棚卸資産高は驚異的に高い。①棚卸資産高は過去の記録から大きく外れている。②極端紫外線分野進出時に急伸。③直近四半期で120-135%に達する。④総資産比率が過去最高。⑤業界最高水準。⑥競合5社と比較して3-4倍の異常値。",
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      "text": "第2部　レーザーテックは不正会計の典型的な事例（続）",
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