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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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      "text": "But therein lies a key to the fraud - while Lasertec claims to have the highest profitability, its cash conversion is the lowest - a striking anomaly at the center of the largest corporate frauds in history.",
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      "text": "Lasertec's EBIT margin expanded from 10% (2010) to 28% (2019) and 41% (2023), exceeding major semiconductor equipment players and tech giants like Apple and Google.",
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      "text": "Cash conversion is the lowest among peers; one dollar of earnings produces only 65 cents of cash, compared to ASML (130-180%) and KLA (>100%).",
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      "text": "Photographic evidence indicates inventory stuffing at 'Innovation Park'. Investigators saw no R&D/production activity, only finished machines delivered for storage, contradicting claims of raw materials/WIP.",
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