slides · global inventory
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74,671-74,700 of 96,741
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The slide uses a table to contrast R&D spend and a LinkedIn screenshot to highlight Isteq's small employee count.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Beat · Technical issues with Lasertec's products1 hit
47
The slide uses a narrative of 'contradiction' to challenge the company's self-proclaimed business model.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Beat · Technical issues with Lasertec's products1 hit
48
The slide uses a quote from a Morgan Stanley symposium to frame KLA's dominance and aggressive capital allocation as a direct challenge to Lasertec.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Beat · Technical issues with Lasertec's products1 hit
50
The slide highlights the lack of transparency from Lasertec's management regarding key performance metrics.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Beat · Technical issues with Lasertec's productsLoop · The Reveal1 hit
51
The slide uses direct quotes from earnings transcripts to demonstrate a pattern of management opacity.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Beat · Technical issues with Lasertec's productsLoop · The Reveal1 hit
53
The slide argues that Lasertec's order book and revenue metrics are inconsistent and lack credibility compared to industry peers like ASML.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Beat · Technical issues with Lasertec's productsLoop · The Reveal1 hit
54
The slide uses a 'before-after' comparison of product generations to undermine the company's technological narrative.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Beat · Technical issues with Lasertec's productsLoop · The Reveal1 hit
55
スコーピオン・キャピタルのショートレポートの一部。ACTIS装置の販売台数と価格を推定し、レーザーテックの業績への貢献度が低いと主張している。Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Beat · Technical issues with Lasertec's productsLoop · The Reveal1 hit
57
The slide uses expert quotes to undermine the company's core product claims.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Beat · Technical issues with Lasertec's productsLoop · The Reveal1 hit
58
The slide uses a technical argument to debunk a common investment thesis regarding EUV pellicles.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Beat · Technical issues with Lasertec's productsLoop · The Reveal1 hit
60
This slide serves as a section divider or thesis statement for a deep dive into Lasertec's accounting practices.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Beat · Technical issues with Lasertec's productsLoop · The Reveal1 hit
61
Uses accounting equations to demonstrate the ripple effect of financial manipulation.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
62
The slide uses a visual 'before and after' logic to show how accounting manipulation impacts the P&L and Balance Sheet equations.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
63
The slide uses historical financial data to illustrate how accounting manipulation (hiding losses via goodwill/investments) manifests in balance sheet ratios.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
64
キャッシュ変換率の低さを不正の兆候として指摘する論理構成。Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
65
The slide argues that revenue growth is being driven by the drawdown of deferred revenue rather than new business, supported by a line chart and a data table.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
66
会計不正のメカニズム（棚卸資産の過大計上と売上原価の過少計上）を説明し、それを裏付けるための時系列チャートを提示。Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
67
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.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
69
The table compares 2019-2023 EBIT margins and LTM figures, showing Lasertec's margin growth from 28% to 41%.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
71
Data presented in two tables: Gross Margin (粗利益率) and Net Margin (純利益率).Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
72
The slide highlights a discrepancy between reported high profit margins and low cash conversion, framing it as evidence of potential accounting irregularities.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
73
The slide argues that a ratio consistently below 1 indicates low-quality earnings, contrasting historical performance with recent declines.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
74
The slide uses two tables (one in JPY, one in USD) to demonstrate that dividend payouts are consuming a significant portion of free cash flow, forcing the company to borrow despite high reported profits.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
75
The slide uses financial ratios to challenge Lasertec's 'fab-lite' strategy claims.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
76
棚卸資産の急増がACTISの発売時期と重なることを指摘している。Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
77
The red boxes highlight the period starting in 2019, which the author links to the launch of the ACTIS extreme ultraviolet equipment.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
78
レーザーテックが両指標で突出していることを強調する比較表。Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
79
The slide highlights an outlier in inventory turnover metrics compared to industry peers.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
80
レーザーテック（赤）が他社（黒・グレー・青）と比較して突出していることを強調する比較チャート。Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller Loop · The Reveal1 hit
81
The slide uses red dashed circles to highlight the divergence between inventory and deferred revenue.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit