slides · global inventory
Expose Contradiction
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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
68
The slide uses the Toshiba accounting scandal as a precedent to critique inventory valuation practices, specifically mentioning Lasertec as a potential practitioner of similar methods.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
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
83
The slide highlights a specific accounting anomaly where finished goods inventory is consistently reported as zero, suggesting potential manipulation.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
84
The slide highlights a discrepancy in financial reporting practices between Lasertec and its peers.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
85
The slide uses photographic evidence to contradict the company's official financial reporting regarding inventory composition.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
86
The slide uses a combination of a bar chart showing inventory/sales ratio and a screenshot of the official press release regarding the auditor change to build a case for potential accounting irregularities.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
87
The slide uses excerpts from 10K filings to show that auditors are flagging inventory valuation as a 'critical audit matter' due to management judgment, implying potential risk despite no explicit fraud findings.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
89
The slide maps specific accounting fraud allegations to their corresponding SEC complaint text.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
90
The slide argues that the unexplained volatility in gross margin is a sign of corporate malfeasance.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
91
The slide uses a transcript excerpt to expose the company's evasiveness regarding the profitability of specific product lines.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
92
The slide contrasts the CEO's optimistic outlook in October 2023 with the reality of low margins in Q1, followed by a defensive explanation in January 2024.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
93
The slide uses a Q&A format with an industry expert to challenge the company's reported gross margins.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
94
Includes a Q&A excerpt from a GlobalFoundries executive regarding maintenance costs and customer dissatisfaction.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
95
The slide uses a Q&A format to expose the company's inventory issues and potential reliability problems.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
96
The slide uses a Q&A format to highlight the aggressive nature of Lasertec's sales approach, suggesting financial strain or inventory pressure.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
97
The slide uses a Q&A format to expose a lack of technical validation for a new product (A300) and questionable sales practices by Lasertec.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
98
The slide presents a 'villain' narrative by highlighting potential accounting irregularities (lack of inventory write-downs) and market demand failure.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
99
The slide uses two distinct valuation methods (inventory/sales ratio and inventory/total assets ratio) to calculate a potential impairment loss of approximately 63-66%.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
100
The slide argues that Lasertec's inventory inflation masks a massive potential impairment that would wipe out a significant portion of historical profits and retained earnings, comparing the scale to the Toshiba accounting scandal.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
103
The slide uses a Q&A format to highlight technical flaws in the light source technology.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
105
The slide uses a technical diagram to argue that the specific mechanism described in a patent/paper inevitably leads to equipment contamination.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
106
The slide uses technical documentation to argue that the complexity of the Ushio EUV source is a 'weakness' (弱点).Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
109
The slide uses KLA's own presentation to point out the technical challenge of contamination from tin-based plasma sources.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
110
The slide presents a critical testimonial from an industry expert to undermine the technical competence of the subject company.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit
111
The slide presents expert testimony highlighting technical flaws (off-gas contamination, reliability issues) in competitor light sources.Lasertec Corporation (6920) · Scorpion Capital
Activist deck Short seller 1 hit