2024-06-18 18:26:54 ET
Summary
- Lasertec developed the world's first EUV photomask inspection system, benefiting major clients like Intel, Samsung, and Taiwan Semi.
- Despite fraud allegations by a short seller, Lasertec's financials can be meaningfully compared to and validated against peers like KLA and ASML.
- While facing risks such as backlog underperformance, Lasertec's valuation is becoming more attractive compared to some peers, offering opportunity for investors.
Introduction
Lasertec ( LSRCY ) is a Japanese developer of semiconductor inspection equipment, in particular, a system for inspecting photomasks that are critical for ASML’s ( ASML ) EUV process. Lasertec developed and sells the world’s first EUV photomask inspection system, with only early stage competition at the moment, not commercial. Photomasks are the important patterning tools that focus light on wafers so that circuits can be etched. KLA Corporation ( KLAC ) is the juggernaut of the semi wafer inspection industry, but optical mask inspection has one key issue: photomask inspection comes before the wafer is produced. This prevents unnecessary EUV usage on faulty photomasks, saving costs for Lasertec’s three major clients of Intel ( INTC ), Samsung, and Taiwan Semi ( TSM ). While KLA’s solutions are not going extinct, Lasertec has a keen advantage and this is reflected in the financials already, just a few years after the release of the first gen equipment....
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Lasertec: Recent Share Price Weakness Opportunity