Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

Lasertec. Colossal Fraud Or Multi-Award Winning Mask Inspection Supplier?

Lasertec (6920): Some of the Accusations Are Disgraceful, Some Not

Lasertec (6920 JP): Orders Up, Guidance Down

Equity Bottom-Up

<ul>
<li>After 2 very poor quarters (revenue decline YoY), 2Q25 revenue increase 93% YoY, net income 137%. The painfully high volatility will not go away. </li>
<li>But Lasertec maintains its FY25 guidance which means that the blowout 2Q25 does not indicate higher growth</li>
<li>The expectation bubble should have completely deflated (SiC for EV, Intel, Samsung). The stock is trading at 18x, at the bottom of its trading range and valuations. Attractive.</li>
</ul>


After 2 very poor quarters (revenue decline YoY), 2Q25 revenue increase 93% YoY, net income 137%. The painfully high volatility will not go away. 
But Lasertec maintains its FY25 guidance which means that the blowout 2Q25 does not indicate higher growth
The expectation bubble should have completely deflated (SiC for EV, Intel, Samsung). The stock is trading at 18x, at the bottom of its trading range and valuations. Attractive.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Lasertec: FY25 Guidance Isn’t Revised up Despite a Blockbuster 2Q25. The Stock Is Attractive.

Lasertec Corp

Lasertec: FY25 Guidance Isn’t Revised up Despite a Blockbuster 2Q25. The Stock Is Attractive.