Lasertec Corp. TSE:6920
Lasertec : Presentation Material - Third Quarter of Fiscal Year Ending June 2025 Financial Results (Script Including Q&A)
Source: MarketScreener
Lasertec Corporation
Financial Results Briefing for the Third Quarter of Fiscal Year Ending June 2025 April 28, 2025
Event Summary [Company Name] Lasertec Corporation [Company ID] 6920-QCODE [Event Language] JPN [Event Type] Earnings Announcement [Event Name] Financial Results Briefing for the Third Quarter of Fiscal Year Ending June2025
(Total: 40 minutes, Presentation: 7 minutes, Q&A: 33 minutes)
[Venue] Webcast [Venue Size] [Participants] [Number of Speakers] 4Tetsuya Sendoda Representative Director, President & Chief Executive Officer
Osamu Okabayashi Director, Chairman & Executive Officer Hisashi Yokokawa Executive Officer, Chief Financial Officer
Raiji Hanashima Manager, PR & IR Group, Corporate Planning and Control Department
[Analyst Names]* Shuhei Nakamura Goldman Sachs JapanYu Yoshida CLSA Securities Japan
Tetsuya Wadaki Morgan Stanley MUFG Securities
Masahiro Nakanomyo Jefferies Japan
Masahiro Shibano Citigroup Global Markets Japan
Kazuyoshi Saito IwaiCosmo Securities
*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A or whose questions were read by moderator/company representatives.
Presentation Hanashima: It is time to commence the Financial Results Briefing for the Third Quarter of the Fiscal Year Ending June 2025 of Lasertec Corporation. Thank you very much for taking time out of your busy schedule to join us today. I am Hanashima, Manager, PR & IR Group, Corporate Planning and Control Department, and I will be the moderator. Thank you.First, I would like to introduce today's attendees from the Company: Tetsuya Sendoda, Representative Director, and President & Chief Executive Officer; Osamu Okabayashi, Director, Chairman & Executive Officer; and Hisashi Yokokawa, Executive Officer, CFO.
Now, let me explain the flow of the briefing session. First, CFO Yokokawa will give an overview of the financial results, and President Sendoda will explain the business environment and future outlook. After that, there will be a question-and-answer session until 18:00. The entire session is scheduled to last about one hour.
Please also note that a Japanese/English script of this briefing will be posted on our website at a later date for your reference.
We will now provide an overview of our financial results. Mr. Yokokawa, please go ahead.
Yokokawa: Let me start by explaining the trend of the financial results.
In Q3, net sales were JPY39.8 billion, operating income was JPY15.6 billion, and net income was JPY9.3 billion.
Although figures dropped both on a YoY and QoQ basis, they fluctuate from QtoQ, and we are in line with our full-year forecast.
The next page shows sales by products. Total sales amounted to JPY39.8 billion, of which JPY30.4 billion was for semiconductor-related equipment and JPY8.8 billion was for services.
The next page shows sales by region. Sales in the US were JPY14.1 billion, and in Japan, JPY7.1 billion. The overall total was JPY39.8 billion.
Next is the balance sheet.
First, total assets amounted to JPY299.3 billion and accounts receivable were JPY22 billion compared to JPY47.3 billion in the previous quarter. This decrease is due to a large number of sales being recorded in the previous quarter, and the fact that the accounts receivable recorded this quarter were collected smoothly.
Inventories increased by JPY10 billion from the previous quarter and remain at a high level. This is a level with no particular problems, as we are prepared to respond to orders and order backlogs, and the contents have been thoroughly checked.
As for liabilities, advances received totaled JPY77.9 billion, up from JPY51.6 billion in the previous quarter. This is mainly due to the timing of receipt of advances, which was received at the time of shipment and others, and they were concentrated in Q3. We believe that we have reached the level of the quarter before the previous quarter.
As a result, cash and deposits was JPY53.8 billion, an increase from the JPY26.8 billion in the previous quarter.
Moving on to cash flows.
Here, too, operating cash flow was very high in Q3, at JPY38.5 billion. Free cash flow amounted to JPY38.2 billion.
The main reasons are that, as explained earlier, accounts receivable were collected smoothly and that payments for advances received for shipments and others were concentrated in Q3.
Finally, I would like to explain R&D, capital expenditure, and depreciation.
Research and development expenses totaled JPY3.2 billion and are progressing as planned.
In addition, although the amount of capital investment in Q3, JPY300 million, appears to be very small, the amount in Q3 is small because major investments such as clean rooms were completed in Q2. Progress is also being made on this front as planned.
This is all.
Hanashima: We would like to continue with an explanation of the business environment and future outlook. Mr. Sendoda, please go ahead.Sendoda: I will now explain the business environment and future outlook.
In terms of the trend of semiconductor device manufacturers, medium- to long-term investment initiatives in the US were announced.
Mass N2 production is planned to start in H2 of calendar year 2025.
Next-generation process development using high-NA EUV lithography is underway.
Investment related to power semiconductors has been sluggish, while investment related to AI has been strong.
Next, the topic. We received the 2025 Intel EPIC Supplier Award. This is the fifth consecutive year and the fifth time that we have received this excellent supplier award.
Finally, here is our full-year forecast for the fiscal year ending June 2025.
As for the future outlook, there is no change to the full-year forecast with respect to sales and profit. We expect net sales of JPY240 billion, operating income of JPY104 billion, and net income of JPY74 billion.
Orders are expected to decrease significantly from the previous fiscal year. Specifically, we expect them to decline to just over half of the total recorded in fiscal year ended June 2024.
In addition, demand for compound power semiconductors has been sluggish.
That's all from me.
Question & Answer Hanashima [M]: Now, let's move on to a question-and-answer session. This presentation is intended for institutional investors and analysts. Therefore, I am afraid that questions will be limited to institutional investors and analysts only.Please note that we will limit the number of your questions to one per person at a time with one follow-up question. If you have additional questions, please raise your hand again.
Now, if you have any questions, please raise your hand.
Mr. Nakamura of Goldman Sachs Japan Co., Ltd., please go ahead.
Nakamura [Q]: Thank you for your continued support. Thank you.My first question is regarding orders. As for the last part of your explanation, you mentioned that orders for the fiscal year will be just over half of the previous year, which I think would be around JPY140 billion. Three months ago, you mentioned that you expected it to be the same level as the fiscal year before last, which would be around JPY180 billion. Could you tell me the changes that occurred during the last three months in the order environment?
As for the timing of the recovery of orders, I believe you expected it to be around the beginning of 2026. I would appreciate your explanation, including whether there is any change in this view.
Sendoda [A]: I understand. First, in terms of the environment for orders, I mentioned earlier that we expect orders to be around half of the previous fiscal year at around JPY140 billion, or rather just over JPY140 billion. Three months ago, I had explained that it would be around JPY180 billion, but now I have explained that we believe that it will be lower than that.Three months ago, I explained that orders for the Q1 to Q3 were weak until Q3 and would probably recover a little beginning from Q4, but I now expect the situation to persist in Q4.
As for the timing of the recovery, last time I explained that the recovery will start in the calendar year 2026, and there has been no change here so far. Since we are beginning to receive concrete inquiries and others, we expect a gradual recovery starting in 2026. That is all from me.
Nakamura [Q]: Thank you. One follow-up question, regarding the impact of tariffs. In the last part of the oneon-one FAQ material that you disclosed separately, you explained that the situation is changing on a day-to-day basis, but could you please explain how it is affecting your customers' inquiries, orders, and shipping requests at this point? Sendoda [A]: There is no particular impact on orders and others. As for shipments, we have not been particularly affected at this time, so we do not have any direct impact at this time. However, as you said, things are changing frequently, so it is difficult to make a prediction for the future, but at this time, there is no particular change. Nakamura [M]: I understand. Thank you very much. That's all for now. Hanashima [M]: Thank you very much for your questions.Next, Mr. Yoshida of CLSA Securities Japan, please go ahead.
Yoshida [Q]: Hello. This is Yoshida from CLSA Securities Japan. Thank you.You have lowered the perspective for order volume for this fiscal year. Specifically, what part of it did you lower? As in the past, the recovery from 2026 will probably be driven by investment from wafer fabs, and I think the main part of the recovery during this fiscal year will be from mask shops. Has this recovery from mask shops been delayed?
Also, do you expect orders from wafer fabs to continue to recover in the next fiscal year? I would appreciate any comments regarding products in this area. Thank you.
Sendoda [A]: I understand. Regarding orders, basically, ACTIS continues to be weak. On the other hand, we expect MATRICS to reach the same level as the previous year or a bit more.The reason why we lowered the perspective a little from the last time is that we have been talking with our customers and they have told us that there is a slight delay in the expected orders of ACTIS from mask shops, and that it is likely these will be delayed until next year.
As for the recovery from 2026, as I explained three months ago, we are receiving inquiries from both wafer fab and from the mask shops, as I mentioned earlier, so I believe that is why we will start to see an upturn from 2026.
Yoshida [Q]: Thank you very much. As a follow-up, the recovery from 2026, which, in that sense, I think will be larger, including the amount that has been shifted from the current fiscal year.However, there have been some management changes among customers. Especially in the wafer fab area, customers were probably originally anticipating a recovery in orders from 2026, so I wonder if there are any new changes in investment trends among customers.
Also, you mentioned tariffs earlier, and I was wondering if you have any comments on whether there will be any changes in investment stance in the near future due to the tariffs. Thank you.
Sendoda [A]: We have received more concrete inquiries than we did three months ago, so I have the impression that things are getting more certain. Yoshida [M]: I see. Okay. That's all from me. Thank you very much. Hanashima [M]: Thank you very much for your questions.Now, Mr. Wadaki from Morgan Stanley MUFG Securities, please ask your questions.
Wadaki [Q]: My name is Wadaki. Thank you for your continued support.I understand that you have received specific inquiries for orders, but if it's not too difficult, could you comment on the specific direction or type of application that you are receiving inquiries for?
Sendoda [A]: Well, I can't comment on specific customers, but basically, we have inquiries from all areas where we have been selling, in addition to those from the memory companies. Inquiries are mainly from logic companies, but we are also receiving inquiries from memory companies. Wadaki [Q]: Thank you. For my follow-up question, regarding the specific inquiries, ASML said they want to launch large masks in early 2030, and they were discussed at Photomask Japan and imec. HOYA refused toproduce blanks last year, but blanks were actually produced. There are many things happening. I think this is a positive thing for your company, but what is your compay's feeling about this?
Sendoda [A]: Certainly, I attended PMJ and, in talking with customers, I also get the sense that the large masks will progress. One indicator is 2030, but considering AI chips, and others, I think large masks will be necessary, so I think the demand is heading in that direction.As I mentioned previously, our systems can handle them, so we are ready to respond whenever we receive orders.
Wadaki [M]: Thank you. I understood very well. That's all from me. Hanashima [M]: Thank you.Next, Mr. Nakanomyo from Jefferies Japan, please go ahead.
Nakanomyo [Q]: I'm Nakanomyo from Jefferies. Thank you.First, I have two points. The first point is that Nikon's semiconductor business today happened to announce an impairment loss and inventory write-downs, including a review of investment plans by major customers. Is there such possibility in your company as well?
Sendoda [A]: There is no cancellation or push out of the mask-related POs that we are currently receiving, so I don't think there is any particular possibility of that happening right now. Nakanomyo [Q]: So, there are no significant delays or situations where you have to write off the valuation for accounting purposes? Sendoda [A]: That's right, there are none. Nakanomyo [Q]: I understand. If orders for the current fiscal year are approximately JPY140 billion or a bit more, the order backlog would be about JPY360 billion at the end of the fiscal year. Of that amount, what would be the sales for the fiscal year ending June 2026? It may be too early to ask about this, but if there is anything you can tell us that would be of interest, please let us know. Sendoda [A]: Yes. As you mentioned, we have a certain level of order backlog, but we are still scrutinizing the guidance for the next fiscal year, and at this point I cannot comment on it. I hope to be able to provide specific figures at the next earnings announcement. Nakanomyo [Q]: In that sense, does that mean that you have a good amount of orders for two years into the future in your order backlog? Sendoda [A]: Yes, the orders that are coming in now are those that will contribute to the next fiscal year and the fiscal year after the next. Nakanomyo [M]: Thank you very much. I will excuse myself. Hanashima [M]: Thank you.Mr. Shibano from Citigroup Global Markets Japan, please go ahead.
Shibano [Q]: Thank you very much for your explanation. I am Shibano from Citigroup.For the first point, please allow me to confirm the changes in orders received during the quarters of this fiscal year.
I believe your original explanation was that Q1, Q2, and Q3 would remain flat at a low level, and Q4 would see a one-time increase. We have already completed Q3, and as a result you have given us a forecast for Q4 on a full-year basis. I would like to know, for example, whether there is a drop in orders between Q2 and Q3, or how Q4 is looking compared to Q3 levels. Please tell us as much as possible as the first point. Thank you.
Sendoda [A]: Basically, the situation is that from Q1 to Q3, they have remained almost flat, or at about the same level. We expect that Q4 will be at the same level as that. Shibano [Q]: I understand. So, you are saying that the annual sales will be about JPY140 billion, and the level of that amount divided by four is expected to continue for four quarters, and that is your expectation for Q3 and Q4. Is it correct? Sendoda [A]: There may be some fluctuations between quarters, but there will be no big movements in any quarter. Shibano [Q]: I understand very well.Second, you said that there is no change in your view that orders for the fiscal year ending June 2026 will exceed the full-year orders for the fiscal year ending June 2025. Are the figures of orders for the fiscal year ending June 2026 those that you had in mind when you spoke about this three months ago on January 31, and the figures for the fiscal year ending June 2026 that you have in mind now the same? Or should we assume that it is lower? That's all from me.
Sendoda [A]: I believe that the level we are telling you today is slightly higher than the level we were telling you three months ago. This is because the orders predicted for Q4 will be delayed until next fiscal year; and as I mentioned earlier, we have received some concrete inquiries. Considering these factors, I think the level of the orders in FY2026 will be higher than we expected three months ago. Shibano [Q]: I see. I would like to follow up on one point.Regarding the total amount of orders projected for the fiscal year ending June 2026, there is some concern in terms of specificity, visibility, and certainty compared to three months ago, but are you saying that it is improving?
Sendoda [A]: Yes, that is my current understanding. Shibano [M]: I see. Thank you very much. Hanashima [M]: Thank you.Next, Mr. Yoshida of CLSA Securities Japan, please go ahead.
Yoshida [Q]: Sorry for the second time. Thank you very much.I would like to check again the tariff impact, but I wonder if your company's inspection equipment falls under those that are exempted from this tariff impact in terms of the HS code, or if the 10% tariff still applies.
Sendoda [A]: I believe that the 10% will still apply. Yoshida [Q]: In that case, for example, in the case of your company, you do not hold product inventory for your sales. So, I believe your company is probably paying import duties. Who is paying this import duty and then if the cost is going up by, say, 10%, is the price being passed on? How are you handling this? Sendoda [A]: I believe that the 10% tariff is basically paid by the customer. From that 10% announcement to now, we haven't shipped to the US yet, so I don't have an example right now of what exactly will happen, but I believe it is basically something that the customer pays. Yoshida [Q]: So, in normal business practice, since the customer pays for this part, there is no need to adjust prices and the customer pays for this part. Is that correct? Sendoda [A]: We may have to look at various situations in the future and consider them comprehensively, but that is our basic stance. Yoshida [Q]: I see. One more point, you mentioned earlier that orders from logic customers for 2026 will recover in general. In the past, there were two types of wafer fabs: full-scale contributions from those currently in pilot production and full-scale contributions from next-generation products. Are there any differences in the color of the orders received from logic customers for each of these generations? Sendoda [M]: I guess the intention of your question is to ask whether it is more for pilot lines or for the mass production phase, and which color is stronger. Is it correct? Yoshida [Q]: Rather than that, I'd like to know if orders are clearly visible for the pilot lines that have already been established as a generation and that will contribute to the startup of mass production, or since some customers may start to use more ACTIS from their next generation products, if such things are more clearly visible? I wanted to ask you if you see, through orders, any difference in customers for each generation. Sendoda [A]: There are some concrete inquiries for those that will be mass produced, and there are some from mask shops for the research and development of that next generation. Currently, more or less, we have more inquiries for wafer fabs. Yoshida [M]: I see. Sendoda [A]: That is for mass production at wafer fabs. Yoshida [Q]: In that sense, are you saying that you are seeing more concrete investments for mass production at wafer fabs from several companies rather than just one? Sendoda [A]: Yes, that's what I mean. Yoshida [M]: I see. Thank you. That's all. Hanashima [M]: Thank you.Next, Mr. Saito from IwaiCosmo Securities, please go ahead.
Saito [Q]: This may be a little difficult to answer, but I heard you say earlier that the orders you were expecting in Q4 were slightly postponed. I believe that the North American company was planning to mass-produce GAA ahead of others. Is it correct to understand that there was some impact from the changes in this schedule? Sendoda [A]: No, no there wasn't. That is not…but, I am sorry, I can't say anything specific. Saito [Q]: I understand. Basically, then, and I'm sorry to repeat this question, but is there a difference in momentum among major clients? Sendoda [A]: Yes, there is a difference in momentum, but as I mentioned earlier, we are basically receiving inquiries from customers in all directions that we have had so far. Saito [Q]: I understand.Also, about the large masks. I only read about this in an article, but it seems that AGC has made a large mask prototype, which is very long and thin. I think you can demand a lot of added value to inspect it in the same way as conventional masks. For example, how much added value is your company likely to gain when it comes to large masks?
Sendoda [M]: Do you mean a price increase? Saito [M]: That's what I mean. Sendoda [A]: We haven't discussed the price with the customer yet, so I'm not sure to what extent, but basically, of course, we are thinking the price will be higher than that of the current systems. Saito [Q]: Am I correct in understanding that it is more than the area? Sendoda [A]: I don't think it goes beyond the area. Saito [M]: You don't. I see. Thank you. Hanashima [M]: Thank you.Now, Mr. Wadaki from Morgan Stanley MUFG Securities, please ask your questions.
Wadaki [Q]: This is Wadaki from Mitsubishi UFJ Morgan Stanley Securities. Excuse me for the second time. Is it correct to say that there is no change in the competitive situation or anything else? Sendoda [A]: That is correct. We have competition for MATRICS, and the competitive environment has not changed. Wadaki [Q]: Thank you. As a follow-up, there is some talk now about using curvilinear masks for liquid immersion or something like that, and also the adoption of pellicles is increasing. I would like to ask you a little bit about pellicles. Pellicles are gradually being used by some companies in Taiwan and others. For the introduction of pellicles [inaudible], in the end, inspection will be impossible without your company's ACTIS. Is that increasing attention to ACTIS? Or is it a negative factor in terms of mask inspection equipment because the life of the mask has been considerably extended? What is your assessment? Sendoda [A]: First of all, pellicles are still in the prototype stage, or rather, not yet in mass production, but if pellicles are adopted in the future, it will increase the adoption of ACTIS, which is a positive factor for us.Also, there are several layers in EUV, and I don't expect that all layers will have pellicle. I don't have such a negative impression because I think that the existing mask will still be inspected by MATRICS, and the new ones that have pellicles will be inspected by ACTIS.
In addition, as nodes advance, higher resolution will become necessary, which will make ACTIS necessary whether pellicles are used or not. However, if pellicles are attached to masks, I believe the importance of ACTIS will increase.
Wadaki [M]: I understand. Thank you very much. Hanashima [M]: Thank you.Next, Mr. Nakamura from Goldman Sachs Japan, please go ahead.
Nakamura [Q]: I'm sorry, this is the second time.You mentioned earlier that you have been receiving an increasing number of inquiries. Could you explain the content or background for that again? On page 10 of the briefing material, in the first part, there is mention of investment plans in the US being announced. Is this related to the increase?
In addition, I would like to get some hints as to how many orders you are likely to receive in the next fiscal year if you build up the inquiries that you are seeing now. I would like to know as much as you are willing to tell me, including which product.
Sendoda [A]: I understand. The specific inquiries are still largely due to the fact that the investment in North America is materializing, as I mentioned earlier in the briefing material.In addition, we are beginning to receive inquiries from memory companies, and others, so it is not necessarily that all the inquiries are from North America, but North America is definitely the biggest factor.
What was the other thing? Sorry.
Nakamura [Q]: If you could give us an idea of how many orders you expect to receive in the next fiscal year if you build up the inquiries you are seeing right now. Sendoda [A]: As with sales, we are still scrutinizing the situation, so it is difficult to comment on how much at this stage, but I am certain that it will be at least more than this fiscal year. The answer is that we are still assessing how much that will add up to, so we can't comment on that at this moment. Nakamura [Q]: In terms of product content, both ACTIS and MATRICS are included, is that correct? Sendoda [A]: Yes. Nakamura [Q]: Okay. Thank you very much.One more thing as a follow-up: I believe that advances received is increasing. I would like to know the background for that. Also, if you are to achieve the annual sales target, sales will relatively increase from April to June. Since these products have been shipped already at this point, is it safe to understand that these figures are almost certain?
Yokokawa [A]: Let me answer that. Advances received have reached the JPY70 billion level, and as I mentioned earlier, the timing of shipments is the biggest factor that determines the level of the balance of advances received. For this quarter, if anything, the timing of receipt of advances related to those shipments was concentrated in this quarter, returning advance received to the JPY70 billion level.However, with the current sales and backlog of orders we have in inventory, we are at about the level of the quarter before the previous quarter, so we believe we are generally collecting advances at that level.
As for sales for the quarter, we believe that the outlook is solid, based on orders received, and we expect sales to be generally in line with our plans. That's all from me.
Nakamura [M]: I understand. Thank you very much. Hanashima [M]: Thank you.Next, Mr. Yoshida of CLSA Securities Japan, please go ahead.
Yoshida [Q]: I'm sorry for many times. I am Yoshida from CLSA Securities. I would like to ask one additional question.Looking at orders received on a quarterly basis, I believe you previously thought that you would have a recovery from April to June, followed by a slight slowdown in H2 of calendar year 2025, and then a full recovery in calendar year 2026. From what you have said earlier, I think your perspective from the calendar year of 2026 has probably not changed, or rather, is becoming more certain. What about orders in H2 of this calendar year compared to the target?
Sendoda [A]: Regarding the calendar year 2025, I have not changed my perspective on it. We do not expect a large recovery. Yoshida [Q]: I see. In that sense, the orders from mask shops that were expected for April to June originally will not be delayed to H2 of the year, but rather they will be shifted to the investment, or orders for calendar year 2026, and you can see some certainty in that area. Is that correct? Sendoda [A]: Yes, it is a bit fluid, whether it will be at the end of this year or at the beginning of next year, but we are thinking from that perspective. Yoshida [M]: I see. That's all. Thank you very much. Hanashima [M]: Thank you very much for your questions. Next, Mr. Saito from IwaiCosmo Securities, please go ahead. Saito [Q]: I would like to ask about the potential of ACTIS for DRAM. For example, I think ASML is seeing more market potential for DRAM, rather than for logic semiconductors recently. Can we expect such a strong shift for your company's ACTIS in the future as well? Sendoda [A]: We have received inquiries about DRAM as well, but the total number of EUV masks used is still greater for logic semiconductor, and since a wide variety of products flow in logic, I believe that logic will remain stronger when it comes to inspection by ACTIS. I believe that this will not change in the future. Saito [Q]: So, is it correct that this would be slightly different than the exposure tools? Sendoda [A]: Yes, I think the situation will be different from the exposure tools. Saito [Q]: I understand. Am I correct in understanding that the use or non-use of pellicle is not really relevant? Sendoda [A]: Yes, as I explained earlier, I think that using or not using pellicle is more on the positive side for ACTIS; and the other thing is that as nodes advance and line widths become thinner, higher resolution is needed, so ACTIS will be more in need. Saito [M]: Thank you very much. That is all from me. Hanashima [M]: Thank you.Now, Mr. Wadaki from Morgan Stanley MUFG Securities, please ask your questions.
Wadaki [Q]: Sorry for many times. I understand that you are receiving inquiries for logic and DRAM, but I am wondering if there is another type of customer other than those two companies-such as research institutes or similar institutes-that would be interested in buying ACTIS, although I think mask shops are buying. What do you think? Sendoda [A]: So far we have not received any specific inquiries from research institutions. Wadaki [M]: I see. I would be happy if LSTC or even AIST would buy it, but they are research institutes, so they don't seem to buy that much, I assume. Thank you very much. That's all from me. Hanashima [M]: Thank you very much for your questions. Are there any other questions? As there appear to be no further questions, we would like to conclude the financial results briefing.Thank you very much for taking time out of your busy schedule to join us today.
Sendoda [M]: Thank you. Okabayashi [M]: Thank you. Yokokawa [M]: Thank you very much. [END]Document Notes
Portions of the document where the audio is unclear are marked with [inaudible].
Portions of the document where the audio is obscured by technical difficulty are marked with [TD].
Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides an answer from the Company, or [M] neither asks nor answers a question.
This document has been translated by SCRIPTS Asia.
SCRIPTS Asia reserves the right to edit or modify, at its sole discretion and at any time, the contents of this document and any related materials, and in such case SCRIPTS Asia shall have no obligation to provide notification of such edits or modifications to any party. This event transcript is based on sources SCRIPTS Asia believes to be reliable, but the accuracy of this transcript is not guaranteed by us and this transcript does not purport to be a complete or error-free statement or summary of the available data. Accordingly, SCRIPTS Asia does not warrant, endorse or guarantee the completeness, accuracy, integrity, or timeliness of the information contained in this event transcript. This event transcript is published solely for information purposes, and is not to be construed as financial or other advice or as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.
In the public meetings and conference calls upon which SCRIPTS Asia's event transcripts are based, companies may make projections or other forward-looking statements regarding a variety of matters. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the applicable company's most recent public securities filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are accurate and reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the anticipated outcome described in any forward-looking statements will be realized.
THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE PUBLIC MEETING OR CONFERENCE CALL. ALTHOUGH SCRIPTS ASIA ENDEAVORS TO PROVIDE ACCURATE TRANSCRIPTIONS, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE TRANSCRIPTIONS. IN NO WAY DOES SCRIPTS ASIA OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BY ANY PARTY BASED UPON ANY EVENT TRANSCRIPT OR OTHER CONTENT PROVIDED BY SCRIPTS ASIA. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S PUBLIC SECURITIES FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. THIS EVENT TRANSCRIPT IS PROVIDED ON AN "AS IS" BASIS. SCRIPTS ASIA DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, AND ACCURACY, COMPLETENESS, AND NON-INFRINGEMENT.
None of SCRIPTS Asia's content (including event transcript content) or any part thereof may be modified, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of SCRIPTS Asia. SCRIPTS Asia's content may not be used for any unlawful or unauthorized purposes.
The content of this document may be edited or revised by SCRIPTS Asia at any time without notice. Copyright © 2025 SCRIPTS Asia K.K. ("SCRIPTS Asia"), except where explicitly indicated otherwise. All rights
reserved.