Photronics: A Hidden AI Growth Gem

Company Performance - Photronics Q4 FY24 sales exceeded guidance driven by AI-linked IC demand and stable FPD growth [2] - The company plans $200M in CapEx for 2025, which may strengthen its regional market position [2] Expansion Strategy - Photronics is expanding its operations in both China and the US [2] Investment Approach - The investment style focuses on GARP/Value stocks, targeting high-quality businesses with strong moats and growth potential [3] - The strategy emphasizes fundamentals, seeking stocks trading at a discount to intrinsic value with a clear margin of safety [3] - The long-term approach (5-7 years) aims for wealth accumulation through compounding while prioritizing downside protection [3]