Undervalued with strong margins and market positioning

• Attractive entry point: Improved margins and undervaluation make it a compelling buy
  
• Pricing power: Dominates the photomask niche in semiconductors, enabling high, stable margins
  
• China risk managed: Heavy China exposure, but resilient through geopolitical pressure
  
• Bottom line: Well-positioned for growth; strategic moat and financial strength support a bullish view