Redeye maintains its view and increases the valuation of TagMaster slightly after the company’s Q3 report. We make some adjustments to our gross margin expectations as well as the short-term cost estimates. It is clear that the company’s cost savings program will generate more positive results than earlier expected. We believe that there are more improvements to come, and there will be a pent-up demand as we advance; this will drive the share towards our base case valuation and see an upside potential of 80%.