In this research update, we update our near-term estimates on the back of I-tech’s strong Q1 report. Despite posting a record Q1, with a record-high gross margin of 52%, we believe there could be some short-term uncertainties on the back of Covid-19. However, we believe that the long-term outlook looks very solid, as we believe there could be a pend-up demand that should materialise once the market conditions return to normal.