Redeye updates its estimates on Safeture following the Q1 2023 report, which showed clear strides toward profitability and a healthy growth rate. Management emphasised that although the company will continue to pursue expansion opportunities, the focus will be on “sustainable profitability.” We have lowered our sales estimates slightly after the report but boosted the margins thanks to tighter cost controls. In the medium to long term, we have increased the sales volumes slightly, as we believe Safeture has found a great niche with its partner focus.