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Redeyes is only making minor adjustments to our forecasts following the Q1 report, which came in just shy of our estimates. Packaging sales were a little weaker, but other than that basically in line. Market demand was slow in the first quarter, characterized by destocking and general macroeconomic uncertainty. Considering how well Bong handled the past year’s volatile market conditions, we remain optimistic that it will manage to maintain decent profitability in the near- and mid-term future.
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