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Edison Investment Research

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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>XP entered FY20 with a strong order backlog, having managed the business through a number of issues in FY19. The COVID-19 virus represents a new challenge for the company – changes to the supply chain and the shift of some manufacturing to Vietnam should help to mitigate the risks. We have reduced our FY20 forecasts to reflect short-term supply chain issues. Longer term, it remains to be seen if the virus will have a more material impact on customer demand.</p>

XP entered FY20 with a strong order backlog, having managed the business through a number of issues in FY19. The COVID-19 virus represents a new challenge for the company – changes to the supply chain and the shift of some manufacturing to Vietnam should help to mitigate the risks. We have reduced our FY20 forecasts to reflect short-term supply chain issues. Longer term, it remains to be seen if the virus will have a more material impact on customer demand.

XP Power Ltd

XP Power - A testing year