Report

Update: China hits the buffers

It is now becoming apparent that demand in 2012 and 2013 was significantly inflated by overheated demand in the Chinese ceramics market. A prolonged 12- to 18-month period of lower demand is now expected while the supply/demand situation normalises. With a significant proportion of sales coming from China and an operationally geared model, this results in 21% and 44% downgrades to our FY14 and FY15 EPS estimates respectively.
Underlying
Xaar PLC

Xaar is engaged in the development of digital inkjet technology. Co. is a designer and manufacturer of piezoelectric drop-on-demand industrial inkjet printheads, the primary component in a digital printing system. Co. sells its technology in component form (the printhead) to Original Equipment Manufacturers who produce and sell the digital printing solutions to the end market. Co.'s primary business is the design, manufacture, marketing and sale of printheads, printhead systems and associated products. Through its subsidiary, Engineered Printing Solutions, Co. also provides customised printing equipment for the product printing market.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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