XP Power - Order momentum maintained in Q1
XP reported another robust quarter for order intake (+7% y-o-y, +38% q-o-q in constant currency), strengthening the backlog for the coming quarters. Demand from the semiconductor manufacturing sector remains strong and demand from the industrial technology sector has started to rebound, more than compensating for the moderation in orders from the healthcare sector. Management reiterates its outlook for underlying revenue growth in FY21 and we maintain our forecasts.XP Power is engaged in the design and manufacture of electronic power converters, which is required to convert the power output from the mains wall socket to the usable power that allows the equipment to function. Co. supplies these products to the healthcare, industrial and technology industries.
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