XP saw solid trading in H115, with 7% revenue growth y-o-y (+1% constant currency) and 23.6% operating margins. Order intake increased 4% on a constant currency basis, strengthening the backlog. The company made its first foray into South Korea, paying $2.1m for a 51% stake in a value-added distributor that should contribute blue chip customers and skilled engineering resource. With the outlook for the underlying business unchanged, we maintain our revenue and EPS forecasts, assuming that the acquisition is likely to support growth in Asia in the medium term.