Davy Morning Equity Briefing
Aug 14, 2026
Kingspan Group
Expands Latin America presence with entry into Argentina
Deals like BMC naturally attract considerable attention but this has not detracted Kingspan from a core objective and strategy of expanding its global leadership in insulated panels. This is evident in the acquisition of a majority shareholding in Grupo LTN, a leading insulated panels manufacturer in Argentina. The transaction marks the entry of Kingspan into Argentina and extends its Latin American presence, which already represents circa 5% of group revenues. The deal is unlikely to have near-term significant financial implications but nonetheless looks strategically sound and fills a coverage gap.
UK housebuilders
Results recap and forecast updates; FY 2027 to be another year of margin misery?
The UK housebuilders disappointed gross margin market expectations in the latest set of results (some by lowering guidance, others by missing forecasts). While build cost inflation is largely similar across the sector, variance exists in underlying pricing. Completions for Persimmon and Bellway modestly beat expectations, but this does not signal strengthening demand.
IRES REIT
H1 2026 results reflect an acceleration in returns
IRES’ H1 2026 results are its strongest in over five years. The Total Accounting Return (TAR) of 6.8% is the standout metric and is well above forecast. Revaluation gains, rental earnings and disposal premia are all better than expected. The high level and strong trend in returns suggest significant share price upside.
Irish economy
2026 inflation is on course to undershoot most forecasts
The full print for Ireland’s inflation in July showed an overall rate in line with the flash indicator published two weeks ago. However, some revisions saw a smaller decline in energy prices offset by slower food inflation. With inflation so far this year at 2.9%, we see scope for inflation to undershoot consensus of 3.5%; our latest forecast published last month is for inflation of 3.1%.
