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Davy Morning Equity Briefing - 18 May 2012

	MARKET COMMENT
	Spanish banks under pressure on fears of deposit flight More
	ECONOMY
	Irish economy Deficit reduction plan: updated plan dependent on robust nominal growth, but net debt position is under-appreciated More
	CONSTRUCTION AND HOUSEBUILDING
	SIG plc Solid update with constant currency revenues up just under 1% year-to-date; no material changes to forecasts likely More
	Construction and Housebuilding UK housebuilding weak in Q1: starts down 15% on first quarter of 2011 More
	AIRLINES
	Irish Continental Grp Issues IMS; volumes down but yields up; seasonally strong summer is the key variable More
	Datalex Strong >20% growth in transaction revenue for first four months; good performance is in line with our expectations More
	MEDIA
	Independent News & Media Issues H1 IMS; no overall change to FY numbers; revenues marginally behind but cost reduction better than expected More
	FINANCIALS
	IFG Group IMS highlights progress in UK operations More
	FOOD AND BEVERAGE
	Total Produce FY guidance reiterated; defensive qualities attractive in current markets More

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Davy is regulated by the Central Bank of Ireland and is a member of the Irish Stock Exchange, the London Stock Exchange and Euronext. Davy is authorised by the Central Bank of Ireland and regulated by the Financial Services Authority for the conduct of business in the UK. All prices as of close of previous trading day unless otherwise indicated. All authors are Research Analysts unless otherwise stated. For the attention of US clients of Davy Securities, this third-party research report has been produced by our affiliate, J & E Davy. © Davy 2012