Even with some key end-markets exhibiting signs of stress, Kingspan has produced another fine set of results. First-half trading profits were up 18% year-on-year (yoy) to €230m, 3% better than expected. Our instinct is that full year headline estimates (trading profit of just over €490m) will remain little changed with double-digit earnings growth forecast. We believe this would amount to a good performance given Kingspan is having to navigate trickier trading conditions in a number of important markets (the UK is an obvious example). The stock is over 10% off its recent peak and any further weakness would present a good opportunity.