[David2703]

Thanks for the info everyone. It seems that this probably really is NM+HQ in stkz. on delivery to a fighting unit somewhere.

Does anyone know if stammkenzeichen were usually applied in large (early-war style) letters or did they follow the practice of applying the first two letters very small?

On a sidenote, this aircraft wears a different camo pattern from the one posted by Junkers-Peter on flugzeugforum, albeit it is still a very similar style.

Thanks,
David