This is the gable end of an old house in the village and in four years we hadn't spotted these braces, maybe painting them white enhanced their visibility.
They're fastened onto the end of long steel rods that go right through the building to a corresponding brace at the other end, presumably to stop distortion through settlement, you can see the bolt heads on the letters. We've got braces on our walls too, six of them, but ours look like pizza or paella dishes.
Now, are these three letterforms the builders signature or the first owners initials? We'll never know.