Thanks to Wales' clash with Australia Davies was without eight players but his side still managed to pick up a losing bonus point in a 24-17 defeat at Ravenhill.
Before this defeat the Scarlets had gone eight games unbeaten in all competitions and showed flashes of this form against their Irish rivals as they build up a 10-0 lead before succumbing to a Stephen Ferris inspired fightback.
But despite losing their unbeaten run Davies insists the game showed just how far some of his periphery players have come.
"It was a competitive game for us and the positives are that we are showing that we have strength in depth building in this squad and despite the final result we had a number of our less well-known Scarlets performing well for us," he said.
"I think we showed ambition in the way we approached the game against a full on Ulster team and to get something out of it in the end may prove key in the latter stages of the league contest.
"I was encouraged by the intensity, effort and determination we showed in this game, in what was a difficult ground to come to in tricky weather conditions.
"We were competitive and we deserved at least a bonus point. We showed composure in the last part of the game and kept a grip to keep the pressure on Ulster."
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