Daily Briefs

• Four stock pairs have triggered new mean-reversion trade signals, with price ratios deviating more than two standard deviations from their one-year averages.
• Two of the opportunities involve companies in the same industry and two pairs involve companies in different industries within the same sector.
• Essential for quantitative traders seeking mean-reversion opportunities, outlining opportunities and key risk considerations.

• We turn cautious on our sole positive Thai recommendation Bangkok Bank, downgrading it to neutral from buy, despite its very attractive value attributes
• We believe that Thailand’s unilateral suspension of the peace accord in the Thailand-Cambodia conflict is likely to be negative for sentiment towards Thai equities, including banks, in the short term
• Consequently, in the worsening investor climate, we do not expect Bangkok Bank shares to benefit from a re-rating over the short term

• TRC is hosting an Investor Day on Nov.
• 14 2025, & has indicated that it intends to outline growth drivers and plans expected to improve shareholder value at the upcoming event.
• The company has been criticized by key shareholders in recent months for not delivering value to shareholders.

• StepStone Group is a global private markets investment firm, providing customized investment solutions, advisory, and data services across private equity, real estate, infrastructure, and private debt.
• The firm is well-positioned to benefit from the long-term secular growth in private markets, driven by increasing investor allocations seeking diversification and higher returns.
• Key growth drivers include the expansion of its private wealth platform, which offers higher fee rates, and continued global expansion, although the company faces risks from market volatility and increasing regulatory scrutiny.

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• Revenue decreased 34.5% YoY to JPY56.6bn, with operating profit at JPY12mn, a 99.7% YoY decline.
• Real Estate Business saw a 39.7% YoY revenue drop and JPY1.8bn operating loss, with 313 units sold.
• Energy Business revenue rose 10.5% YoY to JPY6.1bn, with operating profit up 102.1% YoY to JPY1.4bn.

• Institutions were net sellers of Singapore stocks with a S$96 million outflow, led by REITs and Financial Services.
• Nine companies conducted share buybacks totaling S$16.4 million, with United Overseas Bank buying back 240,000 shares.
• Director transactions included 40 filings, with seven acquisitions by directors or CEOs and eight by substantial shareholders.

• Recurring revenue increased 10.6% YoY to JPY36.4bn, driven by underwriting, investment, and non-insurance business growth.
• Recurring profit decreased 33.0% YoY to JPY2.1bn, impacted by costs related to AXA Direct insurance contract transfers.
• Combined ratio based on earned premiums rose 3.7pp YoY to 97.2%, due to higher medical costs and policy transfer expenses.

• URF is an Australian-listed property trust in a wind-down phase, focused on the orderly sale of its portfolio of residential properties in the New York metropolitan area to return capital to unitholders.
• The Fund trades at a significant discount to its Net Asset Value (NAV), with a Price-to-Book ratio of approximately 0.62, offering potential value uplift as assets are liquidated. However, this is contingent on successful asset sales in a dynamic property market.
• Financial performance has been weak, characterized by declining revenues, significant net losses, and negative operating cash flow in recent years, reflecting the challenges of its transition and wind-down strategy. The Fund has suspended dividend distributions.

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• Operating revenue increased by 9.9% YoY to JPY11.8bn, driven by growth in recurring and asset-related revenue.
• Operating expenses rose 13.3% YoY to JPY10.6bn, mainly due to higher finance and personnel costs.
• Pre-tax profit decreased 12.2% YoY to JPY1.2bn, despite revenue growth, due to increased operating expenses.

• DWS is a leading global asset manager with a strong brand, particularly in Germany and Europe, and benefits from its strategic relationship with Deutsche Bank, which provides a stable distribution channel.
• The company is strategically focused on growing its higher-margin Alternatives and scalable Passive (Xtrackers ETFs) businesses, targeting double-digit compound annual growth rates in assets under management for both segments by 2025.
• Significant headwinds include persistent fee compression across the industry, reputational damage from recent greenwashing allegations resulting in fines, and the challenge of navigating the broader shift from active to passive investment strategies.

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