Universitas Gadjah Mada
Faculty of Economics and Business

The Faculty of Economics and Business, Universitas Gadjah Mada (FEB UGM) has again received delightful news. Two teams consisting of FEB UGM undergraduate students have achieved remarkable success in the INFEST (Investment Festival) - Equity Research Competition 2023, an annual event organized by the Study Group of Economics and Capital Markets at the Institut Teknologi Bandung (KSEP ITB). The competition aims to encourage Indonesians to invest and learn more about economics and capital markets.

The two teams are as follows:

• Fly Fellas Team, consisting of Alif Hasan Ramadhan (Accounting 2022), Javier Fawwaz Rizqullah (Management 2022), and Vittorio Valero Salim (Management 2022), secured first place.
• Pairgrowth Team, consisting of Ali Alexander (Management 2021) and Elsa Firlyani (Property Valuation Management SV 2021), achieved third place.

The theme of INFEST 2023 was "Investing in Indonesia's Future: A New Era of Opportunities," providing a guide to the general public about investment sectors that could become new opportunities in welcoming future investments in Indonesia. The competition consisted of two stages: a preliminary stage involving the submission of papers and a final round of presentations. In the preliminary stage, participants were required to analyze stocks to test their sharpness in examining a company's fundamentals.

Fly Fellas Team chose to analyze the stock of INKP (PT Indah Kiat Pulp & Paper, Tbk.) in their paper. According to Alif, the team leader, they found the company's field of business, which involves manufacturing pulp and paper products and their derivatives, quite interesting. The Fly Fellas Team was intrigued to discuss the prospects and strategies of the company in facing complex global conditions, especially those related to climate change and digitization in all fields. "We conducted in-depth research and analysis of Indonesia and Asia's macroeconomic conditions, the pulp and paper industry, the company's ESG implementation, and financial analysis and valuation of the company's stock," he explained.

On the other hand, the Pairgrowth Team comprehensively analyzed a stock from MAPI (PT Mitra Adiperkasa, Tbk.) using the top-down approach method. Ali, representing the Pairgrowth Team, stated, "In our analysis, we considered macroeconomic aspects, industry, company profile, competitive advantages, general and specific risks, finances, valuations (DCF, DDM, and multiple valuation), and technical analysis. A comprehensive and in-depth approach helped us understand MAPI comprehensively."

Their stock analysis papers successfully propelled both teams to the final round, among the five groups with the highest scores. On Saturday (02/09), these five teams presented their findings offline at ITB in front of the judges. "We engaged in a dialogue with the judges about the validation of our research and analysis, such as the pulp and paper business risks, the basis of DCF valuation, and others," Alif recalled. Ali also shared his experience in the final round, stating, "During the presentation session, not only our analytical skills were tested, but also our persuasion skills and public speaking abilities were put to the test."

The announcement of the winners took place during the same event. Thanks to their sincere efforts, the Fly Fellas and Pairgrowth teams proudly brought home the first and third-place trophies. "With this proud achievement, we hope to inspire FEB UGM students to continue excelling, especially in competitions," said Alif on the teams' behalf. On the other hand, as a closing message, Ali advised FEB UGM students to stay enthusiastic about achieving excellence: "We must be consistent as lifelong learners."

Congratulations to the Fly Fellas and Pairgrowth teams for their outstanding achievements!

Reportage: Adella Wahyu Pradita and Rizal Farizi