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CFA Institute

CFA Institute. 2009 GLOBAL INVESTMENT CHALLENGE CFA 協會 全球學生投資分析競賽大學甄選 台灣區第一屆 CFA Association of Taiwan. What is the Investment Research Challenge?. An equity research competition among student teams from the world’s top university business and finance programs.

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CFA Institute

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  1. CFA Institute 2009 GLOBAL INVESTMENT CHALLENGE CFA協會 全球學生投資分析競賽大學甄選 台灣區第一屆 CFA Association of Taiwan

  2. What is theInvestment Research Challenge? • An equity research competition among student teamsfrom the world’s top university business and finance programs. • Students write an equity research report on a publicly traded company (e.g., Taiwan Mobile), and present their findings to an expert panel (to be confirmed). - Peter Kurz, Head of Taiwan Equity Research, Citigroup - Sophia Cheng, Head of Research, Merrill Lynch - Victor Shih, Chief Investment Officer, Invesco SITE • The teams are judged on their written reports and the presentations and a winner is selected. • Throughout the competition, leading investment professionals volunteer as mentors and judges and teach these students best practices in equity research and corporate analysis.

  3. Why do you want to participate? • A great opportunity to: • Learn the essence of investment research via the mentorship of leading investment professionals • Meet and compete with students around the world (Regional Final in Singapore in March 2009 and Global Final in London in April 2009) • Network with investment professionals at the CFA Association for career development advice • Win scholarship (e.g., CFA exams, pocket money, etc.) • Put something nice on your resume for: • top business school application • job-hunting

  4. How is the Challenge different from a “stock-picking” competition? • The focus is on learning best practices in equity research, corporate analysis, and formulating a convincing argument to defend conclusions. • Students are mentored by an industry professional to conduct in-depth analysis on a single company and produce a full equity research report on that company. • The winning team is picked based on the thoroughness of its analysis and knowledge of the company rather than whether their predictions of the stock price are correct.

  5. Important Dates • December • 22nd – 26th: Campus Presentation & Team Formation • 29th 10:30: Taiwan Mobile Corporate Visit and IR Presentation • January: Research Work & Mentoring • February (to be confirmed) • 15th: Written Report Submission Deadline • 23rd: Final Presentation and Award Ceremony • March (to be confirmed) • 6th: Winning Team to Leave for Singapore • 7th: Regional Final • April 2nd (to be confirmed): Global Final in London

  6. Contact CFA ASSOCIATION OF TAIWAN • David Chih-Cheng CHENG 鄭志誠, CFA Board Director/Spokesperson Public Awareness Committee Chair • DavidChihCheng@yahoo.com • Tel: 0910-399-141 • Cheryl HSU 許淑婷, CFA Secretary General • secretary@taiwan.cfasociety.org

  7. AppendixSample Research Report Template will be provided.

  8. Sample Research Report 1/6

  9. Sample Research Report 2/6 Investment Summary Valuation

  10. Sample Research Report 3/6 Business Description Financial Analysis (Other Headings Relevant to Company) Industry Overview and Competitive Positioning Investment Risks

  11. Sample Research Report 4/6 Income Statement Balance Sheet

  12. Sample Research Report 5/6 Statement of Cash Flows Other Statements or Exhibits

  13. Sample Research Report 6/6 Ownership and material conflicts of interest: Receipt of compensation: Position as a officer or director: Market making: Ratings guide: Investment Research Challenge and Global Investment Research Challenge Acknowledgement: Disclaimer: Disclosures

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