The Black Dove team, consisting of Immanuel Andrew Tambunan (Accounting 2024), Faaza Fadhlurrahman (Accounting 2023), and Deni Kurniawan Saputra (Property Management and Valuation SV 2023), won third place in the competition, Equity Research Binus Stock Quest (BSQ) 2025. The competition was organized by Bina Nusantara University (BINUS) on May 23, 2025, at the Binus Alam Sutera campus.
This prestigious competition was attended by 52 teams from various well-known universities in Indonesia, such as UI, ITB, UGM, UB, UNAIR, BINUS, UNPAD, ITS, PKN STAN, and others. In the competition, each team competed fiercely in compiling and presenting the best equity research.
Immanuel explained that his team won third place after a series of selection stages, from submitting stock research papers to presenting the submitted papers to the jury. Of the 52 teams that submitted papers, the best seven finalists were entitled to present their work to two professional judges from the securities industry. In this competition, participants were asked to conduct a thorough analysis of one of the public issuers. The FEB UGM team chose PT AKR Corporindo Tbk (AKRA) as the object of analysis.
“We assessed the macroeconomic condition, industry analysis, the company’s competitive advantage, ESG (Environmental, Social, and Governance) aspect, Porter’s Five Forces analysis, financial analysis, company valuation, investment risk, and technical analysis. In addition, we also process data from annual reports, sustainability reports, and official company presentations,” he explained.
Immanuel said he was grateful and proud of the results achieved in this competition, even though he could not win the first position. This was the first time he and his colleagues competed as a team.
“We are delighted and motivated after winning the championship. This is a very valuable experience, especially since we managed to get out of our comfort zone. Previously, I was more focused on macro and industrial analysis, but now I am interested in further exploring the financial and valuation aspects,” Immanuel concluded.
Report by: Orie Priscylla Mapeda Lumalan
Editor: Kurnia Ekaptiningrum
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