Students from the Faculty of Economics and Business, Universitas Gadjah Mada (FEB UGM) won second place in the 2025 Vetra Stock Competition (Equity Research Competition) held by UPN ‘Veteran’ Jakarta on 25 October 2025. The Anchor Capital team consisted of Immanuel Andrew Tambunan (Accounting 2024), Faaza Fadhlurrahman (Accounting 2023), and Ibnu Zidan Alfariz (Accounting 2024).
The competition was participated in by 50 teams from various renowned universities in Indonesia. Some of them were the University of Indonesia (UI), Gadjah Mada University (UGM), UPN ‘Veteran’ Yogyakarta, Prasetiya Mulya University, Multimedia Nusantara University (UMN), and Semarang State University (UNNES).
Immanuel explained that the competition consisted of several preliminary selection stages, including writing an equity research paper. Out of dozens of teams that registered, only the top 10 teams advanced to the final round. At this stage, the finalists were asked to present their stock research results to three professional judges from the capital market industry.
In this competition, each team was asked to analyse one of the public issuers specified by the committee and calculate the intrinsic value of its shares. The assessment process included analysis of macroeconomic conditions, industry, the company’s competitive advantages, ESG (Environmental, Social, and Governance) aspects, Porter’s Five Forces, financial analysis, valuation, investment risk, and technical analysis.
In the initial stage, the FEB UGM team chose PT Indosat Tbk (ISAT) as the object of their research. They conducted an in-depth analysis using various sources, including annual financial reports, sustainability reports, and company presentations. Market conditions and trends in the telecommunications industry also reinforced the research data.
Entering the final round, the committee challenged all teams to conduct a new analysis of a different issuer, namely PT Telkom Indonesia Tbk (TLKM), using the same methods and assessment criteria. The difference was that at this stage, participants were only given a limited time to compile their analysis and presentation in PowerPoint format, without accompanying papers.
“Our biggest challenge was how to quickly adapt to new team members and unite different analysis styles in a limited time. But from that, we learned a lot about teamwork, effective task distribution, and strategic thinking under pressure,’ he concluded.
Reporter: Orie Priscylla Mapeda Lumalan
Editor: Kurnia Ekaptiningrum
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