Another remarkable achievement has been made by students of the Faculty of Economics and Business, Universitas Gadjah Mada (FEB UGM), in an international capital market competition. The Capex1 team won 1st Place in Equity Research at the UNNES Capital Market Competition (UCMC) International 2026, held from August 11–13, 2026, at the Faculty of Economics and Business, Universitas Negeri Semarang (UNNES).
The Capex1 team consists of three Accounting students from the 2024 cohort: Ibnu Zidan Alfarij, Satrio Dwi Arisetyo, and Adrianus Marselinus Senayuda Dhityra. They emerged as champions after competing against 33 other teams from various universities, including the University of Santo Tomas in the Philippines, Foreign Trade University in Vietnam, and the University of Malaya in Malaysia.
UCMC International 2026 was organized by the UNNES Stock Exchange Study Forum (UNSSAF) under the theme “The Illusion of Growth: Reassessing Equity Fundamentals and Resilience in Times of Global Change.” The competition encouraged participants to reassess corporate fundamentals and evaluate the sustainability of business growth amid changing global economic conditions.
Ibnu Zidan Alfarij explained that his team selected PT Pertamina Geothermal Energy Tbk (PGEO) as the subject of their analysis. Their research focused not only on financial performance but also on business aspects, macroeconomic conditions, industry prospects, valuation, and the implementation of Environmental, Social, and Governance (ESG) principles. Based on their analysis, the Capex1 team issued a BUY recommendation for PGEO shares and presented their research in a paper entitled “PGEO: Unlocking Indonesia’s Geothermal Potential: Expanding PGEO Capacity, Financing Strategies, and ESG-Driven Growth.”
The team’s victory was achieved through a lengthy series of competition stages. They began by preparing an equity research paper in English. Capex1 successfully advanced as one of the 15 best teams and qualified for the final round. The final round consisted of two sessions, Market Intelligence and Beauty Contest, in which the teams presented their research findings before a panel of judges comprising capital market professionals and practitioners.
Ibnu Zidan Alfarij shared that the achievement was the result of a long process that came with its own challenges. As a newly formed team, they had to establish communication, adapt to one another’s working styles, and align their perspectives within a limited timeframe.
“Alhamdulillah, we are grateful to have won 1st Place in this competition. The preparation process was quite challenging because this was our first competition as a team. Fortunately, we were able to build chemistry quickly and divide the responsibilities effectively,” said Ibnu.
This achievement reflects the commitment of FEB UGM students to continuously develop their analytical thinking, research skills, collaboration, and investment decision-making through practical experience amid increasingly complex economic dynamics. It further strengthens FEB UGM students’ contribution in bringing the faculty’s name to the global stage. Moving forward, this achievement is expected to inspire other students to explore their potential, participate in competitions, and produce their best work at both national and international levels.
Report: Najwa Anggi Namira
Editor: Kurnia Ekaptiningrum
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