CFA INSTITUTE RESEARCH CHALLENGE - (Season 2018 - 2019) - Hosted By: Participating Universities - Find a Society
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CFA INSTITUTE
RESEARCH
CHALLENGE
(Season 2018 – 2019)
Participating Universities
ABOUT
CFA Society Singapore
Founded in September 1987, CFA Society Singapore (formerly known as the Singapore Society of
Financial Analysts – SSFA) is a professional society that brings together practitioners in the
investment and fund management industry in Singapore. Its principal objective is to promote and
uphold professional standards and ethical practice in financial analysis and investment
management in Singapore.
CFA Society Singapore is the first CFA Member Society of CFA Institute to be established outside
North America. It is the 7th largest member society of CFA Institute with more than 3,600
members.
CFA Society Singapore is a founding member of the Investment Management Association of
Singapore (IMAS).
The Society runs a whole host of programmes for members, CFA candidates and also the
investment community, including Professional Development talks and seminars, Networking
sessions, CFA Information sessions and examination review classes, and Career Development talks.
Connect with us
Our Website : www.cfasociety.org/singapore
Our official Facebook page :
www.facebook.com/CFASocietySingapore
Our Company page on LinkedIn :
www.linkedin.com/company/cfa-society-singapore
Our CFA Society Singapore Twitter Account :
twitter.com/CFASingapore
Address :
10 Anson Road, International Plaza, #25-09, Singapore 079903
Tel : +65-6323-6679
Email : info@cfasingapore.org
2
Contents
Introduction of CFA Society Singapore 2
CFA Institute Research Challenge Programme Agenda 4
About the CFA Institute Research Challenge 5
Calendar of Events 7
CFA Institute Research Challenge Participants 8
Biographies – Presentation Judges 12
Biographies – Research Report Judges 13
Biographies – Committee Members / Mentors 14
Acknowledgements 19
Competition Dates 20
AGENDA
SATURDAY
23 FEBRUARY 2019
8:00 AM – 8:15 AM Teams & Judges Registration
8:00 AM – 8:30 AM Guest Registration
PSB Academy City Campus Reception Foyer (Level 2)
8:30 AM – 8:40 AM Opening Remarks
8:40 AM – 10:40 AM Start of Presentation (Team 1 – 4)
(10 minutes Presentation; 10 minutes Q&A; 5 minutes Judges Scoring)
PSB Academy City Campus LT3
10:40 AM – 10:55 AM Intermission
10:55 AM – 12:55 PM Continuation of Presentation (Teams 5 – 8)
(10 minutes Presentation; 10 minutes Q&A; 5 minutes Judges Scoring
PSB Academy City Campus LT3
12:55 PM – 1:30 PM Refreshments / Judges Deliberation
PSB Academy City Campus Reception Foyer (Level 2)
1:30 PM – 1:45 PM Announcement of Winners and Prize Presentation
PSB Academy City Campus LT3
4
CFA INSTITUTE
Research Challenge
ABOUT THE CHALLENGE
The CFA Institute Research Challenge is a global
competition that tests the equity research and
valuation, investment report writing, and
presentation skills of university students. This annual
educational initiative promotes best practices in
equity research among the next generation of
analysts through hands-on mentoring and intensive
training in company analysis and presentation skills.
HOW THE CHALLENGE WORKS
Local CFA Institute volunteers work in conjunction with participating local universities to assemble
teams of 3–5 business and finance students. Each team works directly with a mentor to research and
prepare an equity research report on a publicly traded company.
Each team’s findings are locally evaluated by high-profile panels of heads of research, portfolio
managers, and chief investment officers from some of the world’s top firms. Local champions advance
to regional competitions in the Americas, Asia Pacific, and EMEA, and then to the global final.
AUDIENCE GUIDELINES
Etiquette
Audience members should avoid any behavior that is distracting to the presenters or judges. All
mobile devices should be switched to silent mode before the event. No food or drinks, except water,
is allowed in the presentation room. Audience members are allowed to take non-flash photography
and video from their seats or at the back of the room.
Ethical Behaviour
After each presentation, the judges will ask the presenting team a series of questions based on its
presentation. We ask that the audience keep these questions confidential until the end of the entire
competition. Disclosing the questions to any team that has not presented gives that team an unfair
advantage. Any audience member engaging in such behavior will be asked to leave. Teams receiving
such information may be disqualified.
5
SCORING FORMAT
Each presentation will be ten minutes long and will focus on the team’s recommendation of buy, sell
or hold. The presentations will be followed by ten minutes of question and answer with the panel of
judges. After each team is finished, the judges will deliberate on the teams’ scores. After all teams
have competed, we will have a short break and then a winner will be announced. The winner will be
determined based on a combined score of the written report and presentation. The winning team
will represent their university and CFA Society Singapore at the Asia-Pacific Regional Final with the
opportunity to advance to the Global Final and win the global title.
Criteria for Research Report
SECTION MAXIMUM POINTS
Business Description 5
Industry Overview & Competitive Positioning 15
Investment Summary 20
Valuation 20
Financial Analysis 20
Investment Risks 15
Corporate Governance 5
TOTAL 100
Criteria for Presentation
SECTION MAXIMUM POINTS
Financial Analysis 25
Valuation 25
Presentation 20
Question & Answer 20
Team Involvement 5
Materials 5
TOTAL 100
6
CALENDAR
Of Events
Invitation to Universities and Target Subject Companies
August - September 2018
CFA Institute Research Challenge Mini Workshop on Think On Your
Kick-Off Meeting Feet® Workshop
29 September 2018 19 January 2019
Pico Creative Centre Auditorium Credit Savvy, Suite Room
7
PARTICIPANTS
(University Teams)
TEAM NAME: MDRMS PARTNERS TEAM NAME: STAMFORD CAPITAL
1. Han Yuding 1. Joshya Siow En-Ming
2. Joash Lim Kai Perng 2. Lim Hong Seng
3. Lee Jia Lin
3. Lu Jinyao
4. Tay Pu Qian
4. Shawn Lim Shi Xian
5. Timothy Lim Fang Zhi
5. Yong Woon Bing
Faculty Advisor:
Dr. David Ding Faculty Advisor:
Dr. John M. Sequeira Dr. Lee Hon Sing
Industry Mentor: Industry Mentor:
David Leow, CFA Melvin Tan, CFA
Subject Company: Subject Company:
Raffles Medical Group Limited Raffles Medical Group Limited
8
PARTICIPANTS
(University Teams)
TEAM NAME: SEAL CAPITAL TEAM NAME: TEAM ALPHA
1. Celestial Lee 1. Darrell Lim Rui Ming
2. Dennis Aw 2. Kon Teng How Terence
3. Joshua Lim 3. Loh Jia Wei Christopher
4. Max Sim 4. Yap Lin Hui
5. Nicholas Eng
University Coordinator:
University Coordinator: Benjamin Goh, CFA
Lydia Irene Yeo
Faculty Advisor:
Faculty Advisor: Dr. Li Bingqiao
Dr. Paul Tiong
Industry Mentor:
Industry Mentor: Gerald Wong, CFA
Tan Chee How, CFA
Subject Company:
Subject Company: Raffles Medical Group Limited
Raffles Medical Group Limited
9
PARTICIPANTS
(University Teams)
TEAM NAME: BB CAPITAL TEAM NAME: H³ CAPITAL
1. Jia Zhenmin 1. Darren Ong Wei Sheng
2. Joby Chng Zong Ying 2. Lee Kian Ming
3. Kwan Yi Yan 3. Nadea Z Merchant
4. Loo Jia Jun 4. Teo Yi Sheng
5. Nahshon Lee Hwee 5. Uthara Venkatachari
University Coordinator: University Coordinator:
Chong Lai Yeng Chong Jia Xuan
Jessie Tan
Faculty Advisor:
Faculty Advisor: Dr. Tan Eng Joo
Assoc Prof Chong Beng Soon
Industry Mentor:
Industry Mentor: Roland Goh, CFA
Terence Lim, CFA
Subject Company:
Subject Company: Domino’s Pizza Enterprises Limited
Domino’s Pizza Enterprises Limited
10PARTICIPANTS
(University Teams)
TEAM NAME: THE QUANTS TEAM NAME: DOUGH JONES
1. Chen Xiaoming CAPITAL (DJ CAPITAL)
2. Du Shengye 1. Aditya Karkera
2. Charles Law
3. Leung Yu Ching Justin
3. Shubhalaxmi Sen
4. Sun Zihan
4. Stanne Adrian Shao Sy
5. Wu Shangjing 5. Walter Boo Keng Hua
University Coordinator: University Coordinator:
Foo Yu Chiann Marcus Chua Hon Wei
Lim Lee Chen
Industry Mentor:
Faculty Advisor: Teoh Kek Yee, CFA
Professor Peter Jackson
Dr. Douglas Streeter Rolph Subject Company:
Domino’s Pizza Enterprises Limited
Industry Mentor:
Lee Yue Jer, CFA
Subject Company:
Domino’s Pizza Enterprises Limited
11Biographies
Presentation Judges
Chong Yoon Chou, CFA
Chou Chong is currently heading the Asian equities team of Ostrum Asset
Management which is part of the Natixis financial group. He manages Asia and
Global Emerging Markets equity funds, with assets under management of USD1bn*.
The investment approach targets a concentrated stock selection, based on
proprietary valuations methods to search for quality growth stocks. Prior to him
joining Ostrum in 2017, Chou spent a large part of his 25 year career at Aberdeen
Standard Life where he helped build Aberdeen's Asian equity franchise reaching over
USD50bn in funds under management by time he left in 2016.
Chou holds a Master of Science in Accounting & Finance and a Master of Science in
Information Systems from the London School of Economics (1991-1993). He also
holds a CFA® certification (Chartered Financial Analyst).
Ho Hin Wah, CFA
Hin Wah is currently Managing Director and Head, Total Return Equities, Asia Pacific
at GIC. He heads a team of investment professionals in managing active strategies
for the Asia Total Return portfolio across multiple sectors with a focus on consumer,
healthcare, technology and financials. Hin Wah has more than 26 years of
experience in portfolio management across different geographical regions and has
worked out of both the Singapore and New York offices of GIC. He holds a Bachelor
of Business Administration (with Honours) from National University of Singapore and
has been a CFA charterholder since 1994.
Yoojeong Oh, CFA
Yoojeong Oh is an Investment Director at Aberdeen Standard Investments. Yoojeong
joined Aberdeen Asset Management in 2005 and was initially a member of the UK
and European Equities Team in London. She later moved to Singapore in 2012 to join
the Asian equities team, which collectively manages over US$30bn of assets. Her
areas of interest include technology, consumer, income and small caps. Previously,
Yoojeong graduated from the University of Oxford with a MEng degree in
Engineering, Economics and Management. She is a CFA charterholder and a Certified
specialist of wine.
12Biographies
Research Report Graders
Chan Fook Leong, CFA
Mr. Chan Fook Leong, CFA is a member of the CFA Society Singapore Advocacy
Committee. He explores, writes and research on themes in integrity and ethics, as well
as promote professional standards in the financial services industry. Having read
Industrial Economics in the University of Warwick, he went on to sales of financial
products, real estate, research and investor relations.
Phuah Keng Keat, CFA
Phuah Keng Keat, CFA, FRM is currently a financial analyst working for a family office
based in Singapore. He mainly covered stocks in technology, banking, healthcare and
consumer staple sectors. Prior to that, he was a sell side analyst in Voyage Research Pte
Ltd, covering small and mid-cap companies listed in Singapore. Keng Keat received a
Master of Science of Risk and Investment Management from EDHEC Business School in
2013 and is a Chartered Financial Analyst (CFA) charterholder since 2012. He is also a
Financial Risk Manager (FRM) holder since 2010.
Julie Tay, CFA
Julie Tay, CFA is a portfolio manager at CIMB-Principal Asset Management, where she
co-manages the Asia-ex equities portfolio. Prior to joining CIMB-Principal, Julie was
with Kiltearn Partners and The Scottish Investment Trust in the UK. She has experience
in Global as well as Asia (including Japan) equities and has lived and worked in Japan,
the UK and Singapore. Julie is fluent in Japanese and Mandarin. She graduated from the
Nanyang Technological University (NTU) with a Bachelor of Business degree and is a
CFA as well as CAIA Charterholder.
13Biographies
Committee Members / Mentors
Simon Ng, CFA
Co-Chairperson of University Outreach Committee
Simon joined CCB International (Singapore) Pte. Ltd. in 2016 as CEO/Managing
Director, after leaving Shanda Group, a private investment holding company with
US$8billion Asset under Management where he heads up the Multi-Asset Investment
activities.
Prior to Shanda Group, Simon was Pan Asia Deputy Chief Investment Officer of AXA
Rosenberg Investment Management, where he started his Investment Management
career in 2001. He has served in the Singapore, United States of America and Japan
office in his 15 years of service in the firm. His prior appointment at the firm have
included Head of Investment Japan, Head of Portfolio Management in Asia Pacific,
senior global product strategist, US strategy engineer, Asia Pacific assistant portfolio
engineer, and Asia Pacific operations manager.
Simon obtained his Bachelor of Business Administration from the National University of
Singapore and his MBA from the University of Chicago Booth School of Business. He is
a Chartered Financial Analyst charter holder.
Simon is a board member of the CFA Society Singapore Society and also an
Independent Director of Arts Theatre of Singapore Ltd.
Jack Wang, CFA
Co-Chairperson of University Outreach Committee
Mr Jack Wang is a partner at Lexico Capital. Mr. Wang is a qualified Certified Public
Accountant (CPA Singapore) and Chartered Accountant (CA) by training. He was the
past Chairman of the Young Accountants Group of the Institute of Certified Public
Accountants of Singapore (ICPAS). He holds the Chartered Financial Analyst (CFA)
designation and was a board member of Global Corporate Disclosure Board for CFA,
USA. Mr. Wang started his career with PricewaterhouseCoopers (PwC) where he
obtained extensive professional experience in areas of financial audits and advisory
engagements for various listed companies and MNCs. He was a former Citibanker for
the Greater China Region (China, Taiwan & HK) with Citibank N.A.
14Biographies
Committee Members / Mentors
Andy Yeo, CFA
University Outreach Committee
Andy Yeo, CFA, is a Family Office Equity Analyst based in Singapore. His primary role is
to provide global research coverage in mainly transportation and media
entertainment sector. Prior to working for Alpha Goal, he was the Lead Analyst in the
Terminal Business Development department for Neptune Orient Lines (2010-2014).
His primary role in NOL involves investment evaluation, financial modelling and
drafting of investment proposal. Prior to joining NOL, he started his career in 2008
with Schroders Investment Management (Singapore) as a Specialist in the Portfolio
Services Department. Andy graduated from Royal Melbourne of Institute of
Technology in 2008, with Bachelor in Economics and Finance with Distinction. Andy
was awarded the CFA Charter in 2012
David Leow, CFA
Mentor – Singapore Management University
Presenter – Kick-off Meeting
David has over two decades years of capital market experience across Asia,
Australia, Europe and the USA and his diverse background includes investment
banking, private equity, equity research and start-up companies.
David is Managing Director of Thaler Group where he advises companies with their
capital market activities and corporate strategy. He also serves on several boards,
including as Chairman of the Corporate Strategy and Communications Committee of
Mencast Group (SGX: 5NF), which was honoured with the “Best Managed Board”
Gold Award in the Singapore Corporate Awards and an award for transparency by
SIAS.
David has served in a number of senior roles, including Director of Business
Development for the Virgin Group in Asia, Vice President of the DBS Bank’s Private
Equity Fund, VP of UOB Kay Hian’s Equity Capital Markets Group and Deputy Head of
research for HSBC Securities where he was named multiple times in Asiamoney’s
rankings of Asia’s Top Analysts. He has been a guest host for CNBC as well as
commentator for media such as CNA, BBC, Bloomberg, Reuters, Asian Wall Street
Journal and Business Times.
David is charterholder with the Chartered Financial Analysts Institute, a Fellow of the
Institute of Chartered Accountants in Australia and a graduate of the
Owner/President Management program at Harvard Business School. He also serves
on the steering committee for the Singapore Stewardship Principles for Responsible
Investors.
16Biographies
Committee Members / Mentors
Lee Yue Jer, CFA
Mentor – Singapore University of Technology and Design
Yue Jer is a fund manager by day and an entrepreneur by night. Deeply passionate
about both investing and having a real-life impact to society via mentoring and
coaching young people, he started Your Magnum Opus to train young adults in
financial and soft skills. He also co-founded F.EAST, the brand of Asian-flavoured
potato chips that brought Hainanese Chicken Rice and Singapore Laksa-flavours to the
market. Wish him luck!
Earlier, Yue Jer was the oil & gas specialist at RHB Research Institute Singapore,
covering 18 Singapore-listed companies spanning large-caps to micro-caps.
In 2015, in the AsiaMoney awards, Yue Jer was voted by clients as the #1 analyst in the
Energy sector, #4 in Industrials, and #8 in Small Caps in Singapore. He contributed to
the RHB research team securing the #1 spot for Small Caps.
In 2014, he was the #1 analyst in Singapore in both the Energy and Conglomerates
sectors. In that same year, Yue Jer picked up the Starmine #2 Top Stock Picker:
Industrials award and the Starmine award for Overall #4 Top Stock Picker in Singapore.
Yue Jer started his career at AmFraser Securities Pte Ltd, pioneering the company's
coverage of the Offshore & Marine sector.
He graduated from the National University of Singapore (NUS) with Double First Class
Honours - B.Soc.Sci (Hons) in Economics and B.B.A. (Hons) with a Specialization in
Finance - in the record time of 3.5 years. He is a Chartered Financial Analyst (CFA)
charter holder.
Apart from his passion for stock analysis and investing, Yue Jer loves reading, playing
badminton and computer games, and is an occasional wedding pianist. He also serves
on CFA Society Singapore's sub-committees for Career Development and for
University Outreach. A former athlete, though now a little rounder, Yue Jer still holds
the Singapore record for the Javelin throw in the Under-23 category.
Melvin Tan Teck Jin, CFA
Mentor – National University Singapore
Presenter – Kick-off Meeting
Mr Melvin T.J. Tan is a member of DCG Capital. DCG Capital primarily invests in Asian
equities using a value investing approach. Melvin's primary research coverage is over
the Chinese, Hong Kong and Taiwan equity markets. Prior to value investing, he served
in the Singapore Police as a securities fraud investigator. Mr. Tan holds an MBA from
Columbia University where he was a selected member of Columbia Business School's
Value Investing Program under Professor Bruce Greenwald. He completed
undergraduate studies at Cambridge University and is a CFA charterholder.
15Biographies
Committee Members / Mentors
Tan Chee How, CFA
Mentor - SIM Global Education
Tan Chee How, CFA is currently an Analyst with Lonsdale Capital Private Limited
Singapore. One of his key responsibilities is to research, value and write up on
potential investee companies which span across all sectors and major exchanges to
look for deeply undervalued companies. Before that, Chee How was a senior
associate with DMG and Partners Singapore from 2009 to 2011. His experiences
include equity research in land transport, S-REITS, offshore and marine,
environmental, aquaculture, and logistics sectors. Prior to that, he worked as a
Corporate Finance Executive with Maxis Malaysia where he coordinated with
investment bankers and legal counsels for the acquisition of Sri Lanka Telecom, the
largest telco in Sri Lanka. He was also involved in the development of valuation
models for the operations for Maxis Malaysia and India.
Chee How graduated with a Master’s degree in Mechanical Engineering from the
University of Cambridge, United Kingdom. He is a CFA charterholder.
Terence Lim, CFA
Mentor – Nanyang Technological University
Terence Lim is a research associate on the Artisan Partners Global Equity team, a
global investment management firm with an AUM of US$110bn. In this role, he
conducts fundamental research, primarily focusing on companies within the Asia
Pacific region. Prior to joining Artisan Partners in Mar 2014, Terence was part of State
Street Associates, which focuses on portfolio risk management, strategic investing,
and investor behavior research. He started his career as a Management Associate in
Citigroup. Terence holds a Bachelor’s degree in Business with First Class Honors from
Nanyang Business School, Nanyang Technological University and a Master of Finance
from Sloan School of Management, Massachusetts Institute of Technology. He is a
Chartered Financial Analyst (CFA) charter holder.
Teoh Kek Yee, CFA
Mentor – Yale-NUS College
Kek Yee, a Malaysian national, has more than ten years of investment experience in
Asia. Kek Yee started his career as a Production Engineer at Intel. He joined Singular
Asset Management (Malaysia) Sdn Bhd in 2003 as an investment analyst. In 2006, he
moved to Canada to pursue his MBA and had a short stint in CIBC Mellon and
Manulife. He re-joined Singular in 2009 to set up Singular Asset Management
(Singapore) Ltd. In 2015, he joined CIMB Principal Asset Management (Singapore) Pte
Ltd.
17Biographies
Committee Members / Mentors
Gerald Wong, CFA
Mentor – Singapore Institute of Technology
Gerald Wong is the Head of Singapore Research at Credit Suisse, which achieved
number one ranking in the 2018 Institutional Investor survey. He is responsible for
covering the Singapore offshore and marine, conglomerates and commodities sector,
in addition to writing on market strategy. Gerald joined Credit Suisse in 2008 as a
member of the European capital goods research team with primary coverage of UK
engineering companies, and relocated to Singapore in 2010. Gerald received a BSc
(Hons) degree in economics from London School of Economics, and is a CFA charter
holder.
Roland Goh, CFA
Mentor – Singapore University of Social Sciences
Roland Goh is the Chief Investment Officer of Legend Asset Management Pte. Ltd.
(“LAM”) and he leads the investment team in the management of a dedicated
portfolio. The portfolio, invested primarily in global equities and fixed income
instruments, is set up with the objectives of capital preservation and achieving long-
term capital appreciation.
Roland has spent close to 20 years in the finance and investment industry. Prior to
joining LAM in 2016, he has served as a senior investment professional with a number
of buy-side investment firms with broad research responsibilities across various
geographical regions and multiple asset classes. Roland started his career as an
analyst with the investment arm of Keppel Bank (subsequently bought over by OCBC)
and was the manager of an award-winning unit trust in Singapore at OCBC.
Thereafter, in 2004, he joined a well-known conglomerate in China, operating in one
of the most competitive industry in the country. During the 4 years in China, he
participated in the growth of the company from 4 stores in Shanghai to more than 80
stores across the whole country. After the company was successfully listed in 2007,
Roland relocate back to Singapore to join the investment office of an ultra high net-
worth family. During that period, he was involved in developing asset allocation for
the family and implementing new investment strategies in asset classes such as
equities, fixed income, structured debt, private equity and real estate.
Roland holds a Bachelor of Accountancy from Nanyang Technological University and
is a CFA® charterholder and a Chartered Accountant of Singapore.
18Thank
You
CFA Society Singapore would like thank all who have dedicated countless hours to
making this competition a success.
CFA Society Singapore University Trainers and Speakers
Outreach Committee & Mentors
1. Simon Ng, CFA 1. Melvin Tan Teck Jin, CFA
2. Jack Wang, CFA 2. David Leow, CFA
3. Andy Yeo, CFA 3. Roshini Ganesan
4. David Leow, CFA
4. Simon Ng, CFA
5. Gerald Wong, CFA
6. Lee Yue Jer, CFA
7. Melvin Tan Teck Jin, CFA
8. Roland Goh, CFA
9. Tan Chee How, CFA
10. Terence Lim, CFA
11. Teoh Kek Yee, CFA
CFA Society Singapore would also like to thank the following judges for their
invaluable time and contribution to the Challenge:
Presentation Judges Research Report Graders
1. Chong Yoon Chou, CFA 1. Chan Fook Leong, CFA
2. Ho Hin Wah, CFA 2. Julie Tay, CFA
3. Yoojeong Oh, CFA 3. Phuah Keng Keat, CFA
19CFA INSTITUTE
RESEARCH
CHALLENGE
(Season 2018 – 2019)
YEAR 2019 COMPETITION DATES
23 CFA Institute Research Challenge -
Singapore Final
FEB PSB Academy City Campus
28 & 29 Asia Pacific Regional Final
Mar Sydney, Australia
25 Global Final
APR New York, USA
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