CFA Institute

1
CFA Institute

• 2009 GLOBAL INVESTMENT CHALLENGE
• CFA?? ??????????????
• ??????
• CFA Association of Taiwan

2
What is theInvestment Research Challenge?

• An equity research competition among student
  teams from the worlds 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 1030 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 ???, CFA
• Board Director/Spokesperson
• Public Awareness Committee Chair
• DavidChihCheng_at_yahoo.com
• Tel [phone]
• Cheryl HSU ???, CFA
• Secretary General
• secretary_at_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 Di
sclaimer
Disclosures