(FEB NEWS) – Amidst intense international capital market research competition, students from the Faculty of Economics and Business (FEB) Universitas Airlangga have once again achieved a remarkable achievement. The Trivest FEB UNAIR team secured fifth place in the 10th Diponegoro International Capital Market Investment Challenge (DINAMIC) 2025, a prestigious equity research competition organized by the Faculty of Economics and Business (KSPM) of Diponegoro University.
This achievement was achieved after a lengthy and competitive selection process, narrowing down the 50 participating teams from various universities in Indonesia and abroad to the top 14 finalists. The final round of the competition was held on September 12, 2025, at the Faculty of Economics and Business, Diponegoro University (UNDIP), following a series of online selections from April to August 2025.
FEB UNAIR Trivest Team
The Trivest team consists of three students from across the UNAIR Faculty of Economics and Business (FEB) and Business School (UNAIR) classes: Adi Nugroho (S1 Management 2023), Nurul Alfiandy (S1 Management 2024), and Hans Albert Imanuel Wijaya (S1 Accounting 2024). The three presented their proposals to a national panel of judges with experience in the capital markets and valuation industries.
The judges included Ryan Edriansyah Adhi, Senior Associate Valuation, Modeling, and Economics at EY Parthenon; Salvian Fernando, CSA, Head of Research and Market Information at PT Penilai Harga Efek Indonesia (PHEI); and Ike Widiawati, Head of Retail Research at Sinarmas Sekuritas.
Learning in the Real Arena
For the Trivest Team, DINAMIC 2025 is more than just a competition, but an intensive learning environment. The competition is entirely in English, from writing the Equity Research Paper and Pitch Deck to the presentation and final Q&A session—a professional standard rarely found in student competitions.
"DINAMIC's prestige and the track record of its alumni in the finance industry are the main reasons we participated in this competition," said a team representative.
Strategy and Challenges
In the preliminary round, the team analyzed BSDE (PT Bumi Serpong Damai Tbk), while in the final round, they examined SMRA (PT Summarecon Agung Tbk), both from the property and real estate sectors. The analysis was conducted using a top-down approach, starting with macroeconomics and industry analysis, and continuing with financial modeling, valuation, and technical analysis.
The biggest challenge comes from the global macroeconomic conditions in 2025, which are rife with FUD (Fear, Uncertainty, and Doubt). Nevertheless, the team continues to develop a medium- to long-term investment thesis, confident in the potential for economic expansion over the next five years.
Lessons from the Big Five
While they didn't win the championship, this top-five finish was a strategically valuable honorable mention. The Trivest team was deemed superior in their final presentation, although they still have room for improvement in the depth of their equity research paper or evaluation, which will be crucial for future competitions.
Interestingly, the entire process of preparation and financing for the competition was carried out independently, without material support or institutional funding.
"We learned a lot from the judges' feedback. This insight is invaluable for developing our research methodology going forward," he concluded.