FEBNEWS— The process, perseverance, and courage to read the market finally paid off. The Trivest FEB UNAIR team won second place in the 2025 Brawijaya Stock Market Competition (BSMC), a prestigious national-level Equity Research competition organized by the KSPM FEB Universitas Brawijaya.
This achievement was achieved after the Trivest Team competed with 56 teams from various universities in Indonesia, which then underwent a rigorous selection process, resulting in seven finalists. The BSMC 2025 final round was held offline on November 15, 2025, at the Faculty of Economics and Business (FEB) UB, following a series of online selections from September 10 to November 7, 2025.
FEB UNAIR Cross-Class Team
The Trivest team was strengthened by three FEB UNAIR students from various study programs and classes: Adi Nugroho (S1 Management 2023), Nurul Alfiandy (S1 Management 2024), and Hans Albert Imanuel Wijaya (S1 Accounting 2024). The three presented before a panel of judges consisting of experienced capital market practitioners and analysts.
The judging panel consisted of Edgar Chrissan Dihardja, MSc, CFA, Investment Advisor at Omaha Investments; Jason Wijaya, CFA, former Equity Research Analyst and Fund Manager at KISI Asset Management; and Muhammad Dimar Alam, Managing Partner at L9 Consulting and lecturer at Brawijaya University.
Learning from Ups and Downs
BSMC 2025 will be a proving ground after a long journey since the end of 2024. The Trivest Team's Research Division independently delved into equity research, ranging from macroeconomic analysis, industry analysis, ESG analysis, competitive positioning, to financial modeling and valuation.
They've faced numerous setbacks, from early eliminations to failure in the final round of previous competitions. However, it was through this process that the analytical maturity emerged, leading them to a second-place finish at BSMC 2025.
"Just reaching the top seven out of 56 teams is no easy feat. This second-place finish is a huge catalyst for our confidence to go further," the team said.
From Seventh to Second
The Trivest team analyzed BSDE (PT Bumi Serpong Damai Tbk) using a top-down analysis approach, in accordance with the issuer criteria outlined in the competition guidebook. Interestingly, their equity research paper ranked lowest (7 out of 7) in the final round.
However, their presentation performance proved a turning point. With a solid investment thesis and argumentative answers to the judges' questions, Team Trivest managed to climb dramatically to second place.
Independent and Data-Driven
The entire learning process and competition funding were conducted independently, without a supervisor or internal funding support. Research data was obtained from official company sources, the Indonesia Stock Exchange, and the Bloomberg Terminal at the UNAIR Campus B Library to ensure the validity and depth of the analysis.
Despite facing limited internal learning resources, the team instead used independence as a strength to build a research methodology that was continuously refined from one competition to the next.
Looking at the Professional Industry
Going forward, the Trivest Team hopes that their research will not just be a competition entry but will also serve as a reference for capital market literacy, particularly in the property and real estate sectors. They are committed to continuously developing equity research methodologies to equip them to enter the finance and investment industry professionally.