Students from the Faculty of Economics and Business, Universitas Gadjah Mada (FEB UGM), achieved an impressive feat at the 2025 Vetra Stock Competition (Equity Research Competition) organized by UPN “Veteran” Jakarta in October 2025. The Anchor Capital team, comprising Immanuel Andrew Tambunan (Accounting 2024), Faaza Fadhlurrahman (Accounting 2023), and Ibnu Zidan Alfariz (Accounting 2024), secured second place after outperforming 50 teams from universities across Indonesia.
Participating institutions included Universitas Indonesia (UI), Universitas Gadjah Mada (UGM), UPN “Veteran” Yogyakarta, Universitas Prasetiya Mulya, Universitas Multimedia Nusantara (UMN), and Universitas Negeri Semarang (UNNES).
Immanuel Andrew Tambunan explained that to qualify and win in this competition, each team had to pass several selection stages. These stages included initial screenings, one of which required participants to prepare an equity research paper.
“Out of the dozens of teams that registered, only the top ten advanced to the final round,” he said at the UGM Campus on Tuesday (Nov. 11).
After qualifying for the final round, Tambunan stated that the finalists were required to present their stock research findings before three professional judges from the capital market industry. In this competition, each team analyzed one publicly listed company assigned by the committee and calculated its intrinsic value.
“The assessment process covered macroeconomic analysis, industry analysis, the company’s competitive advantages, ESG (Environmental, Social, and Governance) factors, Porter’s Five Forces, financial analysis, valuation, investment risk assessment, and technical analysis,” he explained.
He shared that in the preliminary stage, the Anchor Capital team from FEB UGM selected PT Indosat Tbk (ISAT) as their research subject. The team conducted an in-depth analysis using various sources, including annual financial reports, sustainability reports, and corporate presentations.
Their research data were further supported by examining market conditions and trends in the telecommunications industry.
Moving into the final round, which applied the same methods and evaluation criteria, Tambunan noted that the committee challenged all teams to perform a new analysis on a different company, PT Telkom Indonesia Tbk (TLKM).
Unlike the earlier stage, participants were given a limited time to prepare their analysis and a PowerPoint presentation without an accompanying paper.
“Our biggest challenge was adapting quickly to new team members and aligning different analytical approaches within a short time. But from that experience, we learned a great deal about teamwork, effective task division, and strategic thinking under pressure,” he concluded.
Reporter: FEB UGM/Kurnia Ekaptiningrum
Author: Agung Nugroho
Post-editor: Salma