World win for thai finance students
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Undergrads' study of CP All takes global honour
With well-prepared teamwork and sheer effort, a group of Thai undergraduate students has astounded their supporters to emerge as winners in one of the world’s top finance competitions.
“We worked more than 300 hours to prepare ourselves,” Panus Hongprapipat, head of the winning team from Thammasat University’s Business School said, when they met the press last week.
The team of Jackrit Bumrungtrakul, Sorawit Patumraj, Wimolnat Tanganurakpongsa and Kittikiat Tantivuttikiti won the sixth CFA Institute Research Challenge global final, held in New York on April 11.
“The competition is the most famous and acceptable among students studying finance,” Wimolnat, the only female in the Thai team, said.
The Thammasat undergraduate team represented the Asia Pacific region. It beat three other finalists who were postgraduates with more work experience. They came from Stockholm School of Economics, representing Europe, the Middle East and Africa; from Rutgers University, which represented the New York region; and Illinois Institute of Technology, which represented the Americas.
Kittikiat said they were afraid Rutgers University would win the contest. Its team included a lawyer to answer judges’ questions, and a member on an Bt800,000 salary who is studying an executive MBA programme.
However, with an easy-to-understand presentation, it was not too difficult for the Thai undergraduates to win the judges’ hearts.
Competitors were required to act as securities analysts. The Thai team analysed stock of CP All Plc that operates 7-Eleven convenience stores. They had to write a research report, do presentations and answer judges’ questions.
They worked very hard to achieve their success. An example, said Sorawit, was during the flood disaster last year when they retained links on the Internet via the Skype programme. Before and after the floods they met in person, working together at the university after class from 10pm to 2am almost everyday.
“We made the presentation easy to understand,” Panus said. “We recommended buying the company’s stock. We gave important information about CP All to help them know the company and why its stock should be bought and what factors they should beware of.
“We focused on crucial information and highlighting only crucial numbers and figures. So, the judges understood the consequences… showing the numbers and figures is important (in stock analysis), but too much [of such information] can confuse listeners.”
In the presentation, they pointed out that with a 21-per-cent upside potential, defensive stock with liquidity, a sustainable business model and a confirmed valuation, they recommended buying the stock.
Panus, who formed the group, said another key to success was that they were a good team. “We’re not the most excellent people, but each of us has a different proficiency and skill and we combined our differences. The combination made us the best team.”
Kittikiat was responsible for the numbers and figures. Jackrit, Wimolnat and Sorawit worked on macro-economic analysis and world market analysis, as well as studying the industry. Panus looked at overall jobs and coordinated with the team’s members.
“The judges (in the global round) told us we really understood the model of this business and we were able to answer questions to the point,” Jackrit said.
The group won a competition at Thammasat Business School in August last year. In October, they started a search for information to analyse CP All’s stock and handed in the research report in late December, before competing in the national competition.
After becoming a national winning team, the group competed and won the regional competition in March held in Hong Kong – representing the Asia Pacific – to show its ability in the global final held in New York.
About 3,000 students from 650 universities in more than 50 countries joined the competition, said Pisit Jeungpraditphan, president of the CFA Society of Thailand. The society sponsored the Thai team in joining the competition.
The Thai winners were presented with US$10,000, a trophy, and given an opportunity to ring the Nasdaq Stock Market closing bell.
The Stock Exchange of Thailand last week presented them with certificates to honour them as young role models aiming to become quality personnel for the stock market in Thailand in the future.
Studying and working in this field is not easy, so they urged youngsters to be patient and hardworking. They also offered a tip for success: young people should set a target and go toward it with determination. They should not just like their work, but have fun while doing it. Then they would be successful.
