Dear Springboard interns,
I wish to inform you that the second season of Kairos Research Challenge for year 2015 kicks off and registration opens on now. You can refer to latest rules and guidance in our webpage here.
Recall that since last season we required you to submit an idea with no more than three brief point on why it is a BUY call, and we will respond to you if it does not seem to be convincing. As usual, we provide you a research report template for you to follow whereby you are also required to fill up certain financials of your company. Lastly a quick checklist is provided for you to do a quick check before you submit your report to us. If you are not familiar with these, please do not hesitate to contact your regular Springboard person.
New changes – #1 submission of draft: to give our judges sufficient time to read your thesis, you are required to submit a draft copy of your thesis FIVE days before your presentation. Please refer to detailed timing below.
New changes – #2 understanding the industry: 20 bonus points will be rewarded to those who call up/contact the company/competitors and understand the industry; 10 bonus points will be rewarded to those who call the company but lack of sufficiently in-depth understanding of the industry; NO bonus point will be rewarded for those who neither contact the company/peer or understand the industry.
It is very important for an analyst to know the industry, therefore please contact company/ channel checks with peers. It is also a requirement for you to call up company, and/or company’s competitor to find out more to facilitate your analysis. You are required to fill in the research template the questions that you have asked and the response by the company.
General Requirement. In this season, you are required to find an excellent BUY idea with more than 20% upside, in any market (typically Asia-Pacific, Europe, UK, US). Please be reminded of our liquidity requirement that market cap of your pick should be above US$500m and liquidity of it should be at least US$5m average value traded over the past one month. Our comprehensive rules and guidelines provides you the exact procedure with which you could check if your pick is qualified. To be qualified for the upside, you should not engineer your valuation (such as tuning DCF assumption) in order to get your idea qualified. Instead, you should have compelling reasons, such as industry analysis, peer valuation analysis to justify your call.
Research template – DO NOT change font size, spacing and layout. Since last season, we have started providing a research report template. Please find it our website https://springboardtm.com.sg/about-us/downloads/. You are free to modify the name of sections inside however the font and spacing in the template should be retained but please do not change font size and layout. I would like to emphasize on the enhanced risk analysis framework and shareholder background checks.
IMPORTANT NOTES: I would like to extract a few items from our rules and guidelines for you to take note:
1) Research the back of the report, and to be submitted by 12:00PM of January 29th. Detailed guideline can be found in the attachment. We will only print four pages from your investment summary body for our judges.summary to be strictly NO LONGER than 4 pages, exclusive of financial details and Q&As at
2) Presentation to be strictly NO LONGER than 7 minutes. We will cut your presentation off right at 7 min, before when we will update you the time lapsed during your presentation.
3) We provided great depth of guideline for your investment summary and presentation. Please spend time reading our attachment.
– By March 28th 2015: Participant to respond to email firstname.lastname@example.org his/her stock pick, with no more than three brief bullet points on why this is a Buy idea. Springboard will respond to you within 7 days if your idea is NOT qualified such that you will have time to find another convincing idea.
– By April 20th 12:00PM (Monday) 2015: Participant to email email@example.com his/her draft of research report.
– By April 23rd 12:00PM (Thursday) 2015: Participant to email firstname.lastname@example.org his/her research report, limited to 4 pages for the main body and in pdf format.
– On April 25th (Saturday) morning: 7 min presentation by participants, followed by 15min Q&A
Past papers and slides from winners. To give you some sense of what has happened in the past, we have uploaded the top performers’ work (report and presentation) into our website. Those files can be found at our website: https://springboardtm.com.sg/about-us/downloads/
We will inform you the actual start time and venue of the event before April 25th. Please reach the venue at least 10 min early to conduct balloting to determine your sequence of presentation.
If you have any question, please direct your question to your regular SpringBoard contact, ie me, Yoman, or Eng Yew.
Please plan your time early and do your best!