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The Ganesha Street Capital team from the Institut Teknologi Bandung (ITB) consisted of five talented students: Alysia Makmur (Engineering Management, 2021), Chandramauli Isaac Hotasi (Industrial Engineering, 2021), Daniel Santosa (Engineering Management, 2021), Karen Anne Mary (Actuarial Science, 2021), and Kevin Tiandy Liusto (Management, 2022).

The team was tasked with preparing a comprehensive report for PT Cisarua Mountain Dairy Tbk. (CMRY), offering investment recommendations based on an analysis of business, industry, financial, risk, and ESG (Environmental, Social, and Governance) factors.

The team recommended holding CMRY stock, rather than buying or selling. This recommendation was based on three main factors: limited growth in the network and distribution, uncertain marketing conditions, and the promising potential of CMRY's product portfolio. After conducting a valuation, the team estimated the intrinsic value of the stock at IDR 5,840, indicating a potential increase of 8.1% from the closing price of IDR 5,400 on December 30, 2024.

The team's success was the result of extensive preparation. They spent six months conducting research and drafting the initial report, followed by over a month of refining their final presentation. During this time, they received invaluable feedback from industry mentors, practitioners, and experienced alumni.

“This competition required feedback from multiple perspectives. For instance, the figures we included in our financial projections and valuation might have seemed reasonable to us, but not to experts in the field,” said Daniel.

The team recognized that making investment recommendations goes beyond financial calculations. It also involves understanding macroeconomic factors, industry trends, and company strategies. Confidence in their recommendations was crucial when presenting to the judging panel.

Interestingly, Ganesha Street Capital was the only team to recommend holding the stock, while the other six teams recommended buying. "Although we were the only ones with a hold recommendation, we were confident because it was based on the data we had gathered," Daniel commented.

Participating in the CFA Institute Research Challenge 2024–2025 provided valuable experience for the team, particularly in gaining a deeper understanding of the investment and financial research sectors, which demand precision, hard work, and strategic thinking.

Reporter: Indra Putra Lohanata (Actuarial Science, 2021) Translator: Atika Widya Nurfaizah (Postharvest Technology, 2021)