Team Capex1 from the Faculty of Economics and Business of Universitas Gadjah Mada (FEB UGM) claimed first place in the Equity Research category at the UNNES Capital Market Competition (UCMC) International 2026. The final round of the competition was held in-person from August 11 to 13, 2026, at the FEB Campus of Universitas Negeri Semarang (UNNES). Team Capex1 comprised three students from the Accounting Study Program, class of 2024: Ibnu Zidan Alfarij, Satrio Dwi Arisetyo, and Adrianus Marselinus Senayuda Dhityra. The team secured the top ranking after competing against 33 teams from various institutions, including international delegations from the University of Santo Tomas (Philippines), Foreign Trade University (Vietnam), and the University of Malaya (Malaysia). The participation of these international universities heightened the competitive intensity while expanding the space for exchange of perspectives on global capital markets.
UCMC 2026 is an international-level capital market competition organized by the UNNES Stock Exchange Study Forum (UNSSAF), carrying the theme “The Illusion of Growth: Reassessing Equity Fundamentals and Resilience in Times of Global Change.” The theme invited participants to reassess the fundamental resilience of companies and the sustainability of growth amid shifting global economic conditions. The competition began with the preparation and selection of equity research papers written in English, from which the top 15 teams advanced to the final round comprising a Market Intelligence segment and a Beauty Contest, the presentation of research results. The final assessment was weighted as follows: equity research paper at 40 percent, Market Intelligence at 10 percent, and presentation and question-and-answer session at 50 percent, evaluated by a panel of judges from academia and capital market practitioners.
In the competition, Team Capex1 analyzed PT Pertamina Geothermal Energy Tbk (PGEO) through a paper titled “PGEO: Unlocking Indonesia’s Geothermal Potential: Expanding PGEO Capacity, Financing Strategies, and ESG-Driven Growth.” The analysis was conducted by considering business aspects, macroeconomic conditions, industry prospects, financial performance, valuation, and the application of environmental, social, and governance (ESG) principles. Based on the results of the research, Team Capex1 issued a BUY recommendation for PGEO shares, which the judges assessed as the most comprehensive and compelling analysis among all finalists.
The relatively recent formation of the team was one of the main challenges during preparation, as each member needed to adapt, build communication, and align their analyses within a limited timeframe. Ibnu Zidan Alfarij, one of the team members, expressed gratitude for the achievement while sharing how the team successfully navigated these challenges. “Alhamdulillah, we are grateful to have claimed first place in this competition. The preparation process was quite challenging because it was the first time we competed together as a team. Fortunately, we were able to build chemistry quickly and divide responsibilities effectively,” he said. This achievement demonstrates the ability of UGM students to compete in international capital market competitions, and is hoped to motivate fellow students to continue developing their analytical, research, collaboration, and data-driven investment decision-making skills as they prepare to become future leaders of Indonesia’s economy.