APPENDIX 1: RESEARCH PAPER GUIDELINES

2026 Budding Value Investor Award

The 2026 Budding Value Investor Award consists of three stages:

[1] Preliminary Stage

The Preliminary Stage requires Participants to submit a Research Paper that consists of two parts. Participants must clearly cite all external sources of information used, including financial data, company filings, news articles, and academic references.

Part 1: “Are AI and Semiconductor stocks in a bubble? Discuss.”

Part 1 of your Research Paper shall not exceed 3,000 words, excluding charts, tables, references, data sources and appendices.

Part 2: Choose one company from the AI and semiconductor ecosystems, listed on any stock exchange globally, that you would recommend as a Buy or Sell from a value investing point of view. Your answer should be consistent with your analysis in Part 1.

Part 2 of your Research Paper shall not exceed 5,000 words, excluding charts, tables, references, data sources and appendices.

Participants must submit both parts by 30 September 2026.

[2] Intermediate Stage

After reviewing the submitted materials, shortlisted teams will be required to attend a Viva Voce, a live oral defense before the panel. This rigorous, question-driven session requires teams to defend their work in real time, moving beyond the written submission to test their core comprehension and unassisted understanding. This session does not carry marks; however, it is a mandatory qualifying requirement for progression to the Finals.

Viva Voce Guidelines:

• Individual Sessions: Separate sessions will be held for each shortlisted team.
• Format and Scheduling: The format (In-Person, Virtual, or Hybrid) is at the organizer's absolute discretion. Shortlisted teams will be notified of their schedule closer to the event. Format adjustment requests with valid justification must be submitted within 3 working days of notification; last-minute appeals will strictly not be entertained.
• Team Participation: Attendance and active engagement are compulsory for all registered members. The session must be a collaborative effort rather than relying on a single spokesperson.
• Virtual Requirements: Virtual participants must keep their cameras on and use a functional microphone throughout; text chat or remaining on mute is strictly prohibited. Ultimately, participants are responsible for ensuring they can be heard and assessed properly.
• External Assistance: Seeking help, prompts, or collaboration from anyone outside your registered team is strictly prohibited. This session simulates the live finals, where external assistance is impossible.
• Internet & AI Tools: While we cannot actively audit physical environments or screens virtually, using internet searches or AI tools during the evaluation session is strictly prohibited.

Important Note: This competition relies on a culture of fair play. Any team found compromising the integrity of the evaluation process will face immediate disqualification.

[3] Final Stage

The Final Stage is a Presentation of Part 2 of Participants’ Research Paper. Finalists will be invited to present their research to a panel of prominent judges. The Final Stage Presentation will be held physically in Kuala Lumpur, Malaysia in late 2026. More detailed information and procedures will be disclosed to the Finalists in due course.

Research Paper Guidelines

The Research Paper must:

• Not exceed 3,000 words for Part 1 and 5,000 words for Part 2, excluding charts, tables, references, data sources and appendices;
• Be written in clear, concise and easy-to-understand English, with no serious grammatical and/or vocabulary errors;
• Not be plagiarised from any source;
• Be the Participants’ original work. Any sourced information should be properly cited using generally accepted citation systems (refer to examples in the Rule 1.2);
• be in the following format:

1. Text must be Arial font size 12
2. Single line spacing with justified text
3. A4 size with 1.5cm margins on the left and right sides of the page employ consistent terminology, for example, maintain the use of “RM1 mln” instead of subsequently using “RM1 million”;

• include the following details of Participants:

1. Full name as per identification card or passport
2. Identification number or passport number
3. University
4. Student ID
5. Faculty, programme and major(s)
6. Year of study
7. Mobile phone number
8. Email address
9. Residential address

Part 2 of the Research Paper must include:

• Company information as below:

• Full Company Name
• Stock Name
• Stock Code
• Stock Market
• Closing share price on the last market day before submission
• Company Background
• Business Model
• Industry Analysis
• Financial Analysis
• Valuation
• Recommendation and Reasons

Appendices as below:

• All three (3) Financial Statements (Income Statement, Balance Sheet, and Cash Flow Statement) over 10 years or since inception, whichever is longer.
• Forecasts/projections with computations
• Justification for the valuation method used
• Calculations of key ratios such as liquidity ratios, debt ratios, profitability ratio, DuPont analysis, cash-conversion cycle days and others
• Assumptions
• All sources of numerical data

Include an AI Declaration section at the end of the Research Paper, stating whether any AI tools were used, which tools were used, and the purpose for which they were used. Where no AI tools were used, Participants must declare this accordingly. The declaration must be acknowledged by all team members.

Submission of the Research Paper

Part 1 and Part 2 of the Research Paper must:

• be in ONE SINGLE document;
• be submitted in BOTH Microsoft Word and PDF versions via email to bvia@icapital.biz with the title “2026 BVIA_Preliminary Stage Submission_[TEAM NAME]”;
• be submitted by Saturday, 30 September 2026, 11.59 PM Malaysia time (GMT+8)