APPENDIX 1: RESEARCH PAPER GUIDELINES
2020/2021 Budding Value Investor Award
The 2020/2021 Budding Value Investor Award consists of two stages:
 Preliminary Stage
The Preliminary Stage requires the participants to submit a Research Paper that consists of two parts:
Introduced by Benjamin Graham in 1934, value investing is a time-proven investment approach used by some of the most successful investors, including Warren Buffett. The world has changed fundamentally, driven by China’s emergence, technology disruption, the aftermath of the US-led financial crisis and low interest rate. With disruptions of all kinds affecting business models, in your own words, please submit Part 1 of your Research Paper on the following topic:
“What is New Value Investing in the context of the 21st century?”
Part 1 of your Research Paper shall not exceed 1,500 words, excluding charts, tables, references and appendices.
Choose a listed company with annual reports available in English or Chinese from the 43 stock markets that Capital Dynamics invests in globally. As Part 2 of your Research Paper, conduct an analysis on the said company. Justify your choice of company with reference to your answer in Part 1. Conclude by recommending a Buy, Hold, or Sell rating on the said company.
Part 2 of your Research Paper shall not exceed 5,000 words, excluding charts, tables, references and appendices.
 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. Due to the unexpected circumstances, the Final Stage Presentation will be held virtually on 27th March 2021. More detailed information and procedure will disclose to the Finalists in due course.
Research Paper Guidelines
The Research Paper must:
Submission of the Research Paper
Part 1 and Part 2 of the Research Paper must: