RULE 1: INTRODUCTION AND GENERAL PROVISIONS
The 2026 Budding Value Investor Award (hereon “Competition”) is a global investment research competition organised by the Capital Dynamics group (hereon “Organiser”), to encourage postgraduate, undergraduate and diploma students to acquire knowledge of value investing and the benefits it offers. The competition is sponsored by the Capital Dynamics group and icapital.biz Berhad (hereon “Sponsors”).
The Capital Dynamics group is Asia’s first global investment house with offices in Kuala Lumpur, Sydney, Singapore, Hong Kong, Shanghai, and Bandung. Led by Tan Teng Boo, it is the first Asian fund manager to obtain the Australian Financial Services Licence, the first ASEAN fund manager to obtain Hong Kong’s retail Type 9 licence and is also Malaysia’s first independent investment adviser. icapital.biz Berhad (stock code: 5108) is Malaysia’s only listed closed end fund, listed on the Main Market of Bursa Malaysia.
The Organiser is at liberty to include additional requirements relating to the administration of the Competition as long as those requirements are not in conflict with the rules listed herein below. The Organiser is committed to creating a welcoming and safe environment for the Competition where fairness, opportunity, and trust exist, so as to allow participants (hereon “Participants”) to leverage on their diverse talents and perspectives.
The Competition 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 the deadline.
[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:
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.
1.1 Conflicts of interest
All Participants, hosts and judges in the Competition have an obligation to avoid actual or potential conflicts of interest with their participation. A conflict of interest is any matter that could reasonably be expected to impair an individual’s independence and objectivity or interfere with an individual’s duties and may be actual or perceived.
To avoid any actual or perceived conflicts of interest, each Participant must disclose to the Organiser any actual or potential conflicts of interest in writing. Actual or potential conflicts of interest must be disclosed promptly upon the Participants becoming aware of the same.
The Organiser will investigate any disclosures of actual or potential conflicts of interest. If a conflict of interest is found to exist and cannot be resolved within a reasonable period of time, the individual having a conflict of interest will be disqualified from participation. If the Organiser determines that it is necessary to protect the integrity of the Competition, the Organiser may disqualify a team from the Competition if any member of the team is found to have a conflict of interest that cannot be resolved within a reasonable period of time. The decision of the Organiser regarding the existence of a conflict of interest, when a conflict of interest is deemed to be resolved, and its determination regarding the disqualification of any individual or team, shall be final and binding.
1.2 Plagiarism
Plagiarism is a serious offence punishable by law and is defined as copying or using substantially the same form of materials prepared by others without acknowledging the source or identifying the author and publisher of such materials.
We recognise that generative artificial intelligence programs of various kinds have the potential to be a valuable resource for Participants. However, the inappropriate use of generative artificial intelligence by Participants to create or enhance their Research Paper and/or Presentation risk being classed as plagiarism, and hence, may also be subject to penalty including disqualification from the competition.
Participants can read existing research on the subject company, but all analysis should come from their own efforts. The source(s) of all information used should be acknowledged by Participants in their work, and sourced information should be properly cited using generally accepted citation systems, for example, Chicago Manual of Style, Harvard, and MLA. The prohibition on plagiarism applies both to the Research Paper and the Presentation.
Participants are permitted to use generative artificial intelligence (“AI”) tools in preparing their submissions. However, the Participants shall remain fully responsible for the accuracy, originality, and content of their submissions. The Organiser reserves the right to question the Participants regarding any aspect of their submission during the Competition and may take appropriate action, including disqualification, where the Organiser reasonably determines that a Participant is unable to demonstrate sufficient understanding of the research submitted.
Allegations of plagiarism will be investigated by the Organiser and may result in immediate disqualification. The decision of the Organiser (as applicable) regarding plagiarism is final and binding.
1.3 Third Party Intellectual Property Rights
Respect for third-party intellectual property rights is essential to the Competition. While Participants are free to include text, images, graphics, or other logos in their Research Paper and Presentation, it is their obligation to ensure that the use of any third-party materials complies with all applicable copyright and trademark laws. Third party images included in the Research Paper and Presentation must be appropriately licensed by the images’ owners. Where legally necessary, Participants should secure the permission of the owners of any trademarks or service marks incorporated into their Research Paper and Presentation.
All Participants of the Competition represent and warrant that neither their Research Paper nor their Presentation infringes or violates the copyright, trademark, trade secret, or other intellectual property right of any third party anywhere in the world. All Participants agree and acknowledge that they will indemnify the Organiser from any assertion of the same from any third party.
1.4 Personal Data
1.4.1 All Participants of the Competition acknowledge that the Organiser will access, collect, process, use, and share their personal data. The Organiser is committed to maintaining the confidentiality of the personal data of all Participants in accordance with the Personal Data Protection Act 2010 (Malaysia) and its privacy policies, and personal data collected by the Organiser and/or its authorised representatives will not be disclosed, revealed, shared, transferred, sold, or rented to any third party, apart from for the purposes specified in Clause 1.4.3 herein below, for legal, regulatory and compliance purposes, or where otherwise required by law.
1.4.2 Personal data that may be accessed, collected, processed, used and shared include but are not limited to Participants’ names, voices, photographs, likeness and appearance in any medium or forum anywhere in the world (including online).
1.4.3. All Participants agree that the Organiser and its affiliates shall have the right to use their personal data in relation to the organising, conducting and administering of the Competition, to attribute the Participants as the creator of their respective entries, for its promotional, marketing and publicity efforts for the Competition and other related competitions organised by the Organiser and/or its affiliates, and for any other purposes as may be stated in the 2026 Budding Value Investor Award Rules and Regulations without further compensation, unless prohibited by law.
1.4.4 Participants that have any questions or concerns about the use of their personal data may contact the Organiser by email at bvia@icapital.biz.
1.5 Others
1.5.1 By participating or submitting an entry in the Competition, Participants warrant that all statements made by them, or personal details provided by them are true, correct, accurate and complete to the best of their knowledge.
1.5.2 By participating or submitting an entry in the Competition, Participants warrant that they have read and understood all of the 2026 Budding Value Investor Award Rules and Regulations and agree to be unconditionally bound by it.
1.5.3 By participating or submitting an entry in the Competition, Participants represent and affirm that their participation is an original creative work, and where it is not, that they shall provide credit to the original source. Participants also represent and affirm that their participation does not infringe, misappropriate or violate the copyright, trademark or other intellectual rights of any third party.
1.5.4 By participating or submitting an entry in the Competition, Participants represent and affirm that the participation or entry is not in violation of any law, regulations or contracts or an infringement of third party’s intellectual property rights, moral rights and privacy rights.
1.5.5 The Organiser reserves the right to disqualify any Participant for any reason at their absolute discretion including but not limited to violation of the 2026 Budding Value Investor Award Rules and Regulations.
1.5.6 All costs and expenses incurred in relation to Participants’ participation in the Competition is their sole responsibility and shall be fully borne by them.
1.5.7 In the case of unforeseeable events, the Organiser reserves the right to reschedule or cancel the Competition, and/or reschedule or modify the format or any requirements of the Competition at any point of time in its sole discretion without prior notice.
1.5.8. Words in italics throughout the 2026 Budding Value Investor Award Rules and Regulations are defined in Appendix 2. In the event of any confusion, uncertainty or dispute relating to the terms in the 2026 Budding Value Investor Award Rules and Regulations, the Organiser shall be the sole arbiter and its interpretation of the terms in dispute shall be final.
1.5.9 In the event of any dispute arising in connection with the Competition, the Organiser’s decision will be final, and no appeal will be entertained.
1.5.10. The 2026 Budding Value Investor Award Rules and Regulations are to be governed by and construed in accordance with Malaysian Law and any dispute arising directly or indirectly from these rules or their interpretation shall be subject to the exclusive jurisdiction of the Malaysian Courts.
1.5.11. All Participants of the Competition agree that the Organiser and Sponsors shall have no liability whatsoever for any injury, illness, or death of any Participant, or loss and/or damage to any Participant’s personal property, suffered by him/her in connection with or arising out of this Competition or the 2026 Budding Value Investor Award Rules and Regulations, except for foreseeable death or personal injury of any Participant, or loss and/or damage to any Participant’s personal property caused by the negligence of the Organiser and recoverable on those grounds.
1.5.12 All Participants of the Competition agree not to hold the Organiser responsible or to indemnify the Organiser and/or its affiliates against all claims, demands, losses, damages, judgments, liabilities, disputes and expenses (including legal fees) arising out of or in connection with their participation in the Competition including but not limited to any infringement, misappropriation or violation of copyright, trademark or other intellectual rights of any third party.
1.5.13 The 2026 Budding Value Investor Award Rules and Regulations contain the entire agreement between the Participants and the Organiser.
1.5.14 If any of the rules and/or portion thereof in the 2026 Budding Value Investor Award Rules and Regulations are held to be invalid, illegal or unenforceable for any reason by any Malaysian court of competent jurisdiction, such rules and/or portion thereof shall be rendered ineffective and shall not invalidate and/or render unenforceable the remaining rules in the 2026 Budding Value Investor Award Rules and Regulations.
1.5.15 If either party is prevented from performing any of its obligations hereunder due to any cause which is beyond the non-performing party’s reasonable control, including fire, explosion, flood, virus outbreaks or other acts of God; acts, regulations, or laws of any government; war or civil commotion; strike, lock-out or labour disturbances; or failure or public utilities or common carriers (hereon “Force Majeure Event”), such non-performing party shall not be liable for failure to perform any obligation under the 2026 Budding Value Investor Award Rules and Regulations with respect to such non-performance to the extent any such non-performance is due to a Force Majeure Event.
1.5.16 The Organiser reserves the right to update, remove and/or amend the 2026 Budding Value Investor Award Rules and Regulations at any point of time in its sole discretion without prior notice and Participants shall be informed of the relevant changes by the Organiser through the official website of the Competition, https://bvia.icapital.biz/. Participants agree that their continued participation in the Competition shall constitute their acceptance of any such changes.
1.5.17 The Organiser’s failure to enforce any rule of the 2026 Budding Value Investor Award Rules and Regulations shall not constitute a waiver of that rule.
1.5.18 A person who is not a party to the 2026 Budding Value Investor Award Rules and Regulations has no legal right under the Malaysian Contracts Act 1950 or under common law to enforce any rule of the 2026 Budding Value Investor Award Rules and Regulations.
1.5.19 The copyright of all materials submitted for the Competition by Participants shall be assigned to and vest in the Organiser upon submission. The Organiser reserves the right to retain, reproduce, disseminate, publish, or otherwise feature any submitted Research Paper or other Competition materials, in whole or in part, for exhibition, publication, promotion, or any other purpose, across its communication channels, including but not limited to the official Capital Dynamics website, social media platforms, reports, and other print or digital publications, without further compensation to the Participants beyond any prizes awarded in connection with the Competition. Where any submitted materials are published, the Organiser shall attribute authorship to the respective Participants.
Any questions pertaining to the 2026 Budding Value Investor Award Rules and Regulations may be directed to bvia@icapital.biz
RULE 2: PARTICIPANTS
2.1 Team Participation
Teams:
The following parties are not eligible to participate in this competition: -
The Organiser may at its sole discretion grant an exception to Rule 2.1 on a case-by-case basis.
RULE 3: RESEARCH PAPER AND PRESENTATION
3.1 Preliminary Stage
The Preliminary Stage requires Participants to submit both parts of the Research Paper by the deadline.
Participants must clearly cite all external sources of information used, including financial data, company filings, news articles, and academic references.
3.2 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:
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.
If Participants have consulted any supervising lecturer(s), advisor(s), or mentor(s) for guidance, they may, at their discretion, disclose the relevant name(s). Such disclosure shall be voluntary and shall not influence the evaluation of any submission. Where a mentor is named, Participants consent to the Organiser utilising such information for recognition purposes, including but not limited to post-competition activities, publications, announcements, and related materials. The Organiser may, at its discretion, issue a certificate of recognition to the named mentor(s) of winning team(s).
By disclosing any such name(s), Participants represent and warrant that all necessary consents and approvals from the related individual(s) have been obtained for the Organiser’s use of such information in connection with the competition. The Organiser shall be entitled to rely on such representation and shall have no obligation to verify whether any consent has been obtained. Any dispute, claim, or issue arising from the disclosure of such information shall be solely between the Participant and the relevant individual(s) and the Organiser shall not be held liable.
The Organiser may impose penalties for late submissions. Penalties are at the discretion of the Organiser and may include point deductions or disqualification from the Competition. The Organiser will not return materials submitted by the Participants for the Competition, to the Participants.
3.3 Final Stage
The Organiser will announce the Finalists for the Final Stage of the Competition on bvia.icapital.biz and via email at a future date (to be announced).
Finalists are required to prepare a Presentation based on their Research Paper in English and send their presentation slides to bvia@icapital.biz one week before the Final Stage in BOTH Microsoft PowerPoint and PDF formats. No further changes to the content can be made thereafter.
The Finalists may not hand the judges any printed materials before or after the Presentation.
All Finalists must take part in the Final Stage. Failure to show up at the Final Stage by any of the team members may disqualify the Finalists from the Competition. Subject to the limitations of these rules, Participants are free to structure their Presentation as they wish.
Each Presentation will be timed. A timekeeper will stop the teams once the allocated time is up.
There will be a Question & Answer (Q&A) session after the Presentation. The format of the Q&A will be communicated to Finalists at a later date.
Mr Tan Teng Boo, the managing director and chief investment officer of Capital Dynamics, will be one of the judges and the technical consultant of the Competition.
During the Presentation, the Finalists shall avoid making any statements which might be construed as slanderous, obscene, embarrassing, containing offensive gender, cultural, or racial stereotypes, or any other remark that might be deemed inappropriate.
RULE 4: JUDGES AND PRIZES
4.1 Judges
Capital Dynamics reserves the right and has the exclusive discretion to select, substitute, or modify the panel of judges for the Competition at any time and for any reason whatsoever.
The panel of judges are not affiliated with any Participants. All judges on the panel are impartial to the outcome of the Competition and have no prior knowledge of the Participants.
All judges on the panel are given the same information regarding the Competition, Participants and entries submitted by the Participants for the Competition.
The winners of the Competition will be selected by the panel of judges. Their decisions are final, and no correspondence will be entered into between the teams and the panel of judges in relation to the decisions. The panel of judges will not be allowed to revise its decision once it has been made, and Participants will not be allowed to appeal the decision. Tan Teng Boo, the head judge, shall have the power of veto on the decision. The Organiser shall not be held responsible for any errors or omissions by the panel of judges.
4.2 Prizes
The prizes for the 2026 Budding Value Investor Award are as follows: -
The Budding Value Investor Award is the highest honour in the competition, reserved for truly outstanding achievement.
Beyond the RM10,000 cash prize, the most coveted reward is an exclusive apprenticeship under Tan Teng Boo, founder and Managing Director of Capital Dynamics, Designated Person of icapital.biz Berhad, and Adjunct Professor at the University of Technology Sydney. With over five decades of investment experience, Teng Boo is one of Asia's most respected value investors. This apprenticeship with The Great Thinker of the East is something that can only be earned. And for those who earn it, one final reward awaits, a surprise that will only be unveiled on the day.
The top 3 teams will each receive the Grand Prize of RM5,000 and certificate(s) of achievement. The Grand Prize Winner’s Research Paper may be published in Capital Dynamics’ flagship investment publication, i Capital and www.icapital.biz in English and Chinese (translation will be provided).
There is no alternative prize or cash alternative, and prizes cannot be transferred to any other person. The Organiser may alter prizes should this be deemed necessary by the Organiser. Unless stated otherwise, the Organiser will contact the winners via email.