Credit or credit$-$based securities only. This can include corporate bonds, and derivatives such

as callable bonds and convertible bonds

$2.$ Specific debt focused instrument and not the company$/$entity in general

$3.$ The investment idea $($buy$/$sell$/$hold$)$ and thesis must be based on the fundamental analysis of

the credit assessment of the entity

$4.$ Up to three team members

$5.$ Each team must submit a PowerPoint presentation supporting their analysis before the

deadline. There is no minimum$/$maximum number of slides.

For pitch idea generation and data use Bloomberg in DPC$$s CMTL$,$ or any other information source

you deem suitable.

Judging Criteria

Presentation $(20\%)$:

$$ Communication skills $(10\%)$: Students are able to communicate their ideas effectively in a

clear and concise manner. Team members coordinate well with each other and form a united

group.

$$ Presentation material $(10\%)$: Presentation material supports the investment thesis

effectively with a professional look.

Investment Thesis $(80\%)$

$$ Strength of Investment Thesis $(35\%)$: Students propose compelling arguments to justify

their investment recommendation.

$$ Students have introduced differentiated research $(20\%)$: Investment thesis includes

elements demonstrating students have looked beyond usual industry data to support

investment thesis.

$$ Valuation Technique $(20\%)$: The calculation of the target price is based on valid valuation

techniques and assumptions.

$$ Risks $(5\%)$: Students understand the major risks of their investment thesis.