Each group is required to compare the performances/benefits between 5-stock and 10 stock portfolios whose stocks are listed in the Singapore Stock Exchange.

Time period - 3 years

The risk-free rate of Singapore Government's borrowing rate is 1.33% p.a.

Based on the data extracted in (i) above, calculate the Beta, Alpha and Sharpe Ratio for each stock using the Capital Asset Pricing Model (CAPM).

Critically discuss and compare beta across the crisis and non-crisis periods. The term "crisis period" refers to the COVID period. Identify if there is any under-pricing or over-pricing of each of the stocks and support your analysis for the investment decision making. If the expected returns of some of the stocks are too low (lower than risk free rate or negative) and hence cannot apply the CAPM equation, you would need to indicate it and explain the investment decision.