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Welcome to
The 23   ICMSS, Delegates!


The 23   ICMSS seeks to become a center of capital market learning and empowerment for college students, through our Equity Research Conference.


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The 23    ICMSS Equity Research Conference is intended for undergraduate students, in which they are required to research a publicly traded company, prepare an equity research report, and then present their findings and recommendation in front of real-life equity analysts.


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Other than just competing, the delegates of the Equity Research Conference will also attend case study discussions, financial workshops, and sharing sessions to enrich their knowledge in the field of finance and capital market industry.

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We are cordially inviting you to be our delegates and participate in the Equity Research Conference of The 23   ICMSS on February 2024 in Jakarta, Indonesia.


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Head of Economic & Research at UOB Indonesia

Enrico Tanuwidjaja

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Executive Director at J.P. Morgan

Henry Wibowo

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Head of Indonesia Research at Macquarie Group

Ari Jahja

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Head of Equity Research at Mandiri Sekuritas

Adrian Joezer

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Head of  Research at PT Bank Central Asia

Richie Norbert

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Director at Agrodana Futures

Tommy Zhu


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Frequently Asked Questions

Testimonies From Past Delegates

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Participating in The 21st ICMSS was one of our team's remarkable yet noteworthy experiences. All the struggles and challenges from crafting a good equity report were transformed into lifelong learning that perfectly equipped us for our future professional careers. We were also amazed by how ICMSS was carried out and adapted to the current trends reflected in the industry selection to be covered. We realized that all the industries had their unique level of difficulties, yet those trained us on how to look critically at the industry and were able to construct strong investment theses. 


Though all the sessions were held online, all the committees had successfully planned a big notable competition very well with excellent execution. We had so much fun during the competition days, such as meeting many colleagues from different countries and universities. Moreover, it was a thrilling experience to present our analysis and be questioned by all the professionals. However, we received valuable feedback, and it was an honor to meet them in person during this time. Shoutout to all ICMSS members for this prestigious opportunity, and we would recommend this event to undergraduates looking to pursue their passion in the investment world.

ICMSS is my most prestigious competition so far and being first the runner-up in this competition is beyond what our team expected as we were competing with the best teams in Indonesia and several teams from other nations like Thailand, Turkey, and Australia. ICMSS successfully gave me memorable experience as I still remember how intense the pressure was during the competition. The judges are really competent with strong background in financial market so there was a very high expectation on the participants. ICMSS is the real definition of competition. Overall, ICMSS is very organized and a complete package for those who wants to challenge themselves. I encourage everyone to enter this competition if they want to push themselves to the next level.

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Throughout The 21st Indonesia Capital Market Student Studies, our team has learned how to conduct both quantitative and qualitative analysis on equity. The process has been both fun and challenging; we utilized what we learned in the classroom and applied it to real life scenarios. Because of the intensity of the competition, we challenge ourselves to power through and push through our limits. We did get stuck several times during the preparation, but this allowed us to learn what are the best practices for equity research. Thanks to my teammates, we helped each other and had fruitful discussions which led to satisfactory results.  


We have grown to become even more passionate in what we learn and our learning curve has been exponential. The rigorous competition honed our analytical and presentation skills. The experienced panelists that feature in seminars and activities give unique and valuable insights into the industry. We thought a lot about the discussions and developed a deeper understanding of Indonesian and Asian financial markets. All in all, we would like to express our appreciation and gratitude to all the people who have made this experience possible for us!

I gained a lot of critical and constructive exposure and feedback from professionals in the industry. The sharing sessions also well equip me with ideas and tools to practice the craft of equity research as well. Other than that, it was enriching to be exposed to different cultures and friends from many various countries.

It was fun, exciting and yet competitive. I could feel the sense of competitiveness when we were pitching and hearing others’ equity reports. Everyone is very experienced and we learnt a lot from each other. However, at the same time it was fun with all the various icebreakers, case studies and the cultural night. I would recommend everyone who has a passion for equity research to attend, it is truly a remarkable experience.

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