Fullerton / SGX Value-Up Singapore Equities Challenge
A joint initiative by Fullerton Fund Management and SGX Group
Fullerton / SGX Value-Up Singapore Equities Challenge
1. Overview
The Fullerton / SGX Value-Up Singapore Equities Challenge is a first-of-its-kind investment competition that connects classroom learning with real-world investing. Through this initiative, Fullerton Fund Management and Singapore Exchange Limited (collectively, the “Organisers”) aim to:
- Encourage greater youth participation and understanding of Singapore’s equity markets
- Strengthen financial literacy among tertiary students (aged 18 and above) from polytechnics and universities in Singapore
- Provide meaningful exposure and career opportunities within the asset management industry
2. What is Fullerton / SGX Value-Up Singapore Equities Challenge?
The Challenge is an equity investing competition featuring:
- A six-week online trading simulation using the InvestSG platform.
- A stock pitch final (“Finals”) for the top six qualifying teams, requiring the submission of an equity research report and a financial model and culminating in an in-person presentation and question-and-answer session (“Q&A”) to select the winning team.
These rules and regulations are intended to ensure enjoyable, transparent, and fair competition for all teams. The Organisers reserves the right to make changes to the rules at any time. Any updates will be communicated to teams via email.
3. Access to Trading Simulation Platform and Confidentiality
- All teams must create an InvestSG account to participate in the paper trading simulation. Each team will share one set of login credentials for the team account and must submit the username in the registration form.
- Participants shall treat all information provided by the Organisers, its partners and platform providers as well as all information received during the course of the competition as confidential and shall not disclose such information to any third party or use it for purposes other than this competition without the prior written consent of the Organisers. Participants shall not record, publish or release any information or material received in connection with the competition without the prior written consent of the Organisers.
4. Prizes
Cash prizes will be awarded to the top three teams: 1st Place (SGD10,000), 2nd Place (SGD5,000), 3rd Place (SGD3,000). The Organisers reserves the right to amend prizes without prior notice.
From the six finalist teams, up to 10 students who meet the Organisers’ criteria may be invited to apply and be interviewed for the Fullerton Singapore Value-Up (FSGV) Internship Programme; eligible students must be Singapore Citizens/Permanent Residents and have an expected graduation year of 2027. Interns will need to fulfill the full 35 weeks of internship period (anticipated to be from May 2026 to December 2026) upon acceptance. The internship also serves as a pathway to potential permanent placement as a research analyst, subject to internship performance.
5. How to Participate
- Team size: Teams of four (4) individuals. Team sizes that are greater or less than four (4) are not accepted.
- Registration: Teams must complete the registration form and supply the team’s InvestSG username (which does not have to be identical to the team name).
- Team name: Select a unique, professional team name that does not infringe the intellectual property and personality rights of third parties and allows for ease of identification. Teams are not permitted to indicate or suggest the identity of their educational institution in the name of the team unless they are able to furnish the Organisers with the prior written consent of their educational institution for such use of its name. A team may be required to change its name if it is deemed to be insufficiently unique or professional.
- Communications: The Team Leader’s email will be used as the primary communications channel between the team and the Organisers. The Team Leader is responsible for the accuracy and validity of all email addresses submitted.
6. Eligibility for Participation
- The competition is open to Singaporeans and Permanent Residents (aged 18 and above as at 10 December 2025) who are enrolled as full-time students in a polytechnic or university in Singapore. Participants within the same team need not be from the same institution or faculty.
- The immediate family members of the directors, officers and employees of the Organisers are not eligible to participate in the competition. Any student who is interning with the Organisers during the course of the competition is also not eligible to participate in the competition.
- Participants may only be a member of one team.
- Once a team has been registered, there should be no changes in its membership. The Organisers reserve the right to disqualify a team for any unapproved changes to its membership.
7. Important Dates to Note
| Event | Date/ Time | Notification Method/ Venue |
| Registration Period | 10 December 2025 – 23 January 2026 | Via Google Form |
| Qualifying Round (Online Trading Simulation) | 26 January – 6 March 2026 | |
| Notification of Finalists | 12 March 2026 | Via email |
| Finals – In-Person Compulsory Briefing | 14 March 2026
from 10:00-11:00 |
Fullerton Fund Management Office
3 Fraser St, #09-28, DUO Tower, Singapore 189352 |
| Finals – Deadline for submission of deliverables (equity research report, presentation slides, financial model) | 27 March 2026, by 23:59 | Via Google Form
|
| Finals – In-Person Presentation Day | 2 April 2026, from 10:00-15:00 | Singapore Exchange Auditorium
2 Shenton Way, Level 2, Singapore 068804 |
| In-Person Awards Ceremony for winning teams (minimum of two representatives per team) | 7 April 2026
(Timing to be provided in due course) |
(Address to be provided in due course) |
*Details subject to change
8. Qualifying Round — Online Trading Simulation
8.1. Platform and Scope
All trades must be executed within the InvestSG paper‑trading environment. Rankings and portfolio metrics will be displayed on the platform dashboard; a leaderboard will show current standings.
8.2. Trading Rules and Constraints
Teams that do not meet the rules and constraints will be disqualified. The Organisers reserves the right to modify the trading rules and constraints at any time, both prior to and during the trading period.
All trades must be executed within the InvestSG paper‑trading environment and comply with the following:
- No leverage or margin trading is allowed.
- Trading in derivative instruments such as options, warrants, or similar products is not allowed.
- Trading is restricted to eligible securities only. Please refer to Appendix A for the list of eligible securities.
- Transaction costs: buy and sell trades include transaction costs as configured in the simulation platform.
Portfolio constraints:
- Teams are required to establish positions within the initial five trading days of the competition. Effective on and from 2 February 2026, each Team’s portfolio must maintain a minimum investment level (e., exposure to eligible securities) of not less than 80% at the end of every trading day, with cash holdings restricted to a maximum of 20%. Teams bear sole responsibility for monitoring compliance via the simulation platform (InvestSG), as the system will not issue alerts for breaches. Teams are encouraged to maintain a prudent cash buffer on an intraday basis to avoid end-of-day cash breaches due to price moves. Any team exceeding the cash limit on more than three trading days (whether consecutive or not) during the qualifying round will be disqualified and will not progress to the Finals.
- Upon initiation or augmentation of a position, the exposure to any individual eligible security must not exceed 10% of the portfolio’s total value. Should this threshold be surpassed due to market appreciation, such occurrence is permissible and will not activate system restrictions or warnings.
- Each portfolio is restricted to a maximum of 30 eligible securities at any time.
8.3. Judging and Advancement (Qualifying Round)
Team rankings are determined by the total return of each team’s portfolio as computed by the simulation platform (InvestSG). Breaching the cash limit on more than three trading days (whether consecutive or not) results in disqualification. Top 6 teams will be notified by the Organisers and will proceed to the Finals.
8.4. Conduct
Participants must act with integrity and comply with the terms and conditions of the InvestSG platform and these rules and regulations. Violations (including constraint breaches) are grounds for penalties or disqualification.
9. Finals — In-Person Stock Pitch
The Finals comprise a compulsory briefing, submission of three deliverables, and an in‑person presentation with Q&A. Teams which are unable to send all members to attend the compulsory briefing session may be disqualified from the Finals.
9.1. Deliverables and Specifications
9.1.1. Security Selection
Select one eligible security from your team’s portfolio; the recommendation must be a buy call with >10% upside, using the market closing price on 26 March 2026 (one day before the submission deadline).
9.1.2. Equity Research Report
- Format: PDF (.pdf).
- Length: Maximum 8 pages (excluding any appendices for charts, data, or disclaimers).
- Required Sections:
- Business Description: What the company does, its revenue streams, and key geographies.
- Industry Overview & Positioning: The market landscape, secular trends, and the company's competitive advantages (e.g., "moat").
- Investment Thesis: The core, differentiating reason for the 'BUY' recommendation. This should be the central argument of your pitch.
- Catalysts: Specific future events or triggers that you believe will cause the market to recognize the stock's value (e.g., earnings reports, new product launches, regulatory changes).
- Key Risks: A discussion of the primary risks to your thesis (e.g., competitive, regulatory, macroeconomic) and potential mitigating factors.
- Valuation & Target Price: A summary of your valuation methodology (e.g., DCF, SOTP, Comparables) leading to your specific target price and recommendation.
9.1.3. Presentation Slides
- Format: PowerPoint (.pptx).
- Length: Maximum 20 slides (excluding the cover slide and any appendices). The cover slide must contain the team’s name and the names of its members (without mentioning their educational institutions).
- Purpose: Summarise key points of the research report for the live pitch.
9.1.4. Financial Model
- Format: Excel (.xlsx).
- Requirements:
- Must include fully linked Income Statement, Balance Sheet, and Cash Flow Statement.
- Must include projections for a minimum of three (3) fiscal years (e.g., FY2026, FY2027, FY2028).
- Must clearly show the valuation workings (e.g., DCF analysis, comparable company analysis) and key assumptions used to arrive at the Target Price.
9.2. Submission Deadline
- Due by Friday, 27 March 2026.
- The Team Leader must upload the three files in the Google Form.
9.3. Presentation Day Format
- Each team has a 30‑minute slot: 20 minutes presentation + 10 minutes Q&A.
- All registered team members must present in person.
9.4. Judging Criteria (Finals)
Teams will be judged by a panel of representatives from Fullerton Fund Management Company Ltd. and Singapore Exchange and/or such individuals as the Organisers may select at its sole discretion. The scoring for the Finals will be weighted as follows:
9.4.1. Analysis & Submission Quality (50%)
This score is based on the quality of the submitted materials (Report, Model, Slides).
- Investment Thesis (15%): Is the thesis clear, logical, insightful, and well-articulated?
- Depth of Analysis (15%): Quality of research into business, industry, and competitive landscape.
- Financial Model & Valuation (15%): Robustness and correctness of the financial model. Are the key assumptions (e.g., growth, margins, discount rate) reasonable and well-defended?
- Risk Assessment (5%): Thoughtful identification and analysis of key risks, beyond just a simple list.
9.4.2. Presentation & Q&A Performance (50%)
This score is based on the live in-person pitch.
- Conviction & Persuasiveness (20%): Did the team present a compelling, data-driven argument? How effectively did they "sell" the idea?
- Presentation Clarity (15%): Logical flow, clear communication, professionalism of slides, and effective time management.
- Q&A Performance (15%): Ability to defend the thesis, answer challenging questions directly, and demonstrate deep subject matter expertise.
9.5. Fair Play and Originality
Teams must submit original work for all deliverables and cite all sources clearly.
9.6. Late Submissions and Technical Issues
Late submissions will not be accepted unless expressly allowed by the Organisers. Organisers at their sole discretion. Teams should aim to submit well in advance of the deadline to avoid potential technical issues arising from multiple last-minute submissions. Where a form is used, a confirmation copy serves as acknowledgement of receipt when feasible.
10. Contact for Clarifications
Queries should be submitted via the official competition email channel: ValueUpSingaporeEquityChallenge@fullerton.com.sg. The Organisers will only address questions on logistics, submissions and rules and will not provide any investment idea, strategy or other guidance that may confer an unfair advantage to any particular team.
11. Organisers’ Rights and Dispute Resolution
The Organisers reserves the right to disqualify or penalise any team in breach of the rules and to make changes to the rules at any time. The Organisers’ decision in relation to any disqualification, penalty or dispute is final. No appeal will be entertained.
12. Liability and Indemnity
To the extent permissible by law, participants accept and shall not hold the Organisers and partners responsible for any injury, loss, costs, expenses or damage arising from the creation of entries and/or participation in the competition.
13. Intellectual Property Rights
By making a submission, participants represent and warrant that they are the sole legal and beneficial owner of all the intellectual property rights and interests in their submissions, which are their original work and are free of any infringement or likely infringement of any third party rights. Participants will defend the Organisers against any claim, demand, suit or proceeding made or brought against the Organisers by a third party (i) alleging that the submission of a participant infringes or misappropriates the intellectual property or other rights of a third party or (ii) alleging liability, damages, costs or fees based on, related to or arising from the Organisers’ use of the submission, and will indemnify the Organisers for any damages, attorney fees and costs awarded against the Organisers as a result of, or for any amounts paid by the Organisers under a settlement of such claim. Participants retain all intellectual property rights in their submissions unless otherwise agreed with the Organisers or their partners. By participating, teams grant the Organisers an unrestricted, irrevocable, royalty‑free, world-wide, perpetual licence to use, apply, reproduce, display or broadcast competition submissions (or a summarized or adapted version thereof) for marketing, publicity and reporting purposes, with appropriate credit where feasible.
14. Privacy Policy
By registering or participating in the competition, participants consent to the collection, use and disclosure of their personal data (including, without limitation, recordings of their images, voices, and performances) by the Organisers and their partners for administration, marketing and publicity purposes relating to the competition or for subsequent iterations of the competition. Photography and video/voice recording may be conducted and made available to the public on digital platforms, websites, social media, print materials, and event collaterals; images and footage may be edited, adapted, or combined with other visuals as needed for creative purposes. Registration and/or participation constitutes consent to be photographed/recorded for the above-mentioned purposes.
By registering for, submitting an entry to, or otherwise participating in the competition, each participant irrevocably acknowledges and agrees that he/she has read, understood and accepted, and shall be bound by, these rules and regulations (as amended, supplemented or replaced from time to time).) as well as the terms and conditions of the InvestSG platform. Participation (including any continued participation following any amendment) shall constitute such participant’s deemed acceptance of the then‑current rules and regulations. If a participant does not agree to be bound, he/she must not participate in this competition.
Appendix A – Eligible Securities
| Bloomberg Ticker | SGX Stock Code | Name |
| ADDV SP Equity | A31 | ADDVALUE TECHNOLOGIES LTD |
| AEM SP Equity | AWX | AEM HOLDINGS LTD |
| AAREIT SP Equity | O5RU | AIMS APAC REIT |
| ASL SP Equity | A04 | ASL MARINE HOLDINGS LTD |
| BOCS SP Equity | F9D | BOUSTEAD SINGAPORE LTD |
| BAL SP Equity | P8Z | BUMITAMA AGRI LTD |
| CLAS SP Equity | HMN | CAPITALAND ASCOTT TRUST |
| CLCT SP Equity | AU8U | CAPITALAND CHINA TRUST |
| CLINT SP Equity | CY6U | CAPITALAND INDIA TRUST |
| CDREIT SP Equity | J85 | CDL HOSPITALITY TRUSTS |
| CAREIT SP Equity | 8C8U | CENTURION ACCOMMODATION REIT |
| CENT SP Equity | OU8 | CENTURION CORP LTD |
| CHEN SP Equity | YSV | CHARISMA ENERGY SERVICES LTD |
| CAO SP Equity | G92 | CHINA AVIATION OIL SINGAPORE |
| CSSC SP Equity | QES | CHINA SUNSINE CHEMICAL HLDGS |
| CIT SP Equity | C09 | CITY DEVELOPMENTS LTD |
| CNMC SP Equity | 5TP | CNMC GOLDMINE HOLDINGS LTD |
| CD SP Equity | C52 | COMFORTDELGRO CORP LTD |
| CSE SP Equity | 544 | CSE GLOBAL LTD |
| DFI SP Equity | D01 | DFI RETAIL GRP HLD-SING REG |
| DCREIT SP Equity | DCRU | DIGITAL CORE REIT MANAGEMENT |
| EREIT SP Equity | 9A4U | ESR-REIT |
| FIRT SP Equity | AW9U | FIRST REAL ESTATE INVT TRUST |
| FR SP Equity | EB5 | FIRST RESOURCES LTD |
| FEH SP Equity | F03 | FOOD EMPIRE HOLDINGS LTD |
| FCT SP Equity | J69U | FRASERS CENTREPOINT TRUST |
| FLT SP Equity | BUOU | FRASERS LOGISTICS & COMMERCI |
| FRKN SP Equity | E28 | FRENCKEN GROUP LTD |
| GENS SP Equity | G13 | GENTING SINGAPORE LTD |
| GERL SP Equity | RE4 | GEO ENERGY RESOURCES LTD |
| GGR SP Equity | E5H | GOLDEN AGRI-RESOURCES LTD |
| GRC SP Equity | S3N | GRC LTD/SINGAPORE |
| GUOL SP Equity | F17 | GUOCOLAND LTD |
| HPAR SP Equity | H02 | HAW PAR CORP LTD |
| HSIND SP Equity | 1L2 | HIAP SENG INDUSTRIES LTD |
| HLA SP Equity | H22 | HONG LEONG ASIA LTD |
| HPHT SP Equity | NS8U | HUTCHISON PORT HOLDINGS TR-U |
| IFAST SP Equity | AIY | IFAST CORP LTD |
| INNOT SP Equity | M14 | INNOTEK LTD |
| ICG SP Equity | KUO | INTERNATIONAL CEMENT GROUP L |
| IXBIO SP Equity | 42C | IX BIOPHARMA LTD |
| KDCREIT SP Equity | AJBU | KEPPEL DC REIT |
| KIT SP Equity | A7RU | KEPPEL INFRASTRUCTURE TRUST |
| KREIT SP Equity | K71U | KEPPEL REIT |
| KSHH SP Equity | ER0 | KSH HOLDINGS LTD |
| LREIT SP Equity | JYEU | LENDLEASE GLOBAL COMMERCIAL |
| LHN SP Equity | 41O | LHN LTD |
| LKH SP Equity | F1E | LOW KENG HUAT SINGAPORE LTD |
| MAND SP Equity | M04 | MANDARIN ORIENTAL INTL LTD |
| MINT SP Equity | ME8U | MAPLETREE INDUSTRIAL TRUST |
| MLT SP Equity | M44U | MAPLETREE LOGISTICS TRUST |
| MPACT SP Equity | N2IU | MAPLETREE PAN ASIA COM TRUST |
| MPM SP Equity | 5LY | MARCO POLO MARINE LTD |
| NCL SP Equity | 1MZ | NAM CHEONG LIMITED |
| NANO SP Equity | MZH | NANOFILM TECHNOLOGIES INTERN |
| NETLINK SP Equity | CJLU | NETLINK NBN TRUST |
| NTTDCR SP Equity | NTDU | NTT DC REIT |
| OTEK SP Equity | HQU | OILTEK INTERNATIONAL LTD |
| OLG SP Equity | VC2 | OLAM GROUP LTD |
| OUEREIT SP Equity | TS0U | OUE REAL ESTATE INVESTMENT T |
| PRA SP Equity | O9E | PARKSON RETAIL ASIA LTD |
| PREIT SP Equity | C2PU | PARKWAYLIFE REAL ESTATE |
| PRIME SP Equity | OXMU | PRIME US REIT |
| PROP SP Equity | OYY | PROPNEX LTD |
| QNM SP Equity | QC7 | Q & M DENTAL GROUP SINGAPORE |
| RLS SP Equity | NR7 | RAFFLES EDUCATION LTD |
| RFMD SP Equity | BSL | RAFFLES MEDICAL GROUP LTD |
| REXI SP Equity | 5WH | REX INTERNATIONAL HOLDING |
| RSTON SP Equity | AP4 | RIVERSTONE HOLDINGS LTD |
| SAMU SP Equity | S56 | SAMUDERA SHIPPING LINE LTD |
| SANLI SP Equity | 1E3 | SANLI ENVIRONMENT LTD |
| SASSR SP Equity | CRPU | SASSEUR REAL ESTATE INVESTME |
| SATS SP Equity | S58 | SATS LTD |
| STM SP Equity | 5E2 | SEATRIUM LTD |
| SERL SP Equity | S69 | SERIAL SYSTEM LTD |
| SSG SP Equity | OV8 | SHENG SIONG GROUP LTD |
| SIE SP Equity | S59 | SIA ENGINEERING CO LTD |
| SPLG SP Equity | U06 | SINGAPORE LAND GROUP LTD |
| SPOST SP Equity | S08 | SINGAPORE POST LTD |
| SOIL SP Equity | V5Q | SOILBUILD CONSTRUCTION GROUP |
| SHOCK SP Equity | SHE | SOON HOCK ENTERPRISE HOLDING |
| STL SP Equity | H07 | STAMFORD LAND CORP LTD |
| SGREIT SP Equity | P40U | STARHILL GLOBAL REIT |
| STH SP Equity | CC3 | STARHUB LTD |
| SERT SP Equity | SET | STONEWEG EUROPE STAPLED TRUS |
| SPWG SP Equity | 5GD | SUNPOWER GROUP LTD |
| SUN SP Equity | T82U | SUNTEC REIT |
| TTGL SP Equity | 42T | TRENDLINES GROUP LTD/THE |
| TSH SP Equity | T24 | TUAN SING HOLDINGS LTD |
| UMSH SP Equity | 558 | UMS INTEGRATION LTD |
| UOBK SP Equity | U10 | UOB-KAY HIAN HOLDINGS LTD |
| UOL SP Equity | U14 | UOL GROUP LTD |
| VALUE SP Equity | BN2 | VALUETRONICS HOLDINGS LTD |
| VMS SP Equity | V03 | VENTURE CORP LTD |
| WHUR SP Equity | E3B | WEE HUR HOLDINGS LTD |
| YZJFH SP Equity | YF8 | YANGZIJIANG FINANCIAL HOLDIN |
| YLLG SP Equity | Z25 | YANLORD LAND GROUP LTD |
Click here for more details on the Fullerton Singapore Value-Up Internship Programme