Fullerton / SGX Value-Up Singapore Equities Challenge (Students)
A joint initiative by Fullerton Fund Management and SGX Group
Fullerton/SGX Value-Up Singapore Equities Challenge (Student Category)
1. Overview of the Fullerton/SGX Value-Up Singapore Equities Challenge
The Fullerton / SGX Value-Up Singapore Equities Challenge is a virtual investment competition jointly organised by Fullerton Fund Management Company Ltd. (“Fullerton”) and Singapore Exchange Limited (“SGX”) (collectively, the “Organisers”). The competition is designed to deepen participants’ understanding of Singapore’s equity markets and provide practical experience in researching, evaluating and managing investments in Singapore-listed companies through a simulated trading environment — without the use of real capital.
The competition aims to:
- Encourage greater participation in and understanding of Singapore’s equity markets
- Strengthen investment knowledge and financial literacy through hands-on application
- Broaden awareness of the investment opportunities available within the Singapore equities market
- Enable participants to construct and manage a Singapore equities portfolio while responding to changing market conditions
The competition comprises two categories:
Student Category
The Fullerton / SGX Value-Up Singapore Equities Challenge (Student Category) is open to teams of 4 tertiary students aged 18 and above from polytechnics and universities. It is designed to bridge classroom learning with practical exposure to investing, helping students apply investment concepts to real-world market conditions and develop a stronger understanding of Singapore-listed companies and the local equity market.
Open Category
The Fullerton / SGX Value-Up Singapore Equities Challenge (Open Category) is open to members of the public, with participants competing on an individual basis. It provides participants with a practical platform to research and evaluate Singapore-listed companies, identify investment opportunities, construct and manage a Singapore equities portfolio, and respond to changing market conditions through simulated trading.
2. What does the Fullerton / SGX Value-Up Singapore Equities Challenge (Student Category) involve?
The Fullerton / SGX Value-Up Singapore Equities Challenge (Student Category) is an equity investing competition featuring:
- An eight-week virtual trading simulation using the InvestSG platform.
- A stock pitch final (“Finals”) for the top 6 qualifying teams, requiring the submission of an equity research report with supporting financial model(s). There will be an in-person presentation and question-and-answer session (“Q&A”) during the Finals that will form the basis for selecting the winning team(s).
3. Access to Trading Simulation Platform and Confidentiality
- All teams must create an InvestSG account to participate in the virtual 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 must treat as confidential all information provided by the Organisers, their partners and platform providers, and all information received during the Challenge. Participants must not disclose such information to any third party or use it for any purpose other than participating in the Challenge without the prior written consent of the Organisers. Participants must not record, publish or release any information or material received in connection with the Challenge 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 reserve the right to amend the prize structure and amounts at their discretion without prior notice.
From the 6 finalist and other participating 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 2027 to January 2028) upon acceptance. The internship also serves as a pathway to potential permanent placement as a research analyst, subject to internship performance.
Payment of prize money must be made directly to the winner’s own bank account. Third-party payments are not permitted.
To facilitate payment, winners must provide the following information:
- Full legal name, as stated on their NRIC or passport
- Beneficiary account name
- Bank account number
- Beneficiary bank name
- Bank details
5. How to Participate
- Team size: Teams of 4 individuals each. Team sizes that are greater or less than 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. Once a team name is confirmed, no further changes will be allowed.
- 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 of 5 October 2026) who are enrolled as full-time students in a polytechnic or university during the competition period . Participants within the same team need not be from the same institution or faculty.
- Participants must register using their full legal names as shown on a valid government-issued identity document and provide such additional particulars as the Organisers may reasonably require to verify their identity. The Organisers may verify identity and eligibility, and may disqualify a participant or team if inaccurate, misleading or false information is provided.
- The directors, officers and employees of the Organisers and their immediate family members 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.
- Each participant 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.
- A participant may register for either the Student Category or the Open Category (provided that it meets the relevant eligibility requirements), but not both.
7. Important Dates to Note*
| Event | Date / Time | Notification Method / Venue |
|---|---|---|
| Registration Period | 5 October 2026 – 30 November 2026 | Via Online Form |
| Virtual Trading Challenge (Qualifying Round) |
7 December 2026 – 29 January 2027 | — |
| Notification to Finalists | By 3 February 2027 | Via Email |
| Team Registration for the Finals | By 12 February 2027, 17:00 | Via Online Form for Finals' Registration (Link will be provided closer to the date) |
| Finals – Briefing (Compulsory Attendance) |
12 February 2027, 9:30–12:00 | Address to be advised |
| Submission of Pitch Presentation Materials (Equity Research Report, Presentation Slides, Financial Model) (Compulsory Submission) |
25 February 2027, by 17:00 | Via Online Form for Submission (Link will be provided closer to the date) |
| Finals – In-Person Presentation Day (Compulsory Attendance) |
6 March 2027, from 9:30-15:00 | Singapore Exchange Auditorium 2 Shenton Way, Level 2, Singapore 068804 |
| *Prize Presentation on 7 March 2027 (Time and venue TBC) |
* Details may be subject to change
8. Qualifying Round — Virtual Trading Simulation
8.1. Platform and Scope
All trades must be executed within the InvestSG virtual-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 comply with the rules and constraints may be penalised or disqualified. The Organisers reserve the right to modify the trading rules and constraints at any timebefore or during the trading period.
All trades must be executed within the InvestSG virtual trading environment and comply with the following:
- No leverage or margin trading is allowed.
- Trading in derivative instruments, including options, warrants, or similar products, is not allowed.
- Trading is restricted to eligible securities listed in Appendix A.
- Buy and sell trades are subject to transaction costs configured in the InvestSG simulation platform.
Portfolio constraints:
- Teams are required to establish positions within the first five trading days of the competition. With effect from 14 December 2026, each Team’s portfolio must (as measured at the end of every trading day) maintain a minimum investment level of 80% in eligible securities, with cash holdings restricted to a maximum of 20%. Teams bear sole responsibility for monitoring compliance via the simulation platform (InvestSG). 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 breaches caused by price movements. 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.
- When initiating or augmentating a position, exposure to any individual eligible security must not exceed 10% of the portfolio’s total value. Should this threshold be exceeded solely because of subsequent market appreciation, that occurrence is permitted and will not trigger 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. Participants must not engage in harassment, discrimination, bullying, threatening, abusive or unsafe conduct, or any conduct that disrupts the event or compromises the safety, wellbeing or dignity of others. Participants must promptly report any such conduct or safety concern to the Organisers. The Organisers may investigate any reported or suspected breaches of conduct or these terms and conditions and may, in their sole and absolute discretion, issue warnings, remove a participant from the event, restrict participation, impose penalties or disqualify a participant.
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 24 February 2027 (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 does the company do, 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: Justification 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., FY2027, FY2028, FY2029).
- 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 25 February 2027, by 17:00
- 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 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 Registration and Technical Issues
Late registrations will not be accepted unless expressly permitted by the Organisers at their sole and absolute discretion. Teams should aim to register and submit their reports and presentations well in advance of the deadline to avoid potential technical issues arising from multiple last-minute submissions. The Organisers do not assume any responsibility for technical or network issues. Where a form is used, a confirmation copy serves as acknowledgement of receipt where feasible.
10. Contact for Clarifications
Queries should be submitted via the official competition email channel: ValueUpSingaporeEquityChallenge@fullerton.com.sg. The Organisers will address questions on logistics, registrations, submissions and rules only 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 reserve the sole and absolute right to disqualify or penalise any team in breach of these terms and conditions and to make changes to these terms and conditions at any time. The Organisers’ decision in relation to any disqualification, penalty, prize award or dispute is final. No appeal will be entertained.
12. Liability and Indemnity
To the extent permissible by law, participants accept and agree not to hold the Organisers or their partners responsible for any injury, loss, costs, expenses or damage arising from the creation of entries and/or participation in the Challenge, including any platform disruption or downtime, technical or network issues, prize dispute or third-party claim.
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
The Organisers will collect, use, disclose and otherwise process participants’ personal data, including their names, contact details, age, nationality or residency status, identification and eligibility-verification information, InvestSG account and registration details, trading and portfolio information, competition submissions, correspondence, bank account and payment details and recordings of their images, voices and performances, for the purposes of administering the competition, registering and communicating with participants; verifying identity, eligibility and compliance with these rules and regulations; facilitating access to and use of the InvestSG platform; monitoring participation and trading activity; judging entries, determining, verifying and announcing results; awarding, processing and administering prizes; responding to enquiries, feedback, complaints and disputes; preventing, detecting and investigating fraud, misconduct, security incidents and breaches of these rules and regulations; maintaining records; conducting audits, analytics and reporting; improving the competition and planning future iterations; complying with applicable legal obligations; and marketing, publicity and promotional purposes relating to the competition, the Organisers and future iterations of the competition. Personal data may be disclosed to the Organisers’ affiliates, service providers, platform providers, judges, partners, professional advisers, insurers, auditors, regulators, law enforcement agencies and other recipients where necessary or appropriate for the foregoing purposes or as required or permitted by applicable law, including recipients located outside Singapore. Personal data will be retained only for as long as necessary for those purposes or as required by applicable law. Participants may contact the Organisers to request access to or correction of their personal data, or to withdraw consent where consent is the applicable basis for processing; withdrawal of consent may affect the Organisers’ ability to administer the participant’s participation in the competition. Photography and video/voice recording may be conducted during the competition. The Organisers may also use, reproduce, publish, display, broadcast, edit, adapt or combine a participant's image, voice or performance with other materials for marketing, publicity, promotional, reporting, archival or future iterations of the competition, including publication on digital platforms, websites, social media, print materials and event collaterals.
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 |
|---|---|---|
| 8YZ SP Equity | 8YZ | YANGZIJIANG MARITIME DEVELOP |
| AAREIT SP Equity | O5RU | AIMS APAC REIT |
| ADDV SP Equity | A31 | ADDVALUE TECHNOLOGIES LTD |
| AEM SP Equity | AWX | AEM HOLDINGS LTD |
| ASTI SP Equity | 575 | ASTI HOLDINGS LTD |
| AZTECH SP Equity | 8AZ | AZTECH GLOBAL LTD |
| BAL SP Equity | P8Z | BUMITAMA AGRI LTD |
| BOCS SP Equity | F9D | BOUSTEAD SINGAPORE LTD |
| BS SP Equity | B61 | BUKIT SEMBAWANG ESTATES LTD |
| CAO SP Equity | G92 | CHINA AVIATION OIL SINGAPORE |
| CAREIT SP Equity | 8C8U | CENTURION ACCOMMODATION REIT |
| CD SP Equity | C52 | COMFORTDELGRO CORP LTD |
| CDREIT SP Equity | J85 | CDL HOSPITALITY TRUSTS |
| CENT SP Equity | OU8 | CENTURION CORP LTD |
| CIT SP Equity | C09 | CITY DEVELOPMENTS LTD |
| CLAS SP Equity | HMN | CAPITALAND ASCOTT TRUST |
| CLCT SP Equity | AU8U | CAPITALAND CHINA TRUST |
| CLINT SP Equity | CY6U | CAPITALAND INDIA TRUST |
| CNMC SP Equity | 5TP | CNMC GOLDMINE HOLDINGS LTD |
| CSE SP Equity | 544 | CSE GLOBAL LTD |
| DCREIT SP Equity | DCRU | DIGITAL CORE REIT MANAGEMENT |
| DELFI SP Equity | P34 | DELFI LTD |
| DFI SP Equity | D01 | DFI RETAIL GRP HLD-SING REG |
| DHLT SP Equity | DHLU | DAIWA HOUSE LOGISTICS TRUST |
| EGX SP Equity | EGX | EGP ENERGY CORP LTD |
| EREIT SP Equity | 9A4U | ESR-REIT |
| FCT SP Equity | J69U | FRASERS CENTREPOINT TRUST |
| FEH SP Equity | F03 | FOOD EMPIRE HOLDINGS LTD |
| FEHT SP Equity | Q5T | FAR EAST HOSPITALITY TRUST |
| FHH SP Equity | FHH | FOUNDATION HEALTHCARE HOLDIN |
| FLT SP Equity | BUOU | FRASERS LOGISTICS & COMMERCIAL |
| FR SP Equity | EB5 | FIRST RESOURCES LTD |
| 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 | GLOBAL RESOURCE CONSTRUCTION |
| HG SP Equity | AGS | HOUR GLASS LTD/THE |
| HLA SP Equity | H22 | HONG LEONG ASIA LTD |
| HPAR SP Equity | H02 | HAW PAR CORP LTD |
| HPHT SP Equity | NS8U | HUTCHISON PORT HOLDINGS TR-U |
| ICG SP Equity | KUO | INTERNATIONAL CEMENT GROUP L |
| IEV SP Equity | Z4D | MEDI LIFESTYLE LTD |
| IFAST SP Equity | AIY | IFAST CORP LTD |
| INNOT SP Equity | M14 | INNOTEK LTD |
| ISDN SP Equity | I07 | ISDN HOLDINGS LTD |
| IWOW SP Equity | NXR | IWOW TECHNOLOGY PTE LTD |
| IXBIO SP Equity | 42C | IX BIOPHARMA LTD |
| KBE SP Equity | 5HV | KOH BROTHERS ECO ENGINEERING |
| KDCREIT SP Equity | AJBU | KEPPEL DC REIT |
| KIT SP Equity | A7RU | KEPPEL INFRASTRUCTURE TRUST |
| KREIT SP Equity | K71U | KEPPEL REIT |
| LREIT SP Equity | JYEU | LENDLEASE GLOBAL COMMERCIAL |
| LUCC SP Equity | LCC | LUM CHANG CREATIONS LTD |
| MINT SP Equity | ME8U | MAPLETREE INDUSTRIAL TRUST |
| MLT SP Equity | M44U | MAPLETREE LOGISTICS TRUST |
| MMFS SP Equity | 5WJ | MONEYMAX FINANCIAL SERVICE L |
| MPACT SP Equity | N2IU | MAPLETREE PAN ASIA COM TRUST |
| MPM SP Equity | 5LY | MARCO POLO MARINE LTD |
| NANO SP Equity | MZH | NANOFILM TECHNOLOGIES INTERN |
| NCL SP Equity | 1MZ | NAM CHEONG LIMITED |
| NETLINK SP Equity | CJLU | NETLINK NBN TRUST |
| NTTDCR SP Equity | NTDU | NTT DC REIT |
| OKP SP Equity | 5CF | OKP HOLDINGS LTD |
| OLG SP Equity | VC2 | OLAM GROUP LTD |
| OTEK SP Equity | HQU | OILTEK INTERNATIONAL LTD |
| OUEREIT SP Equity | TS0U | OUE REAL ESTATE INVESTMENT |
| PAN SP Equity | P52 | PAN-UNITED CORP LTD |
| PCPG SP Equity | PCT | PC PARTNER GROUP LTD |
| PREIT SP Equity | C2PU | PARKWAYLIFE REAL ESTATE |
| PROP SP Equity | OYY | PROPNEX LTD |
| RFMD SP Equity | BSL | RAFFLES MEDICAL GROUP LTD |
| RSTON SP Equity | AP4 | RIVERSTONE HOLDINGS LTD |
| SASSR SP Equity | CRPU | SASSEUR REAL ESTATE INVESTMENT |
| SATS SP Equity | S58 | SATS LTD |
| SBUS SP Equity | S61 | SBS TRANSIT LTD |
| SGREIT SP Equity | P40U | STARHILL GLOBAL REIT |
| SIE SP Equity | S59 | SIA ENGINEERING CO LTD |
| SPOST SP Equity | S08 | SINGAPORE POST LTD |
| SPWG SP Equity | 5GD | SUNPOWER GROUP LTD |
| SSG SP Equity | OV8 | SHENG SIONG GROUP LTD |
| STH SP Equity | CC3 | STARHUB LTD |
| STM SP Equity | 5E2 | SEATRIUM LTD |
| SUN SP Equity | T82U | SUNTEC REIT |
| UGAI SP Equity | ULG | ULTRAGREEN.AI LTD |
| UIBREIT SP Equity | UIBU | UI BOUSTEAD REIT |
| 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 |
| YLLG SP Equity | Z25 | YANLORD LAND GROUP LTD |
| YZJFH SP Equity | YF8 | YANGZIJIANG FINANCIAL HOLDIN |
Click here for more details on the Fullerton Singapore Value-Up Internship Programme