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🎮 Mini Game Buổi 12: Pitch Competition
Đây là khoảnh khắc sự thật — 15 phút trước Investment Committee. Valuation Deck đã hoàn thành. Model đã kiểm tra. Bây giờ, tất cả phụ thuộc vào cách bạn kể câu chuyện.
📋 Luật chơi
| Yếu tố | Chi tiết |
|---|---|
| Format | Pitch 15 phút + Q&A 5 phút |
| Vai trò | Bạn là Equity Research Analyst, trình bày trước IC |
| Tổng XP | 100 XP |
| Đánh giá | 📊 Model Quality (30%) · 🎯 Analysis Depth (30%) · 🎤 Presentation (20%) · 💬 Q&A (20%) |
Bảng xếp hạng
| Rank | XP | Danh hiệu |
|---|---|---|
| 🥇 Gold | ≥ 85 | Star Analyst — Ready for Wall Street! |
| 🥈 Silver | ≥ 65 | Solid Analyst — Good foundation |
| 🥉 Bronze | ≥ 45 | Junior Analyst — Keep practicing |
| ❌ Fail | < 45 | Intern — More work needed |
Phase 1: Model Quality Assessment (30 XP)
Checklist tự đánh giá
Trước khi pitch, kiểm tra model của bạn:
| # | Check Item | Points | Your Score |
|---|---|---|---|
| 1 | Balance Sheet balances ALL periods (A = L + E) | 5 XP | ___ |
| 2 | Cash Flow reconciles (ending cash = BS cash) | 3 XP | ___ |
| 3 | FCFF formula correct: | 4 XP | ___ |
| 4 | WACC calculation: components sourced, formula correct | 4 XP | ___ |
| 5 | Terminal Value ≤ 80% of EV | 2 XP | ___ |
| 6 | Sensitivity table works (2-way data table) | 3 XP | ___ |
| 7 | Comps: ≥ 5 peers, multiples calculated | 3 XP | ___ |
| 8 | Football Field chart completed | 2 XP | ___ |
| 9 | Color coding correct (Blue/Black/Green) | 2 XP | ___ |
| 10 | No #REF!, #DIV/0!, or circular errors | 2 XP | ___ |
| Total Model Quality | 30 XP | ___ |
Scoring Guide
- 25–30 XP: Professional quality — ready for IB/ER
- 18–24 XP: Good but needs polish
- 10–17 XP: Functional but has issues
- < 10 XP: Major problems — revise model
Phase 2: Analysis Depth (30 XP)
Content Assessment
| # | Analysis Component | Excellent (Full) | Good (Partial) | Missing |
|---|---|---|---|---|
| 1 | Industry Overview with market sizing | 5 XP | 3 XP | 0 |
| 2 | Company business model deep-dive | 4 XP | 2 XP | 0 |
| 3 | Financial Analysis: margins, DuPont, trends | 5 XP | 3 XP | 0 |
| 4 | Peer comparison with rationale | 4 XP | 2 XP | 0 |
| 5 | DCF with justified assumptions | 5 XP | 3 XP | 0 |
| 6 | Multiple valuation methods (DCF + Comps minimum) | 3 XP | 1 XP | 0 |
| 7 | Risk analysis with mitigation | 4 XP | 2 XP | 0 |
| Total Analysis Depth | 30 XP |
What "Excellent" looks like
- Industry: TAM/SAM with growth rates, competitive dynamics, secular trends
- DuPont: 3 or 5-factor decomposition, year-over-year changes explained
- DCF assumptions: Each assumption linked to specific data source or rationale
- Risks: Quantified (e.g., "10% demand decline → TP drops to 82,000 VND")
Phase 3: Presentation Skills (20 XP)
Đánh giá trình bày
| # | Criteria | Excellent (Full) | Good (Partial) | Needs Work |
|---|---|---|---|---|
| 1 | Opening Hook — grabs attention immediately | 4 XP | 2 XP | 0 |
| 2 | Clear structure — audience follows easily | 3 XP | 2 XP | 0 |
| 3 | Conviction — BUY/SELL/HOLD stated confidently | 3 XP | 1 XP | 0 |
| 4 | Eye contact + body language | 3 XP | 2 XP | 0 |
| 5 | Time management — ≤ 15 minutes | 3 XP | 1 XP | 0 |
| 6 | Slide design — professional, readable | 2 XP | 1 XP | 0 |
| 7 | Closing — memorable recommendation restate | 2 XP | 1 XP | 0 |
| Total Presentation | 20 XP |
Common Pitfalls
| Pitfall | XP Deduction | How to Avoid |
|---|---|---|
| Reading slides word-for-word | −3 XP | Know your content, glance only for data |
| Exceeding 15 minutes | −2 XP | Practice with timer, cut if needed |
| No clear recommendation | −3 XP | State BUY/SELL/HOLD within first minute |
| Monotone voice | −2 XP | Vary speed, emphasize key points, pause |
| Too much model detail | −2 XP | Focus on insights, not Excel formulas |
Phase 4: Q&A Challenge (20 XP)
5 Câu hỏi từ "Investment Committee"
Sau pitch, IC sẽ hỏi 5 câu. Mỗi câu 4 XP:
Q1: "What's your bear case?"
Scoring
| Answer Quality | XP |
|---|---|
| Quantified: "Bear case WACC 11%, g 2% → TP = 74,000 VND, −22% downside" | 4 XP |
| General: "If growth slows, target will be lower" | 2 XP |
| "I didn't prepare a bear case" | 0 XP |
Q2: "Why should I trust your WACC?"
Scoring
| Answer Quality | XP |
|---|---|
| Each component sourced: "Rf = 4.5% TPCP 10Y, β = 0.95 regression R² = 0.35, ERP = 8% Damodaran VN" | 4 XP |
| Partial: "I used CAPM with beta from Bloomberg" | 2 XP |
| "Standard assumption" (no justification) | 0 XP |
Q3: "Your Terminal Value is 77% of EV. Isn't that too much?"
Scoring
| Answer Quality | XP |
|---|---|
| Defends + cross-checks: "Within 60–80% norm. Cross-check: Exit 13x EBITDA → similar ±5%" | 4 XP |
| Acknowledges: "It is high but long term growth justifies" | 2 XP |
| Defensive: "That's normal" (no supporting data) | 0 XP |
Q4: "How does this compare to consensus?"
Scoring
| Answer Quality | XP |
|---|---|
| Shows awareness: "Consensus TP is 105,000. Our 118,000 is +12% above due to under-appreciated AI catalyst" | 4 XP |
| Partial: "I think analysts are similar" | 2 XP |
| "I don't know consensus" | 0 XP |
Q5: "If you're wrong, what's the key risk?"
Scoring
| Answer Quality | XP |
|---|---|
| Specific + quantified: "Japan recession is #1 risk. −10% Japan IT spend → FPT Software growth drops to 12% → TP falls to 88,000 VND" | 4 XP |
| General: "Market risk or competition" | 2 XP |
| "I'm confident in my analysis" (avoids question) | 0 XP |
🏆 Tổng kết
Bảng tính XP tổng
| Phase | Category | Max XP | Your XP |
|---|---|---|---|
| 1 | 📊 Model Quality | 30 | ___ |
| 2 | 🎯 Analysis Depth | 30 | ___ |
| 3 | 🎤 Presentation | 20 | ___ |
| 4 | 💬 Q&A | 20 | ___ |
| Total | 100 | ___ |
Rank
| Your Total | Rank | Certificate |
|---|---|---|
| ≥ 85 | 🥇 Gold — Star Analyst | 🏆 Valuation Pro Certificate |
| ≥ 65 | 🥈 Silver — Solid Analyst | 📊 Model Master Certificate |
| ≥ 45 | 🥉 Bronze — Junior Analyst | 📘 Course Completion |
| < 45 | ❌ Needs Improvement | Revise & resubmit |
Special Awards
| Award | Điều kiện | Mô tả |
|---|---|---|
| 🏆 Best Valuation | Highest Phase 1 + 2 score | Model + Analysis xuất sắc nhất |
| 🎤 Best Presenter | Highest Phase 3 score | Trình bày thuyết phục nhất |
| 📊 Best Model | Perfect Phase 1 (30/30) | Model hoàn hảo, zero errors |
| 💬 Best Q&A | Perfect Phase 4 (20/20) | Handle mọi câu hỏi xuất sắc |
| ⭐ Overall Champion | Highest total score | Tổng điểm cao nhất lớp |
Peer Voting
Ngoài giám khảo, các thành viên lớp bình chọn:
| Vote Category | Mô tả |
|---|---|
| Most Convincing | Pitch thuyết phục nhất — "Tôi muốn invest!" |
| Best Visual | Slide đẹp nhất, chart rõ ràng nhất |
| Most Creative | Thesis sáng tạo nhất, differentiated view |
| Best Team | Teamwork mượt nhất (nếu nhóm) |
📝 Reflection — Kết thúc khóa học
Sau khi hoàn thành Pitch Competition, suy ngẫm:
Bạn đã đi được bao xa?
| Buổi 1 (Ngày đầu) | Buổi 12 (Hôm nay) |
|---|---|
| "Corporate Finance là gì?" | Build full Valuation Deck |
| Chưa biết đọc BCTC | Đọc 10-K, tính 20+ ratios |
| NPV là khái niệm trừu tượng | Build DCF model hoàn chỉnh |
| WACC = ??? | Tính CAPM, Beta, WACC từ data thực |
| M&A = "mua bán công ty" | Phân tích Accretion/Dilution, LBO basics |
| Risk = "rủi ro" | VaR, Hedging, Derivatives |
| Chưa từng build model | 3-Statement + DCF + Comps + Football Field |
Next Steps
| Hướng đi | Timeline | Resource |
|---|---|---|
| Thi CFA Level I | 6–12 tháng | CFA Institute, Kaplan Schweser |
| CFI FMVA® Certification | 3–6 tháng | corporatefinanceinstitute.com |
| Wall Street Prep | 2–3 tháng | wallstreetprep.com |
| Apply IB/ER internship | Ngay bây giờ | LinkedIn, firm websites |
| Build more Valuation Decks | Mỗi tháng 1 company | CFA Research Challenge |
| Read Damodaran Blog | Weekly | aswathdamodaran.blogspot.com |
"The first valuation is the hardest. The tenth is when magic happens."
Chúc mừng bạn đã hoàn thành khóa học Tài Chính Doanh Nghiệp — Chuẩn Quốc Tế CFA / IFRS! 🎉
🧭 Điều hướng
| Nội dung | Link |
|---|---|
| 📘 Bài học chính | Capstone — Full Valuation Deck |
| 📝 Blog | Từ sinh viên đến Analyst |
| 🧠 Case Study | Goldman Sachs ER · FPT Deck · CFA Research Challenge |
| 🏆 Tiêu chuẩn | CFA Research Challenge · IBCS · ER Format |
| 🛠 Workshop | Hoàn thiện Valuation Deck |