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🏆 Tiêu chuẩn Buổi 12: Valuation Deck Standards
"Standards exist not to constrain creativity, but to ensure communication."
1. CFA Institute Research Challenge Format
1.1 Overview
CFA Institute Research Challenge (IRC) thiết lập tiêu chuẩn vàng cho sinh viên viết equity research report.
| Yếu tố | Quy định |
|---|---|
| Report length | 10–15 trang (không tính appendix) |
| Font | Professional (Arial/Calibri/Times), 10–12pt |
| Recommendation | BUY / SELL / HOLD (hoặc tương đương) |
| Target Price | Bắt buộc, với horizon 12 tháng |
| Valuation methods | Minimum 2 phương pháp (thường DCF + Comps) |
| Risk analysis | Cả upside risks + downside risks |
| Disclosures | Conflicts of interest, analyst certification |
| Plagiarism | Zero tolerance |
1.2 Mandatory Sections
| # | Section | Yêu cầu |
|---|---|---|
| 1 | Disclosures | Analyst có sở hữu stock không? Conflicts? |
| 2 | Executive Summary | Standalone: đọc 1 trang hiểu toàn bộ thesis |
| 3 | Business Description | Business model, segments, management quality |
| 4 | Industry Overview | Market dynamics, competitive landscape |
| 5 | Investment Thesis | Why BUY/SELL — differentiated view |
| 6 | Financial Analysis | Historical + forecast, ratio analysis |
| 7 | Valuation | ≥ 2 methods, sensitivity analysis |
| 8 | Risk Analysis | Identified, quantified, mitigated |
1.3 CFA Ethics — Liên quan trực tiếp
| CFA Standard | Áp dụng Report |
|---|---|
| I(B) Independence & Objectivity | Report không bị ảnh hưởng bởi outside pressure |
| V(A) Diligence & Reasonable Basis | Mọi recommendation phải có supporting analysis |
| V(B) Communication | Clear distinction giữa fact và opinion |
| VI(A) Disclosure of Conflicts | Declare ownership, relationships |
| VI(B) Priority of Transactions | Không front-run nếu biết sắp publish Buy |
2. Goldman Sachs / Morgan Stanley ER Format
2.1 Bulge Bracket ER Standard
Equity Research departments tại major banks có format riêng nhưng share common elements:
| Element | GS | MS | JP Morgan |
|---|---|---|---|
| Rating System | Buy/Neutral/Sell | Overweight/Equal/Underweight | Overweight/Neutral/Underweight |
| Target Price | 12-month | 12-month | Dec next year |
| Report types | Initiation / Update / Flash / Thematic | Similar | Similar |
| Model depth | Quarterly + Annual, 5Y forecast | Similar | Similar |
| Comp table | In every Initiation | In every Initiation | In every Initiation |
| Football Field | Standard practice | Standard practice | Standard practice |
| ESG section | Required since 2020 | Required | Variable |
2.2 Report Types
| Type | Length | Trigger | Turnaround |
|---|---|---|---|
| Initiation | 40–60 pages | New coverage | 4–8 weeks |
| Update | 5–15 pages | Earnings, event | 1–3 days |
| Flash Note | 1–3 pages | Breaking news | Same day |
| Thematic | 20–40 pages | Industry deep-dive | 2–4 weeks |
| Model Update | Excel only | Quarterly earnings | <24 hours |
2.3 Valuation Section Standards
| Requirement | Detail |
|---|---|
| DCF | FCFF or FCFE, WACC sourced, TV capped at reasonable % of EV |
| Comps | Minimum 5 peers, median + mean, justify outliers |
| Sensitivity | 2-way table (WACC × g or WACC × Exit Multiple) |
| Football Field | Must include: DCF range, Comps range, 52-week, precedent (if applicable) |
| Target Price | Explicit derivation — not just "DCF says $X so TP = $X" |
| Scenario Analysis | Bull/Base/Bear with implied TP for each |
3. IBCS — International Business Communication Standards
3.1 Tổng quan
IBCS (International Business Communication Standards) — chuẩn mực trình bày business charts và slides, được Deutsche Bank, SAP, và nhiều Fortune 500 áp dụng.
3.2 SUCCESS Rules
IBCS đưa ra 7 SUCCESS rules cho business communication:
| Rule | Meaning | Áp dụng Valuation Deck |
|---|---|---|
| S — Say | Convey a message | Mỗi slide có clear takeaway |
| U — Unify | Apply semantic notation | Consistent symbols → meaning |
| C — Condense | Increase information density | Minimize wasted space |
| C — Check | Ensure visual integrity | Axes start at 0, no 3D charts |
| E — Express | Choose proper visualization | Right chart for right data |
| S — Simplify | Avoid clutter | Remove gridlines, borders, legends (when possible) |
| S — Structure | Organize content | Logical flow, headers, numbering |
3.3 Chart Type Selection
| Data type | Recommended chart | Avoid |
|---|---|---|
| Trend over time | Column chart (vertical) | Pie chart |
| Comparison | Bar chart (horizontal) | 3D bar |
| Composition | Stacked bar / Waterfall | Donut chart |
| Correlation | Scatter plot | Line chart |
| Range | Football field (horizontal bar) | Radar chart |
| KPI | Table with conditional formatting | Gauge chart |
3.4 Financial Chart Best Practices
| Practice | Correct | Incorrect |
|---|---|---|
| Y-axis | Start at 0 | Truncated axis |
| Data labels | On chart directly | Separate legend |
| Color | Meaningful (AC = blue, FC = light blue) | Random colors |
| Title | Message title (not just "Revenue") | Descriptive only |
| Source | Bottom of every chart | Missing |
Ví dụ message title:
❌ "FPT Revenue 2019–2024" ✅ "FPT Revenue tăng trưởng 18% CAGR nhờ FPT Software"
4. CFI FMVA® Capstone Standards
4.1 Financial Modeling & Valuation Analyst (FMVA®)
CFI (Corporate Finance Institute) — chương trình FMVA® certification — có rubric rõ ràng cho capstone project:
| Criteria | Weight | Description |
|---|---|---|
| Model Accuracy | 25% | Formulas correct, BS balances, no circular errors |
| Assumptions Quality | 20% | Reasonable, sourced, documented |
| Valuation Rigor | 20% | DCF + Comps + Sensitivity |
| Presentation | 15% | Clear slides, professional format |
| Analysis Depth | 10% | Industry context, competitive analysis |
| Risk Assessment | 10% | Identified, quantified, scenario analysis |
4.2 Model Quality Checklist (CFI Standard)
| # | Check | Pass/Fail |
|---|---|---|
| 1 | Color coding: Blue = input, Black = formula, Green = link | ☐ |
| 2 | One formula per row (consistent across columns) | ☐ |
| 3 | No hardcoded numbers inside formulas | ☐ |
| 4 | Balance Sheet balances ALL periods (A = L + E) | ☐ |
| 5 | Cash Flow links to IS and BS correctly | ☐ |
| 6 | Circular reference handled (toggle switch) | ☐ |
| 7 | Error checks tab (or row) — flagging #REF!, #DIV/0! | ☐ |
| 8 | Assumptions tab separate from calculations | ☐ |
| 9 | Print-friendly layout | ☐ |
| 10 | Version control (v1.0, v1.1, etc.) | ☐ |
4.3 Wall Street Prep (WSP) vs. CFI Standards
| Aspect | WSP | CFI |
|---|---|---|
| Model structure | Dense, single-tab preferred | Multi-tab, organized |
| Color coding | Blue/Black (strict) | Blue/Black/Green |
| Circular ref | Copy-paste macro method | Toggle switch + iterative |
| Revenue build | Top-down default | Bottom-up preferred |
| Comp table | Manual build, paste-special | Template-based |
| Certification | Self Study + Live Courses | FMVA® designation |
5. Pitchbook Standards (Investment Banking)
5.1 IB Pitchbook Format
| Section | Pages | Purpose |
|---|---|---|
| Credentials | 3–5 | "We've done similar deals" — IB track record |
| Market Overview | 5–8 | Industry landscape, recent transactions |
| Company Profile | 3–5 | Target company overview |
| Valuation | 8–12 | DCF + Comps + Precedent + Football Field |
| Transaction Structure | 3–5 | Cash/Stock/Mixed, financing plan |
| Process Timeline | 1–2 | Milestones from mandate to closing |
| Appendix | As needed | Detailed model, additional comps |
5.2 Formatting Rules (unwritten but universal)
| Rule | Detail |
|---|---|
| Font | Arial or Calibri, 8–10pt body, 12–14pt headers |
| Colors | Bank colors (GS = blue, MS = blue, JPM = dark blue) |
| Charts | Clean, no 3D, no gridlines, data labels on |
| Tables | Alternating row colors, bold headers |
| Page numbers | Every page, bottom right |
| Confidential | "CONFIDENTIAL — For Discussion Purposes Only" on every page |
| Printing | Landscape for financial tables, Portrait for text |
6. Tổng hợp Standards cho Capstone Project
Ma trận áp dụng
| Khía cạnh | Standard tham khảo | Yêu cầu cụ thể |
|---|---|---|
| Report content | CFA IRC Format | 10–15 pages, ≥2 valuation methods |
| Model quality | CFI FMVA® + WSP | Color coding, balance check, toggle |
| Chart design | IBCS SUCCESS | Message titles, proper chart type |
| Presentation | CFA IRC Rubric | 15 min + Q&A, conviction, teamwork |
| Ethics | CFA Code of Ethics | Disclosures, objectivity, reasonable basis |
| Professional format | GS/MS ER Standard | Football Field, sensitivity, scenario |
Scoring Rubric cho Capstone (100%)
| Component | Weight | Excellent | Good | Pass | Fail |
|---|---|---|---|---|---|
| Excel Model | 30% | BS balances, no errors, professional format | Minor issues | Functional but messy | Broken formulas |
| Valuation | 25% | DCF + Comps + Sensitivity + Football Field | 2 methods | 1 method only | No clear valuation |
| Report/Slides | 20% | CFA IRC quality, IBCS charts | Professional | Acceptable | Unprofessional |
| Presentation | 15% | Confident, clear, handles Q&A | Good delivery | Reads slides | Poor/unprepared |
| Analysis Depth | 10% | Industry + Company + Risk fully covered | Mostly covered | Surface level | Missing sections |
📚 Tham khảo
| Nguồn | Chi tiết |
|---|---|
| CFA Institute | Research Challenge Guidelines (cfainstitute.org) |
| IBCS | International Business Communication Standards (ibcs.com) |
| CFI | Financial Modeling & Valuation Analyst® (corporatefinanceinstitute.com) |
| Wall Street Prep | Financial Modeling Standards (wallstreetprep.com) |
| Goldman Sachs GIR | Equity Research format (internal, referenced from published notes) |
| Rosenbaum & Pearl | Investment Banking: Valuation, LBOs, M&A — Wiley |
🧭 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 |
| 🛠 Workshop | Hoàn thiện Valuation Deck |
| 🎮 Mini Game | Pitch Competition |