June 20, 2026
| Title: | NEPSE Equity Outlook: A Sectoral Deep Dive into Hydropower, Banking & Manufacturing |
| Author: | Nirvik Shrestha |
| Advisor: | ดร. ชุติมาวดี ทองจีน – Dr. Chutimavadee Thongjeen |
| Degree: | Bachelor of Business Administration Program in Finance and Investment (International Program) |
| Major: | B.B.A. Finance and Investment (International Program) |
| Faculty: | Business Administration |
| Semester/Year: | 2/2568 (2025) |
Abstract
This cooperative education report, titled “NEPSE Equity Outlook: A Sectoral Deep Dive into Hydropower, Banking and Manufacturing,” presents my internship experience at National Capital Limited as a Research Intern in the Investments team from 5th January 2026 to 27th April 2026. National Capital Limited is a SEBON-licensed investment management and merchant banking firm based in Kathmandu, Nepal.
The main objectives of the internship were to apply academic knowledge of finance and investment analysis in a real capital market setting, develop investment theses through fundamental research, and understand NEPSE-listed companies across major sectors. During the internship, I prepared independent investment research on three companies: Upper Solu Hydro Electric Company Limited (USHEC) from hydropower, Standard Chartered Bank Nepal Limited (SCBNL) from banking, and Unilever Nepal Limited (UNL) from manufacturing. The research process included sector analysis, financial statement review, DuPont analysis, IBAS framework application, and risk assessment.
In addition, I developed a detailed database of more than 100 NEPSE-listed hydropower companies covering project cost, funding structure, operational status, commercial operation date, contracted plant load factor, and other key indicators. This supported investment idea generation and helped build a stronger understanding of the hydropower sector.
The major challenge faced during the internship was the limited and inconsistent disclosure among smaller hydropower companies. Overall, the internship improved my skills in investment research, financial analysis, sector evaluation, data organization, and professional communication.
The main objectives of the internship were to apply academic knowledge of finance and investment analysis in a real capital market setting, develop investment theses through fundamental research, and understand NEPSE-listed companies across major sectors. During the internship, I prepared independent investment research on three companies: Upper Solu Hydro Electric Company Limited (USHEC) from hydropower, Standard Chartered Bank Nepal Limited (SCBNL) from banking, and Unilever Nepal Limited (UNL) from manufacturing. The research process included sector analysis, financial statement review, DuPont analysis, IBAS framework application, and risk assessment.
In addition, I developed a detailed database of more than 100 NEPSE-listed hydropower companies covering project cost, funding structure, operational status, commercial operation date, contracted plant load factor, and other key indicators. This supported investment idea generation and helped build a stronger understanding of the hydropower sector.
The major challenge faced during the internship was the limited and inconsistent disclosure among smaller hydropower companies. Overall, the internship improved my skills in investment research, financial analysis, sector evaluation, data organization, and professional communication.
Keywords: Equity Research, NEPSE, Hydropower
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