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8.00am – 8.45am
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Registration
Level 3, Heliconia Ballroom
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8.45am – 8.55am
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Welcome Address by Mr Harsha Basnayake, CVA
Chairman, Institute of Valuers and Appraisers, Singapore
EY Asia-Pacific Managing Partner, Transaction Advisory Services.
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8.55am – 9.05am
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Welcome Remarks by Sir David Tweedie
Chairman, Board of Trustees
International Valuation Standards Council
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9.05am – 9.50am
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The New Paradigm of Value Creation
Business begins with value creation. Conventional wisdom shows that the purpose of the institution is to create and deliver value in an efficient enough way that it will generate profit after cost. Because value creation is the starting point for all businesses, successful or not, it’s a fundamental goal. This segment will address the evolution of the “Value Creation” definition and thinking in the current times. It will also discuss if and how value can be created by viewing business models from a different perspective.
Moderator:
Mr Amitava Guharoy
Asia-Pacific Markets Leader, Transaction Advisory Services
Ernst & Young Solutions LLP
Panellists:
Mr Chris de Lavigne
Partner, Financial Advisory - M&A Corporate Strategy
Deloitte & Touche Financial Advisory
Mr Chris Wong
Mergers & Acquisitions and Portfolio Management, Finance Division
Tencent
Mr Daniel Lin Wei
Co-Founder and Executive Director
Funded Here Pte Ltd
Mr Richard Skinner
Partner, Asia Pacific Leader - Deals Strategy & Operations
PwC
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9.50am – 10.20am
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Tea Break (Hibiscus Ballroom, Level 3)
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10.20am - 10.50am
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Rethinking Valuations in Dynamic Business Cycles
Changes in accounting and tax regulations, coupled with increased market volatility, shorter business cycles, have disrupted valuations in a short span of time, thus increasing corporate exposure to valuation risk in the recent years. This has made the role of valuers, business owners, executives and board of directors more challenging. This session aims to discuss how valuations have been changing due to such market dynamics as well as regulatory factors and if there are strategies that can help mitigate such risks.
Presenter:
Ms Srividya Gopalakrishnan, CVA
Managing Director
Duff & Phelps Singapore Pte Ltd
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10.50am - 11.50am
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What Equity Investors Really Want
For many companies, particularly start-ups and growth-stage businesses, the ability to secure financing is critical in ensuring that business operations can go on smoothly. The ability to attract interest from equity investors then becomes a cornerstone in its growth plans. This segment will seek the views of equity investors to find out what are the key factors they look out for when making investments in start-ups and growth companies, what is their “market participant” view of valuations, risk-return expectation in the current times and how they create value for their stakeholders as well as portfolio companies.
Moderator:
Mr Cheng Soon Keong, CVA
Director, BDO Advisory Pte. Ltd
Panellists:
Mr Eugene Lai
Managing Director and Co-Managing Partner
Southern Capital Group
Ms Jaelle Ang
Co-founder & CEO
The Great Room Offices
Ms Rachel Lim
Co-Founder
Love, Bonito
Ms Jane Leong
Investment Associate
Openspace Ventures Pte Ltd
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11.50am – 12.20pm
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Discount Rates, IRRs and Hurdle Rates: Are They Useful in Transactions?
Terms such as "discount rate”, “internal rate of return” and “hurdle rate” are jargons that are often used when analysing transactions. However, this can sometimes result in more confusion rather than clarity. It should be noted that a high discount rate/ internal rate of return/ hurdle rate might not necessarily be good for a transaction. This segment will examine the differences and similarities between "discount rate”, “internal rate of return” and “hurdle rate”.
Presenter:
Mr Andrew Ooi, CVA
Partner, Leader – Valuation and Financial Modelling
Deloitte Southeast Asia
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12.20pm - 1.20pm
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Networking Lunch (Hibiscus Ballroom, Level 3)
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1.20pm – 1.50pm
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Growing Inorganically – What Companies Need to be Mindful of in Cross-Border M&As
Cross-border transactions are often structured differently to domestic transactions. Very often, instead of acquiring a company on its merits, the buyer is buying access to a new market and the growth that market promises. In many cases, accurate data on the target company may not be readily available. The level of due diligence possible could differ from market to market and so could be the industry dynamics, accounting standards and local regulations. This segment addresses the potential pitfalls that companies need to look out in cross-border transactions and possible ways in which they can circumvent them.
Interviewee:
Mr Vivek Chhabra
Head of M&A
F&N
Interviewer:
Mr Vishal Sharma, CVA
Deal Advisory Partner
KPMG Corporate Finance Pte Ltd
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1.50pm – 2.50pm
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Financial Tool: Using Financial Instruments to Structure Deals
Many companies are keen to invest and expand. Yet the finance required, coupled with the long-term nature of such investments can make it challenging. However, there are multiple financial solutions that exist that can help companies overcome these obstacles. Yet to be effective, there needs to be an understanding of the purpose and limitations of these financial instruments. This segment examines how financial instruments can help address the inherent risks to companies in situations that might otherwise seem too costly and/or too risky, while also addressing how they should be utilised.
Presenter:
Mr Mun Siong Yoong, CVA
Partner & Practice Leader, Deal Advisory
Baker Tilly Consultancy (Singapore) Pte Ltd
Moderator:
Ms Carmen Lee, CVA
Managing Director, Research, Chief Investment Office
Bank of Singapore
Panellists:
Mr Chiam Tao Koon
Partner
Allen & Gledhill LLP
Mr Ding Hock Chai, CVA
Senior Director & Head of Corporate Finance
UOB Kay Hian Private Limited
Mr Mun Siong Yoong, CVA
Partner & Practice Leader, Deal Advisory
Baker Tilly Consultancy (Singapore) Pte Ltd
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2.50pm – 3.35pm
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Role of Independent Directors in Transactions & Financial Reporting
The Code of Corporate Governance (“Code”) recommends that there should be a strong and independent element on the Board, which is able to exercise objective judgement on corporate affairs independently, in particular, from Management. Indeed, Independent Directors have an increasingly important role to play in ensuring that the assumptions and calculations used in valuations by management and experts during transactions and financial reporting are appropriate and reasonable. This segment will discuss the role that Independent Directors play when undertaking their fiduciary duties, regulator’s views on such duties and recent development in valuation standards eco-system.
Moderator:
Mr Sajjad Akhtar, CVA
Executive Chairman
PKF-CAP LLP
Panellists:
Sir David Tweedie
Chairman, Board of Trustees
International Valuation Standards Council
Mr Chaly Mah
Chairman
Singapore Accountancy Commission
Ms June Sim
Senior Vice President and Head, Listing Compliance
Singapore Exchange Regulation (SGX)
Mr Ramlee Buang
Council Member
Singapore Institute of Directors
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3.35pm – 4.05pm
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Tea Break (Hibiscus Ballroom, Level 3)
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4.05pm – 4.35pm
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Delivering New Economy Value Proposition in an Old Economy Business
Many “old economy” businesses are starting to adapt their operations to meet the challenge of the “new economy” in order to expand their market and footprint. Success means not only delivering better goods/ services than competitors or about solving customers' problems, but about creating value to customers in unconventional ways. A differentiation strategy based on service enhancement and use of technology can offer businesses a route to sustainable competitive advantage as an alternative to trying to compete on price alone. The segment will provide insights on how businesses can deliver value proposition for competitive advantage in the new economy.
Interviewee:
Mr Steve Melhuish
Vice-Chairman & Co-Founder
PropertyGuru Group
Interviewer:
Mr Harsha Basnayake, CVA
Chairman, Institute of Valuers and Appraisers, Singapore
EY Asia-Pacific Managing Partner, Transaction Advisory Services
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4.35pm – 5.05pm
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Investing in Intellectual Property
Intellectual property (IP) represents an important financial and legal asset for companies. It is often estimated that intangible assets (which includes intellectual property) accounts for more than 80% of company’s value. As an asset class, IP has no limit on its value and it can be leveraged in many different ways. For investors, companies with solid IP portfolio are attractive investment targets. This segment will address what investors look for when assessing the IP portfolio of companies when making their investment decision.
Presenter:
Mr Tan Shau En
Chief Financial Officer and Assistant Chief Executive (Commercialisation)
Intellectual Property of Singapore
Executive Director
IP ValueLab Pte Ltd
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5.05pm – 6.00pm
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Should Initial Coin Offerings Be Valued?
Initial Coin Offerings (ICOs) have become an increasingly common fund raising tool where entrepreneurs issue crypto tokens and commit to accept only those tokens as payment for future use of a digital platform to fund venture start-up costs. The ICO mechanism allows entrepreneurs to generate buyer competition for the token, which, by revealing key aspects of consumer demand, may increase entrepreneurial returns beyond what can be achieved through traditional equity financing. A lack of transparency in how ICOs are valued, however, can undermine the trust in the use of tokens and increase inflexibility in future capital raising. This segment will look at how ICOs are valued and the potential pitfalls that can undermine the use of ICOs as fund raising tools.
Presenter:
Mr Henri Arslanian
FinTech & Crypto Leader, Asia
PwC
Moderator:
Mr Terence Ang, CVA
Partner, Transaction and Valuation Advisory
RSM
Panellists:
Mr Dorjee Sun
CEO
Perlin.net
Mr Henri Arslanian
FinTech & Crypto Leader, Asia
PwC
Mr Lau Kin-Wai
CEO & Director
Fatfish Internet Group
Mr Ong Sin Wei
Partner
WongPartnership LLP
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6.00pm – 8.00pm
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Networking Cocktail
Venue: Level 3, Heliconia Bayview Foyer
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