Asia Pacific's leading Business Valuation conference, the IVAS-IVSC Business Valuation Conference 2021, is themed 'Reframing Valuations: Intangibles, ESG and Long-Term Value'. Join this regional platform for insights on assessing, reframing and growing long-term corporate value.
The conference is in its 5th edition this year. Organised by the Institute of Valuers and Appraisers, Singapore (IVAS) in partnership with the International Valuation Standards Council (IVSC), it draws thought leaders, policy makers, business leaders, legal professionals and fellow Business Valuation professionals for discussions on key topics relevant to investors, stakeholders and valuers.
Programme
| Day 1: 6 October 2021 (Session A) | |
|---|---|
| Time | Agenda / Topics |
| 8.15 am – 8.30 am | Conference Microsite Log In / Registration |
| 8.30 am – 8.40 am | Welcome Remarks by Mr Harsha Basnayake, CVA Council Chairman, Institute of Valuers and Appraisers, Singapore EY Asia Pacific Area Deputy Managing Partner |
| 8.40 am – 8.50 am | Welcome Remarks by Mr Alistair Darling Chairman, Board of Trustees, International Valuation Standards Council |
| 8.50 am – 9.00 am | Opening Address by Guest-of-Honour Ms Indranee Rajah Minister in the Prime Minister's Office Second Minister for Finance and National Development |
| 9.00 am – 9.20 am |
Keynote The dramatic social distancing measures that were adopted to contain the COVID-19 outbreak have resulted in a major economic crisis. The response to this crisis requires a substantial mobilization of resources. With limited capital, special attention should be devoted to assessing the health of strategically important sectors of activity to help middle income and low-income countries recover from the crisis. Valuation standards are key to ensuring investors are able to make informed decisions in mobilizing resources necessary to support strategically important firms. Conversely, lack of valuation standards, especially in valuation of environmental and social projects can result in missed opportunities for both firms and investors. Mr Ethiopis Tafara |
| 9.20 am – 10.20 am |
Presentation and Panel Discussion Amidst a general concern that intangibles are inadequately recognised and reported in accounts contributing to the increasing gap between net asset values and the market value of companies, what are the opportunities and challenges of incorporating ESG factors into business valuation frameworks? How can ESG factors be measured to help organisations assess and grow their value? Presenter Moderator Panellists Mr Ong Woon Pheng, FCCA, CVA Mr Richard Hayler Dr Tunku Alina Alias |
| 10.20 am – 10.30 am |
Intermission |
| 10.30 am – 10.50 am |
Fireside Chat Climate change and ESG have become mainstream business issues. Investors, Boards, Regulators and Society at large are demanding businesses to respond and be transparent about the impact on their future as a result of climate change and ESG. It is important that Business Valuers have an appreciation of these trends and factor into their value assessments the impact of corporate action or inaction in relation to climate change and ESG. In this session Harsha Basnayake, IVAS Chairman speaks with Abigail Ng about the regulatory initiatives that are set in motion both in Singapore and broader capital markets and how those initiatives will have impact on the broader climate change and sustainability agenda. Interviewee Interviewer |
| 10.50am – 11.50 am |
Panel Discussion With the impending IBOR Transition scheduled to take effect at the end of 2021, what changes will entities need to consider to effectively manage the transition? What challenges will arise for valuation professionals as a result of these changes? How can organisations and professionals prepare effectively for the transition to minimise impact on organisational value? Moderator Panellists Ms Lyn Lee Mr Robert Maxim |
| 12.00 pm – 12.30 pm |
Lunch Breakout Sessions Breakout Session 1 Presentation The resurgence of COVID-19 cases due to the Delta variant are leading to a deceleration in global economic growth. This session provides a brief update on: • Latest real GDP growth projections for the world economy, as well as other major geographic regions Presenter
Breakout Session 2 Presentation As finance professionals, we are often tasked with the responsibility of finding optimal capital solutions for our companies / clients. As the pandemic continues to rage on, businesses continue to be impacted in a variety of ways, and any given business, whether impacted positively or negatively by the pandemic, should seek the opportunities to seek bespoke capital solutions to help them remain comfortably solvent despite circumstances, or take advantage of the current economic climate to scale up their business or achieve other strategic objectives with cheaper capital. We will be drawing from real life examples to illustrate how certain companies have already reacted in the early days of the pandemic. Presenter |
The programme is subject to changes.
| Day 1: 6 October 2021 (Session B) | |
|---|---|
| Time | Agenda / Topics |
| 2.00 pm – 5.00 pm |
Presentation The discounted cash flow method is a widely used and misunderstood method. Its external simplicity hides all the internal complexities. Mr. Hitchner will present these complex issues, the alternatives available, and what he believes are best practices including:
Presenter |
The programme is subject to changes.
| Day 2: 7 October 2021 (Session A) | |
|---|---|
| Time | Agenda / Topics |
| 8.15 am – 8.30 am | Conference Microsite Log In / Registration |
| 8.30 am – 9.30 am |
Panel Discussion According to the various industry reports, SPAC IPOs in the first quarter of 2021 have been breaking records globally, completing more deals and raising more in proceeds than in the whole of 2020. More recently however, the underperformance of SPACs in the US has raised questions on how investors can be adequately protected. Closer to home, the Singapore Exchange has recently launched a SPAC framework and the Hong Kong Stock Exchange has come up with a consultation paper to introduce SPACs as an alternative listing structure. What considerations need to be made with SPACs to ensure the vehicle effectively safeguards investors’ interests while meeting the capital raising needs of the market? What are the key valuation issues for stakeholders to consider? Moderator Panellists Mr Mohamed Nasser Ismail Mr Neil Parekh Mr Raymond Tong |
| 9.30 am – 9.45 am | Intermission |
| 9.45 am – 12.45 pm |
Presentation Rapid changes in technology and stakeholder requirements create a dynamic context to competitive advantage and risk. As such, differentiated intangible assets are fundamental drivers of enterprise value within changing markets. The focus of this masterclass is the use of intangible value flowcharts as a dynamic framework for business and intangible asset valuation. Topics will include:
Presenter |
| 1.00 pm – 1.30 pm |
Lunch Breakout Sessions
Breakout Session 1 Presentation Environmental, social and governance (ESG) is fast becoming mainstream among financial market participants amid the push for greater ESG integration by regulators and investors and the wider appreciation for responsible investing globally. From the corporates’ perspectives, these bring risks and opportunities to businesses with society increasingly demanding greater responsibility from businesses they work for, buy from, and invest in. Ignoring ESG issues would mean exposure to significant risks, but if managed well, these could instead be turned into opportunities to get ahead of the competition. Highlights of this session:
Presenters Mr Praveen Tekchandani Breakout Session 2 Presentation Despite the world being hit by an unprecedented pandemic, there were many mergers and acquisitions transactions completed. The session will discuss the recent M&A trends observed in the Southeast Asia region and our thoughts on the future trends. The sessions will share some common key deal issues and address some of these issues in closing deals. The speakers will discuss how digital platform is also critical to facilitate M&A as many deals are being carried out virtually and high adoption of technology. Presenters Mr Nindito Reksohadiprodjo Mr Yap Kong Meng
Breakout Session 3 Presentation The deal landscape has changed, and deal value creation is increasingly driven by operational performance improvement. As such, a great deal of focus is placed in the pre-deal diligence stage on how operational change can drive deal value creation. Acquirers who look beyond traditional commercial and financial diligence methods are likely to make the best investment and capital allocation decisions. Similarly, sellers who understand how they can improve performance and build a stronger equity story will achieve the best returns. This session will outline the benefits of and our approach to differentiated, value-focused diligence to provide a unique set of deal insights. We’ll also explain how you can use this diligence process to create tangible plans to unlock value creation from the outset. Presenters Mr Nish Teli |
| Day 2: 7 October 2021 (Session B) | |
|---|---|
| Time | Agenda / Topics |
| 2.30pm - 3.00pm |
In the Spotlight In an industry largely defined by intangible assets, intellectual property, as well as strong competition, how do technology companies measure value and retain stakeholder confidence in order to strategise for growth? This segment deep dives into the experience of technology companies, charting their success to date and extracting insights on how their approach to measuring value has evolved over time and how recent developments in ESG, IA, IBOR, SPACs and digital assets are impacting their ability to create and deliver value. Interviewee Interviewer |
| 3.00pm - 4.00pm |
Presentation & Panel Discussion What is a digital asset and what determines its value? An Oct 2020 article by McKinsey and Company, titled, “Why ‘digital’ is no different when it comes to valuation” highlighted how extensively the term “digital” could be defined across multiple functions and initiatives. It’s no surprise then that determining the value that such digital initiatives and assets create can be challenging. What should companies invest in and how should these digital assets be evaluated? Thankfully, there is method to the madness and the principles of valuation should help business leaders distinguish value-creating opportunities from value-destroying ones. Presenter & Panellist Despite some volatility, the digital assets space remains characterised by a frenzy of activity, with numerous product and application launches, capital raising events, and regulatory actions. At the public sector level, pilots, experiments, and new initiatives with CBDCs continue to gather pace, along with greater regulatory scrutiny over cryptocurrencies. At the private sector level, the intersection of climate change and digital finance is gaining prominence, with tradable carbon tokens on the blockchain moving from concept to reality, with digital exchanges and standard setting alliances refining the creation, verification, and usage of such tokens. Bond markets are going in the same direction, with digital bonds gaining momentum. Moderator Panellist Mr Jason Tay |
| 4.00pm - 5.00pm |
Presentation & Panel Discussion With global intangible asset (IA) value standing at an all-time high of US$66 trillion and representing more than half of global listed value today, it is no surprise that stakeholders across the world are demanding better measurement of IA value. The non-physical nature of IAs impacts their value by giving them an infinite scalability across geographical borders, but also by making them deeply reliant on legal systems to ensure proper use. Close collaboration between valuation and legal experts at the international level will be critical to enhance the valuation of IAs and enable businesses to unlock long-term value. This segment discusses the growing demand for better assessments of long-term value arising from IAs, the potential for IA valuation guidelines and the opportunities that will arise for businesses as a result. Presenter & Panellist Moderator Panellists Mr Marco M. Alemán |
Speakers
| Guest of Honour Ms Indranee Rajah Minister in the Prime Minister's Office Second Minister for Finance and National Development |
| Keynote Speaker Mr Ethiopis Tafara VVice President, Chief Risk, Legal & Sustainability Officer and Partnerships, World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) |
Speakers below are listed in order of the conference programme.
| Mr Harsha Basnayake, CVA Council Chairman, Institute of Valuers and Appraisers, Singapore EY Asia-Pacific Area Deputy Managing Partner |
| Mr Alistair Darling Chairman, Board of Trustees International Valuation Standards Council |
| Ms Helen Brand OBE, CVA Chief Executive, ACCA |
| Ms Selena Ling Chief Economist and Head of Treasury Research and Strategy, Global Treasury OCBC Bank |
| Michael Bray Special Adviser to the CEO, Value Reporting Foundation |
| Mr Richard Hayler CFO, Nutrition Technologies |
| Dr Tunku Alina AliasIndependent Director, IJM Corporation Bhd, Batu Kawan Bhd, Malaysian Pacific Industries Bhd and Nestlé (Malaysia) Bhd |
| Ms Abigail Ng Executive Director and Head of Department, Corporate Finance & Consumer Department, Monetary Authority of Singapore |
| Mr Andre Toh, CVA EY Asean Valuation, Modeling & Economics Leader |
| Mr Daniel Koh Global Head, Treasury Markets, Standard Chartered Bank |
| Mr. Ong Woon Pheng, CVA Director, Corporate Finance & Financial Advisory Services, PKF-CAP Advisory Partners Pte. Ltd |
| Ms Lyn Lee Head, Group Legal, OCBC Bank |
| Mr Robert Maxim Director, Financial Instruments and Technology, Duff & Phelps, a Kroll Business, San Francisco |
| Ms Carla Nuness Managing Director, Office of Professional Practice and Global Leader – Valuation Digital Solutions, Duff & Phelps, A Kroll Business |
| Mr Stephen See Associate Director, Strategic Solutions and Turnaround Group, PricewaterhouseCoopers |
| Ms Srividya Gopal, CVA Managing Director & Southeast Asia Leader, Valuation Advisory Services, Duff & Phelps, a Kroll Business |
| Mr Howard M. Friedman Partner, PricewaterhouseCoopers LLP |
| Mr Tim Heberden Partner, M&A Valuations and IP Advisory, Deloitte Australia |
| Mr Raymond Tong Partner, Rajah & Tann Singapore |
| Mr Aloysius Fua Partner, Financial Services, Governance, Controls and Regulatory Assurance, Ernst & Young LLP |
