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DAY 1: 6 OCTOBER 2022 (THURSDAY) - HYBRID
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TIME (SGT)
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AGENDA
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08.15 AM – 09.00 AM
08.45 AM – 09.00 AM
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REGISTRATION
For Holders of Conference Pass [HYBRID]
Venue: Marina Bay Sands Expo & Convention Centre, Level 4, Melati Ballroom
For Holders of Conference Pass [VIRTUAL]
Log in: Conference Microsite
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09.00 AM – 09.10 AM
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Welcome Remarks by IVAS
Mr Lie Kok Keong, CVA
Council Chairman, Institute of Valuers and Appraisers, Singapore
Partner, Co-head, Mergers and Acquisitions, PwC Singapore
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09.10 AM – 09.20 AM
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Welcome Remarks by IVSC
Mrs Lim Hwee Hua
Vice-Chair, Board of Trustees, International Valuation Standards Council
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09.20 AM – 09.50 AM
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Presentation:
Mapping Geo-Political and Economic Trends
Periods of disruption make more critical than ever understanding the principles by which geopolitical and economic trends form. In 2022 the business landscape is dotted with global risks that threaten all humanity; Great Power Rivalry that makes peaceful cooperation across nations unlikely if not impossible; stresses within nations everywhere that tear at social cohesion; and a shaky and fractured global economy, insecure and unsure of its footing. From out of all this, what picture of risks and opportunities might surface from better historical and analytical understanding? Paying heed to these global dynamics will be important for efforts to build sustainability and resilience, or indeed to operate in new and old markets. This session will cover the drivers and landmarks that we will need to monitor to draw out potential consequences for our businesses and livelihoods.
Professor Danny Quah
Dean and Li Ka Shing Professor in Economics, Lee Kuan Yew School of Public Policy
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09.50 AM – 10.15 AM
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For Holders of Conference Pass [HYBRID]
Tea Break
Venue: Peony Junior Ballroom, Level 4
For Holders of Conference Pass [VIRTUAL]
Intermission
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10.15 AM – 10.45 AM
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Fireside:
Building Sustainable Enterprise Value in Times of Geo-Political and Economic Uncertainties
Amid economic and geopolitical uncertainties, impacts from climate change are becoming more apparent with more frequent extreme weather events e.g. record heatwaves and heavy downpours impacting areas like Europe, China and East Asia. Accelerating the transition towards a low-carbon future is becoming of growing importance to nations but is also a challenge while navigating through climate and energy crises. This segment discusses the green transition trajectory and what more needs to be done in challenging environments.
Interviewee
Mr Wong De Rui
Vice President, Sustainability Office, GIC
Interviewer
Ms Selena Ling
Chief Economist and Head of Treasury Research and Strategy, Global Treasury, OCBC Bank
Council Member, Institute of Valuers and Appraisers, Singapore
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10.45 AM – 11.15 AM
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Presentation:
Valuation Considerations for Fintech Startup Companies
Fintechs have more innovative technology than traditional counterparts, and typically adopt different business models. Investors are still charmed by financial technology, and venture capital continues to flow into the wide array of fintechs. Case in point for one of the more prominent industry - neobanks, as of February 2022, there are over 250 neo banks all over the world. Almost every one of them is working in a niche, targeting a product (lending, payments), a customer segment (retail, business), or a community (youth, migrants). In May 2022, Indian neo bank Open became one of the latest neo bank unicorns, with a USD1 billion valuation in a series D funding round led by Google. This comes just 7 months after a series C funding round where Open was valued at USD 500 million. This may lead some to question if there is an underlying logic or if these valuations are based on sentiment and market hype. What makes these fintechs reach such high valuations in such a short span of time? And are these valuations real or imaginary? Are traditional approaches to valuation still relevant or does new ground need to be broken?
Mr Leonard Woo, CVA, FCA
Partner, Financial Advisory, Deloitte Southeast Asia
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11.15 AM – 12.15 PM
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Panel Discussion:
Uncovering Enterprise Value in Digital Finance and Fintech
Intangible assets (IA) and intellectual property (IP) have gained in prominence as drivers of economic growth. Global IA value today stands at an estimated US$65 trillion, surpassing the value of tangible assets. New methodologies have emerged to try capture the value of intangible assets, either on a stand-alone basis, or within business valuations. For their part, digital banks have been emblematic of the recent evolution of the economy. Digital banks exist almost entirely within the digital realm, and much of their valuation seems to be built upon two key pillars – IA and IP. This segment explores the factors impacting the valuation of digital banks.
Moderator
Mr Nicolas Konialidis, CVA
Director, International Valuation Standards Council (Asia)
Panellists
Mr Damien Pang
Deputy Chief FinTech Officer and Executive Director for Data and Technology Architecture, Monetary Authority of Singapore
Mr Kevin Lam
Managing Director, Head of UOB TMRW & Group Digital Banking
Dr Stanley Lai, SC
Chairman, Intellectual Property Office of Singapore
Partner and Head of IP Practice, Allen & Gledhill LLP
Mr. Ong Woon Pheng, CVA
Director, Corporate Finance & Financial Advisory Services, PKF-CAP Advisory Partners Pte Ltd
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12.15 PM – 02.00 PM
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For Holders of Conference Pass [HYBRID]
Lunch
Venue: Peony Junior Ballroom, Level 4
For Holders of Conference Pass [VIRTUAL]
Intermission
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02.00 PM – 02.20 PM
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Address by Guest-of-Honour
Ms Indranee Rajah
Minister in the Prime Minister's Office
Second Minister for Finance and National Development
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02.20 PM – 02.45 PM
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Keynote Address:
New Frontiers in Measuring the Impact of ESG on Enterprise Value
As the world emerges cautiously from the pandemic, it is heartening that the issue of sustainability remains a priority for governments and businesses looking to grow responsibly and minimise risk. Amassing data continues to point to the benefits of a triple bottom line and the importance of measuring a business’ environmental, social and governance impact. However, what has challenged businesses in their effort is the lack of a universally accepted set of standards by which organisations can measure impact and through the measurement of these ESG factors, create enterprise value. This session will give participants a view of what to expect with the launch of the standards and provide insights on how such standards will impact the future of assessing enterprise value.
Ms Sue Lloyd
Vice-Chair, International Sustainability Standards Board (ISSB)
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02.45 PM – 03.30 PM
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Panel Discussion:
Paving the Road to Create Sustainable Value: Why ESG Matters in Business Valuation
As the world emerges from the pandemic, the call to rebuild sustainably has been robust and persistent. Governments are taking decisive action to create an environment that demands changes in the way businesses operate. Businesses too are becoming increasingly aware that it pays to be accountable and transparent about how ESG considerations impact their bottom line. Investors and customers want to know how companies do business and not surprisingly, data shows that businesses with a comprehensive approach to sustainability perform better. This segment explores how various stakeholders have a part to play in creating an ecosystem that will contribute to a growth in sustainable value.
Moderator
Ms Wong Pei Ting
Correspondent, The Business Times
Panellists
Ms Indranee Rajah
Minister in the Prime Minister's Office
Second Minister for Finance and National Development
Ms Sue Lloyd
Vice-Chair, International Sustainability Standards Board (ISSB)
Mr Lie Kok Keong, CVA
Council Chairman, Institute of Valuers and Appraisers, Singapore
Partner, Co-head, Mergers and Acquisitions, PwC Singapore
Mr Nick Talbot
Chief Executive Officer, International Valuation Standards Council
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03.30 PM – 04.15 PM
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For Holders of Conference Pass [HYBRID]
Tea Break
Venue: Peony Junior Ballroom, Level 4
For Holders of Conference Pass [VIRTUAL]
Intermission
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04.15 PM – 04.45 PM
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Presentation:
Navigating the Valuation of Digital Assets and Blockchain Technology Companies
In recent years, there has been a burgeoning interest in the adoption of digital assets and blockchain technology in global financial markets. Widespread adoption of digital assets and its underlying blockchain technology has allowed for easier and faster provision of financial services, as well as the potential creation of new investment categories that would be accessible to even retail investors. This session will address the considerations and approaches for valuers and valuations in the digital assets and blockchain technology landscape.
Mr Andre Toh, CVA
Partner, Strategy & Transactions, EY
Council Member, Institute of Valuers and Appraisers, Singapore
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04.45 pm – 05.45 pm
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Presentation and Panel Discussion:
Is The Start-Up Boom Over? – Navigating Start-Ups and Valuations Amidst Challenging Times
Amidst economic uncertainties from high inflation rates, rising interest rates, geopolitical tensions, and increasing stock market volatility, what are the challenges facing start-ups and investors, and how should those challenges be navigated? How are valuations impacted and what should valuers take note of when valuing start-ups in such an economic climate?
Presenter and Panellist
Mr Loh Yee Chuan, CVA
Partner, Corporate Finance, Valuation, KPMG Singapore
Moderator
Mr Henry Tan, CVA
Group CEO and Chief Innovation Officer, Nexia TS
Council Member, Institute of Valuers and Appraisers, Singapore
Panellists
Mr James Chan
Founder and CEO, ION Mobility Pte. Ltd
Ms Huang Shao-Ning
Chief Angel & Partner, AngelCentral
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DAY 2: 7 OCTOBER 2022 (FRIDAY) – VIRTUAL
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TIME (SGT)
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AGENDA
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08.45 am – 09.00 am
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For All Conference Delegates
Log in: Conference Microsite
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09.00 am – 12.45 pm
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Masterclass 1:
Values in Booms and Busts
Many practitioners believe that valuation principles are easy to understand and even easier to apply. They couldn’t be more mistaken – as demonstrated by the recent dramatic boom in equity values, and their still unfolding collapse. Many established valuation methods have been thrown aside and replaced by sometimes highly questionable alternatives.
In today’s much more litigious world the risks for valuation specialists have risen dramatically.
Avoiding valuation errors, and avoiding lawsuits, in a rapidly changing economic and financial environment requires a new focus on both identifying and allowing for fundamental valuation drivers and on applying and documenting sound valuation methods and their implicit and explicit assumptions on which they rely.
Mr Wayne Lonergan
Director, Lonergan Edwards & Associates Limited
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12.45 pm – 01.45 pm
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Intermission
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01.45 pm – 05.30 pm
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Masterclass 2:
EBITDA – Its Use and Misuse
The use of EBITDA has become common in recent years. While EBITDA valuation multiples have become the tool of choice for valuing both early-stage businesses and analysing mature corporates, it is also vulnerable to manipulation and ‘creative accounting’. This session will cover on the use and misuse of EBITDA, and how to use it carefully and forensically.
Prof. Chris Higson PhD, FCA
Professor, Accounting Practice, London Business School
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