IVAS-IVSC Business Valuation Conference 2022

TIME (SGT)

AGENDA

08.15 AM – 09.00 AM

08.45 AM – 09.00 AM

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

09.00 AM – 09.10 AM

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

09.10 AM – 09.20 AM

Welcome Remarks by IVSC

Mrs Lim Hwee Hua

Vice-Chair, Board of Trustees, International Valuation Standards Council

09.20 AM – 09.50 AM

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

09.50 AM – 10.15 AM

For Holders of Conference Pass [HYBRID]

Tea Break

Venue: Peony Junior Ballroom, Level 4

For Holders of Conference Pass [VIRTUAL]

Intermission

10.15 AM – 10.45 AM

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 

10.45 AM – 11.15 AM

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

11.15 AM – 12.15 PM

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

12.15 PM – 02.00 PM

For Holders of Conference Pass [HYBRID]

Lunch

Venue: Peony Junior Ballroom, Level 4

For Holders of Conference Pass [VIRTUAL]

Intermission

02.00 PM – 02.20 PM

Address by Guest-of-Honour

Ms Indranee Rajah

Minister in the Prime Minister's Office

Second Minister for Finance and National Development

02.20 PM – 02.45 PM

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)

02.45 PM – 03.30 PM

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

03.30 PM – 04.15 PM

For Holders of Conference Pass [HYBRID]

Tea Break

Venue: Peony Junior Ballroom, Level 4

For Holders of Conference Pass [VIRTUAL]

Intermission

04.15 PM – 04.45 PM

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

04.45 pm – 05.45 pm

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

TIME (SGT)

AGENDA

08.45 am – 09.00 am

For All Conference Delegates

Log in: Conference Microsite

09.00 am – 12.45 pm

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

12.45 pm – 01.45 pm

Intermission

01.45 pm – 05.30 pm

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