IVAS-IVSC Business Valuation Conference 2023

TIME (SGT)

AGENDA

08.00 AM – 09.00 AM

08.45 AM – 09.00 AM

REGISTRATION

For Holders of Conference Pass [HYBRID]

Venue: Stamford Ballroom, Level 4, Raffles City Convention Centre

For Holders of Conference Pass [VIRTUAL]

Log in: Conference Microsite

09.00 AM – 09.05 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

09.05 AM – 09.10 AM

Welcome Remarks by IVSC

Mrs Lim Hwee Hua

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

09.10 AM – 09.25 AM

Address by Guest-of-Honour 

Ms Indranee Rajah

Minister in the Prime Minister's Office
Second Minister for Finance and National Development

 09.20 AM – 09.40 AM

Keynote Address (Virtual - Live)

Mr Anton Colella

Chief Executive of Moore Global & IVSC Trustee (2016-2022)

09.40 AM – 10.00 AM

For Holders of Conference Pass [HYBRID]

Tea Break

Venue: Foyer outside Stamford Ballroom

For Holders of Conference Pass [VIRTUAL]

Intermission

10.00 AM – 10.30 AM

Presentation:

ESG Trends: What Does It Mean for Valuation?

There have been significant changes to investment focus, regulations, and disclosure standards around Environmental, Social and Governance (ESG) across the world. International Valuation Standards (effective 2024) under consultation has included a section on data and inputs related to ESG Factors. There have been global studies such as the recent “Kroll ESG and Global Investor Returns Study” that shows that companies with better ESG ratings generally outperformed those with lower ratings. Given this landscape, the presentation will cover some of the global and Asian developments in the ESG space, impact on the recent regulations and standards on business valuation and guidance for valuers for practical application.

Ms Srividya Gopal, CVA

Member of Business Valuation Board, International Valuation Standards Council

Managing Director & Southeast Asia Valuation Leader, Kroll

Presentation:

Steward Leadership for Sustainability

The cry for a more inclusive form of capitalism is growing. But the irony is we are using the same tools that caused the excesses of shareholder capitalism to drive responsible behaviour: incentives and regulations. 
Incentives have routinely created bad behaviour, and regulations are routinely bypassed with intelligent loopholes. To address today’s existential challenges, we need innovation of the highest order. Innovation can neither be legislated nor driven by extrinsic incentives alone. We need ESL, not ESG, where L stands for steward leadership—the genuine desire and persistence to create a collective better future for stakeholders, society, and the environment.

Mr Rajeev Peshawaria

CEO, Stewardship Asia Centre

10.30 AM – 11.30 AM

Panel Discussion:

Are You A Growth Leader: How Businesses Can Rise Beyond By Being Socially Responsible

Can G overcome challenges in E & S? The rising profile of ESG is evident in valuation as there is an increasing inflow into sustainability funds. Now, more than ever, for businesses to thrive and remain sustainable, they must go beyond the conventional view of profit maximization. The need for business owners to integrate ESG factors into their strategy & business model has now become ever more paramount. Join us in this session where we will explore the increasing importance and more widespread adoption of ESG framework for making more prudent business and valuation matters that would augment and create overall business’ value.

Moderator

Ms Fang Eu-Lin

Sustainability and Climate Change Practice Leader, PwC Singapore

Panellists

Ms Srividya Gopal, CVA

Member of Business Valuation Board, International Valuation Standards Council

Managing Director & Southeast Asia Valuation Leader, Kroll

Mr Rajeev Peshawaria

CEO, Stewardship Asia Centre

Ms Huang Sipei

Vice President, Sustainability, Institutional Banking Group, DBS

Dr Joanne Khew

Director, ESG, Eastspring Investments

11.30 AM – 12.45 PM

Presentation and Panel Discussion:

Navigating Around Uncertainty: A Shift In Capital Allocation

Financial market is always about money. In the last few decades, we have seen many global financial markets boom and bust, with the last financial crisis occurring in late 2007 (the Great Recession). Fast forward to 2023, following a market confidence loss, Credit Suisse had merged with UBS and Silicon Valley Bank (SVB) collapsed. Coupled with geopolitical and financial fragmentation, these are the various factors causing Market in becoming more volatile. Financial fragmentation has severe implications for global financial stability by affecting cross-border investment, international settlement system and asset prices. This in turn affects interest rate, credit facility, funding costs and operating cash flow thus potentially affecting business value.

Join us in this session as we explore how businesses can explore ways to create and enhance business value amidst a volatile global market, a shift in investment appetite, rising interest rate and inflationary pressure, among other factors.

Presenter and Panellist

Ms Selena Ling

Chief Economist and Head of Treasury Research and Strategy, Global Treasury, OCBC Bank

Council Member, Institute of Valuers and Appraisers, Singapore

Panellists

Mr Matthew Song

Executive Director and Head of Corporate and Institutional Clients, Singapore Exchange

Mr Lim Jiong Ting

Head of Singapore Coverage, Investment Banking, Barclays Bank

Mr Andrew Ooi, CVA

Partner, Financial Advisory, Deloitte Southeast Asia

Council Member, Institute of Valuers and Appraisers, Singapore

12.45 PM – 01.45 PM

For Holders of Conference Pass [HYBRID]

Lunch

Venue:Foyer outside Stamford Ballroom

For Holders of Conference Pass [VIRTUAL]

Intermission

01.45 PM – 02.05 PM

Presentation:

Enhancing The International Valuation Standards at A Time Of Rapid Change

The recently concluded consultation on the Exposure Draft of the International Valuation Standards attracted a record number of responses and constructive engagement from global stakeholders. The proposed enhancements will result in a structure for the standards that better aligns with the valuation process.  These changes reflect evolutions in the valuation practices, including the growing importance of technology, the abundance of available data sources, and the continued emergence of specialists and service providers. Environmental, social and governance (ESG) factors also continue to grow in importance. These transformations come at a time of increasing scrutiny of valuations by stakeholders, including financial institutions, investors, and regulators.

Mr Nicolas Konialidis, CVA

Director, International Valuation Standards Council (Asia)

02.05 PM – 02.40 PM

Fireside:

An Opening In M&A Transaction? Narrow This Gap.

Growing regulation and financial market volatility are proliferating mergers and acquisitions (M&A) disputes in an uncertain deal market, with global dealmakers identifying IAs such as technological assets along with Environmental, Social and Governance (ESG) factors as dispute hotspots. These are some of many factors that have led to “valuation gap” in closing the deal. Join us in this session and explores ways to look at these valuation gap and turn opportunity into mandate deals.

Interviewer

Ms Sandy Foo

Deputy Head, Corporate and Transactional Group and Head, Mergers & Acquisitions, Rajah & Tann Singapore LLP

Council Member, Institute of Valuers and Appraisers, Singapore

Interviewees

Mr Brice Cu

Senior Managing Director, Country Head of Philippines, CVC Capital Partners

Mr Wayne Lee, CVA

Chairman & CEO, W Capital Markets

02.40 PM – 03.00 PM

Presentation:

Unlocking the Future of Enterprise: Harnessing the Potential of Intangible Assets in the Evolving Funding Ecosystem and Navigating the Singapore’s Future Landscape Under SIPS 2030

Over the past several decades, the business landscape has undergone a paradigm shift, moving away from traditional, tangible-asset-based models to increasingly focus on intangible assets. This transformative change is indicative of a deeper evolution in how companies generate value and secure competitive advantages.

Intangible assets have revolutionized the way in which businesses access funding, presenting novel opportunities for capital acquisition. Companies endowed with high-value intangible assets frequently find themselves better positioned to secure essential financing. In the context of Singapore, both public and private sectors have been instrumental in constructing a robust ecosystem to facilitate funding based on intangible assets and intellectual property (IA/IP).

In the upcoming session, we will explore targeted strategies that businesses can utilize to maximize the untapped potential of their intangible and intellectual property assets. Additionally, we will examine the transformative influence of Singapore's Intellectual Property Strategy (SIPS) 2030 on the future landscape of IA/IP financing, thereby fostering an environment ripe for value creation within the Singaporean economy.

Mr Andre Toh, CVA

Partner, Strategy & Transactions, EY

Council Member, Institute of Valuers and Appraisers, Singapore

03.00 PM – 04.00 PM

Panel Discussion:

Unlock The Potential of Your Intangible Assets: Drive Innovation To Elevate Stakeholder Value

Intangible Assets (IAs) like proprietary trade secrets, human talent, and brand are increasingly recognized as pivotal drivers for establishing a competitive edge in the marketplace, enriching customer experience, and ultimately, elevating stakeholder value.

Despite mounting evidence highlighting the significance of IAs in determining Enterprise Value, the subject remains largely underexplored among leadership circles. This neglect is not merely an oversight but a critical lapse, given that the unclear valuation of IAs can lead to distorted financial metrics, including profitability, return on equity, and key capital market indicators such as Price-Earnings (PE) ratios and EBITDA multiples.

In an era where innovation serves as the linchpin for success across various industries, understanding and leveraging Intangible Assets has become an imperative. Now is the opportune moment for businesses to actively engage in identifying, assessing, and unlocking the hidden value within these assets.

Join us for an enlightening session where we will delve into actionable strategies to harness the untapped potential of your Intangible Assets and enhance your business's overall value.

Moderator

Mr Andre Toh, CVA

Partner, Strategy & Transactions, EY

Council Member, Institute of Valuers and Appraisers, Singapore

Panelists

Ms Winnie Tham

Director, Amica Law LLC

Member, Board of Directors, Intellectual Property Office of Singapore

Mr Desmond Tay

CEO, GUUD Pte Ltd

Mr Joseph Gan

CEO and Co-Founder, V-Key

04.00 PM – 04.20 PM

Panel Discussion:

The Future of Business: Generative AI’s Impact To Business Value

Market uncertainties and disruptive technologies can be challenging for businesses, but also create new opportunities to gain business value. The release of ChatGPT, for instance, has created much market optimism surrounding generative artificial intelligence (AI) where machine learning can generate new content, ranging from song writing to artworks to virtual worlds. This breakthrough can influence and drive the way content is created. By utilizing these innovative technologies, companies can explore new markets, develop new products and services, enhance productivity, embrace big data analytics, hone their competitive advantage and position for long-term success.

Still, the fear of unknown can be a challenge for some as disruptive technology often requires an investment and also a mindset shift. In addition, disruptive technology is also constantly evolving, so companies need to be prepared to adapt and keep abreast on the latest advancements to stay ahead of the curve.

Join us in this session to explore how businesses can leverage AI technologies in their operations, unlock new opportunities and elucidate ways to enhance business value.

Moderator

Mr Nicolas Konialidis, CVA

Director, International Valuation Standards Council (Asia)

Panellists

Mr Rajesh Sreenivasan

Head, Technology, Media & Telecommunications, Rajah & Tann Singapore LLP

Director, Rajah & Tann Technologies Pte Ltd and Rajah & Tann Cybersecurity Pte Ltd

Mr Donald MacDonald

Head of Group Data Office, OCBC Bank

Dr. James Ong

Founder and Managing Director, Artificial Intelligence International Institute (AIII)

Mr Loh Yee Chuan, CVA

Partner, Corporate Finance, Deal Advisory, KPMG in Singapore

06.00 PM – 08.30 PM

For Holders of Conference Pass [HYBRID]

Networking Dinner

Venue: Atrium Ballroom, Level 4, Raffles City Convention Centre

TIME (SGT)

AGENDA

11.45 AM – 12.00 PM

For All Conference Delegates

Log in: Conference Microsite

12.00 PM – 02.30 PM

Masterclass 1:

Business Valuation – A Changing Landscape

Understanding in creating a semblance of certainty is perhaps the one of crucial elements that business leaders including valuers must undertake in time of such uncertainty. Deploying the use of traditional approaches to strategic planning which translate to business value can be categorically risky. Underestimating uncertainty can lead to an unfavorable outcome in business value. To overcome such unknown, making systematic and informed decisions under uncertainty requires a different approach, especially in contemporary times, when businesses continue to evolve.

Join us in this Masterclass session with Professor Eric Teo, who will share some of these game changers that may impact business leaders and valuers when assessing the businesses value and explore ways to mitigate these new changes.

Prof Eric Teo, CVA

Adjunct Associate Professor, Nanyang Business School, Nanyang Technological University

Adjunct Associate Professor, School of Business, Singapore University of Social Sciences

02.30 PM – 03.00 PM

Intermission

03.00 PM – 05.30 PM

Masterclass 2:

Inconsistencies Between Hypotheses and Parameters Of The Same Valuation

The theory on business valuation is uncomplex. Yet today, many business valuations have incorporated ambiguities and confusing terms such as “generally accepted principles” along with absurd parameters and models, references to articles and databases with gross errors.

In this course it will be very clear what is indisputable and what is debatable. It will also be very clear which opinion and theories are untenable in his opinion. Professor Pablo Fernandez has more than 30 years of experience working across as a researcher, author in valuation, consultants and expert witness before judges and arbitrators. Join us in this Masterclass where you will deep-dive with him to explore in identifying these inconsistencies and avoid falling into these pitfalls when you value your businesses.

Prof Pablo Fernández, Ph.D. (Harvard)

Professor of Finance, IESE