(SESSION A)
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 Deputy Area 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 Ms Indranee Rajah
Minister in the Prime Minister’s Office
Second Minister for Finance and National Development
9.00 AM - 9.20 AM
Keynote
Transforming Value Creation in a Post-Pandemic World
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
Vice President, Chief Risk, Legal & Sustainability Officer and Partnerships, World Bank Group’s Multilateral Investment Guarantee Agency (MIGA)
Board of Trustees Vice-Chair, International Valuation Standards Council
Board Member of FINRA, Financial Industry Regulatory Authority
9.20 AM - 10.20 AM
Presentation and Panel Discussion
ESG and Business Valuation - Finding the Connections and Synergies
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
Ms Helen Brand OBE
Chief Executive, ACCA
Co- Vice Chair of the Board, The Value Reporting Foundation
Moderator
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 Michael Bray
Special Adviser to the CEO
Value Reporting Foundation

Mr Ong Woon Pheng, FCCA, CVA
Director, Corporate Finance
PKF CAP Advisory Partners Pte Ltd

Mr Richard Hayler
CFO, Nutrition Technologies
Member, IVSC Standards Review Board

Dr Tunku Alina Alias
Independent Director
IJM Corporation Bhd, Batu Kawan Bhd, Malaysian Pacific Industries Bhd and Nestlé (Malaysia) Bhd
10.20 AM - 10.30 AM
Intermission
10.30 AM - 10.50 AM
Fireside Chat
Singapore’s Sustainable Future and Transitioning Impact to Capital Markets
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
Ms Abigail Ng
Executive Director and Head of Department
Corporate Finance & Consumer Department
Monetary Authority of Singapore

Interviewer
Mr Harsha Baasnayake, CVA
Council Chairman, Institute of Valuers and Appraisers, Singapore
EY Asia-Pacific Deputy Area Managing Partner
10.50 AM - 11.50 AM
Panel Discussion
Life After LIBOR: What You Need to Know About The IBOR Transition
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
Mr Andre Toh, CVA
EY Asean Valuation, Modeling & Economics Leader
Council Member, Institute of Valuers and Appraisers, Singapore

Panellists
Mr Daniel Koh
Global Head, Treasury Markets
Standard Chartered Bank

Ms Lyn Lee
Head, Group Legal
OCBC Bank

Mr Robert Maxim
Director
Financial Instruments and Technology
Duff & Phelps, a Kroll Business
San Francisco
12.00 PM - 12.30 PM
Lunch Breakout Sessions
Attendees may attend any of these breakout sessions during lunch.
Breakout Session 1
Hosted by Duffs & Phelps, A Kroll Business

Presentation
Post-Covid-19 Economic Recovery and Country Risk – A Brief Update

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
  • Trends in country risk in 2020 and 2021, and which regions have been most impacted by the crisis
Presenter
Ms Carla Nunes
Managing Director, Office of Professional Practice and Global Leader – Valuation Digital Solutions, Duff & Phelps, A Kroll Business
Breakout Session 2
Hosted by PwC Singapore

Presentation
Post Covid Optimisation of Capital Structures

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
Mr Stephen See
Associate Director, Strategic Solutions and Turnaround Group,
PricewaterhouseCoopers
(SESSION B)
2.00 PM - 5.00 PM
Presentation
Best Practices and Mistakes to Avoid in the Discounted Cash Flow Method
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:
  • Levels of reliance
  • Matching the discount rate to the projected cash flows
  • Proper use of the mid-year convention in the terminal year
  • Normalizing capital expenditures and depreciation
  • Accounting for excess depreciation and amortization
  • Risk analysis and adjustments – discount rate, margins, or growth
  • Normalization adjustments
  • Comparison to historical earnings
  • Minority vs. control cash flows
  • Direct to equity vs. invested capital applications
  • The use and misuse of exit multiples
  • Working capital assumptions – debt-free vs. direct to equity
  • Normalizing debt
  • Supporting a long-term growth rate
  • Sensitivity analyses and sanity checks
Presenter
Mr James R. Hitchner, CPA/ABV/CFF, ASA
Managing Director, Financial Valuation Advisors
President, Financial Consulting Group
CEO, Valuation Products and Services
The programme is subject to changes.

Click here to find out more about IVAS-IVSC Business Valuation Virtual Conference 2020.