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Insights into Corporate Finance and Equity Structuring in Asia
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Insights into Corporate Finance and Equity Structuring in Asia
  • Overview
  • Objectives & Outline
  • Methodology
  • Participant Profile
  • Trainers
  • Overview
    PROGRAMME DETAILS

    DATE

    25 – 26 October 2017

    TIME

    9:00 AM – 5:00 PM

    VENUE

    Asian Banking School

    SIDC CPE

    10

    CPE Points
    This 2-day programme covers equity valuation and alternative equity for companies and will make extensive use of case studies from Malaysia and Singapore. Day 1 will cover the various methodologies for the valuation of companies and will compare the strengths and weaknesses of each. Day 2 will cover Capital Structure and the use of equity, and of hybrid equity, in the capital structure of a company.

    We will look at the advantages and disadvantages of the various forms of equity (shares, CBs, preference shares, perpetual securities and dual class equity) for issuers and investors and at the issuers’ motivations. Participants will gain an understanding of the various valuation methodologies and will be able to discuss the strengths and weaknesses of each approach and the methodologies that are appropriate for individual equities and sectors. Participants will also understand when to use the hybrid forms of equity and to explain the advantages and disadvantages of each for companies and investors.
    LEARNING LEVEL
    Intermediate
    PROGRAMME FEE*

    AICB / MIBA MEMBER

    MYR

    5,500

    / PAX

    NON-MEMBER

    MYR

    6,000

    / PAX

    *inclusive of GST
    Jointly with:
  • Objectives & Outline
    LEARNING OBJECTIVES
    Upon completion of the programme, participants will be able to:
    • Value companies using the various valuation methodologies and explain the advantages and disadvantages of each approach
    • Identify the appropriate valuation methodology for individual companies
    • Identify situations when hybrid equity can be used as an alternative to ordinary shares 
    PROGRAMME OUTLINE
    Day 1: Company Valuation 
    Valuing Equity: P/E Ratio 
    • Dividend yield
    • P/E ratio – EPS, P/E ratio & factors affecting a P/E ratio
    • Case Study: Calculating EPS and P/E
    • Case Study: The impact of debt on a P/E ratio


    Valuing Equity: EV/EBITDA 
    Disadvantages of P/E ratio 
    • Debt
    • Accounting issues

    Enterprise Value 
    • Definition of EV
    • Case Study: Calculating EV

    EBITDA 
    • Definition of EBITDA
    • Case Study: Calculating EBITDA

    Valuing Equity: EV/EBITDA 
    • Advantages and Disadvantages of EV/EBITDA valuation
    • Case Study: Comparing P/E and EV/EBITDA for two companies


    DCF Valuation 
    The concept of DCF valuation 
    • Discounted dividend (DD) valuation - estimating dividends & multi-stage dividend models
    • DCF valuation
    • Case Study: A DD and DCF valuation for a company

    Inputs into a DCF model 
    • Future dividends
    • The discount rate


    Comparable Company (CC) Valuation 
    • CC Valuation
    • Choice of CCs
    • Case Study: A CC valuation of a new company
    • Issues with CC comparisons


    Price to Book 
    • Definition of P/B ratio
    • P/B for asset rich companies
    • Limitations of P/B
    • The significance of low P/B ratios
    • Case Study: P/B for selected companies
    Day 2: Company Valuation (continued)
    Valuation for different industry sectors
    • Consumer goods, telcos, high growth tech companies & banks 


    Capital Structure

    • Debt finance - forms of debt finance 
    • Equity - ordinary shares, dual class structures, preferred shares (Prefs), perpetuals & hybrids 
    • Advantages and disadvantages of equity and debt funding 


    Choosing a Funding Structure
    • The impact of increasing debt - sustainable level of debt 
    • Equity funding 
    • Case Study: A recent IPO 
    • Case Study: Recommending a funding structure 

    Case Study: The use of different share classes


    Convertible Bonds (CBs)
    • The structure of a CB 
    • Exchangeable bonds 
    • Introduction to CB pricing 
    • Rationale for issuing CBs 
    • Case Study: A recent CB issue 
    Dual Class Shares
    • Dual class share structures - forms of non-voting and low-voting shares & examples of dual class structures 
    • Current regulation for listing of dual class structures 
    • Case Study: Alibaba 
    Other Hybrids
    • Hybrid structures and examples of their use - financial derivatives, perpetuals, warrants & CoCo bonds 

    Case Study: A company’s funding needs

    Summary and Conclusions
  • Methodology
    The programme is based around case studies in Malaysia and Singapore which will involve the participants in valuation, discussion and selection of funding strategies
  • Participant Profile
    This interactive programme is designed for practitioners requiring a detailed overview of share valuation and the use of equity and hybrid equity by companies. The course is designed for practitioners in corporate finance, equity capital markets, equity sales and research, and fund management. Attendees will be assumed to be familiar with equity and bond markets, call options & the calculation of the present value of future payments.
  • Trainers

    DAVID RODEN

    David has over 30 years’ experience in the financial markets and has extensive experience in the management of operational risk. He joined the London stockbroker, de Zoete and Bevan, in 1980 and became a partner in 1984. After de Zoete and Bevan was acquired by Barclays Bank in 1985 David was appointed as Global Head of Equity Derivatives at BZW (now Barclays Capital). David was responsible for the expansion of this business and was responsible for the overall management of sales, trading, research and risk management for equity derivatives globally.

    In building the Equity Derivatives Group (EDG) in BZW, David worked with settlement, the legal and compliance departments, and counterparty credit to agree an operational risk management frame-work. During this time, David was appointed by the Bank of England as chairman of the committee for the merger of the Traded Options and Futures markets in London. David was deputy chairman of the London Traded Options Market (LTOM) Clearing Members Committee, a committee of the London Stock Exchange. This committee was responsible for the rule book governing credit risk and operational risk for the 20+ clearing members of the LTOM.
    Since leaving BZW in 1998 David has acted as an independent consultant and trainer in Derivatives and Risk Management, with a focus on the interface between Market Risk Management and Operational Risk. In 2000, David set up European Research Ltd to provide independent research in Mergers and Acquisitions. By 2010 this business had grown and produced five research products in mergers and acquisitions, credit, and special situations with over eighty institutional clients in the US, UK and Europe and Asia Pacific. David has been resident in Singapore for ten years (spending his time equally between London and Singapore). He has a BA in mathematics from Wadham College Oxford.

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