april - june 2015 - permodalan nasional berhad · 2015 pnb investment institute pnb investment...
TRANSCRIPT
PNBi 2nd quarter Calendar
2015PNB Investment Institute
PNB Investment Institute Sdn. Berhad (267888-U)
Suite 4.8.4 PNB Darby Park, No. 10, Jalan Binjai, 50450 Kuala Lumpur
Registration and enquiries:
En. Alias Daud E-mail: [email protected] Tel: 03-2171 1984
En. Asraf Abdul Rahman E-mail: [email protected]: 03-2171 2304
APRIL - JUNE
NO TOPIC SIDC-CPE APPROVE
SPEAKER PRICE (RM)(inclusive of
6% GST)
*DATE
1 VALUATION MODELLING AND ANALYSIS : DISCOUNTED CASH FLOW (DCF),
EARNINGS MULTIPLES AND LEVERAGED BUYOUT (LBO) MODELS
10 CPE POINTS JUSTIN ONG KH
1,060 9 APRIL
2 DELISTING AND RELISTING AND IMPACT ON SHAREHOLDER’S WEALTH
10 CPE POINTS WONG LOKE LIM
1,060 14 APRIL
3 FINANCIAL MODELING FORECASTING IN ECXEL
10 CPE POINTS DAVID MEOW 1,060 6 MAY
4 CURRENCY MANIPULATION : GOLD, FIAT MONEY & THE MODERN
INTERNATIONAL MONETARY SYSTEM
10 CPE POINTS JAGDEEP SINGH
1,060 7 MAY
5 BONDS, SWAP AND OTHER FIXED INCOME INSTRUMENTS
10 CPE POINTS WONG LOKE LIM
1,060 8 MAY
6 CORPORATE ACTION 10 CPE POINTS DAVID MEOW 1,060 9 JUNE
7 VALUATION OF COMPANIES AND COMMON PITFALLS IN MERGERS AND ACQUISITIONS
10 CPE POINTS WONG LOKE LIM
1,060 15 JUNE
* Subject to changes
WORKSHOP
PROGRAMME VALUATION MODELLING AND ANALYSIS: DISCOUNTED CASH FLOW (DCF) andEARNINGS MULTIPLES, LEVERAGED BUYOUT(LBO)
Date & Venue 9th April 2015Training Room 1, PNB Investment Institute
SIDC-CPE 10 CPE POINTS
Objective • To apply the guiding principles in equity securities valuation. • To describe the application of equity valuation techniques.• To explain and contrast the different methods of equity valuation.• To select the appropriate equity valuation method for a given equity.• To apply basic and advanced equity valuation models.• To describe LBO modelling process
Content Overview of Valuation Modelling • Overview of Valuation Process • Overview of Valuation Model (i.e. DCF and Relative Valuation)
DCF 1: Discounted Dividend Valuation • Gordon Growth Model • Dividend Discount Model for Single Stage• Dividend Discount Model for 2- and 3-Stages • H-Model • Case Study: Discounted Dividend Valuation Model
DCF 2: Free Cash Flow Model • Dividend Discount Model vs. Free Cash Flow Model • Calculation of Free Cash Flow to Firm (FCFF) • Calculation of Free Cash Flow to Equity (FCFE) • Case Study: Calculation of FCFF and FCFE• FCFF Valuation Model• FCFE Valuation Model• Case Study: FCFF Valuation Model • Case Study: FCFE Valuation Model
Relative Valuation Model • Price Multiple (P/E, P/BV, P/S)• Enterprise Value Multiple (EV/EBITDA)• Case Study: Price Multiple Valuation • Case Study: Enterprise Value Multiple Valuation • Practical Valuation Consideration
Leveraged Buyout (LBO) • Introduction of LBO• Purchase Price Determination • Capital Structure of LBO • Internal Rate of Return (IRR) Calculation
Speaker JUSTIN ONG KHCFA, FRM, CA(M)
PROGRAMME DELISTING AND RELISTING AND IMPACT ON SHAREHOLDER’S WEALTHDate & Venue 14th April 2015
Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE POINTSObjective • Identify the pre-requisite for listing of share of exchanges and the post listing
obligations • Analyse the causes of delisting of companies• Explain the rules relating to a delisting exercise • Explain the reasons and motivation for companies to relist of delisted shares• Recognise the impact on shareholder’s value arising from delisting and relisting of s shares on the stock exchange.
Content Session 1: Going Public and Staying Afloat
• Reasons for listing and pre-requisites• What it takes staying listed?• Challenges faced by listed companies in relation to regulatory requirements• Case study: Post listing obligations of Bursa Malaysia
Session 2: Delisting of Companies
• Situations that lead to delisting of a company• How Delisting works?• Rules relating to delisting of companies• Voluntary delisting• Compulsory delisting• Grounds for compulsory delisting• Reverse book-building• Post-delisting situations• Case study: A recent case of delisting of company on Bursa Malaysia
Session 3: Relisting after Delisting
• Relisting of Delisted Shares• Motivations for relisting• Criteria for relisting after delisting• Receptions for relisted shares• Precautions for investors• Case study: A recent case of relisting of shares on Bursa Malaysia
Session 4: Issues relating to delisting/relisting of companies
• Does delisting of shares always detrimental to shareholders, causing erosion of shareholder’s value?• Impact on minority shareholders• Protection for shareholders• Exit opportunities for shareholders • Case study: Analysing the impact on shareholder’s value arising from delisting of shares
Speaker WONG LOKE LIMCA, CFP
To prepare the participants the hands-on approach on using the financial modeling features in Microsoft Office Excel to perform day-to-day functions within investment and finance function.
PROGRAMME FINANCIAL MODELING FORECASTING IN EXCELDate & Venue 6th May 2015
Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE POINTSObjective •
• Toconstructadvancedfinancialmodelling
• TodemonstrateusefulshortcutinMicrosoftExcelforfinancialmodellinginordertoeffectivelyexpeditefinancialmodelconstruction
• Abletoformulatethefinancialmodellingandprojectfinancingconceptslearnedinthiswworkshopinbuildinganactualfinancialmodel
ContentSession1:IntroductiontoFinancialModelling•Attributesofagoodmodel•Avoidingexcelerrors•Stepsinmodelbuilding•Bestpracticesguidelinesandspreadsheetmodelingstandards•Navigationalmodule
Session2:FinancialStatements–ReportingandAnalysis•Templateforfinancialratios•MultivariateAnalysis
Session3:RevenueRecognition•RevenueForecasting•RiskAssessment•DataTableConcepts
Session4:Valuation(Application)•Approachestovaluation•Creatingfinancialmodelsforfreecashflowtothefirmandfinancialstatements•Creatingfinancialmodelsforforecastingfutureperformance•Creatingfinancialmodelsfordiscountedcashflowmodeling
Speaker DAVIDMEOWMBA(UK),CFA,FRM,ACMA,CA(M),CFP
PROGRAMME CURRENCY MANIPULATION : GOLD, FIAT MONEY & THE MODERN INTERNATIONAL MONETARY SYSTEM
Date & Venue 7th May 2015Training Room 1, PNB Investment Institute
SIDC-CPE 10 CPE POINTSObjective •Relatehowthechangingglobaleconomiclandscapeisresponsibleforthepresent
dayInternationalMonetarysystem•Describehowcurrenciesmoveagainsteachotherandtheeffectsofpreviouscompetitivedevaluationsandhowthishascontributedtoincreasingvolatilityinfinancial markets•AssesshowthepresentInternationalMonetaryarrangementwillaffecteconomicgrowthandcapitalmarketsglobally
ContentSession1:TheGoldStandard&TheEraofStableEconomicGrowth•Bi-metalismtheroleoftheSilverdollar&StablemonetaryenvironmentPre-WorldWarI•TheGreatDepression–LackofAdherencetotheGoldStandard&ProlongedGlobalRecession•AdjustmentstothegoldstandardduringtheNewDeal•AdventoftheSecondWorldWar
Session2:BrettonWoods&theIMF:TheeraofFixedratecurrencies&theNixonShock•TheGreatEconomicDebatesatBrettonWoods:KeynesvsWhite•GlobalEconomicGrowthafterWorldWarII•TheDominantUSEconomy-theUSDollarastheReservecurrencyoftheworld•TheNixonShock–Goingoffthedollar
Session3:TheEraofFloatingCurrencies:CurrencyCrisis,Wars&ComplicatedEconomicRelationships•ImplicationsofaworldlivingonFiatMoney•The(increasinglyredundant)InternationalFisherEffect•Triffin’sparadox:DoestheworldstillneedstheAmericanstokeepconsuming.•TheEraofCompetitiveDevaluations:China&theSEANations.YenvsDollarvsYen
Session4:GazingintotheFuture:CurrencyWars&Manipulation,AlternativeStoresofValue:Gold•WasandIsQuantitativeEasingtantamounttoacurrencywar?•Predictingappreciatingcurrencies–Isitpossible•TheImplicationsoftoday’svolatilemonetarysystemoncapitalmarketsgloballyandinMalaysia•InvestinginGold–aviablealternativetostoringwealthvsfiatmoney
Speaker JAGDEEPSINGHCFA,FRM,ACFE,CIMA,CFP
PROGRAMME BONDS, SWAP AND OTHER FIXED INCOME INSTRUMENTSDate & Venue 8th May 2015
Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE POINTSObjective •Thefeatures/benefitsandrisks/rewardsofbonds,fixedincomeinstrumentsandswaps
•Thedynamicnatureoftheyieldcurveanditsimplicationsonbondprices•Therisksofinvestingindebtscapitalmarketinstruments•Thepassiveandactivefixedincomeportfoliomanagementtechniques•Theapplicationsofbonds,swapsandfixedincomeinstrumentsintheinvestmentportfolio
ContentSession1:a)Thefixedincomemarket•Overviewofbondmarkets•ReviewofTVM,price/yieldrelationships
b)Overviewofcorporatedebtinstruments•Corporatebonds•Mediumtermnotes•Managingtheyieldcurve
c)Exercise:Relativevalueinthecorporatebondmarket
Session2:a)Long-termdebt•Yieldconsiderations•Senior/subordinatedstructures•Secondarytradingandliquidityconcerns
Session3:a)TheHigh-yieldbondmarket•High-yieldsecuritytypes,marketdynamicsandcomposition•Returnsanddefaultrates•Clientstrategiesandperformanceevaluation•Exercise:Evaluatingahigh-yieldtransaction
Session3:a)CreditDerivatives•Overviewofthemarket•Issuancecharacteristics–convertibles,ABS,perpetual,CDS/CDOs•Pricing•Dealexamples
b)Participantswillexaminethisrecentlyissuedhybrid/exoticbond,examining:•Pricingconsiderations•Targetinvestors•Marketingrole
Speaker WONGLOKELIMCA,CFP
PROGRAMME CORPORATE ACTIONDate & Venue 9th June 2015
Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE POINTSObjective
•Toanalysecorporateactionsadoptedbycompaniesandthefinancialimpactontheunderlyingcompanies’financialperformanceandfinancialpositions.•Toenhancecorporateorfinancialsecuritiesvaluationresultingfromvariouscorporateactions•Toassesstheimpacttovariousstakeholders,e.g.minorityshareholdersandthegeneralpublicincertaincontroversialcorporateactions.
ContentSession1:DistributionPoliciesandStrategies•Cashdividends•In-speciedividends•Bonusshares•Capitalrepayment•Stocksplitsandconsolidation Session2:ReactionstoSharePrices•Privatisationexercises•Sharebuybacks•Mergersandtakeovers Session3:CapitalStructureDecisions•Leverageandbondissues•Secondaryofferings–rightsissuesandduallisting Session4:CorporateRestructuring•Spinoffsanddemergers•Reversetakeover(RTO)
Speaker DAVIDMEOWMBA(UK),CFA,FRM,ACMA,CA(M),CFP
PROGRAMME VALUATION OF COMPANIES AND COMMON PITFALLS IN MERGERS AND ACQUISITIONSDate & Venue 15th June 2015
Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE POINTSObjective • Determine the economic, financial, and strategic impact of M&A deals
• Identify the key factors that determine the success of your M&A strategy• Estimate the value M&A transactions• Establish how due diligence should be carried out to minimize future implications• Identify crucial financing issues – valuation analysis, how synergies work, the currency used in a transaction and credit analysis of leveraged buyouts
ContentL Session 1 :Setting the Goals • Define the key steps in the M&A Process • Define Key Terms in the Merger and Acquisition Process • Identify Reasons Companies Choose to Make a Purchase or Decide to be Acquired
Seeking and Selecting the Target • Tactics to Address Acquisition Strategy • Finding the Promising Targets for M&A • Identify Ways to Evaluate the Marketplace for Ideal Prospects
Session 2: Due Diligence • Define the Phases of Due Diligence • Apply the Due Diligence Checklist
Valuation • Define Key Concepts in Valuing Potential Target Companies for M&A • Demonstrate the Application of Valuation Techniques Using the Case Study Exercise – Valuation to potential takeover target
Session 3 : Structuring M&A Deals• Describe Various Structures Possible for Mergers and Acquisitions • Identify the Impact, Advantages, and Disadvantages of the Various Forms of Deal Structuring • Financing the transaction• Other Implications When Structuring a Deal• All About Reverse Take Over and Other “ Back Door Listings”
Session 4 : Common mistakes and pitfalls to avoid• Pre-deal planning stage• Doing the deal – execution stage• Post-merger integration
Speaker WONG LOKE LIMCA, CFP
Please tick (/) Programme Date Course Fee(RM)
No of participant
VALUATION MODELLING AND ANALYSIS : DISCOUNTED CASH FLOW (DCF), EARNINGS MULTIPLES AND LEVERAGED BUYOUT (LBO)
MODELS
9 APRIL 1,060
DELISTING AND RELISTING AND IMPACT ON SHAREHOLDER’S WEALTH
14 APRIL 1,060
FINANCIAL MODELING FORECASTING IN ECXEL 6 MAY 1,060
CURRENCY MANIPULATION : GOLD, FIAT MONEY & THE MODERN INTERNATIONAL
MONETARY SYSTEM
7 MAY 1,060
BONDS, SWAP AND OTHER FIXED INCOME INSTRUMENTS
8 MAY 1,060
CORPORATE ACTION 3 JUNE 1,060
VALUATION OF COMPANIES AND COMMON PITFALLS IN MERGERS AND ACQUISITIONS
15 JUNE 1,060
PROGRAMME DETAILS
NAME (MR/MRS/MS) NRIC NO. POSITION SIDC CMSRL LICENSE NO.(IF ANY)
123456
PNBi 2nd QUARTER CALENDAR 2015 PROGRAMME REGISTRATION FORM
COMPANY: CONTACT PERSON:MAILING ADDRESS:
POSTCODE:
POSITION:
COUNTRY: EMAIL:TELEPHONE: FAX:PAYMENT DETAILSLETTER OF UNDERTAKING
CHEQUE/ DRAFT
BANK TRANSFER
NAME : COMPANY STAMP:
SIGNATURE:
*SIDC CPE – Security Industry Development Centre Continuing Professional Education.*Group discount of RM100 per participant is available for 3 or more registrations.
* Payment is due before the course commences. No refunds will be given on cancellation of registrations. Substitutes are acceptable.
Please send cheque/ letter of undertaking to:PNB INVESTMENT INSTITUTE SDN BERHAD
LOT 4.8.4 LEVEL 4, PNB DARBY PARK COMMERCIAL CENTRENO 10 JALAN BINJAI, 50450 KUALA LUMPURTel: 603 2171 1984 Fax No: 603 2166 3406
For registration, kindly contact Muhamad Masri D/L: 603 2166 4940 (email: [email protected])
COMPANY DETAILS
PARTICIPANT DETAILS
Enclosed is a Letter of Undertaking (LOU) from our company for the payment of RM ……………… for the registration of ………pax.
Enclosed is the crossed cheque / bank draft (No: ………………………) of RM (………………….) for the registration of ……. pax, payable to “PNB Investment Institute Sdn Berhad”
FINANCE / HUMAN RESOURCES/TRAINING DEPARMENT APPROVAL
Account holder: MAYBANK NO: 514057174099* Please e-mail or fax ( 03 2166 3406) us the bank-in slip / transfer confirmation together with the c completed registration form.
GST : 000529956864
CONTACT US
PNB INVESTMENT INSTITUTE SDN BHDLOT 4.8.4, LEVEL 4
PNB DARBY PARK COMMERCIAL CENTRENO. 10 JALAN BINJAI
50450 KUALA LUMPUR
03 -2166 4940 / MUHAMAD MASRI03 - 2171 1984 / ALIAS DAUD
03-2171 2304 / ASRAF ABDUL RAHMAN
03-2166 3406Registration: [email protected]
Marketing: [email protected] : [email protected]
www.pnbi.com.my
PNB Investment Institute