PNB 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: aliasd@pnb.com.my Tel: 03-2171 1984

En. Asraf Abdul Rahman E-mail: asraf@pnb.com.myTel: 03-2171 2304

PNBi 4th Quarter Calendar

2015OCTOBER - DECEMBER

NO TOPIC SIDC-CPE APPROVE

SPEAKER PRICE (RM)(inclusive of

6% GST)

*DATE

1 ADVANCED EQUITY VALUATION 10 CPE POINTS WONG LOKE LIM

1,060 13 OCTOBER

2 BENEFITING FROM A MULTITUDE OF CAPITAL MARKET PRODUCTS

10 CPE POINTS DAVID MEOW 1,060 27 OCTOBER

3 GLOBAL FUND MANAGEMENT : STRATEGIES & MEGATRENDS

10 CPE POINTS CHAN HUAN WEI, THOMAS 1,060 3 NOVEMBER

4 ADVANCED CORPORATE FINANCE WORKSHOP : THE CONSERVATION OF

VALUE PRINCIPLE

10 CPE POINTSJUSTIN ONG KH

1,060 12 NOVEMBER

5 FINANCIAL MODELLING FORECASTING IN EXCEL

10 CPE POINTS DAVID MEOW 1,060 16 NOVEMBER

6 APPLIED BEHAVIORAL FINANCE IN EQUITY INVESTMENT STRATEGY

10 CPE POINTS JAGDEEP SINGH

1,060 3 DECEMBER

7 INFORMATIONAL EFFICIENCIES OF ASSET CLASSES IN DEVELOPED AND EMERGING

FINANCIAL MARKETS USING INTER MARKET ANALYSIS

10 CPE POINTSMOHAMED SHAJAHAN

ABDUL MAJEED1,060 10 DECEMBER

8 MERGERS AND ACQUISITIONS MODELLING 10 CPE POINTS DAVID MEOW 1,060 15 DECEMBER

WORKSHOP

* Subject to changes

PROGRAMME ADVANCED EQUITY VALUATION

Date & Venue 13th October 2015Training Room 1, PNB Investment Institute

SIDC-CPE 10 CPE points

Objective • To justify the case for using simulation methods to value equity.• To explain the real options approach to equity valuation.• To explain value start-ups and financially-distressed companies.• To determine the intrinsic value of cyclical and commodity-related companies, financial services firms, intangible asset-heavy firms and conglomerates.• To discuss the common mistakes in valuation.

Content Session 1: A Review of Basic Equity Valuation Tools

• Discounted Cash Flow • Relative Valuation • Case Study: Applications of discounted cash flow and relative valuation

Session 2: Advanced Equity Valuation Tools

• Simulation-based equity valuation • Real options theory and applications to equity valuation • Key estimation issues that arise in equity valuation Typical valuation challenges across a firm’s life cycle ? Case Study: - Using simulation to value equity - Real options theory in use

Session 3: Valuing Start-Up Firms

• Characteristics of start-up firms • Valuation challenges • Approaches to valuing start-up firms • Case Study: Valuing a start-up firm

Session 4: Valuing Distressed Firms

• Features of distressed firms • Categorising firms by degrees of distress • Valuation challenges • Approaches to valuing distressed firms • Case Study: Valuing a distressed firm

Speaker WONG LOKE LIMCA, CFP

PROGRAMME BENEFITING FROM A MULTITUDE OF CAPITAL MARKET PRODUCTS

Date & Venue 27th October 2015 Training Room 1, PNB Investment Institute

SIDC-CPE 10 CPE pointsObjective • To analyse the importance of financial advisory.

• To identify market forces affecting investment products.• To examine investment strategies in equity, fixed income and derivatives markets.• To be updated with/practice working knowledge on the Malaysian Capital Markets : equity, fixed income and derivatives.

Content Session 1 : Overview of Malaysian Capital Markets

• Broad coverage of the Malaysian capital markets including equity market, fixed income markets and derivatives.• Walkthrough on Equity Market from primary to tertiary markets?• Types of market participants.

Session 2 : Equities Securities

• Main types of equity securities• Equity Derivatives• Call warrants and put warrants, option strategies, moneyness of options and key risk measures.

Session 3 : Fixed Income Securities

•Key features of fixed income securities•Fixed income investment strategies•Risks in fixed income investments

Session 4 : Structured Products

•Key types of structured products•Overview of the design stage for structured products•Features and investment strategies

Speaker DAVID MEOWMBA (UK), CFA, FRM, ACMA, CA (M), CFP

PROGRAMME GLOBAL FUND MANAGEMENT : STRATEGIES & MEGATRENDSDate & Venue 3rd November 2015

Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE pointsObjective • To explain the inter-connectedness between global economic system and global financial

markets. • To analyse and discuss the various types of risks in the global financial markets. • To interpret key financial indicators in the equities, bond, foreign exchange, derivatives and commodities markets. • To apply the financial tools in daily decision making on asset allocation. • To analyse global megatrends in the financial markets.

Content Fundamentals of Global Economics & Financial System

• Fiat Currency vs. Gold and Silver Monetary System• Keynesian to Friedman Economic Principles• The Austrian School of Economics• The Black Swan Theory• Trade Policies, Economic Union & Fiscal Policies• Central Banking : Policies and Implications • Fractional Reserves Lending and Money Creation• Monetary Policy• Free Markets vs. Cartel• Major market participants• Financial boom and bust cycles [1914-2014]: Lesson to be learnt in the future

Risk Analysis

• Market risk• Interest rate risk• Exchange rate risk• Sovereign risk• Geo-Political risk• Derivatives risk

Asset Allocation: Financial Indicators

• Passive investment• Value investment• Active investment• Capital Asset Pricing Model [CAPM]• Speculation• Arbitrage• Hedging• Equities market : VIX, Schiller PE Index, Fear & Greed Index & Constant Dividend Growth• Bond market : Credit spreads, CDS spread, Interest rates, Monetary Policies, Inflation & Deflation• Foreign exchange market : Capital mobility, financial deregulation, interest rates, inflation, gold & government policies and intervention

Global Megatrends • Household and sovereign debt• US Petrodollar standards• Gold standards• Geo-Political• Currency war• Financial warfare• Inflation vs. Deflation• Wealth concentration

Speaker CHAN HUAN WEI, THOMASMsc in Finance University of Strathclyde, CFP, MFR

PROGRAMME ADVANCED CORPORATE FINANCE WORKSHOP : THE CONSERVATION OF VALUE PRINCIPLE

Date & Venue 12th November 2015Training Room 1, PNB Investment Institute

SIDC-CPE 10 CPE pointsObjective • To describe how to raise equity and debt financing post the IPO listing

• To appraise rights issues through recent case studies • To derive the optimal capital structure• To recognise the impacts and the signaling effects of dividend policies vs. share buybacks• To examine and explain LBOs and leveraged recapitalization through recent Case Studies

Content Raising Capital – Equity & Debt Capital Financing • Overview of equity and equity linked alternatives, • Why and how do companies raise equity?• Rights issues vs. open offers-The pricing of SEOs, Raising Debt Capital,The nature of debt, The priority and maturity structures of debt.

Raising Capital

• Equity & Debt Capital Financing • continued • Issues in raising capital-Case study : Chartered Semiconductor Manufacturing Ltd: When Rights Go Wrong -INSEAD.

Optimum Capital Structure and Dividend Signaling • Cross-sectional differences in capital structure• The determinants of leverage• Agency costs and capital structure• Other factors: market risk, taxable capacity, issue costs and signaling motives• How do companies decide on dividend payments • Alternatives to cash dividends: Scrip dividends and share repurchases.

Optimum Capital Structure and Dividend Signaling - continued • Impact of taxation on dividend policy• Case study : Blaine Kitchenware Inc : Capital Structure • HBS

Speaker JUSTIN ONG KHCFA, FRM, CA(M)

PROGRAMME FINANCIAL MODELLING FORECASTING IN EXCEL Date & Venue 16th November 2015

Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE pointsObjective • Construct, show and explain their own financial models

• Apply the financial models in their investment analysis• Apply the concepts and techniques learned in building an actual financial model.

ContentSession 1: Introduction to Financial Modelling

• Attributes of a good model• Avoiding excel errors• Steps in model building• Best practices guidelines and spreadsheet modeling standards• Navigational module

Session 02: Financial Statements – Reporting and Analysis

• Template for financial ratios• Multivariate Analysis

Session 03: Revenue Recognition

• Revenue Forecasting • Risk Assessment• Data Table Concepts

Session 04: Valuation (Application)

• Approaches to valuation• Creating financial models for free cash flow to the firm and financial statements• Creating financial models for forecasting future performance• Creating financial models for discounted cash flow modeling

Speaker DAVID MEOWMBA (UK), CFA, FRM, ACMA, CA (M), CFP

PROGRAMME APPLIED BEHAVIORAL FINANCE IN EQUITY INVESTMENT STRATEGYDate & Venue 3rd December 2015

Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE pointsObjective • To relate how psychological hard wiring predisposes people to make systematic mistakes

about risk• To recognise the psychological basis for irrational exuberance, irrational pessimism, animal spirits, and black swan effects in equity markets• To identify the errors and biases to which financial analysts are vulnerable• To apply concepts developed to analyze equity markets • To apply psychological theories of risk taking to analyze how investors/fund managers behave

ContentClassical vs Behavioral Finance

• An assessment of classical finance• Rational Expectations & Risk Averse behavior – Reality or Fiction ? • The three pillars of Classical Finance –Have they outrun their useful lives ?

Behavioral Finance - Exceptions Observed from Classical Finance & their implications

• Prospect Theory : Moving from risk aversion to loss aversion • Confidence & Misplaced confidence. –Can we be unbiased if we are confident? CASE STUDY : Hedge Fund collapses & Dangers of Misplaced Confidence in the expert views• Status quo and endowment biases. The Disposition Effect

Behavioral Finance -Effects on Equity Investment Strategy

• Representative-ness and familiarity –Implications for Diversification. • An obsession with growth & earnings targets : Impacts on Value Projections• The Evidence : Do great companies make good investments ?

Influences on investment behaviours – What leads to Herding & Market Forces

• Narrative & Story Telling• The importance of the context & fixation with Relative Valuation measures• Investment Mania’s & Bubbles –Common themes, are they actually predictable?

Speaker JAGDEEP SINGH CFA, FRM, ACFE, CIMA, CFP

PROGRAMME INFORMATIONAL EFFICIENCIES OF ASSET CLASSES IN DEVELOPED AND EMERGING FINANCIAL MARKETS USING INTER MARKET ANALYSIS

Date & Venue 10th December 2015Training Room 1, PNB Investment Institute

SIDC-CPE 10 CPE pointsObjective • Describe the micro structure of market efficiencies

• Recognise the information dissemination effects on financial markets• Categorise stylized differences between Developed and Emerging Financial Markets• Construct the various asset class linkages using Inter Market Analysis• Formulate strategies capable of extracting surpluses from the aforesaid synthesis

Content Return Predictability and Alternative Versions of the Efficient Market

• Theoretical Foundations of the Efficient Market Hypothesis Exploiting Profitable Opportunities in Practice Market efficiency & Arbitrage Opportunities Types of Arbitrage

A Comparison of Developed and Emerging Financial Markets in terms of

• Stock price Behaviour in Financial markets Strategy investigations comprising:Short-term reversal, Post-earnings drift, Momentum strategies Autocorrelation, Variance ratios and Market delay measures Case Study 1: Market micro structure studies into regional equity markets

Generating Alpha through Intermarket Analysis

• Conducting an Intermarket Analysis USD and Gold Dissecting Commodity classes Crude Oil fundamentals Risk Appetites in Financial Markets Inter relationships between Currency, commodity, Bond and Equity Markets

Reading the Market

• Reading the Yield curves Global imbalances Statements from Monetary authorities and their implications• Discussion 2: Identification of contemporary issues relating to asset classes within the context of the economic calendar

Speaker MOHAMED SHAJAHAN ABDUL MAJEED

M.Sc Financial Management

PROGRAMME MERGERS AND ACQUISITIONS MODELLINGDate & Venue 15th December 2015

Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE pointsObjective • Recall the drivers on transactions and how transactions can be modified to suit the various

parties• Construct Excel models and templates for future internal modeling efforts and aiding decision making• Analyse and differentiate between financing and operating synergies• Demonstrate the impact of changes in deal structure, financing mix and capital structure, together with the impact on value throrugh discussion.

ContentL Session 01: M&A Terminology and Course Themes

•Terms in merger analysis• Overview of valuation in M&A• Alternative objectives in valuing M&A: DCF valuation, multiples,• IRR, synergies vs. premium, constrained accretion and dilution analysis Risk analysis and importance of debt capacity in M&A valuation

Session 02: Analysis with Existing M&A Models - Objectives and Structure

• Buy side and sell side presentations in M&A transactions• Standalone target valuation model using DCF and synergy estimates with value build-up• Benefits and problems from using P/E, EV/EBITDA and price to book

Session 3: Discounted Free Cash Flow and Value Drivers

• Financial theory and basis for DCF Model• Development of assumptions through considering industry structure, growth potential, pricing strategy, capital expenditure costs and fixed vs. variable operating costs• Construction of revenue, expense and capital expenditure model section from operating assumptions

Session 3: Discounted Free Cash Flow and Value Drivers (Continue)

• Building flexible models that evaluate different start, explicit and terminal periods• Calculation of depreciation expense• Evaluation of return on invested capital and use of return to evaluate forecasts

Session 4: DCF (Part 2)

• Discussion of measuring growth and WACC• Calculation of terminal value using constant growth assumption• Determination of enterprise value using constant growth assumption and valuation multiples• Sensitivity analysis and scenario analysis for different operating and valuation assumptions

Speaker DAVID MEOWMBA (UK), CFA, FRM, ACMA, CA (M), CFP

Please tick (/)

Programme Date Course Fee(RM)

No of participant

ADVANCED EQUITY VALUATION 13 OCTOBER 1,060 BENEFITING FROM A MULTITUDE OF

CAPITAL MARKET PRODUCTS27 OCTOBER 1,060

GLOBAL FUND MANAGEMENT : STRATEGIES & MEGATRENDS

3 NOVEMBER 1,060

ADVANCED CORPORATE FINANCE WORKSHOP: THE CONSERVATION OF VALUE PRINCIPLE

12 NOVEMBER 1,060

FINANCIAL MODELLING FORECASTING IN EXCEL 16 NOVEMBER 1,060APPLIED BEHAVIORAL FINANCE IN EQUITY

INVESTMENT STRATEGY3 DECEMBER 1,060

INFORMATIONAL EFFICIENCIES OF ASSET CLASSES IN DEVELOPED AND EMERGING

FINANCIAL MARKETS USING INTER MARKET ANALYSIS

10 DECEMBER 1,060

MERGERS AND ACQUISITIONS MODELLING 15 DECEMBER 1,060

PROGRAMME DETAILS

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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: mmasri@pnb.com.my)

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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: mmasri@pnb.com.my

Marketing: aliasd@pnb.com.mySales : asraf@pnb.com.my

www.pnbi.com.my

PNB Investment Institute

PNBi 4th Quarter Calendar

PNB Investment Institute Sdn. Berhad (267888-U)