PNBi 2nd quarter Calendar

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1 PNBi 2nd quarter Calendar APRIL - JUNE 2015 PNB Investment Institute PNB Investment Institute Sdn. Berhad ( U) Suite PNB Darby Park, No. 10, Jalan Binjai, Kuala Lumpur Registration and enquiries: En. Alias Daud aliasd@pnb.com.my Tel: En. Asraf Abdul Rahman asraf@pnb.com.my Tel:

2 WORKSHOP NO TOPIC SIDC-CPE APPROVE 1 VALUATION MODELLING AND ANALYSIS : DISCOUNTED CASH FLOW (DCF), EARNINGS MULTIPLES AND LEVERAGED BUYOUT (LBO) MODELS SPEAKER 10 CPE POINTS JUSTIN ONG KH PRICE (RM) (inclusive of 6% GST) *DATE 1,060 9 APRIL 2 DELISTING AND RELISTING AND IMPACT ON SHAREHOLDER S WEALTH 10 CPE POINTS WONG LOKE LIM 1, APRIL 3 FINANCIAL MODELING FORECASTING IN ECXEL 4 CURRENCY MANIPULATION : GOLD, FIAT MONEY & THE MODERN INTERNATIONAL MONETARY SYSTEM 5 BONDS, SWAP AND OTHER FIXED INCOME INSTRUMENTS 10 CPE POINTS DAVID MEOW 1,060 6 MAY 10 CPE POINTS JAGDEEP SINGH 10 CPE POINTS WONG LOKE LIM 1,060 7 MAY 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, JUNE * Subject to changes

3 PROGRAMME VALUATION MODELLING AND ANALYSIS: DISCOUNTED CASH FLOW (DCF) and EARNINGS MULTIPLES, LEVERAGED BUYOUT(LBO) Date & Venue 9th April 2015 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 JUSTIN ONG KH CFA, FRM, CA(M)

4 PROGRAMME DELISTING AND RELISTING AND IMPACT ON SHAREHOLDER S WEALTH Date & Venue 14th April 2015 SIDC-CPE 10 CPE POINTS Objective 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 WONG LOKE LIM CA, CFP

5 PROGRAMME FINANCIAL MODELING FORECASTING IN EXCEL Date & Venue 6th May 2015 SIDC-CPE 10 CPE POINTS Objective 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. To construct advanced financial modelling To demonstrate useful shortcut in Microsoft Excel for financial modelling in order to effectively expedite financial model construction Content Able to formulate the financial modelling and project financing concepts learned in this w workshop in building an actual financial model Session 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 2: Financial Statements Reporting and Analysis Template for financial ratios Multivariate Analysis Session 3: Revenue Recognition Revenue Forecasting Risk Assessment Data Table Concepts Session 4: 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 DAVID MEOW MBA (UK), CFA, FRM, ACMA, CA (M), CFP

6 PROGRAMME CURRENCY MANIPULATION : GOLD, FIAT MONEY & THE MODERN INTERNATIONAL MONETARY SYSTEM Date & Venue 7th May 2015 SIDC-CPE Objective Content 10 CPE POINTS Relate how the changing global economic landscape is responsible for the present day International Monetary system Describe how currencies move against each other and the effects of previous competitive devaluations and how this has contributed to increasing volatility in financial markets Assess how the present International Monetary arrangement will affect economic growth and capital markets globally Session 1:The Gold Standard & The Era of Stable Economic Growth Bi-metalism the role of the Silver dollar & Stable monetary environment Pre-World War I The Great Depression Lack of Adherence to the Gold Standard & Prolonged Global Recession Adjustments to the gold standard during the New Deal Advent of the Second World War Session 2: Bretton Woods & the IMF : The era of Fixed rate currencies & the Nixon Shock The Great Economic Debates at Bretton Woods : Keynes vs White Global Economic Growth after World War II The Dominant US Economy - the US Dollar as the Reserve currency of the world The Nixon Shock Going off the dollar S e s s i o n 3 : T h e E r a o f F l o a t i n g C u r r e n c i e s : C u r r e n c y C r i s i s, Wa r s & C o m p l i c a t e d E c o n o m i c Relationships Implications of a world living on Fiat Money The (increasingly redundant) International Fisher Effect Triffin s paradox: Does the world still needs the Americans to keep consuming. The Era of Competitive Devaluations: China & the SEA Nations. Yen vs Dollar vs Yen Session 4: Gazing into the Future : Currency Wars & Manipulation, Alternative Stores of Value : Gold Was and Is Quantitative Easing tantamount to a currency war? Predicting appreciating currencies Is it possible The Implications of today s volatile monetary system on capital markets globally and in Malaysia Investing in Gold a viable alternative to storing wealth vs fiat money JAGDEEP SINGH CFA, FRM, ACFE, CIMA, CFP

7 PROGRAMME BONDS, SWAP AND OTHER FIXED INCOME INSTRUMENTS Date & Venue 8th May 2015 SIDC-CPE 10 CPE POINTS Objective The features/benefits and risks/rewards of bonds, fixed income instruments and swaps The dynamic nature of the yield curve and its implications on bond prices The risks of investing in debts capital market instruments The passive and active fixed income portfolio management techniques The applications of bonds, swaps and fixed income instruments in the investment portfolio Content Session 1 : a) The fixed income market Overview of bond markets Review of TVM, price/yield relationships b) Overview of corporate debt instruments Corporate bonds Medium term notes Managing the yield curve c) Exercise: Relative value in the corporate bond market Session 2 : a) Long-term debt Yield considerations Senior/subordinated structures Secondary trading and liquidity concerns Session 3: a) The High-yield bond market High-yield security types, market dynamics and composition Returns and default rates Client strategies and performance evaluation Exercise: Evaluating a high-yield transaction Session 3 : a) Credit Derivatives Overview of the market Issuance characteristics convertibles, ABS, perpetual, CDS/CDOs Pricing Deal examples b)participants will examine this recently issued hybrid/exotic bond, examining: Pricing considerations Target investors Marketing role WONG LOKE LIM CA, CFP

8 PROGRAMME CORPORATE ACTION Date & Venue 9th June 2015 SIDC-CPE 10 CPE POINTS Objective To analyse corporate actions adopted by companies and the financial impact on the underlying companies financial performance and financial positions. To enhance corporate or financial securities valuation resultingfrom various corporate actions To assess the impact to various stakeholders, e.g.minority shareholders and the general public in certain controversial corporate actions. Content Session 1: Distribution Policies and Strategies Cash dividends In-specie dividends Bonus shares Capital repayment Stock splits and consolidation Session 2: Reactions to Share Prices Privatisation exercises Share buybacks Mergers and takeovers Session 3: Capital Structure Decisions Leverage and bond issues Secondary offerings rights issues and dual listing Session 4: Corporate Restructuring Spinoffs and demergers Reverse takeover (RTO) DAVID MEOW MBA (UK), CFA, FRM, ACMA, CA (M), CFP

9 PROGRAMME VALUATION OF COMPANIES AND COMMON PITFALLS IN MERGERS AND ACQUISITIONS Date & Venue 15th June 2015 SIDC-CPE 10 CPE POINTS Objective 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 WONG LOKE LIM CA, CFP

10 PROGRAMME DETAILS 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 DELISTING AND RELISTING AND IMPACT ON SHAREHOLDER S WEALTH 9 APRIL 1, APRIL 1,060 FINANCIAL MODELING FORECASTING IN ECXEL 6 MAY 1,060 CURRENCY MANIPULATION : GOLD, FIAT MONEY & THE MODERN INTERNATIONAL MONETARY SYSTEM BONDS, SWAP AND OTHER FIXED INCOME INSTRUMENTS 7 MAY 1,060 8 MAY 1,060 CORPORATE ACTION 3 JUNE 1,060 VALUATION OF COMPANIES AND COMMON PITFALLS IN MERGERS AND ACQUISITIONS 15 JUNE 1,060

11 PNBi 2nd QUARTER CALENDAR 2015 PROGRAMME REGISTRATION FORM NAME (MR/MRS/MS) NRIC NO. POSITION SIDC CMSRL LICENSE NO. (IF ANY) PARTICIPANT DETAILS COMPANY: MAILING ADDRESS: COMPANY DETAILS CONTACT PERSON: POSITION: POSTCODE: COUNTRY: TELEPHONE: FAX: PAYMENT DETAILS LETTER OF UNDERTAKING Enclosed is a Letter of Undertaking (LOU) from our company for the payment of RM for the registration of pax. CHEQUE/ DRAFT Enclosed is the crossed cheque / bank draft (No: ) of RM (.) for the registration of. pax, payable to PNB Investment Institute Sdn Berhad BANK TRANSFER GST : Account holder: MAYBANK NO: * Please or fax ( ) us the bank-in slip / transfer confirmation together with the c completed registration form. FINANCE / HUMAN RESOURCES/TRAINING DEPARMENT APPROVAL 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 LEVEL 4, PNB DARBY PARK COMMERCIAL CENTRE NO 10 JALAN BINJAI, KUALA LUMPUR Tel: Fax No: For registration, kindly contact Muhamad Masri D/L: ( mmasri@pnb.com.my)

12 CONTACT US PNB INVESTMENT INSTITUTE SDN BHD LOT 4.8.4, LEVEL 4 PNB DARBY PARK COMMERCIAL CENTRE NO. 10 JALAN BINJAI KUALA LUMPUR / MUHAMAD MASRI / ALIAS DAUD / ASRAF ABDUL RAHMAN Registration: mmasri@pnb.com.my Marketing: aliasd@pnb.com.my Sales : asraf@pnb.com.my PNB Investment Institute

13 PNBi 2nd Quarter Calendar 2015 PNB Investment Institute Sdn. Berhad ( U)

PNBi 2 nd Quarter Calendar

PNBi 2 nd Quarter Calendar APRIL JUNE 2017 For Registration & Enquiries: En. Asraf Abdul Rahman Email : asraf@pnb.com.my Tel : 03-2171 2304 En. Muhamad Masri Bin Mustaffa Email : mmasri@pnb.com.my Tel