1. Seminar Objectives

This is an introductory course on value investing. The target audience would be junior portfolio managers and analysts.  At the end of the course, a participant would

2. Seminar Outline

B. Degrees of Value Investing
-Traditional value – Across any cycles
-Deep Value – Broken growth story?
-Bankruptcy/Turnaround Situations – Greatest value extraction
 

C. Different Assumptions In Value Investing
-Weakly efficient markets
-Possession of high information rratio
-Short-term mispricing of assets
 
 
II. Bases of Value Investing : What tools to use?
A. Traditional Valuation Parameters
-Price-Earnings ratio
-Price-Book Value ratio
-Price-Sales ratio
-Dividend yield

B. Asset-Based Parameters
-Tobin’s Q ratio
-Liquidation :  Sum-of-Parts valuation
-Asset replacement value

III. Beliefs of Value Investing : How to Value Assets? 
A. Comparison Versus Historical Averages
-Economy at cyclical trough & peaks
-Industry/Sector at cyclical trough & peaks
-Company at cyclical trough & peaks
 

B. Comparison Versus Industry/Sectoral Averages
-Global industry/sectoral peers
-Regional industry/sectoral peers
-Local industry/sectoral peers
 

C. Comparison Versus Market Averages
-Global market rating
-Regional market rating
-Local market rating

 Speaker's Profile

Benjamin Yeo Kay Chee, CFA

Benjamin is a seasoned, 20-year career investment professional, who since university and post graduate studies has accumulated a broad depth of exposure in the management of most aspects of contemporary investment research, portfolio construction and risk management. His experience and skills span global, regional, country and sector markets and mandates, different asset classes and investment styles including unlisted investments and hedge funds, and most importantly, the various and varying market and economic conditions which had prevailed over the last 20 years. Benjamin’s experience also includes effective leadership and client relationship skills, essential to managing investment teams and client expectations with regard to current but ever changing investment issues.

In 1990, Benjamin began his career with the Government of Singapore Investment Corporation (GIC), and for the ensuing 14 over years was able to benefit from an otherwise rare investment learning experience. From within one of the world’s most sophisticated global investment institutions and sovereign wealth funds, he was either directly or indirectly involved in the management of many different asset classes and investment opportunities and proposals, all of which required high levels of skill and competence, particularly with regard to the formulation and execution of various asset allocation decisions, investment structures and strategies.

Armed with specialist knowledge of investment and corporate research, portfolio construction and management, Benjamin’s involvement ultimately included sophisticated investment strategy formulation and execution (using equally sophisticated techniques and tools) as a Global Sector Chief Investment Officer. Key responsibilities also included contributing to the execution and management of complex, unlisted and bespoke alternate investments, creating investment philosophies and processes, mentoring junior investment professionals, and creating and developing various systems and procedures to enhance portfolio management, management reporting and risk control. As a Global Portfolio Manager and senior research professional, he has experienced several economic and business cycles, and how they impacted the capital markets of the US, Europe and Asia. As Head of the Global Consumer Discretionary Research Group, he has also had detailed experience in many specialist sectors including global consumer, automobile, media, specialty retailing and housing construction.

Subsequently, Benjamin moved on to be the Executive Director and Head of UBS Wealth Management Research Asia, where for close to 3 years he led a team of analysts generating and researching investment ideas for Asian economics, equity, corporate bonds, fixed income and investment funds. He was also involved in the management of Asian discretionary portfolios and was the appointed global media spokesman for UBS Asian research. Thus, Benjamin was actively involved in the communication of investment ideas to clients across the various media and platforms as keynote speakers. Before UBS, Benjamin was involved in the research and investment management of a pan-Asian, long-short hedge fund for approximately 2 years.

His last appointment was with Unity Capital Singapore (Pte) Limited where he was Managing Director, Head of portfolio management for an Asian start-up involved in a broad range of investment products, ranging from private equity, hedge funds, sector and Asian dedicated funds. Together with a team of portfolio managers and analysts, he was spearheading various new investment mandates from early 2009 onwards.  

Benjamin graduated with a Bachelor of Business Administration Honours degree from the National University of Singapore in 1990. In 1994, he was awarded the Chartered Financial Analyst charter

Terms and Conditions:

Closing Date :

All seminar/course registration applications must be received by SGX Seminars Secretariat 10 business days (unless otherwise stated) before the seminar/course commences.

Changes:

Singapore Exchange reserves the right to make changes to the time, date, syllabus, speakers, venue or cancel the course if warranted by circumstances beyond its control.

Cancellation and Transfer Policy:

Cancellation for a registration must be made in writing at least 10 business days before the event and a refund (less a 10% administrative fee of total course fee) will be made. No refunds will be given for cancellations received less than 10 business days prior to the event. All requests for replacement must be made in writing at least 3 business days prior to the event.

Registration:

Register online and make payment via credit card or cheque at http://www.sgxacademy.com

Alternatively, you may pay by cheque to "SGX Academy" and mail the cheque to:

SGX Academy Secretariat
10 Shenton Way #13-02
MAS Building, Singapore 079117

Please provide your name, email, mailing address and contact no., seminar title and date on the reverse of the cheque.

Enrolment is contingent upon receipt by Singapore Exchange of full payment and availability of space in the class. A confirmation note will be sent via email 10 business days before the seminar/course commences.