Asia Real Estate & REITS

Asia Real Estate & REITS
Event Date: 
Thu, 12 Oct '17, 9:00am to Fri, 13 Oct '17, 5:00pm
Venue: 
6 Battery Road #10-01 Singapore 049909
Organisers: 
RHT Academy
Sypnosis: 

The 2 day Asia Real Estate & REITs Course will sharpen your understanding of the Asia real estate capital markets, and provide you with an update on key real estate investment trends and risks for 2017. Specifically, the course will explore public and private debt and equity structures, valuation techniques of Asia developers and REITs, and creative financial engineering structures used by Asia REITs.

This course would enhance the investment knowledge and financing capabilities of your investment and finance team.

After attending this workshop, participants will be able to:

  • Understand Asia real estate capital markets; public/ private debt and equity structures and valuation techniques of Asia developers and REITs
  • Enhance profitability with cutting-edge real estate models, strategic structures and proven value added techniques
  • Value multiple real estate assets and developments using 3 recognized approaches
  • Contrast the pros and cons of direct, private equity, fund and REIT structures
  • Evaluate the Asia real estate investments trends and key risks for 2017
  • Analyze complex development and existing asset models and structures

TRAINING METHODOLOGY
Lecture style, with Exercises/Case Studies
Participants are required to bring their own laptops

PROGRAMME AGENDA

DAY 1: 12th October 2017

AM SESSION

  • Investigate the impact of the economic environment and investment climate on real estate returns
  • Understand shareholder value creation, ROIC and WACC
  • Consider the impact of international factors, government policy and interest rates and their flow-on effect to real estate values
  • Identify the characteristics of the sectors of the real estate market (residential, commercial, retail and industrial) and their associated drivers 
  • Discuss real estate as an asset class and compare to other asset classes. 
  • Outline the differences between the listed and unlisted real estate markets to uncover the advantages and disadvantages of each as an investable asset class
  • Evaluate Asia real estate investment opportunities in 2017 
    - Identify key real estate risks for Asia
    - Analyze key real estate investment markets and sectors in Asia
    - Structure investment ideas to profit from Asian real estate

PM SESSION

  • Differentiate between different classifications of debt 
  • Distinguish between various forms of debt and equity within a capital structure 
  • Analyze the drivers of real estate returns by constructing a simple excel cashflow model
  • Explain and evaluate the financial leverage role in real estate investment 
  • Examine Debt Financing 
    - Types/ Structures
    - Lending Institutions
    - Financial Leverage
    - Bank Debt v Securitization - CMBS 
    - Development Financing 
    - Mezzanine Financing 
    - Distressed Assets 
    - Case Study - Mezzanine Debt Underwriting of a Hotel and Office Development project in Singapore

DAY 2: 13th October 2017

AM SESSION

  • Investigate the impact of the economic environment and investment climate on real estate returns
  • Understand shareholder value creation, ROIC and WACC.

Calculating the cost of equity, cost of debt and WACC (Weighted average cost of capital)

  • What is cost of capital?
  • Deriving the Cost of equity, cost of debt & WACC in practical terms
  • Computing the beta for a stock
  • Estimating the equity market risk premium
  • Examine the concept of a tax shield
  • Understand why Capital structure is important and how it creates value

Discounted cash flow valuation

  • Describe the basis for making projections of future cash flows 
  • Computing free cash flow
  • Determining terminal value using different methods
  • Determine fair value
  • Sensitivity and Scenario analysis
  • Case Study - DCF Valuation of a listed Thailand residential developer

Comparable valuation methods

  • Price to earnings – Not all P/Es are created equal
  • Price to book
  • Price to sale
  • Price to cash flow
  • EV/EBITDA ratio

Sum of Parts Valuation

  • How to value the different cashflow parts of the business
  • Case study based on the CapitaLand Business model SOTP valuation

PM SESSION

  • Evaluate the Singapore REIT structure and regulatory requirements
  • Compare REITs to other asset classes
  • Understand the advantages and disadvantages of REITs
  • Analyze the motivations of cross border REITs for Singapore
  • Consider the latest consultation proposals from the regulators for upcoming changes to the Singapore REIT market; feedback and considerations from various stakeholders.
  • Identify the valuation metrics that drive Asia REIT returns
  • Contrast different types of REITs in Asia and globally
  • Highlight the differences between REITs and Business Trusts
  • Contrast the structure of Business Trusts in Singapore and HK 
  • Case Study of a listed Business Trust in Singapore 
  • Discuss the Asia REIT outlook and major themes for 2017

WHO SHOULD ATTEND


This training course is specifically designed for decision makers in all organizations and aimed mainly at:  

  • CEOs, CFOs, COOs with responsibility for Strategic Management 
  • Investment bankers
  • Real estate consultants
  • Management consultants
  • Private Equity investors
  • Financial analysts
  • Institutional Funds and Portfolio Managers
  • Retail investors

Participants are not required to have specific prior experience of any of the subject areas. More experienced individuals will be able to build on their knowledge through practical, current case studies.

SPEAKER

Professor Roy Ling, CFA

Prof. Roy Ling is currently a Managing Director at RL Capital Management. Concurrently, he also serves on the Boards of several listed companies across Asia, as an Adjunct Professor in Finance at the EDHEC Business School, and as a Consultant with RHT Strategic Advisory and RHT Academy.

Prior to RL Capital, Prof. Ling was a senior real estate investment banker with JPMorgan, Lehman Brothers, Goldman Sachs and Salomon Smith Barney, performing a broad range of corporate finance, equity research and real estate financings. Prof. Ling is a Chartered Financial Analyst and was a former Board Director of the CFA Society of Japan. He was honored as one of 20 Rising Stars in Real Estate by Institutional Investor in 2008. 

He graduated from INSEAD with a Global EMBA and from the National University of Singapore with a Bachelor of Business Administration with Honors.  

OTHER DETAILS 

Early bird rates applicable until Friday, 08 Sept 2017

Registration begins from 8:30AM onwards

For further enquiries, please write to events@rhtacademy.com or call +65 6381 6374

Please click here to register.

COURSE CERTIFICATE

You will receive a Certificate of Attendance upon successful completion of the course bearing the signatures of the Course Trainer and RHT Academy. This Certificate will serve as proof of your participation and can be used towards your continuing professional development.