SGX Academy A Guide to Value Investing (S38) and VALUE INVESTING WORKSHOP 201+ ($1270)
http://www.sgxacademy.com/index.php?option=com_sgx&task=eDetail&id=713
| Course: | Value Investing Workshop 201 (PLA2) |
| Category: | Professional Training |
| Date: | 30-08-2013 To 01-09-2013. ((30, 31 August & 1 Sep) (Friday to Sunday)) |
| Time: | 09:00AM To 05:00PM |
| Venue: | SGX Trading Room 1 |
| Capacity: | 20 |
| Fee: | S$1270 ((Valid till 19 Jul 2013 (U.P. $1495) (Price is inclusive of GST))) |
| Level: | Intermediate to Advance |
| Details: | |
| VALUE INVESTING WORKSHOP 201+
A Practical-Based Course in Building an Equities Research System for Participants who have completed course C101 – Value Investing 101+
Organizers This workshop is facilitated by HML Consulting Group Pte Ltd; a Singapore based corporate advisory firm, in association with EquitiesTracker.com; an independent equities research portal and financial training company with 36 years of track record. EquitiesTrackers.com has conducted more than 250 of similar workshops in Singapore and Malaysia.
Workshop Objectives This is a practical-based hands-on course designed to teach participants who have completed C101- Value Investing 101 (foundation course to Investing) in simple steps on how to build and maintain a professional equities research system.
The primary objective of the course is to teach through exercises, the identification and monitoring of shareholder wealth-creating stocks. This identification is done in conjunction with compounded long term investment returns and targets-setting.
The flip side of compounded returns on cost of living will is also worked through. There will be exercises on the likely impact of long-term compounded inflation rate on living costs including the changing profile of living cost items emphasizing senior years' financial needs.
There will be intensive exercises on market profiling of equities into the six basic stock categories viz. investment grade, emerging grade, cyclical stocks, turnaround stocks, sunset stocks and technology start ups and understanding the applicable investment strategies and philosophies for each categories.
Students will be guided in practical sessions on matching their personal investment return targets with likely returns from stocks picked from investment grade stocks only. The emphasis will be on shareholder wealth creation capability of the stocks selected.
Participants will also be taught on how to compare the stocks picked via use of the generic filters against the Tracker Analyst Diagnostics for deeper profiling, analysis and understanding. Note-keeping will be taught in the maintenance of these comparative lists.
Understanding the profile of each individual stock via use of a version of back-testing for returns will be taught against investment targets and strategies. Note-keeping and use of the Tracker Radar will also be emphasized for continual monitoring.
COMPREHENSIVE COVERAGE OF INDIVIDUAL NEEDS The course will focus on teaching a system for lifelong investing for employees, self-employed, business owners and retirees. Tools employed will involve CAGR calculators, retirement calculators and calculators to compute expenses.
The design and use of manual worksheets will be taught. For those with spreadsheet skills, this can be used in substitution. The worksheets will involve listing of expense items over time and their changing character, compulsory savings, voluntary investments and provision for emergencies.
The use of buy-and-hold or trade strategies will also be taught in a practical simulation via back-testing methods and the EY% Oscillator.
STOCKS MONITORING, BACK-TESTING, PROFILING AND REVIEWS Participants will be setting up their radar screens to monitor selected stocks. There will be a trading simulated exercise to back test a selected stock to determine passive (Buy & Hold) and active (Trading) CAGR returns.
Participants will be taught to profile selected stocks by compiling corporate qualitative news and financial data against reasons for investing in a particular the company.
Factors like a company's profit growth prospects and competition within the sub-sector or industry will be discussed. Participants' overall analysis, notes and reviews will be recorded, printed and filed for future personal reference and updates.
WHO SHOULD ATTEND: This course has been designed for participants who have completed Value Investing Workshop 101 course and planning to be serious investors wanting to build 'long-term' wealth. The course is meant to teach and equip participants with a proper equities research system. Building a proper research system is basic for successful investment for the long-term.
Course Requirements: - Own laptop computer and calculator - Must have attended Value Investing 101+
Workshop Schedule The workshop is conducted over three full days on 2, 3, 4 August 2013.
Time: Friday, Saturday and Sunday (9 am to 5.00 pm) (Lunch from 12.30 pm to 1.30 pm)
Workshop Fee Fee: S$1,495 per participant (include workshop workbook and access to online financial database on Singapore listed companies during the workshop)
Early Bird Special: $1,270
Workshop Syllabus
SETTING INVESTMENT TARGETS 1. Setting Investment Targets 1. Lifelong Investing for Employees, Self-Employed, Business-Owners, Retirees 2. Tools 1. I. CAGR calculators 2. II. Retirement Calculators 3. III. Expenses Calculator 4. IV. Portfolio Allocation Calculator 2. Lifelong Spreadsheets - print and review frequently 1. I. Expenses 2. II. Compulsory Savings 3. III. Voluntary Investments 4. IV. Emergencies
MARKET CATEGORIES, INVESTMENT PHILOSOPHIES & STOCK PICKING 1. Market Categories 1. Investment Grade - Regular Income + Capital Gains 2. Emerging Grade - Potential Income + Capital Gains 3. Cyclical Grade - Taking Advantage of Economic Cycles & Resulting Price Oscillation 4. Turnaround Stocks - Business Turnaround - Improving Prospects 5. Venture/Speculative Stocks - Probability of Getting Winning Percentage 6. Sunset/Failing Stocks - Ownership Change By Stronger Rivals for Market Penetration/Product or Change of Business 7. Investment Approaches 1. Basic Investing Strategy - Remain Invested (But Why & How?) 1. I. Dollar Cost Averaging 2. II. Laddering Techniques 3. Portfolio Planning & Execution 1. Regular savings plan + modified dollar cost averaging for stock accumulation (3ai, 3aii) 2. Lump sum and top ups (3ai, 3aii) 3. Borrow and Leverage down - invest profit only (3aiii) 4. Laddering technique - sum of digits (3ai,3aii,3aiii)
1. Stock Picking 1. Use Market Category Filter 2. Use Generic Filtering Method 3. Tracker Analyst Diagnostics Selection (Due-D, FQA, SWC), compare the list of stocks & pick a stock. 4. Personalising Stock-Pick Worksheet 5. Justify stock-pick on basis of current yields comparison 6. Print Financial Statement Details & Ratios, Analyse & Interpret 7. Print Non-Financial Details, Analyse & Interpret and write notes 8. Evaluation of Positioning in Sub-sector 9. Read Current Briefs of Stock
1. Flight Simulation Simulating market actions in a portfolio
1. Spotting Danger Signs Use of financial time series to uncover potential danger signs before they occur.
Trainers' Profile
Peter Lai Hock Meng graduated with a BA (Honours) degree in Economics from the University of Cambridge, UK in 1980. He obtained his MA (Cantab) in 1983. He is also a CFA and a Fellow with the Chartered Institute of Marketing, UK. Peter's has more than 30 years of experience in investment consulting, treasury management, asset management and securities trading. His career spans from being an investment officer in a central bank, chief foreign exchange dealer in a local bank, managing director of a global stockbroking firm to regional market manager of a regional private bank. He was also formerly an Adjunct Associate Professor in the NUS Business School and the Director-in-Residence with the Saw Centre for Financial Studies. He now manages his own retirement fund, and sits on the boards of several listed companies and advises charities and foundations on the management of their reserves.
Puah Soon Lim graduated from National University of Singapore with a Bachelor degree in Business Administration. He is also a CFA. Soon Lim has nearly 20 years of experience in the financial and investment industries, spanning from money broking, merchant banking, bond sales and trading, investment planning, insurance sales and management of a wealth management sales team. His last decade was spent in a stock broking firm's wealth management unit and currently he is the Associate Director of an Independent Financial Advisor.
Alvin Vong graduated from the University of Western Australia in 2002 and has a degree in Accounting & Finance and a Graduate Diploma in Information Technology in 2004. He is a regular contributor to the EquitiesTracker.com and is the co-author of the EquitiesTracker.com Learn-to-Invest educational series is currently a Director of EquitiesTracker.com and manages private equity investments. Alvin believes in building long-term wealth through equities investing and practices value-based strategies. Alvin is of the opinion that it is never too early or late to start investing.
Stanley Loh graduated from UK with a BA (Honours) Economics in 1979. He is also a Certified Financial Planner (CFP). Stanley draws his investing experience from being involved in the financial services industry for the last 30 years both as a commercial Chartered Accountant and as an Independent Licensed Financial Planner licensed by the Securities Commission in Malaysia. As an Independent Licensed Financial Planner, Stanley assists his clients to plan, execute, monitor and achieve their individual financial goals.
Terms and Conditions: | |
http://www.sgxacademy.com/index.php?option=com_sgx&task=eDetail&id=717
| Course: | A Guide to Value Investing (S38) |
| Category: | Seminars |
| Date: | 27-08-2013 To 27-08-2013. |
| Time: | 07:00PM To 10:00PM |
| Venue: | SGX Auditorium (Level 2) |
| Capacity: | 168 |
| Fee: | S$35 (Valid till 16 August 2013 (U.P. $40)) (Price is inclusive of GST) |
| Level: | Beginner |
| Details: | |
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*Valid till 16 August 2013
Synopsis: As all of us know; a little knowledge is a dangerous thing. Retail investors who received annual reports from the listed companies they invested on might attempt to read diligently with what they on hand; only to realize that a lot of figures remained incomprehensible.
And for those of us who have well-connected stock brokers at our service; our mail boxes would typically be bombarded with analyst reports from Goldman Sac, JP Morgan, DBS and so on. Unfortunately however, other than the target price and buy/sell/hold recommendation; most investors would find it hard to understand most of the technical jargons, particularly when it comes to the valuation process. If it was an initiate report where a full fledge top down analysis was undertaken, investors might be able to come out with some ideas as to what is going on. But if it was a one page update with lots of short hand, the same cannot be said.
It is therefore the aim of this course to equip investors with deeper insight on how to dig for "gold" within the mist of financial statements. Participants will also be taken through a journey in the valuation process where many assumptions and rule of thumbs are tested vigorously. We would also be throwing in quite a number of case studies on companies listed on SGX.
For the seminar itself, participants will be taken through a flow of the technicalities (SOP) of value investing. Many of the ideas would be drilled deeply during the workshop itself where the opportunities for 2 way interaction greatly widen.
*** Note: This is a sister program to "Step by step fundamental analysis for Intermediate Investors Part 1 & Part 2". This program focused more on the more technical issues of value investing. With elements such as trading psychology and economic analysis being taken out, the focus will be on getting the students' hand wet on industry analysis and valuation issues. In addition, the underlying concepts behind value investing will be covered in greater depth.
In other words, this program is especially tailored to investors who are looking for a structural approach to understanding both the strategic and financial aspects of target companies. There will be some number crunching and participants are expected to undertake some homework.
For investors who are looking for a course that cover broader aspects of value investing, please refer to "Step by step fundamental analysis for Intermediate Investors Part 1 & Part 2"
Pre-requisites: Participants are expected to have some basic encounters with annual reports, quarterly financial statements and IPO prospectus. They are not required though to have any formal accounting or finance background. Participants must come with the intention to gain an immediate working knowledge of how financial figures from various sources are linked to one another. They should express a desire not only to look out for good companies but also lousy ones as well; especially when nowadays, one can short a counter using instruments like ETF, single stock futures and CFDs.
This Value Investing Programme comprises three portions:
1. An introductory 3 hour seminar to introduce the various aspects of the program as mentioned above. Participants are expected to walk away with a technical SOP on how to approach industry analysis and valuation.
2. 4 sessions totaling 12 hours of intensive workshops that covers in depth the financial ratio analysis, insights on how to deal with both value and growth stocks, the core drivers of value within value stocks as well as a thorough case study using a selected industry & real life company. Part 1 will end with a detailed valuation report on the case study company.
Click the following for more information about the course: Value Drivers in Fundamental Analysis (C22)
3. 4 sessions totaling 12 hours of intensive workshops that covers in depth advanced financial ratio analysis, as well as the implementation of Alan Lok's proprietary value investing framework on 6 listed companies (3 great companies and 3 not so good companies). The workshop will end with a super shortcut approach to value a target company for participants who do not have much time to undertake research.
Click the following for more information about the course: Fundamental Analysis Framework for Serious Investors (C23)
Learning outcome: at the end of this course, participants will be able to … … · Fully understand the pros and cons of value investing as one of the many investment philosophies available in the universe · Understand why efficient market hypothesis (EMH) does not really matters much in reality · Appreciate the difference between growth stocks and value stocks · Undertake an basic but independent financial analysis · Pinpointing the exact spot where information on what exactly drives the business is found · Conduct a thorough fundamental analysis on his or her portfolio to identify potential candidates to long or short · See through a company with a reasonable degree of accuracy within a 30 minutes time frame
Seminar Outline
A Guide to Value investing (3 hrs seminar)
What exactly is value investing? Definition of Value Investing · Growth versus value stocks · Value extraction process · Market timing belief
Different assumptions in Value Investing · Efficient market hypothesis à what has it got to do with value investing? · Is there value in active research? · Short-term mispricing of assets · Power of compounding · Why investing with fund managers typically do not work in the long run
Strategy analysis – also known as industry analysis · Why is industry analysis important? · Success driving factors · Risk factors · Sector classification · Importance of case study
What tools to use for valuation? · Is there a need for valuation? · Assumptions behind valuation · What does valuation attempts to achieve · Concept of fair value · Introduction to traditional valuation parameters (comparables) · Introduction to traditional valuation parameters (flow) · Introduction to modern parameters
Excel spreadsheet modeling · The war machine behind any stock analyst's report à Rationale behind modeling · Standard operating procedure · Importance of assumptions · Sensitivity analysis
Speaker's Profile: Alan Lok currently holds the position of senior investment manager in a renewable energy MNC based in Singapore. His portfolio revolves around carrying out intensive due diligence exercises in North America, Europe and Asia Pacific.
Prior to that, he was serving on the board of Sabio Global Singapore, a buy-side boutique research house, holding the position of investment strategist. Alan joined Sabio Global Singapore in 2009 and successfully spearheaded the equity research division.
As the anchor speaker for Sabio Global, Alan appears regularly on various financial media such as CNBC, Financial Times, The Edge and The Straits Times where he expresses his views on issues related to behavioural finance and macroeconomics. He was also featured regularly as one of the anchor speakers on Mediacorp's "Good Morning Singapore" – a leading Mandarin speaking TV financial program in Singapore.
Before joining Sabio Global Singapore, Alan was a sell-side Investment Analyst with SIAS (Security Investment Association of Singapore) Research, the largest independent research house in South East Asia with over 120 Singapore Exchange and Bursa Malaysia-listed companies under coverage.
Despite his busy schedule as an analyst in the past decade, Alan has in his spare time conducted numerous corporate training as well as playing pivotal roles in quite a handful of management consultancy projects.
To date, Alan has conducted training for clients and students from Singapore Stock Exchange (新加坡交易所), Singapore cooperation enterprise (新加坡公共事务对外合作局), Bank of Tokyo Mitsubishi: UFJ, BNP Paribas, Credit Agricole CIB (Singapore), DBS, DNB Nor Bank, JL Capital, HSBC, Munich RE and Zen Technology in areas of asset valuation & derivative accounting.
Alan also served as an adjunct lecturer (客座讲师) at Xi 'an Jiaotong University (西安交通大学), Nanyang Technological University (南洋理工大学) and SGX Academy.
Alan holds the title of Chartered Financial Analyst (CFA) as well as Certified Financial Risk Manager (FRM).
Terms and Conditions: Alternatively, you may pay by cheque to "SGX Academy" and mail the cheque to: | |
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