Managing enterprise value through corporate actions - Workshop 2018

In recent years, the Chinese companies are engaged with “Enterprise Value Management” (市值管理) after the State Council issued directives encouraging companies to enhance Enterprise Value through corporate actions.

In this workshop, the speaker will examine the various changes in fundamentals that would lead to the re-rating (and de-rating) of companies as well as citing examples from international and local markets from the perspectives of institutional investors (fund managers). The speaker will also explore when would various corporate actions (including M&A, Spin-off, Right issues, Change in Dividend Payout, Stock Buyback and Splits) enhance shareholders’ value as well as how would sustainability investing affect Asian companies’ valuation as it is a prominent investment theme in Europe and the US.

Key topics covered:

• The 4 Drivers for valuation multiples Re‐rating (and De‐rating)
• Unlock your company’s value with Corporate Actions
• When would M&A, Spin-off, Right issues, Change in Dividend Payout, Stock Buyback and Splits enhance shareholders' value
• Advanced topics on FX hedging and capital raising channels
• How would ESG / Sustainability Investing affect your company

Trainer profile:

Anthony Cheung, Managing Director, Hamon Asset Management

Prior to Hamon, Anthony served as Executive Director and Portfolio Manager, Asia Pacific at BNP Paribas in Hong Kong, as Senior Portfolio Manager at Pictet Asset Management in London and Investment Manager at Gartmore Investment Management in London. Mr Cheung holds a BSc Economics from the London School of Economics and Political Science (LSE). He serves at the Hong Kong Institute of Directors (HKIoD) as Training Committee Member and at the Chartered Institute for Securities and Investment (CISI) as Senior Representative, Asia Pacific. Mr Cheung is currently an Independent Non-executive Director of IPE Group Limited (stock code: 929.HK). He is an active participant in corporate governance, stewardship and responsible investment.

Learning objectives

• Understand the Drivers for valuation multiples Re‐rating
• Explore when would M&A and other corporate actions enhance shareholders' value
• Appreciate the importance of ESG investing and how would Investing in Sustainability drives valuation re-rating of listed companies
• Develop the awareness to enhance ESG reporting and performance of your company

Audience

This workshop is suitable for finance professionals, accountants, board members (ED/INED), investors, and anyone who are interested in managing enterprise value through corporate actions.