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Title

Asia Real Estate Investment and Finance Workshop

Event Description

​Asia Real Estate Investment and Finance Workshop​ 

on 5 & 6 March 2018 (Monday and Tuesday) 

Eligible for FTS and Skills Future Claims

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Overview:

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 2018.

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.

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 2018

•    Analyze complex development and existing asset models and structures

Who should attend ?

This training course is specifically designed for junior-to-mid level experience real estate executives and tailored specially for: 

•    Management associates at developers and REITs

•    Investment bankers

•    Real estate advisors

•    Financial analysts

•    Institutional investors

•    CFA candidates

​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.

Training Methodology

  • Lecture style, with Exercises/Case Studies
  • Participants are required to bring their own laptops with Microsoft Excel install for this workshop

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Course Outline :

Day 1 Morning: Overview of Asia Real Estate​

  • Investigate the impact of the economic environment and investment climate on real estate returns.
  • Introduction to shareholder value creation, ROIC and WACC.
  • Understand risk management and interrelated risks.
  • Consider the impact of international factors, government policy and interest rates and their flow-on effect to real estate values.
  • Evaluate Asia real estate investment opportunities in 2018
  • 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

​D​ay 1 Afternoon: Public and Private Debt Financing

  • Differentiate between different classifications of debt 
  • Distinguish between various forms of debt and equity within a capital structure 
  • Evaluate the drivers of real estate returns by constructing a simple excel cashflow model
  • Understand the role of financial leverage in real estate investment 
  • Explore the basis for making projections of future cash flows
  • Examine Debt Financing structures

               –    Bank Debt v Securitization - CMBS
               –    Development Financing
               –    Mezzanine Financing
               –    Distressed Assets
               –    Case Study - Real Estate Mezzanine Debt Underwriting of a Hotel and Office mixed used development in Singapore
Day 2 Morning: Equity Valuation of Listed Developers and REITs

  • Investigate the impact of the economic environment and investment climate on real estate returns.
  • ​Exam​ine shareholder value creation, ROIC and WACC, and the value drivers in real estate.

Calculating the cost of equity, cost of debt and WACC (Weighted average cost of capital)
•    Understand the cost of capital
•    Explore the concept of a tax shield
•    Evaluate why Capital structure creates value
•    Learn practical considerations when computing WACC

Discounted cash flow valuation
•    Understand shareholder value creation, ROIC and WACC
•    Determine the terminal value using different methods
•    Understand sensitivity and scenario analysis
•    Case Study - Real Estate DCF Valuation of a listed Thailand residential developer

Comparable methods
•    Learn how to accurately create a comparable table
•    Determine the pitfalls of how to game the comparable method
•    Understand why not all P/Es are created equal

Sum of Parts Valuation
•    Understand how to value the different strategic business units of a diversified developer
•    Learn the shortfalls of the SOTP valuation method
•    Case study based on the CapitaLand Business model SOTP valuation

 Day 2 Afternoon: Asia REITs and Business Trusts

  • ​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

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Course fee :

CFA Singapore member :

S$1,580* (Early bird fee) / S$1,780* (Standard fee)

Non-member :

S$1,780* (Early bird fee) / S$1,980* ​(Standard fee)

*Price subject to 7%  GST

*10% off for 3 or more delegates​

* Early bird fee valid till  12 February 2018

Course fee includes :

Course materials, lunch & refreshment​

Event Type

Society; Educational

Education Topic

Equity Investments

Start Time

3/5/2018 9:00

End Time

3/6/2018 17:00

City

Singapore

State/Province

 

Event Country

 

Event Region

Asia Pacific

Location Info

​TBC

Speaker

Prof. Roy Ling

CE Credits

14

SER Credit

NA

Currency

SGD

Member Price

S$1,580 (early bird fee) / $1,780 (Standard fee) *Subject to 7% GST

Non-Member Price

S$1,780 (early bird fee) / $1,980 (Standard fee) *Subject to 7% GST

Candidate Price

NA

Registration

Please send your registrtation to eventmanagement@cfasingapore.org​

All Day Event

 

Recurrence

 

Event Photo

 

Custom Event Type

WS

Date

 

Text

 

Event Type

workshop

Function Type:

Workshop

Attachments

2018-03-05 and 06 Asia Real Estate Investment V1.pdf    
Content Type: MyCFA Calendar
Created at 1/12/2018 18:07 by EVENTMANAGEMENT@CFASINGAPORE.ORG
Last modified at 1/12/2018 18:20 by EVENTMANAGEMENT@CFASINGAPORE.ORG