Finance and Economics

Hyflux Ltd in Financial Distress

​Ho Kim Wai, Shirley Koh and Lau Yin Kheng

Case Ref No.: ABCC-2019-006

Pub. Date: JUNE-2019

Category: Finance and Economics

Topic(s): Governance; Strategy

Case Length: 26 pages​​

Abstract: In May 2018, Singapore’s publicly-listed Hyflux Ltd, the world’s fifth largest desalination plant supplier, filed for court-supervised reorganisation of its liabilities and businesses. The company’s total liabilities had escalated to S$3.4 billion (Including contingent liabilities); while its readily available cash balance was S$18.9 million and its market capitalisation was S$165 million. The revelation that the once-star company was under water and drowning in debt shocked the stakeholders. How and why did this reversal of fortune happen? Were there any red flags leading to this fallout? How would the financial restructuring affect the stakeholders?

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Hedging IDR Exposure through Onshore Forward or NDF?

​Kong Yoon Kee

Case Ref No.: ABCC-2018-035

Pub. Date: NOV-2018

Category: Finance and Economics

Case Length: 10 pages​​

Abstract: Michael, CEO of Deltrix Lumberjack, pitched his company’s equipment to an Indonesian firm.  Regulation required quotations to be in Indonesian Rupiah (IDR).  Amidst competition, Michael improved his quotation from IDR equivalent to US$4.85 million, to US$4.70 million.  10% IDR depreciation could wipe out Deltrix’s US$ profits. Dan, Deltrix’s treasurer, was to recommend whether to hedge the IDR receivables. Hedging could be through the onshore forward or offshore IDR Non-Deliverable Forward (NDF).  NDFs were settled via the payment or receipt of a Settlement Amount, which together with the spot transaction at maturity, would hedge the amount of US$ to be converted.

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Vistaar Lends Itself to Small Businesses

Varadharajan Sridhar

Case Ref No.: ABCC-2018-029

Pub. Date: NOV-2018

Category: Finance and Economics

Topic(s): Accounting; Entrepreneurship; Strategy

Case Length: 17 pages​​

Abstract: The Micro, Small and Medium Enterprise (MSME) sector in India was one of the most vibrant, employing about 100 million people in about 46 million firms throughout the country. This sector, however, was highly unorganised with inadequate credit availability. Brahmanand Hegde, a banker by profession and Ramakrishna Nishtala, an industrial engineer, together created Vistaar Finance in 2010 with the intention to serve micro enterprises. The case illustrates the unique credit assessment methodology developed by Vistaar to cater to the financial needs of small manufacturing companies, power looms, agriculture-allied activities, small hotels and shops, and home-based enterprises.

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Cordlife Group: Valuing the Business of Life

Low Buen Sin, Danielle Yew and Gillian Yeo

Case Ref No.: ABCC-2018-015

Pub. Date: JUNE-2018

Category: Finance and Economics

Case Length: 28 pages​​

Abstract: Joshua Shen found himself saddled with a project that blurred the lines between his professional and personal lives. His CIO wanted him to evaluate the suitability of the shares of Cordlife Group as private placement for a private banking client. Cordlife was not your typical firm: it was an umbilical cord tissue bank, in the business of life itself. Joshua had just banked his first-born’s cord cells with them. But, more often than not, a good product does not necessarily mean a good company, and a good company does not necessarily mean a good stock. How does one value such a business? Should he recommend the investment to the client, and on what basis?

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Filecoin’s Initial Coin Offering: Using Blockchain to Decentralise Storage

Low Buen Sin and Lim Wee Kiat

Case Ref No.: ABCC-2018-014

Pub. Date: MAY-2018

Category: Finance and Economics

Topic(s): Business and Government; Entrepreneurship; Strategy; Technology

Case Length: 13 pages​​

Abstract: Over the fall of 2017, Filecoin, a blockchain-based cloud storage startup, raised more than US$233 million from more than 2,000 investors. It achieved this largely through the novel funding mechanism, initial coin offering (ICO) and in the absence of an actual product or service. This case chronicles the genesis and development of Filecoin, with a focus on the background and mechanics of its ICO. It also introduces students to the technical core of its storage protocol and how blockchain technology, through Filecoin tokens, could monetise that feature. The case also highlights the regulatory implications concerning ICOs.

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Why Are Rating Agencies so Optimistic about Genting Berhad?

Nandini Vijayaraghavan and Gillian Yeo

Case Ref No.: ABCC-2018-012

Pub. Date: MAR-2018

Category: Finance and Economics

Topic(s): Strategy

Case Length: 24 pages​​

Abstract: Malaysia headquartered Genting Berhad has been assigned highest credit rating among global gaming companies. Using Genting Berhad as an example, this case study delineates the concepts of credit ratings in general, credit ratings of corporates in particular, and industry specific credit rating methodology. The case study prompts users to adopt a systematic approach to fundamental and counterparty analysis by assessing the impact of the macro economy, industry environment, and company specific attributes in evaluating a company’s debt servicing ability.

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Olam’s Corporate Strategy: Becoming the Most Differentiated and Valuable Global Agribusiness

Ho Kim Wai, Shirley Koh and Lau Yin Kheng

Case Ref No.: ABCC-2018-007

Pub. Date: FEB-2018​

Category: Finance and Economics

Topic(s): Accounting; Strategy

Case Length: 26 pages​​

Abstract: Founded in 1989, Olam International Limited began as a small trader of cashew nuts. Over the years, it grew into a multi-country, multi-product integrated agribusiness. In 2016, Olam was one of the 30 largest Singapore Exchange-listed companies by market capitalisation and recorded annual turnover of S$20.6 billion (US$14.2 billion). This case examines Olam’s corporate strategy in three chronological phases: (i) 1989-2005; (ii) 2006-2012; (iii) 2013-2016. As Olam set out to realise its new vision of becoming the most differentiated and valuable global agribusiness by 2040, what challenges would it have to overcome?

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Kossan Rubber Industries Berhad: Stretching to its Maximum Potential Through an Expansion Strategy

Siriwan Chutikamoltham and Lim Chee Ming

Case Ref No.: ABCC-2018-004

Pub. Date: JAN-2018​

Category: Finance and Economics

Topic(s): Business and Government; StrategyCase Length: 19 pages​​

Abstract: Kossan is a publicly listed company in Malaysia that produces a variety of rubber gloves for industrial, medical and household uses in a cost-based, competitive industry. In February 2016, the issues facing the company were about its expansion plan and future competitive strategy. Kossan’s top management needed to decide on its expansion plan, amidst a potentially over-supply market and yet, one that offered a promising prospect. The management also revisited its product-mix and strategic direction for the coming years which might involve trade restrictions to the US, one of the largest buyers of Kossan’s products. 

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​Sabana REIT: Activist Retail Investors Rebel

Kong Yoon Kee

Case Ref No.: ABCC-2018-003

Pub. Date: JAN-2018​​

Category: Finance and Economics

Case Length: 18 pages​​

Abstract: Rafi, a retail investor, progressively bought three tranches of Sabana REIT for its high dividend yield, although the price kept falling, because his stockbroker advised practicing dollar cost averaging and that price tends to mean-revert. However, Rafi’s friend advised him to also consider capital gains yield and conduct his own research. Rafi found an investor group, disappointed with Sabana’s dismal performance, had proposed drastic actions, including booting the REIT manager at an EGM. The manager had formed a Strategic Review Committee and requested for more time. Should Rafi vote for or against the manager or cut loss immediately?

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The Sinking of Swiber: 'Cause No Harm'?

Ho Kim Wai, Shirley Koh and Lau Yin Kheng

Case Ref No.: ABCC-2017-020

Pub. Date: SEPT-2017

Category: Finance and Economics

Topic(s): Accounting; Governance; Strategy

Case Length: 22 pages​​

Abstract: On 27 July 2016, Swiber Holdings Limited, a Singapore Exchange-listed provider of offshore engineering, procurement, installation and construction services for oil and gas companies, filed for voluntary liquidation. Two days later, Swiber withdrew the liquidation application and filed for judicial management instead. This case chronicles the rise and fall of Swiber’s fortunes, describes the company’s financing strategy through the years, and discusses the warning signs that heralded the company’s collapse during the prolonged downturn in the oil and gas industry.

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Choices and Consequences of Valuation Policies

Gillian Yeo, Nandini Vijayaraghavan and Low Buen Sin

Case Ref No.: ABCC-2017-011

Pub. Date: MAY-2017

Category: Finance and Economics

Topic(s): Business and Government

Case Length: 24 pages​​

Abstract: “Choices and Consequences of Valuation Policies” focusses on the Noble Group’s performance since 2011 and the impact of the adverse research report published by the independent outfit, Iceberg Research in 2015, on the company. The veracity of Iceberg Research’s reports is analyzed. The case uses financial statement analysis, valuing companies through income, market and asset/cost approaches to assess if Noble Group paid purchase considerations in excess of the target firm’s intrinsic values while acquiring associates, particularly Australia-based Yancoal. The case study also provides the setting to use macroeconomic factors in conjunction with valuation techniques and financial statement analysis to evaluate a potential investment.

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Singapore Post Limited: 'Famous Acquisitions' and Corporate Governance

Ho Kim Wai, Shirley Koh and Lau Yin Kheng

Case Ref No.: ABCC-2017-002

Pub. Date: FEB-2017

Category: Finance and Economics

Case Length: 24 pages​​

Abstract: Between December 2015 and May 2016, a chain of events related to its ‘Famous Acquisitions’ unfolded at Singapore Post Limited: its public admission of lapses in corporate governance disclosure, special audit, corporate governance review, resignation of the lead independent director and change of the board chairman. This case discusses these events and what SingPost subsequently did to improve its corporate governance.

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​Singapore Post Limited: 'Famous Acquisitions' and Corporate Governance (Chinese version)

Ho Kim Wai, Shirley Koh and Lau Yin Kheng

Case Ref No.: ABCC-2017-002CH

Pub. Date: FEB-2017

Category: Finance and Economics

Case Length: 23 pages​​

Abstract: Between December 2015 and May 2016, a chain of events related to its ‘Famous Acquisitions’ unfolded at Singapore Post Limited: its public admission of lapses in corporate governance disclosure, special audit, corporate governance review, resignation of the lead independent director and change of the board chairman. This case discusses these events and what SingPost subsequently did to improve its corporate governance.

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China's Venture Capital and Tech Startup Landscape

​Lim Wee Kiat and Jeremy Chen

Case Ref No.: ABCC-2016-016

Pub. Date: OCT-2016

Category: Finance and Economics

Topic(s): Business and Government

Case Length: 25 pages

Abstract: This case study outlines the strategic, regulatory, and broader issues that confront the venture capital and tech startup ecosystem in China; as the country continues its reforms towards a more domestically driven market economy.

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Investment-Linked Insurance in the Singapore Market (1992-2015)

Yeo Keng Leong

Case Ref No.: ABCC-2016-004

Pub. Date: JUNE-2016

Category: Finance and Economics

Case Length: 26 pages​​

Abstract: This case discusses the possible reasons for the moribund investment-linked insurance market in Singapore, as well as the concerns of three major stakeholders - financial advisor, insurance consumer and life insurer company. It also considers the perspective of the regulator of the insurance sector.

Related:  ABCC-2014-007 (Critical Illness Insurance in the Singapore Market Beyond 2014)

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China's Journey to the West: Xi Yong Micro-electronics Industrial Park, Chongqing

Siriwan Chutikamoltham, Wang Feng and Liu Xiaoxiao

Case Ref No.: ABCC-2014-008

Pub. Date: JULY-2014

Category: Finance and Economics

Topic(s): Business and Government

Case Length: 14 pages​​

Abstract: This case depicts Xi Yong Micro-electronics Industrial Park in Chongqing, the largest municipality in Western China. It discusses the implementation of the Chinese government's development strategy at Xi Yong and presents an opportunity to examine whether Xi Yong and other similar industrial parks would provide the solution that the government was looking for.

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China's Journey to the West: Xi Yong Micro-electronics Industrial Park, Chongqing (Chinese version)

Siriwan Chutikamoltham, Wang Feng and Liu Xiaoxiao

Case Ref No.: ABCC-2014-008CH

Pub. Date: JULY-2014​

Category: Finance and Economics

Topic(s): Business and Government

Case Length: 13 pages​​

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Case (C214-074-1)

Critical Illness Insurance in the Singapore Market Beyond 2014

Yeo Keng Leong

Case Ref No.: ABCC-2014-007

Pub. Date: JUNE-2014

Category: Finance and Economics

Case Length: 20 pages​​

Abstract: This case provides a discussion of critical illness insurance from various perspectives including consumers' and life insurers'. It also discusses the position of critical illness insurance in a changing healthcare and health insurance environment before considering its relevance in the future.

Related:  ABCC-2016-004: (Investment-Linked Insurance in the Singapore Market (1992-2015))

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Capital Raising and Management – Resorts World Sentosa Singapore

Gillian Yeo and Wee Beng Geok 

Case Ref No.: ABCC-2013-004

Pub. Date: OCT-2013

Category: Finance and Economics

Topic(s): Hospitality Management

Case Length: 30 pages​​

Abstract: This case provides the setting to discuss and evaluate the capital raising and management strategies taken by Genting International/Singapore in the construction and development of Resorts World Sentosa. 

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Raffles Holdings Limited: Valuation of a Divestiture

Siriwan Chutikamoltham and Wilfred Chua 

Case Ref No.: ABCC-2013-003

Pub. Date: JULY-2013

Category: Finance and Economics

Case Length: 22 pages​​

Abstract: In 2005, CapitaLand announced the sale of the hotel business under its subsidiary Raffles Holdings Limited for US$1.45 billion. This included the sale of landmark Raffles Hotel as well as 40 other hotels, including the Swissotel international hotel chain. The case focuses on the financial and strategic aspects of the sale from the perspective of CapitaLand. 

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Air Sahara: Implementing the Acquisition Bid of Jet Airways

Nilanjan Sen, Ho Kim Wai and D.G. Allampalli

Case Ref No.: ABCC-2007-004

Pub. Date: NOV-2007

Category: Finance and Economics

Case Length: 15 pages​​

Abstract: The case documents an acquisition bid on Air Sahara by Jet Airways. To implement the merger, the two airlines formed a joint management group (JMG) and set March 2006 as the deadline for its completion. The deadline was later extended to June 2006. On 20 June 2006, a day before the expiry of the extended deadline, Jet Airways proposed a new price for the merger deal, leaving Air Sahara with two options: re-price the deal or allow it to expire.

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Financing Structures in the Shipping Industry: Singapore's Pacific Shipping Trust

Wee Beng Geok and Ivy Buche

Case Ref No.: ABCC-2006-008

Pub. Date: MAR-2007​

Category: Finance and Economics

Case Length: 26 pages​​

Abstract: The initial public offering of Singapore's first shipping trust, Pacific Shipping Trust (PST) was launched in May 2006 and presented an alternative source of funding for ship owners and operators. The case describes the challenges faced by PST Management in growing the trust. What steps could be taken to position PST as an attractive investment option to investors?

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Singapore's Exchange Rate Management System

Ramin Cooper Maysami and Shirley Tan​ 

Case Ref No.: ABCC-2003-013

Pub. Date: JULY-2003

Category: Finance and Economics

Case Length: 11 pages​​

Abstract: This case documents the evolution of Singapore's monetary policy over the last three decades, and encourages students to explore the reasons and possible consequences of this monetary policy. 

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Starwood Hotels & Resorts Worldwide Inc.: Asia Pacific

 

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