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Valuation Discussion of REITs (Joint CPT/CPD with RICS) [Full] Event Code: 170517S
This event is fully booked. If you would like to be put on the waiting list, please click here, complete the form and submit it online. When there is seat available, we will inform you by email.

Date 17-May-2017
Time 7:00 p.m. - 8:30 p.m.
Venue RICS Office, Rm 3707, 37/F, Hopewell Centre, Wanchai, HK
Speaker(s) Mr. Victor S Yeung, CFA, MRICS
Chief Investment Officer
Admiral Investment Limited
Fee HKSFA Member(s) at HK$150.0/person
CFA Candidate(s) at HK$300.0/person
Guest(s) and Non-member(s) at HK$300.0/person
This seminar is qualified for 1.5 CPT hour(s), 1.5 CE hour(s), 1.5 RBV CPD hour(s)
Remarks - Registration Deadline: 15 May 2017 (Wed)
- Only Visa and Master Card are accepted for online payment.
- Language: English



HKSFA has participated in the CFA Societies Global Passport Program which allows CFA society members to enjoy local society member rate at selected events like this Seminar.  If you are members of other CFA socieites and interested in joining this event, please contact HKSFA at info@hksfa.org.

Event Details

Event overview   
                           
Should REITS be treated as a portfolio of real estate asset or a business that operates real estate?  If it is the former, then using a net asset value built from the sum of the valuation of its real estate portfolio would be most appropriate.  But if it is the later, then a discounted cash flow metrics that focuses on the net income or dividend of the REIT would be more suitable.  The merits of both approaches will be examined, followed by an analysis using a convergence of the two methods for a robust solution will be presented.  Topics of the training include:
 
  • What are REITs?
  • How do institutional investors use REIT?
  • Should REITs be valued as real estate or as stocks?
  • Real estate approach based on net asset value
  • Stock approach based on discounted cash flow and discounted dividend model
  • Latest approach based on fair value model from economic value add
 
 
About the speaker

Mr. Victor S Yeung, 
CFA, MRICS
Chief Investment Officer, Admiral Investment Limited

Mr. Victor S Yeung is a founding Managing Partner and Chief Investment Officer of Admiral Investment Ltd and is responsible for the overall strategy and day-to-day management for the firm’s funds.  Prior to Admiral, Victor started and was the Managing Director for Asia Pacific Securities at LaSalle Investment Management where he helped to manage the Asia Pacific portion of the USD 10 billion Global Real Estate Securities programme from 2007-2013.  He also worked for Morgan Stanley and American Express.  Victor was educated at the Massachusetts Institute of Technology (MIT) and received MSc in Political Science, and three BSc in Electrical Engineering and Computer Science, Management, and Political Science. He continues to serve MIT as an Educational Councilor.  Victor also lecturers at various industry and academic institutions, including the APREA, HKSI, Oxford Brookes University and The Institute, Hong Kong.  He has authored three books and writes regular columns for several news media in Hong Kong, Taiwan, and Singapore. Victor is a CFA® Charterholder, MRICS and holds the Advanced Diploma in Managerial Accounting with CIMA.



Rating - General
(Material presented will be basic and of interest to a general audience having no background in the area.)