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Accounting
Jian Ming and Tan Kai Guan Clement
Case Ref No.: ABCC-2024-004
Pub. Date: APR-2024
Category: Accounting
Topic(s): Accounting
Case Length: 19 pages
Abstract: Mr. Highfly graduated with an accounting and finance degree in 2023, after which he was hired as an accountant by SG Development Limited (SDL). SDL was listed in the Singapore Exchange (SGX) and had established a reputation as a reliable provider of trading and shipping services in ASEAN countries. It planned to expand its operations to the real estate segment in Southeast Asia.
NTU FACULTY
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Ivey Publishing
The Case Centre
Medinex: Business Combinations, Goodwill, and Goodwill Impairment
Tan Mui Siang, Patricia
Case Ref No.: ABCC-2023-006
Pub. Date: JUN-2023
Category: Accounting
Topic(s): Accounting
Case Length: 18 pages
Abstract: This case is used to demonstrate the acquisition method in the accounting for business combinations using the SGX-listed firm Medinex, which made three acquisitions in 2019. These were reported in its FY 2020 annual report.
Medinex’s expansion-through-acquisition strategy resulted in Medinex reporting high goodwill amount. The Securities Investors Association (Singapore) (SIAS) had raised queries regarding Medinex’s acquisitions and the possibility of overpayment
due to aggressive assumptions used in their valuations. How valid were SIAS’s concerns about aggressive assumptions and overpayment? If goodwill was a significant element of each acquisition, were there enough disclosures for shareholders to
understand what the goodwill represented?
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Sheng Siong: Residual Income Valuation
Tan Mui Siang, Patricia
Case Ref No.: ABCC-2022-005 (MC)
Pub. Date: JULY-2022
Category: Accounting
Topic(s): Finance and Economics; Accounting
Case Length: 6 pages
Abstract: This case is used to demonstrate the implementation of the residual income (RI) model using mid-cap SGX-listed firm Sheng Siong. Students are provided with basic financial statements and forecast assumptions. They are to use the data to construct the condensed financial statements and to derive the equity valuation as at the beginning of 2022 using the RI model and discounted cash flow (DCF) model.
The case is useful for students to learn the mechanics of the RI and DCF model. The case can be done either as an in-class workshop/exercise or as an out-of-class assignment.
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Vibrant Group Limited: Sale and Leaseback and its Financial Statements Effects
Koh Wei Chern and Patricia Tan Mui Siang
Case Ref No.: ABCC-2021-004 (MC)
Pub. Date: AUG-2021
Category: Mini Case
Topic(s): Accounting
Case Length: 11 pages
Abstract: This case examines the accounting of sale and leaseback transaction for an undergraduate or graduate accounting class. This case also examines the effects of such a transaction on financial statements. Vibrant Group is listed on the Singapore Exchange. In 2019, it entered into a sale and leaseback transaction. This was reported in its 2020 Annual Report using the revised Singapore Financial Reporting Standards (International) 16 (“SFRS(I) 16”) Leases. This case exposes students to practical situations that highlight important principles and illustrate best practices in accounting.
This case may be used in countries where IFRSs are applicable as SFRS (I) 16 Leases is identical to IFRS 16 Leases.
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Hyflux Ltd.'s Perpetual Capital Securities: Debt or Equity?
Jian Ming, Tan Kai Guan Clement and Nandini Vijayaraghavan
Case Ref No.: ABCC-2020-008
Pub. Date: JULY-2020
Category: Accounting
Topic(s): Finance and Economics; Sustainability
Case Length: 19 pages
Abstract: Hyflux Ltd., a Singapore Exchange (SGX) listed sustainable water and energy solutions company, declared losses for the first time since its listing more than a decade ago, and expressed its inability to service its debt and pay distribution to holders of its perpetual capital securities and perpetual preference shares. These investors were in a state of shock and disbelief when barely 5 months later, in May 2018, Hyflux suspended the trading of its shares on SGX and opted for a court-supervised debt reorganisation process. Where had Hyflux, the erstwhile poster child of Singapore’s innovation and entrepreneurship capabilities, erred?
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Happy Ice: Eyes on Cash
Jian Ming and Lau Chew King
Case Ref No.: ABCC-2018-017
Pub. Date: JUNE-2018
Category: Accounting
Topic(s): Entrepreneurship; Operations Management
Case Length: 13 pages
Abstract: This case is focused on the working capital, especially cash management system of a Singapore-based startup, Happy Ice Pte Ltd (Happy Ice). With an operation team of eight members, Happy Ice managed to operate successfully in the local market and was planning to launch similar operations in Malaysia with a franchise model by the end of 2017. It is time for the management team to reflect on its cash management system and evaluate if anything needs to be done to improve it.
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Sheng Siong - Mirror, Mirror... Whoso the Fairer?
Patricia Tan and Danielle Yew
Case Ref No.: ABCC-2018-008
Pub. Date: APR-2018
Category: Accounting
Case Length: 11 pages
Abstract: Sheng Siong, one of the latest arrival on traditional grocers in the Singapore market, had been delivering better than average earnings. Why is this so? This case provides an interesting comparison of Sheng Siong, a largely domestic focussed, single product company, against Dairy Farm, a multi-national player in the supermarket business in Asia, and NTUC FairPrice, a co-operative. Students will learn how to make comparisons across three different formats.
Related: ABCC-2018-010 (ShengSiong – Mirror, Mirror… Whereto We Go?)
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Healthway Medical Corporation Limited: Do Stock Valuation Metrics Render Financial Analysis Redundant?
Jian Ming, Patricia Tan and Nandini Vijayaraghavan
Case Ref No.: ABCC-2017-015
Pub. Date: JULY-2017
Revised Date: NOV-2017
Category: Accounting
Topic(s): Finance and Economics
Case Length: 25 pages
Abstract: Alan Wong, an intern at Gem Asset Management, was pleasantly surprised when, as per his supervisor’s instructions, reviewed the stock multiples (P/E, P/Sales, P/Book Value, and EV/EBITDA) of healthcare stocks listed on the Singapore Exchange (SGX). Certain stock valuation metrics of Healthway Medical Corporation appeared attractive in relation to SGX-listed peers. Alan performed the Du Pont analysis and financial statement analysis to ascertain if the Healthway stock was indeed attractive against the backdrop of its performance. Did the conclusions of his analysis support his initial impression?
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Olam International: Challenges to Financial Reporting and Disclosure
Jian Ming and Chen Shenglan
Case Ref No.: ABCC-2014-011
Pub. Date: OCT-2014
Category: Accounting
Case Length: 22 pages
Abstract: On 19 November 2012, Carson Block, the founder and research director of Muddy Waters LLC (MW), challenged Olam International, a major agricultural trading company on the Singapore Exchange. In the month following Block’s critique, Olam’s stock price fell nearly 20%. The case examines the reasons for the highly negative response to Block’s analysis and reviews Olam’s responses to the crisis aiming to uncover insights and lessons from the episode.
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Biosensors International Group: Valuation and Impairment Testing of Intangibles *Popular*
Patricia Tan and Jian Ming
Case Ref No.: ABCC-2014-009
Pub. Date: JULY-2014
Category: Accounting
Case Length: 24 pages
Abstract: Biosensors International Group (BIG), a biotechnology company listed on the Singapore Exchange, acquired JW Medical Systems Ltd in 2011. This resulted in a significant increase in reported goodwill and other intangible assets. This case study deals with the valuation and the impairment testing of intangibles (including goodwill) reported in BIG's financial statements. It describes the acquisition transaction and BIG's post-acquisition financial position.
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Space & Light Studios: Cost-Volume-Profit Analysis and the Business of Yoga
Chua Wei Hwa, Koh Wei Chern and Wee Beng Geok
Case Ref No.: ABCC-2014-002
Pub. Date: APR-2014
Category: Accounting
Case Length: 13 pages
Abstract: As yoga grew in popularity in Singapore, a new yoga studio, Space & Light Studios Pte Ltd was set up in 2012. This case study explores the entrepreneurial journey of the owners of Space & Light Studios and examines the viability of this yoga business utilising cost-volume-profit analysis – a management accounting tool.
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Olam International – Managing Growth and Business Risks
Foo See Liang and D.G. Allampalli
Case Ref No.: ABCC-2009-001
Pub. Date: MAR-2009
Category: Accounting
Case Length: 28 pages
Abstract: In March 2008, Olam faced a rating downgrade by Merrill Lynch, which caused a dramatic plunge in its share price. The management of Olam needed to respond to Merrill Lynch's rating downgrade, manage the impact of shift in growth strategy on short-term performance and balance leverage with long-term sustainable growth.
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Jet Airways (India) Limited – Brand Building and Valuation
Asheq Razaur Rahman and D.G. Allampalli
Case Ref No.: ABCC-2007-003
Pub. Date: JULY-2007
Category: Accounting
Topic(s): Finance and Economics
Case Length: 23 pages
Abstract: The case provides students with an opportunity to appreciate the business setting of an emerging market system and analyse economic, regulatory, management, marketing, financing, accounting and valuation issues, and their interrelationships affecting the case company, Singapore Exchange. In the month following Block’s critique, Olam’s stock price fell nearly 20%. The case examines the reasons for the highly negative response to Block’s analysis and reviews Olam’s responses to the crisis aiming to uncover insights and lessons from the episode.
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Olam International Singapore – Building a Risk Resilient Enterprise
Foo See Liang and D.G. Allampalli
Case Ref No.: ABCC-2006-011
Pub. Date: JULY-2007
Category: Accounting
Case Length: 22 pages
Abstract: The case delineates how Olam International Limited became a global supplier of 14 agro-products including cashew nuts, cocoa and coffee. As Olam embarked on a growth-by-acquisition model, in addition to its organic growth model, the company had to reassess the need to adjust its present risk management system. The Board's risk committee was tasked to deliberate on the matter.
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