Case Studies

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Kapap Academy: A Hermit Warrior's Mission

by Assoc Prof Sarah L. Y. Cheah and Mr Luke Shineng Wu (Manager, SMU Institute of Innovation and Entrepreneurship)

Publication Date: 16/01/2019

Kapap Academy Pte. Ltd. (Kapap Academy) was established in 2007, following the tragic death of the founder’s older brother, with a mission to empower everyday people to learn realistic self-defence skills. The founder and his apprentice-turned-business partner formulated a simple yet functional brand of self-defence, which they named the Modern Street Combatives method. Kapap Academy’s social mission was evident in its provision of both heavily discounted and completely free training sessions for needy and vulnerable segments of society—in particular, women who were victims of domestic abuse and sexual assault, as well as the elderly. Kapap Academy was able to sustain this social mission with a dual income stream. After its 10th-year anniversary, Kapap Academy was looking to export its brand of Modern Street Combatives overseas. This posed various challenges; in particular, whether to adopt a licensing model or a franchise arrangement. Each model had its pros and cons, but a decision had to be made.

For NUS Business School: (Faculty only)
To obtain a free copy of the case, please contact Ms Kwok Siew Geok (bizksg@nus.edu.sg)


Swiggy:: Optimizing Cash Burn

Assoc Prof Singfat Chu and Mr Venkata Praneeth Tammiraju  (FT MBA student)

Publication Date: 21/12/2018

By August 2015, Swiggy, an on-demand food delivery start-up, had been operating for almost one year in Bengaluru, India. The exponential growth of the business was expected to persist. However, Swiggy was incurring a loss, or a cash burn, on each delivery it was making. The company’s current cash reserves were also drying up, and its chief executive officer had been unsuccessful in attracting new venture capital funding to finance the cash burn estimated for the next four quarters. Swiggy must figure out how to pursue its growth without the injection of any fresh funds.

For NUS Business School: (Faculty only)
To obtain a free copy of the case, please contact Ms Kwok Siew Geok (bizksg@nus.edu.sg


Kimly Limited: Initial Public Offering

Assoc Prof Ruth S.K. Tan, Dr Zsuzsa R. Huszar (Visiting Professor, Department of Economics and Business, Central European University), Dr Weina Zhang and Dr Ling Yue (Research Fellow, NUS Risk Management Institute)

Publication Date: 20/12/2018

On March 8, 2017, Singapore-based food outlet operator Kimly Limited (Kimly) announced its intention to go for an initial public offering (IPO). Through this IPO, it aimed to raise SG$43.5 million. Altogether, 173.8 million new shares would be issued at SG$0.25 per share, comprising a retail tranche of 3.8 million shares and a placement tranche of 170 million shares. The chances of successfully getting Kimly’s IPO shares were slim, given the small retail tranche. In addition, the controlling shareholder and other key shareholders were subject to lock-up periods, which would prevent a short-term overhang of the shares. These factors implied that the supply of Kimly’s shares would be scarce in the initial six months after the IPO, which could have a positive impact on the share price. A retail investor, drawn to the issue because of Kimly’s identity as a family firm, applied for the IPO and was also considering purchasing shares in the aftermarket later in March. Was this a worthwhile investment, and if so, what should this investor’s maximum price be? Should such an investor plan to sell immediately or hold for the long term?

For NUS Business School: (Faculty only)
To obtain a free copy of the case, please contact Ms Kwok Siew Geok (bizksg@nus.edu.sg)


A Note on Dividend Policy

by Dr Emir Hrnjić (Visiting Senior Research Fellow, CAMRI) and Prof David Reeb

Publication Date: 01/10/2018

Profit-making corporations returned cash to investors through dividends or share repurchases. Market participants referred to the fraction of the profits paid to shareholders in the form of dividends as the "payout ratio." However, a large number of firms have never paid a dividend. For instance, over the past decade, more than half of the listed firms in the United States neither paid a dividend nor repurchased shares. For example, only 20 per cent of firms on the Singapore Stock Exchange consistently paid dividends over the past decade, with similar proportions observed in both US and European stock markets. The percentage of dividend-paying firms plummeted to a record low of 17 per cent in 2000. In fact, most of the "new economy" firms such as Amazon, Facebook, and Google, reinvested their entire savings. This note describes rational dividend theories, behavioural dividend theories, and outlines the four categories of dividend strategies followed by firms.

For NUS Business School: (Faculty only)
To obtain a free copy of the case, please contact Ms Kwok Siew Geok (bizksg@nus.edu.sg)


Singapore Airlines Limited: Dividends

by Dr Emir Hrnjić (Visiting Senior Research Fellow, CAMRI) and Prof David Reeb

Publication Date: 01/10/2018

A new analyst has been asked to forecast the upcoming dividends for Singapore Airlines Limited. However, unlike most dividend-paying firms, which typically maintain stable, transparent, and simple dividend policies, Singapore Airlines maintained an opaque, complex, and irregular pattern of dividends. Further, the company did not respond to requests for information about expected dividends or the company's dividend policy. The analyst decided to gather historical data about the company and its competitors to gain insights on Singapore Airlines’ dividend policy and to forecast its upcoming dividend.

For NUS Business School: (Faculty only)
To obtain a free copy of the case, please contact Ms Kwok Siew Geok (bizksg@nus.edu.sg)


Strategic Asset Allocation During Global Uncertainty

by Dr Weina Zhang, Dr Man Zhang (University of Sydney), Assoc Prof Ruth Tan and Dr Zsuzsa Huszar (Visiting Professor, Department of Economics and Business, Central European University)

Publication Date: 09/10/2018

This exercise places the reader in the position of an investor, who, before 2017, had invested for almost 20 years. Since the financial crisis in 2008–09, this investor had stayed away from the US market. The investor’s return from the previous year stood at a mere 2 per cent. Given that many political events would likely occur in 2017, the investor hoped to revise their investment strategies at the time by developing a more internationalized portfolio. Specifically, the investor was considering how to allocate capital among the existing 10 broker-recommended exchange-traded funds traded on the Singapore stock exchange and two exchange-traded funds in alternative assets traded in the US market. The investor also needed to provide additional cash flows for the education of their two daughters from year two onward for a total of four years. The investor was also willing to reshuffle the investment portfolio to put more weights into the US market. However, before making the revised investment decision, the investor needed to consider the expected returns and risks.


For NUS Business School: (Faculty only)
To obtain a free copy of the case, please contact Ms Kwok Siew Geok (bizksg@nus.edu.sg)


Fujitsu: Co-Creating Digital Business

by Assoc Prof Sarah L. Y. Cheah and Assoc Prof Maw Der Foo (Nanyang Technological University)

Publication Date: 13/09/2018

In 2017, the president of Fujitsu Asia Pte. Ltd. in Singapore, a subsidiary of Japanese conglomerate Fujitsu Limited (Fujitsu) needed to decide between two project options that represented growth in different industries in Asia. Both projects represented Fujitsu's vision of connected services and could potentially be much-needed engines of new growth for Fujitsu Singapore over the next 5 to 10 years. The first option was to offer its Japanese-engineered cloud-computing platform to engage small and medium enterprises in the manufacturing industry. Given the high costs of customizing the existing platform for local use, the president wondered whether small and medium manufacturers would generate sufficient demand to justify such a costly investment. The second option was to leverage the success of Fujitsu’s intelligent agricultural cloud-computing project with the Japanese government to offer vertical farming to Singapore and other Asian cities that faced similar space constraints but valued food resilience. But was it the right time to enter the agricultural industry? The president had limited time and resources, and needed to make a decision very soon.

For NUS Business School: (Faculty only)
To obtain a free copy of the case, please contact Ms Kwok Siew Geok (bizksg@nus.edu.sg)


Nintendo: An Outsider as Successor

by Assoc Prof Ruth S.K. Tan and Assoc Prof Yupana Wiwattanakantang 

Publication Date: 30/08/2018

Under the visionary leadership of Hiroshi Yamauchi, Nintendo Co., Ltd. (Nintendo) of Japan had transformed from a small founder-controlled business to a global and professionalized firm. Yamauchi’s death in 2013 had the potential to affect Nintendo’s corporate financial policy. Following his passing, Yamauchi’s family was left with a huge inheritance—but also an exorbitant inheritance tax bill. The family sought advice from Nintendo on how to deal with the matter. How could Nintendo solve this financial trouble in a way that balanced the interests of both the family and Nintendo’s management?

For NUS Business School: (Faculty only)
To obtain a free copy of the case, please contact Ms Kwok Siew Geok (bizksg@nus.edu.sg)


Standard Chartered Bank Singapore: Embracing the Silver Lining

by Assoc Prof Thompson Teo, Ms Sok Chin Lim (BBA graduated student), Mr Jun Xiao Lau (BBA graduated student) and Ms Yun Shan Amanda Chua (BBA graduated student)

Publication Date: 31/07/2018

Standard Chartered Bank (Singapore) Limited (Standard Chartered) was part of an international banking group that focused on the creation of wealth across Asia, Africa, and the Middle East. As part of its commitment to corporate social responsibility, Standard Chartered launched a project in 2012 called Silver Lining, a community project that aimed to support elderly Singaporeans in meeting their financial and health care needs. Silver Lining had overcome a number of challenges since its inception, choosing appropriate partners and finding ways to help young volunteers overcome language barriers to work with elderly clients. It had also joined with other organizations to collaborate on offering supports and services to seniors in the community, some of whom were dealing with poor mental health. In early 2017, Standard Chartered had to make some key strategic decisions in order to ensure the continued relevance of Silver Lining and justify the need for continued funding for the project.

For NUS Business School: (Faculty only)
To obtain a free copy of the case, please contact Ms Kwok Siew Geok (bizksg@nus.edu.sg)


Sika: Optimizing The APAC Epoxy Flooring Supply Chain

Assoc Prof Singfat Chu and Mr Bruno Oehy (EMBA student)

Publication Date: 29/03/2018

In mid-2017, the regional head of Operations and Supply Chain at Sika AG, a Swiss specialty chemicals leader that developed solutions for building and automotive industries, faced a new challenge in the company’s epoxy flooring supply chain. She was tasked with identifying a robust solution that would both satisfy a shortened lead time and provide spare capacity to accommodate future growth. How should she proceed with these tasks?

For NUS Business School: (Faculty only)
To obtain a free copy of the case, please contact Ms Kwok Siew Geok (bizksg@nus.edu.sg)


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