Valuation is our business. Our team has been providing independent valuation services to clients in Asia since 2002. AVA was set up to continue the push for higher quality in our deliverables to support our clients’ business activities. Our services are designed to help you and your company make the best business decisions possible. 

We help you and your company make the BEST business decisions possible.... 

Our reports have WITHSTOOD scrutiny of various regulatory authorities and are recognized by leading financial institutions.... 

About Us

About AVA

AVA Associates Limited (“AVA”) was formed in 2008 to address a specific need in the independent valuation industry. The need for clear and insightful advice to assist stakeholders in making an informed decision on capital market transactions and financial reporting.

AVA brings together the vast experience accumulated by its team in Hong Kong, Singapore, China and Malaysia, drawn from various disciplines, to provide the best possible project team to handle an engagement. This ensures our clients receive the appropriate expertise to assist them in their decision-making process.

Our team members have worked on numerous valuation engagements for various purposes, including those for public disclosure in Hong Kong and Singapore.

Our Mission

 We do not claim to provide a wide array of related services. Just focused assistance for transaction support. 

Our Services

Transaction-based Valuation


When our clients are deliberating a potential acquisition or divestment, we are tasked to provide objective and accurate assessment of the value of the subject assets. Such assets can comprise of the following:

  • Interest in an on-going enterprise
  • Interest in a portfolio of assets and liabilities comprising a business
  • Specific or a group of tangible asset
  • Specific or a collection of intangible asset
  • Financial instruments

Financial Reporting Valuation


The recent adoption of new and revised financial reporting standards has generated a demand for reliable and fair valuation to assist our clients’ auditors in the preparation of financial statements. Our team is well-versed with the guidelines for such financial reporting and is well-poised to handle valuation engagements to comply with the following International Financial Reporting Standards (“IFRS”) and International Accounting Standards (“IAS”):

  • IFRS 2 – Share-based Payments
  • IFRS 3R – Business Combinations (Revised 2008)
  • IFRS 7 – Financial Instruments: Disclosures
  • IFRIC 12 – Service Concessions
  • IAS 39 – Financial Instruments: Recognition and Measurement
  • IAS 36 – Impairment of Assets
  • IAS 38 – Intangible Assets
  • IAS 41 – Agriculture

Transaction Consulting


It is increasingly common for our clients to obtain valuation-related advisory services to enable them to make informed decisions prior to undertaking a corporate exercise or transaction. Our services in this area include:

  • Valuing a target enterprise or assets under the assumption of various operating scenarios and conditions
  • Assessing the financial implication of issuance or purchase of various types of financial instruments
  • Employee share options
  • Warrants
  • Structured options
  • Convertible/Exchangeable debt
  • Financial guarantees

Our Experience

Our team members have worked on valuation engagements for various purposes, including those for public disclosure in Hong Kong and Singapore. 

Our extensive experience in valuing both tangible and intangible assets covers the following industries including, but not limited to: 

  • Agriculture & Plantation
  • Automobile
  • Consumer Products
  • Hospitality & Gaming
  • Infrastructure & Construction
  • Medical & Pharmaceutical
  • Metals & Mining

  • Oil & Gas
  • Power, Energy & Resources
  • Port & Facility
  • IT & Technology
  • Telecommunication
  • Transportation & Toll Road
  • Utility 

Our Recent Clients


Our Key Personnel

Thomas Chua

Thomas Chua Boon Shyan heads the Valuation Services practice for Greater China and South East Asia and has wide experience in this business within the strict regime of China, Hong Kong, Singapore and Malaysia. He boasts of expertise in the valuation of various classes of tangible and intangible assets, including but not limited to, trademarks, customer relationships/contracts, technology, proprietary know-how, franchise agreements, mining reserves, backlog and non-compete agreements. He is also one of the leading authorities in South East Asia in valuing various classes of equity, options and debt for tax, financial reporting, restructuring, mergers & acquisitions and financing purposes for companies across varied industries. Thomas was previously a Senior Director at one of the world’s leading risk consulting firm and an operating unit of a US Fortune 500 company. Prior to that, he was an Associate Director of a Hong Kong-based business advisory and consulting firm that is now part of the world’s leading real estate money management and service firm where he spearheaded the Singapore operations. During his 6-year stint there, he led the firms’ valuation engagements and was the key to the development of this business in South East Asia which involves, inter alia, M&A, financial reporting, tax compliance, insurance placements, restructuring and issuance of fairness opinions. 

Fiona Tay

Fiona Tay Lee Sie, previously a manager in Ernst & Young Solutions LLP, has been in the valuation field for the past 10 years. She has team lead, managed and supported numerous projects providing a whole spectrum of transaction advisory services to clients in a wide range of industries. Her specialization includes business valuation for mergers & acquisition, divestments, restructuring and tax planning; litigation support relating to valuation issues when assessing damages and/or loss of profits; detailed business & financial analysis of Target company, including comparable companies and transaction analyses; purchase price allocation against the acquired company’s assets and liabilities both at the pre & post-deal stages for financial reporting standards, i.e., IFRS 3 and employee stock options valuations for IFRS 2. During her stint in Ernst & Young, Fiona has served clients in varied industries, including but not limited to the following, i.e., utilities, consulting, e-commerce, manufacturing, pharmaceutical, and publishing and media. 

Tony Leung

Tony Leung has been an in-house business consultant to a number of technology and communications-related enterprises in Asia. He led and advised on projects as varied as online gaming, internet and data centers, and telecommunication network rollouts to traditional ones such as property development. Tony also headed the plant and machinery valuation services division of a Hong Kong-based business advisory and consulting firm that is now part of the world’s leading real estate money management and service firm. He helped revive the division and went on to oversee valuation projects related to the initial public offerings of Air China, China Netcom, Bank of Communications, ICBC and China Mingsheng Bank. He graduated from universities in the USA with master’s and bachelor’s degrees in aerospace engineering and computer science. 

AVA Offices

Hong Kong


 806 Empress Plaza,
17-19 Chatham Road South,
Tsim Sha Tsui, Hong Kong.

 Tel: +852 6277 2904 



 138 Cecil Street
#08-03 Cecil Court
Singapore 069538.

 Tel: +65 9222 1088 



 Lot 10 Lazenda Warehouse, 

Jalan Patau-patau, 87007 

W.P. Labuan, Malaysia.

 Tel: +6019 882 0068 

Contact Us

Welcome to

AVA Associates Limited 

Asia Valuation & Advisory Services Pte Ltd

Drop us an email and we will get back to you!


+852 6277 2904 / +65 9222 1088 / +6019 882 0068

Send Us a Message!


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