Latest news with #VEA
Yahoo
06-05-2025
- Business
- Yahoo
A Look At The Intrinsic Value Of Viva Energy Group Limited (ASX:VEA)
Viva Energy Group's estimated fair value is AU$2.04 based on 2 Stage Free Cash Flow to Equity Viva Energy Group's AU$1.75 share price indicates it is trading at similar levels as its fair value estimate Analyst price target for VEA is AU$2.47, which is 21% above our fair value estimate Does the May share price for Viva Energy Group Limited (ASX:VEA) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by estimating the company's future cash flows and discounting them to their present value. This will be done using the Discounted Cash Flow (DCF) model. Believe it or not, it's not too difficult to follow, as you'll see from our example! We generally believe that a company's value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. For those who are keen learners of equity analysis, the Simply Wall St analysis model here may be something of interest to you. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value: 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Levered FCF (A$, Millions) AU$152.1m AU$539.3m AU$396.7m AU$322.1m AU$282.3m AU$260.2m AU$248.1m AU$242.1m AU$239.9m AU$240.4m Growth Rate Estimate Source Analyst x2 Analyst x2 Analyst x2 Est @ -18.81% Est @ -12.35% Est @ -7.82% Est @ -4.65% Est @ -2.43% Est @ -0.88% Est @ 0.20% Present Value (A$, Millions) Discounted @ 9.7% AU$139 AU$448 AU$300 AU$222 AU$178 AU$149 AU$130 AU$115 AU$104 AU$95.2 ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = AU$1.9b The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.7%. We discount the terminal cash flows to today's value at a cost of equity of 9.7%. Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = AU$240m× (1 + 2.7%) ÷ (9.7%– 2.7%) = AU$3.5b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= AU$3.5b÷ ( 1 + 9.7%)10= AU$1.4b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is AU$3.3b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Compared to the current share price of AU$1.7, the company appears about fair value at a 14% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent. Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Viva Energy Group as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 9.7%, which is based on a levered beta of 1.610. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. See our latest analysis for Viva Energy Group Strength Debt is well covered by cash flow. Weakness Interest payments on debt are not well covered. Dividend is low compared to the top 25% of dividend payers in the Oil and Gas market. Opportunity Forecast to reduce losses next year. Has sufficient cash runway for more than 3 years based on current free cash flows. Good value based on P/S ratio and estimated fair value. Threat Dividends are not covered by cash flow. Whilst important, the DCF calculation ideally won't be the sole piece of analysis you scrutinize for a company. It's not possible to obtain a foolproof valuation with a DCF model. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. For Viva Energy Group, we've put together three essential items you should assess: Risks: You should be aware of the 2 warning signs for Viva Energy Group we've uncovered before considering an investment in the company. Future Earnings: How does VEA's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart. Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing! PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the ASX every day. If you want to find the calculation for other stocks just search here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Yahoo
05-05-2025
- Business
- Yahoo
A Look At The Intrinsic Value Of Viva Energy Group Limited (ASX:VEA)
Viva Energy Group's estimated fair value is AU$2.04 based on 2 Stage Free Cash Flow to Equity Viva Energy Group's AU$1.75 share price indicates it is trading at similar levels as its fair value estimate Analyst price target for VEA is AU$2.47, which is 21% above our fair value estimate Does the May share price for Viva Energy Group Limited (ASX:VEA) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by estimating the company's future cash flows and discounting them to their present value. This will be done using the Discounted Cash Flow (DCF) model. Believe it or not, it's not too difficult to follow, as you'll see from our example! We generally believe that a company's value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. For those who are keen learners of equity analysis, the Simply Wall St analysis model here may be something of interest to you. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value: 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Levered FCF (A$, Millions) AU$152.1m AU$539.3m AU$396.7m AU$322.1m AU$282.3m AU$260.2m AU$248.1m AU$242.1m AU$239.9m AU$240.4m Growth Rate Estimate Source Analyst x2 Analyst x2 Analyst x2 Est @ -18.81% Est @ -12.35% Est @ -7.82% Est @ -4.65% Est @ -2.43% Est @ -0.88% Est @ 0.20% Present Value (A$, Millions) Discounted @ 9.7% AU$139 AU$448 AU$300 AU$222 AU$178 AU$149 AU$130 AU$115 AU$104 AU$95.2 ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = AU$1.9b The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.7%. We discount the terminal cash flows to today's value at a cost of equity of 9.7%. Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = AU$240m× (1 + 2.7%) ÷ (9.7%– 2.7%) = AU$3.5b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= AU$3.5b÷ ( 1 + 9.7%)10= AU$1.4b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is AU$3.3b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Compared to the current share price of AU$1.7, the company appears about fair value at a 14% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent. Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Viva Energy Group as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 9.7%, which is based on a levered beta of 1.610. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. See our latest analysis for Viva Energy Group Strength Debt is well covered by cash flow. Weakness Interest payments on debt are not well covered. Dividend is low compared to the top 25% of dividend payers in the Oil and Gas market. Opportunity Forecast to reduce losses next year. Has sufficient cash runway for more than 3 years based on current free cash flows. Good value based on P/S ratio and estimated fair value. Threat Dividends are not covered by cash flow. Whilst important, the DCF calculation ideally won't be the sole piece of analysis you scrutinize for a company. It's not possible to obtain a foolproof valuation with a DCF model. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. For Viva Energy Group, we've put together three essential items you should assess: Risks: You should be aware of the 2 warning signs for Viva Energy Group we've uncovered before considering an investment in the company. Future Earnings: How does VEA's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart. Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing! PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the ASX every day. If you want to find the calculation for other stocks just search here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Yahoo
01-05-2025
- Business
- Yahoo
National ranking shows despite hike, Virginia teachers' pay is stagnant compared to other states
Demonstrators rallied for better teacher pay and more public school funding during a January 2018 rally at the Capitol. (Ned Oliver/ Virginia Mercury) From last year to now, Virginia raised teacher pay by an average of $3,000. Still, the commonwealth's average pay rate for educators remains stagnant compared to other states, according to the latest salary report published by the National Education Association. The commonwealth dropped by one spot to 26th, paying teachers an average of $66,327, an increase from a year ago. Virginia's average teacher pay is $5,703 below the national average of $72,030, the NEA report states. Education leaders and lawmakers in the commonwealth said inflation and investments are some of the factors contributing to mixed results in the national salary report. 'Clearly (the report) shows that we have made good improvement in recent years, and we have a long way to go,' said House Education Committee Chair Sam Rasoul, D-Roanoke. Rasoul admitted that the commonwealth is thousands of dollars below the national teacher pay average, 'but when we started this journey a few years ago, we were in the bottom third of states, and so we're approaching where we need to be.' The Virginia Education Association (VEA), representing the largest group of K-12 teachers in the commonwealth, said that while the national data shows gains have been made in Virginia, pre-kindergarten to higher education teachers are still not making enough to support themselves after being adjusted for inflation. According to VEA, the average public school teacher salary increased by 3% from the previous year, but when adjusted for inflation, teachers made only $108 more. 'While it might look like teachers are getting support, they are actually losing money, which has a direct impact on student learning,' VEA said. While recognizing recent gains, VEA president Carol Bauer said Virginia's teachers are 'still losing economic ground' while schools continue weathering the state's education staffing shortages. 'True historic investment means decisively closing salary gaps, adequately funding schools, and ensuring every classroom has a qualified teacher. Virginia must commit to real, sustained investments to attract and retain educators, rather than relying on incremental gains that barely keep pace with inflation,' Bauer said. Virginia has an opportunity to boost educator pay even more, after the General Assembly recommended changes to the state budget. This week, Gov. Glenn Youngkin will decide whether to support lawmakers' budget proposal to provide bonuses to teachers and lift a cap on state funding for non-instructional school staff positions. This would give school divisions greater flexibility to hire the staff they need without being 'restricted' by outdated student-to-staff ratios. In 2009, during the Great Recession, lawmakers initiated the cap to reduce state spending on non-instructional school staff positions, including central office and administrative, technical, clerical, maintenance, and instructional support positions. The governor's office did not immediately respond to comment on the report. However, in the governor's budget recommendations in March, Youngkin wrote that Virginia has raised teacher pay by 18% over the last three years. The budget amendments now being considered by the governor contain $166 million more for public education, including $84.7 million to raise the cap. Last year, state lawmakers formed a joint committee to work on overhauling the Standards of Quality (SOQ), the state's funding formula determining the financial needs of school divisions, after a state study group found local governments have been shouldering a disproportionate share of K-12 education costs compared to the state's contributions. Lawmakers arranged for the state and localities to pay an even split of contributions in 1972, but they changed it in 1993, urging localities to start paying for K-12 fringe benefits. According to the Joint Legislative Audit and Review Commission, the state's share was established at 55%, while localities paid 45%. House Education Committee Vice Chair Shelly Simonds, D-Newport News, carried the support cap bill and budget language to support non-instructional positions. As a former teacher and school board member, Simonds said a core issue her legislation will address is the administration's prioritized focus on overhauling testing and accountability measures — part of the administration's efforts to combat learning loss and raise student testing scores — instead of recruiting and maintaining teachers. Virginia's learning recovery falls short as NAEP scores show mixed results Simonds said some ways to make teaching the best job in Virginia could involve creating competitive pay, treating educators as professionals in the school buildings, and offering maternity leave, professional development and planning periods to collaborate with colleagues. 'The only thing that has been really proven to improve education is highly qualified teachers,' Simonds said. 'Having a highly qualified teacher in every classroom is the way we move the needle on test scores for our children.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
25-04-2025
- Politics
- Yahoo
After teachers union's concerns, Va. education dep't. extends deadline for grading system committees
A cup of pencils sit on top of a classroom desk in Virginia (Photo by Nathaniel Cline/Virginia Mercury) On Thursday, Virginia's largest teachers organization cautioned that the Department of Education could be short of teachers to sit on the agency's committees tasked with adjusting the state's grading system. State education leaders pushed back, asserting that teachers would still be pivotal participants on the committees and extended the period they could apply to participate to May 2. The concerns surfaced after the agency announced the committees' application process on April 17, a day before the Virginia Education Association (VEA) office and some schools closed for Good Friday. The original deadline for teachers to apply to participate was April 24, but the interest the agency received prompted the pushed-back cut off date, according to VDOE Superintendent of Public Instruction Emily Anne Gullickson. Historically in Virginia, teachers have been central to adjusting cut scores to determine whether K-12 students meet proficiency levels, by reviewing assessment questions and determining the minimum score needed to be considered passing. Educators must apply to serve on the committees to demonstrate their understanding of grade-level content and assessments. However, this year's process will include educators, instructional specialists, and community stakeholders such as parents and business leaders. Community members will undergo a selection process led by the board and the governor's office. Committee meetings will begin next month. The VEA, which was also closed Easter Monday, had said the short application period left them scrambling to notify teachers about the opportunity to serve on the committees. 'Why would you let teachers know about something like this with only days to do something about it?' asked Carol Bauer, VEA president. 'We wouldn't do that to our students. The paperwork involved in this process can take an hour or more. It begs the question — does VDOE really want teachers' input on this?' Bauer said teachers' presence on the assessment committees is essential because they work with students every day and they know them better than anyone else in Virginia's school systems. 'They understand their students' needs and how to meet them,' Bauer said. 'Not having teachers involved in important decisions that affect their students' futures would be an injustice. It wouldn't make sense.' However, state education board President Grace Creasey, an appointee of Gov. Glenn Youngkin and former educator, said teachers will continue to be key contributors on the committees. 'These committees are generally made up of more teachers than other stakeholders,' Creasey said. 'I have personally participated in them during my 12 years in the classroom and understand the importance of ensuring teacher voice in this process. I'm excited for the standard setting committee work to begin.' Creasey also defended the application process, stating there have been 'several rounds' of internal and external reviews with stakeholders, testing provider Pearson and the agency's Technical Advisory Committee. Gullickson said in a statement to the Mercury that as of Wednesday, the agency received 231 applicants with 71% of those being educators. The Virginia Board of Education will take a final vote on the updated performance standards in July, after staff presents the proposals for review in June. If approved, the overhauled standards will not take effect until spring 2026. Raising academic benchmarks in public education are part of a broader push by Youngkin's administration to 'restore excellence in education,' which includes hiking standards in core subjects, increasing transparency and accountability and overhauling the state's assessment system. The administration's goal is to adjust the cut scores to better align with the rigor of the National Assessment of Educational Progress (NAEP). The administration has often referred to the NAEP data to show the 'honesty gap,' or the disparity between state-level proficiency standards and the more stringent NAEP standards. Between 2017-2022, Virginia's fourth-grade reading and math results showed a stunning 40-percentage-point gap between the state's Standards of Learning assessment tests and NAEP assessments. The governor has asserted that the state's current proficiency standards are the result of the previous Board of Education lowering cut scores and altering school accreditation standards. However, Anne Holton, a former state education secretary and a current Board of Education member appointed by former Democratic Gov. Ralph Northam, defended the previous board's approach. Holton, the only board member not appointed by Youngkin, has stated that Virginia's pass rates aligned with the NAEP's 'basic' achievement level, which reflects, according to NAEP, 'partial mastery of the knowledge and skills that are fundamental for proficient work at a given grade.' Instead, the Youngkin administration wants Virginia to meet NAEP's 'proficient' standard — defined as a student demonstrating a deeper understanding of complex topics and the ability to apply them in real-world situations. Holton said the process of shifting to the NAEP's higher standard would bring about a dramatic change for the commonwealth. 'There are arguably good reasons to do it, but it's not gonna make any kids smarter,' Holton said. 'No kid can jump higher because the hoop got raised.' Instead, the state's focus should remain on what helps kids learn better, Holton said, such as implementing the Virginia Literacy Act, 'which has been strong and has helped to make kids smarter, but we needed more of that.' SUPPORT: YOU MAKE OUR WORK POSSIBLE
Tatler Asia
24-04-2025
- Entertainment
- Tatler Asia
Exclusive: Wing wins The World's 50 Best Restaurants hospitality award, leading a new era of Chinese fine dining
Vicky Cheng's Wing puts Chinese hospitality at the centre of global fine dining, and the world is finally paying attention Wing, the Hong Kong restaurant helmed by chef Vicky Cheng, has been named the recipient of the Gin Mare Art of Hospitality Award 2025, presented by The World's 50 Best Restaurants. Announced today, on April 23, ahead of the official awards ceremony in Turin on June 19, the accolade celebrates Wing's exceptional service and steadfast commitment to hospitality. This win follows Wing's No 20 ranking on The World's 50 Best Restaurants 2024 list, where it also claimed the Highest New Entry Award. Yet for all the global acclaim, Wing's origins were far more unassuming. The story began somewhat unexpectedly during the pandemic, evolving from an invitation-only, midnight-supper test kitchen at Cheng's debut venue, VEA. 'The whole concept of Wing started when COVID-19 happened,' Cheng recalls. 'I needed the information, I needed the knowledge to learn more about Chinese cuisine so I could continue our Chinese-French concept at VEA.' That pursuit of knowledge transformed an underutilised bar space (below VEA) into Wing, a name symbolising hope, tenacity and perseverance. The original vision, Cheng admits, was more relaxed. 'Believe it or not, it was meant to be a casual Chinese restaurant,' he confesses. The idea of stacking two fine dining venues, one atop the other, felt counterintuitive—until it wasn't. 'It turned out to be the best decision we could have made.' Above Wing's story started as a midnight test kitchen and grew into one of the world's most celebrated Chinese fine dining restaurants What sets Wing apart is the architecture of the experience itself. Cheng has coined his approach 'temperatured hospitality', a philosophy that reaches beyond service choreography to something more elemental: emotional temperature. 'What stays with my guests is a sense of warmth,' Cheng explains. His team's task is to cultivate that warmth, an atmosphere where guests feel anticipated and well looked after. 'We know that we have roughly three hours to make you feel like you're in our world. And you're here to feel welcomed and pampered. You're here to feel like you're in our home.' Delivering that level of comfort requires more than training. It requires the right people. Cheng's 'red apple, green apple theory' governs hiring. 'Thankfully, my team are all red apples,' he says, referring to those who naturally embody Wing's culture of care. The 'green apple' hire will either 'turn red' or simply won't last. 'We'd rather work a little bit harder to keep the red apple mentality than to hire a whole bunch of green apples just because we're short [-staffed].' This shared sensibility creates a like-minded team that can anticipate guests' needs instinctively, whether that means reading body language or preparing an alternative, off-menu dish before a guest even asks. Above Oma abalone and South African abalone Above Sea cucumber spring roll with spring onion For Cheng, such attentiveness is inseparable from innovation. He's wary of tradition calcifying into dogma, a mindset that helped him push forward, even in the face of scepticism when launching both VEA and Wing. 'Traditions are meant to be made, rules are meant to be broken,' he says, drawing comparisons to corporate complacency. 'Nokia, for example, didn't do anything wrong. Except that they failed to do anything at all.' For Chinese cuisine to remain vital, it must evolve. 'People change, our palates change, our ingredients change, climate has changed. So, it's not wrong to look at the possibilities of change while fully respecting cultures.' Part of pushing boundaries involves seeking out and sharing the lesser-told stories of Chinese heritage through its vast and diverse ingredients. Recent trips have fuelled this passion. 'I recently went to Yunnan and I just came back from Guangzhou,' Cheng shares. He finds immense pride in featuring exceptional produce from China itself, often finding it more compelling than imported luxury items. 'I feel more proud, and I feel people are more interested when we present fruits that are from China, more so than the expensive Japanese fruits.' He mentions discovering 'the freshest blueberries from Yunnan and the most delicious mangoes from Sanya.' His Yunnan trip yielded a particularly fascinating discovery: Mu jiang zi , or tree ginger seeds. 'It's kind of like this tender green Sichuan peppercorn', he describes excitedly. 'The pods themselves are soft and floral,' while the bark, intriguingly, is shaved tableside like zest over noodles. 'I've never seen it in Hong Kong. This is just one of the things that I encountered and found very interesting.' For Cheng, discoveries like this aren't just curiosities, they open up a world of possibility. 'I want to learn more, showcase and use more Chinese ingredients and herbs'. This award feels particularly significant in a global dining landscape where French service standards still dominate perceptions of refinement. Cheng hopes this win signals a broader shift. 'I hope we're just the beginning. The ones opening the doors, not only for Wing, but for Chinese cuisine to gain the recognition it deserves.' In Cheng's eyes, true success isn't measured solely by awards or full dining rooms, though he's grateful for both. For him, these accolades are affirmations of a larger mission: to act as a cultural ambassador. He sees Wing as a platform to showcase the depth, warmth and evolving narrative of Chinese cuisine and its inherent hospitality to a global audience. He speaks of this responsibility not just as a goal but 'almost like a duty. It's like an obligation for me to continue'. Above At Wing, Vicky Cheng continues to push the boundaries of Chinese fine dining, blending heritage, innovation and heartfelt hospitality on a global stage Through its warm, 'temperatured hospitality', Wing is serving more than an exceptional dining experience; it's fostering understanding and rewriting perceptions. As Cheng passionately declares, 'It's time for us to shine. It's time for us to express ourselves on a stage where people will listen.'
