Latest news with #Tuas
CNA
5 hours ago
- Health
- CNA
Trial begins for Stars Engrg director, manager involved in 2021 Tuas explosion that killed three
SINGAPORE: The trial for the company behind an explosion at Tuas in 2021 that killed three workers and injured seven others opened in the State Courts on Tuesday (Jun 3). Stars Engrg, whose core business was the installation of fire protection systems, was the occupier of the premises at 32E Tuas Avenue 11, where the blast occurred on Feb 24, 2021. The company, its sole director Chua Xing Da and production manager Lwin Moe Tun are all contesting charges under the Workplace Safety and Health Act for safety lapses. Chua, a 41-year-old Singaporean, and Lwin Moe Tun, a 35-year-old Myanmar national, also face obstruction of justice charges relating to what they did after the accident. All three are represented by lawyer Chia Boon Teck, while Lwin Moe Tun is additionally represented by lawyer Foo Cheow Ming. An inquiry committee convened to look into the accident concluded in March 2022 that the explosion was mainly brought about by the company's failure to ensure the safe use of a mixer machine. Stars Engrg workers were preparing the machine to mix potato starch powder with heated water at their workshop in Tuas when the explosion happened. They were manufacturing 'fire clay' for use in an insulation wrap which goes around piping and ducting systems. The committee found that the initial rapture of an oil jacket resulted in the initial blast. This ignited potato starch powder that had accumulated in the air, causing subsequent flash fires. Court documents – agreed by both the prosecution and defence – set out the timeline of events leading to the explosion, including how employees had found the machine smoking and leaking on several occasions. Twelve days before the incident, a fire occurred at the machine and was put out by two employees. Another small fire occurred on the morning of the incident, hours before the explosion at 11.22am on Feb 24, 2021. The explosion was followed by three flash fires. The inferno was extinguished at 11.46am by the Singapore Civil Defence Force. PROSECUTION'S CASE Opening its case on Tuesday, the prosecution said that Chua bought the mixer machine in August 2019 from a company in China via the Alibaba online platform. The machine was installed on Jun 12, 2020. Stars Engrg and Chua used the mixer machine improperly and continued to use it despite "clear indications that it was unsafe to use", the prosecution said. "This created an environment of risk to the health and safety (of) every person at the worksite," Deputy Public Prosecutors Timotheus Koh, Grace Chua, Mohamed Riasudeen and Goh Qi Shuen said. They said that they will be leading evidence from Stars Engrg employees and experts to show that the company and Chua: Used insufficient thermic oil Operated the mixer machine as a "closed system" without pressure monitoring Failed to monitor the oil jacket temperature Continued using the mixer machine despite incidents that showed it was unsafe to use, and took inappropriate and insufficient steps to ensure that it was safe for continued use The company and Chua owed a duty of care to their employees but failed to ensure that they had adequate instruction, information, training and supervision to perform their work, the prosecution said. They also failed to ensure that safety measures were taken and failed to provide a safe environment for the employees. It added that Lwin Moe Tun negligently endangered the safety of Stars Engrg employees by allowing them to conduct repairs on the mixer machine's heater despite the risks involved. After the accident, Lwin Moe Tun allegedly asked Chua if he could delete a WhatsApp conversation between him and one of the deceased employees, Subbaiyan Marimuthu, on Feb 25, 2021. The conversation was eventually deleted. Both of them allegedly knew that deleting this communication could obstruct investigations into the incident, the prosecution said. VICTIMS AND INJURIES The three who died were employees working at the time of the incident. They are: Bangladeshi nationals Anisuzzaman Md, 29, Shohel Md, 23, and Indian national Subbaiyan Marimuthu, 38. Each sustained about 90 per cent or more total body surface area burns. Five other Stars Engrg employees - all Bangladeshi nationals - were hurt. They are Mr Ahmmed Lizon, Mr Hossain Jitu, Mr Mehedi, Mr Molla Md Yousuf, and Mr Rahad Asfaquzzaman. They sustained total body surface area burns of at least 35 per cent and have permanent disfiguration from their injuries. Another two men employed at a unit opposite the premises, Mr Miah Md Azam and Mr Zhao Jian Wang were also injured.
Malay Mail
3 days ago
- General
- Malay Mail
Caught cutting the line at Woodlands or Tuas? Singapore's ICA says expect a U-turn or a blacklist
SINGAPORE, June 1 — As the June school holidays begin in Singapore, the country's Immigration and Checkpoints Authority (ICA) officers are stepping up enforcement against motorists who attempt to jump queues at the Woodlands and Tuas checkpoints. The Straits Times reported today that motorists caught trying to cut ahead in line risk being forced to make a U-turn to the back of the queue — and could face tougher penalties such as blacklisting or bans from entering via vehicle in future. Inspector Mardiana Masdar, team leader at the Integrated Operations Centre at Woodlands Checkpoint, said queue-jumping incidents spike during peak hours, when traffic congestion is most severe. Speaking at a virtual interview on May 28, she stressed the seriousness of such violations. 'If they are non-compliant, we will refer them to our Secondary Office, where we are able to show them CCTV footage of them cutting queues,' she was quoted as saying. She added that officers on the ground alert the control team when they spot such behaviour, who then direct the offending drivers to make a U-turn. Repeat offenders or those who refuse to comply may be banned from entering the checkpoint by vehicle and will have to use alternative transport. She cited a 2023 case involving a Malaysian driver who, after being caught queue-jumping, refused to turn back and drove off instead. 'Because of his non-compliance and dangerous driving, the driver and car were banned from entering Singapore,' she said. Traffic volume at land checkpoints is expected to be especially high from June 6 to 9, which includes the Hari Raya Haji weekend. ICA said in a May 23 statement that during the recent Wesak Day long weekend (May 8–13), over three million travellers cleared both checkpoints. On May 9 alone, more than 546,000 crossed the borders — one of the highest single-day figures this year. Crowds had also caused jams of up to five hours over the May 3 Polling Day weekend. Checkpoint officers are bracing themselves for similar or worse conditions during the June holidays. Inspector Eileen Neo Hui Xin, an assessment and investigation officer at Woodlands Checkpoint, said the long waits often lead to flared tempers. 'Everyone wants to travel smoothly. And during peak periods, it is very difficult to manage people's expectations and to manage the ground properly,' she was quoted as saying. 'Balancing efficiency with security standards is tough, but it also makes the work fulfilling.' Officers have also had to deal with motorists becoming verbally abusive, though Insp Neo noted most are ignored unless they cross the line. Wet weather further complicates clearance procedures — especially for motorcyclists, whose wet fingerprints may fail to register on automated lanes, leading to delays. To avoid unnecessary delays, travellers are urged not to carry prohibited items. Checkpoint Inspector (1) Kendri Parwira Suhairi, 38, a first response team officer, recalled stopping a Singaporean couple who brought batons they claimed were for home defect inspections. 'At one glance, I knew that was not the case,' he said. The couple were referred to police, and the items deemed controlled. CI (1) Kendri said, 'We remain vigilant 24/7. At the end of the day, we are the first line of defence at the border.'
CNA
4 days ago
- Health
- CNA
3.6kg of heroin seized in drug raids, 139 people arrested
SINGAPORE: Nearly 3.6kg of heroin was seized and 139 people arrested during drug raids across Singapore in May, the Central Narcotics Bureau (CNB) said on Saturday (May 31). Of the 139 arrested, the youngest was a 14-year-old student for suspected drug use. CNB officers conducted raids from May 18 to May 30, covering areas such as Ang Mo Kio, Boon Keng, Bukit Merah, Jurong and Sengkang. During the raids, more than S$626,700 (US$486,000) worth of drugs were seized. Besides the heroin, another 2.7kg of cannabis, 1.3kg of Ice, 155g of Ecstasy, 26g of cocaine and more than 200 Erimin-5 were found. Officers also discovered 49 vape devices suspected to contain tetrahydrocannabinol, a cannabinoid found in cannabis, and 22 LSD stamps. FIVE ARRESTED IN TUAS In the early morning of May 23, CNB launched a raid in Tuas South Avenue, acting on information it received. Five foreign nationals – men aged between 23 and 34 – were arrested for suspected drug offences. Two of them struggled to resist arrest, and "necessary force" was used to subdue them, said CNB. A 23-year-old man was spotted disposing of substances, including 2g of cannabis. Another man was found with Ice. The officers also arrested a 32-year-old man after 27g of cannabis was found in a room in a "residential lodging" in the area. HEROIN IN GEYLANG HOTEL ROOM On May 28, CNB officers raided a hotel room in Geylang Lorong 10 and arrested a 46-year-old man for suspected drug trafficking offences. The officers forced their way in because the man had refused to comply with orders to open the door. More than 2.8kg of heroin was found, together with 565g of Ice, 20g of cannabis, 24g of ketamine, four Erimin-5 tablets and over S$500 in cash. The following day, a 29-year-old man was arrested at the car park of a condominium at Tampines Street 86 for suspected drug trafficking offences. He was escorted to his "hideout in the condominium", said CNB. Officers found more than 2kg of cannabis, 165g of Ice, 103g of ketamine, 37g of Ecstasy, 26g of cocaine and 22 LSD stamps, as well as Erimin-5 tablets and 49 vapes. Assistant Commissioner Aaron Tang, director CNB's Intelligence Division, said: "The drugs we seized from the operation would have destroyed countless lives and families in Singapore. "Our message is clear - those who choose to profit from selling drugs will face the full force of CNB's actions. We will hunt these drug traffickers down to keep Singapore drug-free for our communities." Investigations into the arrested suspects are ongoing.
CNA
4 days ago
- Automotive
- CNA
ICA adds cones, blinker lights to increase lane visibility at land checkpoints
At Singapore's Tuas and Woodlands checkpoints, cones and blinker lights have been added to help vehicles merge more safely during temporary changes in lane directions. The buffer zone now stretches 10 to 20 metres. These measures follow a crash between a bus and a car during a contraflow operation at Woodlands Checkpoint last weekend. Kate Low reports.
Yahoo
6 days ago
- Business
- Yahoo
Tuas Limited (ASX:TUA) Shares Could Be 22% Above Their Intrinsic Value Estimate
The projected fair value for Tuas is AU$4.69 based on 2 Stage Free Cash Flow to Equity Tuas is estimated to be 22% overvalued based on current share price of AU$5.73 Industry average of 35% suggests Tuas' peers are currently trading at a higher premium to fair value How far off is Tuas Limited (ASX:TUA) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced 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. It may sound complicated, but actually it is quite simple! We would caution that there are many ways of valuing a company and, like the DCF, each technique has advantages and disadvantages in certain scenarios. 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 are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period. In the first stage we need to estimate the cash flows to the business over the next ten years. Seeing as no analyst estimates of free cash flow are available to us, we have extrapolate the previous free cash flow (FCF) from the company's last 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. A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars: 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Levered FCF (SGD, Millions) S$25.6m S$35.2m S$44.6m S$53.4m S$61.3m S$68.1m S$74.1m S$79.2m S$83.8m S$87.9m Growth Rate Estimate Source Est @ 51.83% Est @ 37.17% Est @ 26.90% Est @ 19.72% Est @ 14.69% Est @ 11.17% Est @ 8.70% Est @ 6.98% Est @ 5.77% Est @ 4.92% Present Value (SGD, Millions) Discounted @ 6.4% S$24.1 S$31.1 S$37.1 S$41.7 S$44.9 S$46.9 S$47.9 S$48.2 S$47.9 S$47.2 ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = S$417m After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.9%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 6.4%. Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = S$88m× (1 + 2.9%) ÷ (6.4%– 2.9%) = S$2.6b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= S$2.6b÷ ( 1 + 6.4%)10= S$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 S$1.8b. In the final step we divide the equity value by the number of shares outstanding. Relative to the current share price of AU$5.7, the company appears slightly overvalued at the time of writing. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out. The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the 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 Tuas 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 6.4%, which is based on a levered beta of 0.800. 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. View our latest analysis for Tuas Strength Currently debt free. Weakness Expensive based on P/S ratio and estimated fair value. Opportunity Annual revenue is forecast to grow faster than the Australian market. Threat No apparent threats visible for TUA. Valuation is only one side of the coin in terms of building your investment thesis, and it shouldn't be the only metric you look at when researching a company. The DCF model is not a perfect stock valuation tool. Instead the best use for a DCF model is to test certain assumptions and theories to see if they would lead to the company being undervalued or overvalued. If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. Why is the intrinsic value lower than the current share price? For Tuas, there are three important items you should assess: Financial Health: Does TUA have a healthy balance sheet? Take a look at our free balance sheet analysis with six simple checks on key factors like leverage and risk. Future Earnings: How does TUA'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
