Hot stocks: Oceanus up 17.6% after exiting SGX watch list; Hatten Land up 21.3% on crypto plans

SHARES of Oceanus Group 579 and Hatten Land PH0 were higher in the morning trading session on Wednesday.

Seafood supplier Oceanus announced its exit from the Singapore Exchange's (SGX) watch list since being put on it nearly six years ago on Dec 14, 2015, while property developer Hatten Land said it has signed a definitive agreement to operate at least 1,000 cryptocurrency mining rigs at the group's properties in Malaysia.

Shares of Oceanus were trading at a high of four Singapore cents as at 9am on Wednesday, up 0.6 cent or 17.6 per cent. Meanwhile, shares of Hatten Land were trading also at a high of 7.4 Singapore cents as at 11.57am, up 1.3 cents or 21.3 per cent.

No married deals were recorded for both counters, according to ShareInvestor data.

Both counters were also the top two most actively traded by volume as at the midday break, with Oceanus seeing 207.5 million of its shares worth S$8 million changing hands, while Hatten Land saw 99.4 million of its shares worth S$6.7 million traded.

As at the midday break, shares of Oceanus eased slightly to 3.8 Singapore cents, up 0.4 cent or 11.8 per cent, while shares of Hatten Land were trading at 7.4 Singapore cents.

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On Wednesday morning, Oceanus said it has demonstrated profitability since the second quarter of 2020, and hit a record turnover and net profit in H1 2021.

Total revenue, which stood at S$52.5 million, was 6.5 times the S$8 million recorded the year before, while net profit was S$5 million, seven times the S$700,000 recorded in the year-ago period. Its total market capitalisation stood at S$826.1 million as at Tuesday.

SGX's financial exit criteria indicate that companies may be removed from the watch list if they record consolidated pre-tax profit for the most recently completed financial year, and post an average daily market capitalisation of at least S$40 million over the last six months.

As for Hatten Land, it said on Wednesday morning its subsidiary has signed a definitive agreement with Singapore's Frontier Digital Asset Management to share proceeds from jointly operating the cryptocurrency mining rigs.

The rigs, which will be built in phases from Q4 2021, would repurpose Hatten Land's existing retail mall infrastructure in Melaka for digital activities such as crypto mining and e-commerce.

The latest agreement will bring the total number of crypto mining rigs to be installed at Hatten Land's properties in Melaka to 3,000. This includes the memorandum of understanding signed with mainboard-listed Singapore Myanmar Investco to procure up to 2,000 rigs.