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Hot stocks: DigiLand, Giken Sakata
SHARES of Digiland International was most actively traded with 37 million shares done in the early session on Wednesday. The counter was unchanged at 0.1 Singapore cent.
On Tuesday, Digiland, which has been under Singapore Exchange's watch list since December 2011, said it had submitted an application to the exchange to remove the firm from the list based on its latest full-year results.
Digiland recorded consolidated pre-tax profit of US$1.88 million for the financial year ended June 2014 . The firm also pointed out that its average daily market capitalisation stood at S$40 million or more over the last 120 market days.
GIKEN Sakata climbed three Singapore cents, or nearly 11 per cent, to 31.5 Singapore cents at 10.40am on Wednesday with some 6.5 million shares traded.
Giken has transformed itself into an Indonesian onshore oil company with the 51 per cent acquisition of Cepu Sakti Energy. That has spurred OSK DMG Research to initiate coverage on the counter with a "buy".
Cepu Sakti has signed contracts for five oilfields under Indonesia's old wells programme. The first two have proven and probable reserves while the research house expects the next three fields to be larger.
"Share prices have surged post acquisition, but market clearly values only two out of its five fields," says OSK DMG which has a target price of 65 Singapore cents on the counter.