Oceanus -- Overhyped counter?

Recently, Oceanus came under my radar. I was always fascinated by their business of rearing abalones, a Chinese delicacy, in their farms. It had went from a share price of <20c to near 60c, before coming down again to 31.5c recently. It is interesting in its strategy to acquire farms and lands from the centre of the coast, such that it can grow both left and right sides, while its competitors would find it harder to expand because they would have farms separated by Oceanus.

Before I do any impulsive buying (like before), I made it a point to look through some secondary sources (especially the more critical ones instead of the more bullish ones). I digged out the following nuggets of information from value investing forum Afralug Forums (formerly WallStraits forum), which are rather insightful.

The most interesting paragraph is the following:
"The financial statements use fair value accounting which books estimated changes in market value as revenue. While this may comply with accounting rules, it is total nonsense from a cash flow perspective because none of the so-called fair value profits can actually be converted into cash. Only when the actual goods are sold and cash received will the company know what their real profits are."