This is a recent IPO at S$0.26.....the price today is S$0.23.   In our IPO watch, we actually like the stock and think its undervalued with PERs now in the low single digits.

I just read an SGX announcement  today which said that the price stabilisation was complete with 68mn shares being part of that exercise.  These shares have been transferred back to the major shareholder Cao Xiangbin raising his stake in the company from 54.36% to 59.09%. 

With the price stabilisation over, we will now see a more realistic support level for the stock. This should also tie-in with its Q3-2009 results which will give investors a better feel of the earnings potential on the company.   In the absence of any negative surprises, the stock offers a more attractive entry level today compared to its IPO price.  Please read our IPO watch for more details on the stock and its price target.