Is ZPI SG a steal?

ZPI SG (Review of 3Q2004 results released on 3 Nov.)

• Revenue in 9 months [225 mil RMB] is already 15% more than full revenue in FY2003 [195 mil RMB];
  
• Net profit margin of 28%;
  
• EPS (9 months in 04) = 0.27 RMB;
  
• Two new products - Tea harvestor and perforator introduced;
  
• Directors confident that demand will be maintained in the next 12 months;
  
• New production facility will be fully operational at end 1Q2005.
  

[5 Nov close: S$0.23]
The full year EPS in 2003 is 0.152 RMB while 9 months EPS in 2004 has already exceeded it [0.27 RMB]. Therefore, using present price of S$0.23, it translates to an P/E of only about 4.25!!! Now, you tell me whether ZPI is a steal?