CCM Group (5QZ.SG) holding above $0.20 IPO price on SGX debut, last at $0.25 (similar to opening price) although volume modest for new listing, suggesting tame interest, according to Dow Jones.

“Given the current cautious market sentiment, we think investors are more likely to wait for the next set of earnings announcement before re-rating the issue,” says NRA Capital. But notes fundamentals positive as construction demand in Singapore still strong, led by public-sector projects.

Singapore-based construction group’s FY09 net profit at $3.1 million vs $677,000 in FY08 on higher revenue, margins. Orderbook quotes suggest $0.265 resistance. CCM will use $3.7 million net proceeds to buy new equipment, explore strategic alliances to produce equipment for sale, fund working capital needs.