Yamada Green Resources (MC7.SG) up 3.6% at $0.285, extending 25.7% loss since start of this week, as players continue to sell on strength after robust 68.2% gain on debut last Friday, according to Dow Jones.

Kim Eng Securities, which has no rating, says stock now trading below sector’s average 9x-10x P/E; “with its 1Q10 net profit already accounting for 66% of its FY09 full-year net profit, the current stock price might not have priced in a record year in the making.”

Notes competition against China-based shiitake mushroom supplier limited given fragmented industry, which comprises mainly individual farmers, small-scale sole proprietors. Expects already-robust profit margins to get boost as Yamada seeks to double its cultivation base by 2011.

Orderbook quotes suggest price may hold above $0.25 for time being.