China Animal Healthcare (EP4.SG) is +2.5% at $0.41, extending its 12.7% gain so far this week, as interest increases ahead of its HK dual-listing debut targeted for Dec 21.

After stock rose substantially in recent sessions, NRA Capital Chairman Kevin Scully says now may be an ideal time to take profits, especially given the risk of a lukewarm HK reception, judging from the poor performance of other S-chips dual-listed in HK, such as Midas Holdings (5EN.SG).

Notes the stock is “not exactly cheap for an S-chip” as it’s worth 13x-15x 2011 P/E based on yesterday’s $0.40 close; “I am prepared to revisit the stock again” if the company shows “very robust earnings well ahead of my current forecasts” of RMB280 million for 2011 vs an estimated RMB170 million for 2010.

Orderbook quotes suggest limited upside beyond $0.43.