China Hongxing Sports (BR9.SG) +3.2% at $0.16 in active trade, extending 10.7% gain so far this week, as players relook battered-down sportswear retailer, which has been consolidating around 52-week low of $0.115 for last 2 months, holding well below $0.30 book value, according to Dow Jones.

Stock one of worst performers among S-chips this year, given concerns over weak consumer demand, lower selling prices.

But DMG, which has Buy call with $0.22 target, says Hongxing’s business on brink of sustained turnaround as its orderbook picking up: “Consumer confidence has held up and may shift to a higher gear once a nationwide wave of minimum wage hike kicks in. In addition, the current RMB reform to allow greater exchange rate flexibility is clearly good for boosting domestic consumption in China in the long run.”

Resistance tipped at 250-day moving average, last at $0.17.