Hongguo (PE<10)

Hongguo, manufacturer of ladies shoes in China is now down to S$0.305.
Is it time to enter? It's PE based on FY2007 is below 10

What I like about this stock:

1. High ROE
2. Low PE
3. Steady growth in revenue and earnings
4. China Market

What I don't like about this stock:

1. Earnings in US dollar
2. To be affected by down turn(?)
3. Not "branded"compared to other more established brands