This article only represents the author's own views.

When the recently listed Ispire Technology Inc. (ISPR.US) announced its latest quarterly results on Feb. 20, investors were underwhelmed by its story of the vaping market’s big potential. The stock fell by nearly 10% over the next few days despite a 31% revenue increase to $41.7 million for the three months through Dec. 31, the company’s second fiscal quarter.

But unlike many struggling vaping stocks, Ispire’s shares have moved steadily upward since its Nasdaq listing last April, currently trading about 40% above its $7 IPO price. With a strong trailing price-to-sales (P/S) ratio of 3.85, it is even comparable to the much larger Altria Group (MO.US) at 3.54, and is ahead of Shenzhen-based Smoore International (6969.HK) as well.