Boustead Project - Is this multi-bagger for real?

Boustead is one of the key players on my team of dividends stock. Recently on 24 Apr 2015, it spawned off a new player called Boustead Projects by introducing this stock on the SGX issued like a dividend from Boustead. Believe the technical term is "distribution of shares in specie". So it's a new specie! Hah.

As a result, I'm now a shareholder of Boustead Projects as well. The new units were issued at a value of 15.47 cents per share (Boustead Investor Central - Dividend History). Fascinatingly, its value seems to be at 90 cents now (as on 29 May 2015). It's dropping though.

That's 5.8 times its starting value (a 5-bagger), or a return of 482%! What gives?

Will it drop back to its starting value? Or is this where it should be valued at?

[Updated 7 Jun 2015]

As Raymond K subsequently shared, the distribution in specie was 3 shares of Boustead Project for 10 shares of Boustead. So, each share of Boustead Projects should in fact be valued at $0.516. So it's not a 5-bagger, but is closer to being a 2-bagger.