Doubling position in Gmarket (GMKT)

I am doubling a position I initiated on Monday with Gmarket. The company has dropped 8% today to fall to the 50 day moving average, so I have added another 600 shares to the 450 shares I bought on Monday, and 150 shares bought yesterday. Those shares were bought in mid 22 range. These shares will be mid 20s range.

Gmarket is a very interesting company which in a phrase can be described as the EBAY of Korea. Aside from the obvious growth in techno-savvy South Korea, there are also myriad potential opportunities in both Japan and China down the road.

Last quarter, GMKT reported .18 vs .14 expectation (28.5% beat)

07 estimates currently stand @ $0.71 (up from $0.66 before the earnings), and 08 estimates are @ $0.84 (up from $0.82 before earnings and $0.77 60 days ago)
So obviously the trend is up, and analysts are constantly underestimating the company.

At $21, this is a forward PE of 29.6 on 07, and 25 on 08. Certainly not cheap but for an Asian e-commerce site, not a bad value. (See Baidu.com valuation for an example)