The phantom is based on a Saw that made 7hp from similar displacement. It's not a direct copy, and the intake side in particular was restricted some to likely tone the power down, but giving it very good intake "draw" through the OZ reed and Bofeng carb. Realistically, it likely makes around 5hp - ish. The exhaust port is huge relative to displacement much like the BT80, which between that and the great transfer port design is where the Phantom makes most of it's power.
Open up the intake side and put on a larger carburetor and it really wakes up, likely putting it at power levels similar to the saw it was based off of. Put a REAL expansion chamber on it, one designed for the size of the engine, like a 80-85cc dirt bike pipe, and you have to upgrade the clutch.