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Yep, sure not TT, and this stem just reminded me of MS Racing I grabbed a month ago that had it set the exactly same way, as if it was a 20mm stem effectively, made the bike pretty unrideable till I changed the stem.
Axis is supernice anytime though! Oh and I love the way they attached the M095 shifters to the handlebars, seems most of the shifter/brake levers is left there and a bit is cut, deffinitely better than people making V's work with canti levers.
I have one of these. They are pretty nice bikes in an understated way. It wouldn't take much to get the ebay one back to a more original spec. I was lucky when I got mine only the grips had been changed.