That's a Dendrobium nobile type species or hybrid. They have a particular seasonal growth pattern that needs to be respected in order to flower in the spring.
I think it's best to wait until the new plantlet is a lot larger, with a lot more roots, before separating. It might be ready by midsummer. Some people leave them on the parent plant for many years.
Often they make plantlets like this, instead of flowers, if they are fertilized too late in the previous summer.
A Japanese company called Yamamoto hybridizes a lot of these. They formerly had a Hawaii division that had growing information in English on the Web site. It is gone now, but you can see an archived version on the Wayback Machine:
Yamamoto Dendrobiums: Caring
Yamamoto Dendrobiums: Hints
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