Standard Chartered starts Super Group (S10.SG) at Outperform with $1.39 sum-of-parts target price, implying 14.5x FY10 P/E, says Dow Jones.

Stanchart says instant beverage maker due for re-rating as it's focused on growing core business, doubling dividend payout to 50%, adding: "Attractive dividends, a share buyback program and highly defensive earnings should provide solid support against downside risk to the share price,"

Tips core EPS CAGR of 14% over 2009-2012, driven by strong demand from new customers in hotels, restaurants, cafe space.

Attributes company's dominance in Asia to extensive manufacturing facilities, strong branding, vast distribution network; "all of which represent key barriers of entry."

Shares down 2.8% at $1.05.