Standard Chartered starts Pacific Andes Resources Development (P11.SG) at Outperform with $0.47 sum-of-parts target price.

Expects steady recurrent earnings from supply chain management business, with unit China Fishery’s (B0Z.SG) strong growth momentum, margins underpinning group prospects.

Forecasts 13% earnings CAGR over 2010-2013 for frozen fish supplier; “PARD provides a cheap proxy for the strong growth momentum of China Fishery and rising domestic consumption in China.”

Tips 5%-6% annual average profit growth in next 3 years for supply chain management arm, which accounts for 43% of group revenue. Shares +1.5% at $0.335.