Goldman Sachs starts Noble Group (N21.SG) at Buy with a $2.60 target price, implying 15.3x FY11 P/E.

Says commodity supply chain manager could benefit from a strong 2011 macro outlook as pro-cyclical commodities like coal and oil, plus metals are expected to account for 60% of next year’s earnings.

Expects oil and gas volumes to get a boost next year, driven by Noble’s recent acquisition of Semfuel and Northville oil storage and distribution assets.

Says recently-acquired US-based Sempra Energy Solutions could also start contributing from 2011. Adds, valuations are attractive with the stock trading at 12.8x FY11 P/E, lowest among its Singapore peers.

Shares +1.4% at $2.14.