China Fish - China Fishery target raised to $2.61 by Stanchart

Stock Name: China Fish
Company Name: CHINA FISHERY GROUP LIMITED
Research House: StanChart

Standard Chartered lifts China Fishery (B0Z.SG) target price to $2.61 from $1.90, based on 12x FY11 P/E vs 11x previously, after rolling forward valuation, increasing FY11 EPS estimate by 36%.

New earnings forecast reflects higher fishmeal prices, increased catch volumes for jack mackerel; "with leading market shares in catch volumes over diversified fishing grounds across the North Pacific, South Pacific and Peru, China Fishery is well positioned, in our view, to benefit from rising raw fish prices caused by supply scarcity."



Keeps Outperform call.



Tips 22% profit CAGR over FY10-13. Shares off 0.5% at $2.18.