SINGAPORE, Pacific Andes Ltd was higher on hopes that unit China Fishery Group (CFG) will contribute strongly to its earnings with the completed acquisition of Peru-based fishmeal group Alexandra SAC, dealers said.

Pacific Andes put on 0.005 sgd or 0.71 pct to 0.710 on volume of 715,000 shares.

DBS Vickers said it has a 'buy' recommendation on the company, with a target price of 1.01 sgd.

'With the completion of CFG's acquisition of Alexandra SAC ahead of the peak fishing season in Peru in November, the group is expecting a positive contribution, underpinned by increased fishmeal prices as a result of limited wild-catch marine resources available globally,' DBS Vickers said in a note.