The stock price of Ekovest Bhd, a diversified company led by founder and group executive chairman Tan Sri Lim Kang Hoo, may more than double in the next year or so.

The counter has a 'buy' call at Rakuten Trade Sdn Bhd with a target price of RM1.16. It was trading at 56.5 sen at mid-day today (Jan 11).

"As a prominent contractor and toll highway concessionaire, Ekovest is set for profitability by FY25, benefiting from Johor's vibrant property and construction sectors plus potential gains from the monetisation of DUKE highways and improvements across its business segments," it said in a note released today.

Ekovest is involved in construction, property, toll operation and plantation segments.

The report said Ekovest's plan to monetise DUKE Phase 1 and Phase 2 aligns with the resurgence of traffic to pre-pandemic levels.

"This move could be a significant re-rating catalyst, as the total asset value may surpass the company's market capitalisation by 2X," it said.

In addition, it said Ekovest had successfully completed the Setiawangsa-Pantai Expressway (SPE), formerly Duke Phase 3, in Nov 2023.

"With a 53-year concession, SPE is nicely poised to be in the black albeit with initial operational losses. We believe the ongoing RTS (Rapid Transit System) Link project is expected to boost Ekovest's future construction revenue amid an expanding orderbook driven by the RM1.2 billion rapid transit system project and potential projects such as DUKE Phase 2A Istana Link and initiatives in Johor," it said.

Among the major construction and infrastructure projects undertaken by Ekovest include the turnkey design and build for the construction of Universiti Malaysia Sabah and Labuan Financial Park, KLCC internal fit-out and the construction of Kuala Lumpur Sentral Commuter Station under the joint venture with KMZ-Dragages.

Lim is also the founder, chairman and CEO of Iskandar Waterfront Holdings Bhd. He is also the executive vice chairman of PLS Plantations Bhd.