Oiltek International's stock surged 10.85% during intraday trading on Wednesday, following a bullish analyst report that highlighted significant earnings growth potential from a major new project.

The sharp increase comes after CGS International analyst William Tng noted that the renewable-energy solution provider's order book could reach a record 1.75 billion ringgit if its subsidiary's preliminary agreement to build a sustainable aviation fuel production facility in Malaysia is confirmed. The analyst expects the company to complete the project over the next one to two years, which could quadruple its earnings per share in 2027.

In response to this potential, CGS International raised its target price for Oiltek to S$3.38 from S$0.94 while maintaining an "add" rating on the stock.