KUALA LUMPUR (Dec 18): MIDF Research has raised its target price on Eco World Development Group Bhd (EcoWorld) to 64 sen from 57 sen prior as the firm lowered its revalued net asset value discount to 72% from 75% previously thanks to its improved earnings visibility. In a note today, the firm said it maintained a "buy" call on the property developer due to its "commendable new property sales and attractive valuation". MIDF said its FY20 earnings exceeded expectations, at 117% of its estimates and 148% of consensus. "The earnings surprise could be attributed to stronger-than-expected property sales in 4QFY20. Note that we have excluded inventories write down and impairment in our core net income calculations," it said.