Shares of Singapore’s infrastructure firm Gallant Venture <GLVT.SI> rose as much as 11% on Monday to a 14 month high after a broker issued a report highlighting that its stock is undervalued.

At 0143 GMT, shares of Gallant Venture, which develops resorts in Indonesian island Bintan, were up 8.3% at $0.39 with over 23.7 million shares changing hands.

“If tourist arrivals to Bintan should beat forecasts, the upside to our target price will increase as more developers will come on board to speed up the rejuvenation of the island as a regional tourist destination,” said Kim Eng Securities in a report.

 

The brokerage has a “buy” rating and target price of $0.75, representing a further 92% upside to its current traded price.