The stock was up 18 cents, or 18%, to hit $1.18 yesterday.

Oiltek was first listed at 23 cents in March 2022.

The company provides integrated refinery process and engineering solutions across the global vegetable oils value chain.

So why the sudden strong buying for the stock?

Could it be due to developments in the sustainable aviation fuel (SAF) space?

In recent interviews with the media, Oiltek chief executive officer Henry Yong had said that the next big thing for the group would be SAF.

Yong told The Edge Malaysia on March 10 that Oiltek is exploring projects with potential partners that would produce renewable jet fuel alternatives.

SAF is a low-carbon jet fuel produced from diverse feedstocks such as used cooking oil, agricultural waste and biomass, among others.

In an updated March 13 report, Phillip Capital said it believes Oiltek is benefiting from a multi-year build-out cycle for Sustainable Aviation Fuel (SAF) around the region.

“SAF plants in Indonesia and Malaysia have access to abundant feedstock, namely palm oil mill effluent. Higher jet fuel prices and energy security are added impetus to accelerate demand for SAF,” said Phillip Capital, which maintained its Buy call and target price of $1.18.

Now that Oiltek has hit the target price, it will be interesting to see if Phillip Capital revises its target price, pending any new developments.

“The next evolution for Oiltek is to generate recurring income from an ownership stake in processing plants,” said Phillip Capital.

On its future listing in Malaysia, Oiltek has appointed M&A Securities as its principal adviser for the listing on the Main Market of Bursa Malaysia.

To date, the company has an order book of RM350 million, which is expected to last for the next 18 to 24 months.

Oiltek posted a 7.9% increase in net profit to RM32 million for the financial year ended Dec 31, 2025 (FY2025), on revenue of RM211.4 million.

The company’s net profit has grown at a CAGR of 27.9% over the last five years.