The research house said the property developer's FY20 core net income of RM239.8mil came in above expectations, making up 117% and 148% of its and consensus estimates respectively.
However, the core net income excludes inventories write down and impairment.
MIDF said the earning surprise could be attributed to stronger-than-expected property sales in 4QFY20.
"ECOWLD recorded strong sales of RM1b in 4QFY20, higher than new property sales of RM960m in 3QFY20 as buying interest remains strong after relaxation of MCO restrictions.
"That brought cumulative new sales in FY20 to RM2.3b which is ahead of management new sales target of RM2b," said MIDF.
Eco World's management target to achieve new property sales of RM2.875bil in FY21, which is 25% higher than new property sales of RM2.3bil in FY20.
Eco World is trading at a 68% discount to its latest NTA of RM1.59 a share. MIDF raised its target price to 64 sen from 57 sen previously.