Galaxy International: Yongda Group is also a data center concept stock, which encouraged the stock to rise 14%
China's water investment is growing, making Yongda Group in this field $ENGTEX (5056.BMS)$ Benefiting; today Galaxy International Securities viewed the stock as a “data center concept stock” and called to buy it, which encouraged the stock to soar 14%!
According to a report released by Galaxy International Securities today, recent investments in several water projects, including the Xuzhou Rasau (Rasau) Water Supply Plan, the Lengyue 2 Water Treatment Station Project, and the Perak - Penang Water Supply Plan, are all beneficial to Yongda Group.
Meanwhile, as a data center hub for the regional market, the group completed a contract with a total value of RM7 million related to the data center.
Topic: Contracts are coming one after another
“We believe such contracts are coming one after another!”
In addition, local infrastructure projects are expected to accelerate in the second half of 2024, thereby boosting demand for low-carbon steel, and Yongda Group will benefit accordingly.
Furthermore, the active construction sector will drive demand for metal wire mesh. This product is also the largest revenue contributor to Yongda Group's manufacturing business (accounting for 40% of FY2023).
Supported by many favorable factors, analysts expect Yongda Group's performance in the next quarter to achieve strong year-on-year growth in a low environment.
As a result, Galaxy International drastically raised its profit forecast for the group. Following this, the target price was also raised to RM1.70, and the rating “increased.”
The Yongda Group was also greatly encouraged today...

$USD/MYR (USDMYR.FX)$
The trend of the ringgit is unstoppable. Today, it surged more than 1.7%, breaking the 4.50 mark, and surged 3.6% throughout the week!
As of 5 p.m., the exchange rate of the ringgit was reported at RM4.4908 to the US dollar, up 1.72% in a single day. This is another key hurdle for the ringgit within 3 days after breaking through the 4.60 key level this Wednesday (July 31).
Looking at the week as a whole, the ringgit exchange rate surged 3.59%, making it the best performing emerging market currency this week.
China's economic growth prospects are optimistic. Coupled with the continued inflow of foreign capital, the ringgit has continued to rise for 10 days. This is the longest continuous rise record in 14 years.
Bloomberg reports that after three years of decline, the ringgit exchange rate performed better than other Asian currencies this year. In particular, the government introduced policies to promote foreign investment and cut subsidies to reduce budget deficits.
Supported by these policies, Malaysian stocks have once again attracted the interest of global funds. These funds have bought $0.112 billion (approximately RM0.508 billion) of Malaysian stocks so far this year.
At the same time, Malaysia's economic recovery is also accelerating, and the improvement in export conditions has supported economic growth. At the same time, the Bureau of Statistics previously predicted an economic growth rate of 5.8% for the next quarter, which also surpassed market forecasts.
According to a report by the Malaysian News Agency, the second finance minister, Dato' Sri Amir Hancha, believes that the forecast for China's economic growth of 4% to 5% this year is achievable, and will even reach a higher level, and the ringgit trend will advance...

$Serve Robotics (SERV.US)$ 📉

$KUCINGKO (0315.BMS)$
The Malaysian Digital Department also issued a statement today to congratulate Kucingko on the Malaysian Stock Venture Market.
Digital Minister Gobbin Xing pointed out that since 2004, Kucingko has had Malaysian Digital (MD) status, with a cumulative export value of over RM0.25 billion, making a significant contribution to the Malaysian digital economy.
“We are honored to witness Inspidea giving back to society and the animation industry in various ways while leveraging industry development initiatives under the MD status framework.”
Inspedia, a subsidiary of Kucingko, has been mentoring new creative professionals for over four years under the Digital Content Creator Challenge (DC3) program of the Malaysian Digital Economy Corporation (MDEC).
In a statement, the Digital Department highly praised Kucingko's training program in East Malaysia after listing, believing that while continuing to support growth, it can also give back to the development of the industry.
Companies with MD status can benefit from a variety of industry development programs, including development and production grants, talent development programs, and market expansion plans.
Inspedia received substantial grants from MDEC in 2006 to develop creative animation projects and achieve outstanding results.
Source: Nanyang Siang Pao
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