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Malaysia Stocks Surge As AI Building Boom Fuels Longest Rally In 13 Years

Malaysia Stocks Surge As AI Building Boom Fuels Longest Rally In 13 Years

马来西亚股票大涨,人工智能建设激发了13年来最长的涨势。
Business Today ·  07/18 04:24

Malaysian equities are on a tear led by builders and suppliers on the back of an AI-driven data centre boom, putting a long-overlooked market back on the radar of global investors.

马来西亚股市因AI驱动的数据中心蓬勃发展,建筑商和供应商领涨,再次进入全球投资者的视野。

Malaysia's benchmark KLCI is hovering near three-and-a-half-year highs and up five quarters in a row, its longest streak in 13 years. A year-to-date gain of 12 per cent is by far the biggest in Southeast Asia.

马来西亚的基准KLCI指数接近三年半的高点,并连续五个季度上涨,这是13年来最长的涨势。 截至目前,涨幅达到12%,是东南亚地区迄今为止最大的涨幅。

Builder Gamuda and utility conglomerate YTL Power have doubled their stock prices in less than a year. Electricity utility Tenaga Nasional's shares are up 45 per cent since December, and foreign money managers are turning buyers in a bet that the market has much further to run.

建筑商Gamuda和公用事业集团YTL Power的股价不到一年就翻了一番。自去年12月以来,电力公司Tenaga Nasional的股票上涨了45%,外国基金经理纷纷买入,押注这个市场的运行还远未停止。

A relatively steady currency, a period of stability in government, and a trend for global companies to diversify manufacturing set-ups beyond China offer further tailwinds.

相对稳定的货币、政府稳定期、全球公司多样化生产地点的趋势都为这股东南亚势头提供了有力的支持。

Analysts see builders, power suppliers and tech companies gaining most from foreign investment into the Southeast Asian country.

分析师认为,建筑商、电力供应商和科技公司将从对马来西亚的外国投资中受益最多。

"I think Malaysia is definitely a sweet spot at the moment because we offer water, power and the connectivity is there," said Ernest Chew, Asean portfolio manager at BNP Paribas Asset Management in Kuala Lumpur, who has been buying Malaysian stocks.

“我认为马来西亚目前绝对是一个亮点,因为我们提供了水、电,以及良好的互联互通,”法国巴黎银行投资管理部亚洲股票组合经理Ernest Chew在吉隆坡表示,他一直在购买马来西亚股票。

"Operating a data centre is not a new thing to Malaysia ... it's just that now we see a [generative-]AI boom, a data centre boom they basically accelerate [foreign direct investment] ... that's why we see minimal risk."

“运营数据中心对马来西亚来说并不是什么新鲜事……只是现在我们看到了智能化的蓬勃发展,数据中心的繁荣加速了外商直接投资……这就是为什么我们看到了最小的风险。”

Foreign direct investment tends to be lumpy but hit 188.4 billion ringgit (US$40 billion) last year according to the Malaysian Investment Development Authority, close to the record 208.6 billion drawn in 2021.

根据马来西亚投资发展局的数据,外国直接投资往往是波动的,但去年达到了1884亿令吉(400亿美元),接近2021年创下的2086亿令吉的记录。

Amazon, Google, Microsoft, Nvidia and TikTok-parent ByteDance all plan or have announced data centre projects in Malaysia as they build out the computing power behind artificial intelligence products. Investors see that money coursing through the economy from landlords to banks.

亚马逊、谷歌、微软、英伟达和TikTok母公司ByteDance计划或已宣布在马来西亚进行数据中心项目,它们正在建造人工智能产品背后的计算机能力。投资者看到这些资金从房东到银行流动经济。

To be sure, foreign flow into equities has not yet materialised. HSBC analysis shows a US$150 million net outflow from Malaysian stocks over 2024 to June 26 and both Asia-focused and global emerging market funds are underweight on the country.

当然,外国投资股票并未实现。 汇丰银行的分析显示,2024年至6月26日,马来西亚股票净流出1.5亿美元,亚洲重点和全球新兴市场基金都未能充分利用这个市场。

"Investors are warming up to Malaysia," said Tushar Mohata, Nomura's head of Malaysia equity research.

野村证券马来西亚股票研究负责人Tushar Mohata表示:“投资者正在向马来西亚靠近。”

But with these sectors driving the momentum and deepening liquidity – average daily turnover is nearly double what it was a year ago – there is growing confidence from foreign investors about the market's outlook.

随着建筑、电力供应商和科技公司推动市场走向的力量增大,市场的流动性也更加充沛,投资者对市场前景的信心日益增加。

"Investors are warming up to Malaysia," said Tushar Mohata, head of Malaysia equity research at Nomura. "We don't think valuations are overheated now, so we think this rally should continue."

野村证券马来西亚股票研究负责人Tushar Mohata表示:“投资者正在向马来西亚靠近。”他说:“我们认为现在的估值没有过热,因此我们认为这一涨势将会继续。”

One measure of value, the forward price-to-earnings, is 15 for Malaysia's benchmark KLCI against 21 for the S&P 500 and the performance of sub-indexes has been scorching, with the construction index up 63 per cent year-to-date.

对马来西亚基准KLCI指数,掌握未来的盈利能力的指数,前景分析反映出15:1的优势,而标准普尔500指数和子指数的表现也相当惊人,截至目前,建筑指数的涨幅已经达到了63%。

Earlier in July, J.P. Morgan upgraded its base case target for the benchmark index to 1,650 points. The index closed at 1,633.54 on Wednesday. – Reuters

7月初,摩根大通将其基准指数的基础情况升级至1650点。该指数于周三收于1633.54点。 -路透社

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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