KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia ended higher on Friday as investors continued to accumulate blue-chip stocks in line with stronger performances across most regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.50 points to 1,724.90 from yesterday’s close of 1,720.40. The benchmark index opened 0.83 of a point higher at 1,721.23, and moved between 1,715.67 and 1,730.12 throughout the day. The broader market was positive with gainers outpacing losers 707 to 402, while 547 counters were unchanged, 1,085 untraded and 56 suspended. Turnover expanded to 3.03 billion units valued at RM3.56 billion from 2.49 billion units valued at RM2.25 billion on Thursday.
Xinyi Solar Holdings Ltd (968.HK), a key player in the renewable energy sector, has caught the market’s attention with bullish technical signals and solid fundamentals. According to Bloomberg’s consensus, the stock has a target price of HKD 3.05, representing a 10.5% upside from its current price of HKD 2.76.
Technical Outlook: Breakout Confirmed, MACD Bullish Crossover in Place
Xinyi Solar has broken out of a prolonged consolidation range with increasing volume and positive momentum. Both the 20-day and 50-day EMAs are narrowing, hinting at a potential bullish crossover. Additionally, the MACD has crossed above the signal line, reinforcing a short-term upward momentum.
Key Support & Resistance Levels:
Resistance: R1 = 2.90, R2 = 3.20
Support: S1 = 2.54, S2 = 2.45
Fundamental Strength: Long-Term Growth with Steady Dividends
As a global manufacturer of solar glass and renewable energy components, Xinyi Solar continues to demonstrate long-term growth potential. Despite a -20.7% year-to-date (YTD) return, net profit is expected to grow at a 33% CAGR over the next three years, with profit margins rising from 7% to 10%.
Snapshot of Key Metrics:
Share Price: HKD 2.76
Market Cap: HKD 250.6B
Forward P/E: 138x
Dividend Yield: 3.6%
Free Float: 48%
Avg Daily Turnover: HKD 212M
Investment Highlights
✅ Clear technical breakout with strengthening volume
✅ Strong growth forecast over the next 3 years
✅ Stable dividend yield at 3.6%
✅ Bloomberg analyst consensus: Buy: 15 | Hold: 9 | Sell: 2
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