Cut the beef into medium-sized cubes and set aside.
Finely chop the onions, garlic, ginger, galangal root, and chilies, or blend into a paste.
In a large pot or Dutch oven, heat the coconut milk over medium heat. Add the prepared spice paste. Stir and cook until fragrant, about 5 minutes.
Add the beef to the pot and stir to coat evenly with the spice mixture.
Add the lemongrass, turmeric, salt, and palm sugar, then pour in the water. Bring to a simmer, then reduce heat to low, cover, and cook until the beef is tender and the sauce has thickened, about 2-3 hours.
Serve the rendang with steamed jasmine rice, garnished with fresh chili slices or cilantro.
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