Report published September 2, 2026
Goldman Sachs Research: APAC Conviction List (Directors' Cut) – September 2026
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 2, 2026
- Analysis as of
- September 1, 2026
Authors / editors: Michael Snaith, Joy Nguyen, Matthew Ross, Daiki Takayama, Sho Kawano, Caleb Chan
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs has updated its monthly APAC Conviction List (Directors' Cut), adding Kotak Mahindra Bank and NEC while removing Jardine Matheson, Foshan Haitian, Wuxi AppTec, and Shenzhen Inovance. The regional strategy team remains constructive on APAC equities, raising the 12-month MXAPJ target to 1,120 with an overweight focus on North Asia and AI tech hardware.
Key Takeaways
- 1.Kotak Mahindra Bank and NEC are added to the APAC Conviction List, while Jardine Matheson, Foshan Haitian Flavouring & Food (H), Wuxi AppTec, and Shenzhen Inovance are removed.
- 2.Kotak Mahindra Bank is poised for a material re-rating driven by a 15% core PPoP CAGR and 16% EPS CAGR over 2026E-29E, supported by an unsecured lending recovery, market share gains, and 100% ownership of subsidiaries.
- 3.NEC is expected to deliver an 18% operating profit CAGR over FY3/26-FY3/29E, significantly beating company guidance for FY3/27E due to domestic IT modernization and aerospace & defense order momentum.
Table of Contents
- APAC Conviction List - Director's Cut
- Exhibit 1: APAC Conviction List - Directors' Cut
- Our 24 Differentiated Buy Recommendations
- Upcoming Catalysts
- Kotak Mahindra Bank - Underappreciated franchise poised for earnings acceleration
- NEC - High growth driven by domestic IT and defense
- Spotlight - Global Views, Asia Strategy, China Semis, Korea Memory, Japan SPE, India Financials, China Industrial Tech
- Multimedia Highlight
- Conviction List - What Has Changed
- Appendix I - Valuation Table
- Appendix II - Conviction List Explained
- Past Editions and Multimedia
- Appendix III - Price Target, Risks and Methodologies
- Disclosure Appendix
Report data
Exhibit 1: APAC Conviction List - Directors' Cut — as of September 1, 2026.
| Metric | Estimate | Context |
|---|---|---|
| MXAPJ 12-month Target | 1120 index points | Raised from 1,080, implying 26% price and 28% total return in USD terms. |
| Kotak Mahindra Bank 12-month Price Target | 509 INR | Implies 19.8% upside from Rs424.70 close price. |
| NEC Corp. 12-month Price Target | 6000 JPY | Implies 19.7% upside from ¥5,011 close price. |
| Global Wafer Fab Equipment (WFE) Market Forecast (2026E) | 150.3 USD billion | Materially raised driven by AI-related DRAM and foundry capacity additions. |
| Global Wafer Fab Equipment (WFE) Market Forecast (2027E) | 217.5 USD billion | Represents 45% YoY expansion over 2026E. |
Reports in this series
APAC Conviction List - Directors' Cut is shown in chronological order through this edition, published on September 2, 2026.
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Authors / Editors
Reported Data Context
- MXAPJ 12-month Target: 1120 index points (12-month (Jun-2027)) · Source: Goldman Sachs Global Investment Research
- Kotak Mahindra Bank 12-month Price Target: 509 INR (12-month) · Source: Goldman Sachs Global Investment Research
- NEC Corp. 12-month Price Target: 6000 JPY (12-month) · Source: Goldman Sachs Global Investment Research
- Global Wafer Fab Equipment (WFE) Market Forecast (2026E): 150.3 USD billion (CY2026E) · Source: SEMI, Company data, Goldman Sachs Global Investment Research
- Global Wafer Fab Equipment (WFE) Market Forecast (2027E): 217.5 USD billion (CY2027E) · Source: SEMI, Company data, Goldman Sachs Global Investment Research
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