Asia Pacific Weekly Kickstart

Goldman Sachs raises the 12-month MXAPJ target to 990, driven by a massive upward revision in 2026 earnings growth for Korea (+300%) and Taiwan (+45%) amid a structural AI and semiconductor boom.

Key Takeaways

• 1.Goldman Sachs has significantly raised 2026 earnings growth forecasts for Korea and Taiwan, citing a continued AI/semiconductor re-rating cycle.
• 2.The center of global equity market gravity is shifting to Asia, with Taiwan and Korea now larger than the UK and Canada equity markets.
• 3.Market strategy favors structural themes including 'HALO' (Heavy Asset Low Obsolescence), energy security, and US re-industrialization.

Table of Contents

• Asian Equity Perspectives: Stay the course
• Rise of Taiwan and Korea
• ERLI and RADaR Update
• Result Summary
• Charts of the Week
• Asia Regional Market/Sector Summary & Scorecard
• Our Views, Allocations and Trade Ideas
• Goldman Sachs Global Macro Forecasts
• Upcoming Catalysts and Events
• Performance Snapshot
• Relative Performance of Asia Macro Slices
• Relative Performance of Asia Pacific Sectors
• Style Monitor
• Leaders & Laggards
• Earnings Revisions and Sentiment
• Valuations in Context
• Fund Flows and Liquidity
• Equity Risk, Volatility and Correlation
• Policy Risk Indicators
• Tracking Regional Macroeconomic Indicators

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