Report published September 5, 2026

Goldman Sachs Asia-Pacific Weekly Kickstart: MXAPJ Target Raised to 1,120

Goldman Sachs · September 5, 2026

Goldman Sachs maintains a constructive stance on Asian equities following the 3QTD correction, raising its 12-month MXAPJ target to 1,120 (26% upside) on tech-driven earnings growth. The strategists favor North Asia (Japan, Korea, China A, Taiwan) and highlight derivative overlay strategies amid near-term macro and geopolitical volatility.

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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.

Key Takeaways

1.Goldman Sachs raised its 12-month MXAPJ index target from 1,080 to 1,120, implying 26% price upside and 29% total return, underpinned by strong tech-led earnings growth in Korea and Taiwan.
2.North Asia remains heavily favored with Overweight ratings on Japan, Korea, China A, and Taiwan; preferred sectors include Tech Hardware & Semis, Capital Goods, Health Care, and Ex-AU/CN Banks.
3.Regional Asia Drawdown Risk (RADaR) model signals materially reduced downside risk following the recent 3QTD correction, while the ERLI indicator points to sustained earnings upgrades at a moderating pace.

Charts of the Week
Charts of the Week: Into the home stretch
Charts of the Week: FTSE China and Taiwan Index Review (September 2026)
Charts of the Week: Earnings Revisions Leading Indicator & Regional Asia Drawdown Risk Model
Charts of the Week: CY2Q/1H26 Earnings Review
Charts of the Week: Korea & Taiwan Leveraged ETFs Update
Asia Regional Market/Sector Summary & Scorecard
Our Views, Allocations and Trade Ideas
Goldman Sachs Global Macro Forecasts
Upcoming Catalysts and Events
Performance Snapshot: Regions, markets, commodities, FX and rates
Performance Snapshot: Regional sectors, slices, themes factors
Relative Performance of Asia Macro Slices
Relative Performance of Asia Pacific Sectors
Style Monitor: Long/Short Performance of Asia Styles
Leaders & Laggards
Earnings Revisions and Sentiment
Valuations in Context
MSCI market and local index valuations (based on bottom-up consensus median estimates)
MXAPJ sector and macro slice valuations (based on bottom-up consensus median estimates)
Fund Flows and Liquidity
Equity Risk, Volatility and Correlation
Policy Risk Indicators
Tracking Regional Macroeconomic Indicators
Macro Data Summary

Report data

Exhibit 1: Summary Views - Returns & Growth (MXAPJ), Markets, Sectors, Themes & Implementation Ideas — as of September 4, 2026.

Metric	Estimate	Context
MXAPJ 12-Month Price Target	1120.0 index level	Raised from 1,080 to 1,120, implying 26% USD price upside from current 891 level
EM Asia ex-China FII Weekly Outflows	-4.7 US$bn	Outflows driven by Taiwan (-US$2.4bn) and Korea (-US$1.8bn)
MXAPJ CY2Q26 Earnings Growth	102.0%	Earnings grew +102% yoy with 44% beats vs. 27% misses across 1,029 reporting companies
Brent Crude Price	97.0 US$/bbl	Brent crude rose amid escalating Middle East tensions
MXAPJ Forward 12M P/E	10.5 x	Aggregate regional valuation represents a 10-year z-score of -2.3

Source: Goldman Sachs Global Investment Research; Bloomberg, Respective Local Stock Exchanges; FactSet, MSCI, Goldman Sachs Global Investment Research; FactSet, I/B/E/S, MSCI, Goldman Sachs Global Investment Research. This is a dated model snapshot, not a live forecast.