Report published September 2, 2026
Goldman Sachs: Asian Equity Market Daily Update & Regional Valuation Outlook
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 2, 2026
- Analysis as of
- September 2, 2026
Authors / editors: Timothy Moe, CFA, Alvin So, CFA, Kinger Lau, CFA, Sunil Koul, John Kwon, Amorita Goel, CFA, Terry 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.
The MSCI AC Asia Pacific ex Japan (MXAPJ) Index fell 1.8% on September 2, 2026, led lower by Korea and Taiwan despite resilience in Southeast Asian markets. Goldman Sachs maintains a 12-month MXAPJ target of 1120, implying +28% upside from current levels.
Key Takeaways
- 1.MXAPJ dropped 1.8% on the day, with Korea (-4.0%) and Taiwan (-2.4%) underperforming, while Malaysia (+0.3%) and Singapore (+0.4%) outperformed.
- 2.Year-to-date, MXAPJ is up 21.4% in USD terms, driven primarily by strong YTD gains in Korea (+83.8%) and Taiwan (+61.6%), and sector strength in Info Tech (+72.9%).
- 3.Goldman Sachs maintains a 12-month MXAPJ target of 1120 (+28% upside) with a target forward P/E of 11.9x, noting Asian equities trade at a substantial valuation discount relative to the US and Europe.
Table of Contents
- Asian markets at a glance
- Market valuations
- Japan in a nutshell
- Performance and correlation heatmap
- Fund Flows and Liquidity
- Market breadth and baskets performance
- Macro environment and financial conditions
- Earnings revisions of regional markets and sectors
- Disclosure Appendix
Report data
Exhibit 1: The MXAPJ index has gained 21.4% YTD after gaining 27% in 2025, particularly led by Korea and Taiwan markets while dragged down by Indonesia, China, and India. Sectorally, Info Tech and Materials are leaders in 2026. — as of September 2, 2026.
| Metric | Estimate | Context |
|---|---|---|
| MXAPJ Daily USD Price Return | -1.8% | MSCI AC Asia Pacific ex Japan index daily move |
| MXAPJ YTD USD Price Return | 21.4% | Year-to-date return of MXAPJ in USD |
| MXAPJ 12M Forward P/E | 10.5 x | Current valuation of MXAPJ |
| MXAPJ 12M Target Level | 1120 index points | Goldman Sachs 12-month base case target representing +28% upside |
| MXAPJ Equity/Bond Yield Gap | 460 bps | Equity yield minus bond yield standing at 0.0 standard deviations, indicating mid-cycle equity valuations relative to bonds |
Reports in this series
Asia-Pacific Portfolio Strategy is shown in chronological order through this edition, published on September 2, 2026.
Part of the Asia-Pacific Portfolio Strategy series — view all 11 editions
Looking for the latest edition? Asia Pacific Portfolio Strategy Korea Attractive Shareholder Returns Backed by Strong Fundamentals and Policy Drivers (Sep 9, 2026)
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Authors / Editors
Reported Data Context
- MXAPJ Daily USD Price Return: -1.8 % (2026-09-02) · Source: Bloomberg, FactSet, MSCI, Goldman Sachs Global Investment Research
- MXAPJ YTD USD Price Return: 21.4 % (2026 YTD) · Source: Bloomberg, FactSet, MSCI, Goldman Sachs Global Investment Research
- MXAPJ 12M Forward P/E: 10.5 x (2026-09-02) · Source: LSEG Data & Analytics, FactSet, MSCI, Goldman Sachs Global Investment Research
- MXAPJ 12M Target Level: 1120 index points (12-month forward) · Source: Goldman Sachs Global Investment Research
- MXAPJ Equity/Bond Yield Gap: 460 bps (2026-09-02) · Source: FactSet, MSCI, Goldman Sachs Global Investment Research
Securities
Themes
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