Report published September 23, 2026
Asian Equity Market Daily Update: Goldman Sachs Portfolio Strategy (September 23, 2026)
Goldman Sachs · September 23, 2026
The MSCI AC Asia Pacific ex-Japan Index closed flat on September 23, 2026, maintaining a 24.5% YTD USD return led by Korea, Taiwan, and the Info Tech sector. Goldman Sachs maintains a 12-month base case target of 1120 for MXAPJ, representing a 25% upside.
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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.The MXAPJ Index was flat on the day (+0.2% USD price return) and is up 24.5% YTD, heavily propelled by massive outperformance in Korea (+103.5% USD YTD) and Taiwan (+70.7% USD YTD).
- 2.Sector-wise, Info Tech dominates 2026 regional performance with an 87.1% USD YTD return, while Communication Services (-22.6%) and Consumer Discretionary (-17.3%) have been major drags.
- 3.Regional equity valuations remain at a significant discount relative to the US and Europe; MXAPJ trades at 10.7x 12M forward P/E, with Goldman Sachs projecting a 12M target of 1120 (+25% upside).
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
Report data
Exhibit 1: The MXAPJ index has gained 24.5% YTD after gaining 27% in 2025, particularly led by Korea and Taiwan markets while dragged down by Indonesia, India, and China. Sectorally, Info Tech and Industrials are leaders in 2026. — as of September 23, 2026.
| Metric | Estimate | Context |
|---|---|---|
| MXAPJ YTD USD Price Return | 24.5% | Regional equity performance led primarily by Korea and Taiwan |
| MXAPJ ex Korea ex Taiwan YTD USD Price Return | -5.2% | Regional performance excluding the top two tech-heavy markets |
| MXAPJ 12M Forward P/E | 10.7 X | Current valuation multiple for MSCI AC Asia Pacific ex-Japan Index |
| MXAPJ 12M Base Case Target Upside | 25% | Target level of 1120 representing 25% upside and target fPE of 11.9x |
| MXAPJ Equity/Bond Yield Gap | 440 bp | Yield gap stands at -0.2 s.d. 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 23, 2026.
Part of the Asia-Pacific Portfolio Strategy series — view all 25 editions
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