Report published August 30, 2026
Goldman Sachs Portfolio Strategy: Asian Equity Perspectives – Into the Home Stretch
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 30, 2026
- Analysis as of
- August 27, 2026
Authors / editors: Timothy Moe, CFA, Alvin So, CFA, John Kwon, Kinger Lau, CFA, Sunil Koul, Bruce Kirk, CFA, 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.
Goldman Sachs maintains a constructive stance on Asian equities heading into the home stretch of 2026, raising its 12-month MXAPJ target to 1,120 (26% USD price return). The authors recommend overweighting North Asian markets (Korea, Taiwan, Japan, China A) and tech hardware while using derivative overlays to manage US midterm election volatility.
Key Takeaways
- 1.Goldman Sachs maintains a constructive core view on Asian equities, driven by a supportive macro backdrop, massive tech-focused earnings growth, fair valuations on a PEG basis, and cleaner positioning.
- 2.The 12-month MSCI Asia Pacific ex-Japan (MXAPJ) index target is raised to 1,120 (implying 26% USD price return), driven heavily by Korea (+76% to target) and Taiwan (+16% to target).
- 3.Regional equity positioning retains an Overweight stance on North Asia (Korea, Taiwan, Japan, and China A-shares) and tech hardware, capital goods, banks (ex-AU/CN), and healthcare, funded by underweights in Australia and parts of ASEAN.
Table of Contents
- 1. Price context: at a tentative juncture
- 2. Constructive core view: Macro backdrop
- 3. Constructive core view: Earnings
- 4. Constructive core view: Valuation
- 5. Constructive core view: Positioning
- 6. Risks: US midterms, higher bond yields, geopolitics
- 7. Strong, albeit concentrated, expected regional returns
- 8. Allocations: North Asia and tech focus, with selective broadening
- 9. Implementation
- Disclosure Appendix
Report data
GS Strategy APxJ Market Allocation — as of August 27, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month MXAPJ Index Target | 1120 points | Raised from 1,080, implying 26% USD price return |
| MXAPJ EPS Growth Forecast 2026E | 72% | Upgraded from 60% previously |
| Korea 2026E EPS Growth Forecast | 350% | Driven by semiconductor memory and AI hardware |
| EM Asia ex-China YTD Net Foreign Selling | 170 US$bn | Largest cumulative net foreign selling on record across 8 emerging Asian markets |
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Authors / Editors
Reported Data Context
- 12-month MXAPJ Index Target: 1120 points (12-month forward (Jun-2027)) · Source: Goldman Sachs Global Investment Research
- MXAPJ EPS Growth Forecast 2026E: 72 % (2026E) · Source: Goldman Sachs Global Investment Research
- Korea 2026E EPS Growth Forecast: 350 % (2026E) · Source: Goldman Sachs Global Investment Research
- EM Asia ex-China YTD Net Foreign Selling: 170 US$bn (2026 YTD) · Source: Bloomberg, Local Stock Exchanges
Securities
Themes
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