Report published September 3, 2026
Goldman Sachs Asia-Pacific Strategy: September 2026 ERLI & Earnings Revision Pulse Check
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 3, 2026
- Analysis as of
- September 1, 2026
Authors / editors: Timothy Moe, CFA, John Kwon, Alvin So, CFA, Sunil Koul, Kinger Lau, 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' September 2026 ERLI pulse check shows that while the Asia-Pacific earnings upgrade cycle remains intact, future revisions will moderate amid softer manufacturing activity. The strategy recommends longing Industrials, Tech Hardware, Insurance, and Banks, while shorting Consumer Staples, Utilities, New Tech, and Consumer Discretionary.
Key Takeaways
- 1.Goldman Sachs' ERLI model shows that the Asia-Pacific regional earnings upgrade cycle remains intact, but momentum is slowing due to softening manufacturing activity.
- 2.North Asian markets (Korea and Taiwan) maintain revision leadership, while China remains muted and ASEAN faces further downgrade pressures.
- 3.The recommended top 4 long sectors for the month are Industrials, Tech Hardware, Insurance, and Banks, while the bottom 4 short sectors are Consumer Staples, Utilities, New Tech, and Consumer Discretionary.
Table of Contents
- ERLI points to sustained earnings upgrades, but at a slower pace
- North Asia maintains upgrade leadership despite slowing momentum
- Our long and short stock screens
- The long and short sectors based on our latest ERLI forecasts
- Forecasting earnings revisions: Our updated model projections
- Trading earnings revisions
- Appendix
Report data
The long and short sectors based on our latest ERLI forecasts — as of September 1, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Consensus earnings growth (MoM) | 0.7% | Consensus earnings rose MoM across the Asia-Pacific region |
| Consensus earnings growth (3-month) | 7.3% | Regional consensus earnings revision over 3 months |
| Taiwan Manufacturing PMI | 54.7 index | Edged down further in August but continues to signal solid expansion |
| ERLI Long/Short Monthly Alpha | 4.0% | Long basket gained +3.0% vs. short basket loss of -1.0% |
| ERLI Strategy Cumulative Alpha YTD | 25.3% | Gross alpha achieved by ERLI stock selection YTD in 2026 |
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Authors / Editors
Reported Data Context
- Consensus earnings growth (MoM): 0.7 % (August 2026) · Source: FactSet
- Consensus earnings growth (3-month): 7.3 % (3 months to August 2026) · Source: FactSet
- Taiwan Manufacturing PMI: 54.7 index (August 2026) · Source: Markit
- ERLI Long/Short Monthly Alpha: 4.0 % (August 7, 2026 to September 3, 2026) · Source: Goldman Sachs Global Investment Research
- ERLI Strategy Cumulative Alpha YTD: 25.3 % (2026 YTD) · Source: Goldman Sachs Global Investment Research
Securities
Themes
Regions
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