The 720

Latest edition · September 4, 2026

The 720 Asia Leaders Conference Takeaways, Financials, Data Centers, HK Property, Bank of China, IGO upgrade, Broadcom, Ener...

The 720 provides daily equity research takeaways from Goldman Sachs' Asia Leaders Conference alongside key company upgrades, earnings results, and global thematic views. Highlights include an upgrade of IGO to Buy, raised targets for Broadcom on explosive AI revenue projections, and positive momentum at HKEX and HK property developers.

In this edition of The 720, Goldman Sachs summarizes insights from its Asia Leaders Conference spanning HKEX, Hong Kong real estate, Taiwan financials, embodied AI robotics, and data centers (VNET, GDS). Notable single-stock calls include an upgrade of Australian miner IGO to Buy on Greenbushes recovery optimization, and raising Broadcom's price target to $540 on projected AI chip revenues reaching $230bn by FY28. Meanwhile, regional Asia strategy notes that the ERLI earnings upgrade cycle is slowing, prompting long recommendations in Industrials, Tech Hardware, and Banks against short stances in Consumer and Utilities. Additional notes cover falling global oil reserve life and recent Yen appreciation dynamics.

Key takeaways from the latest edition

• 1.HKEX management highlights strong ADT momentum supported by a record IPO pipeline exceeding last year's 119 listings, alongside ongoing derivatives expansions like zero-day options and Orion platform investments.
• 2.IGO is upgraded to Buy with a 12m TP of A$9.50 as Greenbushes site optimisation and lower product grades could lift spodumene production by 10% and add ~A$1bn to NAV.
• 3.Broadcom target price is lifted to $540 on strong AI semiconductor revenue outlook, expected to double in FY27 to $115bn and again in FY28 to $230bn across multiple hyperscaler and AI lab customers.

What this series covers

• Asia Leaders Conference Takeaways
• Financials
• Industrial Technology
• Data Centers
• Results | Australia Consumer
• New | IGO – Upgrade to Buy
• Themes in Play | RoboTechnik, Robotis, China Property, Godrej
• GS Events | Bank of China
• Asia Strategy | Earnings Revisions
• Around the World | Broadcom, Energy, Yen
• Asia Market Intelligence
• Disclosure Appendix

Edition archive

• The 720 Asia Leaders Conference Takeaways, Financials, Data Centers, HK Property, Bank of China, IGO upgrade, Broadcom, Ener...

  September 4, 2026

• The 720 APAC Conviction List, Asia Leaders Conference takeaways, Meituan, WUS, BYD, Mizuho, Asics, H World, China Commodities

  September 3, 2026

• The 720 APAC Conviction List, Asia Leaders Conference takeaways, Meituan, WUS, BYD, Mizuho, Asics, H World, China Commodities(1)

  September 3, 2026

• The 720 Asia Leaders Conf Day 2 Takeaways, Tencent, Xiaomi, MiniMax, BYD, Alibaba, Anta, Mediatek, S Oil

  September 2, 2026

• The 720 Asia Leaders Conference Day 1 Takeaways, Zhipu, Japan Chemicals, Haitian, Kstar, Skshu Paint, Toto

  September 1, 2026

• The 720 Lenovo, Japan Tech, Rohm, JD.com, SMIC, Hua Hong, Hon Hai, GDS, Thai Oil, SanDisk, Yen, Tingyi

  August 14, 2026