The 720: APAC Equities and US Strategy Update

Goldman Sachs raised its year-end S&P 500 target to 8,000 and upgraded City Developments to Buy. The report also highlights continued Buy ratings for PDD and Kuaishou, citing AI and e-commerce acceleration.

Key Takeaways

• 1.Goldman Sachs raised its S&P 500 year-end target to 8,000 from 7,600, driven by a strong Q1 reporting season and robust AI infrastructure growth.
• 2.PDD Holdings remains a Buy with a $145 TP; despite missing 1Q expectations, Temu's growth is re-accelerating and first-party brand investments are viewed as long-term drivers.
• 3.City Developments (City Devs) has been upgraded to Buy from Sell, predicated on improving residential earnings and a strategic focus on divestments to narrow its RNAV discount.

Table of Contents

• In Focus | PDD
• Listen Up - GS Webcasts on the Agenda
• Results | Kuaishou
• Themes in Play | Murata, China Dairy, Pony AI
• New | City Devs - upgrade to Buy
• US Strategy | Raising S&P target
• Event | Mitsubishi Heavy, Fujitsu
• GS Event | Miniso NDR
• Graphic language
• GS Events (Home Page here)
• Disclosure Appendix

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