Goldman Sachs Research: Lenovo Upgrade, Asian AI Hardware & MSCI Rebalancing (Aug 14, 2026)

Goldman Sachs daily research note highlights strong earnings updates across Asian tech companies (Lenovo, SMIC, Hua Hong, Hon Hai, AVC, LandMark) driven by robust AI demand. It also outlines flow implications from the August MSCI Index review and tactical analysis on Japan Tech, Thai Oil, and the Yen.

Key Takeaways

• 1.Lenovo target price raised significantly to HK$51 following strong June-quarter results, driven by ISG margin expansion (9.1%) and AI PC and server demand.
• 2.Greater China tech hardware and foundry results (SMIC, Hua Hong, Hon Hai, AVC, LandMark) posted strong earnings beats and guidance upgrades, driven by accelerated AI server and liquid cooling adoption.
• 3.The August 2026 MSCI Index review is expected to trigger over US$35bn in gross two-way flows in APAC, with Japan, India, and Taiwan capturing the largest net passive inflows.

Table of Contents

• In Focus | Lenovo
• Themes in Play | Japan Tech, Rohm
• Results
• Tech | JD.com, SMIC, Hua Hong, Hon Hai, GDS, AVC, LandMark
• Industrials | Thai Oil, Solar Industries
• Consumer | BDMS, CP ALL, Weilong Delicious
• Financials | Samsung F&M, IAG
• GS Event | Tingyi
• Connections | China Consumer
• Asia Strategy | Index Rebalancing
• Global Macro | Yen
• Around the world | SanDisk
• Graphic language | Thai Oil (Buy) - Strong FCF generation this year despite the ongoing capex cycle
• Disclosure Appendix

Report data

Thai Oil (Buy) - Strong FCF generation this year despite the ongoing capex cycle

Reports in this series

The 720 is shown in chronological order through this edition, published on August 14, 2026.

Part of the The 720 series — view all 25 editions

Looking for the latest edition? The 720 Xiaomi, BYD, Innolight, China Staples, China Cosmetics & Proya, Korea Industrials, CDMO CRO, MetaX (Sep 8, 2026)

1. May 11The 720 China Internet
2. May 13The 720 Furukawa
3. May 18The 720 Global Market Views
4. May 21The 720 Alibaba
5. May 22The 720 Samsung Electronics
6. May 28The 720 PDD
7. Jun 4The 720 Global Healthcare (CDMO
8. Jun 5The 720 HK Banks & Insurance
9. Jun 9The 720 Japan Tech (MLCCs
10. Jun 10The 720: China Data Centers, SKY Perfect JSAT, Tsuruha, BeOne Medicines, Asia Financial Corporate Day, Cross Asset Strategy
11. Jun 23The 720: Global Views, Murata, US Internet, Shinhan, China & Korea Macro, Global Severs, China Spirits
12. Jun 30The 720 Asia Views, Samsung Electronics, Kuaishou, Kakao, China Education, GS Asia Consumer & Leisure Corp Day, Mitsubishi E...
13. Jul 24The 720 KBFG & Shinhan, India Auto Parts II, China Value Retailers, Baycurrent, Samsung Biologics, Indigo, DISCO, Global Mar...
14. Jul 27The 720 Japan Semis, Components & SPE, Trip.com, CATL, Shin-Etsu, Hyundai Mobis, HSBC, China Clean Tech, US FOMC
15. Aug 3The 720 APAC CL, MediaTek, Kioxia, Murata, Renesas, Wiwynn, Sony, Eternal, Fanuc, AIA, Divi’s Labs, Amazon
16. Aug 5The 720 Korea Memory & Strategy, Ibiden, MHI, HSBC, AMEC, Toyota, China Value Retailers, Asia Views, Japan FX
17. Aug 6The 720 Global PCB CCL, Xiaomi, Anker, Coupang, Aspeed, Nittobo, Rohm, Taiyo Yuden, HSBC STAN

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