The 720: Asia Strategy - 2H playbook, Korea Banks, NetEase, MHI, India IT Services, Global Markets, Bud APAC, CPU Servers

研报英文原文证据摘录

The 720: Asia Strategy - 2H playbook, Korea Banks, NetEase, MHI, India IT Services, Global Markets, Bud APAC, CPU Servers

Equity Research

29 June 2026 | 7:18AM HKT

The 720: Asia Strategy - 2H playbook, Korea Banks, NetEase, MHI, India

IT Services, Global Markets, Bud APAC, CPU Servers

In Focus | Asia Strategy - 2H playbook Michael Snaith

+852-2978-0455 |

michael.snaith@gs.com

Asian Equity Perspectives – 2H Playbook: Stick With the Winners. Strong tech-led 1H Goldman Sachs (Asia) L.L.C.

north Asian market performance prompts queries on whether this will persist in 2H Caleb Chan

+852-2978-0790 | caleb.chan@gs.com

or if leadership will rotate to other markets or sectors. Earnings are the key factor Goldman Sachs (Asia) L.L.C.

driving markets, so we favor the markets and themes where growth is best. These

include north Asia markets, the AI infrastructure hardware supply chain, and high

capital intensity areas such as power demand and defense. We expect mid-teens

second-half returns for the MXAPJ index, fueled by 60% and 22% earnings growth in

2026 and 2027, and maintain our 12-month target of 1,080. We recommend staying

overweight North Asia, specifically Korea, Taiwan, Japan, and China A-shares, and

favor the tech hardware, capital goods, and bank sectors. Timothy Moe

Asia Strategy Baskets – Capturing Earnings, the Capex Boom, and Structural Winners.

We rebalance our 59 strategy baskets and highlight our preference for Value

Cyclicals, Growth at a Reasonable Price, and select Financials over Domestic Cyclicals

and Consumption amid a hawkish macro backdrop. We expect Capital Intensive

companies to outperform Capital Light peers due to strong fundamentals and

strategic investment tailwinds from geopolitics and energy security. Regionally, we