ASIA-PACIFIC STRATEGY: EARNINGS REVISIONS LEADING INDICATOR (ERLI): July ’26 pulse check: ERLI Forecasts Sustained Earnings Upgrades, Albeit at a Slower Pace

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ASIA-PACIFIC STRATEGY: EARNINGS REVISIONS LEADING INDICATOR (ERLI): July ’26 pulse check: ERLI Forecasts Sustained Earnings Upgrades, Albeit at a Slower Pace

Portfolio Strategy Research

9 July 2026 | 1:13PM SGT

ASIA-PACIFIC STRATEGY: EARNINGS REVISIONS LEADING INDICATOR (ERLI)

July ’26 pulse check: ERLI Forecasts Sustained Earnings Upgrades,

Albeit at a Slower Pace

Timothy Moe, CFA

+65-6889-1199 | timothy.moe@gs.com

Goldman Sachs (Singapore) Pte

John Kwon

+65-6654-6337 |

jongmin.kwon@gs.com

Alvin So, CFAERLI forecasts sustaining earnings upgrades, albeit at a slower pace +852-2978-1585 | alvin.so@gs.com

In June, consensus earnings upgrade momentum strengthened further, rising +3.0% Goldman Sachs (Asia) L.L.C.

month-on-month (MoM) and +18.6% over three months. Although earnings Sunil Koul +44(20)7051-4931 | sunil.koul@gs.com

upgrades have accelerated further, our ERLI model forecasts that future upgrades Goldman Sachs International

will continue at a slower pace. China’s both official manufacturing and Kinger Lau, CFA

+852-2978-1224 | kinger.lau@gs.com

non-manufacturing PMIs rose in June, driven primarily by an increase in the new Goldman Sachs (Asia) L.L.C.

orders sub-index. Korea’s July exports delivered another surprise gain, exceeding Amorita Goel, CFA

both consensus and our own expectations. This extends Korea’s export growth +65-6654-5445Goldman Sachs (Singapore)| amorita.goel@gs.comPte

streak to seven months, accelerating at its strongest pace since early 2010. Taiwan’s

manufacturing PMI eased slightly to 55.2 in June from 56.1 in May, but still indicates

robust expansion in manufacturing activity. Elsewhere, the S&P GSCI index declined

further as oil prices fell sharply in June following the announcement of the US-Iran

deal.