英文【高盛】亚太投资组合策略亚洲股票市场每日更新

The MXAPJ Index dropped 0.5% today. Indonesia and Singapore markets outperformed, while Taiwan and Korea markets underperformed. Within MXAPJ sectors, Utilities and Health Care led while Info Tech and Materials lagged. MSCI Japan rose 0.5% today. For a detailed analysis, please see Asian Equity Perspectives Raising estimates following easing US/China tariff tension, May 16, 2025. Report priced as of May 19, 2025, 3:30pm HKT. Exhibit 1: The MXAPJ index has gained 7.3% YTD after gaining 8% in 2024, particularly led by Singapore and China markets while dragged down by Thailand, Indonesia, and Malaysia. Sectorally, Comm Serv and Cons Disc are leaders in 2025. MXAPJ7.7%5.1%2.1%7.3%-0.5%By MSCI marketsThailand-1.5%-12.1%2.8%-9.3%-0.4%Indonesia-16.3%-0.8%-1.8%-2.6%0.8%Malaysia15.8%-6.1%3.9%-2.2%-1.0%China-A (CSI300)11.9%-1.5%1.7%0.2%-0.3%Taiwan31.7%-7.2%8.0%0.8%-1.8%India11.3%3.3%0.2%3.5%-0.1%Australia-2.1%1.1%3.6%4.7%-0.3%Philippines-2.8%1.8%3.7%5.5%-0.9%Japan6.3%-2.5%8.2%5.7%0.5%Hong Kong-4.1%12.0%-0.8%11.2%-0.2%Korea-24.5%6.4%5.6%11.9%-1.7%China (MXCN)16.2%15.1%-0.8%14.3%-0.2%Singapore26.6%8.9%5.9%14.8%0.0%By MXAPJ GICS 1 sectorsHealth Care-1.6%-3.7%2.9%-0.8%0.5%Info Tech19.0%-5.2%6.4%1.2%-1.5%Utilities7.6%1.4%0.6%1.9%0.6%Real Estate-6.5%2.0%0.3%2.3%-0.2%Energy-7.1%6.3%-2.8%3.6%-0.3%Materials-24.3%1.8%2.4%4.2%-0.7%Cons Stap-8.9%4.0%2.2%6.2%-0.3%Financials14.7%8.3%1.1%9.4%-0.1%Industrials3.5%6.6%2.9%9.6%-0.1%Cons Disc10.3%10.5%1.7%12.1%-0.8%Comm Serv20.8%20.3%-0.6%19.7%0.2%IndexDaily USD price return2024 USD price return2025 YTD LOC price return2025 FX Impact2025 YTD USD price return Source: Bloomberg, FactSet, MSCI, Goldman Sachs Global Investment ResearchTimothy Moe, CFA +65-6889-1199 | timothy.moe@gs.com Goldman Sachs (Singapore) Pte Sunil Koul +44(20)7051-4931 | sunil.koul@gs.com Goldman Sachs International Kinger Lau, CFA +852-2978-1224 | kinger.lau@gs.com Goldman Sachs (Asia) L.L.C. Alvin So, CFA +852-2978-1585 | alvin.so@gs.com Goldman Sachs (Asia) L.L.C. John Kwon +65-6654-6337 | jongmin.kwon@gs.com Goldman Sachs (Singapore) Pte Amorita Goel, CFA +65-6654-5445 | amorita.goel@gs.com Goldman Sachs (Singapore) Pte Mark Hung +852-3465-4266 | mark.hung@gs.com Goldman Sachs (Asia) L.L.C.Asia-Pacific Portfolio Strategy: Asian equity market daily update19 May 2025 | 10:41PM SGT Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Asian markets at a glance Exhibit 2: MSCI Asia-Pacific market indices valuation and potential return Markets3M target6M target12M target (% upside)Target fPE (X)MXAPJ61113.71.8610 (0%)630 (+3%)660 (+8%)13.4 (-2%)MXCN7411.21.584 (+14%)11.5 (+3%)CSI300 (LOC)387713.01.64600 (+19%)15.0 (+15%)TOPIX (LOC)273813.41.32775 (+1%)2800 (+2%)2900 (+6%)14.1 (+5%)Korea4328.40.9Indonesia66011.62.1Taiwan84914.92.8Malaysia28313.11.4India106023.23.9Philippines43710.61.7