7 January 2026 | 6:21AM SGT Portfolio Strategy Research Sunil Koul +44(20)7051-4931 | sunil.koul@gs.com Goldman Sachs International Bruce Kirk, CFA +81(3)4587-9950 | bruce.kirk@gs.com Goldman Sachs Japan Co., Ltd. Amorita Goel, CFA +65-6654-5445 | amorita.goel@gs.com Goldman Sachs (Singapore) Pte ASIA-PACIFIC PORTFOLIO STRATEGY 2026 Outlook: Room to run, but a tighter leash Our positive stance on Asian equities rests on mid-teen earnings-driven returns. Higher starting valuations point to a good year, albei ...