Goldman Sachs forecasts 19% return for Asia ex-Japan stocks in 2027

Goldman's call rests on earnings rather than multiples, which matters because it implies the bank sees fundamental delivery as the buffer against AI-related volatility rather than a smooth ride. The overweight shifts toward China H-shares and India are the more telling signal, since they represent a reallocation of conviction within the region rather than a blanket bullish stance. Whether that earnings-led thesis survives the AI uncertainty Goldman itself flags is the open question.