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Goldman Sachs on Taiwan Apple Suppliers: Dual AI and Upgrade Tailwinds — Overweight

Posted on by Eben@CANSLIM Research
Eben@CANSLIM Research's avatarEben@CANSLIM Research

Goldman Sachs has reiterated an Overweight stance on Taiwan equities and raised its TAIEX target to 54,000, implying 17% upside, arguing that the launch of Apple’s first foldable iPhone — the iPhone Duo — reinforces a constructive demand outlook for the island’s technology supply chain. In a Taiwan Strategy report titled Apple Suppliers: Dual Tailwinds from AI and Apple’s Upgrade Cycle, the bank highlights its rebalanced Taiwan Apple Suppliers basket <GSSZAPPL>, a 25-stock portfolio trading at 15x forward 24-month P/E against Apple’s 30x. Apple suppliers account for 55% of Taiwan market cap, 36% of ADVT and 50% of aggregate sales.

Key Takeaways

  • Goldman Sachs raised its TAIEX target to 54,000, implying 17% upside, and remains Overweight Taiwan within its Asia market allocation.
  • Apple suppliers represent 55% of Taiwan market cap, 36% of six-month ADVT and 50% of aggregate sales, equal to roughly 13% effective market cap exposure and 14% sales exposure to Apple.
  • The Goldman Sachs Taiwan Apple Suppliers basket <GSSZAPPL> holds 25 stocks with at least 10% revenue exposure to Apple (37% weighted average) and trades at 15x forward 24-month P/E on consensus EPS growth of 59% for 2026E and 47% for 2027E.
  • Apple Inc. (AAPL) trades at 30x P/E on consensus EPS growth of just 16% for 2026E and 10% for 2027E, leaving the supplier basket at close to a 50% valuation discount.
  • Goldman Sachs expects a recovery in Apple revenue growth and iPhone shipments in 2027, providing an additional earnings tailwind for suppliers alongside continued AI-related demand.

What the Goldman Sachs Taiwan Strategy Report Says

In a report titled Apple Suppliers: Dual Tailwinds from AI and Apple’s Upgrade Cycle, published 11 September 2026 at 8:53PM HKT, Goldman Sachs analysts Alvin So, Timothy Moe, Kinger Lau, Sunil Koul, John Kwon and Terry Chan argue that Apple’s “Surprise and Shine” product event, at which the company unveiled the iPhone Duo — its first foldable iPhone — alongside its latest lineup, was largely in line with expectations but reinforces the bank’s constructive demand outlook.

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