But even so, Goldman only expects the MXAPJ will rise to 520 by the end of 2015, compared with around 477 currently, for a single-digit return, amid conservative earnings growth forecasts and expectations valuations are already full.
Goldman sees "pockets of opportunity" to boost returns in the region, such as reform plays.
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"We expect the reform momentum to gather pace next year and if implemented effectively, improve investor confidence in growth and corporate profitability," it said, with India, China and Indonesia among the beneficiaries.
"The key areas of focus for reform next year are likely to be state-owned enterprises, fiscal reforms, anti-pollution (in China), public sector undertakings [government-owned corporations], power and banking reforms (in India), and infrastructure spending (in Indonesia)."
Goldman rates China shares at Overweight, expecting a "solid" 14 percent by the end of 2015 and a 12,300 target on the HSCEI index, with the central bank's decision Friday to cut interest rates likely to help sentiment near-term. The HSCEI is currently trading around 10,757.
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But it cautions that the market may get a slow start in the first quarter, with Beijing's anti-corruption campaign likely to pick up during the Lunar New Year holiday period. It prefers reform beneficiaries, "new" sectors and select A-shares.
In India, it expects the reforms started by the new administration will gather pace, adding the economy may benefit the most in the region from lower oil prices flowing through to its current account, fiscal deficit and inflation.