BofA Securities has screened for 20 of Asia’s “most important stocks,” selected from the constituents of the MSCI Asia Pacific Index. Each stock’s importance is measured by “multiplying the index weight and the extent to which the stock performs differently from same Index (the volatility of relative return versus the MSCI Asia Pacific Index over the preceding ten years),” the analysts wrote in a May 10 note. The stocks have a market cap of at least $20 billion and a minimum average daily turnover of $20 million. Back-testing shows that the investment bank’s list of top stocks “would have outperformed in 16 of the last 29 calendar years, and that they tend to outperform in rising markets.” “In recent years, they would have meaningfully outperformed in 2019-2020, but meaningfully underperformed in 2021-2022. These are important stocks investors need to get right,” BofA’s analysts said. Here are 10 stocks from the investment bank’s list, which stand out for having substantial upside potential, according to FactSet’s consensus price targets. Top stocks Among the names that turned up on the bank’s screen is Hong Kong-based life insurance company AIA Group . All 30 analysts covering the stock are bullish and give it either a buy or overweight rating at a target price of 89.72 Hong Kong dollars ($11.50). This gives the stock upside potential of 42.0%. South Korean tech giants Samsung Electronics and SK Hynix also turned up on the screen. Of the 41 analysts covering Samsung Electronics, 36 have an overweight or buy call. Analysts’ target price on the stock is 103,211 Korean won ($76.61), or 32.0% potential upside, according to FactSet data. And 35 of 39 analysts covering SK Hynix have a buy or overweight rating on the stock. Their average target price is 233,378 Korean won, implying nearly 20.9% upside potential, FactSet data shows. — CNBC’s Michael Bloom contributed to this report.