BofA names 'Asia's most important stocks' — and analysts give one over 40% upside

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 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.

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 . This gives the stock upside potential of 42.0%.

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