One investment analyst says he’s looking for opportunities outside the U.S. stock market. “There are still areas that look good value, but generally, it’s outside of the U.S. It is areas like Europe, where we’ve invested quite extensively,” Steven Glass, managing director and investment analyst at the Sydney-headquartered Pella Funds Management, told Tech Zone Daily’s ” Squawk Box Asia ” on April 8. “And also, we’re finding pockets of value in Asia, China is looking very cheap. And India still [has] a vast growth potential in front of it,” he added. HDFC Bank In India, the investment analyst is betting on Indian bank HDFC . Shares in the bank have risen by nearly 6% in the past week, but are down around 7.2% in the last 12 months. HDFC Bank recently reported 55.4% year-on-year growth in gross advances for the quarter ended March 31. Of 42 analysts covering HDFC Bank on FactSet, 37 have a buy or overweight rating on the stock at an average price target of 1,898 Indian rupees ($22.81), giving it upside potential of almost 23%. Shares in the bank are traded in the Nifty India Financials ETF (15.6% weight) and iShares India 50 ETF (11.2%). AIA Over in China, Glass is invested in AIA Group and is “looking for more ideas.” Shares in the insurance giant sank to a seven-year low in end-March and have continued their decline. Over the last 12 months, its shares have dropped by around 37.5%. The company recently reported a 33% jump in its value of new business to $4 billion for the 2023 financial year, thanks to strong sales growth across key markets such as China, Singapore and Vietnam. AIA’s annualized new premiums for the 2023 financial year increased by 45% to hit a record $7.7 billion. All 30 analysts covering AIA Group on FactSet have a buy or overweight rating on the stock at an average price target of 93.95 Hong Kong dollars ($12), giving it upside potential of almost 80%. Shares in the life insurer are traded in the iShares MSCI Hong Kong ETF (20.0% weight) and Franklin FTSE Hong Kong ETF (19.2%).