Asia-Pacific dividend stocks outperformed the broader market in Q4 2023, bucking trends in other regions. According to Morgan Stanley, in the fourth quarter of last year, the MSCI Asia Pacific (ex Japan) High Dividend Index outperformed the MSCI Asia Pacific (ex Japan) Index by 1.76%. “We note the growing defensive sentiment among Asian countries/[emerging market] Investors continue to support the outperformance of high-quality dividend stocks, even as the Federal Reserve signaled a potential policy shift and global financial conditions began to ease since November.” the Wall Street bank said in a Jan. 5 report. Morgan Stanley has compiled a review of what it calls a “conviction list'' for the Asia-Pacific region excluding Japan, and has announced that it will consider other countries in 2024, citing conditions such as lower interest rates as favorable for stock prices. They are also generally positive about high-dividend stocks in the region. We evaluate dividend stocks using the following criteria on a 12-month forward-looking basis: Most likely to outperform the MSCI Asia Pacific Japan High Dividend Index Least likely to announce a dividend cut According to Morgan Stanley analysts According to the valuation, the market capitalization with low risk of dividend cuts is over $2 billion. Here are some of the stocks that appeared on Morgan Stanley's screen. —CNBC's Michael Bloom contributed to this report.