Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Unicom (CHU Quick QuoteCHU - Free Report) . CHU is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Investors will also notice that CHU has a PEG ratio of 0.35. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. CHU's industry currently sports an average PEG of 0.66. CHU's PEG has been as high as 0.35 and as low as 0.33, with a median of 0.34, all within the past year.

Another valuation metric that we should highlight is CHU's P/B ratio of 0.79. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.36. CHU's P/B has been as high as 0.94 and as low as 0.65, with a median of 0.75, over the past year.

These are only a few of the key metrics included in Unicom's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, CHU looks like an impressive value stock at the moment.