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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. 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 sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with P/E ratio of 5.51 right now. For comparison, its industry sports an average P/E of 12. Over the past year, CHU's Forward P/E has been as high as 12.38 and as low as 5.51, with a median of 9.21.

We also note that CHU holds a PEG ratio of 0.53. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. CHU's industry currently sports an average PEG of 1.06. Over the past 52 weeks, CHU's PEG has been as high as 1.10 and as low as 0.53, with a median of 0.80.

Value investors will likely look at more than just these metrics, but the above data helps show that Unicom is likely undervalued currently. And when considering the strength of its earnings outlook, CHU sticks out at as one of the market's strongest value stocks.