Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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 company value investors might notice is ASE Technology (ASX Quick QuoteASX - Free Report) . ASX is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 13.83, while its industry has an average P/E of 30.91. ASX's Forward P/E has been as high as 21.39 and as low as 8.27, with a median of 11.95, all within the past year.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. ASX has a P/S ratio of 1.2. This compares to its industry's average P/S of 3.25.

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