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, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company to watch right now is China Resources Power Holdings (CRPJY Quick QuoteCRPJY - Free Report) . CRPJY is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 5.79 right now. For comparison, its industry sports an average P/E of 14.74. Over the past 52 weeks, CRPJY's Forward P/E has been as high as 6.82 and as low as 4.46, with a median of 5.46.

Another valuation metric that we should highlight is CRPJY's P/B ratio of 0.85. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 2.53. Over the past 12 months, CRPJY's P/B has been as high as 0.94 and as low as 0.70, with a median of 0.82.

These figures are just a handful of the metrics value investors tend to look at, but they help show that China Resources Power Holdings is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, CRPJY feels like a great value stock at the moment.