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.

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.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company value investors might notice is Ping An Insurance Co. of China (PNGAY Quick QuotePNGAY - Free Report) . PNGAY is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 6.33, which compares to its industry's average of 8.34. Over the past year, PNGAY's Forward P/E has been as high as 7.81 and as low as 4.52, with a median of 5.81.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by 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. PNGAY has a P/S ratio of 0.91. This compares to its industry's average P/S of 1.

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