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 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 stock to keep an eye on is Ping An Insurance Co. of China (PNGAY Quick QuotePNGAY - Free Report) . PNGAY is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 6.33. This compares to its industry's average Forward P/E of 8.95. Over the last 12 months, 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 0.8. This compares to its industry's average P/S of 1.03.

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