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, 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.

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 China Telecom (CHA Quick QuoteCHA - Free Report) . CHA is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 8.45, which compares to its industry's average of 11.47. Over the past 52 weeks, CHA's Forward P/E has been as high as 12.08 and as low as 6.42, with a median of 10.07.

Another notable valuation metric for CHA is its P/B ratio of 0.48. The P/B ratio is used to compare a stock's market value with 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 0.57. Within the past 52 weeks, CHA's P/B has been as high as 0.81 and as low as 0.42, with a median of 0.68.

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