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 use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One stock to keep an eye on is China Resources Power Holdings (CRPJY Quick QuoteCRPJY - Free Report) . CRPJY is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 6.30. This compares to its industry's average Forward P/E of 16.69. Over the last 12 months, CRPJY's Forward P/E has been as high as 7.22 and as low as 4.50, with a median of 5.41.

Investors should also recognize that CRPJY has a P/B ratio of 1. 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. CRPJY's current P/B looks attractive when compared to its industry's average P/B of 2.72. Over the past 12 months, CRPJY's P/B has been as high as 1.08 and as low as 0.68, with a median of 0.80.

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.