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 use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.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 Unicom (CHU). CHU is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 8.83. This compares to its industry's average Forward P/E of 10.62. CHU's Forward P/E has been as high as 15.06 and as low as 8.14, with a median of 10.22, all within the past year.Investors should also note that CHU holds a PEG ratio of 0.78. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. CHU's PEG compares to its industry's average PEG of 0.94. Within the past year, CHU's PEG has been as high as 1.10 and as low as 0.72, with a median of 0.84.These are just a handful of the figures considered in Unicom's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that CHU is an impressive value stock right now.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report China Unicom Hong Kong Ltd (CHU): Free Stock Analysis Report To read this article on Zacks.com click here.