Tickers in this Article: PCC, WSP, WAC, OIH, RWR
After a full year of rises on all the major stock exchanges domestically and abroad, one could imagine that there was no value left in this market. But upon careful inspection, much value remains to be discovered. Those looking for strong showings in the dividend yield, price to book and price/earnings fronts will be pleasantly surprised by the following companies, each of which possesses top-tier valuations in those categories.

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And perhaps it's no surprise that at a time when banks are less than forthcoming with loans, that the majority of companies listed below are in that exact field - of financing otherwise difficult projects.

Loans to Motels and Restaurants
PMC Commercial Trust (AMEX:PCC) is in the commercial loan business, primarily to small businesses in the hospitality industry. The company trades with a P/E of 11.48 and has an annual yield of 8.55%. Price-to-book on the shares is 0.52.

PMC Stock is up over 40% in the last year, worse than the REIT sector as whole, which rose more than 115%, as measured by the SPDR DJ Wilshire REIT (ETF) (NYSE:RWR).

Walter Investment Management Corp. (AMEX:WAC) provides sub-prime and non-conforming loans to residential homeowners in the southeastern U.S. The stock trades with a P/E of just 2.61 and carries a yield of 12.41% per annum. Price-to-book for the shares is 0.73.

Chinese Dividend Tubes
WSP Holdings Ltd. (NYSE:WH) is in the oil services manufacturing business. The company makes a wide variety of drilling, casing and tubing pipes for use in the exploration and extraction of crude oil and gas products. The company is uniquely situated as an American enterprise, with all its principal operations domiciled in China.

WSP offers a current dividend yield of better than 10% annually and trades with a multiple of just 6.42-times last year's earnings. Price-to-book on the shares is just 0.72, and price-to-sales is a mere 0.42.

For the year, though, the company's shares have failed to attract consistent buying. WH shares lost 12.50% in the last twelve months. That compares unfavorably with the oil services sector in general as represented by the Oil Service HOLDRs ETF (NYSE:OIH), which was up better than 56% over the same period. Investors who create their portfolios based on theories of mean reversion should take note of this stock

The Bottom Line
Fundamentals are to be found in this market, but only where most investors are too frightened to tread - the dreaded real estate sector. But for those with a more enterprising spirit (and a dash of risk appetite), the above three companies compare quite favorably. (For further reading on fundamental analysis, check out Pick Stocks Like Peter Lynch and Blending Technical And Fundamental Analysis.)

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