Jinpan International Limited (JST) is taking advantage of worldwide interest in wind energy as international sales rose 40% in the third quarter. The company is trading with a forward P/E of 11.67.

Company Description

Jinpan International manufactures cast resin transformers for voltage distribution equipment in China and other countries. The company's medium voltage transformers are used in large infrastructure projects such as factories and real estate developments and in municipal projects like airports and subway systems.

Jinpan is one of only two UL certified cast resin transformer manufacturers in the world.

Jinpan Beats in the Third Quarter

On Nov 17, Jinpan reported third quarter results that blew by the Zacks Consensus Estimate by 125.49%. Only 1 analyst covered the company in the third quarter. Earnings per share were $1.15 compared to the Zacks Consensus of 51 cents. This was an improvement of 81.6% compared with the year ago period.

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Avnet, Inc. (AVT) recently saw quarter over quarter growth as the global recession eased. The company is trading with a forward P/E of 13.2.

Company Description

Avnet distributes electronic components and computer products to customers in 70 countries worldwide. It also provides services such as supply-chain and design-chain services, logistics solutions, product assembly, device programming, computer system configuration and integration and technical seminars to allow its customers to operate efficiently.

Avnet Surprised By 29.41% in the Fiscal First Quarter

On Oct 29, Avnet reported better than expected fiscal first quarter 2010 results. It beat the Zacks Consensus Estimate by 10 cents. Earnings per share were 44 cents compared to the consensus of 34 cents. This was under the year ago period, however, which saw 67 cents.

Revenue fell 3.1% to $4.36 billion compared to the year ago period. The Electronics Marketing segment was the weaker segment with revenue falling

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It isn't fun being a value investor right now. Just 8 months ago, value investors had the stock markets at their feet. The S&P 500 was trading at just 10 times earnings, and some blue chips were trading at multi-decade lows.

And then, poof!

Before value investors could even blink, stocks moved higher and, so far, haven't looked back. Over the next 8 months, the valuation on the S&P 500 nearly doubled.

Make no mistake; the rally has been great. Every investor has benefitted. For value investors, current market conditions are both the best of times and the worst of times.

Who doesn't feel a tinge of jealousy as growth investors cash in on multi-decade highs for stocks like Amazon.com? If you're like me, sometimes it's tempting to just throw in the towel and follow the crowd into the growth stocks, even if they are trading with P/Es at 50 or higher.

But never

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