Table: Brandes' Favorite Value Plays

                                                        PRICE PER SHARE
      TELeFONOS DE MeXICO     Rocked by peso collapse but offers      $30*
                              cheap cash flow
      HSBC HOLDINGS           Deep-pocketed owner of Hongkong &       $10
      BRITAIN                 Shanghai Bank has strong China ties
      YPF                     This oil producer trades for less than  $20*
      ARGENTINA               four times cash flow
      FUJI PHOTO              Plenty of cash--and the stock is        $44*
      JAPAN                   down 8% since January
      IBS FINANCIAL           Another cash-rich bank. And it          $11
      U.S.                    may become takeover bait
      *Price per American depositary receipt  DATA: BRANDES INVESTMENT PARTNERS
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