This study employed the concept of value investing, whereby PE, PEG, and PERG ratios were used for stock screening. PE is the basic price to earnings ratio; while PEG is the PE with growth incorporated. PERG is the PEG adjusted for risk factor. The concepts based on the hypotheses that stocks with low PE ratio, low PEG, and low PERG should generate higher returns than those of the market average. Data from the Securities Exchange of Thailand during 2002-2012 were used to test the hypotheses. Returns from portfolios with low PE, low PEG, and low PERG were computed and found to be better than those of the market average. Proxies for risk, the standard deviation of return and the beta coefficients, were used to computed PERG. Portfolios of low PERG using Standard Deviation as risk proxy appeared to provide better performances than those of using beta coefficient. All in all, PE appeared to be the best screening, providing the highest returns during the period tested.