I'm not sure if you are referring to ADRs or not, but I will assume that you are. When I try to apply the method to foreign companies, I find that I have trouble getting balance sheets for the current quarter. However, the balance sheet values in the Standard and Poor's stock guide seem to suggest that there are a lot of "graham" bargains in these issues. Again, I haven't studied actual current balance sheets, so I don't know if these values are correct. I hope this helps a little

It is so freaking simple .

Look at the emerging markets CLOSED END funds.

If selling at a premium avoid it.

If selling at a big discount buy it.

Read Investment Biker , by JIM ROGERS.

He got filty rich buying into emerging markets. All over the world.

On Fox every Satuday .

He just called the commodities boom ahead of the curve.

Made 100 x his money in the 70,s. ON commodites.

Called the Mexican peso fall in 95.

Called the Argentine crash in 2001.

Emerging markets have boom and bust cycles. 1998 crash.

Warren Buffett made a killing on dirt cheap S Korean small caps.

Jim Rogers also has the new book -Adventure Captalist.

Buffett made a killing on junk bomds in 02. A genius.

Jim Rogers also called the oil shortage.Also 2000 crash.

The housing crash of today.