China's social discovery and online dating platform operator has come under fire lately, but it could be too cheap to ignore.

The good news in sizing up Momo (NASDAQ:MOMO) as a potential investment is that it's cheap. Despite rallying more than 40% so far this year, the stock is trading at less than 12 times this year's projected earnings. The Chinese social video and online dating specialist is growing at a faster clip than its earnings multiple, making this stock appealing to both growth and value investors.

The cherry on top in the valuation argument is that Momo has historically exceeded Wall Street expectations. It has breezed through analyst profit targets every single quarter for more than a year. Put another way, it's probably trading for less than its current multiple of 11.7 times this year's bottom-line estimate.

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