This column was originally published on RealMoney on March 15 at 12:30 p.m. EST. It's being republished as a bonus for TheStreet.com readers.

"China and India are old news," says a friend of mine who recently retired, thanks to good stock-picking. "Africa, South America and maybe Indonesia or Vietnam are where people should be looking."

With these emerging markets and others just beginning to hit their growth streaks, I like the companies that deal with the technologies that are ramping alongside the GDPs: wireless and banking technology. Three stocks have caught my eye recently: Mobile Telesystems ( MBT), Net1UEPS Technologies ( UEPS) and America Movil SA de CV ( AMX).

With over 59 million customers and the largest mobile network in Russia, Mobile Telesystems is clearly a diamond in the rough. The company grew its subscriber numbers by over 70% in 2005 in Russia, the Ukraine and Belarus.

The company sports a ratio of EV (enterprise value, which is market cap minus net cash) to EBITDA of 6.624 and an EV/cash flow from operations of 8. It generated $1.97 billion over the trailing 12 months in operating cash flow, and its balance sheet is in good shape, with $557 million in cash and $2.3 billion in debt that is easily serviced by its $2.42 billion EBITDA.

A look at the annual income statement and cash-flow statement of the past three years further clarifies this company's capabilities. Operating income and cash flow from operations grew every year sequentially. At an EPS of $2.66, this is both a growth story and a multiple expansion story. I think this company will continue to grow revenue through expansion and margin improvement, and because it carries the scarlet letter of Russia, it can be had at a discount. Yes, Russia is now an emerging market, but this company has already arrived.

My second pick takes us on a plane ride from Moscow over the Middle East to South Africa, home of Net1 UEPS Technologies. Net1 markets smart cards and related technologies that are intended to provide a secure and affordable electronic payments system for businesses and the poor in developing countries, where there is often limited access to banks. It is estimated that less than 50% of South African adults have a bank account.

All transactions in the company's systems involve two cards and a point-of-sales terminal -- nothing goes through a host mainframe as in banking and credit/debit card systems, because all the relevant information is stored on the smart cards. This cuts out the need for a merchant to have a telephone or Internet connection.

Net1's systems also provide a secure channel for social welfare agencies to distribute funds to beneficiaries and for businesses to pay their employees.

The company has shown operating income growth for the past three quarters on a quarter-over-quarter basis and year over year for the past three years. With no debt and $183 million in cash on the balance sheet, it is in a great position, not to mention that it has generated more than $60 million in operating cash flow over the trailing 12 months. At an EV/EBITDA of 13, this is a great opportunity.

Our last company is in Mexico. America Movil is a wireless communications company that has more than 90 million wireless subscribers in Latin America and the U.S. The company also offers fixed-line and wireless services and sells prepaid wireless services and wireless phones throughout the U.S., Puerto Rico and the U.S. Virgin Islands. The company has grown its operating income and cash flow from operations year over year for the past three years. With an EV/EBITDA of 9, this is a great way to play the growth in wireless communications across Latin America.

With the global economy reaching maturation, the key to investing success is in finding undervalued opportunities domestically and in countries that nobody wants to touch. I think these three companies will track the growth of their home markets and will attract foreign investors looking for gems.

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At the time of publication, Altucher and/or his fund was long Net1 UEPS, although positions may change at any time.

James Altucher is a managing partner at Formula Capital, an alternative asset management firm that runs several quantitative-based hedge funds as well as a fund of hedge funds. He is also the author of Trade Like a Hedge Fund and Trade Like Warren Buffett. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback; click here to send him an email.

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