9. Brazil's Vale ( VALE), a mining stock selling at deep discounts, has an upside of 20% from current levels. The company reported impressive second-quarter results as it switched from an annual pricing system to quarterly, rendering spot iron ore prices less volatile, and benefiting the company significantly. Recently, the company announced it will spend $26 billion on more than a dozen projects over the next two years. Currently, Asia accounts for 52% of total revenues and it is likely to zoom to 80% in the next few years. By end of October, the company will announce additional multibillion dollar investments for completion after 2012. Iron ore demand, which directly links with steel, is poised to benefit as global steel demand is expected to climb 10.7% in 2010, with China's steel consumption estimated to increase 6.7%. Vale has plans to list its shares in Hong Kong, providing Vale direct exposure to Asian capital markets.