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With no real retailer ADRs to speak of, the best way to get exposure to Argentina's shoppers is probably via shares of IRS, which runs 10 Argentine malls as well as several other real estate ventures.

IRS: IRSA Inversiones y Representaciones is a leading shopping center owner and operator across Argentina and should be considered a small-cap growth play. Think of it like a type of diversified commercial REIT.

IRS seems valued at a serious discount with a PEG value of 0.4449 and a PE of 5.784 -- both of which are among the lowest in the industry. Net margin is a strong 46.05% and debt to capital ratio is in line at 35.53%. Operating profits are 5.89 times as large as interest payments, so the company should have little difficulty repaying its current debt obligations. Short interest is a minuscule 0.1% and institutions hold 20.83% of the float.

Bottom line: IRS seems to consolidating into a wedge pattern. With no options available, a stock play is the only trade. Watch to see which way price breaks out from the wedge. If it breaks down, consider waiting for a test of support around the 13 handle. Also note that the stock just hit a 52-week high of $15 and has pulled back 6.4% into its current sideways channel.

Bottom line: This small-cap stock just has too much risk with virtually no ADR volume.

Disclosure: No position

Source: Play on Argentina Retailers