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The following is a list of stocks with low PEG ratios that have seen accounts receivable grow faster than revenues during the most recent quarter--an accounting trend that deserves closer attention.

To create this list, we started with a universe of about 120 stocks with PEG ratios below 1, which usually signal undervalued conditions. We crunched the numbers on the most recent quarter's financials, and narrowed down the list to only focus on those companies that have seen accounts receivable grow faster than revenue during the most recent quarter.

Sometimes, problems with accounts receivable simply indicate a change in the business (like an acquisition), or a lazy collections department. However, extreme differences between accounts receivable and revenue can also suggest a desperate company that's trying to boost sales by giving its customers overly generous payment terms.

Does this mean the customers of the companies mentioned below cannot pay their bills? Or are they withholding payments? Given these fundamental trends, is this a list of value traps?

Of course, there may be several explanations for these accounting trends. Please use this list as a starting point for your own analysis - check out the 10-Q and related management discussions to find out more.

Financial data sourced from Google Finance. Short float and performance data sourced from Finviz.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.

The list has been sorted alphabetically.

1. AMERIGROUP Corporation (AGP): Health Care Plans Industry. Market cap of $2.61B. PEG at 0.66. Revenue grew by 14.61%, while accounts receivable grew by 35.82%. Accounts receivable, as a percentage of current assets, increased from 16.16% to 18.56% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 12.1%, which implies a short ratio of 8.52 days. The stock has gained 115.42% over the last year.

2. Amkor Technology, Inc. (NASDAQ:AMKR): Semiconductor Industry. Market cap of $1.53B. PEG at 0.81. Revenue grew by 28.85%, while accounts receivable grew by 34.87%. Accounts receivable, as a percentage of current assets, increased from 35.36% to 41.18% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 12.14%, which implies a short ratio of 8.31 days. The stock has gained 44.54% over the last year.

3. Arrow Electronics, Inc. (NYSE:ARW): Electronics Wholesale Industry. Market cap of $4.76B. PEG at 0.6. Revenue grew by 24.63%, while accounts receivable grew by 30.83%. Accounts receivable, as a percentage of current assets, increased from 53.70% to 57.90% (comparing 3 months ending 2010-12-31 vs. 3 months ending 2009-12-31). Short float at 2%, which implies a short ratio of 2.56 days. The stock has gained 54.8% over the last year.

4. Bunge Ltd. (NYSE:BG): Farm Products Industry. Market cap of $10.1B. PEG at 0.33. Revenue grew by 3.22%, while accounts receivable grew by 18.44%. Accounts receivable, as a percentage of current assets, increased from 23.02% to 25.59% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 3.52%, which implies a short ratio of 4.28 days. The stock has gained 24.46% over the last year.

5. Peabody Energy Corp. (NYSE:BTU): Industrial Metals & Minerals Industry. Market cap of $17.B. PEG at 0.95. Revenue grew by 16.99%, while accounts receivable grew by 84.22%. Accounts receivable, as a percentage of current assets, increased from 13.84% to 18.87% (comparing 3 months ending 2010-12-31 vs. 3 months ending 2009-12-31). Short float at 2.44%, which implies a short ratio of 1.62 days. The stock has gained 56.58% over the last year.

6. Constellation Energy Group, Inc. (NYSE:CEG): Electric Utilities Industry. Market cap of $6.53B. PEG at 0.42. Revenue grew by 2.09%, while accounts receivable grew by 10.78%. Accounts receivable, as a percentage of current assets, increased from 28.65% to 36.70% (comparing 3 months ending 2010-12-31 vs. 3 months ending 2009-12-31). Short float at 1.41%, which implies a short ratio of 1.23 days. The stock has gained 5.62% over the last year.

7. Charter Communications, Inc. (NASDAQ:CHTR): CATV Systems Industry. Market cap of $4.81B. PEG at 0.92. Revenue grew by 4.49%, while accounts receivable grew by 14.22%. Accounts receivable, as a percentage of current assets, increased from 15.53% to 23.65% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 0.53%, which implies a short ratio of 2.97 days. The stock has gained 40.67% over the last year.

8. DST Systems Inc. (NYSE:DST): Information & Delivery Services Industry. Market cap of $2.27B. PEG at 0.59. Revenue grew by 2.81%, while accounts receivable grew by 50.88%. Accounts receivable, as a percentage of current assets, increased from 37.30% to 45.74% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 1.55%, which implies a short ratio of 2.22 days. The stock has gained 31.06% over the last year.

9. Education Management Corporation (NASDAQ:EDMC): Education & Training Services Industry. Market cap of $1.5B. PEG at 0.9. Revenue grew by 24.63%, while accounts receivable grew by 43.12%. Accounts receivable, as a percentage of current assets, increased from 19.36% to 21.97% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 6.56%, which implies a short ratio of 15.41 days. The stock has gained 12.74% over the last year.

10. Petrohawk Energy Corporation (NYSE:HK): Independent Oil & Gas Industry. Market cap of $6.24B. PEG at 0.55. Revenue grew by 71.97%, while accounts receivable grew by 75.01%. Accounts receivable, as a percentage of current assets, increased from 63.16% to 89.95% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 6.35%, which implies a short ratio of 3.09 days. The stock has lost -4.8% over the last year.

11. HealthSpring Inc. (NYSE:HS-OLD): Health Care Plans Industry. Market cap of $1.79B. PEG at 0.79. Revenue grew by 9.92%, while accounts receivable grew by 20.15%. Accounts receivable, as a percentage of current assets, increased from 14.32% to 24.93% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 4.26%, which implies a short ratio of 4.53 days. The stock has gained 82.19% over the last year.

12. Ingram Micro Inc. (NYSE:IM): Computers Wholesale Industry. Market cap of $3.24B. PEG at 0.46. Revenue grew by 14.48%, while accounts receivable grew by 15.77%. Accounts receivable, as a percentage of current assets, increased from 45.38% to 45.87% (comparing 13 weeks ending 2010-10-02 vs. 13 weeks ending 2009-10-03). Short float at 1.03%, which implies a short ratio of 1.39 days. The stock has gained 21.3% over the last year.

13. Insituform Technologies Inc. (INSU): Heavy Construction Industry. Market cap of $1.16B. PEG at 0.88. Revenue grew by 18.70%, while accounts receivable grew by 25.40%. Accounts receivable, as a percentage of current assets, increased from 37.30% to 39.86% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 8.07%, which implies a short ratio of 12.05 days. The stock has gained 47.46% over the last year.

14. International Speedway Corp. (NASDAQ:ISCA): Sporting Activities Industry. Market cap of $1.4B. PEG at 0.86. Revenue grew by -5.34%, while accounts receivable grew by 13.25%. Accounts receivable, as a percentage of current assets, increased from 21.08% to 34.69% (comparing 3 months ending 2010-11-30 vs. 3 months ending 2009-11-30). Short float at 5.32%, which implies a short ratio of 10.67 days. The stock has gained 14.95% over the last year.

15. Quaker Chemical Corporation (NYSE:KWR): Specialty Chemicals Industry. Market cap of $448.49M. PEG at 0.55. Revenue grew by 15.77%, while accounts receivable grew by 16.16%. Accounts receivable, as a percentage of current assets, increased from 53.55% to 54.02% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 4.8%, which implies a short ratio of 6.92 days. The stock has gained 147.86% over the last year.

16. Libbey Inc. (NYSEMKT:LBY): Housewares & Accessories Industry. Market cap of $309.17M. PEG at 0.75. Revenue grew by 7.03%, while accounts receivable grew by 21.48%. Accounts receivable, as a percentage of current assets, increased from 31.48% to 34.82% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 4.58%, which implies a short ratio of 8.48 days. The stock has gained 65.72% over the last year.

17. Lubrizol Corporation (LZ): Specialty Chemicals Industry. Market cap of $7.35B. PEG at 0.69. Revenue grew by 10.86%, while accounts receivable grew by 17.62%. Accounts receivable, as a percentage of current assets, increased from 26.21% to 28.37% (comparing 3 months ending 2010-12-31 vs. 3 months ending 2009-12-31). Short float at 1.87%, which implies a short ratio of 2.25 days. The stock has gained 59.68% over the last year.

18. NewMarket Corp. (NYSE:NEU): Specialty Chemicals Industry. Market cap of $1.87B. PEG at 0.91. Revenue grew by 13.95%, while accounts receivable grew by 19.95%. Accounts receivable, as a percentage of current assets, increased from 35.63% to 42.76% (comparing 3 months ending 2010-12-31 vs. 3 months ending 2009-12-31). Short float at 7.25%, which implies a short ratio of 12.6 days. The stock has gained 62.21% over the last year.

19. EXCO Resources Inc. (NYSE:XCO): Independent Oil & Gas Industry. Market cap of $4.25B. PEG at 0.79. Revenue grew by 0.09%, while accounts receivable grew by 135.77%. Accounts receivable, as a percentage of current assets, increased from 18.27% to 39.46% (comparing 3 months ending 2010-09-30 vs. 3 months ending 2009-09-30). Short float at 4.44%, which implies a short ratio of 3.83 days. The stock has gained 12.46% over the last year.

Source: Value Traps? 19 Undervalued Stocks With Rising Receivables