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For dividend investors, it's all about yield. Today we focused on dividend stocks offering yields at 5% and greater, which is more than enough to put income back in the pockets of investors. To find the best deals on high yields, we searched for those whose metrics suggest that they're trading below their true worth. As a way to hone in on the best, most reliable yields available, we only included stocks that analysts have recently rated on average as "Buy" or "Strong Buy." We came up with a short, diverse, and interesting list warranting further research and analysis.

The Price/Earnings ratio is one of the most commonly used price-multiple metrics. Often, EPS from the last four quarters is used to derive this number. A firm that has a high P/E ratio generally indicates that investors have high expectations of the firm relative to future earnings growth. By the opposite token, investors generally have lower expectations of a firm with a low P/E ratio. A firm that holds a P/E below 10 could be viewed as having "value investment" potential. One thing to remember is that EPS is an accounting measure that could be potentially manipulated. Thus the P/E is only as good as the quality of the earnings.

The Price/Book Value Ratio is a great price-multiple valuation metric to find companies that could be potentially undervalued or overvalued. If a firm has a Price/Book Value Ratio of less than 1 it is stated to be trading below "break up" value. A lower P/BV Ratio can potentially indicate a wrongly priced company or indicate that something is fundamentally wrong with it.

We first looked for stocks with a very high yield (more than 5%). We next screened for businesses that analysts rate as "Buy" or "Strong Buy" (mean recommendation < 3). We then looked for companies that are trading at a discount (P/E<10)(P/BV<1). We did not screen out any market caps or sectors.

Do you think these stocks will go up in valuation? Use our list to help with your own analysis.

1) City Telecom HK Ltd. (CTEL)

Sector:Technology
Industry:Telecom Services - Foreign
Market Cap:$182.43M
Beta:1.60

City Telecom HK Ltd. has a Dividend Yield of 17.13%, a Payout Ratio of 82.29%, an Analysts' Rating of 1.00, a Price/Earnings Ratio of 4.90, and a Price/Book Value Ratio of 0.74. The short interest was 0.80% as of 08/13/2012. City Telecom (H.K.) Limited, together with its subsidiaries, engages in the provision of international and fixed telecommunications services to residential and corporate customers in Hong Kong and Canada. The company's international telecommunications services include international direct dialing, international calling cards, international call forwarding, and fax to email services.

2) Guangshen Railway Co. Ltd. (GSH)

Sector:Services
Industry:Railroads
Market Cap:$2.16B
Beta:1.12

Guangshen Railway Co. Ltd. has a Dividend Yield of 5.19%, a Payout Ratio of 39.26%, an Analysts' Rating of 2.00, a Price/Earnings Ratio of 7.63, and a Price/Book Value Ratio of 0.54. The short interest was 3.59% as of 08/13/2012. Guangshen Railway Company Limited provides passenger and freight transportation services on the Shenzhen-Guangzhou-Pingshi railway in the People's Republic of China. The company's freight services include the transportation of full load and single load cargo, containers, bulky and overweight cargo, dangerous cargo, fresh and live cargo, and oversized cargo. It also offers long distance passenger transportation services. In addition, the company engages in the sale of food, beverages, and merchandise on board the trains and in railway stations, as well as materials and supplies, maintenance, and repair of trains. Further, it provides travel agency, warehousing, hotel management, catering management and services, and advertising services; and railway network usage and services, including the locomotive traction, track usage, electric catenaries, vehicle coupling, and other services, as well as engages in the property management and supervision of construction projects.

3) Etablissements Delhaize Freres et Cie Le Lion S.A. (DEG)

Sector:Services
Industry:Grocery Stores
Market Cap:$3.87B
Beta:0.81

Etablissements Delhaize Freres et Cie Le Lion S.A. has a Dividend Yield of 5.70%, a Payout Ratio of 51.33%, an Analysts' Rating of 2.00, a Price/Earnings Ratio of 9.25, and a Price/Book Value Ratio of 0.59. The short interest was 0.11% as of 08/13/2012. Etablissements Delhaize Frres et Cie 'Le Lion' (Groupe Delhaize) SA, together with its subsidiaries, engages in the operation of food supermarkets in the United States, Belgium, southeastern Europe, and Asia. It also operates other store formats, such as proximity stores. In addition, the company is involved in food wholesaling to affiliated stores and independent wholesale customers; and in the retail of non-food products, such as pet products. As of December 31, 2011, it operated a network of 3,408 stores. The company was founded in 1867 and is based in Brussels, Belgium.

4) Aircastle LTD (AYR)

Sector:Services
Industry:Rental & Leasing Services
Market Cap:$855.44M
Beta:2.23

Aircastle LTD has a Dividend Yield of 5.07%, a Payout Ratio of 39.92%, an Analysts' Rating of 2.40, a Price/Earnings Ratio of 8.17, and a Price/Book Value Ratio of 0.58. The short interest was 2.89% as of 08/13/2012. Aircastle Limited, through its subsidiaries, engages in the acquisition, lease, and sale of high-utility commercial jet aircraft to passenger and cargo airlines worldwide. The company also makes investments in various aviation assets, including debt investments secured by commercial jet aircraft. As of December 31, 2011, its aircraft portfolio consisted of 144 aircrafts that were leased to 65 lessees located in 36 countries, and managed through offices in the United States, Ireland, and Singapore.

Company profiles were sourced from Google Finance and Yahoo Finance. Financial data was sourced from Finviz.

Source: 4 High-Yield Dividend Stocks Trading For Cheap Despite Analyst Backing