THE stock market may fall further, but there is no better time to get in than now. The falls of the past three weeks have resulted in almost every stock being hammered, leaving some real bargains behind. Smart investors are already forgetting the hysterical trading and focusing on fundamentals. Now some stocks are trading at historically cheap levels, which makes it a good time to buy. At these levels there are some stocks which represent screamingly good value and they could well shoot back up when the market settles. Two of the best measures of value are the price earnings multiple and the yield. Baring Securities has drawn up a list of some of the cheapest stocks on these two criteria and there are some surprises. Contrary to conventional wisdom, some of the cheapest stocks are actually the blue chips and not second liners. On a price-earnings ratio basis there are some stunning buys. Top of the list is Hong Kong Realty A, which is trading at an undemanding 3.2 times 1994 earnings. Realty Development Corp shares have yet to recover from the drubbing they received when they were dropped from the Morgan Stanley Capital International (MSCI) index. They are trading at an unbelievably cheap four times 1994 earnings. Among the blue chips, Hang Lung Development is a bargain, trading at a 6.9 multiple. Cheung Kong is similarly cheap, trading on a seven times price-earnings multiple. There are some high-yielding stocks which make bonds look poor by comparison. The value in buying high-yielding stocks is that you get a good return comparable or better than bonds, with the added advantage of a capital appreciation if the market goes up. Quality stocks like Sime Darby (Hong Kong) are yielding 14.4 per cent. Herald Holdings is the top-yielding stock at 14.9 per cent. Realty Development also ranks high on the list with a 6.1 per cent yield. And quality blue chip Henderson Land is trading with a yield of 5.8 per cent.