With P/E ratios of 7.2 and 9, I think this FTSE 100 stock is a bargain.

These FTSE 100 The shares are for sale. Here's why I think they're worth serious consideration by smart investors.

Rio Tinto

2024 has been a difficult year for mining companies. Despite supply-side concerns, prices of key raw materials have plunged due to continued economic weakness in China.

Things have also been especially tough for major iron ore producers. Diversified miner Rio Tinto (LSE:RIO), for example, again reported disappointing ore shipment forecasts in the third quarter. At 84.5 million tonnes, these estimates missed estimates by around 800,000 tonnes.

This weakness reflects problems in China's property market in particular. It means Rio's share price has fallen 15% since the beginning of 2024.

As a consequence of this weakness, the megaminer today trades with a forward price-earnings (P/E) ratio of only nine times. I think this represents an attractive dip buying opportunity to consider.

I think the long-term prospects for Rio remain extremely bright. That's why I own its shares in my own portfolio.

On the one hand, demand for industrial metals such as iron ore, copper and aluminum is set to boom in the coming decades. This is due to a host of factors including the growing green economy, ongoing urbanization in emerging markets and rapid global digitalization.

I also like larger operators like this, as their considerable financial strength gives them additional growth opportunities. Rio itself put up $6.7 billion last month to buy Arcadium Lithium, whose product is an essential material in the production of electric cars.

I don't think these phenomena are reflected in Rio Tinto's low share price.

One last thing to consider: Footsie's P/E ratio of 9x is substantially lower than corresponding readings of other diversified mining giants.

HSBC Holdings

HSBC(LSE:HSBA) is also threatened by China's economic slowdown. But this is not all. The bank also faces increasing pressure on profit margins as global interest rates begin to fall.

However, despite the problems in Asia's largest economy, the bank's share price has headed in the opposite direction to Rio Tinto. It is currently up 14% so far this year.

While not out of the woods, trading at HSBC has encouragingly exceeded most expectations so far, boosting investor interest. Revenue and profit before taxes rose 5% and 10% respectively in the third quarter, the latest financial statements showed.

Despite the recent price rises, HSBC stock still looks very cheap to me. Its forward P/E ratio of 7.2 times is almost half the FTSE 100 average (14.1 times).

The emerging markets bank is also much cheaper than most of its blue-chip peers based on forecast earnings.

I would rather buy HSBC shares than UK focused stocks like Lloyd's and NatWest. And that's not just because of its superior value.

Its focus on fast-growing Asia provides the opportunity for skyrocketing earnings growth thanks to rising regional wealth and demographic expansion. Like Rio Tinto, I think it's an excellent bargain to consider.