I think IOTA, Collectorcoin and a few others are undervalued at the moment. Maybe even Ripple. Not 100% Sure as I read Ripple can be made into more but I also read it has a Max Supply so I am not 100% sure on Ripply but IOTA looks good.

I think it truly depends on the ICO. Some of them have high quality work and projects backing them while others are full of hot air promises. Just do your research prior to supporting any new projects.