Yes, if the market is efficient, then all those trading below cash or NTA are doing so for a reason.
Not necessarily a buy just because they are cashed up or discounted. Management and future earnings are key.
Take GBP for example. Trading way below cash, but what a dog, and will likely never go anywhere due to large management stake.
Many are smallcaps with < 2m cap because they are in the final red dwarf stage of a fuel burn contraction before they go supernova, burning all the shareholders still orbiting to a crisp.
