It's not often a company's net tangible asset backing is...

It's not often a company's net tangible asset backing is substantially higher than the SP - Net tangible asset per share = $1.86

& their most valuable asset isn't even on the balance sheet - They have 20% of all the key take-off & arrival slots at Sydney Airport. In addition Rex's property portfolio is worth substantially more than the book value eg. Their head office at Mascot.